Document:

exhibit101tokn8-k9x8x202

                                                   EXECUTION VERSION                                                                                   CREDIT AGREEMENT                                  dated as of                                                                  September 4, 2020,                                   among                          KNOWLES CORPORATION,             KNOWLES LUXEMBOURG INTERNATIONAL S.À R.L.               the other BORROWING SUBSIDIARIES party hereto,                          the LENDERS party hereto                                    and                      JPMORGAN CHASE BANK, N.A.,                           as Administrative Agent                        ___________________________                       JPMORGAN CHASE BANK, N.A.,                          BOFA SECURITIES, INC.                                    and               SUMITOMO MITSUI BANKING CORPORATION,                  as Joint Lead Arrangers and Joint Bookrunners                          BANK OF AMERICA, N.A.                                    and               SUMITOMO MITSUI BANKING CORPORATION,                            as Syndication Agents                 HSBC BANK USA, NATIONAL ASSOCIATION,                    KEYBANK NATIONAL ASSOCIATION,                   PNC BANK, NATIONAL ASSOCIATION                                    and                    U.S. BANK NATIONAL ASSOCIATION,                           as Documentation Agents                                                         [CS&M C/M 6702-113]    [[5509122]] 

 

                            TABLE OF CONTENTS                                                                      Page                                  ARTICLE I                                                                       Definitions   SECTION 1.01. Defined Terms ....................................................................................... 1  SECTION 1.02. Classification of Loans and Borrowings............................................... 50  SECTION 1.03. Terms Generally .................................................................................. 50  SECTION 1.04. Accounting Terms; GAAP; Pro Forma Calculations ............................ 51  SECTION 1.05. Status of Obligations ........................................................................... 53  SECTION 1.06. Exchange Rates; Currency Equivalents ................................................ 53  SECTION 1.07. Timing of Payment or Performance ..................................................... 54  SECTION 1.08. Times of Day ....................................................................................... 54  SECTION 1.09. Divisions ............................................................................................. 54  SECTION 1.10. Interest Rates; LIBOR Notification ...................................................... 54  SECTION 1.11. Blocking Regulation ............................................................................ 55                                 ARTICLE II                                                                       The Credits   SECTION 2.01. Commitments ...................................................................................... 56  SECTION 2.02. Loans and Borrowings ......................................................................... 56  SECTION 2.03. Requests for Borrowings ..................................................................... 57  SECTION 2.04. Swingline Loans .................................................................................. 58  SECTION 2.05. Letters of Credit .................................................................................. 60  SECTION 2.06. Funding of Borrowings ........................................................................ 67  SECTION 2.07. Interest Elections ................................................................................. 68  SECTION 2.08. Termination and Reduction of Commitments ....................................... 69  SECTION 2.09. Repayment of Loans; Evidence of Debt ............................................... 70  SECTION 2.10. [Reserved.] .......................................................................................... 71  SECTION 2.11. Prepayment of Loans ........................................................................... 71  SECTION 2.12. Fees ..................................................................................................... 72  SECTION 2.13. Interest ................................................................................................ 73  SECTION 2.14. Alternate Rate of Interest; Illegality ..................................................... 74  SECTION 2.15. Increased Costs .................................................................................... 77  SECTION 2.16. Break Funding Payments ..................................................................... 78  SECTION 2.17. Taxes ................................................................................................... 79  SECTION 2.18. Payments Generally; Pro Rata Treatment; Sharing of Setoffs ............... 84  SECTION 2.19. Mitigation Obligations; Replacement of Lenders ................................. 85  SECTION 2.20. Defaulting Lenders .............................................................................. 87  SECTION 2.21. Incremental Facilities .......................................................................... 89  SECTION 2.22. Extension Offers .................................................................................. 93  SECTION 2.23. Borrowing Subsidiaries ....................................................................... 94                                      -i-  [[5509122]] 

 

   SECTION 2.24. Refinancing Facilities .......................................................................... 94                                 ARTICLE III                                                               Representations and Warranties   SECTION 3.01. Organization; Powers .......................................................................... 98  SECTION 3.02. Authorization; Enforceability .............................................................. 98  SECTION 3.03. Governmental Approvals; Absence of Conflicts .................................. 98  SECTION 3.04. Financial Condition; No Material Adverse  Change ............................. 99  SECTION 3.05. Properties ............................................................................................ 99  SECTION 3.06. Litigation and Environmental Matters ................................................ 100  SECTION 3.07. Compliance with Laws and Agreements ............................................ 100  SECTION 3.08. Investment Company Status .............................................................. 100  SECTION 3.09. Taxes ................................................................................................. 101  SECTION 3.10. ERISA ............................................................................................... 101  SECTION 3.11. Subsidiaries ....................................................................................... 101  SECTION 3.12. Solvency............................................................................................ 101  SECTION 3.13. Disclosure ......................................................................................... 101  SECTION 3.14. Collateral Matters .............................................................................. 102  SECTION 3.15. Federal Reserve Regulations .............................................................. 102  SECTION 3.16. Anti-Corruption Laws and Sanctions ................................................. 102  SECTION 3.17. Affected Financial Institutions ........................................................... 103                                 ARTICLE IV                                                                       Conditions   SECTION 4.01. Effective Date.................................................................................... 103  SECTION 4.02. Each Credit Event .............................................................................. 105  SECTION 4.03. Credit Extensions to Borrowing Subsidiaries ..................................... 105                                 ARTICLE V                                                                  Affirmative Covenants   SECTION 5.01. Financial Statements and Other Information ...................................... 106  SECTION 5.02. Notices of Material Events................................................................. 108  SECTION 5.03. Existence; Conduct of Business ......................................................... 108  SECTION 5.04. Payment of Taxes and Other Obligations ........................................... 109  SECTION 5.05. Maintenance of Properties ................................................................. 109  SECTION 5.06. Insurance ........................................................................................... 109  SECTION 5.07. Books and Records; Inspection and Audit Rights ............................... 109  SECTION 5.08. Compliance with Laws and Certain Agreements ................................ 110  SECTION 5.09. Use of Proceeds and Letters of Credit ................................................ 110  SECTION 5.10. Further Assurances ............................................................................ 110                                      -ii-  [[5509122]] 

 

                                 ARTICLE VI                                                                   Negative Covenants   SECTION 6.01. Indebtedness ...................................................................................... 111  SECTION 6.02. Liens ................................................................................................. 114  SECTION 6.03. Fundamental Changes; Business Activities ........................................ 115  SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions ............. 117  SECTION 6.05. Asset Sales ........................................................................................ 120  SECTION 6.06. Sale/Leaseback Transactions ............................................................. 122  SECTION 6.07. Hedging Agreements ......................................................................... 122  SECTION 6.08. Restricted Payments; Certain Payments of  Indebtedness ................... 122  SECTION 6.09. Transactions with Affiliates ............................................................... 124  SECTION 6.10. Restrictive Agreements ...................................................................... 125  SECTION 6.11. Interest Coverage Ratio ..................................................................... 126  SECTION 6.12. Total Leverage Ratio ......................................................................... 126  SECTION 6.13. Senior Secured Leverage Ratio .......................................................... 126  SECTION 6.14. Liquidity............................................................................................ 127                                 ARTICLE VII                                                                    Events of Default                                ARTICLE VIII                                                                 The Administrative Agent                                 ARTICLE IX                                                                      Miscellaneous   SECTION 9.01. Notices .............................................................................................. 140  SECTION 9.02. Waivers; Amendments ...................................................................... 141  SECTION 9.03. Expenses; Indemnity; Damage Waiver .............................................. 145  SECTION 9.04. Successors and Assigns ..................................................................... 147  SECTION 9.05. Survival ............................................................................................. 152  SECTION 9.06. Counterparts; Integration; Effectiveness; Electronic Execution .......... 153  SECTION 9.07. Severability ....................................................................................... 154  SECTION 9.08. Right of Setoff ................................................................................... 154  SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process .............. 155  SECTION 9.10. Waiver of Jury Trial .......................................................................... 156  SECTION 9.11. Headings ........................................................................................... 156  SECTION 9.12. Confidentiality................................................................................... 156  SECTION 9.13. Interest Rate Limitation ..................................................................... 157  SECTION 9.14. Release of Liens and Guarantees ....................................................... 157  SECTION 9.15. USA PATRIOT Act Notice ............................................................... 158  SECTION 9.16. No Fiduciary Relationship ................................................................. 158                                     -iii-  [[5509122]] 

 

   SECTION 9.17. Non-Public Information ..................................................................... 158  SECTION 9.18. Judgment Currency ............................................................................ 159  SECTION 9.19. Excluded Swap Obligations ............................................................... 160  SECTION 9.20. Conflicts ............................................................................................ 160  SECTION 9.21. Pari Passu Intercreditor Agreements .................................................. 160  SECTION 9.22. Limit on CFC Obligations ................................................................. 161  SECTION 9.23. Acknowledgement and Consent to Bail-In of Affected Financial                  Institutions................................................................................... 161  SECTION 9.24. Acknowledgement Regarding Any Supported QFCs.......................... 162                                                                  -iv-  [[5509122]] 

 

   SCHEDULES:    Schedule 2.01   —       Commitments  Schedule 2.05A  —       Existing Letters of Credit  Schedule 2.05B  —       LC Commitments  Schedule 3.11   —       Subsidiaries and Joint Ventures  Schedule 6.01   —       Existing Indebtedness  Schedule 6.02   —       Existing Liens  Schedule 6.04   —       Existing Investments  Schedule 6.10   —       Existing Restrictions    EXHIBITS:   Exhibit A       —       Form of Assignment and Assumption  Exhibit B       —       Form of Borrowing Request  Exhibit C-1     —       Form of Borrowing Subsidiary Agreement  Exhibit C-2     —       Form of Borrowing Subsidiary Termination  Exhibit D       —       Form of Compliance Certificate  Exhibit E       —       Form of Interest Election Request  Exhibit F       —       Form of Perfection Certificate  Exhibit G       —       Form of Supplemental Perfection Certificate  Exhibit H-1     —       Form of U.S. Tax Certificate for Non-U.S. Lenders that                          are not Partnerships for U.S. Federal Income Tax Purposes  Exhibit H-2     —       Form of U.S. Tax Certificate for Non-U.S. Lenders that                          are Partnerships for U.S. Federal Income Tax Purposes  Exhibit H-3     —       Form of U.S. Tax Certificate for Non-U.S. Participants that                          are not Partnerships for U.S. Federal Income Tax Purposes  Exhibit H-4     —       Form of U.S. Tax Certificate for Non-U.S. Participants                          that are Partnerships for U.S. Federal Income Tax                          Purposes                                      -v-  [[5509122]] 

 

                           CREDIT  AGREEMENT  dated  as  of September  4,  2020                    (this  “Agreement”),  among  KNOWLES  CORPORATION,                    KNOWLES  LUXEMBOURG  INTERNATIONAL  S.À  R.L.,     the                    other  BORROWING  SUBSIDIARIES  from  time  to  time  party                    hereto,  the  LENDERS  party  hereto  and  JPMORGAN  CHASE                    BANK, N.A., as Administrative Agent.               The  Company  (such  term  and  each  other  capitalized  term  used  and  not  otherwise defined herein having the meaning set forth in Section 1.01) has requested that  the  Administrative  Agent  and  the  Lenders  extend  credit  to  the  Company  and  the  Borrowing Subsidiaries on the terms set forth herein, and the Administrative Agent and  the  Lenders  whose  signatures  appear  below  have  agreed  to  extend such  credit  on  such  terms.  Accordingly, the parties hereto agree as follows:                                  ARTICLE I                                                                       Definitions               SECTION 1.01.  Defined  Terms.   As  used  in  this  Agreement,  the  following terms have the meanings specified below:               “ABR”,  when  used  in  reference  to  any  Loan  or  Borrowing,  refers  to  whether such Loan, or the Loans comprising such Borrowing, shall bear interest at a rate  determined  by  reference  to  the  Alternate  Base  Rate.   All  ABR  Loans  and  Borrowings  shall be denominated in dollars.               “Adjusted  LIBO  Rate”  means,  with  respect  to  any  LIBOR  Borrowing  denominated  in  dollars  for  any  Interest  Period,  an  interest  rate  per  annum  (rounded  upwards, if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for dollars for  such Interest Period multiplied by (b) the Statutory Reserve Rate.               “Administrative  Agent”  means  JPMorgan  Chase  Bank,  N.A.,  in  its  capacity as administrative agent hereunder and under the other Loan Documents, and its  successors and permitted assigns in such capacity as provided in Article VIII.  Unless the  context requires otherwise, the term “Administrative Agent” shall include any Affiliate of  JPMorgan Chase Bank, N.A. through which JPMorgan Chase Bank, N.A. shall perform  any of its obligations in such capacity hereunder.               “Administrative Questionnaire” means an Administrative Questionnaire in  a form supplied by the Administrative Agent.               “Affected  Financial  Institution”  means  (a)  any  EEA  Financial  Institution  or (b) any U.K. Financial Institution.               “Affiliate” means, with respect to a specified Person, another Person that  directly or indirectly Controls or is Controlled by or is under common Control with the  Person specified.     [[5509122]] 

 

                                                                       2               “Aggregate  Designated  Currency  Revolving  Exposure”  means,  at  any  time,  the  sum  of  the  Dollar  Equivalents  of  (a)  the  aggregate  principal  amounts  of  all  Revolving  Loans  then  outstanding  and  made  in  Euro,  Pounds  Sterling  or  any  other  Designated  Currency,  (b)  the  aggregate  undrawn  amounts  of  all  outstanding  Letters  of  Credit denominated  in Euro, Pounds Sterling or any other Designated Currency at such  time and (c) the aggregate amounts of all LC Disbursements in respect of any such Letter  of  Credit  that  have  not  yet  been  reimbursed  by  or  on  behalf  of  the  Borrowers  at  such  time.               “Aggregate  Designated  Currency  Revolving  Sublimit”  means  $100,000,000.               “Aggregate Revolving  Commitment”  means, at any time, the sum of the  Revolving Commitments of all the Revolving Lenders at such time.               “Aggregate Revolving Exposure”  means, at any time, the sum of (a) the  Dollar Equivalents of all the Revolving Loans outstanding at such time, (b) the total LC  Exposure at such time and (c) the total Swingline Exposure at such time.               “Agreement” has the meaning set forth in the heading hereof.               “Agreement Currency” has the meaning set forth in Section 9.18(b).               “Alternate Base Rate” means, for any day, a rate per annum equal to the  greatest of  (a) the  Prime  Rate  in effect  on  such  day,  (b)  the  NYFRB  Rate  in  effect on  such  day plus 1⁄2 of  1%  per  annum  and  (c) the Adjusted LIBO  Rate on  such  day  (or if  such day is not a Business Day, the immediately preceding Business Day) for a deposit in  dollars  with  a  maturity  of  one  month plus 1%  per  annum.   For  purposes  of  clause  (c)  above, the Adjusted LIBO Rate on any day shall be based on the applicable Screen Rate  at  approximately  11:00  a.m.,  London  time,  on  such  day  for  deposits  in  dollars  with  a  maturity of one month (or, if the applicable Screen Rate is not available for a maturity of  one month with respect to dollars but is available for periods both longer and shorter than  such period, the Interpolated Screen Rate as of such time); provided that if such rate shall  be less than 0.50% per annum, such rate shall be deemed to be 0.50% per annum for all  purposes of this Agreement.  If the Alternate Base Rate is being used as an alternate rate  of  interest pursuant  to  Section 2.14 (for  the  avoidance  of  doubt,  only  until  any  amendment  has  become  effective  pursuant  to  Section  2.14(b)),  then for  purposes  of  clause (c) above the Adjusted LIBO Rate shall be deemed to be 0.50% per annum. Any  change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or  the Adjusted LIBO Rate shall be effective from and including the effective date of such  change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively.               “Alternative  Currency”  means  any  currency  other  than  dollars,  Euros  or  Pounds Sterling.               “Ancillary Document” has the  meaning assigned  to such term  in Section  9.06(b).     [[5509122]] 

 

                                                                       3               “Anti-Corruption  Laws”  means  all  laws,  rules  and  regulations  of  any  jurisdiction applicable to the Company or its Subsidiaries from time to time concerning  or relating to bribery or corruption.               “Applicable Creditor” has the meaning set forth in Section 9.18(b).               “Applicable Funding Account” means, as to each Borrower, the applicable  account that shall  be specified in a written notice signed by a Financial Officer of such  Borrower  and  delivered  to  (and,  in  the  case  of  any  account  located  outside  the  United  States, reasonably approved by) the Administrative Agent.               “Applicable  Percentage”  means,  at  any  time,  with  respect  to  any  Revolving Lender, the percentage of the Aggregate Revolving Commitment represented  by  such  Lender’s  Revolving  Commitment  at  such  time; provided that,  for  purposes of  Section 2.19 when a Defaulting Lender that is a Revolving Lender shall exist, the term  “Applicable  Percentage”  shall  mean,  at  any  such  time,  with  respect  to  any  Revolving  Lender,  the  percentage  of  the  Aggregate  Revolving  Commitments  (disregarding  such  Defaulting  Lender’s  Revolving  Commitment)  represented  by  such  Lender’s  Revolving  Commitment  at  such  time.   If  all  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 and  to  any  Revolving Lender’s status as a Defaulting Lender at the time of determination.               “Applicable Rate” means, for any day, (a) with respect to any Incremental  Term  Loan  of  any  Series,  the  rate  per  annum  specified  in  the  Incremental  Facility  Agreement establishing the Incremental Term Commitments of such Series and (b) with  respect to any ABR Loan, LIBOR Loan or EURIBOR Loan that is a Revolving Loan or a  Swingline  Loan,  or  with  respect  to  the  commitment  fees  payable  hereunder,  the  applicable rate per annum set forth below under the caption “ABR Spread”, “LIBOR and  EURIBOR Spread” or “Commitment Fee Rate”, as the case may be, based upon the Total  Leverage Ratio as of the end of the fiscal quarter of the Company for which consolidated  financial  statements  have  theretofore  been  most  recently  delivered  pursuant  to  Section 5.01(a)  or  5.01(b); provided that,  for  purposes  of  clause  (b),  until  the  initial  delivery  after  the  Effective  Date  of  consolidated  financial  statements  pursuant  to  Section 5.01(a) or 5.01(b), the Applicable Rate shall be based on the rates per annum set  forth in Category 3:                                                LIBOR and  Total Leverage                    ABR                    Commitment Fee                 Total Leverage                 EURIBOR      Ratio                        Spread                       Rate                     Ratio                       Spread     Category 1    < 0.75 to 1.00    0.50%        1.50%          0.225%     Category 2    > 0.75 to 1.00    0.75%        1.75%          0.250%                  < 1.50 to 1.00      [[5509122]] 

 

                                                                       4     Category 3    > 1.50 to 1.00    1.00%        2.00%          0.300%                  < 2.25 to 1.00    Category 4    > 2.25 to 1.00    1.25%        2.25%          0.350%                  < 3.00 to 1.00    Category 5    > 3.00 to 1.00    1.50%        2.50%          0.375%                 For  purposes  of  the  foregoing,  each  change  in  the  Applicable  Rate  resulting from a change in the Total Leverage Ratio shall be effective during the period  commencing  on  and  including  the  Business  Day  following  the  date  of  delivery  to  the  Administrative Agent pursuant to Section 5.01(a) or 5.01(b) of the consolidated financial  statements  indicating  such  change  and  ending  on  the  date  immediately  preceding  the  effective  date  of  the  next  such  change.   Notwithstanding  the  foregoing,  the  Applicable  Rate shall be based on the rates per annum set forth in Category 5 if the Company fails to  deliver  the  consolidated  financial  statements  required  to  be  delivered  pursuant  to  Section 5.01(a)  or  5.01(b)  or  any  Compliance  Certificate  required  to  be  delivered  pursuant to Section 5.01(c), in each case within the time periods specified herein for such  delivery, during the period commencing on and including the day of the occurrence of a  Default resulting from such failure and until the delivery thereof.                “Approved Fund” means any Person (other than a natural person) that is  engaged  in  making,  purchasing,  holding  or  investing  in  commercial  loans  and  similar  extensions  of  credit  in  the  ordinary  course  of  its  activities  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.               “Arrangers”  means  JPMorgan  Chase  Bank,  N.A., BofA  Securities,  Inc.  and Sumitomo Mitsui Banking Corporation, in their capacities as joint lead arrangers and  joint bookrunners for the credit facilities provided for herein.               “Assignment  and  Assumption”  means  an  assignment  and  assumption  entered into by a Lender and an Eligible Assignee, with the consent of any Person 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.               “Bail-In Action”  means the exercise of any  Write-Down and Conversion  Powers by the applicable Resolution Authority in respect of any liability of an Affected  Financial Institution.               “Bail-In Legislation” means (a) with respect to any EEA Member Country  implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the  Council of the European Union, the implementing law, regulation, rule or requirement for  such  EEA  Member  Country  from  time  to  time  which  is  described  in  the  EU  Bail-In  Legislation  Schedule  and  (b)  with  respect to the United  Kingdom,  Part  I of  the  United  Kingdom Banking  Act  2009  (as  amended  from  time  to  time)  and  any  other  law,  regulation or rule applicable in the United Kingdom relating to the resolution of unsound     [[5509122]] 

 

                                                                       5   or failing banks, investment firms or other financial  institutions or their affiliates (other  than through liquidation, administration or other insolvency proceedings).               “Bankruptcy Event”  means, with respect to any  Person, that such Person  has  become  the  subject  of  a voluntary  or  involuntary 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 or has had any order  for relief in such proceeding entered in respect thereof; 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; provided, however, that  such ownership interest does not result in or provide such Person with immunity from the  jurisdiction  of  courts  within  the  United  States  of  America  or  from  the  enforcement  of  judgments  or  writs  of  attachment  on  its  assets  or  permit  such  Person  (or  such  Governmental Authority) to reject, repudiate, disavow or disaffirm any agreements made  by such Person.               “Benchmark Replacement” means the sum of: (a) the alternate benchmark  rate  (which  may  be  a  SOFR-Based  Rate)  that  has  been  selected  by  the  Administrative  Agent and the Company giving due consideration to (i) any selection or recommendation  of  a  replacement  rate  or  the  mechanism  for  determining  such  a  rate  by  the  Relevant  Governmental  Body  and/or  (ii)  any  evolving  or  then-prevailing  market  convention  for  determining a rate of interest as a replacement to the LIBO Rate or the EURIBO Rate, as  the case  may be,  for syndicated credit facilities denominated  in the applicable currency  and  (b)  the  Benchmark  Replacement  Adjustment; provided that,  if  the  Benchmark  Replacement  as  so  determined  would  be  less  than 0.50%  per  annum,  the  Benchmark  Replacement  will  be  deemed  to  be 0.50% per  annum  for  all  the  purposes  of  this  Agreement; provided further that  any  such  Benchmark  Replacement  shall  be  administratively  feasible  as  determined  by  the  Administrative  Agent  in  its  reasonable  discretion (in consultation with the Company).               “Benchmark  Replacement  Adjustment” means  the  spread  adjustment,  or  method for calculating or determining such spread adjustment (which may be a positive  or  negative  value  or  zero), that  has  been  selected  by  the Administrative  Agent  and  the  Company  giving  due  consideration  to  (i)  any  selection  or  recommendation  of  a  spread  adjustment,  or  method  for  calculating  or  determining  such  spread  adjustment,  for  the  replacement  of  the  LIBO  Rate or the  EURIBO  Rate,  as  the  case  may  be,  with  the  applicable  Unadjusted  Benchmark  Replacement  by  the  Relevant  Governmental  Body  and/or  (ii)  any  evolving  or then-prevailing  market  convention  for  determining  a  spread  adjustment,  or  method  for  calculating  or  determining  such  spread  adjustment,  for  the  replacement  of  the  LIBO  Rate or the  EURIBO  Rate,  as  the  case  may  be,  with  the  applicable  Unadjusted  Benchmark  Replacement  for  syndicated  credit  facilities  denominated in the applicable currency at such time.      [[5509122]] 

 

                                                                       6               “Benchmark  Replacement  Conforming Changes” means,  with  respect to  any  Benchmark  Replacement,  any  technical,  administrative  or  operational  changes  (including changes to the definition of “Alternate Base Rate”, the definition of “Foreign  Currency  Overnight  Rate”, the  definition  of  “Interest Period”, timing  and  frequency  of  determining rates and making payments of interest and other administrative matters) that  the Administrative Agent determines in  its reasonable discretion after consultation with  the  Company may  be  appropriate  to  reflect  the adoption  and  implementation  of  such  Benchmark Replacement and to permit the administration thereof by the Administrative  Agent in a manner substantially consistent with market practice (or, if the Administrative  Agent reasonably determines that adoption of any portion of such market practice is not  administratively  feasible  or  if  the  Administrative  Agent reasonably determines  that  no  market  practice  for  the  administration  of  the  Benchmark  Replacement  exists,  in  such  other  manner  of  administration  as  the  Administrative  Agent determines,  after  consultation  with  the  Company, is  reasonably  necessary  in  connection  with  the  administration of this Agreement).               “Benchmark  Replacement  Date”  means  the  earlier  to  occur  of  the  following events with respect to the LIBO Rate or the EURIBO Rate, as the case may be:                (a)   in  the  case  of  clause  (a)  or  (b)  of  the  definition  of  “Benchmark  Transition  Event”,  the  later  of  (i)  the  date  of  the  public  statement  or  publication  of  information  referenced  therein  and  (ii)  the  date  on  which  the  administrator  of  the  applicable  Screen  Rate  permanently  or  indefinitely  ceases  to  provide  the  applicable  Screen Rate; or               (b)   in the case of clause (c) of the definition of “Benchmark Transition  Event”, the date of the public statement or publication of information referenced therein.               “Benchmark  Transition  Event”  means  the  occurrence  of  one  or  more of  the following events with respect to the LIBO Rate or the EURIBO Rate, as the case may  be:                (a)   a public statement or publication of information by or on behalf of  the  administrator of  the  applicable  Screen  Rate  announcing  that  such  administrator  has  ceased or will cease to provide the applicable Screen Rate, permanently or indefinitely,  provided that,  at  the  time  of  such  statement  or  publication,  there  is  no  successor  administrator that will continue to provide the applicable Screen Rate;                (b)   a public statement or publication of information by the regulatory  supervisor for the administrator of the applicable Screen Rate, the U.S. Federal Reserve  System, an insolvency official with jurisdiction over the administrator for the applicable  Screen  Rate,  a  resolution  authority  with  jurisdiction  over  the  administrator  for  the  applicable  Screen  Rate  or  a  court  or  an  entity  with  similar  insolvency  or  resolution  authority over the administrator for the applicable Screen Rate, in each case which states  that the administrator of the applicable Screen Rate has ceased or will cease to provide  the applicable Screen Rate permanently or indefinitely, provided that, at the time of such      [[5509122]] 

 

                                                                       7   statement or publication, there is no successor administrator that will continue to provide  the applicable Screen Rate; and/or                (c)  a  public  statement  or  publication  of  information  by  the  regulatory  supervisor  for  the  administrator  of  the  applicable  Screen  Rate  announcing  that  the  applicable Screen Rate is no longer representative.               “Benchmark Transition Start Date” means (a) in the case of a Benchmark  Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if  such Benchmark Transition Event is a public statement or publication of information of a  prospective event, the 90th day (or such earlier date as the Administrative Agent and the  Company shall agree) prior to the expected date of such event as of such public statement  or publication of information (or if the expected date of such prospective event is fewer  than  90  days  after  such  statement  or  publication,  the  date  of  such  statement  or  publication)  and  (b)  in  the  case  of  an  Early  Opt-in  Election,  the  date  specified  by  the  Administrative Agent, the Company or the Required Lenders, as applicable, by notice to  the  Company (in  the  case  of  such  notice  by  the  Administrative  Agent  or  the  Required  Lenders),  the  Administrative  Agent  (in  the  case  of  such  notice  by  the Company  or  the  Required Lenders) and the Lenders.               “Benchmark  Unavailability  Period” means,  if  a  Benchmark  Transition  Event  and  its  related  Benchmark  Replacement  Date  have  occurred  with  respect  to  the  LIBO Rate or the EURIBO Rate, as the case may be, and solely to the extent that such  rate  has  not  been  replaced  with  a  Benchmark  Replacement, the  period  (a)  beginning at  the  time  that such  Benchmark  Replacement  Date  has  occurred  if,  at  such  time,  no  Benchmark Replacement has replaced the LIBO Rate or the EURIBO Rate, as the case  may be, for all purposes hereunder in accordance with Section 2.14 and (b) ending at the  time that a Benchmark Replacement has replaced the LIBO Rate or the EURIBO Rate, as  the case may be, for all purposes hereunder pursuant to Section 2.14.               “Beneficial  Ownership  Certification”  means  a  certification  regarding  beneficial ownership as required by the Beneficial Ownership Regulation.               “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.               “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in  ERISA)  that  is  subject  to  Title  I  of  ERISA,  (b)  a  “plan”  as  defined  in  and  subject  to  Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA  Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code)  the assets of any such “employee benefit plan” or “plan”.               “BHC Act Affiliate” means, with respect to any Person, an “affiliate” (as  such term is defined under, and interpreted in accordance with, 12 U.S.C. § 1841(k)) of  such Person.               “Board  of  Governors”  means  the  Board  of  Governors  of  the  Federal  Reserve System of the United States of America.     [[5509122]] 

 

                                                                       8               “Borrowers” mean the Company and the Borrowing Subsidiaries.               “Borrowing”  means  (a) Loans  of  the  same  Class,  Type  and  currency  made, converted or continued on the same date and to the same Borrower and, in the case  of LIBOR Loans and EURIBOR Loans, as to which a single Interest Period is in effect,  or (b) a Swingline Loan.               “Borrowing Minimum” means (a) in the case of a Borrowing denominated  in dollars, $1,000,000, (b) in the case of a Borrowing denominated in Euros, €1,000,000,  (c) in the case of a Borrowing denominated in Pounds Sterling, £1,000,000 and (d) in the  case  of a  Borrowing  denominated  in  any  Alternative  Currency,  the  smallest  amount  of  such Alternative Currency that is an integral multiple of 100,000 units of such currency  and that has a Dollar Equivalent in excess of $1,000,000.               “Borrowing Multiple” means (a) in the case of a Borrowing denominated  in dollars, $1,000,000, (b) in the case of a Borrowing denominated in Euros, €1,000,000,  (c) in the case of a Borrowing denominated in Pounds Sterling, £1,000,000 and (d) in the  case  of a  Borrowing  denominated  in  any  Alternative  Currency,  the  smallest  amount  of  such Alternative Currency that is an integral multiple of 100,000 units of such currency  and that has a Dollar Equivalent in excess of $1,000,000.               “Borrowing Request” means a request by a Borrower for a Borrowing in  accordance  with  Section 2.03  or  2.04,  as  applicable,  which  shall  be in  the  form  of  Exhibit B or any other form approved by the Administrative Agent.               “Borrowing  Subsidiary”  means,  at  any  time,  (a)  the  Luxembourg  Borrower  and  (b)  any  other  Subsidiary  that  has  been  designated  by  the  Company  as  a  Borrowing Subsidiary pursuant to Section 2.23, other than any Subsidiary that has ceased  to be a Borrowing Subsidiary as provided in Section 2.23.               “Borrowing  Subsidiary  Agreement”  means  a  Borrowing  Subsidiary  Agreement substantially in the form of Exhibit C-1.               “Borrowing  Subsidiary  Termination”  means  a  Borrowing  Subsidiary  Termination substantially in the form of Exhibit C-2.               “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 (a) when  used  in  connection  with  a  LIBOR  Loan  in  any  currency,  the  term  “Business  Day”  shall  also  exclude  any  day  on  which  banks  are  not  open  for  dealings  in  deposits  in  such  currency  in the  London  interbank  market and  (b)  when  used  in  connection  with  a  EURIBOR  Loan,  the  term  “Business  Day”  shall  also  exclude any day that is not a TARGET Operating Day.               “Capital Lease Obligations” of any Person means the obligations of such  Person to pay rent or other amounts under any lease of (or other arrangement conveying  the right to use) real or personal property, or a combination thereof, which obligations are  required to  be  classified  and  accounted  for  as  capital  leases  on  a  balance  sheet of  such     [[5509122]] 

 

                                                                       9   Person  under  GAAP;  the  amount  of  such  obligations  shall  be  the  capitalized  amount  thereof determined in accordance with GAAP, and the final maturity of such obligations  shall be  the  date  of  the  last  payment  of  such  amounts  due  under  such  lease  (or  other  arrangement) prior to the first date on which such  lease (or other arrangement) may  be  terminated  by  the  lessee  without  payment  of  a  premium  or  a  penalty.   For  purposes of  Section 6.02  and  the  definition  of the  term “Priority  Indebtedness”,  a  Capital  Lease  Obligation shall be deemed to be secured by a Lien on the property being leased and such  property shall be deemed to be owned by the lessee.               “CFC” means (a) each Person that is a “controlled foreign corporation” for  purposes of the Code, (b) each subsidiary of any such controlled foreign corporation and  (c)  any  Domestic  Subsidiary  that  is  considered  to  be  a  “disregarded  entity”  for  U.S.  federal  income  tax  purposes  that  owns  (directly  or  indirectly)  no  material  assets  other  than  Equity  Interests  and  debt  interests  of  one  or  more  such  controlled  foreign  corporations.               “Change  in  Control”  means  (a)  the  acquisition  of  ownership,  directly  or  indirectly, beneficially or of record, by any Person or group (within the  meaning of the  Exchange Act and the rules of the SEC thereunder), excluding any employee benefit plan  of  the  Company  or  its  Subsidiaries,  and  any Person  acting  as  a  trustee,  agent  or  other  fiduciary  or  administrator  of  any  such  plan,  of  Equity  Interests  in  the  Company  representing  more than 35% of the aggregate ordinary  voting power represented by the  issued  and  outstanding  Equity Interests  in  the  Company;  or  (b)  persons  who  were  (i) directors of the Company on the Effective Date, (ii) nominated, appointed or approved  for consideration for election by the board of directors of the Company or (iii) appointed  or elected by directors who were directors of the Company on the Effective Date or were  nominated, appointed or approved as provided in clause (ii) above, ceasing to occupy a  majority of the seats (excluding vacant seats) on the board of directors of the Company.               “Change in Law” means the occurrence, after the date of this Agreement,  of any of the following:  (a) the adoption or taking effect of any rule, regulation, treaty or  other  law,  (b) any  change  in  any  rule,  regulation,  treaty  or  other  law  or  in  the  administration,  interpretation,  implementation  or  application  thereof  by  any  Governmental Authority or (c) the making or issuance of any request, rule, guideline or  directive  (whether  or  not  having  the  force  of  law)  by  any  Governmental  Authority;  provided that, notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall  Street  Reform  and  Consumer  Protection  Act  and  all requests, rules,  guidelines  or  directives  thereunder  or  issued  in  connection  therewith and  (ii)  all requests, rules,  guidelines or directives promulgated by the Bank for International Settlements, the Basel  Committee on Banking Supervision or the United States or foreign regulatory authorities,  in each case pursuant to Basel III, shall for all purposes of this Agreement be deemed to  be a “Change in Law” (and, for purposes of the proviso in Section 2.15(a), a Change in  Law that shall  have occurred after the date on which each Lender shall  have become a  Lender), regardless of the date enacted, adopted, promulgated or issued.               “Charges” has the meaning set forth in Section 9.13.      [[5509122]] 

 

                                                                      10               “Class”,  when  used  in  reference  to  (a) any  Loan  or  Borrowing,  refers  to  whether  such  Loan,  or  the  Loans  comprising  such  Borrowing,  are  Incremental  Term  Loans of any Series, Revolving Loans or Swingline Loans, (b) any Commitment, refers  to  whether  such  Commitment  is  an  Incremental  Term  Commitment  of  any  Series  or  a  Revolving Commitment and (c) any Lender, refers to whether such Lender has a Loan or  Commitment  of  a  particular  Class.   Additional  Classes  of  Loans,  Borrowings,  Commitments and Lenders may be established pursuant to Sections 2.21, 2.22 and 2.24.               “Code” means the United States Internal Revenue Code of 1986.               “Collateral”  means  the  Pledged  Equity  Interests  and  any  and  all  other  assets on which Liens are purported to be granted pursuant to the Security Documents as  security for the Secured Obligations.               “Collateral  Agreement”  means  the  Guarantee  and  Collateral  Agreement  dated  as  of  the  date  hereof, among  the  Company,  the  other Guarantors and  the  Administrative Agent, together with all supplements thereto.               “Collateral  and  Guarantee  Requirement”  means,  at  any  time,  the  requirement that:              (a) the  Administrative  Agent  shall  have  received  from  the  Company  and       each  Designated  Subsidiary  either  (i)  a  counterpart  of  the  Collateral  Agreement       duly  executed  and  delivered  on  behalf  of  such  Person  or  (ii)  in  the  case  of  any       Person  that  becomes  a  Designated  Subsidiary  after  the  Effective  Date,  a       supplement  to  the  Collateral  Agreement,  in  the  form  specified  therein,  duly       executed  and  delivered  on  behalf  of such  Person,  together  with  documents  and       opinions of the type referred to in clauses (b) and (c) of Section 4.01, with respect       to such Designated Subsidiary;              (b) all Equity Interests (including equity interests in Subsidiaries) owned by       or on behalf of any Guarantor shall  have  been pledged pursuant to the Collateral       Agreement and,  in the case of Equity Interests  in any  Foreign Subsidiary, where       the Administrative Agent so requests in connection with the pledge of such Equity       Interests, a Foreign Pledge  Agreement (provided that (i) the Guarantors shall  not       be required to pledge voting Equity Interests in any first-tier CFC in excess of the       amount  of  such  Equity  Interests  constituting  65%  of  the  total  combined  voting       power of all classes of Equity Interests entitled to vote and (ii) no Subsidiary shall       be required to pledge any Equity Interests (or any other assets) owned by a CFC),       and  the  Administrative  Agent  shall,  to  the  extent  required  by  the  Collateral       Agreement,  have  received  certificates  or  other  instruments  representing  all  such       Equity  Interests,  together  with  undated  stock  powers  or  other  instruments  of       transfer with respect thereto endorsed in blank;              (c) all  documents  and  instruments,  including  Uniform  Commercial  Code       financing  statements,  required  by  applicable  law  or  reasonably  requested  by  the       Administrative  Agent  to  be  filed,  registered  or  recorded  to  create  the  Liens     [[5509122]] 

 

                                                                      11        intended  to  be  created  by  the  Security  Documents  and  perfect  such  Liens  to the       extent required by, and with the priority required by, the Security Documents, shall       have been filed, registered or recorded or delivered to the Administrative Agent for       filing, registration or recording; and              (d) each Guarantor shall have obtained all consents and approvals required       to be obtained by it in connection with the execution and delivery of all Security       Documents to which it is a party, the performance of its obligations thereunder and       the granting by it of the Liens thereunder.               The  foregoing  definition  shall  not  require  the  creation  or  perfection  of  pledges  of  or  security  interests  in,  legal  opinions  or  other  deliverables  with  respect  to,  particular assets of the Guarantors, or the provision of a Guarantee by any Subsidiary, if  and  for  so  long  as  the  Administrative  Agent,  in  consultation  with  the  Company,  determines that the cost of creating or perfecting such pledges or security interests in such  assets,  legal  opinions  or other  deliverables  in  respect of  such  assets,  or  providing  such  Guarantee  (taking  into  account  any  adverse  tax  consequences  to  the  Company  and  its  Subsidiaries),  shall  be  excessive  in  view  of  the  benefits  to  be  obtained  by  the  Lenders  therefrom.  The Administrative Agent may grant extensions of time for the creation and  perfection of security interests in, or the delivery of legal opinions or other deliverables  with  respect  to,  particular  assets  or  the  provision  of  any  Guarantee  by  any  Subsidiary  (including extensions beyond the Effective Date or in connection with assets acquired or  Subsidiaries  formed or acquired after the Effective Date) where  it determines that such  action cannot be accomplished without undue effort or expense by the time or times at  which  it  would  otherwise  be  required  to  be  accomplished  by  this  Agreement  or  the  Security Documents.               “Commitment”  means  a  Revolving  Commitment,  an  Incremental  Term  Commitment of any Series or any combination thereof (as the context requires).               “Commitment  Letter”  means  that  certain  Commitment  Letter  dated  August 19, 2020, among the Company, JPMorgan Chase Bank, N.A., Bank of America,  N.A. and BofA Securities, Inc.               “Commodity  Exchange  Act”  means  the  Commodity  Exchange  Act  (7 U.S.C. § et seq.), as amended from time to time, and any successor statute.               “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 that  is distributed to the Administrative Agent, any Lender or any Issuing Bank by means of  electronic communications pursuant to Section 9.01, including through the Platform.               “Company” means Knowles Corporation, a Delaware corporation.               “Compliance Certificate”  means a Compliance  Certificate in the  form of  Exhibit D or any other form approved by the Administrative Agent.     [[5509122]] 

 

                                                                      12               “Compounded SOFR” means the compounded average of SOFRs  for the  applicable  Corresponding  Tenor,  with  the  rate,  or  methodology  for  this  rate,  and  conventions  for  this  rate  (which  may  include  compounding  in  arrears  with  a  lookback  and/or suspension period as a mechanism to determine the interest amount payable prior  to  the  end  of  each  Interest  Period)  being  established  by  the  Administrative  Agent  in  accordance with:                (a)   the rate, or methodology for this rate, and conventions for this rate  selected  or  recommended  by  the  Relevant  Governmental  Body  for  determining  compounded SOFR; or                (b)   if,  and  to  the  extent  that,  the  Administrative  Agent reasonably  determines (in  consultation  with  the  Company) that  Compounded  SOFR  cannot  be  determined  in  accordance  with  clause  (a)  above,  then  the  rate, or  methodology  for this  rate,  and  conventions  for  this  rate  that  the  Administrative  Agent  determines  in its  reasonable discretion (in consultation with the Company) are substantially consistent with  any evolving or then-prevailing  market convention  for determining compounded SOFR  for syndicated credit facilities denominated in the applicable currency at such time;    provided that if the Administrative Agent reasonably determines (in consultation with the  Company) that any such rate, methodology or convention determined in accordance with  clause (a) or (b) above is not administratively feasible for the Administrative Agent, then  Compounded  SOFR  will  be  deemed  unable  to  be  determined  for  purposes  of  the  definition of “Benchmark Replacement”.               “Confidential  Information  Memorandum”  means  the  Confidential  Information Memorandum dated August 2020, relating to the credit facilities provided for  herein.               “Consolidated  Cash  Interest  Expense”  means  for  any  period  for  which  such amount is being determined (without duplication of any payment), (a) Consolidated  Interest Expense for such period, but only to the extent paid in cash in such period, plus  (b) amounts paid  in cash during such period  in respect of amounts that were (or would  have  been)  included  in  Consolidated  Interest Expense  during  any  prior  period, plus (c)  amounts paid  in cash during such period  in respect of amounts that will  be  included in  Consolidated  Interest  Expense  during  any  future  period.  If  during  such  period  the  Company or any Subsidiary shall have consummated a Material Acquisition or a Material  Disposition, Consolidated Cash Interest Expense for such period shall be calculated after  giving pro forma effect thereto in accordance with Section 1.04(b).               “Consolidated EBITDA” means, for any period, Consolidated Net Income  for such period, plus              (a) without  duplication  and  to  the  extent  deducted  in  determining  such       Consolidated Net Income, the sum of                    (i) Consolidated Interest Expense for such period,     [[5509122]] 

 

                                                                      13                    (ii) provision  for  federal,  state,  local and  foreign  income  tax  (or              similar  Taxes  in  lieu  of  income  tax)  expensed  during  such  period              including, in each case, arising out of Tax examinations,                   (iii) all  amounts  attributable  to  depreciation  and  amortization  of              assets for such period,                   (iv) any  noncash  items decreasing  Consolidated  Net  Income  for              such period,                    (v)  any (A)  extraordinary  charges  for  such  period  and  (B) non-             recurring  or  unusual  charges  for  such  period  (including,  in  the  case  of              clauses  (A)  and  (B),  those  resulting  from  legal  settlements,  fines,              judgments or orders),                   (vi) any  losses  for  such  period  attributable  to  early  extinguishment              of Indebtedness or obligations under any Hedging Agreement,                   (vii) any  unrealized  losses  for  such  period  attributable  to  the              application  of  “mark  to  market”  accounting  in  respect  of Hedging              Agreements,                  (viii) the cumulative effect for such period of a change in accounting              principles,                   (ix) restructuring charges, costs, expenses and reserves or increases              to existing reserves (including those consisting of charges, costs, expenses,              reserves  or  increases  associated  with  increasing  the  value  of  acquired              inventory  under  GAAP,  severance  costs,  relocation  costs,  integration              costs,  other  business  optimization  costs,  expenses  or  reserves,  signing              costs, retention or completion bonuses, transition costs, costs related to the              closure or consolidation of  facilities or curtailments, new systems design              and  implementation  costs  and  modifications  to  pension  and  post-             retirement  employee  benefit  plans  (including  any  settlement  of  pension              liabilities)),                    (x) costs or expenses related to (A) the Transactions (as defined in              the  Existing  Credit  Agreement  and  in  this  Agreement)  and  (B)  any              issuance  of  Equity  Interests,  any  Investment,  acquisition  or  Disposition              outside the ordinary course of business, casualty or condemnation events,              recapitalizations  or  the  incurrence,  extension,  renewal,  refinancing,              repayment,  prepayment,  exchange  of  Indebtedness  permitted  to  be              incurred  hereunder  and  any  amendment  or  modification  to  the  terms  of              any of the foregoing transactions,                   (xi) [Reserved.]      [[5509122]] 

 

                                                                      14                   (xii) charges, costs or expenses or any reserve with respect thereto to              the  extent  (A) actually  reimbursed  or  (B) reimbursable  pursuant  to  any              insurance,  indemnification  or  reimbursement  provisions  or  similar              agreements; provided that,  in  the  case  of  clause (B), the  Company              reasonably  expects  to  receive  reimbursement  for  such  charges,  costs  or              expenses  in  any  of  the  next  four  fiscal  quarters  following  the  accrual  of              such  charges,  costs,  expenses  or  reserve  (it  being  understood  that  to  the              extent  not  actually  so reimbursed  within  such  four  fiscal  quarters,  such              charges,  costs  or  expenses  shall  be  deducted  in  calculating  Consolidated              EBITDA for such fiscal quarters), and                  (xiii) earn-out obligations incurred in connection with any acquisition              permitted under Section 6.04 and paid or accrued during such period;   provided that (A) any cash payment made with respect to any noncash items added back  in computing Consolidated EBITDA for any prior period pursuant to clause (a)(iv) above  shall be subtracted in computing Consolidated EBITDA for the period in which such cash  payment  is made  and (B)  the  aggregate  adjustments  in  any  period  of  four  consecutive  fiscal quarters of the Company attributable to cash items under clauses (a)(v)(B), (a)(ix)  and  (a)(x)(B)  shall  not  account  for  more  than  15%  of  Consolidated  EBITDA  for  such  period; and minus;              (b) without  duplication  and  to  the  extent  included  in  determining  such       Consolidated Net Income,                    (i) any extraordinary, non-recurring or unusual income or gains for              such period,                    (ii) any noncash income or gains for such period,                   (iii) any  gains  for  such  period  attributable  to  the  early              extinguishment  of  Indebtedness  or  obligations  under  any  Hedging              Agreement,                   (iv) any  unrealized  gains  for  such  period  attributable  to  the              application  of  “mark  to  market”  accounting  in  respect  of  Hedging              Agreements, and                    (v) the cumulative effect for such period of a change in accounting              principles;   provided further that Consolidated EBITDA shall be calculated so as to exclude the effect  of  any  gain  or  loss  that  represents  after-tax  gains  or  losses attributable  to  any  sale,  transfer or other disposition of assets (including asset retirement costs or returned surplus  assets  of  any  employee  benefit  plan)  outside  the  ordinary  course  of  business  by  the  Company or any of its consolidated Subsidiaries.  All amounts added back in computing  Consolidated  EBITDA  for  any  period  pursuant  to  clause  (a)  above,  and  all  amounts  subtracted  in  computing  Consolidated  EBITDA  pursuant  to  clause  (b)  above,  to  the     [[5509122]] 

 

                                                                      15   extent  such  amounts  are,  in  the  reasonable  judgment  of  a  Financial  Officer  of  the  Company, attributable to any Subsidiary that is not wholly owned by the Company, shall  be reduced by the portion thereof that is attributable to the noncontrolling interest in such  Subsidiary.  For purposes of calculating Consolidated EBITDA for any period, if during  such  period  the  Company  or  any  Subsidiary  shall  have  consummated  a  Material  Acquisition  or  a  Material  Disposition,  Consolidated  EBITDA  for  such  period  shall  be  calculated after giving pro forma effect thereto in accordance with Section 1.04(b).               “Consolidated  Interest  Expense”  means,  for  any  period  for  which  such  amount is being determined, total interest expense (including that properly attributable to  capital  leases  in  accordance  with  GAAP  and  amortization  of  debt  discount  and  debt  issuance  costs)  of  the  Company  on  a  consolidated  basis  in  accordance  with  GAAP,  including all capitalized  interest, all commissions, discounts and other fees and charges  owed  with  respect to  letters of  credit  and  bankers’  acceptance  financings  and  net  costs  under  interest  rate  protection  agreements  (including  amortization  of  discount),  all  as  determined on a consolidated basis in accordance with GAAP. If during such period the  Company or any Subsidiary shall have consummated a Material Acquisition or a Material  Disposition,  Consolidated  Interest  Expense  for  such  period  shall  be  calculated  after  giving pro forma effect thereto in accordance with Section 1.04(b).               “Consolidated  Net  Income”  means,  for  any  period,  the  consolidated  net  income or  loss  of the  Company  for  such  period, determined  on  a  consolidated  basis  in  accordance  with  GAAP; provided that  there  shall  be  excluded  (a) the  income  of  any  Person  (other  than  the  Company)  that  is  not  a  consolidated  Subsidiary  except  to  the  extent of the amount of cash dividends or similar cash distributions actually paid by such  Person to the Company or, subject to clause (b) below, any other consolidated Subsidiary  during such period, and (b) the income or loss of, and any amounts referred to in clause  (a) above paid to, any consolidated Subsidiary that is not wholly owned by the Company  to the extent such income or loss or such amounts are attributable to the noncontrolling  interest in such consolidated Subsidiary.               “Consolidated  Total  Assets”  means,  at  any  time, the  aggregate  assets  of  the  Company  and  its  consolidated  Subsidiaries  at  such  time,  determined  on  a  consolidated basis in accordance with GAAP.               “Control”  means  the  possession,  directly  or  indirectly,  of  the  power  to  direct or cause the direction of the management or policies of a Person, whether through  the  ability  to  exercise  voting  power,  by  contract  or  otherwise.   “Controlling”  and  “Controlled” have meanings correlative thereto.               “Corresponding Tenor” with respect to a Benchmark Replacement means  a  tenor (including  overnight)  having  approximately  the  same  length  (disregarding  business  day  adjustment)  as the  applicable  tenor for the  applicable  Interest  Period  with  respect to the LIBO Rate or the EURIBO Rate, as the case may be.               “Covered Entity” means (a) a “covered entity” as that term is defined in,  and interpreted in accordance with, 12 C.F.R. § 252.82(b), (b) a “covered bank” as that     [[5509122]] 

 

                                                                      16   term  is  defined  in,  and  interpreted  in  accordance  with,  12  C.F.R.  §  47.3(b)  or  (c)  a  “covered FSI” as that term  is defined in, and  interpreted in accordance with, 12 C.F.R.  § 382.2(b).               “Covered Party” has the meaning assigned to it in Section 9.24.                “Credit  Party”  means  the  Administrative  Agent,  each  Issuing  Bank,  the  Swingline Lender and each other Lender.                “Default”  means any event or condition that constitutes, or upon notice,  lapse of time or both would constitute, an Event of Default.               “Default  Right”  has  the  meaning  assigned  to  that  term  in,  and  shall  be  interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.               “Defaulting  Lender”  means  any  Lender  that  (a)  has  failed,  within  two  Business  Days  of  the  date  required  to  be  funded  or  paid,  (i)  to  fund  any  portion  of  its  Loans,  (ii)  to  fund  any  portion  of  its  participations  in  Letters  of  Credit  or  Swingline  Loans  or  (iii)  to  pay  to  any  Credit  Party  any  other  amount  required  to  be  paid  by  it  hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative  Agent in writing that such failure is the result of such Lender’s good faith determination  that a condition precedent to funding (specifically identified in such writing, including, if  applicable, by reference to a specific Default) has not been satisfied, (b) has notified the  Company or any Credit Party in writing, or has made a public statement to the effect, that  it  does  not  intend  or  expect  to  comply  with  any  of  its  funding  obligations  under  this  Agreement or generally under other agreements in which it commits to extend credit, (c)  has  failed,  within  three  Business Days  after request  by  a  Credit  Party  or the  Company  made 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, provided that  such  Lender  shall  cease  to  be  a  Defaulting  Lender pursuant to this clause (c) upon such Credit Party’s or the Company’s receipt of  such certification  in  form and substance satisfactory to it and the Administrative Agent  and  the  Company,  or  (d)  has  become  the  subject  of  a  Bankruptcy  Event  or  a  Bail-In  Action unless in the case of any Lender subject to this clause (d), the Company and the  Administrative  Agent  shall each  have  determined that  such  Lender  intends,  and  has  all  approvals  required  to  enable  it  (in  form  and  substance  satisfactory  to  each  of  the  Company  and  the  Administrative  Agent),  to  continue  to  perform  its  obligations  as  a  Lender  hereunder; provided that no  Lender  shall  be  deemed  to  be  a  Defaulting  Lender  solely by virtue of (A) the ownership or acquisition of any Equity Interest in such Lender  or its parent by any Governmental Authority or (B) in the case of any Lender or parent  company which  is a solvent Person, the precautionary appointment of an administrator,  guardian, custodian or other similar official by a Governmental Authority under or based  on the law of the country where such Person is subject to home jurisdiction supervision if  applicable  law requires  that  such  appointment  not  be  publicly  disclosed; provided that  such action does not result in or provide such Lender with immunity from the jurisdiction  of courts within the United States of America or from the enforcement of judgments or     [[5509122]] 

 

                                                                      17   writs of attachment on its assets or permit such Lender (or such Governmental Authority)  to reject, repudiate, disavow or disaffirm any contract or agreement to which such Lender  is a party.               “Designated  Currency”  means  (a)  Euro,  (b)  Pounds  Sterling  and  (c)  any  other currency other than dollars (i) that is freely transferable and convertible into dollars  in  the  London  interbank  market,  (ii)  for  which  LIBO  Rates  can  be  determined  as  provided  in  the  definition  of  “LIBO  Rate”  and  (iii)  that  has  been  designated  by  the  Administrative Agent as a Designated Currency at the request of the Company and with  the consent of each Issuing Bank and each Revolving Lender.               “Designated  Subsidiary”  means  each  Subsidiary  other  than  (a) any  Subsidiary that is not a Material Subsidiary and (b) any Subsidiary that is a CFC.               “Disposition” has the meaning set forth in Section 6.05.  “Dispose” has the  meaning correlative thereto.               “Disqualified  Equity  Interest”  means,  with  respect  to  any  Person,  any  Equity Interest in such Person that by its terms (or by the terms of any security into which  it is convertible or for which it is exchangeable, either mandatorily or at the option of the  holder thereof), or upon the happening of any event or condition:              (a) matures  or  is  mandatorily  redeemable  (other  than  solely  for  Equity       Interests  in  such  Person  that  do  not  constitute  Disqualified  Equity  Interests  and       cash  in  lieu  of  fractional  shares  of  such  Equity  Interests),  whether  pursuant  to  a       sinking fund obligation or otherwise;              (b) is  convertible  or  exchangeable,  either  mandatorily  or  at  the  option  of       the  holder  thereof,  for  Indebtedness  or  Equity  Interests  (other  than  solely  for       Equity Interests in such Person that do not constitute Disqualified Equity Interests       and cash in lieu of fractional shares of such Equity Interests); or              (c) is redeemable (other than solely for Equity Interests in such Person that       do not constitute Disqualified Equity Interests and cash in lieu of fractional shares       of such Equity Interests) or is required to be repurchased by the Company or any       Subsidiary, in whole or in part, at the option of the holder thereof;   in each case, on or prior to the date 91 days after the latest Maturity Date (determined as  of the date of issuance thereof or, in the case of any such Equity Interests outstanding on  the  date  hereof,  the  date  hereof); provided, however,  that  (i)  if  such  Equity  Interest  matures,  or  is  redeemable,  convertible,  exchangeable  or  required  to  be  repurchased  in  part, only such part shall constitute Disqualified Equity Interests, (ii) an Equity Interest in  any Person that would not constitute a Disqualified Equity Interest but for terms thereof  giving holders thereof the right to require such Person to redeem or purchase such Equity  Interest upon the occurrence of an “asset sale” or a “change of control” (or similar event,  however  denominated)  shall  not  constitute  a  Disqualified  Equity  Interest  if  any  such  requirement becomes operative only after repayment in full of all the Loans and all other  Loan Document Obligations that are accrued and payable, the cancellation or expiration     [[5509122]] 

 

                                                                      18   of all Letters of Credit and the termination or expiration of the Commitments and (iii) an  Equity Interest in any Person that is issued to any director, officer, employee, member of  management, manager or consultant or to any plan for the benefit of such Persons or by  any  such  plan  to  such  Persons  shall  not  constitute  a  Disqualified  Equity  Interest  solely  because it may be required to be repurchased by such Person or any of its subsidiaries in  order  to  satisfy  applicable  statutory  or  regulatory  obligations  or  as  a  result  of  such  employee’s termination, death or disability; provided, further, that none of the Permitted  Convertible Notes, the Existing Senior Notes or the Permitted Convertible Notes Hedging  Agreements shall constitute Disqualified Equity Interests of the Company.               “Dollar  Equivalent” of  any  amount  means,  at the  time  of  determination,  (a)  if  such  amount  is  expressed  in  dollars,  such  amount  and  (b)  if  such  amount  is  expressed  in  a  currency  other  than  dollars,  the  equivalent  of  such  amount  in  dollars  determined by the Administrative Agent pursuant to Section 1.06(a) using the Exchange  Rate with respect to such currency at the time  in effect under the provisions of Section  1.06(a).               “dollars” or “$” refers to lawful money of the United States of America.               “Domestic  Subsidiary”  means  any  Subsidiary  incorporated  or  organized  under  the  laws  of  the  United  States  of  America,  any  State  thereof  or  the  District  of  Columbia.               “Early Opt-in Election” means the occurrence of:                (a) (i) a determination by the Administrative Agent or the Company or (ii)  a notification  by the Required Lenders to the Administrative Agent (with a copy to the  Company)  that  the  Required  Lenders  have  determined  that  syndicated  credit  facilities  denominated  in  the  applicable  currency  being  executed  at  such  time,  or  that  include  language similar to that contained in Section 2.14(b) are being executed or amended, as  applicable,  to  incorporate  or  adopt  a  new  benchmark  interest  rate  to  replace  the  LIBO  Rate or the EURIBO Rate, as the case may be, and                (b) (i) the election by the Administrative Agent or the Company or (ii) the  election by the Required Lenders to declare that an Early Opt-in Election has occurred in  accordance with clause (a) above and the provision, as applicable, by the Administrative  Agent  of  written  notice  of  such  election  to  the  Company  and  the  Lenders,  by  the  Company  of  written  notice  of  such  election  to  the  Administrative  Agent or  by  the  Required Lenders of written notice of such election to the Administrative Agent (with a  copy to the Company).               “EEA Financial Institution” means (a) any credit institution or investment  firm  established  in  any  EEA  Member  Country  that  is  subject  to  the supervision  of  an  EEA Resolution Authority, (b) any entity established in an EEA Member Country that is  a  parent  of  an  institution  described  in  clause  (a)  above  or  (c)  any  financial  institution  established in an EEA Member Country that is a subsidiary of an institution described in  clause (a) or (b) above and is subject to consolidated supervision with its parent.     [[5509122]] 

 

                                                                      19               “EEA Member Country” means any member state 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.               “Effective  Date”  means  the  date  on  which  the conditions  specified  in  Section 4.01 are satisfied (or waived in accordance with Section 9.02).               “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.               “Eligible  Assignee”  means  (a)  a  Lender,  (b)  an  Affiliate  of  a  Lender,  (c) an Approved Fund and (d) any other Person, other than, in each case, a natural person  (or,  a  holding  company,  investment  vehicle  or  trust solely for,  or  owned  and  operated  solely for the primary benefit of, a natural person with the intent and purpose of evading  the natural person restriction of this clause (d)), a Defaulting Lender, or the Company or  any Subsidiary.               “Environmental  Laws”  means  all  rules,  regulations,  codes,  ordinances,  judgments,  orders,  decrees,  directives  and  other  laws,  and  all  injunctions  or  legally  binding  agreements,  issued,  promulgated  by  or  entered  into  with  any  Governmental  Authority and relating in any way to the environment, to preservation or reclamation of  natural resources, or to related health or safety matters.               “Environmental  Liability”  means  any  liability,  contingent  or  otherwise  (including any liability for damages, costs of environmental remediation, fines, penalties  and indemnities), 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 presence, Release  or threatened Release of any Hazardous Materials or (e) any legally enforceable contract  or agreement pursuant to which liability is assumed by imposed on the Company or any  Subsidiary with respect to any of the foregoing.               “Equity  Interests”  means  shares  of  capital  stock,  partnership  interests,  membership  interests,  or  other  comparable  ownership  interests,  whether  voting  or  nonvoting,  in  a  Person,  and  any  warrants,  options  or  other  rights  entitling  the  holder  thereof to purchase or acquire any of the foregoing (other than, prior to the date of such  conversion, Indebtedness that is convertible into any such Equity Interests); provided that  the  Permitted  Convertible  Notes  Hedging  Agreements  shall  not  constitute  Equity  Interests of the Company.               “ERISA” means the Employee Retirement Income Security Act of 1974.      [[5509122]] 

 

                                                                      20               “ERISA  Affiliate”  means  any  trade  or  business  (whether  or  not  incorporated) that, together  with  the  Company  or  any  Subsidiary,  is  treated  as  a  single  employer  under Section 414(b)  or  414(c)  of  the  Code  or,  solely  for  purposes  of  Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under  Section 414(m) or 414(o) of the Code.               “ERISA  Event”  means  (a) any  “reportable  event”,  as  defined  in  Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other  than an event for which the 30-day notice period is waived), (b) any failure by any Plan  to satisfy the minimum funding standard (within the meaning of Section 412 of the Code  or Section 302 of ERISA) applicable to such Plan,  in each case whether or not waived,  (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA, of an  application for a waiver of the minimum funding standard with respect to any Plan, (d) a  determination  that  any  Plan  is,  or  is  expected  to  be,  in  “at-risk”  status  (as  defined  in  Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code), (e) the incurrence  by the  Company or any of  its ERISA  Affiliates of any  liability under Title IV of ERISA with  respect to the termination of any Plan, (f) the receipt by the Company or any of its ERISA  Affiliates from the PBGC or a plan administrator of any notice relating to an intention to  terminate  any  Plan  or  Plans  or  to  appoint  a  trustee  to administer  any  Plan,  (g)  the  incurrence by the Company or any of its ERISA Affiliates of any liability with respect to  the  withdrawal  or  partial  withdrawal  from  any  Plan  or  Multiemployer  Plan,  or  (h) the  receipt by the Company or any of its ERISA Affiliates of any notice, or the receipt by any  Multiemployer  Plan  from  the  Company  or  any  of  its  ERISA  Affiliates  of  any  notice,  concerning  the  imposition  of  Withdrawal  Liability  or  a  determination  that  a  Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV of  ERISA or in endangered or critical status, within the meaning of Section 305 of ERISA.               “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.               “EURIBO Rate” means, with respect to any EURIBOR Borrowing for any  Interest  Period,  the  applicable  Screen  Rate  as  of  the  Specified  Time  on  the  Quotation  Day.               “EURIBOR”, when used in reference to any Loan or Borrowing, refers to  whether  such  Loan,  or the  Loans  comprising  such  Borrowing,  are  bearing  interest  at a  rate determined by reference to the EURIBO Rate.               “Euro” or “€” means the single currency unit of the member States of the  European  Community  that  adopt  or  have  adopted  the  Euro  as  their  lawful  currency  in  accordance  with  legislation  of  the  European  Community  relating  to  Economic  and  Monetary Union.               “Events of Default” has the meaning set forth in Article VII.      [[5509122]] 

 

                                                                      21               “Exchange  Act”  means  the  United  States  Securities  Exchange  Act  of  1934.               “Exchange  Rate”  means,  on  any  day,  for  purposes  of  determining  the  Dollar  Equivalent  of  any  Designated  Currency,  the  rate  at  which  such  Designated  Currency  may  be  exchanged  into  dollars  on  such  day  as  last  provided  (either  by  publication  or  as  may  otherwise  be  provided  to  the  Administrative  Agent)  by  the  applicable  Reuters  source  on  the  Business  Day  (determined  based  on  New  York  City  time) immediately preceding such day of determination (or, if any such source ceases to  be available or ceases to provide such rate of exchange, as  last provided by  such other  publicly available information service that provides such rate of exchange at such time as  shall  be  selected  by  the  Administrative  Agent  from  time  to  time  in  its  reasonable  discretion). Notwithstanding the foregoing provisions of this definition or the definition  of  the  term  “Dollar  Equivalent”,  each  Issuing  Bank  may,  solely  for  purposes  of  computing the fronting fees owed to it under Section 2.12(b), compute the Exchange Rate  for purposes of determining the LC Exposure attributable to any Letter of Credit issued  by  it  that  is  denominated  in  a  Designated  Currency  by  reference  to  exchange  rates  determined using any reasonable method customarily employed by it for such purpose.               “Exchange Rate Date”  means  (a)  with  respect  to  any  Revolving  Loan  denominated in any Designated Currency, each of (i) the date of the commencement of  the  initial  Interest  Period  therefor  and  (ii)  the  date  of  the  commencement  of  each  subsequent  Interest  Period  therefor and (b)  with  respect  to  any  Letter  of  Credit  denominated  in  a  Designated  Currency,  each  of  (i)  the  date  on  which  such  Letter  of  Credit is issued, (ii) the last Business Day of each subsequent fiscal quarter commencing  after the date of issuance of such Letter of Credit and (iii) the date of any amendment of  such Letter of Credit that has the effect of increasing the amount thereof.               “Excluded Swap Obligation” means, with respect to any Subsidiary Loan  Party, any Swap Obligation if, and to the extent that, the Guarantee by such Subsidiary  Loan Party of, or the grant by such Subsidiary Loan Party of a security interest to secure,  such  Swap  Obligation  (or  any  Guarantee  thereof)  is  or  becomes  illegal  under  the  Commodity  Exchange  Act  or  any  rule,  regulation  or  order of  the  Commodity  Futures  Trading Commission (or the application or official interpretation of any thereof) by virtue  of such Guarantor’s failure for any reason to constitute an “eligible contract participant”  as defined in the Commodity Exchange Act at the time the Guarantee of such Guarantor  becomes effective with respect to such related Swap Obligation.               “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     [[5509122]] 

 

                                                                      22   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  Company  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 such 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; provided, that, for the avoidance of doubt, for purposes of  clause  (b)(i),  in  the  case of  an  interest  in  a  Loan  acquired  pursuant to the  funding  of a  Commitment,  such  Lender  shall  be  treated  as  acquiring  such  interest on  the  date  such  Lender acquired an interest in the Commitment pursuant to which such Loan was funded.               “Existing  Credit  Agreement”  means  the Revolving  Credit  Facility  Agreement  dated  as  of October  11,  2017,  among  the  Company, the  Luxembourg  Borrower, the other Borrowing Subsidiaries party thereto, the Lenders party thereto and  JPMorgan Chase Bank, N.A., as administrative agent, as  in effect  immediately prior to  the Effective Date.               “Existing  Letter of Credit”  means (a) each  letter  of  credit  issued  for  the  account  of  the  Company  that is outstanding  on  the  Effective  Date  and is listed  on  Schedule 2.05A and  (b)  any  letter  of  credit  that  is  issued  by  any  Issuing  Bank  for  the  account  of  any  Borrower  or  any  Subsidiary  and,  subject  to  compliance  with  the  requirements set forth in Section 2.05 as to the currency thereof, maximum LC Exposure  and  expiration  of  Letters  of  Credit,  is  designated  as  an  “Existing  Letter  of  Credit”  by  written  notice  thereof  by  the  Company  and  such  Issuing  Bank  to  the  Administrative  Agent (which  notice shall contain a representation and warranty  by the Company as of  the  date  thereof  that  the  conditions  precedent  set  forth  in  Sections  4.02(a)  and  4.02(b)  shall be satisfied immediately after giving effect to such designation).               “Existing Senior Notes” means the Company’s 3.25% Convertible Senior  Notes due November 1, 2021 in the aggregate original principal amount of $172,500,000.               “Existing  Senior  Notes  Repayment”  has  the  meaning  set  forth  in  the  definition of the term “Revolving Maturity Date”.               “Extending Lender” has the meaning set forth in Section 2.22(a).               “Extension  Agreement”  means  an  Extension  Agreement,  in  form  and  substance reasonably satisfactory to the Administrative Agent and the Company, among  the Company, the Administrative Agent and one or more Extending Lenders, effecting an  Extension  Permitted  Amendment  and  such  other  amendments  hereto  and  to  the  other  Loan Documents as are contemplated by Section 2.22.               “Extension Offer” has the meaning set forth in Section 2.22(a).               “Extension  Permitted  Amendment”  means  an  amendment  to  this  Agreement  and  the  other  Loan  Documents,  effected  in  connection  with  an  Extension     [[5509122]] 

 

                                                                      23   Offer  pursuant  to  Section 2.22,  providing  for  an  extension  of  the  Maturity  Date  applicable  to  the  Extending  Lenders’  Loans  and/or  Commitments  of  the  applicable  Extension Request Class (such Loans or Commitments being referred to as the “Extended  Loans” or “Extended Commitments”, as applicable) and, in connection therewith, (a) an  increase or decrease  in the rate of  interest accruing on such Extended Loans, (b)  in the  case of Extended Loans that are Incremental Term Loans of any Class, a modification to  any scheduled amortization applicable thereto, provided that the weighted average life to  maturity of such Extended Loans shall be no shorter than the remaining weighted average  life to maturity (determined at the time of such Extension Offer) of the Incremental Term  Loans  of  such  Class,  (c)  a  modification  of  voluntary  or  mandatory  prepayments  applicable  thereto (including  prepayment  premiums  and  other  restrictions  thereon),  provided that  in  the  case  of  Extended  Loans  that  are  Incremental  Term  Loans,  such  requirements  may  provide  that  such  Extended  Loans  may  participate  in  any  mandatory  prepayments on a pro rata basis (or on a basis that is less than a pro rata basis) with the  Loans  of  the  applicable  Extension  Request  Class,  but  may  not  provide  for  prepayment  requirements that are more favorable than those applicable to the Loans of the applicable  Extension Request Class, (d) an increase in the fees payable to, or the inclusion of new  fees to be payable to, the Extending Lenders in respect of such Extension Offer or their  Extended Loans or Extended Commitments and/or (e) an addition of any affirmative or  negative  covenants  applicable  to  the  Company  and  its  Subsidiaries, provided that  any  such additional covenant with which the Company and its Subsidiaries shall be required  to comply prior to the latest Maturity Date in effect immediately prior to such Extension  Permitted Amendment for the benefit of the Extending Lenders providing such Extended  Loans or Extended Commitments shall also be for the benefit of all other Lenders.               “Extension Request Class” has the meaning set forth in Section 2.22(a).               “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  Section 1471(b)(1) of the Code and any intergovernmental agreements entered into with  respect to the foregoing.               “Federal Funds Effective Rate” means, for any day, the rate calculated by  the NYFRB based on such day’s federal funds transactions by depository institutions (as  determined  in  such  manner  as  shall be set  forth  on the  NYFRB  Website from  time  to  time) and published on the next succeeding Business Day by the NYFRB as the effective  federal  funds  rate; provided that  if  such  rate  shall  be  less  than  zero,  such  rate  shall  be  deemed to be zero for all purposes of this Agreement.               “Fee  Letters”  means  (a)  the  fee  letter  between  the  Company  and  JPMorgan  Chase  Bank,  N.A. dated  August  19,  2020, (b)  the  fee  letter  among  the  Company, Bank of America, N.A. and BofA Securities, Inc. dated August 19, 2020 and  (c) the fee letter between the Company and Sumitomo Mitsui Banking Corporation dated  September 4, 2020.      [[5509122]] 

 

                                                                      24               “Financial Officer” means, with respect to any Person, the chief financial  officer,  principal  accounting  officer,  treasurer  or  controller  (or  other  Person  with  equivalent responsibilities to any of the foregoing Persons) of such Person.               “Foreign  Currency  Overnight  Rate”  means,  for  any  day,  with  respect  to  any amount denominated in any Designated Currency, (a) a rate per annum equal to the  London  interbank  offered  rate  as  administrated  by  ICE  Benchmark  Administration  (or  any other Person that takes over the administration of such rate) for overnight deposits in  such Designated Currency as displayed on the applicable Reuters screen page (currently  LIBOR01  or  LIBOR02)  (or,  in  the  event  such  rate  does  not  appear  on  a  page  of  the  Reuters screen, 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) at approximately 11:00 a.m., London time, on such day or (b) if  the rate referred to above  is  not available  for such currency, a rate per annum at which  overnight  deposits  in  such  currency  would  be  offered  on  such  day  in  the  Relevant  Interbank  Market,  as  such  rate  is  determined  by  the  applicable  Issuing  Bank  or  the  Administrative Agent, as applicable, by such means as the applicable Issuing Bank or the  Administrative  Agent  shall  determine  to  be  reasonable; provided that,  if  the  Foreign  Currency  Overnight  Rate  as  so  determined  would  be  less  than  0.50%  per  annum,  the  Foreign Currency Overnight Rate will be deemed to be 0.50% per annum for all purposes  of this Agreement.               “Foreign Lender” means (a) if the applicable Borrower is a U.S. Person, a  Lender, with respect to such Borrower, that is not a U.S. Person, and (b) if the applicable  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  such  Borrower  is  resident for tax purposes.               “Foreign  Pledge  Agreement”  means  a  pledge  or  charge  agreement  granting  a  Lien  on  Equity  Interests  in  a  Foreign  Subsidiary  to  secure  the Secured  Obligations,  governed  by  the  law  of  the  jurisdiction  of  organization  of  such  Foreign  Subsidiary and in form and substance reasonably satisfactory to the Administrative Agent  and the Company.               “Foreign  Subsidiary”  means  any  Subsidiary  that  is  not  a  Domestic  Subsidiary.               “GAAP”  means  generally  accepted  accounting  principles  in  the  United  States of America, applied in accordance with the consistency requirements thereof.               “Governmental Approvals” means all authorizations, consents, approvals,  permits, licenses and exemptions of and registrations with Governmental Authorities.               “Governmental Authority” means the government of the United States of  America, any other nation or any political subdivision thereof, whether state or local, and  any agency, authority, instrumentality, regulatory body, court, central bank or other entity  exercising executive, legislative, judicial, taxing, regulatory or administrative powers or     [[5509122]] 

 

                                                                      25   functions  of  or  pertaining  to  government  (including  any  supra-national  body  exercising  such powers or functions, such as the European Union or the European Central Bank).               “Guarantee” of or by any Person (the “guarantor”) means any obligation,  contingent or otherwise, of the guarantor guaranteeing or having the economic effect of  guaranteeing  any Indebtedness  or  other  obligation  of  any  other Person  (the  “primary  obligor”) in any  manner, whether directly or indirectly, and  including any obligation of  the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the  purchase  or  payment  of)  such  Indebtedness  or  other  obligation  or  to  purchase  (or  to  advance or supply funds for the purchase of) any security for the payment thereof, (b) to  purchase or lease property, securities or services for the purpose of assuring the owner of  such  Indebtedness  or  other  obligation  of  the  payment  thereof,  (c) to  maintain  working  capital,  equity  capital  or  any  other  financial  statement  condition  or  liquidity  of  the  primary  obligor  so  as  to  enable  the  primary  obligor  to  pay  such  Indebtedness  or other  obligation or (d) as an account party in respect of any letter of credit or letter of guaranty  issued  to  support  such  Indebtedness  or  other  obligation; provided that  the  term  “Guarantee”  shall  not  include  endorsements  for  collection  or  deposit  in  the  ordinary  course of  business or customary  indemnity obligations.  The amount, as of any date of  determination,  of  any  Guarantee  shall  be  the  stated  or  determinable  principal  or  other  amount  outstanding  on  such  date  of  the  Indebtedness  or  other  obligation guaranteed  thereby  (or,  in  the  case  of  (i)  any  Guarantee  the  terms  of  which  limit  the  monetary  exposure  of  the  guarantor  or  (ii)  any  Guarantee  of  an  obligation  that  does  not  have  a  principal  amount,  the  maximum  monetary  exposure  as  of  such  date  of  the  guarantor  under such Guarantee (as determined, in the case of clause (i), pursuant to such terms or,  in  the  case  of  clause  (ii),  reasonably  and  in  good  faith  by  a  Financial  Officer  of  the  Company)).               “Guarantors”  means the Company and the Subsidiary Loan Parties.               “Hazardous  Materials”   means  all  explosive,  radioactive,  hazardous  or  toxic substances, wastes or other pollutants, including petroleum or petroleum distillates,  asbestos  or  asbestos  containing  materials,  polychlorinated  biphenyls,  radon  gas  and  all  other substances or wastes of any nature regulated pursuant to any Environmental Law.               “Hedging  Agreement”  means  any  agreement  with  respect  to  any  swap,  forward, future or derivative transaction, or any option or similar agreement, involving,  or settled by reference to, one or more rates, currencies, commodities, prices of equity or  debt  securities  or  instruments,  or  economic,  financial  or  pricing  indices  or  measures  of  economic, financial or pricing risk or value, or any similar transaction or combination of  the  foregoing  transactions.   The “amount”  or “principal  amount” of  any  Hedging  Agreement  at  any  time  shall  be  the  maximum  aggregate  amount  (giving  effect  to  any  netting  agreements)  that  the  Company  or  such  Subsidiary  would  be  required  to  pay  if  such Hedging Agreement were terminated at such time.               “IBA” has the meaning set forth in Section 1.10.      [[5509122]] 

 

                                                                      26               “Incremental  Commitment”  means  an   Incremental  Revolving  Commitment or an Incremental Term Commitment.               “Incremental  Facility  Agreement”  means  an  Incremental  Facility  Agreement,  in  form  and  substance  reasonably  satisfactory  to  the  Administrative  Agent  and  the  Company,  among  the  Company,  the  Administrative  Agent  and  one  or  more  Incremental  Lenders,  establishing  Incremental  Term  Commitments  of  any  Series  or  Incremental Revolving Commitments and effecting such other amendments hereto and to  the other Loan Documents as are contemplated by Section 2.21.               “Incremental  Lender”  means  an  Incremental  Revolving  Lender  or  an  Incremental Term Lender.               “Incremental Revolving Commitment” means, with respect to any Lender,  the commitment, if any, of such Lender, established pursuant to an Incremental Facility  Agreement and Section 2.21, to make Revolving  Loans and to acquire participations  in  Letters of  Credit  and  Swingline  Loans  hereunder,  expressed  as  an  amount  representing  the  maximum  aggregate permitted amount of such Lender’s  Revolving Exposure under  such Incremental Facility Agreement.               “Incremental  Revolving  Lender”  means  a  Lender  with  an  Incremental  Revolving Commitment.               “Incremental Term Commitment” means, with respect to any Lender, the  commitment,  if  any,  of  such  Lender,  established  pursuant  an  Incremental  Facility  Agreement and Section 2.21, to make Incremental Term Loans of any Series hereunder,  expressed as an amount representing the maximum principal amount of the Incremental  Term Loans of such Series to be made by such Lender.               “Incremental  Term  Lender”  means  a  Lender  with  an  Incremental  Term  Commitment or an outstanding Incremental Term Loan.               “Incremental  Term  Loan”  means  a  Loan  made  by  an  Incremental  Term  Lender to the Company pursuant to Section 2.21.               “Incremental  Term  Maturity  Date”  means,  with  respect  to  Incremental  Term  Loans  of  any  Series,  the  scheduled  date  on  which  such  Incremental  Term  Loans  shall become due and payable in full hereunder, as specified in the applicable Incremental  Facility Agreement.               “Indebtedness”  of  any  Person  means,  without  duplication,  (a) all  obligations  of  such  Person  for  borrowed  money,  (b) all  obligations  of  such  Person  evidenced  by  bonds, debentures,  notes  or  any  similar  instrument (other  than,  for  the  avoidance  of  doubt,  Hedging  Agreements) to  the  extent  the  same  would  appear  as  a  liability on a consolidated balance sheet of such Person (excluding the footnotes thereto)  prepared  in accordance with GAAP, (c) all obligations of such Person  in respect of the  deferred purchase price of property or services which purchase price is due more than six  months from the date of incurrence (excluding (i) accounts payable and accrued expenses     [[5509122]] 

 

                                                                      27   incurred  in  the  ordinary  course  of  business,  (ii)  deferred  compensation,  stock  based  compensation  and  benefits  payable  to  directors,  officers,  employees,  members  of  management,  managers  or  consultants  of  the  Company  or  any  Subsidiary,  (iii)  any  purchase price adjustment or earnout incurred  in connection with an acquisition, except  to  the  extent  that  the  amount  payable  pursuant  to  such  purchase  price  adjustment  or  earnout is,  or  becomes,  reasonably  determinable  and  has  become  a  liability  that  would  appear in the “liabilities” section of a balance sheet (excluding the footnotes thereto) or  income  statement  of  such  Person  prepared  in  accordance  with  GAAP,  (iv)  any  such  obligations  incurred  under  ERISA  and  (v)  liabilities  associated  with  customer  prepayments  and  deposits),  (d) all  Capital  Lease  Obligations  of  such  Person,  (e) the  maximum aggregate amount of all  letters of credit and  letters of guaranty  in respect of  which  such  Person  is  an  account  party,  (f)  all  obligations,  contingent  or  otherwise,  of  such Person in respect of bankers’ acceptances, (g) all Indebtedness of others secured by  any Lien on property owned or acquired by such Person, whether or not the Indebtedness  secured thereby has been assumed by such Person (with the amount of such Indebtedness,  if  not so assumed, being deemed to be for purposes of this Agreement the  lesser of the  amount of Indebtedness secured and the fair market value of the property subject to the  Lien, as reasonably estimated by the Company) and (h) all Guarantees by such Person of  Indebtedness of others.  The Indebtedness of any Person shall include the Indebtedness of  any other Person (including any partnership in which such Person is a general partner) to  the extent such Person is liable therefor as a result of such Person’s ownership interest in  or  other  relationship  with  such  other  Person,  except  to  the  extent  the  terms  of  such  Indebtedness provide that such Person is not liable therefor.               “Indemnified  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.               “Indemnitee” has the meaning set forth in Section 9.03(b).               “Initial  Lenders”  means JPMorgan Chase Bank, N.A., Bank of  America,  N.A. and Sumitomo Mitsui Banking Corporation.               “Interest Coverage Ratio” means the ratio of (a) Consolidated EBITDA to  (b) Consolidated Cash Interest Expense.               “Interest Election Request” means a request by a Borrower to convert or  continue  a  Revolving  Borrowing  or  Term  Borrowing  in  accordance  with  Section 2.07,  which shall be in the form of Exhibit E or any other form approved by the Administrative  Agent and the Company.               “Interest Payment Date” means (a) with respect to any ABR Loan (other  than  a  Swingline  Loan),  the  first  Business  Day  following  the  last  day  of  each  March,  June, September and December, (b) with respect to any LIBOR Loan or EURIBOR 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 LIBOR Borrowing or a EURIBOR Borrowing with an Interest     [[5509122]] 

 

                                                                      28   Period of more than three months’ duration, such day or days prior to the last day of such  Interest Period as shall occur at intervals of three months’ duration after the first day of  such Interest Period and (c) with respect to any Swingline Loan, the day that such Loan is  required to be repaid.               “Interest  Period”  means, with  respect  to  any  LIBOR  Borrowing  or  EURIBOR Borrowing, the period commencing on the date of such Borrowing and ending  on, at the election of the applicable Borrower, (a) the corresponding day in the week that  is one or two weeks thereafter or (b) the numerically corresponding day in the calendar  month  that  is  one,  two (other  than  in  the  case of  EURIBOR Borrowings),  three  or  six months  thereafter; 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 (in  the  case  of  Interest  Periods of  one  month  or  more) 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  of one month or more 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.  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  Screen  Rate”  means,  with  respect  to  any LIBOR Loan  denominated in any currency or any EURIBOR Loan, in each case for any Interest Period  or with respect to clause (c) of the definition of Alternate Base Rate, a rate per annum  that results from interpolating on a linear basis between (a) the applicable Screen Rate for  the  longest  maturity  for  which  a  Screen  Rate  is  available  that  is  shorter  than  the  applicable period and (b) the applicable Screen Rate for the shortest maturity for which a  Screen Rate is available that is longer than the applicable period, in each case as of the  time the Interpolated Screen Rate is otherwise required to be determined  in accordance  with  this  Agreement; provided that  if  such  rate  would  be  less  than  0.50%  per  annum,  such  rate  shall  be  deemed  to  be  0.50%  per  annum  for  all  purposes  of  this  Agreement  (without duplication of such “floor” set forth in the definition of the term “Screen Rate”).               “Investment”  means,  with  respect  to  a  specified  Person,  (a) any  Equity  Interests, evidences of Indebtedness or other securities (including any option, warrant or  other  right  to  acquire  any  of  the  foregoing)  of,  or  any  capital  contribution  or  loans  or  advances  (other  than  advances  made  in  the  ordinary  course  of  business  that  would  be  recorded as accounts receivable on the balance sheet of the specified Person prepared in  accordance  with  GAAP) to,  Guarantees of  any  Indebtedness  or other obligations  of, or  any  other  investment  (including  any  investment  effected  by  means  of  a  merger,  amalgamation or consolidation of a subsidiary of such Person or a transfer of property for  consideration  that  is  less  than  the  fair  value  thereof  (as  determined  reasonably  and  in  good faith by a Financial Officer of the Company)) in, any other Person that are held or  made by the specified Person and (b) the purchase or acquisition (in one transaction or a  series  of  related  transactions)  of  all  or  substantially  all  of  the  property  and  assets  or  business  of  any  other  Person  or  assets  constituting  a  business  unit,  line  of  business,     [[5509122]] 

 

                                                                      29   division  or  product  line  of  any  other  Person.   The  amount,  as  of  any  date  of  determination,  of  (i)  any  Investment  in  the  form  of  a  loan  or  an  advance  shall  be  the  principal  amount  thereof  outstanding  on  such  date,  without  any  adjustment  for  write- downs  or  write-offs  (including  as  a  result  of  forgiveness  of  any  portion  thereof)  with  respect to such loan or advance after the date thereof, (ii) any Investment in the form of a  Guarantee shall be determined in accordance with the definition of the term “Guarantee”,  (iii) any Investment (other than any Investment referred to in clause (i) or (ii) above) in  the form of a transfer of Equity Interests or other property by the investor to the investee,  including any such transfer in the form of a capital contribution, shall be the fair value (as  determined reasonably and in good faith by a Financial Officer of the Company) of such  Equity Interests or other property as of the time of such transfer (less, in the case of any  investment in the form of transfer of property for consideration that is less than the fair  value thereof, the fair value (as so determined) of such consideration as of the time of the  transfer),  minus  the  amount,  as  of  such  date  of  determination,  of  any  portion  of  such  Investment  repaid  to  the  investor  in  cash  as  a  return  of  capital,  but  without  any  other  adjustment for increases or decreases in value of, or write-ups, write-downs or write-offs  with respect to, such Investment after the time of such transfer, (d) any Investment (other  than any Investment referred to in clause (i), (ii) or (iii) above) in the form of a purchase  or other acquisition for value of any Equity Interests, evidences of Indebtedness or other  securities  of  any  Person  shall  be  the  original  cost  of  the  Investment  (including  any  Indebtedness assumed in connection therewith), plus the original cost of all additions, as  of  such  date  of  determination,  thereto,  and  minus  the  amount,  as  of  such  date  of  determination,  of  any  portion  of  such  Investment  repaid  to  the  investor  in  cash  as  a  repayment of principal or a return of capital, as the case  may  be, but without any other  adjustment for increases or decreases in value of, or write-ups, write-downs or write-offs  with  respect  to,  such  Investment  after  the  time  of  such  Investment,  and  (e)  any  Investment (other than any Investment referred to in clause (i), (ii), (iii) or (iv) above) in  any  Person  resulting  from  the  issuance  by  such  Person of  its  Equity  Interests  to  the  investor shall be the fair value (as determined reasonably and in good faith by a Financial  Officer of the Company) of such Equity Interests at the time of the issuance thereof.               “IRS” means the United States Internal Revenue Service.               “ISP 98”  means,  with  respect  to  any  Letter  of  Credit,  the  “International  Standby  Practices  1998”  published  by  the  Institute  of  International  Banking  Law  &  Practice, Inc.               “Issuing Bank” means (a) each of JPMorgan Chase Bank, N.A., Bank of  America, N.A.  and Sumitomo  Mitsui  Banking  Corporation and  (b) each  Revolving  Lender that shall have become an Issuing Bank hereunder as provided in Section 2.05(j)  (other  than  any  Person  that  shall  have  ceased  to  be  an  Issuing  Bank  as  provided  in  Section 2.05(k)), each  in  its  capacity  as  an  issuer of  Letters of  Credit  hereunder.   Each  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  (it  being  agreed  that  such  Issuing  Bank  shall,  or  shall  cause  such Affiliate  to,  comply  with  the  requirements of Section 2.05 with respect to such Letters of Credit).     [[5509122]] 

 

                                                                      30               “Judgment Currency” has the meaning set forth in Section 9.18(b).               “Junior  Indebtedness”  means  Subordinated  Indebtedness  or  Indebtedness  secured by any Lien that  is expressly  subordinated  in priority to the Liens securing the  Loan Document Obligations.               “LC  Commitment” means,  with  respect  to  any  Issuing  Bank,  the  maximum  permitted  amount  of  the  LC  Exposure  that  may  be  attributable  to  Letters of  Credit  issued  by  such  Issuing  Bank.   The  initial  amount  of  each  Issuing  Bank’s  LC  Commitment  is  set  forth  on  Schedule 2.05B  or,  in the  case  of  any  Issuing  Bank  that  becomes an Issuing Bank hereunder pursuant to Section 2.05(j),  in a written agreement  referred to in such Section, or, in each case, such other maximum permitted amount with  respect to any Issuing Bank as may have been agreed in writing (and notified in writing  to the Administrative Agent) by such Issuing Bank and the Company.               “LC Disbursement” means a payment made by an Issuing Bank pursuant  to a Letter of Credit.               “LC Exposure” means, at any time, (a) the sum of the Dollar Equivalents  of the undrawn amounts of all outstanding Letters of Credit at such time plus (b) the sum  of the Dollar Equivalents of the amounts of all LC Disbursements that have not yet been  reimbursed by or on behalf of the applicable Borrowers 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, adjusted to give effect to any reallocation under Section 2.20 of  the LC Exposures of Defaulting Lenders in effect at such time.               “Lenders” means the Persons listed on Schedule 2.01 and any other Person  that  shall  have  become  a  party  hereto  pursuant  to  an  Assignment  and  Assumption,  an  Incremental Facility Agreement or a Refinancing Facility Agreement, other than any such  Person  that  shall  have  ceased  to  be  a  party  hereto  pursuant  to  an  Assignment  and  Assumption.   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 and any Existing Letter of Credit, other than any such letter of credit that shall  have ceased to be a “Letter of Credit” outstanding hereunder pursuant to Section 9.05.               “LIBO  Rate”  means,  with  respect  to  any  LIBOR  Borrowing  for  any  Interest  Period,  the  applicable  Screen  Rate  as  of  the  Specified  Time  on  the  Quotation  Day.               “LIBOR”,  when  used  in  reference  to  any  Loan  or  Borrowing,  refers  to  whether such Loan, or the Loans comprising such Borrowing, shall bear interest at a rate  determined by reference to the LIBO Rate or the Adjusted LIBO Rate.               “Lien”  means, with respect to any asset, (a) any mortgage, deed of trust,  lien,  pledge,  hypothecation,  charge,  security  interest or other  encumbrance  on,  in  or of  such asset or (b) the interest of a vendor or a lessor under any conditional sale agreement,     [[5509122]] 

 

                                                                      31   capital lease or title retention agreement (or any financing lease having substantially the  same economic effect as any of the foregoing) relating to such asset.               “Liquidity”  means, at any time, the sum of (a) 100% of the Unrestricted  Cash of the Company and its Domestic Subsidiaries (other than any Domestic Subsidiary  that is a subsidiary of any Foreign Subsidiary) at such time plus 75% of the Unrestricted  Cash  of  the Foreign Subsidiaries (or  of  Domestic  Subsidiaries  that are  subsidiaries  of  Foreign Subsidiaries) at such time (in the case of non-wholly owned Subsidiaries, to the  extent of the Company’s direct or indirect equity ownership thereof and,  in the case of  any Subsidiary, excluding Unrestricted Cash of any such Subsidiary to the extent that, on  the date of determination, the declaration or payment of cash dividends or similar cash  distributions by such Subsidiary is not permitted under applicable law or is subject to any  prior  governmental  approval  that  has  not  been  obtained  or  is  not  permitted  by  the  operation of the terms of the organizational documents of such Subsidiary), plus (b) the  unused  Aggregate Revolving Commitment,  but only  if  and  to the  extent the  conditions  precedent  to  the  borrowing  thereunder  set  forth  in  Sections  4.02(a)  and  4.02(b) are  capable  of  being  satisfied  as  determined  by  the  Company  in  its  reasonable  judgment,  minus  (c)  the  aggregate  principal  amount  of  the  Existing  Senior  Notes  outstanding  at  such time.               “Liquidity  Condition”  has  the meaning  set  forth  in  the  definition  of  the  term “Revolving Maturity Date”.               “Liquidity Threshold” means $150,000,000.               “Loan  Documents”  means  this  Agreement,  the  Incremental  Facility  Agreements,  the  Extension  Agreements,  the  Refinancing  Facility  Agreements, the  Borrowing  Subsidiary  Agreements,  the  Borrowing  Subsidiary  Terminations,  the  Collateral Agreement, the other Security Documents (if any), any Pari Passu Intercreditor  Agreement, any  agreement  designating  an  additional  Issuing  Bank  as  contemplated  by  Section 2.05(j)  and,  except  for  purposes  of  Section 9.02, any  agreement  between  the  Company and any Issuing Bank regarding such Issuing Bank’s LC Commitment or any  promissory notes delivered pursuant to Section 2.09(c).               “Loan Document Obligations” has the meaning set forth in the Collateral  Agreement.               “Loan  Parties”  means  the  Company,  the  Borrowing  Subsidiaries and the  Subsidiary Loan Parties.               “Loans” means the loans made by the Lenders to the Borrowers pursuant  to this Agreement.               “Local Time” means (a) with respect to a Loan or Borrowing denominated  in dollars or any Letter of Credit, New York City time and (b) with respect to a Loan or  Borrowing  denominated  in  Euros,  Pounds  Sterling  or  any  other  Designated  Currency,  London time.     [[5509122]] 

 

                                                                      32               “Luxembourg  Borrower”  means  Knowles  Luxembourg  International  S.à  r.l.,  a  private  limited  liability  company  (société  à  responsabilité  limitée)  incorporated  under the  laws of the Grand-Duchy of Luxembourg having  its registered office at 26B,  Boulevard Royal,  L-2449 Luxembourg,  registered  with  the  Luxembourg  Register  of  Commerce and Companies under number B160769 with a share capital of €107,750.               “Majority  in  Interest”,  when  used  in  reference  to  Lenders  of  any  Class,  means, at any time, (a) in the case of the Revolving Lenders, Lenders having Revolving  Exposures  and  unused  Revolving  Commitments  representing  more  than  50%  of  the  Aggregate  Revolving  Exposure  and  the  unused  Aggregate  Revolving  Commitment  at  such  time and  (b)  in  the  case  of  any  Incremental  Term  Lenders  of  any  Class,  Lenders  holding  Incremental  Term  Loans or  Incremental  Term  Commitments of  such  Class  representing  more than 50% of the aggregate principal amount of all Incremental Term  Loans and Incremental Term Commitments of such Class outstanding or in effect at such  time.               “Mandatory Restrictions” has the meaning set forth in Section 1.11.               “Material  Acquisition”  means  any  purchase  or  acquisition,  or  a  series  of  related  purchases  or  acquisitions,  of  (a)  Equity  Interests  in  any  Person  if,  after  giving  effect  thereto,  such  Person  will  become  a  Subsidiary  or  (b)  assets  comprising  all  or  substantially all the assets of (or all or substantially all the assets constituting a business  unit, division, product line or line of business of) any Person.               “Material Adverse Effect” means an event, condition or circumstance that  has  had,  or  could  reasonably  be  expected  to  have,  a  material  adverse  effect  on  (a) the  business, results of operations, properties, assets or financial condition of the Company  and its Subsidiaries, taken as a whole, (b) the ability of the Loan Parties to perform their  obligations under the Loan Documents, taken as a whole, or (c) the rights of or benefits,  taken as a whole, available to the Lenders under the Loan Documents.               “Material  Disposition”  means  any  Disposition,  or a  series  of  related  Dispositions, of (a) all or substantially all the issued and outstanding Equity Interests in  any Person that are owned by the Company or any Subsidiary or (b) assets comprising all  or  substantially  all  the  assets  of  (or  all  or  substantially  all  the  assets  constituting  a  business unit, division, product line or line of business of) any Person.               “Material  Indebtedness”  means  Indebtedness  (other  than  the  Loans,  Letters of Credit and Guarantees under the Loan Documents), or obligations in respect of  one  or  more  Hedging  Agreements,  of  any  one  or  more  of  the  Company  and  its  Subsidiaries in an aggregate principal amount of $35,000,000 or more.               “Material Subsidiary” means (a) each Borrowing Subsidiary and (b) each  other  Subsidiary  (i) the  consolidated  total  assets  of  which  equal  5%  or  more  of  the  Consolidated  Total  Assets  of  the  Company  or  (ii) the  consolidated  revenues  of  which  equal 5% or more of the consolidated revenues of the Company,  in each case as of the  end of or for the most recent period of four consecutive fiscal quarters of the Company     [[5509122]] 

 

                                                                      33   for which financial statements have been delivered pursuant to Section 5.01(a) or 5.01(b)  (or,  prior  to  the  first  such  delivery,  as  of  or  for  the  period  of  four  consecutive  fiscal  quarters ended June 30, 2020); provided that if at the end of or for any such most recent  period  of  four  consecutive  fiscal  quarters  the  combined  consolidated  total  assets  or  combined consolidated revenues of all Subsidiaries that under clauses (i) and (ii) above  would not constitute Material Subsidiaries shall have exceeded 10% of the Consolidated  Total Assets of the Company or 10% of the consolidated revenues of the Company, then  one  or  more  of  such  excluded  Subsidiaries  shall  for  all  purposes  of  this  Agreement  be  deemed to be Material Subsidiaries until such excess shall have been eliminated.               “Maturity Date” means the Incremental Term Maturity Date with respect  to Incremental Term Loans of any Series or the Revolving Maturity Date, as the context  requires.               “Maximum Rate” has the meaning set forth in Section 9.13.               “MNPI”  means  material  information  concerning  the  Company,  any  Subsidiary or any  Affiliate of any of the  foregoing or their securities that has  not been  disseminated in a manner making it available to investors generally, within the meaning  of Regulation FD under the Securities Act and the Exchange Act.  For purposes of this  definition,  “material  information”  means  information  concerning  the  Company,  the  Subsidiaries or any Affiliate of any of the foregoing, or any of their securities, that could  reasonably be expected to be material for purposes of the U.S. Federal and state securities  laws.               “Moody’s”  means Moody’s Investors Service, Inc., and any successor to  its rating agency business.               “Multiemployer  Plan”  means  a multiemployer  plan  as  defined  in  Section 4001(a)(3) of ERISA.               “Non-Defaulting Lender” means, at any time, any Revolving Lender that  is not a Defaulting Lender at such time.               “NYFRB” means the Federal Reserve Bank of New York.               “NYFRB Rate”  means, for any day, the greater of (a) the Federal Funds  Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect  on  such  day  (or  for  any  day  that  is  not  a  Business  Day,  for the  immediately  preceding  Business  Day); provided that  if  none  of  such rates  are  published  for  any  day  that  is  a  Business Day, the term “NYFRB Rate” shall mean the rate for a federal funds transaction  quoted at 11:00 a.m., New York City time, on such day received by the Administrative  Agent  from  a  Federal  funds  broker  of  recognized  standing  selected  by  it; provided,  further, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed  to be zero for purposes of this Agreement.               “NYFRB   Website”  means  the  website  of  the  NYFRB  at  http://www.newyorkfed.org, or any successor source.     [[5509122]] 

 

                                                                      34               “OFAC” means the United States Treasury Department Office of Foreign  Assets Control.               “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  Taxes  (other  than  connections  arising  from  such  Recipient  having executed, delivered, become a party to, performed its obligations under, received  payments  under,  received  or  perfected  a  security  interest  under,  engaged in  any  other  transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in  any Loan or Loan Document).               “Other  Taxes”  means  all  present  or  future  stamp,  court or  documentary,  intangible,  recording,  filing  or  similar  Taxes  that arise  from  any  payment  made  under,  from  the  execution,  delivery,  performance,  enforcement  or  registration  of,  from  the  receipt or perfection of a security interest under, or otherwise with respect to, any Loan  Document, except any such Taxes that are Other Connection Taxes imposed with respect  to an assignment (other than an assignment made pursuant to Section 2.19).               “Overnight Bank Funding Rate” means, for any day, the rate comprised of  both  overnight  federal  funds  and  overnight  Eurodollar  borrowings  by  U.S.-managed  banking offices of depository institutions, as such composite rate shall be determined by  the NYFRB as set forth on the NYFRB Website from time to time, and published on the  next succeeding Business Day by the NYFRB as an overnight bank funding rate.               “Pari Passu Intercreditor Agreement” means, with respect to any Permitted  Pari  Passu  Refinancing  Securities,  an  intercreditor  agreement,  in  form  and  substance  reasonably satisfactory to the Administrative Agent and the Company, that is determined  by the Administrative Agent to contain terms and conditions that are within the range of  those  customary  for  intercreditor  agreements  governing  intercreditor  relationships  between holders of senior secured credit facilities and holders of securities of the same  type as such Permitted Pari Passu Refinancing Securities.               “Participant Register” has the meaning set forth in Section 9.04(c)(ii).               “Participants” has the meaning set forth in Section 9.04(c)(i).               “PBGC” means the Pension Benefit Guaranty Corporation referred to and  defined in ERISA.               “Perfection Certificate” means a certificate in the form of Exhibit F or any  other form approved by the Administrative Agent and the Company.               “Permitted  Acquisition”  means  the  purchase  or  other  acquisition  by  the  Company or any Subsidiary of Equity Interests in, or all or substantially all the assets of  (or all or substantially all the assets constituting a business unit, division, product line or  line  of  business  of),  any  Person  including  Equity  Interests of  (a)  any  Subsidiary which  serves  to  increase  the  ownership  in  such  Subsidiary  by  the  Company  or  any  other  Subsidiary therein and (b) any  joint venture for the purpose of purchasing any or all of     [[5509122]] 

 

                                                                      35   the  Equity  Interests  of  a  joint  venture  partner; provided that  (i)  the  business of  such  Person,  or  such  assets,  as  the  case  may  be,  shall  constitute  a  business  permitted  under  Section 6.03(b),  (ii)  on  the  date  of  execution  of  the  definitive  agreement  in  respect  of  such  purchase  or  other  acquisition  (after  giving  effect  to  any  such  purchase  or  other  acquisition  and  any  related  incurrence  of  Indebtedness,  on  a  pro  forma  basis  in  accordance with Section 1.04(b)) (A) no Default shall  have occurred and be continuing  and  (B)  the  Company  shall  be  in  compliance  with  the  covenants  set  forth  in (x)  Sections 6.11, 6.12 and 6.13 and (y) from and after the Springing Maturity Test Date and  for  so  long  as the  Existing  Senior  Notes  Repayment  has  not occurred, Section  6.14 (in  each  case, calculated as of  the  last  day  of,  or  for, the  period  of  four  consecutive  fiscal  quarters  of  the  Company  then  most  recently  ended  for  which  the  financial  statements  have  been  delivered  pursuant  to  Section 5.01(a)  or  5.01(b) (or,  prior  to  the  first  such  delivery, as of or for the period of four consecutive fiscal quarters ended June 30, 2020))  and  (iii) to  the  extent  the  aggregate  consideration  for  such  acquisition  (including  Indebtedness  assumed  in  connection  therewith,  all  obligations  in  respect  of  deferred  purchase price (including obligations under any purchase price adjustment but excluding  earnout or similar payments) and all other consideration payable in connection therewith  (including  payment  obligations  in  respect  of  noncompetition  agreements  or  other  arrangements  representing  acquisition  consideration))  exceeds  $50,000,000,  the  Company  shall  have  delivered  to  the  Administrative  Agent  a  certificate  of  a  Financial  Officer  of  the  Company  certifying  that  all  the  requirements  set  forth  in  this  definition  have  been  satisfied  with  respect  to  such  purchase  or  other  acquisition,  together  with  reasonably detailed calculations demonstrating satisfaction of the requirement set forth in  clause (ii) above.               “Permitted Convertible Notes” means senior convertible debt securities of  the Company (a) that are unsecured, (b) that do not have the benefit of any Guarantee of  any  Subsidiary,  (c)  the  stated  maturity  date  of  which  shall  be  no  earlier  than  the  date  which  is  91  days  after  the  latest  Maturity  Date  in  effect  at the  time  such  securities  are  issued,  (d)  that  are  not  subject  to  any sinking  fund  or  any  prepayment,  redemption  or  repurchase  requirements,  whether  scheduled,  triggered  by  specified  events  or  at  the  option of the holders thereof (it being understood that none of (i) a customary “change in  control” or “fundamental change” put, (ii) a right to convert such securities into common  stock of the Company, cash or a combination thereof as the Company may elect or (iii)  an acceleration upon an event of default will be deemed to constitute such a sinking fund  or prepayment, redemption or repurchase requirement), and (e) that have the benefit of  covenants  and  events  of  default  customary  for  comparable  convertible  securities  (as  determined by the Company in good faith).               “Permitted Convertible Notes Hedging Agreements” means, (a) a Hedging  Agreement  pursuant  to  which  the  Company  acquires  a  call  or  a  capped  call  option  requiring the counterparty thereto to deliver to the Company shares of common stock of  the Company, the cash value of such shares or a combination thereof from time to time  upon exercise of such option and (b) if entered into by the Company in connection with  any Hedging Agreement described in clause (a) above, a Hedging Agreement pursuant to  which the Company issues to the counterparty thereto warrants to acquire common stock  of the Company, in each case, entered into by the Company in connection with, and prior     [[5509122]] 

 

                                                                      36   to or concurrently with, the issuance of any Permitted Convertible Notes or the Existing  Senior Notes; provided that (i) the terms, conditions and covenants of each such Hedging  Agreement shall be such as are typical and customary for Hedging Agreements of such  type (as determined by the board of directors of the Company  in good faith) and (ii) in  the case of clause (b) above, such Hedging Agreement would be classified as an equity  instrument  in  accordance  with  EITF  00-19, Accounting  for  Derivative  Financial  Instruments  Indexed  to,  and  Potentially  Settled  in,  a  Company’s  Own  Stock,  or  any  successor thereto (including pursuant to the Accounting Standards Codification), and the  settlement  of  such  Hedging  Agreement  does  not  require  the  Company  to  make  any  payment in cash or cash equivalents that would disqualify such Hedging Agreement from  so being classified as an equity instrument.               “Permitted Encumbrances” means:              (a) Liens  imposed  by  law  for  Taxes  that  are  not  yet  due  or  are  being       contested in compliance with Section 5.04;              (b) carriers’,  warehousemen’s,  mechanics’,  materialmen’s,  repairmen’s,       landlords’  and  other  like  Liens  imposed  by  law (other  than  any  Lien  imposed       pursuant to Section 430(k) of the Code or Section 303(k) of ERISA or a violation       of Section 436 of the Code), arising in the ordinary course of business and securing       obligations  that  are  not overdue  by  more  than  30  days  or  are  being  contested  in       compliance with Section 5.04;              (c) pledges  and  deposits  made  (i)  in  the  ordinary  course  of  business  in       compliance  with  workers’  compensation,  unemployment  insurance  and  other       social  security  laws,  health,  disability  or  other  employee  benefits  or  property,       casualty or other insurance (including  self-insurance) or other similar obligations       with  reimbursement  type  claims  and  (ii)  in  respect  of  letters  of  credit,  bank       guarantees  or  similar  instruments  issued  for  the  account  of  the  Company  or  any       Subsidiary in the ordinary course of business supporting obligations of the type set       forth in clause (i) above;              (d) pledges  and  deposits  made  (i)  to  secure  the  performance  of  bids,       tenders,  government  contracts,  trade  contracts  (other  than  for  payment  of       Indebtedness), leases (other than Capital Lease Obligations), statutory obligations,       surety,  stay,  customs  and  appeal  bonds,  performance  bonds,  bid  bonds,       performance and completion guarantees and other obligations of a  like  nature, in       each case in the ordinary course of business and (ii) in respect of letters of credit,       bank guarantees or similar instruments  issued  for the account of the Company or       any  Subsidiary  in  the  ordinary  course  of  business  supporting  obligations  of  the       type set forth in clause (i) above;              (e) Liens in respect of judgments, awards, attachments and/or decrees and       notices of lis pendens and associated rights relating to litigation being contested in       good faith that do not constitute an Event of Default under clause (l) of Article VII;      [[5509122]] 

 

                                                                      37              (f) easements, covenants, zoning restrictions, building codes, rights-of-way       and  similar  encumbrances  on  real  property  imposed  by  law  or  arising  in  the       ordinary course of business and other title imperfections that do not interfere with       the ordinary conduct of business of the Company or any Subsidiary;              (g) banker’s liens,  rights  of  setoff  or  similar  rights  and  remedies  as  to       deposit  accounts  or  other  funds  maintained  with  depository  institutions  and       securities  accounts  and  other  financial  assets  maintained  with  a  securities       intermediary; provided that such deposit accounts or funds and securities accounts       or  other  financial  assets  are  not  established  or  deposited  for  the  purpose  of       providing collateral for any Indebtedness;              (h) Liens  arising  by  virtue  of  Uniform  Commercial  Code  financing       statement  filings  (or  similar  filings  under  applicable  law)  regarding  operating       leases  or  consignment  arrangements  entered  into  by  the  Company  and  its       Subsidiaries in the ordinary course of business;              (i) Liens representing any interest or title of a licensor, lessor or sublicensor       or  sublessor,  or  a  licensee,  lessee  or  sublicensee  or  sublessee,  in  the  property       subject to any lease (other than Capital Lease Obligations), license or sublicense or       concession agreement permitted or not restricted by this Agreement;              (j) 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;              (k) Liens that are contractual rights of set-off;              (l) Liens  arising  out  of  conditional  sale,  title  retention,  consignment  or       similar  arrangements  for  the  sale  of  goods  entered  into  by  the  Company  or  any       Subsidiary in the ordinary course of business;              (m) Liens  (i)  of  a  collection  bank  arising  under  Section 4-210  of  the       Uniform  Commercial  Code  (or  similar  law  of  any  jurisdiction)  on  items  in  the       course  of  collection,  (ii)  that  are  contractual  rights  of  setoff  relating  to  (A)  the       establishment of depositary relations with banks not granted in connection with the       issuance  of  Indebtedness,  (B)  pooled  deposit  or  sweep  accounts  to  permit       satisfaction  of overdraft or  similar  obligations  incurred  in  the  ordinary  course of       business,  (C)  netting  or  similar  set-off  arrangements  entered  into  in  connection       with  banking  or trading  activities and  (D)  commodity  trading  or other  brokerage       accounts incurred in the ordinary course of business, (iii) encumbering reasonable       customary initial deposits and margin deposits in the ordinary course of business,       (iv) granted  in the ordinary course of business  by any  Foreign Subsidiary to any       bank with whom it maintains accounts to the extent required by the relevant bank’s       (or custodian’s or trustee’s, as applicable) standard terms and conditions  and (v) in       respect of purchase orders and other agreements entered into with customers in the       ordinary course of business;     [[5509122]] 

 

                                                                      38              (n) Liens  on cash  advances  in  favor  of  the  seller  of  any  property  to  be       acquired in an Investment permitted pursuant to Section 6.04;              (o) pledges  and  deposits  made  or  other  security  provided  in  the  ordinary       course  of  business  to  secure  (i)  liability  for  reimbursement  or  indemnity       obligations  to  insurance  carriers,  (ii)  leases,  subleases,  licenses  or  sublicenses  of       property  otherwise  permitted  or  not restricted  under  this  Agreement and  (iii)  in       respect of letters of credit, bank guarantees and similar instruments issued for the       account  of  the  Company  or  any  Subsidiary  in  the  ordinary  course  of  business       supporting obligations of the type set forth in clauses (i) and (ii) above;              (p) Liens  on  insurance  policies  and  the  proceeds  thereof  securing  the       financing of premiums with respect thereto;              (q) Liens  arising  in  the  ordinary  course  of  business  to  secure  accounts       payable  or  similar  trade  obligations  not  constituting  Indebtedness  to  the  extent       Liens with respect thereto are limited to the funds advanced or deposited;              (r) Liens  deemed  to  exist in  connection  with  Investments  in  repurchase       obligations constituting Permitted Investments;              (s) Liens  securing  obligations  (other  than  obligations  representing       Indebtedness for borrowed money) under operating, reciprocal easement or similar       agreements entered into in the ordinary course of business;              (t) Liens  arising  (i)  out  of  conditional  sale,  title  retention,  extended  title       retention,  consignment  or  similar  arrangements  for  the  sale  of  any  assets  or       property in the ordinary course of business and permitted by this Agreement or (ii)       by operation of law under Article 2 of the Uniform Commercial Code (or similar       law of any jurisdiction);              (u) Liens (i) in favor of any Loan Party, (ii) granted by any non-Loan Party       in favor of the Company or any Subsidiary, in the case of each of clauses (i) and       (ii), securing intercompany Indebtedness permitted under Section 6.01 and (iii) on       the  proceeds  of  any  Indebtedness  incurred  in  connection  with  any  transaction       permitted hereunder which proceeds have  been deposited into an escrow account       on  customary  terms  to  secure  such  Indebtedness  pending  the  application  of  such       proceeds to finance such transaction;              (v) Liens  on  specific  items  of  inventory  or  other  goods  and  the  proceeds       thereof  securing  the  relevant  Person’s  obligations  in  respect of  trade  letters  of       credit or banker’s acceptances issued or created for the account of such Person to       facilitate the purchase, shipment or storage of such inventory or goods;              (w) Liens  on  cash,  Permitted  Investments  or  other  property  arising  in       connection with the defeasance, discharge or redemption of Indebtedness; and      [[5509122]] 

 

                                                                      39              (x) Liens consisting of any condemnation or eminent domain proceeding or       compulsory purchase order affecting real property;   provided that  the  term  “Permitted  Encumbrances”  shall  not  include  any  Lien  securing  Indebtedness, other than Liens referred to clauses (c), (d), (o) or (v) above securing letters  of credit, bank guarantees or similar instruments or Liens referred to in clause (u) or (w).               “Permitted Investments” means:              (a) direct  obligations  of,  or obligations  the  principal  of  and  interest  on       which  are  unconditionally  guaranteed  by,  the  United  States  of  America  (or  any       agency thereof to the extent such obligations are backed by the full faith and credit       of the United States of America), in each case maturing within one year from the       date of acquisition thereof;              (b) investments  in  commercial  paper  maturing  within  365/366  days  from       the  date  of  acquisition  thereof  and  having,  at  the  date  of  acquisition  thereof,  a       credit rating of at least A-1 from S&P or at least P-1 from Moody’s;              (c) investments in certificates of deposit, banker’s acceptances and demand       or  time  deposits,  in  each  case  maturing  within  365/366  days  from  the  date  of       acquisition  thereof,  issued  or  guaranteed  by  or  placed  with,  and  money  market       deposit accounts issued or offered by, any domestic office of any commercial bank       organized under the laws of the United States of America or any State thereof that       (i) is at least “adequately capitalized” (as defined in the regulations of its primary       Federal  banking  regulator)  and  (ii)  has  Tier  1  capital  (as  defined  in  such       regulations) of not less than $500,000,000;              (d) fully collateralized repurchase agreements with a term of not more than       30  days  for  securities  described  in  clause (a)  above  and  entered  into  with a       financial institution satisfying the criteria described in clause (c) above;              (e) money  market  funds  that  (i) comply  with  the  criteria  set  forth  in       Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated in one of the       two highest categories by both S&P and Moody’s and (iii) have portfolio assets of       at least $2,000,000,000; and              (f) in the case of any Foreign Subsidiary, other short-term investments that       are  (i)  analogous  to  the  foregoing,  (ii)  of  comparable  credit  quality  and  (iii)       customarily used by companies  in the  jurisdiction of such Foreign Subsidiary  for       cash  management  purposes  or  consistent  with  the  investment  practices  of  such       Foreign  Subsidiary,  in  each  case,  as  of  the  date  hereof  or  the  date  such  Foreign       Subsidiary becomes a Subsidiary.               “Permitted Liens” has the meaning set forth in Section 6.02.               “Permitted Pari Passu Refinancing Securities” has the meaning set forth in  Section 2.24(d).     [[5509122]] 

 

                                                                      40               “Person”  means  any  natural  person,  corporation,  limited  liability  company, trust, joint venture, association, company, partnership, Governmental Authority  or other entity.               “Plan”  means  any  “employee  pension  benefit  plan”,  as  defined  in  Section 3(2) of ERISA (other than a Multiemployer Plan), that is subject to the provisions  of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect  of which the Company or any of its ERISA Affiliates is (or, if such plan were terminated,  would  under  Section 4069  of  ERISA  be  deemed  to  be)  an  “employer”  as  defined  in  Section 3(5) of ERISA.               “Platform” has the meaning set forth in Section 9.01(d).               “Pledged  Equity  Interests”  has  the  meaning  set  forth  in  the  Collateral  Agreement.               “Pounds Sterling” or “£” means the lawful money of the United Kingdom.               “Prime  Rate” means  the  rate  of  interest  last  quoted  by  The Wall  Street  Journal as the “Prime Rate” in the United States or, if The Wall Street Journal ceases to  quote  such  rate,  the  highest  per  annum  interest  rate  published  by  the  Federal  Reserve  Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the  “bank prime loan” rate or, if such rate is no longer quoted therein, any similar release by  the Federal Reserve Board (as determined by the Administrative Agent in its reasonable  discretion). Each change in the Prime Rate shall be effective from and including the date  such change is publicly announced or quoted as being effective.               “Priority  Indebtedness”  means,  without  duplication,  all  Indebtedness  of  any  Subsidiary  that  is  not  a  Guarantor  and  all  Indebtedness  of  the  Company  or  any  Subsidiary secured by any Lien on any asset of the Company or any Subsidiary, it being  understood  that  Priority  Indebtedness  (a)  shall  exclude  Indebtedness  under  the  Loan  Documents and all Permitted Pari Passu Refinancing Securities and (b) shall include (i)  all obligations in respect of the deferred purchase price of property or services described  in  clause  (c)  of  the  definition  of  Indebtedness,  (ii)  all  Capital  Lease  Obligations  of  the  Company or any Subsidiary and (iii) all Indebtedness of others secured by any  Lien on  property  owned  or  acquired  by  the  Company  or  any  Subsidiary,  whether  or  not  the  Indebtedness  secured  thereby  has  been  assumed  by  the  Company  or  such  Subsidiary  (with  the  amount  of  such  Indebtedness,  if  not  so  assumed,  being  deemed  to  be  for  purposes of this Agreement the lesser of the amount of Indebtedness secured and the fair  market  value  of  the  property  subject  to  the  Lien,  as  reasonably  estimated  by  the  Company).               “Private Side Lender Representatives” means, with respect to any Lender,  representatives of such Lender that are not Public Side Lender Representatives.               “PTE” means a prohibited transaction class exemption issued by the U.S.  Department of Labor, as any such exemption may be amended from time to time.     [[5509122]] 

 

                                                                      41               “Public Side Lender Representatives” means, with respect to any Lender,  representatives of such Lender that do not wish to receive MNPI.               “QFC” has the meaning assigned to the term “qualified financial contract”  in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).               “QFC Credit Support” has the meaning set forth in Section 9.24.               “Qualified  ECP  Guarantor”  means,  in  respect  of  any  Swap  Obligation,  each Subsidiary Loan Party that has total assets exceeding $10,000,000 or that otherwise  constitutes an “eligible contract participant” under the Commodity Exchange Act or any  regulations  promulgated  thereunder  at  the  time  such  Swap  Obligation  is  incurred  (including as a result of the agreement in Section 9.19 or any other Guarantee or other  support agreement in respect of the obligations of such Subsidiary Loan Party by another  Person that constitutes an “eligible contract participant”).               “Quotation  Day” means  (a)  with  respect  to  any  Loans  denominated  in  dollars  or  any Designated Currency  (other  than  Euro  and Pounds Sterling)  for  any  Interest Period, the day two Business Days prior to the first day of such Interest Period,  (b) with respect to any Loans denominated in Euro for any Interest Period, the day that is  two TARGET Operating Days prior to the first day of such Interest Period and (c) with  respect to any Loans denominated in Pounds Sterling for any Interest Period, the first day  of  such  Interest  Period,  in  each  case  unless  market  practice  differs  for loans  in  the  applicable currency priced by reference to rates quoted in the Relevant Interbank Market,  in which case the Quotation Day for Loans in such currency shall be determined by the  Administrative  Agent  in  accordance  with  market  practice  for  such loans  priced  by  reference  to  rates  quoted  in  the  Relevant  Interbank Market  (and  if  quotations  would  normally be given by leading banks for such loans priced by reference to rates quoted in  the Relevant Interbank Market on more than one day, the Quotation Day shall be the last  of those days).               “Recipient” means the Administrative Agent, any Lender and any Issuing  Bank, or any combination thereof (as the context requires).               “Refinancing Commitment” means a Refinancing Revolving Commitment  or a Refinancing Incremental Term Loan Commitment.               “Refinancing  Facility  Agreement”  means a Refinancing  Facility  Agreement,  in  form  and  substance  reasonably  satisfactory  to  the  Administrative  Agent  and  the  Company,  among  the  Company,  the  Administrative  Agent  and  one  or  more  Refinancing  Lenders,  establishing  Refinancing  Commitments  and  effecting  such  other  amendments  hereto  and  to  the  other  Loan  Documents  as  are  contemplated  by  Section 2.24.               “Refinancing  Indebtedness”  means,  in  respect  of  any  Indebtedness  (the  “Original  Indebtedness”),  any  Indebtedness  that  extends,  renews  or  refinances  such  Original Indebtedness (or any Refinancing Indebtedness in respect thereof); provided that  (a) the principal amount of such Refinancing Indebtedness shall not exceed the principal     [[5509122]] 

 

                                                                      42   amount  of  such  Original  Indebtedness  except  by  an  amount  equal  to  the  sum  of  (i) accrued  and  unpaid  interest  with  respect  to  such  Original  Indebtedness,  premiums  (including  tender  premiums)  thereon  plus  underwriting  discounts,  other  reasonable  and  customary  fees,  commissions  and  expenses  (including  upfront  fees,  original  issue  discount or initial yield premiums) incurred in connection with the relevant Refinancing  Indebtedness  and  (ii)  any  existing  commitments  unutilized  thereunder;  (b)  such  Refinancing  Indebtedness  shall not  constitute  an  obligation  (including  pursuant  to  a  Guarantee) of the Company or any Subsidiary  if  the Company or such Subsidiary  shall  not  have  been  (or,  in  the  case  of  an  after-acquired  Subsidiary,  shall  not  have  been  required  to  become pursuant  to  the terms  of  the  Original  Indebtedness)  an  obligor  in  respect  of  such  Original  Indebtedness  (other  than  as  expressly  set  forth  in  Section 6.02(a)(iii), (a)(iv) or (a)(v)); and (c) such Refinancing Indebtedness shall not be  secured  by  any  Lien  on  any  asset  other  than  the  assets  that  secured  such  Original  Indebtedness (or would have been required to secure such Original Indebtedness pursuant  to the  terms  thereof)  (other than  as  expressly  set  forth  in  Section 6.02(a)(iii),  (a)(iv)  or  (a)(v)).   It  is  understood  that  Refinancing  Indebtedness  may  be  incurred  together  with  other Indebtedness (including as part of a single incurrence or issuance of Indebtedness)  so  long  as  such  other  Indebtedness  is  permitted  under  other  exceptions  and  baskets  in  Section 6.01, and that Refinancing Indebtedness and any such other Indebtedness may be  secured  by  Liens  in  addition  to  those  permitted  for  Refinancing  Indebtedness  to  the  extent  such  Liens  are  permitted  under  other  exceptions  and  baskets  in  Section 6.02  (it  being understood that such other Indebtedness and such additional Liens will be deemed  to utilize such other exceptions and baskets available under Section 6.01 or 6.02, as the  case may be, and will not be permitted as “Refinancing Indebtedness” or Liens permitted  to secure “Refinancing Indebtedness” under such Sections).               “Refinancing Lenders” means the Refinancing Revolving Lenders and the  Refinancing Incremental Term Lenders.               “Refinancing  Loans”  means  the  Refinancing  Revolving  Loans  and  the  Refinancing Incremental Term Loans.               “Refinancing  Incremental  Term  Lender”  has  the  meaning  set  forth  in  Section 2.24(a).               “Refinancing  Incremental  Term  Loan”  has  the  meaning  set  forth  in  Section 2.24(a).               “Refinancing Incremental Term Loan Commitments” has the meaning set  forth in Section 2.24(a).               “Refinancing  Revolving  Commitments”  has  the  meaning  set  forth  in  Section 2.24(a).               “Refinancing  Revolving  Lender”  has  the  meaning  set  forth  in  Section 2.24(a).      [[5509122]] 

 

                                                                      43               “Refinancing  Revolving  Loans”  has  the  meaning  set  forth  in  Section 2.24(a).               “Register” has the meaning set forth in Section 9.04(b).               “Related  Parties”  means,  with  respect  to  any  specified  Person,  such  Person’s  Affiliates  and  the  directors,  officers,  partners,  members,  trustees,  employees,  agents, administrators, managers, representatives and advisors of such Person and of such  Person’s Affiliates.               “Release” means any release, spill, emission, leaking, dumping, injection,  pouring, deposit, disposal, discharge, dispersal, leaching or migration into or through the  environment or within or upon any building or structure.               “Relevant Governmental Body” means the Board of Governors and/or the  NYFRB,  or  a  committee  officially  endorsed  or  convened  by  the  Board  of  Governors  and/or the NYFRB.               “Relevant  Interbank  Market”  means  (a)  with  respect  to dollars  or any  Designated Currency other than Euros, the London interbank market and (b) with respect  to Euros, the European interbank market.               “Required  Lenders”  means,  at  any  time,  Lenders  having  Revolving  Exposures,  Incremental  Term  Loans  and  unused  Commitments  representing  more  than  50%  of  the  sum  of  the  Aggregate  Revolving  Exposure,  outstanding  Incremental  Term  Loans and unused Commitments at such time.               “Resolution  Authority”  means  an  EEA  Resolution  Authority  or,  with  respect to any U.K. Financial Institution, a U.K. Resolution Authority.               “Restricted Lender” has the meaning set forth in Section 1.11.               “Restricted  Payment”  means  any  dividend  or other  distribution  (whether  in cash, securities or other property) with respect to any Equity Interests in the Company  or  any  Subsidiary,  or  any  payment  or  distribution  (whether  in  cash,  securities  or  other  property),  including  any  sinking  fund  or  similar  deposit,  on  account  of  the  purchase,  redemption, retirement, acquisition, exchange, conversion, cancelation or termination of,  or any other return of capital with respect to, any Equity Interests in the Company or any  Subsidiary.               “Restricted  Payment  Basket”  has  the  meaning  set  forth  in  Section 6.08(a)(vi).               “Reuters”  means  Thomson  Reuters  Corporation,  a  corporation  incorporated under  and  governed  by  the  Business  Corporations  Act  (Ontario),  Canada,  Refinitiv or, in each case, any successor thereto.      [[5509122]] 

 

                                                                      44               “Revolving Availability Period” means the period from and including the  Effective Date to but excluding the earlier of the Revolving Maturity Date and the date of  termination of the Revolving Commitments.               “Revolving  Commitment”  means,  with  respect  to  each  Lender,  the  commitment,  if  any,  of  such  Lender  to  make  Revolving  Loans  and  to  acquire  participations  in  Letters  of  Credit  and  Swingline  Loans  hereunder,  expressed  as  an  amount  representing  the  maximum  aggregate  permitted  amount  of  such  Lender’s  Revolving  Exposure  hereunder,  as  such  commitment  may  be  (a)  reduced  from  time  to  time pursuant to Section 2.08, (b) increased  from time to time pursuant to Section 2.21  and  (c)  reduced  or  increased  from  time  to  time  pursuant  to  assignments  by  or  to  such  Lender  pursuant  to  Section 9.04.   The  initial  amount  of  each  Lender’s  Revolving  Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption or the  Incremental  Facility  Agreement  pursuant  to  which  such  Lender  shall  have  assumed or  provided its Revolving Commitment, as applicable.  The initial aggregate amount of the  Lenders’ Revolving Commitments is $400,000,000.               “Revolving Exposure” means, with respect to any Lender at any time, the  sum of (a) the Dollar Equivalents of the principal amounts of such Lender’s Revolving  Loans outstanding at such time, (b) such Lender’s LC Exposure at such time and (c) such  Lender’s Swingline Exposure at such time.               “Revolving  Lender”  means  a  Lender  with  a  Revolving  Commitment  or  Revolving Exposure.               “Revolving Loan” means a Loan made pursuant to Section 2.01.               “Revolving Maturity Date” means January 2, 2024; provided that, on the  date that is 91 days prior to the final scheduled maturity of the Existing Senior Notes, the  Revolving Maturity Date shall be automatically modified to be such date (such date, the  “Springing Maturity Test Date”), unless, on the Springing Maturity Test Date, (a) all of  the Existing Senior Notes shall have been converted to common stock of the Company or  repaid, repurchased or otherwise satisfied with cash on hand and/or refinanced with the  proceeds  of Indebtedness  maturing  at  least  91  days  after  the Revolving Maturity  Date  (the  provisions of  this  clause  (a)  are  referred  to  as  the  “Existing  Senior  Notes  Repayment”) or  (b)  Liquidity  shall  be equal  to or  greater than the  Liquidity  Threshold  (the provisions of this clause (b) are referred to as the “Liquidity Condition”).                “S&P”  means S&P  Global  Ratings,  a  division  of  S&P  Global  Inc.,  and  any successor to its ratings agency business.               “Sale/Leaseback Transaction”  means an arrangement relating to property  owned by the Company or any Subsidiary whereby the Company or such Subsidiary sells  or transfers such property to any Person and the Company or any Subsidiary leases such  property,  or  other  property  that  it  intends  to  use  for  substantially  the  same  purpose  or  purposes as the property sold or transferred, from such Person or its Affiliates.      [[5509122]] 

 

                                                                      45               “Sanctioned Country” means, at any time, a country or territory which is  itself the subject or target of any Sanctions.               “Sanctioned  Person”  means,  at  any  time,  (a)  any  Person  listed  in  any  Sanctions-related list of designated Persons maintained by OFAC or the U.S. Department  of State or by the United Nations Security Council, the European Union, any EU member  state or  Her  Majesty’s  Treasury  of  the  United  Kingdom,  (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 preceding clauses (a) and (b).               “Sanctions”  means  economic  or  financial  sanctions  or  trade  embargoes  imposed,  administered  or  enforced  from  time  to  time  by  (a)  the  U.S.  government,  and  administered by OFAC, the U.S. Department of State, the U.S. Department of Commerce  or  the  U.S.  Department  of  Treasury,  or  (b)  the  United  Nations  Security  Council,  the  European  Union,  any  EU  member  state or  Her  Majesty’s  Treasury  of  the  United  Kingdom.               “Screen  Rate” means  (a)  in  respect  of  the  LIBO  Rate  for  any  Interest  Period, or in respect of any determination of Alternate Base Rate pursuant to clause (c) of  the definition of such term, a rate per annum equal to the London interbank offered rate  as  administered  by  the  ICE  Benchmark  Administration  (or  any  other  Person  that  takes  over the administration of such rate) for deposits in the applicable currency (for delivery  on the first day of such Interest Period) with a term equivalent to the relevant period as  displayed  on  the  Reuters  screen  page  that  displays  such  rate  (currently  LIBOR01  or  LIBOR02) (or, in the event such rate does not appear on a page of the Reuters screen, 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) and  (b) in respect of the EURIBO Rate for any Interest Period, the rate per annum determined  by  the  European  Money  Market  Institute  (or  any  other  Person  that  takes  over the  administration  of  such  rate)  as  the  rate  at  which  interbank  deposits  in  Euro  are  being  offered  by one prime  bank to another within the  EMU zone for such Interest Period as  displayed on the Reuters screen page that displays such rate (currently EURIBOR01) (or,  in the event such rate does not appear on a page of the Reuters screen, 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); provided that (i) if  any  Screen  Rate,  determined  as  provided  above,  would  be  less  than  0.50%  per  annum,  such Screen Rate shall be deemed to be 0.50% per annum and (ii) if, as to any currency,  no Screen Rate shall be available for a particular Interest Period but Screen Rates shall be  available for maturities both longer and shorter than such Interest Period, then the Screen  Rate for such Interest Period shall be the Interpolated Screen Rate.               “SEC” means the United States Securities and Exchange Commission.               “Secured  Obligations”  has  the  meaning  set  forth  in  the  Collateral  Agreement.               “Secured Parties” has the meaning set forth in the Collateral Agreement.     [[5509122]] 

 

                                                                      46               “Securities Act” means the United States Securities Act of 1933.               “Security  Documents”  means  the  Collateral  Agreement,  the  Foreign  Pledge  Agreements (if  any) and  each  other  security  agreement  or  other  instrument  or  document  executed  and  delivered  pursuant  to  Section 5.10  to  secure  the  Secured  Obligations.               “Senior Secured Indebtedness” means, as of any date, that portion of Total  Indebtedness  as  of  such  date  that  is  secured  by  any  Lien  on  property  or  assets  of  the  Company or any Subsidiary.               “Senior Secured Leverage Increase Election” has the meaning set forth in  Section 6.13.               “Senior  Secured  Leverage  Increase  Period”  has  the  meaning  set  forth  in  Section 6.13.               “Senior  Secured  Leverage  Ratio”  means,  on  any  date,  the  ratio  of  (a) Senior  Secured  Indebtedness  as  of  such  date  to  (b)  Consolidated  EBITDA  for  the  period of four consecutive fiscal quarters of the Company most recently ended on or prior  to such date.               “Series” has the meaning set forth in Section 2.21(b).               “SOFR” with  respect  to  any  day  means  the  secured  overnight  financing  rate published for such day by the NYFRB, as the administrator of the benchmark (or a  successor administrator), on the NYFRB Website.               “SOFR-Based Rate” means SOFR, Compounded SOFR or Term SOFR.               “Specified Provision” has the meaning set forth in Section 1.11.               “Specified  Time”  means  (a)  with  respect  to  the  LIBO  Rate,  11:00  a.m.,  London time, and (b) with respect to the EURIBO Rate, 11:00 a.m., Brussels time.               “Springing Maturity Test Date” has the meaning set forth in the definition  of the term “Revolving Maturity Date”.               “Statutory  Reserve  Rate”  means  a  fraction  (expressed  as  a  decimal),  the  numerator of which is the number one and the denominator of which is the number one  minus  the  aggregate  of  the  maximum  reserve  percentages  (including  any  marginal,  special, emergency or supplemental reserves), expressed as a decimal, established by the  Board  of  Governors  to  which  the  Administrative  Agent  is  subject  for eurocurrency  funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board  of  Governors).   Such  reserve  percentages  shall  include  those  imposed  pursuant to  such  Regulation D.  LIBOR Loans shall be deemed to constitute eurocurrency funding and to  be  subject  to  such  reserve  requirements  without  benefit  of  or  credit  for  proration,  exemptions or offsets that may be available from time to time to any Lender under such     [[5509122]] 

 

                                                                      47   Regulation D  or  any  comparable  regulation.   The  Statutory  Reserve  Rate  shall  be  adjusted  automatically  on  and  as  of  the  effective  date  of  any  change  in  any  reserve  percentage.               “Subordinated  Indebtedness”  of  any  Person  means  any  Indebtedness  of  such  Person  that  is  contractually  subordinated  in  right  of  payment  to  any  other  Indebtedness of such Person.               “subsidiary”  means,  with  respect  to  any  Person  at  any  date,  (a) any  corporation,  partnership,  limited  liability  company  or  other  business  entity  of  which  Equity  Interests  representing  more  than  50%  of  the  ordinary  voting  power  of  Equity  Interests  entitled  (without  regard  to  the  occurrence  of  any  contingency)  to  vote  in  the  election of  directors  or other  managers  is  at  the  time  owned  by  such  Person or one or  more subsidiaries of such Person or by such Person and one or more subsidiaries of such  Person or (b) that is, as of such date, otherwise Controlled, by such Person or one or more  subsidiaries  of such  Person  or  by  such  Person  and  one  or  more  subsidiaries  of  such  Person.               “Subsidiary” means any subsidiary of the Company.               “Subsidiary  Loan  Party”  means  each  Subsidiary  that  is  a  party  to  the  Collateral  Agreement (and  which,  for  the  avoidance  of  doubt,  is  a  Designated  Subsidiary).               “Supplemental  Perfection  Certificate”  means  a  certificate  in  the  form  of  Exhibit G or any other form approved by the Administrative Agent and the Company.               “Supported QFC” has the meaning set forth in Section 9.24.               “Swap Obligation”  means, with respect to any Guarantor, any obligation  to pay or perform under any agreement, contract or transaction that constitutes a “swap”  within the meaning of Section 1a(47) of the Commodity Exchange Act.               “Swingline Exposure” means, at any time, the aggregate principal amount  of  all  Swingline  Loans  outstanding  at  such  time. The  Swingline  Exposure  of  any  Revolving  Lender  at  any  time  shall  be  its  Applicable  Percentage  of  the  aggregate  principal amount of all Swingline Loans outstanding at such time, adjusted to give effect  to any reallocation under Section 2.20 of the Swingline Exposure of Defaulting Lenders  in effect 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  denominated  in  dollars  and  made  pursuant to Section 2.04.               “TARGET  2”  means  the  second  generation  of  the  Trans-European  Automated  Real-time  Gross  Settlement  Express  Transfer  (TARGET2)  payment  system     [[5509122]] 

 

                                                                      48   (or, if such payment system ceases to be operative, such other payment system (if any)  reasonably determined by the Administrative Agent (in consultation with the Company)  to be a suitable replacement).               “TARGET  Operating Day”  means  any  day  on  which  the TARGET  2  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.               “Term  SOFR” means,  for  the  applicable  Corresponding  Tenor, the  forward-looking term rate based on SOFR that has been selected or recommended by the  Relevant Governmental Body.               “Termination Date” means the first date on which the Commitments shall  have expired or been terminated, the principal of and interest on each Loan and all fees  and  other  amounts  payable  hereunder  shall  have  been  paid  in  full,  all  Letters of  Credit  shall have expired or been terminated (or have been collateralized or back-stopped by a  letter of  credit  or otherwise  in  a  manner  reasonably  satisfactory  to the  relevant  Issuing  Bank) and all LC Disbursements shall have been reimbursed.               “Total Indebtedness” means, as of any date, the sum of (a) the aggregate  principal amount of Indebtedness of the Company and its Subsidiaries outstanding as of  such date, in the amount that would be reflected in the “liabilities” section on a balance  sheet (excluding the footnotes thereto) prepared as of such date on a consolidated basis in  accordance  with  GAAP  (but  without  giving  effect  to  any  election  to  value  any  Indebtedness  at  “fair  value”,  as  described  in  Section 1.04(a),  or  any  other  accounting  principle  that  results  in  the  amount  of  any  such  Indebtedness  (other  than  zero  coupon  Indebtedness) as reflected on such balance sheet to be below the stated principal amount  of  such  Indebtedness) and  (b)  the  aggregate  principal  amount  of  Indebtedness  of  the  Company  and  its  Subsidiaries  outstanding  as  of  such  date  that  is  not  required  to  be  reflected  on  a  balance  sheet  in  accordance  with  GAAP,  determined  on  a  consolidated  basis; provided that, for purposes of clause (b) above, the term “Indebtedness” shall not  include contingent obligations of the Company or any Subsidiary as an account party in  respect of  any  letter of  credit  or  letter of  guaranty  to the  extent  such  letter of  credit  or  letter of guaranty does not support Indebtedness.               “Total  Leverage  Increase  Election”  has  the  meaning  set  forth in  Section 6.12.               “Total  Leverage  Increase  Period”  has  the  meaning  set  forth  in  Section 6.12.               “Total  Leverage  Ratio”  means,  on  any  date,  the  ratio  of  (a)  Total  Indebtedness  as  of  such  date  to  (b)  Consolidated  EBITDA  for  the  period  of  four  consecutive fiscal quarters of the Company most recently ended on or prior to such date.     [[5509122]] 

 

                                                                      49               “Transactions”  means  the  execution,  delivery  and  performance  by  each  Loan Party of the Loan Documents to which it is party, the borrowing of Loans, the use  of the proceeds thereof and the issuance of Letters of Credit hereunder.               “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, the LIBO Rate, the EURIBO Rate or  the Alternate Base Rate.               “U.K. Financial Institution” means any BRRD Undertaking (as such term  is defined under the PRA Rulebook (as amended from time to time) promulgated by the  United  Kingdom  Prudential  Regulation  Authority) or  any  Person  falling  within  IFPRU  11.6 of the FCA Handbook (as amended from time to time) promulgated by the United  Kingdom  Financial  Conduct  Authority,  which  includes  certain  credit  institutions  and  investment firms, and certain Affiliates of such credit institutions or investment firms.               “U.K.  Resolution  Authority”  means  the  Bank  of  England  or  any  other  public  administrative  authority  having  responsibility  for  the  resolution  of  any  U.K.  Financial Institution.               “Unadjusted Benchmark   Replacement”  means  the  Benchmark  Replacement  excluding  the  Benchmark  Replacement  Adjustment; provided that,  if  the  Unadjusted  Benchmark  Replacement  as  so  determined  would  be  less  than  0.50%  per  annum, the Unadjusted Benchmark Replacement will be deemed to be 0.50% per annum  for all the purposes of this Agreement (without duplication of such “floor” set forth in the  definition of the term “Benchmark Replacement Rate”).               “Unrestricted  Cash”  means,  as  of  any  date  with  respect  to  any  Person,  cash, Permitted Investments and other cash equivalents directly owned on such date by  such Person; provided that such cash, Permitted Investments and other cash equivalents  do  not  appear  (and  would  not  be  required  to  appear)  as  “restricted”  on  a  consolidated  balance sheet of such Person prepared in accordance with GAAP (other than to the extent  such cash, Permitted Investments or other cash equivalents would appear “restricted” as a  result of the Liens securing the Secured Obligations and any other Indebtedness secured  by some or all of the Collateral along with the Secured Obligations).               “U.S.  Person”  means  any  Person  that  is  a  “United  States person”  as  defined in Section 7701(a)(30) of the Code.               “U.S.  Special  Resolution  Regime”  has  the  meaning  set forth  in  Section  9.24(a).               “U.S.  Tax  Compliance  Certificate”  has  the  meaning  set  forth  in  Section 2.17(f)(ii)(B)(iii).               “USA PATRIOT  Act” means the Uniting and Strengthening  America by  Providing  Appropriate Tools Required to Intercept and Obstruct Terrorism  Act of 2001  (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).     [[5509122]] 

 

                                                                      50               “wholly-owned”,  when  used  in  reference  to  a  subsidiary  of  any  Person,  means  that  all  the  Equity  Interests  in  such  subsidiary  (other  than  directors’  qualifying  shares and other nominal amounts of Equity Interests that are required to be held by other  Persons  under  applicable  law)  are  owned,  beneficially  and  of  record,  by  such  Person,  another wholly-owned subsidiary of such Person or any combination thereof.               “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 (a) with respect to any EEA  Resolution  Authority,  the  write-down  and  conversion  powers  of  such  EEA  Resolution  Authority  from  time  to  time  under  the  Bail-In  Legislation  for  the  applicable  EEA  Member  Country,  which  write-down  and  conversion  powers  are  described  in  the  EU  Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of  the  applicable  Resolution  Authority  under  the  Bail-In  Legislation  to  cancel,  reduce,  modify or change the form of a liability of any U.K. Financial Institution or any contract  or instrument under which that liability arises, to convert all or part of that liability into  shares, securities or obligations of such Person or any other Person, to provide that any  such contract or instrument is to have effect as if a right had been exercised under it or to  suspend any obligation in respect of that liability or any of the powers under that Bail-In  Legislation that are related to or ancillary to any of those powers.               SECTION 1.02.  Classification of Loans and Borrowings.  For purposes  of  this  Agreement,  Loans  and  Borrowings  may  be  classified  and  referred to  by  Class  (e.g., a “Revolving Loan” or “Revolving Borrowing”) or by Type (e.g., a “LIBOR Loan”  or  “LIBOR  Borrowing”)  or  by  Class  and  Type  (e.g.,  a  “LIBOR  Revolving  Loan”  or  “LIBOR 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 words “asset” and “property”  shall  be construed to have the same  meaning and effect and to refer to any and all real  and  personal,  tangible  and  intangible  assets  and  properties,  including  cash,  securities,  accounts  and  contract  rights.   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, writs and decrees, of all  Governmental  Authorities.   Except  as  otherwise  provided  herein  and  unless  the  context  requires  otherwise,  (a)  any  definition  of  or  reference  to  any  agreement,  instrument  or  other  document (including this Agreement and the other Loan Documents) shall be construed  as  referring  to  such  agreement,  instrument  or  other  document  as  from  time  to  time  amended, restated, amended and restated, supplemented or otherwise modified (subject to  any  restrictions  on  such  amendments,  restatements,  amendments  and  restatements,     [[5509122]] 

 

                                                                      51   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),  and  all  references  to  any  statute  shall  be  construed  as  referring to  all  rules,  regulations,  rulings  and  official  interpretations  promulgated  or  issued  thereunder,  (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  and  (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.               SECTION 1.04.  Accounting  Terms; GAAP;  Pro  Forma  Calculations.   (a)    Except  as  otherwise  expressly  provided  herein,  all  terms  of  an  accounting  or  financial  nature  used  herein  shall  be  construed  in  accordance  with  GAAP  as  in  effect  from  time  to  time; provided that  (i)  if  the  Company,  by  notice  to  the  Administrative  Agent, shall request an amendment to any provision hereof to eliminate the effect of any  change  occurring  after  the  date  hereof  in  GAAP  or  in  the  application  thereof  on  the  operation  of  such  provision  (or  if  the  Required  Lenders,  by  notice  from  the  Administrative  Agent  to  the  Company,  shall  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,  (ii)  if  an  amendment  is  requested  by  the  Company or the Required Lenders pursuant to the preceding clause (i), then the Company  and the Administrative Agent shall  negotiate in good faith to prepare an amendment of  the relevant affected provisions to preserve the original intent in light of such change in  GAAP  or  the  application  thereof,  subject  to  the  approval  of  the  Company  and  the  Required  Lenders  and  (iii)  notwithstanding  any  other  provision  contained  herein,  all  terms  of  an  accounting  or  financial  nature  used  herein  shall  be  construed,  and  all  computations of amounts and ratios referred to herein shall be made, (A) without giving  effect  to  any  election  under Accounting  Standards  Codification  825  (or  any  other  Accounting  Standards  Codification  or  Financial  Accounting  Standard  having  a  similar  result  or  effect) to  value  any  Indebtedness  of  the  Company  or  any  Subsidiary  at  “fair  value”, as defined therein, (B) without giving effect to any change to GAAP as a result of  the adoption of any of the provisions set forth in the Accounting Standards Update 2016- 02, Leases (Topic 842), issued by the Financial Accounting Standards Board in February  2016, or any other amendments to the Accounting Standards Codifications issued by the  Financial  Accounting  Standards  Board  in  connection  therewith,  in  each  case  if  such  change would require the recognition of right-of-use assets and lease liabilities for leases  or  similar  agreements  that  would  not  be  classified  as  capital  leases  under  GAAP  as  in  effect prior to January 1, 2019, (C) 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     [[5509122]] 

 

                                                                      52   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 (D) without giving effect to any valuation  of  Indebtedness  below  its  full  stated  principal  amount  as  a  result  of  the  application  of  Accounting  Standards  Update  2015-03, Interest,  issued  by  the  Financial  Accounting  Standards Board, it being agreed that Indebtedness shall at all times be valued at the full  stated principal amount thereof.               (b)  All  pro  forma  computations  required  to  be  made  hereunder  giving  effect  to  any  Material  Acquisition,  Material  Disposition,  Permitted  Acquisition,  incurrence  (or repayment) of  Indebtedness  or other transaction  shall  be  calculated  after  giving pro forma effect thereto and the related transactions (and,  in the case of any pro  forma  computations  made  hereunder  to  determine  whether  such  Material  Acquisition,  Material  Disposition,  Permitted Acquisition,  incurrence  (or  repayment) of  Indebtedness  or  other  transaction  is  permitted  to  be  consummated  hereunder,  to  any  other  such  transaction of  a  nature  referred  to  in  this  sentence  that  shall  have  been  consummated  since  the  first  day  (or,  in  the  case  of  any  incurrence  or  repayment  of  Indebtedness for  purposes  of calculating any  leverage  ratio,  the  last  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 (or, in the case of any  incurrence or repayment of Indebtedness for purposes of calculating any  leverage ratio,  the last 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  first  such  delivery,  the  period  of  four  consecutive  fiscal  quarters  ended  June  30,  2020),  and,  to  the  extent  applicable,  to  the  historical earnings and cash flows associated with the assets acquired or disposed of and  any  related  incurrence  or  repayment  of  Indebtedness,  and  any  cost  savings  reasonably  expected  to  be  realized  in  connection  with  such  acquisition  or  disposition,  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; provided that,  if  such  Indebtedness is subject to a Hedging Agreement, the interest on such Indebtedness shall  be calculated on a weighted average basis using the effective interest rate giving effect to  such Hedging Agreement for the term thereof and the interest rate in effect on the date of  determination (without giving effect to such Hedging Agreement) for the remaining term  of  such  Indebtedness.   For  the  avoidance  of  doubt,  pro  forma  computations  for  transactions not yet completed will not be used for purposes of determining compliance  with Sections 6.11, 6.12 and 6.13 (but will be used where the utilization of, reliance upon  or other  applicability  of  any  exception  or  basket  set  forth  elsewhere  in  this  Agreement  requires pro forma compliance with Section 6.11, 6.12 and/or 6.13).               (c)  For purposes of determining the permissibility of any action, change,  transaction  or  event that  by  the  terms  of  the  Loan  Documents  requires  a  calculation  of  any  financial  ratio  or  test  (including  the  Total  Leverage  Ratio,  the  Senior  Secured  Leverage  Ratio  or  Consolidated  Total  Assets),  such  financial  ratio  or  test  shall  be  calculated  at  the  time  such  action  is  taken,  such  change  is  made,  such  transaction  is     [[5509122]] 

 

                                                                      53   consummated  or  such  event  occurs,  as  the  case  may  be,  and  no  Default  or  Event  of  Default shall be deemed to have occurred solely as a result of a change in such financial  ratio  or  test  occurring  after  the  time  such  action  is  taken,  such  change  is  made,  such  transaction is consummated or such event occurs, as the case may be.               SECTION 1.05.  Status  of  Obligations.  (a)  In  the  event  that  the  Company  or  any  other  Loan  Party  shall  at  any  time  issue  or  have  outstanding  any  Subordinated  Indebtedness,  the  Company  shall  take  or  cause  such  other  Loan  Party  to  take  all  such  actions  as  shall  be  necessary  to  cause  the  Loan  Document  Obligations to  constitute  senior  indebtedness  (however  denominated)  in  respect  of  such  Subordinated  Indebtedness which would entitle 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  Loan  Document  Obligations  are  hereby  designated  as  “senior  indebtedness”  and  as  “designated  senior  indebtedness”  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 such that the Loan Document Obligations will have the  benefits potentially  available  to  holders  of  senior  indebtedness  under  the terms  of  such  Subordinated Indebtedness.                 SECTION 1.06.  Exchange  Rates;  Currency  Equivalents.  (a)  The  Administrative Agent shall determine the Dollar Equivalent of any Borrowing or Letter  of  Credit denominated  in  a  currency  other than  dollars  as  of each  applicable  Exchange  Rate Date, in each case using the Exchange Rate for such currency in relation to dollars,  and  each  such  amount  shall  be  the  Dollar  Equivalent  of  such  Borrowing or  Letter  of  Credit until the next required calculation thereof pursuant to this sentence.               (b)  Notwithstanding the  foregoing, (i)  for purposes of any determination  under  Article  V,  Article  VI  (other  than  Sections  6.11,  6.12, 6.13 and  6.14 and  the  calculation of any financial ratio for purposes of taking any action hereunder) or Article  VII or any determination under any other provision of this Agreement expressly requiring  the use of a current exchange rate, all amounts  incurred, outstanding or proposed to be  incurred or outstanding in currencies other than dollars shall be translated into dollars at  currency exchange rates in effect on the date of such determination (such exchange rates  to  be  obtained  from  the  same  quotation  services  or  other  sources  as  are  used  by  the  Company  for  purposes  of  preparing  its  annual  and  quarterly  financial  statements);  provided that, if any Indebtedness is incurred (and, if applicable, associated Lien granted)  to refinance or replace other Indebtedness denominated in a currency other than dollars,  and  the  relevant  refinancing  or  replacement  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  or  replacement,  such  dollar-denominated  restriction shall be deemed not to have been exceeded so long as the principal amount of  such  refinancing  or  replacement  Indebtedness  (and,  if  applicable,  associated  Lien  granted)  does  not  exceed  an  amount  sufficient  to  repay  the  principal  amount  of  such  Indebtedness  being  refinanced  or  replaced,  except  by  an  amount  equal  to  (x) unpaid  accrued interest and premiums (including tender premiums) thereon plus other reasonable     [[5509122]] 

 

                                                                      54   and  customary  fees  and  expenses  (including  upfront fees  and  original  issue  discount)  incurred  in  connection  with  such  refinancing  or  replacement,  (y) any  existing  commitments unutilized thereunder and (z) additional amounts permitted to be  incurred  under  provisions  of  Section 6.01,  other  than  refinancing  permitted  hereunder  (it  being  understood  that  such  additional  amounts  shall  be  deemed  to  have  been  incurred  in  reliance on such other provisions) and (ii) for the avoidance of doubt, no Default or Event  of Default shall be deemed to have occurred solely as a result of a change in the rate of  currency  exchange  occurring  after  the  time  of  any  subject  transaction  so  long  as  such  subject  transaction  was  permitted  at  the  time  incurred,  made,  acquired,  committed,  entered  or  declared.   For  purposes  of  Sections  6.11,  6.12, 6.13 and  6.14,  amounts  in  currencies other than dollars shall be translated into dollars at the currency exchange rates  most recently used in preparing the Company’s annual and quarterly financial statements.               (c)  Each provision of this Agreement shall be subject to such reasonable  changes of construction as the Administrative Agent may from time to time specify with  the Company’s consent to appropriately reflect a change in currency of any country and  any relevant market convention or practice relating to such change in currency.               SECTION 1.07.  Timing of Payment or Performance.  When payment of  any obligation or the performance of any covenant to deliver any item is stated to be due  or performance required on a day which is not a Business Day, the date of such payment  (other than as described in the definition of Interest Period) or performance shall extend  to the  immediately succeeding Business Day, and, in the case of any payment accruing  interest, interest thereon shall be payable for the period of such extension.               SECTION 1.08.  Times  of  Day.   Unless  otherwise  specified,  all  references herein to times of day shall be references to New York City time (daylight or  standard, as applicable).               SECTION 1.09.  Divisions.  For all purposes under the Loan Documents,  in  connection  with  any  division  or  plan  of  division  under  Delaware  law  (or  any  comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation  or  liability  of  any  Person  becomes  the  asset,  right, obligation  or  liability  of  a  different  Person, then it shall be deemed to have been transferred from the original Person to the  subsequent  Person,  and  (b)  if  any  new  Person  comes  into  existence,  such  new  Person  shall be deemed to have been organized and acquired on the first date of its existence by  the holders of its Equity Interests at such time.               SECTION 1.10.  Interest  Rates;  LIBOR  Notification.  The  interest  rate  on  a  Loan  denominated  in dollars or a  Designated  Currency may  be  derived  from  an  interest  rate  benchmark  that  is,  or  may  in  the  future  become,  the  subject  of  regulatory  reform.  Regulators have signaled the need to use alternative benchmark reference rates  for some of these interest rate benchmarks and, as a result, such interest rate benchmarks  may  cease  to  comply  with  applicable  laws  and  regulations,  may  be  permanently  discontinued,  and/or  the  basis  on  which  they  are  calculated  may  change.   The  London  interbank offered rate is  intended to represent the rate at which contributing banks  may  obtain short-term borrowings  from each other in the London interbank  market.  In July     [[5509122]] 

 

                                                                      55   2017,  the  U.K.  Financial  Conduct  Authority  announced  that,  after  the  end  of  2021,  it  would no longer persuade or compel contributing banks to make rate submissions to the  ICE  Benchmark  Administration  (together  with  any  successor  to  the  ICE  Benchmark  Administration, the “IBA”) for purposes of the IBA setting the London interbank offered  rate.  As a result, it is possible that commencing in 2022, the London interbank offered  rate may no longer be available or may no longer be deemed an appropriate reference rate  upon which to determine the interest rate on LIBOR Loans. In light of this eventuality,  public  and  private  sector  industry  initiatives  are  currently  underway  to  identify  new  or  alternative reference rates to be used in place of the London interbank offered rate.  Upon  the  occurrence  of  a  Benchmark  Transition  Event  or  an  Early  Opt-In  Election, Section  2.14(b)  provides a  mechanism  for  determining  an  alternative  rate  of  interest.   The  Administrative Agent will promptly notify the Company, pursuant to Section 2.14(b), of  any  change  to  the  reference  rate  upon  which  the  interest  rate  of  LIBO  Loans  or  EURIBOR  Loans  is  based.  The  Administrative Agent does  not  warrant  or  accept  any  responsibility  for,  and  shall  not  have  any  liability  with  respect  to,  the  administration,  submission or any other matter (in each case, other than any determination or calculation  of such reference rate required to be made by the Administrative Agent pursuant to the  terms of this Agreement) related to the London interbank offered rate or other rates in the  definition  of  “Screen  Rate”,  “LIBO  Rate”  or  “EURIBO  Rate” or  with  respect  to  any  alternative or successor rate thereto, or replacement rate thereof (including (a) any such  alternative,  successor  or  replacement  rate  implemented  pursuant  to  Section  2.14(b),  whether  upon  the  occurrence  of  a  Benchmark  Transition  Event  or  an  Early  Opt-in  Election,  and  (b)  the  implementation  of  any  Benchmark  Replacement  Conforming  Changes  pursuant  to  Section  2.14(b)),  including  whether  the  composition  or  characteristics  of  any  such  alternative,  successor  or  replacement  reference  rate  will  be  similar to, or produce the same value or economic equivalence of, the LIBO Rate or the  EURIBO  Rate or  have  the  same  volume  or  liquidity  as  did  the LIBO  Rate  or  the  EURIBO Rate prior to its discontinuance or unavailability.               SECTION 1.11.  Blocking Regulation.  In relation to any Lender (each, a  “Restricted Lender”) that, in each case, is subject to the regulations referred to below, any  representation,  warranty  or  covenant  set  forth  herein  that  refers  to  Sanctions  (each,  a  “Specified Provision”) shall only apply  for the benefit of such Restricted Lender to the  extent that  such  Specified  Provision  would  not  result  in  a  violation  of,  conflict  with  or  liability  under  Council  Regulation  (EC)  2271/96  (or  any  law  implementing  such  regulation in any member state of the European Union), the United Kingdom or any other  relevant  jurisdiction  (the  “Mandatory  Restrictions”).   In  the  event  of  any  consent  or  direction by Lenders in respect of any Specified Provision of which a Restricted Lender  does not have the benefit due to a Mandatory Restriction, then, notwithstanding anything  to the contrary  in the definition of “Required Lenders” or “Majority  in Interest”, for so  long  as  such  Restricted  Lender  shall  be  subject  to  a  Mandatory  Restriction,  the  Commitments, Incremental Term Loans and the Revolving Exposure of such Restricted  Lender will be disregarded for the purpose of determining whether the requisite consent  of the Lenders has been obtained or direction by the requisite Lenders has been made, it  being  agreed,  however,  that,  unless,  in  connection  with  any  such  determination,  the  Administrative  Agent  shall  have  received  written  notice  from  any  Lender  stating  that     [[5509122]] 

 

                                                                      56   such Lender is a Restricted Lender with respect thereto, each Lender shall be presumed,  in connection with such determination, not to be a Restricted Lender.                                 ARTICLE II                                                                       The Credits               SECTION 2.01.  Commitments.  Subject to the terms and conditions set  forth herein, each Revolving Lender agrees to make to the Borrowers, from time to time  during  the  Revolving  Availability Period, Revolving  Loans  denominated  in  dollars,  Euros,  Pounds  Sterling  or  any  other  Designated  Currency in  an  aggregate  principal  amount that will not result in (a) such Revolving Lender’s Revolving Exposure exceeding  such Revolving Lender’s Revolving Commitment, (b) the Aggregate Revolving Exposure  exceeding the Aggregate Revolving Commitment and (c) in the case of Revolving Loans  denominated  in  Euros,  Pounds  Sterling  and  any  other  Designated  Currency, the  Aggregate  Designated  Currency  Revolving  Exposure  exceeding  the  Aggregate  Designated Currency Revolving Sublimit.  Within the foregoing limits and subject to the  terms and conditions set forth herein, the Borrowers  may  borrow, prepay and reborrow  Revolving Loans.               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,  Type  and  currency  made to  the  same  Borrower by  the  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.               (b)  Subject to Section 2.14, each Borrowing shall be comprised (i) in the  case  of  Borrowings  (other  than  a  Swingline  Loan)  denominated  in  dollars,  entirely  of  ABR  Loans  or  LIBOR  Loans,  as  the  applicable  Borrower  may  request  in  accordance  herewith,  (ii)  in  the  case  of  Borrowings  denominated  in  Euro,  entirely  of  EURIBOR  Loans and (iii) in the case of Borrowings denominated in Pounds Sterling and any other  Designated Currency other than Euro, entirely of LIBOR Loans.  Each Swingline Loan  shall  be  denominated  in  dollars  and  shall  be  an  ABR  Loan; provided that,  prior  to the  purchase  of  participations  in  such  Swingline  Loan  pursuant  to  Section  2.04(c),  such  Swingline Loan shall  bear  interest at a rate to be agreed between the Company and the  Swingline  Lender.   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; provided that  any exercise of such option shall not affect the obligation of the Borrowers to repay such  Loan  in  accordance  with  the  terms  of  this  Agreement; provided, further,  that  any  such  domestic or foreign branch or Affiliate making such Loan shall be treated as a Lender for  purposes of this Agreement.               (c)  At  the  commencement  of  each  Interest  Period  for  any  LIBOR  Borrowing  or  EURIBOR  Borrowing,  such  Borrowing  shall  be  in  an  aggregate  amount     [[5509122]] 

 

                                                                      57   that  is  an  integral  multiple  of  the Borrowing  Multiple  and  not  less  than  the  Borrowing  Minimum; provided that  a  LIBOR  Borrowing  or  EURIBOR  Borrowing  (i) that  results  from a continuation of an outstanding LIBOR Borrowing or EURIBOR Borrowing may  be in an aggregate amount that is equal to such outstanding Borrowing and (ii) may be in  an  aggregate  amount  that  is  equal  to  the  entire  unused  balance  of  the  Aggregate  Revolving  Commitment  or  that  is  required  to  finance  the  reimbursement  of  an  LC  Disbursement as contemplated by Section 2.05(f).  At the time that each ABR Borrowing  is made, such Borrowing shall be in an aggregate amount that is an integral multiple of  $1,000,000  and  not  less  than  $1,000,000; provided that  an  ABR  Revolving  Borrowing  may be in an aggregate amount that is equal to the entire unused balance of the Aggregate  Revolving  Commitment  or  that  is  required  to  finance  the  reimbursement  of  an  LC  Disbursement as contemplated  by Section 2.05(f).  Each Swingline Loan  shall  be  in an  amount that is an integral multiple of $1,000,000 and not less than $1,000,000; provided  that  a  Swingline  Loan  may  be  in  an  aggregate  amount  that  is  required  to  finance  the  reimbursement of an LC Disbursement as contemplated by Section 2.05(f).  Borrowings  of  more  than  one  Type, Class  and  currency  may  be  outstanding  at  the  same  time;  provided that there shall not be more than a total of 20 (or such greater number as may be  agreed to by the Administrative Agent) LIBOR Borrowings and EURIBOR Borrowings  in the aggregate at any time outstanding.               (d)  Notwithstanding any other provision of this Agreement, no Borrower  shall be entitled to request, or to elect to convert to or continue, any LIBOR or EURIBOR  Borrowing  if  the  Interest  Period  requested  with  respect  thereto  would  end  after  the  Maturity Date applicable thereto.               SECTION 2.03.  Requests  for  Borrowings.   To  request  a  Revolving  Borrowing, the applicable Borrower shall notify the Administrative Agent of such request  by submitting a completed Borrowing Request (a) in the case of a LIBOR Borrowing or a  EURIBOR  Borrowing,  not  later  than  12:00  noon,  Local  Time,  three  Business  Days  before the date of such proposed Borrowing (or, in the case of any LIBOR Borrowing to  be  made on the Effective Date, such shorter period of time as  may  be agreed to by the  Administrative Agent) or (b) in the case of an ABR Borrowing, not later than 1:00 p.m.,  New  York City  time,  on  the  day  of  the  proposed Borrowing.   Each  such  Borrowing  Request shall be irrevocable and shall be signed by a Financial Officer of the applicable  Borrower.  Each  such  Borrowing  Request  shall  specify  the  following  information  in  compliance with Section 2.02:              (i) the Borrower requesting such Revolving Borrowing;              (ii) the principal amount and the currency of such Revolving Borrowing;             (iii) the date of such Revolving Borrowing, which shall be a Business Day;             (iv) whether  such  Revolving  Borrowing  is  to  be  an  ABR  Borrowing,  a        LIBOR Borrowing or a EURIBOR Borrowing;       [[5509122]] 

 

                                                                      58              (v) in  the  case  of  a  LIBOR  Borrowing  or  a  EURIBOR  Borrowing,  the        initial  Interest  Period  to  be  applicable  thereto,  which  shall  be  a  period        contemplated by the definition of the term “Interest Period”; and             (vi) the Applicable Funding Account or, in the case of any ABR Revolving        Borrowing  requested  to  finance  the  reimbursement  of  an  LC  Disbursement  as        provided  in Section 2.05(f), the  identity of the Issuing  Bank that  made such LC        Disbursement.   If no election as to the Type of Borrowing is specified, if the specified currency of such  Borrowing  is  (a) dollars,  then  the  requested  Borrowing  shall  be  a  LIBOR  Borrowing,  (b) Euro, then the requested Borrowing shall be a EURIBOR Borrowing and (c) Pounds  Sterling  or  any  other  Designated  Currency,  then  the  requested  Borrowing  shall  be  a  LIBOR  Borrowing.   If  no  Interest  Period  is  specified  with  respect  to  any  requested  LIBOR  Borrowing  or  EURIBOR  Borrowing,  then  the applicable  Borrower shall  be  deemed  to  have  selected  an  Interest  Period of  one  month’s  duration.   If  no  currency  is  specified with respect to any requested Revolving Loan, the applicable Borrower shall be  deemed to have specified dollars.  Promptly following receipt of a Borrowing Request in  accordance with this Section, the Administrative Agent shall advise each Lender of the  applicable  Class  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.  Swingline  Loans.  (a)  Subject  to  the  terms  and  conditions set forth herein, a Borrower may request and the Swingline Lender may, in its  sole discretion, agree to make Swingline Loans denominated in dollars to the Borrowers  from  time  to  time  during  the  Revolving  Availability  Period  in  an  aggregate  principal  amount at any time outstanding that will not result in (i) the aggregate principal amount  of the outstanding Swingline Loans exceeding $20,000,000, (ii) the Revolving Exposure  of any Revolving Lender exceeding such Revolving Lender’s Revolving Commitment or  (iii) the  Aggregate  Revolving  Exposure  exceeding  the  Aggregate  Revolving  Commitment.   Within  the  foregoing  limits  and  subject  to  the  terms  and  conditions  set  forth herein, the Borrowers may borrow, prepay and reborrow Swingline Loans.               (b)  To request a Swingline Loan, the applicable Borrower shall notify the  Administrative Agent of such request by submitting a completed Borrowing Request not  later than 1:00 p.m., Local Time, on the day of the proposed Swingline Loan.  Each such  Borrowing  Request  shall  be  irrevocable,  shall  be  signed  by  a  Financial  Officer  of  the  applicable Borrower and shall specify the requested date (which shall be a Business Day)  and the amount of the requested Swingline Loan and the Applicable Funding Account to  which  funds  are  to  be  disbursed  or,  in  the  case  of  any  Swingline  Loan  requested  to  finance  the  reimbursement  of  an  LC  Disbursement  as  provided  in  Section 2.05(f),  the  identity of the Issuing Bank that has made such LC Disbursement.  Promptly following  the receipt of a Borrowing Request  in accordance with this Section, the  Administrative  Agent shall advise the Swingline Lender of the details thereof.  If the Swingline Lender  elects to  make  such  Swingline  Loan,  the  Swingline  Lender  shall  make  such  Swingline  Loan available to the applicable Borrower by means of a credit to the Applicable Funding  Account (or, in the case of a Swingline Loan specified in the notice therefor to be made     [[5509122]] 

 

                                                                      59   to finance the reimbursement of an LC Disbursement as provided in Section 2.05(f), by  remittance to the applicable Issuing Bank  identified in such notice) by 3:00 p.m., Local  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  12:00 p.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  the  Swingline  Loans  in  which  the  Revolving  Lenders  will  be  required  to  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  to  pay,  upon  receipt of  notice  as  provided  above  (and  in  any  event,  if  such  notice  is  received  by  12:00  p.m.,  New  York  City  time,  on a  Business Day, no later than 5:00 p.m., New York City time, on such Business Day, and if  received after 12:00 p.m., New York City time, on a Business Day, no later than 10:00  a.m.,  New  York  City  time,  on  the  immediately  succeeding Business  Day),  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, in making any Swingline Loan, the Swingline Lender shall be entitled to rely,  and  shall  not  incur  any  liability  for  relying,  upon  the  representations  and  warranties  deemed made pursuant to Section 4.02, unless, at least one Business Day prior to the time  such Swingline Loan was made, the Majority in Interest of the Revolving Lenders shall  have notified the Swingline Lender (with a copy to the Administrative Agent) in writing  that, as a result of one or more events or circumstances described in such notice, one or  more  of  the  conditions  precedent  set  forth  in  Section 4.02(a)  or  4.02(b)  would  not  be  satisfied if such Swingline Loan were then made (it being understood and agreed that, in  the  event  the  Swingline  Lender  shall  have  received  any  such  notice,  it  shall  make  any  Swingline Loan only if it shall be satisfied that such conditions shall have been satisfied).   Each  Revolving  Lender  further  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 any reduction or termination of the Revolving  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 2.06  with  respect  to  Loans  made  by  such  Lender  (and  Section 2.06  shall  apply, mutatis mutandis,  to  the  payment  obligations  of  the  Revolving  Lenders  pursuant  to  this  paragraph),  and  the  Administrative  Agent  shall  promptly remit to the Swingline Lender the amounts so received by it from the Revolving  Lenders.   The  Administrative  Agent  shall  notify  the  applicable  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  any  Borrower   (or  other  Person  on  behalf  of  any  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     [[5509122]] 

 

                                                                      60   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  a  Borrower  for  any  reason.   The  purchase  of  participations  in  a  Swingline  Loan  pursuant  to  this  paragraph  shall  not  constitute  a  Loan  and  shall  not  relieve  the  applicable Borrower of its obligation to repay such Swingline Loan.               SECTION 2.05.  Letters  of  Credit.  (a)  General.   Subject  to  the  terms  and  conditions  set  forth  herein,  any  Borrower  may  request any  Issuing  Bank  to  issue  Letters of Credit (or to amend or extend outstanding Letters of Credit), denominated  in  dollars,  Euros,  Pounds  Sterling  or  any  other  Designated  Currency  and  in  a  form  reasonably acceptable to the applicable Issuing Bank, for its own account (or so long as  such Borrower is a joint and several co-applicant with respect thereto and the jurisdiction  of incorporation, formation or organization of such Person is reasonably acceptable to the  applicable  Issuing  Bank  (including  as  to  whether  the  applicable  Issuing  Bank  is  authorized  to  issue  letters  of  credit  for  the  account  of  Persons  incorporated,  formed  or  organized  in  such  jurisdiction), the  account of  any  Subsidiary  of  the  Company), at  any  time  and  from  time  to  time  during  the  Revolving  Availability  Period.   Each  Existing  Letter of Credit  shall be deemed, for all purposes of this Agreement (including clauses  (d) and (f) of this Section), to be a Letter of Credit issued hereunder for the account of the  applicable Borrower (or, in the case of an Existing Letter of Credit in respect of which  the account party is a Subsidiary that is not a Borrower, for the account of the Company).                (b)  Notice  of  Issuance,  Amendment, Extension;  Certain Conditions.   To  request  the  issuance  of  a  Letter  of  Credit  or  the  amendment  or  extension  of  an  outstanding  Letter  of  Credit  (other  than  an  automatic extension permitted  pursuant  to  clause (c) of this Section), the applicable Borrower shall hand deliver or fax (or transmit  by electronic  communication,  if  arrangements  for  doing  so  have  been  approved  by  the  recipient)  to  the  applicable  Issuing  Bank  and  the  Administrative  Agent, reasonably in  advance  of (and, unless otherwise  agreed  by  such  Issuing  Bank,  at  least  two  Business  Days  prior  to) the  requested  date  of  issuance,  amendment or  extension,  a  notice  requesting  the  issuance  of a  Letter  of  Credit,  or  identifying  the  Letter  of  Credit  to  be  amended or  extended,  and  specifying  the  requested  date  of  issuance,  amendment or  extension (which shall be a Business Day), the date on which such Letter of Credit is to  expire (which shall  comply with clause (c) of this Section), the amount and currency of  such  Letter  of  Credit,  the  name  and  address  of  the  beneficiary  thereof  and  such  other  information as shall be necessary to enable the applicable Issuing Bank to prepare, amend  or  extend  such  Letter  of  Credit.   If  requested  by  the  applicable  Issuing  Bank,  the  applicable  Borrower  also  shall  submit  a  letter  of  credit  application  on  such  Issuing  Bank’s  standard  form  in  connection  with  any  such  request.   Notwithstanding  anything  contained in any letter of credit application furnished to any Issuing Bank in connection  with the  issuance, amendment or extension of any Letter of Credit, (i) all provisions of  such letter of credit application purporting to grant Liens in favor of the Issuing Bank to  secure obligations in respect of such Letter of Credit shall be disregarded, it being agreed  that such obligations shall be secured to the extent provided in this Agreement and in the     [[5509122]] 

 

                                                                      61   Security  Documents and  (ii)  in  the  event  of  any  inconsistency  between  the  terms  and  conditions  of  such  letter  of  credit  application  and  the  terms  and  conditions  of  this  Agreement,  the  terms  and  conditions  of  this  Agreement  shall  control.   If  any  letter  of  credit  application  or  other  document  entered  into  by  any  Borrower  with  the  applicable  Issuing  Bank  relating  to  any  Letter  of  Credit  shall  contain  any  representations  or  warranties,  covenants  or  events  of  default  not  set  forth  in  this  Agreement  or  that  are  inconsistent herewith, such provisions shall be null and void (or reformed automatically)  so  as  to  eliminate  any  inconsistency.   A  Letter  of  Credit  shall  be  issued,  amended  or  extended  only  if  (and  upon  each  issuance,  amendment or  extension  of  any  Letter  of  Credit  the  applicable  Borrower  shall  be  deemed  to  represent  and  warrant  that),  after  giving  effect  to  such  issuance,  amendment or  extension,  (A) the  LC  Exposure  will  not  exceed $50,000,000, (B) the portion of the LC Exposure attributable to Letters of Credit  issued by any Issuing Bank shall not exceed the LC Commitment of such Issuing Bank  unless such Issuing Bank shall otherwise consent in its sole discretion, (C) the Aggregate  Designated  Currency  Revolving  Exposure  will  not  exceed  the  Aggregate  Designated  Currency Revolving Sublimit, (D) the Revolving Exposure of any Revolving Lender will  not  exceed  such  Revolving  Lender’s  Revolving  Commitment  and (E) the  Aggregate  Revolving Exposure will not exceed the Aggregate Revolving Commitment.               (c)  Expiration Date.  Each Letter of Credit shall by its terms expire 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 extension thereof, one year after  such  extension)  and  (ii) the  date  that  is  five  Business  Days  prior  to  the  Revolving  Maturity Date (without giving effect to the proviso in the definition of such term unless  the Revolving Maturity Date shall have occurred pursuant to such proviso); provided that  any Letter of Credit may contain customary automatic extension provisions agreed upon  by  the applicable  Borrower and  the  applicable  Issuing  Bank  pursuant  to  which  the  expiration date of such Letter of Credit shall automatically be extended for a period of up  to 12 months (but not to a date later than the date set forth in clause (ii) above), subject to  a right on the part of such Issuing Bank to prevent any such extension from occurring by  giving notice to the beneficiary in advance of any such extension.               (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 the applicable Issuing Bank or any Revolving Lender, the Issuing Bank that is the  issuer  thereof  hereby  grants  to  each  Revolving  Lender,  and  each  Revolving  Lender  hereby acquires from such Issuing Bank, a participation in such Letter of Credit equal to  such Revolving 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  such  Issuing Bank,  in  the  currency  of  the  applicable Letter of Credit, such Revolving Lender’s Applicable Percentage of each LC  Disbursement made by such Issuing Bank under such Letter of Credit and not reimbursed  by the applicable Borrower on the date due as provided in clause (f) of this Section, or of  any reimbursement payment required to be refunded to the applicable 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     [[5509122]] 

 

                                                                      62   unconditional  and  shall  not  be  affected  by  any  circumstance  whatsoever,  including  any  amendment or  extension  of  any  Letter  of  Credit,  the  occurrence  and  continuance  of  a  Default,  any  reduction  or  termination  of  the  Revolving  Commitments  or  any force  majeure or other event that under any rule of law or uniform practices to which any Letter  of Credit is subject (including Section 3.14 of ISP 98 or any successor publication of the  International Chamber of Commerce) permits a drawing to be made under such Letter of  Credit  after the  expiration  thereof or of  the  Commitments,  and that  each  such  payment  shall be made without any offset, abatement, withholding or reduction whatsoever.  Each  Revolving  Lender  further  acknowledges  and  agrees  that,  in  issuing,  amending or  extending any Letter of Credit, the applicable Issuing Bank shall be entitled to rely, and  shall  not  incur  any  liability  for  relying,  upon  the  representation  and  warranty  of  the  Company and the Borrowing Subsidiaries deemed made pursuant to Section 4.02, unless,  at least one Business Day prior to the time such  Letter of Credit  is  issued, amended or  extended (or, in the case of an automatic extension permitted pursuant to clause (c) of this  Section, at least one Business Day prior to the time by which the election not to extend  must be made by the applicable Issuing Bank), the Majority in Interest of the Revolving  Lenders  shall  have  notified  the applicable  Issuing  Bank (with a  copy  to  the  Administrative Agent) in writing that, as a result of one or more events or circumstances  described  in  such  notice,  one  or  more  of  the  conditions  precedent  set  forth in  Section 4.02(a) or 4.02(b) would not be satisfied if such Letter of Credit were then issued,  amended or extended (it being understood and agreed that, in the event any Issuing Bank  shall have received any such notice, no Issuing Bank shall have any obligation to issue,  amend or extend any Letter of Credit until and unless it shall be satisfied that the events  and circumstances described in such notice shall have been cured or otherwise shall have  ceased to exist).               (e)  Disbursements.  The  applicable Issuing Bank  shall, within  the  time  allowed  by  applicable  law  or  the  specific  terms  of  the  applicable  Letter  of  Credit  following its receipt thereof, examine all documents purporting to represent a demand for  payment  under  a  Letter  of  Credit  issued  by  it  and  shall promptly  notify  the  Administrative  Agent  and  the  applicable  Borrower  by  telephone  (confirmed  by  hand  delivery or facsimile) 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 applicable Borrower of its obligation to  reimburse such LC Disbursement.               (f)  Reimbursements.  If an Issuing Bank shall make an LC Disbursement  in  respect  of  a  Letter  of  Credit,  the  applicable  Borrower  shall  reimburse  such  LC  Disbursement  by  paying  to  the  Administrative  Agent  an  amount  equal  to  such  LC  Disbursement, in the currency thereof, not later than (i) if the applicable Borrower shall  have received notice of such LC Disbursement prior to 10:00 a.m., Local Time, on any  Business Day, then 3:00 p.m., Local Time, on such Business Day or (ii) otherwise, 3:00  p.m., Local Time, on the Business Day immediately following the day that the applicable  Borrower receives  such  notice; provided that,  in  the case  of  an  LC  Disbursement  in  dollars,  if  the  amount  of  such  LC  Disbursement  is  $100,000  or  more,  the  applicable  Borrower  may,  subject  to  the  conditions  to  borrowing  set  forth  herein,  request  in  accordance  with  Section 2.03  or  2.04  that  such  payment  be  financed  with  an  ABR     [[5509122]] 

 

                                                                      63   Revolving Borrowing or a Swingline Loan and, to the extent so financed, the applicable  Borrower’s  obligation  to  make  such  payment  shall  be  discharged  and  replaced  by  the  resulting ABR Revolving Borrowing or Swingline Loan.  If the applicable Borrower fails  to reimburse  any  LC  Disbursement  by  the  time  specified  above, the  applicable  Issuing  Bank  shall  notify  the  Administrative  Agent,  whereupon the  Administrative  Agent  shall  notify each Revolving Lender of such failure, the payment then due from the applicable  Borrower in respect of the applicable  LC Disbursement, the currency thereof, and such  Revolving Lender’s Applicable Percentage thereof.  Promptly  following receipt of such  notice (and,  in any event, no later than the  immediately  following  Business Day), each  Revolving  Lender  shall  pay  to  the  Administrative  Agent  in  the  currency  of  such  LC  Disbursement  its  Applicable  Percentage  of  the  amount  then  due  from  the  applicable  Borrower, in the same manner as provided in Section 2.06 with respect to Loans made by  such Lender (and Section 2.06 shall apply, mutatis mutandis, to the payment obligations  of the Revolving Lenders pursuant to this paragraph), and the Administrative Agent shall  promptly  remit  to  the  applicable  Issuing  Bank  the  amounts  so received  by  it  from  the  Revolving  Lenders.   Promptly  following  receipt  by  the  Administrative  Agent  of  any  payment  from  a  Borrower  pursuant  to  this  paragraph,  the  Administrative  Agent  shall  distribute such payment to the applicable Issuing Bank or, to the extent that Revolving  Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank,  then  to  such  Revolving  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  an  LC  Disbursement  (other  than  the  funding  of  an  ABR  Revolving  Borrowing or a Swingline Loan as contemplated above) shall not constitute a Loan and  shall  not  relieve  the  applicable  Borrower  of  its  obligation  to  reimburse such  LC  Disbursement.               (g)  Obligations  Absolute.   Each  Borrower’s  obligation  to  reimburse  LC  Disbursements  as  provided  in clause (f)  of  this  Section is  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 thereof or hereof, (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, (iv) any force majeure or other event that under any rule of  law or uniform practices to which any Letter of Credit is subject (including Section 3.14  of  ISP  98  or  any  successor  publication  of  the  International  Chamber  of  Commerce)  permits a drawing to be made under such Letter of Credit after the stated expiration date  thereof  or  of  the  Commitments  or  (v)  any  other  event  or  circumstance  whatsoever,  whether or not similar to any of the foregoing, that might, but for the provisions of this  paragraph, constitute a legal or equitable discharge of, or provide a right of setoff against,  the Borrowers’ obligations hereunder.  None of the  Administrative  Agent, the Lenders,  the Issuing Banks or 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, any  payment  or  failure  to  make  any  payment  thereunder  (irrespective  of  any  of  the  circumstances  referred  to  in  the preceding  sentence),  any  error,  omission,  interruption,     [[5509122]] 

 

                                                                      64   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, any error in translation  or any other act, failure to act or other event or circumstance; provided that the foregoing  shall  not  be  construed  to  excuse  any  Issuing  Bank  from  liability  to  the  applicable  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  Borrowers to the extent permitted by applicable law) suffered by such 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  an  Issuing  Bank  (with  such  absence  to  be  presumed  unless  otherwise determined  by a court of competent  jurisdiction  in  a  final and  nonappealable  judgment),  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 that appear on their  face to be in substantial compliance with the terms of a Letter of Credit, an 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.               (h)  Interim Interest.  If an Issuing Bank shall make any LC Disbursement,  then, unless the applicable 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 applicable Borrower reimburses such LC Disbursement in full, at (i) in the  case of any LC Disbursement denominated in dollars, the rate per annum then applicable  to  ABR  Revolving  Loans  and  (ii)  in  the  case  of  an  LC  Disbursement  denominated  in  Euro,  Pounds  Sterling  or  any  other  Designated  Currency, the  applicable  Foreign  Currency Overnight Rate plus the Applicable Rate used to determine interest applicable  to  LIBOR  Revolving  Loans  and  EURIBOR  Revolving  Loans; provided that,  if  such  Borrower fails to reimburse such LC Disbursement in full when due pursuant to clause (f)  of this Section, Section 2.13(e) shall apply.  Interest accrued pursuant to this paragraph  shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank,  except that interest accrued on and after the date of payment by any  Revolving Lender  pursuant  to clause (f)  of  this  Section  to  reimburse  such  Issuing  Bank  shall  be  for  the  account of such Lender to the extent of such payment, and shall be payable on demand  or,  if  no  demand  has  been  made,  on  the  date  on  which  the  applicable  Borrower  reimburses the applicable LC Disbursement in full.               (i)  Cash Collateralization.  If (A) the Revolving Maturity Date shall occur  or (B)  any  Event  of  Default  shall  occur  and  be  continuing and,  if  any  Loans  are  outstanding, the  maturity  of such Loans  has  been  accelerated,  then  on  the  Revolving  Maturity Date (in the case of the preceding clause (A)), or on the Business Day that the  applicable Borrower receives notice from the Administrative Agent at the direction of a  Majority  in  Interest of  the  Revolving  Lenders  demanding  the  deposit of  cash  collateral     [[5509122]] 

 

                                                                      65   pursuant  to  this  paragraph  (in  the  case  of the  preceding  clause  (B)),  each  applicable  Borrower shall deposit in an account with the Administrative Agent, in the name of the  Administrative  Agent  and  for  the  benefit  of  the  Lenders,  an  amount  in cash  equal  to  103% of the portion of the LC Exposure attributable to each Letter of Credit issued for  the account of such Borrower and outstanding on such date, in the currency of such Letter  of  Credit,  plus  any  accrued  and  unpaid  interest thereon; provided that 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  any Borrower  described  in  clause (i)  or  (j)  of  Article VII.   Each  Borrower  also  shall  deposit  cash  collateral  in  accordance with this paragraph as and to the extent required by Section 2.11(b) or 2.20.   Each such deposit shall be held by the Administrative Agent as collateral for the payment  and  performance  of  the  obligations  of  the  Borrowers  under  this  Agreement.   The  Administrative Agent shall have exclusive dominion and control, including the exclusive  right of withdrawal, over such account.  Other than any interest earned on the investment  of  such  deposits,  which  investments  shall  be  made  in  the  sole  discretion  of  the  Administrative  Agent  and  at  the  Borrowers’  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,  notwithstanding anything to the contrary  in the  Security  Documents,  be  applied  by  the  Administrative  Agent  to  reimburse  the  Issuing  Banks  for  LC  Disbursements  for  which  they  have  not been  reimbursed, together  with  reasonably documented fees, costs and customary processing charges related thereto, and,  to  the  extent  not  so  applied,  shall  be  held  for  the  satisfaction  of  the  reimbursement  obligations of the Borrowers for the LC Exposure at such time or, if the maturity of the  Loans has been accelerated (but subject to (i) the consent of a Majority in Interest of the  Revolving  Lenders  and  (ii)  in  the  case  of  any  such  application  at  a  time  when  any  Revolving  Lender  is  a  Defaulting  Lender  (but  only  if,  after  giving  effect  thereto,  the  remaining  cash  collateral  shall  be  less  than  the  aggregate  LC  Exposure  of  all  the  Defaulting  Lenders),  the  consent  of  each  Issuing  Bank),  be  applied  to  satisfy  other  obligations  of  the  Borrowers  under  this  Agreement.   If  the  Borrowers  are  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  Borrowers  within  three  Business  Days  after  all  Events  of  Default  have  been  cured  or  waived.  If the Borrowers are required to provide an amount of cash collateral hereunder  pursuant to Section 2.11(b), such amount (to the extent not applied as aforesaid) shall be  returned  to  the  Borrowers  to  the  extent  that,  after  giving  effect  to  such  return,  the  Aggregate  Designated  Currency  Revolving  Exposure  would  not  exceed  the  Aggregate  Designated Currency Revolving Sublimit, the Aggregate Revolving Exposure would not  exceed  the  Aggregate  Revolving  Commitment  and  no  Event  of  Default  shall  have  occurred and be continuing.  If the Borrowers are required to provide an amount of cash  collateral hereunder pursuant to Section 2.20, such amount (to the extent not applied as  aforesaid) shall be returned to the Borrowers as promptly as practicable to the extent that,  after giving effect to such return, no Issuing Bank shall have any exposure in respect of  any outstanding Letter of Credit that is not fully covered by the Revolving Commitments  of  the  Non-Defaulting  Lenders  and/or  the  remaining  cash  collateral  and  no  Event  of  Default shall have occurred and be continuing.     [[5509122]] 

 

                                                                      66               (j)  Designation of Additional Issuing Banks.  The Company may, at any  time and from time to time, with the consent of the Administrative Agent (which consent  shall  not be unreasonably withheld), designate as additional Issuing Banks one or more  Revolving  Lenders  that  agree  to  serve  in  such  capacity  as  provided  below.   The  acceptance by a Revolving Lender of an appointment as an Issuing Bank hereunder shall  be  evidenced  by  an  agreement,  which  shall  be  in  form  and  substance  reasonably  satisfactory to the Administrative Agent, executed by the Company, the  Administrative  Agent and such designated Revolving Lender, which shall set forth the LC Commitment  of  such Revolving  Lender, and,  from  and  after  the  effective  date  of  such  agreement,  (i) such  Revolving  Lender  shall  have  all  the  rights  and  obligations  of  an  Issuing  Bank  under  this  Agreement  and  (ii) references  herein  to  the  term  “Issuing  Bank”  shall  be  deemed to include such Revolving Lender in its capacity as an issuer of Letters of Credit  hereunder.               (k)  Termination  of  an  Issuing  Bank.   The  Company  may  terminate  the  appointment of any Issuing Bank as an “Issuing Bank” hereunder by providing a written  notice thereof to such Issuing Bank, with a copy to the Administrative Agent.  Any such  termination  shall  become  effective  upon  the  earlier  of  (i) such  Issuing  Bank  acknowledging receipt of such notice and (ii) the 10th Business Day following the date of  the delivery thereof; provided that no such termination shall  become effective until and  unless the LC Exposure attributable to Letters of Credit issued by such Issuing Bank (or  its  Affiliates)  shall  have  been  reduced  to  zero.  At  the time  any  such  termination  shall  become effective, the Company shall pay all unpaid fees accrued for the account of the  terminated Issuing Bank pursuant to Section 2.12(b).  Notwithstanding the effectiveness  of any such termination, the terminated Issuing Bank shall remain a party hereto and shall  continue to have all the rights of an Issuing Bank under this Agreement with respect to  Letters of Credit issued by it prior to such termination, but shall not issue any additional  Letters of Credit or be required to amend or extend any existing Letters of Credit without  its prior consent.               (l)  Issuing Bank Reports to the Administrative Agent.  Unless otherwise  agreed  by  the  Administrative  Agent,  each  Issuing  Bank  shall,  in  addition  to  its  notification  obligations  set  forth  elsewhere  in  this  Section,  report in  writing  to  the  Administrative  Agent such  information as  the  Administrative  Agent  shall  reasonably  request as to the Letters of Credit issued by such Issuing Bank.               (m)  LC  Exposure  Determination.   For  all  purposes  of  this  Agreement  (other than the payment of fees with respect thereto), (i) the amount of a Letter of Credit  that, by its terms or the terms of any document related thereto, provides for one or more  automatic  increases  in  the  stated  amount  thereof  shall  be  deemed  to  be  the  maximum  stated amount of such Letter of Credit after giving effect to all such increases (other than  any  such  increase  consisting  of  the  reinstatement  of  an  amount  previously  drawn  thereunder and reimbursed), whether or not such maximum stated amount is in effect at  the time of determination and (ii) if on any date of determination a Letter of Credit has  expired  by  its  terms  but  any  amount  may  still  be  drawn  thereunder  by  reason  of  the  operation of Article 29(a) of the Uniform Customs and Practice for Documentary Credits,  International Chamber of Commerce Publication No. 600 (or such later version thereof as     [[5509122]] 

 

                                                                      67   may be in effect at the applicable time) or Rule 3.13 or Rule 3.14 of the ISP 98 or similar  terms of the Letter of Credit itself, or if compliant documents have been presented but not  yet honored, such Letter of Credit shall be deemed to be “outstanding” and “undrawn” in  the amount so remaining available to be paid, and the obligations of the Borrowers and  Revolving Lenders hereunder shall remain in full force and effect until the Issuing Banks  and  the Revolving Lenders  shall  have  no  further  obligations  to  make  any  payments  or  disbursements under any circumstances with respect to any Letter of Credit.               (n)  Letters of Credit Issued for Account of Others. Notwithstanding that a  Letter of Credit (including any Existing Letter of Credit) issued or outstanding hereunder  supports  any  obligations  of,  or  is  for  the  account  of,  any  Subsidiary  of  the  Company  (except where such Subsidiary itself is a Borrower), or states that any such Subsidiary is  the “account party”, “applicant”, “customer”, “instructing party” or the like of or for such  Letter of Credit, and without derogating  from any rights of the applicable Issuing Bank  (whether  arising  by  contract,  at  law,  in  equity  or otherwise)  against  such  Subsidiary  in  respect  of  such  Letter  of  Credit,  the  Company  (i)  shall  reimburse,  indemnify  and  compensate the applicable Issuing Bank hereunder for such Letter of Credit (including to  reimburse any and all LC Disbursements thereunder, the payment of interest thereon and  the payment of fees due under Section 2.12(b)) as if such Letter of Credit had been issued  solely  for the account of the Company  and (ii)  irrevocably waives any and all defenses  that  might  otherwise  be  available  to  it  as  a  guarantor  or  surety  of  any  or  all  of  the  obligations of such Subsidiary in respect of such Letter of Credit.  The Company hereby  acknowledges  that  the  issuance  of  Letters  of  Credit  for  its  Subsidiaries  inures  to  the  benefit  of  the  Company,  and  that  the  Company’s  business derives  substantial  benefits  from the businesses of its Subsidiaries.               SECTION 2.06.  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 in the applicable currency by 2:00 p.m., Local Time (or, in  the case of an ABR Revolving Borrowing, if later, the time that is at least two hours after  the delivery of the Borrowing Request therefor pursuant to Section 2.03), to the account  of the Administrative Agent most recently designated by it for such purpose by notice to  the Lenders; provided that Swingline  Loans  shall be  made  as provided  in Section 2.04.   The Administrative Agent will make such Loans available to the applicable Borrower by  promptly  remitting  the  amounts  so  received,  in  like  funds,  to  the  Applicable  Funding  Account or, in the case of ABR Revolving Loans made to finance the reimbursement of  an LC Disbursement as provided in Section 2.05(f), to the Issuing Bank specified by the  applicable Borrower in the applicable Borrowing Request.               (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 clause (a)  of  this  Section  and  may,  in  reliance  on  such  assumption, make available to the applicable 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 such Borrower severally agree     [[5509122]] 

 

                                                                      68   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 such Borrower to but excluding the date of payment to the Administrative  Agent, at  (i) in the case of a payment to be made by such Lender, (A) if denominated in dollars, the  greater of (x) the NYFRB Rate and (y) a rate determined by the Administrative Agent in  accordance  with  banking  industry  rules  on  interbank  compensation  and  (B)  if  denominated in any Designated Currency, the greater of (x) the interest rate reasonably  determined  by  the  Administrative  Agent  to  reflect  its  cost  of  funds  for  the  amount  advanced  by  the  Administrative  Agent  on  behalf  of  such  Lender  (which  determination  shall  be  conclusive  absent  manifest  error,  it  being  understood  that  the  Administrative  Agent may, in its sole discretion, for such purpose deem its cost of funds to be equal to  the  Foreign  Currency  Overnight  Rate)  and  (y) a  rate  determined  by  the  Administrative  Agent in accordance with banking industry rules on interbank compensation or (ii) in the  case of a payment to be made by such Borrower, the interest rate applicable to the subject  Loan pursuant to Section 2.13.  If such Borrower and such Lender shall pay such interest  to the  Administrative  Agent  for  the  same  or  an  overlapping  period,  the  Administrative  Agent  shall  promptly  remit  to  such  Borrower the  amount of  such  interest  paid  by  such  Borrower for such period.  If such Lender pays such amount to the Administrative Agent,  then such amount shall constitute such Lender’s Loan included in such Borrowing.  Any  payment  by  any  Borrower  shall  be  without  prejudice  to  any  claim  such  Borrower  may  have against a Lender that shall have failed to make such payment to the Administrative  Agent.               SECTION 2.07.  Interest  Elections.  (a)  Each  Borrowing  initially  shall  be of the Type and, in the case of a LIBOR Borrowing or a EURIBOR Borrowing, shall  have  an  initial  Interest  Period  as  specified  in  the  applicable  Borrowing  Request  or  as  otherwise  provided  in  Section 2.03.   Thereafter,  the applicable  Borrower  may  elect  to  convert such Borrowing (if denominated in dollars) to a Borrowing of a different Type or  to  continue  such  Borrowing  and,  in  the  case  of  a  LIBOR  Borrowing  or  a  EURIBOR  Borrowing,  may  elect  Interest  Periods  therefor,  all  as  provided  in  this  Section.   A  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 applicable Borrower  shall submit a completed Interest Election  Request  to the  Administrative  Agent  by  the  time  that  a  Borrowing  Request  would  be  required  under  Section 2.03  if  such  Borrower  were requesting  a Revolving Borrowing of the Type resulting  from  such election to be  made  on  the  effective  date  of  such  election.   Each  Interest  Election  Request  shall  be  irrevocable and shall be signed by a Financial Officer of the applicable Borrower.  Each  Interest  Election  Request  shall  specify  the  following  information  in  compliance  with  Section 2.02:              (i) the Borrowing to which  such Interest Election Request applies and, if        different options are  being elected with respect to different portions thereof, the     [[5509122]] 

 

                                                                      69         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, a LIBOR        Borrowing or a EURIBOR Borrowing; and             (iv) if the resulting Borrowing is to be a LIBOR Borrowing or a EURIBOR        Borrowing, the Interest Period to be applicable thereto after giving effect to such        election,  which  shall  be  a  period  contemplated  by  the  definition  of  the  term        “Interest Period”.   If  any  such  Interest  Election  Request  requests  a  LIBOR  Borrowing  or  a  EURIBOR  Borrowing  but does not specify an Interest Period, then the applicable Borrower shall be  deemed to have selected an Interest Period of one month’s duration.               (c)  Promptly  following  receipt  of  an  Interest  Election  Request  in  accordance with this Section, the Administrative Agent shall advise each Lender of the  applicable  Class  of  the  details  thereof  and  of  such  Lender’s  portion  of  each  resulting  Borrowing.               (d)  If  the  applicable  Borrower  fails  to  deliver  a  timely  Interest  Election  Request with respect to a LIBOR Borrowing or a EURIBOR 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 such Borrowing shall be continued as a  LIBOR  Borrowing  (or  a  EURIBOR  Borrowing,  in  the  case  of  a  Revolving  Borrowing  denominated  in Euro) for an additional Interest Period of one  month.  Notwithstanding  any contrary provision hereof, if an Event of Default under clause (i) or (j) of Article VII  has  occurred  and  is  continuing  with  respect  to  any  Borrower,  or  if  any  other  Event  of  Default has occurred and is continuing and the Administrative Agent, at the request of the  Required Lenders, has notified the Company of the election to give effect to this sentence  on account of such other Event of Default, then, in each such case, so long as such Event  of  Default  is  continuing,  (i)  no  outstanding  Borrowing  denominated  in  dollars  may  be  converted  to  or  continued  as  a  LIBOR  Borrowing,  (ii)  unless  repaid,  each  LIBOR  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 LIBOR or EURIBOR  Borrowing denominated in Euro, Pounds Sterling or any other Designated Currency shall  be continued as a LIBOR Borrowing or a EURIBOR Borrowing, as applicable, with an  Interest Period of one month’s duration.               SECTION 2.08.  Termination  and  Reduction  of  Commitments.  (a)   Unless previously terminated, the Revolving Commitments shall automatically terminate  on the Revolving Maturity Date.      [[5509122]] 

 

                                                                      70               (b)  The  Company  may  at  any  time  terminate,  or  from  time  to  time  permanently reduce, the Commitments of any Class; provided that (i) each reduction of  the Commitments of any Class shall  be  in an amount that is an  integral  multiple of the  Borrowing  Multiple  and  not  less  than  the  Borrowing  Minimum  and  (ii)  the  Company  shall  not terminate or  reduce the Revolving  Commitments  if,  after  giving  effect to  any  concurrent prepayment of the Revolving Loans or Swingline  Loans  in  accordance with  Section 2.11, the Aggregate Revolving Exposure would exceed the Aggregate Revolving  Commitment.               (c)  The Company shall notify the Administrative Agent of any election to  terminate  or  reduce  the  Commitments  under clause (b)  of  this  Section  at  least  three  Business Days prior to the effective date of such termination or reduction, specifying the  effective date thereof.  Promptly following receipt of any such notice, the Administrative  Agent  shall  advise  the  Lenders  of  the  applicable  Class  of  the  contents  thereof.   Each  notice delivered by the Company pursuant to this Section shall be irrevocable; provided  that a notice of termination or reduction of the Revolving Commitments under clause (b)  of this Section may  state that such  notice  is conditioned upon the occurrence of one or  more events specified therein, in which case such notice may be revoked by the Company  (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 of any Class  shall  be  permanent.   Each  reduction  of  the  Commitments  of  any  Class  shall  be  made  ratably  among  the  Lenders  in  accordance  with  their  respective  Commitments  of  such  Class.               SECTION 2.09.  Repayment of  Loans;  Evidence  of  Debt.  (a)  The  Company  hereby  unconditionally  promises  to  pay  to  the  Administrative  Agent  for  the  account of each Lender the then unpaid principal amount of each Incremental Term Loan,  if  any,  of  such  Lender  as  provided  in  the  applicable  Incremental  Facility  Agreement.    Each  Borrower  hereby  unconditionally  promises  to  pay  (i) to the  Administrative  Agent  for the account of each Lender the then unpaid principal amount of each Revolving Loan  of  such  Lender made  to  such  Borrower on the  Revolving  Maturity  Date and  (ii)  to the  Swingline Lender the then unpaid principal amount of each Swingline Loan made to such  Borrower on  the  earlier  of  the  Revolving 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  Business  Days  after  such  Swingline  Loan  is  made; provided that  on  each  date  that  a  Revolving  Borrowing  denominated  in  dollars  is  made,  each  Borrower  shall  repay  all  Swingline Loans that were outstanding for its own account on the date such Borrowing  was requested.               (b)  The records maintained by the Administrative Agent and the Lenders  shall  be prima facie evidence  of  the  existence  and  amounts  of  the  obligations  of  the  Borrowers in respect of the Loans, LC Disbursements, interest and  fees due or accrued  hereunder; provided that  the  failure  of  the  Administrative  Agent  or  any  Lender  to  maintain such records or any error therein shall not in any manner affect the obligation of  the  Borrowers to  pay  any  amounts  due  hereunder  in  accordance  with  the  terms  of  this  Agreement.     [[5509122]] 

 

                                                                      71               (c)  Any  Lender  may  request  that  Loans  of  any  Class  made  by  it  be  evidenced by a promissory note.  In such event, the Borrowers shall prepare, execute and  deliver to such Lender a promissory note payable to such Lender (or, if requested by such  Lender, to such Lender and its registered assigns) and in a form reasonably acceptable to  the Administrative Agent.  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 (or, if such promissory note is a registered note, to such payee and its registered  assigns);  it  being  understood  and  agreed  that  such  Lender  (and/or  its  assignee  or  assignees)  shall  be  required  to  return  such  promissory  note  to  the  Company  on  the  Termination Date.               SECTION 2.10.  [Reserved.]               SECTION 2.11.  Prepayment  of  Loans.  (a)  Each  Borrower  shall  have  the right at any time and from time to time to prepay any Borrowing in whole or in part,  subject to the requirements of this Section.               (b)  In  the  event  and  on  each  occasion  that the  Aggregate  Revolving  Exposure  exceeds  the  Aggregate  Revolving  Commitment,  the  Borrowers  shall  prepay  Revolving  Borrowings  or  Swingline  Borrowings  (or,  if  no  such  Borrowings  are  outstanding,  deposit  cash  collateral  in  an  account  with  the  Administrative  Agent  in  accordance  with  Section 2.05(i))  in  an  aggregate  amount  sufficient  to  eliminate  such  excess.   In  the  event  and  on  each  occasion  that  the  Aggregate  Designated  Currency  Revolving  Exposure  exceeds  the  Aggregate  Designated  Currency  Revolving  Sublimit,  the Borrowers shall prepay Revolving Borrowings denominated in Euro, Pounds Sterling  or  any  other  Designated  Currency  (or,  if  no  such  Borrowings  are  outstanding,  deposit  cash  collateral  in  an  account  with  the  Administrative  Agent  in  accordance  with  Section 2.05(i)) in an aggregate amount sufficient to eliminate such excess.               (c)  Prior to any optional or mandatory prepayment of Borrowings under  this  Section,  the  applicable  Borrower  shall  specify  the  Borrowing  or  Borrowings  to  be  prepaid in the notice of such prepayment delivered pursuant to clause (d) of this Section.                 (d)  The applicable Borrower shall  notify the  Administrative  Agent (and,  in  the  case  of  prepayment  of  a  Swingline  Loan,  the  Swingline  Lender)  by  telephone  (confirmed by hand delivery or facsimile) of any optional prepayment and, to the extent  practicable,  any  mandatory  prepayment  hereunder  (i)  in  the  case  of  prepayment  of  a  LIBOR  Borrowing  or  EURIBOR  Borrowing,  not  later  than  12:00  noon,  Local  Time,  three Business Days before the date of prepayment, (ii) in the case of prepayment of an  ABR  Borrowing,  not  later  than  12:00  noon,  Local  Time,  one  Business  Day  before  the  date of prepayment or (iii) in the case of prepayment of a Swingline Loan, not later than  12:00  noon,  Local  Time,  on  the  date  of  prepayment (which  shall  be  a  Business  Day).   Each such notice shall be irrevocable and shall specify the prepayment date, the principal  amount  of  each  Borrowing  or  portion  thereof  to  be  prepaid  and,  in  the  case  of  a  mandatory  prepayment,  a  reasonably  detailed  calculation  of  the  amount  of  such  prepayment; provided that  a  notice  of  prepayment  of any Borrowing  pursuant  to     [[5509122]] 

 

                                                                      72   clause (a) of this Section may state that such notice is conditioned upon the occurrence of  one or more events specified therein,  in which case such  notice  may  be revoked by the  applicable Borrower (by notice to the Administrative Agent on or prior to the specified  date of prepayment) if such condition is not satisfied.  Promptly following receipt of any  such notice (other than a notice relating solely to Swingline Loans), the Administrative  Agent  shall  advise  the  Lenders  of  the  applicable  Class  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, except  as  necessary  to  apply  fully  the  required  amount  of  a  mandatory  prepayment.   Each  prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid  Borrowing.  Prepayments shall be accompanied by accrued interest to the extent required  by Section 2.13.               SECTION 2.12.  Fees.  (a)  The  Company  agrees  to  pay  to  the  Administrative Agent for the account of each Revolving Lender (subject to Section 2.20  in  the  case  of  a  Defaulting  Lender)  a  commitment  fee,  which  shall  accrue  at  the  Applicable  Rate on the average daily unused amount of the Revolving  Commitment of  such  Lender  during  the  period from  and  including the  date  hereof  to  but  excluding  the  date  on  which  such  Revolving  Commitment  terminates.  Commitment  fees  accrued  through and including the last day of March, June, September and December of each year  shall be payable in arrears on the 15th Business Day following such last day and on the  date on which the Revolving Commitments terminate, commencing on the first such date  to occur after the date hereof. 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).  For purposes of computing commitment fees, a  Revolving  Commitment  of  a  Lender  shall  be  deemed  to  be  used  to  the  extent  of  the  outstanding  Revolving  Loans  and  LC  Exposure  of  such  Lender  (and  the  Swingline  Exposure of such Lender shall be disregarded for such purpose).               (b)  The Company  agrees  to  pay  (i)  to  the  Administrative  Agent  for  the  account of  each  Revolving  Lender  (subject to  Section  2.20  in  the  case  of  a  Defaulting  Lender) a  participation  fee  with  respect to  its  participations  in  Letters of  Credit,  which  shall  accrue  at the  Applicable  Rate  used  to  determine  the  interest  rate  applicable  to  LIBOR Revolving Loans on the daily amount of such Lender’s LC Exposure (excluding  any  portion  thereof  attributable  to  unreimbursed  LC  Disbursements)  during  the  period  from and including the Effective Date to but excluding the later of the date on which such  Lender’s Revolving Commitment terminates and the date on which such Lender ceases to  have any LC Exposure and (ii) to each Issuing Bank a fronting fee, which shall accrue at  the  rate  or  rates  per  annum  separately  agreed  upon  between  the  Company  and  such  Issuing Bank on the average daily amount of the LC Exposure attributable to Letters of  Credit  issued  by  such  Issuing  Bank  (excluding  any  portion  thereof  attributable  to  unreimbursed  LC  Disbursements)  during  the  period  from  and  including  the  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 such LC Exposure, as well as such Issuing  Bank’s standard fees with respect to the issuance, amendment or extension of any Letter  of  Credit  or  processing  of  drawings  thereunder.   Participation  fees  and  fronting  fees  accrued through and including the last day of March, June, September and December of     [[5509122]] 

 

                                                                      73   each  year  shall  be  payable  on  the 15th Business  Day  following  such  last  day,  commencing  on  the  first  such  date  to  occur  after  the  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  an  Issuing  Bank  pursuant  to  this  paragraph  shall  be  payable  within  30  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).               (c)  The Company 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  Company and the Administrative Agent.               (d)  All  fees  payable  hereunder  shall  be  paid  on  the  dates  due,  in  immediately available funds, to the Administrative Agent (or to an Issuing Bank, in the  case  of  fees  payable  to  it)  for  distribution,  in  the  case  of  commitment  fees  and  participation  fees, to the Revolving  Lenders entitled thereto.  Fees paid hereunder shall  not be refundable under any circumstances.               SECTION 2.13.  Interest.  (a)  The  Loans  comprising each  ABR  Borrowing (other than any Swingline Loan) shall bear interest at the Alternate Base Rate  plus the Applicable Rate.               (b)  Each  Swingline  Loan  shall  bear  interest  at  the  Alternate  Base  Rate  plus the Applicable Rate or, prior to but not after the purchase by the Revolving Lenders  of participations in such Swingline Loan pursuant to Section 2.04(c), at such other rate as  the Company and the Swingline Lender may agree upon.               (c)  The Loans comprising each LIBOR Borrowing shall bear interest at (i)  in the case of a Borrowing denominated in dollars, the Adjusted LIBO Rate and (ii) in the  case of a Borrowing denominated in a currency other than dollars, the LIBO Rate, in each  case for the Interest Period in effect for such Borrowing plus the Applicable Rate.               (d)  The  Loans comprising  each  EURIBOR  Revolving  Borrowing  shall  bear interest at the EURIBO Rate for the Interest Period in effect for such Borrowing plus  the Applicable Rate.               (e)  Notwithstanding  the  foregoing,  if  any  principal  of  or  interest on  any  Loan or any  fee or other amount payable  by any 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 or  interest on any  Loan or  any  LC  Disbursement,  2%  per  annum plus the  rate  otherwise  applicable  to  such  Loan  as  provided  in  the  preceding  paragraphs of this Section or to such LC Disbursement as provided in Section 2.05(h) or  (ii)  in  the  case  of  any  other  amount,  2%  per  annum plus the  rate  applicable  to  ABR  Revolving Loans as provided in clause (a) of this Section.     [[5509122]] 

 

                                                                      74               (f)  Accrued  interest  on  each  Loan  shall  be  payable  in  arrears  on  each  Interest  Payment  Date  for  such  Loan  and,  in  the  case  of  a  Revolving  Loan,  upon  termination of the Revolving Commitments; provided that (i) interest accrued pursuant to  clause (e) of this Section 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 Revolving  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 a LIBOR Loan or a EURIBOR 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.               (g)  All  interest  hereunder  shall  be  computed  on  the  basis  of  a  year  of  360 days, except that (i) interest on Borrowings denominated in Pounds Sterling and (ii)  interest  computed  by  reference  to the  Alternate  Base  Rate  at times  when  the  Alternate  Base Rate is  based on the Prime Rate shall each  be computed on the basis of a year of  365 days (or, in the case of ABR Borrowings, 366 days in a leap year), and in each case  shall  be  payable  for  the  actual  number  of  days  elapsed  (including the  first  day  but  excluding the last day).  The applicable Alternate Base Rate, LIBO Rate, Adjusted LIBO  Rate or  EURIBO  Rate  shall  be  determined  by  the  Administrative  Agent,  and  such  determination shall be conclusive absent manifest error.               SECTION 2.14.  Alternate  Rate  of  Interest;  Illegality.  (a)  Subject  to  clause (b)  of  this  Section,  if  prior  to  the  commencement  of  any  Interest  Period  for  a  LIBOR Borrowing or EURIBOR Borrowing in any currency:              (i) the  Administrative  Agent  determines  (which  determination  shall  be        conclusive absent manifest error) that adequate and reasonable means do not exist        for ascertaining the Adjusted LIBO Rate, the LIBO Rate or the EURIBO Rate, as        the  case  may  be, in  respect of a  Loan  in  such currency for  such  Interest Period        other  than  as a  result  of  a  Benchmark  Transition  Event  or  any  Early  Opt-in        Election (including  because  the  applicable  Screen  Rate  is  not  available  or        published on a current basis); or              (ii) the Administrative Agent is advised by the Required Lenders (or, in the        case  of  a  circumstance  that  by  its  nature  affects  only  Loans  of  one  Class,  a        Majority  in Interest of the Lenders of such Class) that the Adjusted LIBO Rate,        LIBO Rate or EURIBO Rate, as the case  may  be, in respect of such Borrowing        for  such  Interest  Period will  not  adequately  and  fairly  reflect  the  cost  to  such        Lenders  of  making  or  maintaining  their  Loans  included  in  such  Borrowing  for        such Interest Period;   then the Administrative Agent shall give notice (which may be telephonic) thereof to the  Company and the Lenders (or the Lenders of the affected Class, as the case may be) as  promptly as practicable and, until the Administrative Agent notifies the Company and the  Lenders (or the Lenders of the affected Class) that the circumstances giving rise to such  notice no longer exist (but subject to clause (c) of this Section), (i) any Interest Election  Request that requests the conversion of any Borrowing (or a Borrowing of the affected     [[5509122]] 

 

                                                                      75   Class,  as  the  case  may  be)  to,  or  continuation  of  any  Borrowing  (or  Borrowing  of  the  affected Class) as, an affected LIBOR Borrowing or a EURIBOR Borrowing, as the case  may  be,  shall  be  ineffective,  (ii)  any  affected  LIBOR  Borrowing  or  EURIBOR  Borrowing  that  is  requested  to  be  continued  shall  (A)  if  denominated  in  dollars,  be  continued as an ABR Borrowing, or (B) if denominated in a Designated Currency, shall,  on the last day of the then current Interest Period applicable thereto, at the option of the  Company,  either (1)  be  repaid  in  full  by  the  applicable  Borrower or  (2)  convert  into a  Borrowing  denominated  in  dollars  that  is a  LIBOR  Borrowing  (if  available)  with  an  Interest Period of one month, or otherwise that is an ABR Borrowing, in each case, in a  principal  amount  that  is  the Dollar  Equivalent,  determined  as  of  such  day,  of  such  Borrowing denominated  in such Designated Currency (it  being  understood  that  such  Borrowing  shall,  unless  repaid  or  prepaid,  at  all  times  thereafter  continue  to  be  outstanding as a Borrowing denominated in dollars) and (iii) any Borrowing Request for  an  affected  LIBOR  Borrowing  or  a  EURIBOR  Borrowing  shall  (A)  if  denominated  in  dollars,  be  deemed  a  request  for  an  ABR  Borrowing,  or  (B) if  denominated  in  a  Designated Currency, be ineffective (and no Lender shall be obligated to make a Loan on  account thereof).               (b)  (i)  Notwithstanding  anything  to  the  contrary  herein  or  in  any  other  Loan Document, upon the occurrence of a Benchmark Transition Event or an Early Opt- in  Election,  as  applicable,  the  Administrative  Agent  and  the  Company  may  amend  this  Agreement  to  replace  the  LIBO Rate  or  the  EURIBO  Rate,  as  applicable,  with  a  Benchmark Replacement.  Any such amendment will become effective at 5:00 p.m., New  York City time, on the fifth Business Day after the Administrative Agent has posted such  proposed  amendment  to  all  Lenders  and the  Company,  so  long  as  the  Administrative  Agent  has  not  received,  by  such  time,  written  notice  of  objection  to  such  proposed  amendment from Lenders constituting the Required Lenders; provided that, with respect  to  any  proposed  amendment  containing  any  SOFR-Based  Rate,  the  Lenders  shall  be  entitled to object only to the Benchmark Replacement Adjustment contained therein.  No  replacement of the LIBO Rate or the EURIBO Rate with a Benchmark Replacement will  occur prior to the applicable Benchmark Transition Start Date.              (ii) In  connection  with  the  implementation  of  a  Benchmark  Replacement,        the Administrative Agent in consultation with the Company will have the right to        make  Benchmark  Replacement  Conforming  Changes  from  time  to  time  and,        notwithstanding anything to the contrary herein or in any other Loan Document,        any  amendments  implementing  such  Benchmark  Replacement  Conforming        Changes will become effective without any further action or consent of any other        party to this Agreement.              (iii) The  Administrative  Agent  will  promptly  notify  the  Company  and  the        Lenders of (A) any occurrence of a Benchmark Transition Event or an Early Opt-       in  Election,  as  applicable,  (B) the  implementation  of  any  Benchmark        Replacement, (C) the effectiveness of any Benchmark Replacement Conforming        Changes  and  (D) the  commencement  or  conclusion  of  any  Benchmark        Unavailability Period.     [[5509122]] 

 

                                                                      76             (iv) Upon  the  Company’s  receipt  of  notice  of  the  commencement  of  a        Benchmark Unavailability Period, (A) any Interest Election Request that requests        the  conversion  of  any  Borrowing  to,  or  continuation  of  any  Borrowing  as,  a        LIBOR  Borrowing  or  EURIBOR  Borrowing,  as  applicable,  shall  be  ineffective,        and,  on  the  last  day  of  the  then  current  Interest  Period  applicable  thereto,  such        Borrowing shall (1) if denominated in dollars, be converted to an ABR Borrowing        or  (2) if  denominated  in  a  Designated  Currency, at  the  option  of  the  Company,        either (x) be  repaid in  full  by  the  applicable  Borrower or  (y) be converted to a        Borrowing denominated in dollars that is a LIBOR Borrowing (if available) with        an Interest Period of one month, or otherwise that is an ABR Borrowing, in each        case, in  a  principal  amount that  is  the  Dollar  Equivalent,  determined  as  of  such        day,  of  such  Borrowing  denominated  in  such  Designated  Currency  (it  being        understood  that  such  Borrowing  shall,  unless  repaid  or  prepaid,  at  all  times        thereafter continue to be outstanding as a Borrowing denominated in dollars) and        (B) if  any  Borrowing  Request  requests  a  LIBOR  Borrowing  or  EURIBOR        Borrowing, (1)  if  denominated  in  dollars,  such  Borrowing  shall  be  made  as  an        ABR  Borrowing  and  (2) if  denominated  in  a  Designated  Currency,  such        Borrowing Request shall be ineffective (and no Lender shall be obligated to make        a Loan on account thereof).              (v) Any  determination,  decision  or  election  that  may  be  made  by  the        Administrative Agent or, if applicable, Lenders pursuant to this Section 2.14(b),        including any determination with respect to a tenor, rate or adjustment or of the        occurrence or non-occurrence of an event, circumstance or date and any decision        to take or refrain  from taking any  action, will  be conclusive and  binding absent        manifest error and may be made in its or their sole discretion and without consent        from any other party hereto, except, in each case, as expressly required pursuant        to this Section 2.14(b).               (c)  If any Lender determines that due to any Change in Law it is unlawful,  or that any Governmental Authority has asserted that it is unlawful, for such Lender or its  applicable  lending  office  to  make,  maintain  or  fund  Loans,  or  to  charge  interest  rates  based  upon the  LIBOR  Rate or EURIBOR  Rate,  in  each  case,  as  contemplated  by  this  Agreement,  then,  on  notice  thereof  by  such  Lender  to  the  Company  through  the  Administrative Agent, (i) any obligation of such Lender to make or continue the affected  Loans or to convert ABR Loans to affected Loans shall be suspended until such Lender  notifies the Administrative Agent and the Company that the circumstances giving rise to  such determination no longer exist (which notice such Lender agrees to promptly give),  (ii)  upon  receipt  of  such  notice,  the  Borrowers  shall  upon  demand  from  such  Lender  (with a copy to the Administrative Agent), prepay the affected Loans of such Lender or,  in the case of a Loan in dollars, if  lawful and otherwise permitted hereunder (including  under  Section  2.07),  convert  such  Loans  to  ABR  Loans  (the  rate  of  interest  on  which  shall,  if  necessary  to  avoid  such  illegality,  be  determined  by  the  Administrative  Agent  without reference to clause (c) of the definition of Alternate Base Rate) and (iii) upon any  such  prepayment  or  conversion,  the  Borrowers  shall  also  pay  accrued  interest  on  the  amount  so  prepaid  or  converted  and  all  amounts  due,  if  any,  in  connection  with  such  prepayment  or  conversion  under  Section 2.16.   Each  Lender  agrees  to  designate  a     [[5509122]] 

 

                                                                      77   different  applicable  lending  office  if  such  designation  will  avoid  the  need  for any  such  notice and will  not, in the good faith  judgment of such Lender, otherwise be  materially  disadvantageous to such Lender.                SECTION 2.15.  Increased Costs.  (a)  If any Change in Law shall:              (i) impose,  modify  or  deem  applicable  any  reserve,  special  deposit,        compulsory  loan,  insurance  charge  or  similar  requirement  against  assets  of,        deposits with or for the account of, or credit extended or participated in by, any        Lender  (except  any  such  reserve  requirement  reflected  in  the Adjusted LIBO        Rate) or Issuing Bank;              (ii) impose  on  any  Lender  or  Issuing  Bank  or  the Relevant Interbank        Market  any  other  condition,  cost  or  expense  (other  than  Taxes)  affecting  this        Agreement or LIBOR or EURIBOR 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        and (B)  Excluded  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 other  Recipient of making, converting, continuing or maintaining any Loan or of maintaining  its obligation to make any Loan, or to increase the cost to such Lender, Issuing Bank or  other  Recipient  of  participating  in,  issuing  or  maintaining  any  Letter  of  Credit  (or  of  maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce  the  amount  of  any  sum  received  or  receivable  by  such  Lender,  Issuing Bank  or  other  Recipient  hereunder  (whether  of  principal,  interest  or  any  other  amount)  in  an  amount  determined  by  such  Lender,  Issuing  Bank  or other  Recipient to  be  material,  then,  from  time to time, the Company will pay to such Lender, Issuing Bank or other Recipient, as  the case may be, in accordance with clause (c) of this Section, such additional amount or  amounts  as  will  compensate  such Lender,  Issuing  Bank  or other  Recipient,  as the  case  may  be,  for  such  additional  costs  or  expenses  incurred  or  reduction  suffered; provided  that no Lender shall be entitled to such compensation if the relevant Change in Law shall  have occurred prior to the date on which it shall have become a Lender, unless (x) such  Lender  became  a  Lender  as  a  result  of  an  assignment  hereunder  and  its  assignor  shall  have been entitled to compensation immediately before such Lender became a Lender or  (y)  the  relevant  costs,  expenses  or  reduction  (1)  relate  to  a  Borrowing  Subsidiary  that  shall not have been a Borrowing Subsidiary at the time such Lender became a Lender and  (2) existed at the time such Subsidiary became a Borrowing Subsidiary.                 (b)  If  any  Lender  or  Issuing  Bank  determines  that  any  Change  in  Law  affecting  such  Lender  or  Issuing  Bank  or  any  lending  office  of  such  Lender  or  such  Lender’s  or  Issuing  Bank’s  holding  company,  if  any,  regarding  capital  or  liquidity  requirements  has  had  or will have  the  effect  of  reducing  the  rate  of  return  on  such  Lender’s or Issuing Bank’s capital or on the capital of such Lender’s or Issuing Bank’s     [[5509122]] 

 

                                                                      78   holding company, if any, as a consequence of this Agreement, the Commitments of such  Lender or the Loans made by, or participations in Letters of Credit or Swingline Loans  held  by,  such  Lender,  or  the  Letters  of  Credit  issued  by  such  Issuing  Bank,  to  a  level  below  that  which  such  Lender  or  Issuing  Bank  or  such  Lender’s  or  Issuing  Bank’s  holding  company would have  achieved  but  for  such  Change  in  Law  (taking  into  consideration such Lender’s or Issuing Bank’s policies and the policies of such Lender’s  or Issuing Bank’s holding company with respect to capital adequacy or liquidity), then,  from time to time, the Company or the applicable Borrower will pay to such Lender or  Issuing  Bank,  as  the  case  may  be,  in  accordance  with clause (c)  of  this  Section,  such  additional amount or amounts as will  compensate such Lender or Issuing Bank or such  Lender’s or Issuing Bank’s holding company for any such reduction theretofore suffered.               (c)  A certificate of a Lender, Issuing Bank or other Recipient setting forth  the  amount  or  amounts  necessary  to  compensate  such  Lender, Issuing  Bank or  other  Recipient or its holding company, as the case may be, as specified in clause (a) or (b) of  this  Section delivered  to the Borrowers shall  be  conclusive  absent  manifest  error.   The  Company or  the  applicable  Borrower shall  pay  such  Lender, Issuing  Bank or  other  Recipient, as the case  may  be, the amount shown as due on any  such certificate within  30 days after receipt thereof.  Notwithstanding the foregoing, no Lender or Issuing Bank  shall  be  entitled  to  seek  compensation  for  additional  amounts  or  costs  pursuant  to  this  Section unless the certificate referred to in the immediately preceding sentence shall state  that  it  is  the  general  practice  of  such  Lender  or  Issuing  Bank  at  such  time  to  seek  compensation under similar circumstances  from  other similarly  situated borrowers with  credit  agreements  containing  yield  protection  provisions  that  provide  for  such  compensation.               (d)  Failure  or  delay  on  the  part  of  any  Lender, Issuing  Bank or  other  Recipient to demand compensation pursuant to this Section shall not constitute a waiver  of  such  Lender’s, Issuing  Bank’s or  other  Recipient’s right  to  demand  such  compensation; provided that  the Company  and  the  applicable  Borrower shall  not  be  required  to  compensate  a  Lender, Issuing  Bank or  other  Recipient pursuant  to  this  Section for any increased costs or expenses incurred or reductions suffered more than 120  days prior to the date that such Lender, Issuing Bank or other Recipient, as the case may  be,  notifies  the Borrowers of  the  Change  in  Law  giving  rise  to  such  increased  costs or  expenses  or  reductions  and  of its intention  to  claim  compensation  therefor; provided  further that,  if  the  Change  in  Law  giving  rise  to  such  increased  costs  or expenses  or  reductions is retroactive, then the 120-day period referred to above shall be extended to  include the period of retroactive effect thereof.               (e)  It is understood and agreed that this Section shall not apply to any Tax  imposed  in  respect  of  any  payment  of  principal,  interest,  fees  or  any  other  amount  payable hereunder, which Taxes, for the avoidance of doubt, are covered by Section 2.17.               SECTION 2.16.  Break  Funding  Payments.   In  the  event  of  (a)  the  payment of any principal of any LIBOR Loan or EURIBOR Loan other than on the last  day of an Interest Period applicable thereto (including as a result of an Event of Default),  (b) the conversion of any LIBOR Loan or EURIBOR Loan other than on the last day of     [[5509122]] 

 

                                                                      79   the Interest Period applicable thereto, (c) the failure to borrow, convert or continue any  LIBOR Loan or EURIBOR Loan on the date specified in any notice delivered pursuant  hereto, (d) the failure to prepay any LIBOR Loan or EURIBOR Loan on a date specified  therefor in any  notice of prepayment given by the applicable Borrower (whether or not  such notice may be revoked in accordance with the terms hereof) or (e) the assignment of  any  LIBOR  Loan  or  EURIBOR  Loan  other  than  on  the  last  day  of  the  Interest  Period  applicable thereto as a result of a request by the Company pursuant to Section 2.19, then,  in  any  such  event, the  applicable Borrower  shall  compensate  each  Lender  for  the  loss,  cost and expense attributable to such event (other than loss of profit).  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  that  would  have  accrued  on  the  principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate,  the LIBO Rate or the EURIBO Rate, as the case may be, that would have been applicable  to  such  Loan  (but  not  including  the  Applicable  Rate  applicable  thereto),  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 that would accrue  on such principal amount for such period at the interest rate such Lender would bid if it  were to bid, at the commencement of such period, for deposits in the applicable currency  of a comparable amount and period from other banks in the Relevant Interbank Market; it  being  understood that  such  loss,  cost or  expense  shall  in  any  case  exclude  any  interest  rate  floor  and  all  administrative,  processing  or  similar  fees.   The  Company  shall  also  compensate each Incremental Term Lender for the loss, cost and expense attributable to  any failure by the Company to deliver a timely Interest Election Request with respect to  any  LIBOR  Incremental  Term  Loan.   A  certificate  of  any  Lender  delivered  to  the  Company  setting  forth  any  amount  or  amounts  that  such  Lender  is  entitled  to  receive  pursuant to this Section the basis therefor and, in reasonable detail, the manner in which  such amount or amounts was determined shall be conclusive absent manifest error.  The  applicable  Borrower  shall  pay  such  Lender  the  amount  shown  as  due  on  any  such  certificate within 30 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.      [[5509122]] 

 

                                                                      80               (b)  Payment of Other Taxes by the Loan Parties.  The Loan Parties shall  timely pay to the relevant Governmental Authority in accordance with applicable law, or  at  the  option  of  the  Administrative  Agent  timely  reimburse  it  for  the  payment  of,  any  Other Taxes.               (c)  Evidence  of  Payment.   As  soon  as  practicable  after  any  payment  of  Taxes  by  any  Loan  Party  to  a  Governmental  Authority  pursuant  to  this  Section,  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  jointly  and severally indemnify each Recipient, within 30 days after written demand therefor, for  the  full  amount  of  any  Indemnified  Taxes  (including  Indemnified  Taxes  imposed  or  asserted  on  or  attributable  to  amounts  payable  under  this  Section  but  excluding  any  penalties,  interest,  or  additions  to  such  Indemnified  Taxes  directly  resulting  from  any  action  taken  by  a  Recipient  in  bad  faith  or the  gross  negligence  or  intentional  delay  of  such Recipient) 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  Company  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 30 days after written 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)(ii)  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 clause (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  each  Borrower  and the  Administrative  Agent,  at the time  or     [[5509122]] 

 

                                                                      81   times reasonably requested by such Borrower or the Administrative Agent, such properly  completed  and  executed  documentation  reasonably  requested  by  such  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  a  Borrower or the Administrative Agent, shall deliver such other documentation prescribed  by applicable law or reasonably requested by such Borrower or the Administrative Agent  as  will  enable  such  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 (which  cost,  expense  or  material  prejudice would not have arisen but for the completion, execution or submission of such  documents).              (ii) Without  limiting  the  generality  of  the  foregoing,  in  the  event  that  a        Borrower is a U.S. Person,                      (A) any Lender that is a U.S. Person shall deliver to the Company              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  Company  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 Company or the Administrative Agent), whichever of the following              is applicable:                          (i) 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  W-8BEN-E,  as                    applicable, establishing  an  exemption  from,  or  reduction  of,  U.S.                    Federal withholding Tax pursuant to the “interest” article of such                    tax  treaty  and  (y)  with  respect  to  any  other  applicable  payments                    under any Loan Document, IRS Form W-8BEN or W-8BEN-E, as                    applicable, establishing  an  exemption  from,  or  reduction  of,  U.S.                    Federal  withholding  Tax  pursuant  to  the  “business  profits”  or                    “other income” article of such tax treaty;      [[5509122]] 

 

                                                                      82                         (ii) executed originals of IRS Form W-8ECI;                        (iii) in the case of  a Foreign  Lender claiming the benefits of                    the  exemption  for  portfolio  interest  under  Section  881(c)  of  the                    Code, (x) a certificate substantially  in the  form of Exhibit H-1 to                    the  effect  that  such  Foreign  Lender  is  not  a  “bank”  within  the                    meaning  of  Section  881(c)(3)(A)  of  the  Code,  a  “10  percent                    shareholder”  of  the  Company  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 W-8BEN-E, as applicable; or                         (iv) to the extent a Foreign Lender is not the beneficial owner,                    executed  originals  of  IRS  Form  W-8IMY,  accompanied  by  IRS                    Form W-8ECI, W-8BEN or W-8BEN-E, as applicable, a U.S. Tax                    Compliance Certificate substantially in the form of Exhibit H-2 or                    Exhibit H-3, IRS Form W-9, and/or other certification documents                    from  each  beneficial  owner,  as  applicable; provided that  if  the                    Foreign Lender is a partnership and one or more direct or indirect                    partners of such Foreign Lender are claiming the portfolio interest                    exemption,  such  Foreign  Lender  may  provide  a  U.S.  Tax                    Compliance Certificate substantially in the form of Exhibit H-4 on                    behalf of each such direct and indirect partner;                     (C) any Foreign Lender shall, to the extent it is legally entitled to              do  so,  deliver  to  the  Company  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  Company  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  Company  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              Company and the Administrative Agent at the time or times prescribed by              law and at such time or times reasonably requested by the Company 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  Company  or  the     [[5509122]] 

 

                                                                      83               Administrative  Agent  as  may  be  necessary  for  the  Company  and  the              Administrative Agent to comply with their obligations under FATCA and              to  determine  that  such  Lender  has  complied  with  such  Lender’s              obligations  under  FATCA  or  to  determine  the  amount  to  deduct  and              withhold  from  such  payment.   Solely  for  purposes  of  this  clause  (D),              “FATCA”  shall  include any amendments  made to FATCA after the date              of this Agreement.               Each Lender agrees that if any form or certification it previously delivered  expires  or  becomes  obsolete  or  inaccurate  in  any  respect,  it  shall  update  such  form  or  certification or promptly notify the Company and the Administrative Agent in writing of  its legal inability to do so. In the case of Borrowers other than the Company, each Lender  shall  deliver  to  the  Company  a  copy  of  any  documentation  required  pursuant  to  this  Section 2.17(f).               (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  (including  by  the  payment  of  additional  amounts pursuant to this Section), it shall pay to the indemnifying party an amount equal  to  such  refund  (but  only  to  the  extent  of  indemnity  payments  made  under  this  Section  with  respect to the  Taxes  giving  rise  to  such  refund),  net of  all  out-of-pocket  expenses  (including Taxes) of such indemnified party and without interest (other than any interest  paid  by  the  relevant  Governmental  Authority  with  respect  to  such  refund).   Such  indemnifying  party,  upon  the  request  of  such  indemnified  party,  shall  repay  to  such  indemnified  party  the  amount  paid  over  pursuant  to this  paragraph  (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, in no event will  the indemnified party be required to pay any amount to an indemnifying party pursuant to  this  paragraph  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)  Defined Terms.  For purposes of this Section, the term “Lender” shall  include any Issuing Bank and the term “applicable law” shall include FATCA.               (i)  FATCA.   For  purposes  of  determining  withholding  Taxes  imposed  under FATCA, from and after the effective date of this Agreement, the Borrower and the  Administrative  Agent  shall  treat  (and  the  Lenders  hereby  authorize  the  Administrative  Agent to treat) this Agreement as not qualifying  as a “grandfathered obligation” within  the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).               (j)  Survival.  Each party’s obligations under this Section shall survive the  resignation or replacement of the Administrative Agent or any assignment of rights by, or     [[5509122]] 

 

                                                                      84   the  replacement  of,  a  Lender,  the  termination  of  the  Commitments  and  the  repayment,  satisfaction or discharge of all obligations under any Loan Document.               SECTION 2.18.  Payments  Generally;  Pro  Rata  Treatment;  Sharing  of  Setoffs.  (a)  Each  Borrower  shall  make  each  payment  required  to  be  made  by  it  hereunder  or  under  any  other  Loan  Document  prior  to  the  time  expressly  required  hereunder or under such other Loan Document for such payment (or, if no such time is  expressly required, prior to 2:00 p.m., Local Time), on the date when due, in immediately  available funds, without any defense, setoff, recoupment 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 to such account as may be  specified by the Administrative Agent, except that payments required to be made directly  to  any  Issuing  Bank  or  the  Swingline  Lender  shall  be  so  made,  payments  pursuant  to  Sections 2.15, 2.16, 2.17 and 9.03 shall  be  made  directly to the Persons entitled thereto  and payments pursuant to other Loan Documents shall be made to the Persons specified  therein.  The Administrative Agent shall distribute any such payment received  by  it for  the account of any other Person to the appropriate recipient promptly  following receipt  thereof.   All  payments  hereunder  of  principal  or  interest  in  respect  of  any  Loan  or  LC  Disbursement shall be made in the currency of such Loan or LC Disbursement; all other  payments hereunder and under each other Loan Document shall be made in dollars.               (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 towards  payment of the amounts then due hereunder ratably among the parties entitled thereto, in  accordance with the amounts then due to such parties.               (c)  If any Lender shall, by exercising any right of setoff 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 Lender, then the Lender receiving such greater  proportion shall notify the Administrative Agent of such fact and 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 amount of all such  payments  shall  be  shared  by  the  Lenders  ratably  in  accordance  with  the  aggregate  amounts  of  principal  of  and  accrued  interest  on  their  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 any Borrower pursuant to and in accordance with the  express  terms  of  this  Agreement  (for the  avoidance  of  doubt,  as  in  effect  from  time  to  time and including Sections 2.14(c), 2.19(b), 2.20, 2.21, 2.22 and 2.24) or any payment  obtained by a Lender as consideration for the assignment of or sale of a participation in     [[5509122]] 

 

                                                                      85   any of its Loans or participations in LC Disbursements or Swingline Loans to any Person  that is an Eligible Assignee (as such term is defined from time to time).  Each Borrower  consents  to  the  foregoing  and  agrees,  to  the  extent  it  may  effectively  do  so  under  applicable  law,  that  any  Lender  acquiring  a  participation  pursuant  to  the  foregoing  arrangements may exercise against such Borrower rights of setoff and counterclaim with  respect  to  such  participation  as  fully  as  if  such  Lender  were  a  direct  creditor  of  the  Borrower in the amount of such participation.               (d)  Unless  the  Administrative  Agent  shall  have  received  notice  from  a  Borrower prior to the date on which any payment is due to the Administrative Agent for  the account of the Lenders or Issuing Banks hereunder that such Borrower will not make  such payment, the Administrative Agent may assume that such Borrower has made such  payment on such date in accordance herewith and may, in reliance upon such assumption,  distribute to the Lenders or Issuing Banks, as the case may be, the amount due.  In such  event, if such Borrower has not in fact made such payment, then each of the Lenders or  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  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 (i) if  denominated in dollars, the greater of (x) the NYFRB Rate and (y) a rate determined by  the  Administrative  Agent  in  accordance  with  banking industry  rules  on  interbank  compensation and (ii) if denominated in any Designated Currency, the greater of (x) the  interest  rate  reasonably  determined  by  the  Administrative  Agent  to  reflect  its  cost  of  funds for the amount advanced by the Administrative Agent on behalf of such Lender or  Issuing  Bank  (which  determination  shall  be  conclusive  absent  manifest  error,  it  being  understood  that  the  Administrative  Agent  may,  in  its  sole  discretion,  for  such  purpose  deem its cost of funds to be equal to the Foreign Currency Overnight Rate) and (y) a rate  determined  by  the  Administrative  Agent  in  accordance  with  banking  industry  rules  on  interbank compensation.               (e)  If any Lender shall fail to make any payment required to be made by it  hereunder to or for the account of the Administrative Agent or any Issuing Bank or the  Swingline Lender, 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 to satisfy such Lender’s obligations  in respect of such payment until all such unsatisfied obligations have been discharged or  (ii) hold any such amounts in a segregated account as cash collateral for, and application  to, any future funding obligations of such Lender pursuant to Sections 2.04(c), 2.05(d),  2.05(f),  2.06(b),  2.17(e),  2.18(d)  and  9.03(c),  in  each  case  in  such  order  as  shall  be  determined by the Administrative Agent in its discretion.               SECTION 2.19.  Mitigation Obligations; Replacement of Lenders.  (a)  If  any  Lender  requests  compensation  under  Section 2.15 or any Lender  determines  that it  can  no  longer  make  or  fund  Loans  pursuant  to  Section 2.14(c),  or  if any  Borrower  is  required  to  pay  any  Indemnified  Taxes  or  additional  amounts  to any  Lender  or  to  any  Governmental  Authority  for  the  account  of  any  Lender  pursuant  to  Section 2.17,  then  such Lender shall (at the request of the Company) use commercially reasonable efforts to     [[5509122]] 

 

                                                                      86   designate  a  different  lending  office  for  funding  or  booking  its  Loans  hereunder  or  to  assign and delegate its rights and obligations hereunder to another of its offices, branches  or  Affiliates  if,  in  the  judgment  of  such  Lender,  such  designation  or  assignment  and  delegation  (i)  would  eliminate  or  reduce  amounts  payable  pursuant  to  Section 2.15  or  2.17, as applicable, or mitigate the impact of Section 2.14(c), as the case may be, in the  future and (ii) would not subject such Lender to any unreimbursed out of pocket cost or  expense  and  would  not  otherwise  be  disadvantageous  to  such  Lender  in  any  material  respect.  The applicable Borrower hereby agrees to pay all reasonable costs and expenses  incurred  by  any  Lender  in  connection  with  any  such  designation  or  assignment  and  delegation.               (b)  If  (i)  any  Lender  requests  compensation  under  Section 2.15  or  such  Lender determines that it can no longer make or fund Loans pursuant to Section 2.14(c),  (ii) any Borrower is required to pay any Indemnified Taxes or additional amounts to any  Lender  or  any  Governmental  Authority  for  the  account  of  any  Lender  pursuant  to  Section 2.17,  (iii)  any  Lender  has  become  a  Defaulting  Lender  or  (iv)  any  Lender  has  failed to consent to a proposed amendment, waiver, discharge or termination that under  Section 9.02 requires the consent of all the Lenders (or all the affected Lenders or all the  Lenders or all the affected Lenders of the affected Class) and with respect to which the  Required Lenders (or, in circumstances where Section 9.02 does not require the consent  of the Required Lenders, a Majority in Interest of the Lenders of the affected Class) shall  have granted their consent, then the Company  may, at its sole expense and effort, upon  notice  to  such  Lender  and  the  Administrative  Agent,  (y)  terminate  the  applicable  Commitments  of  such  Lender,  and  repay  all  Loan  Document  Obligations  of  any  Borrower owing to such Lender relating to the applicable Loans and participations held  by  such  Lender  as  of  such  termination  date  under  one  or  more  facilities  or  as  the  Company may elect or (z) 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  Section  2.15  or  2.17)  and  obligations  under  this  Agreement and  the  other  Loan  Documents  (or,  in  the  case of any such assignment and delegation resulting from a failure to provide a consent,  all  its  interests,  rights  and  obligations  under  this  Agreement  and  the  other  Loan  Documents as a Lender of a particular Class) to an Eligible Assignee that shall assume  such obligations (which may be another Lender, if a Lender accepts such assignment and  delegation); provided that (A) the Company shall have received the prior written consent  of the Administrative Agent (and, in circumstances where its consent would be required  under  Section  9.04,  each  Issuing  Bank  and  the  Swingline  Lender),  which  consent  shall  not  unreasonably  be  withheld, conditioned  or  delayed, (B) such  Lender  shall  have  received  payment  of  an  amount  equal  to the  outstanding  principal  of  its  Loans  and,  if  applicable,  participations  in  LC  Disbursements  and  Swingline  Loans,  accrued  interest  thereon, accrued fees and all other amounts payable to it hereunder (if applicable, in each  case  only  to  the  extent  such  amounts  relate  to  its  interest  as  a  Lender  of  a  particular  Class) from the assignee (in the case of such principal and accrued interest and fees) or a  Borrower (in the case of all other amounts), (C) in the case of any such assignment and  delegation  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, (D) such assignment does not conflict with applicable     [[5509122]] 

 

                                                                      87   law and (E) in the case of any such assignment and delegation resulting from the failure  to provide a consent, the assignee shall have given such consent and, as a result of such  assignment  and  delegation  and  any  contemporaneous  assignments  and  delegations  and  consents, the applicable amendment, waiver, discharge or termination can be effected.  A  Lender shall not be required to make any such assignment and delegation if, prior thereto,  as a result of a waiver or consent by such Lender or otherwise, the circumstances entitling  the Company to  require  such  assignment  and  delegation  have  ceased  to  apply.   Each  party hereto agrees that an assignment and delegation required pursuant to this paragraph  may be effected pursuant to an Assignment and Assumption executed by the Company,  the  Administrative  Agent  and  the  assignee  and  that  the  Lender  required  to  make  such  assignment  and  delegation  need  not  be  a  party  thereto  and  such  assignment  shall  be  recorded  in  the  Register  and  any  promissory  note held  by  such  Lender,  to  the  extent  relating  to  the  Loans  so  assigned, shall  be  deemed  cancelled.   Each  Lender  hereby  irrevocably appoints the Administrative Agent (such appointment being coupled with an  interest)  as  such  Lender’s  attorney-in-fact,  with  full  authority  in  the  place  and  stead  of  such  Lender  and  in  the  name  of  such  Lender,  from  time  to  time  in  the  Administrative  Agent’s  discretion,  with  prior  written  notice  to  such  Lender,  to  take  any  action  and  to  execute  any  such  Assignment  and  Assumption  or  other  instrument  that  the  Administrative Agent may deem reasonably necessary to carry out the provisions of this  clause (b).                 SECTION 2.20.  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) commitment  fees  shall  cease  to  accrue  on  the  unused  amount  of  the        Commitment of such Defaulting Lender pursuant to Section 2.12(a);               (b) the  Revolving  Commitment  and  Revolving  Exposure  of  such        Defaulting Lender shall not be included in determining whether the Lenders have        taken  or  may  take  any  action  hereunder  or  under  any  other  Loan  Document        (including any consent to any amendment, waiver or other modification pursuant        to  Section  9.02); provided that  any  amendment,  waiver  or  other  modification        requiring the consent of all Lenders or all Lenders affected thereby shall, except        as  otherwise  provided  in  Section  9.02,  require  the  consent  of  such  Defaulting        Lender in accordance with the terms hereof;               (c) if  any  Swingline  Exposure  or  LC  Exposure  exists  at  the  time  such        Revolving Lender becomes a Defaulting Lender then:                    (i) the  Swingline  Exposure  (other  than  any  portion  thereof  with              respect  to  which  such  Defaulting  Lender  shall  have  funded  its              participation as contemplated by Section 2.04(c)) and LC Exposure (other              than  any  portion  thereof  attributable  to  unreimbursed  LC  Disbursements              with  respect  to  which  such  Defaulting  Lender  shall  have  funded  its              participation  as  contemplated  by  Sections  2.05(d)  and  2.05(f))  of  such              Defaulting Lender shall be reallocated among the Non-Defaulting Lenders     [[5509122]] 

 

                                                                      88               in accordance with their respective Applicable Percentages but only to the              extent that any Non-Defaulting Lender’s Revolving Exposure after giving              effect  to  such  reallocation  would  not  exceed  such  Non-Defaulting              Lender’s Revolving Commitment;                     (ii) if  the  reallocation  described  in  clause  (i)  above  cannot, or  can              only  partially,  be  effected, the  Borrowers  shall,  without  prejudice  to  any              other  right  or  remedy  available  to  them  hereunder  or  under  law,  within              two Business Days following notice by the Administrative Agent (A) first,              prepay  the  portion  of  such  Defaulting  Lender’s  Swingline  Exposure  that              has not been reallocated and (B) second, cash collateralize for the benefit              of the Issuing Banks the portion of such Defaulting Lender’s LC Exposure              that has not been reallocated in accordance with the procedures set forth in              Section 2.05(i) (but with the amount of cash  being equal to 100% of the              portion  of  such  Defaulting  Lender’s  LC  Exposure  that  has  not  been              reallocated) for so long as such LC Exposure is outstanding or make other              arrangements  reasonably  satisfactory  to the  Administrative  Agent  and to              the  applicable  Issuing  Bank  with  respect  to  such  LC  Exposure.   Cash              collateral  (or  the  appropriate  portion  thereof)  provided  to  reduce  LC              Exposure, shall be released promptly following (A) the elimination of the              applicable LC Exposure, giving rise thereto (including by the termination              of  the  Defaulting  Lender  status  of  the  applicable  Lender  (or,  as              appropriate, its assignee  following compliance with Section 2.19)) or (B)              the  Administrative  Agent’s  good  faith  determination  that  there  exists              excess  cash  collateral  (including  any  subsequent  reallocation  of  LC              Exposure among non-Defaulting Lenders described above);                   (iii) if any portion of the LC Exposure of such Defaulting Lender is              reallocated  pursuant  to  clause  (i)  above,  then  the  fees  payable  to  the              Lenders pursuant to Section 2.12 shall  be adjusted to give effect to such              reallocation;                    (iv) if any portion of the LC Exposure of such Defaulting Lender is              cash  collateralized  pursuant  to  clause  (ii)  above,  then,  during  the  period              any  such  LC  Exposure  is  cash  collateralized,  no  participation  fee  shall              accrue  on  such  Defaulting  Lender’s  LC  Exposure  under  Section  2.12(b)              (other than,  for  the  avoidance  of  doubt,  any  portion  thereof  reallocated              among the Non-Defaulting Lenders pursuant to clause (i) above); 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 participation  fees payable under              Section  2.12(b)  with  respect  to  such  Defaulting  Lender’s  LC  Exposure              shall  be payable to the Issuing Banks (and allocated among them ratably              based  on  the  amount  of  such  Defaulting  Lender’s  LC  Exposure              attributable to Letters of Credit issued by each Issuing Bank) until and to     [[5509122]] 

 

                                                                      89               the extent that such LC Exposure is reallocated and/or cash collateralized;              and               (d) so  long  as  such  Revolving  Lender  is  a  Defaulting  Lender,  the        Swingline  Lender  shall  not  be  required  to  fund  any  Swingline  Loan  and  no        Issuing  Bank  shall  be  required  to  issue,  amend  or  extend  any  Letter  of  Credit,        unless,  in  each  case,  it  is  satisfied  that  the  related  exposure  and  the  Defaulting        Lender’s  then  outstanding  Swingline  Exposure  or  LC  Exposure,  as  applicable,        will  be  fully  covered  by  the  Revolving  Commitments  of  the  Non-Defaulting        Lenders and/or cash collateral provided  by the Borrowers or otherwise provided        for  in  accordance  with  Section  2.20(c),  and  participating  interests  in  any  such        funded  Swingline  Loan  or  in  any  such  issued,  amended  or  extended  Letter  of        Credit  will  be  allocated  among  the  Non-Defaulting  Lenders  in  a  manner        consistent with  Section 2.20(c)(i)  (and  such  Defaulting  Lender  shall  not        participate therein).               In the event that a Bankruptcy Event with respect to any Person in respect  of  which  any  Revolving  Lender  is  a  subsidiary  shall  have  occurred  following  the  date  hereof  and for  so  long  as  such  Bankruptcy  Event  shall  continue,  no  Swingline  Lender  shall  be required to fund any Swingline Loan and no Issuing Bank shall  be required to  issue, amend or extend any Letter of Credit, unless the Swingline Lender or such Issuing  Bank, as the case may be, shall have entered into arrangements with the Borrowers or the  applicable  Revolving  Lender  reasonably  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  Company,  the  Swingline  Lender  and  each  Issuing  Bank  each  agree  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  Revolving  Lenders  shall  be  readjusted  to  reflect  the  inclusion  of  such  Lender’s  Revolving  Commitment  and  on  such  date  such  Lender shall purchase at par such of the Revolving Loans of the other Revolving Lenders  as  the  Administrative Agent  shall  determine  may  be  necessary  in  order  for  such  Revolving  Lender  to  hold  such  Loans  in  accordance  with  its  Applicable  Percentage.   Notwithstanding the fact that any Defaulting Lender has adequately remedied all matters  that  caused  such  Lender  to be  a  Defaulting  Lender,  (x)  no  adjustments  will  be  made  retroactively  with  respect  to  fees  accrued  or  payments  made  by  or  on  behalf  of  any  Borrower  while  such  Lender  was  a  Defaulting  Lender,  (y) all  amendments,  waivers or  modifications  effected  without  its consent  in  accordance  with  the  provisions  of  Section 9.02 and this Section during such period shall be binding on it and (z) except to  the extent otherwise expressly agreed by the affected parties, no change hereunder from  Defaulting Lender to Lender will constitute a waiver or release of any claim of any party  hereunder arising from such Lender’s having been a Defaulting Lender.               SECTION 2.21.  Incremental  Facilities.  (a)  The  Company  may  on  one  or  more  occasions,  by  written  notice  to  the  Administrative  Agent,  request  (i)  the  establishment,  during  the  Revolving  Availability  Period,  of  Incremental  Revolving     [[5509122]] 

 

                                                                      90   Commitments and/or (ii) the establishment of Incremental Term Commitments; provided  that  (A)  Incremental  Commitments  may  be  established  hereunder  only  if  the  Total  Leverage Ratio and the Senior Secured Leverage Ratio, in each case, as of the last day of  the  most  recently  ended  fiscal  quarter  of  the  Company  for  which  financial  statements  shall have been delivered pursuant to Section 5.01(a) or 5.01(b) (or, prior to the first such  delivery,  as  of  June  30,  2020), determined  on  a  pro  forma  basis in  accordance  with  Section  1.04(b) assuming  that  the  full  amount  of  such  Incremental  Commitments shall  have been funded as Loans on such date, would not have been greater than 3.75 to 1.00  and  3.25  to  1.00,  respectively,  and  (B)  the  aggregate  amount  of  all  the  Incremental  Commitments established hereunder during the term of this Agreement shall not exceed  $200,000,000.   Each  such  notice  shall  specify  (x)  the  date  on  which  the  Company  proposes  that  the  Incremental  Revolving  Commitments  or  the  Incremental  Term  Commitments,  as  applicable,  shall  be  effective,  which  shall  be  a  date  not  less  than  10  Business Days (or such shorter period as may be agreed to by the Administrative Agent)  after the date on which such notice is delivered to the Administrative Agent and (y) the  amount of the Incremental Revolving Commitments or Incremental Term Commitments,  as applicable, being requested (it being agreed that (1) any Lender approached to provide  any Incremental Revolving Commitment or Incremental Term Commitment may elect or  decline,  in  its  sole  discretion,  to  provide  such  Incremental  Revolving  Commitment  or  Incremental  Term  Commitment  and  (2)  any  Person  that  the  Company  proposes  to  become an Incremental Lender, if such Person is not then a Lender, must be an Eligible  Assignee  and  must  be  approved  by  the  Administrative  Agent  and,  in  the  case  of  any  proposed  Incremental  Revolving  Lender,  each  Issuing  Bank  and  the  Swingline  Lender  (such approval,  in each case, not to be unreasonably withheld, conditioned or delayed))  solely to the extent such approval, if any, would be required under Section 9.04(b) for an  assignment  of  Revolving  Commitments  or  Revolving  Exposure,  as  applicable,  to  such  Person.               (b)  The terms and conditions of any Incremental Revolving Commitment  and the Loans and other extensions of credit to be made thereunder shall be identical to  those of the Revolving Commitments and the Loans and other extensions of credit made  thereunder, and shall be treated as a single Class with such Revolving Commitments and  Loans; provided that,  if  the  Company  determines  to  increase  the  interest  rate  or  fees  payable in respect of Incremental Revolving Commitments or Loans and other extensions  of  credit  made  thereunder,  such  increase  shall  be  permitted  if  the  interest  rate  or  fees  payable in respect of the other Revolving Commitments or Loans and other extensions of  credit made thereunder, as applicable, shall be increased to equal such interest rate or fees  payable  in  respect  of  such  Incremental  Revolving  Commitments  or  Loans  and  other  extensions  of  credit  made  thereunder,  as  the  case  may  be; provided further that  the  Company  at  its  election  may  pay  upfront,  closing  or  similar  fees  with  respect  to  Incremental Revolving Commitments without paying such fees with respect to the other  Revolving  Commitments.   The  terms  and  conditions  of  any  Incremental  Term  Commitments  and  the  Incremental  Term  Loans  to  be  made  thereunder  shall  be  determined  by  the  Company  and  the  Incremental  Term  Lenders  providing  such  Incremental Term Commitments and reasonably satisfactory to the Administrative Agent  (it being understood and agreed that terms and conditions applicable only after the latest  Maturity  Date  in  existence  at  the  time such  Incremental  Term  Commitments  are     [[5509122]] 

 

                                                                      91   established  or  which  are  incorporated  into  this  Agreement  for  the  benefit  of  all  the  Lenders  shall  be  deemed  satisfactory); provided that  Incremental  Term  Loans (i)  shall  rank pari passu in right of payment with the other Loan Document Obligations, (ii) shall  not be Guaranteed by any Person other than a Guarantor, (iii) shall be secured by Liens  on  the  Collateral  on  a  pari  passu  basis  with  the  other  Loan  Document  Obligations  and  shall not be secured by any assets other than Collateral and (iv) shall not be mandatorily  required  to  be  paid  as  to  principal  prior  to  the  Revolving  Maturity  Date  or  the  Incremental  Term  Maturity  Date  applicable  to  any  other  Series  of  Incremental  Term  Loans on the  date of  incurrence  of  such  Incremental Term  Loan (except that the terms  and conditions of any Incremental Term Commitments and Incremental Term Loans may  provide for customary amortization and customary  mandatory prepayment requirements  and, for the avoidance of doubt, may be voluntarily prepaid, in each case, at any time or  from  time  to  time).   Any  Incremental  Term  Commitments  established  pursuant  to  an  Incremental  Facility  Agreement  that  have  identical  terms  and  conditions,  and  any  Incremental Term Loans made thereunder, shall be designated as a separate series (each a  “Series”)  of  Incremental  Term  Commitments  and  Incremental  Term  Loans  for  all  purposes of this Agreement.  All Incremental Term Loans of any Series shall be due and  payable on the Incremental Term Maturity Date applicable thereto.               (c)  The  Incremental  Commitments  shall  be  effected  pursuant  to  one  or  more  Incremental  Facility  Agreements  executed  and  delivered  by  the  Company,  each  Incremental  Lender  providing  such  Incremental  Commitments  and  the  Administrative  Agent; provided that, except as set forth in the penultimate sentence of this clause (c), no  Incremental Commitments shall become effective unless (i) on the date of effectiveness  thereof,  both  immediately  prior  to  and  immediately  after  giving  effect  to  such  Incremental  Commitments  (and  assuming  that  the  full  amount  of  such  Incremental  Commitments  shall  have  been  funded  as  Loans  on  such  date),  no  Default  shall  have  occurred and be continuing, (ii) after giving effect to such Incremental Commitments and  any  related  transaction,  on  a  pro  forma  basis  in  accordance  with  Section 1.04(b),  the  Company shall be in compliance with the covenants set forth in Sections 6.11, 6.12 and  6.13 (in each case, calculated as of the last day of, or for, the then most recently ended  fiscal quarter  of  the  Company  for  which  the  financial  statements  have  been  delivered  pursuant to Section 5.01(a) or 5.01(b) (or, prior to the first such delivery, as of, or for the  period of  four  consecutive  fiscal  quarters  ended, June  30,  2020) and the  period of  four  fiscal  quarters  then  ended  and  assuming  that  the  full  amount  of  such  Incremental  Commitments  shall  have  been  funded  as  Loans  on  such  date),  and  the  Company  shall  have  delivered  an  officer’s  certificate  setting  forth  reasonably  detailed  calculations  demonstrating such pro forma compliance, (iii) the Company  shall  make any payments  required  to  be  made  pursuant  to  Section 2.16  in  connection  with  such  Incremental  Commitments and the related transactions under  this Section, (iv) after giving effect to  such Incremental Commitments (and assuming that the full amount of such Incremental  Commitments  shall  have  been  funded  as  Loans  on  such  date),  the  representations  and  warranties of each Loan Party set forth in the Loan Documents shall be true and correct  in all  material respects, in each case on and as of the date of effectiveness thereof, and  (v) the  Company  shall  have  delivered  to the  Administrative  Agent  such  legal  opinions,  board  resolutions,  secretary’s  certificates,  officer’s  certificates  and  other  documents  as  shall reasonably  be requested by the Administrative Agent in connection with any such     [[5509122]] 

 

                                                                      92   transaction.   Notwithstanding  the  foregoing,  if  any  Incremental  Commitments  shall  be  established  to  finance  a  Permitted  Acquisition  or  any  Investment  permitted  hereunder,  then,  to  the  extent  agreed  by  the  Lenders  providing  such  Incremental  Commitments,  customary “Sungard” or certain funds conditionality may be implemented with respect to  the  funding  of  such  Incremental  Commitments (but  not  the  Commitments  of  other  Lenders) in lieu of the conditions set forth in this clause (c).  Each Incremental Facility  Agreement  may,  without  the  consent  of  any  Lender,  effect  such  amendments  to  this  Agreement  and  the  other  Loan  Documents  as  may  be  necessary  or  appropriate,  in  the  opinion of the Administrative Agent, to give effect to the provisions of this Section.                (d)  Upon  the  effectiveness  of  an  Incremental  Commitment  of  any  Incremental Lender, (i) such Incremental Lender shall be deemed to be a “Lender” (and a  Lender  in  respect  of  Commitments  and  Loans  of  the  applicable  Class)  hereunder,  and  henceforth  shall  be  entitled  to  all  the  rights  of,  and  benefits  accruing  to,  Lenders  (or  Lenders  in  respect  of  Commitments  and  Loans  of  the  applicable  Class)  hereunder  and  shall be bound by all agreements, acknowledgements and other obligations of Lenders (or  Lenders  in  respect  of  Commitments  and  Loans  of  the  applicable  Class)  hereunder  and  under  the  other  Loan  Documents and  (ii)  in  the  case  of  any  Incremental  Revolving  Commitment,  (A)  such  Incremental  Revolving  Commitment  shall  constitute  (or,  in  the  event such Incremental Lender already has a Revolving Commitment, shall increase) the  Revolving  Commitment  of  such  Incremental  Lender and  (B)  the  Aggregate  Revolving  Commitment  shall  be  increased  by  the  amount  of  such  Incremental  Revolving  Commitment, in each case, subject to further increase or reduction from time to time as  set  forth  in  the  definition  of  the term  “Revolving  Commitment”.   For the  avoidance  of  doubt, upon the effectiveness of any Incremental Revolving Commitment, the Revolving  Exposures  and  the  Applicable  Percentages  of  all  the  Revolving  Lenders,  shall  automatically be adjusted to give effect thereto.               (e)  In  connection  with  the  effectiveness  of  any  Incremental  Revolving  Commitments, (i) the Borrowers and the Lenders shall implement such measures as shall  be  reasonably  specified  by  the  Administrative  Agent  (which  may  include  assignments,  deemed  prepayments  of  Loans  or  other  measures deemed  appropriate  by  the  Administrative  Agent  taking  into  account,  among  other  factors,  the  desirability  of  minimizing “breakage” costs) in order that the Revolving Exposures of the Lenders will  be  held  ratably  in  accordance  with  their  Revolving  Commitments,  and  (ii)  any  “breakage” costs resulting from the implementation of such measures shall be subject to  compensation by the Company pursuant to the provisions of Section 2.16  if the date of  the  effectiveness  of  such  measures  occurs  other  than  on  the  last  day  of  an  applicable  Interest Period.               (f)  Subject  to  the  terms  and  conditions  set  forth  herein  and  in  the  applicable  Incremental  Facility  Agreement,  each  Lender  holding  an  Incremental  Term  Commitment of any Series shall make a loan to the Company in an amount equal to such  Incremental  Term  Commitment  on  the  date  specified  in  such  Incremental  Facility  Agreement.      [[5509122]] 

 

                                                                      93               (g)  The  Administrative  Agent  shall  notify  the  Lenders  promptly  upon  receipt  by  the  Administrative  Agent  of  any  notice  from  the  Company  referred  to  in  Section 2.21(a) and of the effectiveness of any Incremental Commitments, in each case  advising  the  Lenders  of  the  details  thereof  and,  in  the  case  of  effectiveness  of  any  Incremental  Revolving  Commitments,  of  the  Applicable  Percentages  of  the  Revolving  Lenders  after  giving  effect thereto and, if applicable, of the assignments required to be  made pursuant to Section 2.21(e).               SECTION 2.22.  Extension  Offers.  (a)  The  Company  may  on  one  or  more occasions, by written notice to the Administrative Agent, make one or more offers  (each,  an  “Extension  Offer”)  to  all  the  Lenders  of  one  or  more  Classes  (each  Class  subject to such an Extension Offer, an “Extension Request Class”) to make one or more  Extension  Permitted  Amendments  pursuant  to  procedures  reasonably  specified  by  the  Administrative Agent and reasonably acceptable to the Company.  Such notice shall set  forth (i) the terms and conditions of the requested Extension Permitted Amendment and  (ii)  the  date  on  which  such  Extension  Permitted  Amendment  is  requested  to  become  effective (which shall not be less than 10 Business Days or more than 30 Business Days  after the  date of  such  notice,  unless  otherwise  agreed  to  by  the  Administrative  Agent).   Extension Permitted Amendments shall become effective only with respect to the Loans  and  Commitments  of  the  Lenders  of  the  Extension  Request Class  that  accept  the  applicable Extension Offer (such Lenders, the “Extending Lenders”) and, in the case of  any  Extending  Lender,  only  with respect  to  such  Lender’s  Loans  and  Commitments of  such Extension Request Class as to which such Lender’s acceptance has been made.               (b)  An Extension Permitted Amendment shall  be effected pursuant to an  Extension  Agreement  executed  and  delivered  by  the  Company,  each  applicable  Extending  Lender  and  the  Administrative  Agent; provided that  no  Extension  Permitted  Amendment  shall become  effective  unless  (i)  no  Default  shall  have  occurred  and  be  continuing on the date of effectiveness thereof and (ii) the Company shall have delivered  to  the  Administrative  Agent  such  legal  opinions,  board  resolutions,  secretary’s  certificates, officer’s certificates and other documents as shall reasonably be requested by  the  Administrative  Agent  in  connection  therewith.   The  Administrative  Agent  shall  promptly notify each Lender as to the effectiveness of each Extension Agreement.  Each  Extension Agreement may, without the consent of any Lender other than the applicable  Extending  Lenders,  effect  such  amendments  to  this  Agreement  and  the  other  Loan  Documents  as  may  be  necessary  or  appropriate,  in  the  opinion  of  the  Administrative  Agent,  to  give  effect to  the  provisions  of  this  Section,  including  any  amendments  necessary to treat the applicable Loans and/or Commitments of the accepting Lenders as  a new “Class” of loans and/or commitments hereunder; provided that, in the case of any  Extension  Offer  relating  to  Revolving  Commitments  or  Revolving  Loans,  except  as  otherwise agreed to by each Issuing Bank and the Swingline Lender, (A) the allocation of  the  participation  exposure  with  respect  to  any  then-existing  or  subsequently  issued  or  made  Letter  of  Credit or  Swingline  Loan  as  between  the  commitments  of  such  new  “Class” and the remaining Revolving Commitments shall be made on a ratable basis as  between  the  commitments  of  such  new  “Class”  and  the  remaining  Revolving  Commitments  and  (B)  the  Revolving  Availability  Period  and  the  Revolving  Maturity  Date, as such terms are used in reference to Letters of Credit or Swingline Loans,  may     [[5509122]] 

 

                                                                      94   not be extended without the prior written consent of each Issuing Bank and the Swingline  Lender, as applicable.               SECTION 2.23.  Borrowing Subsidiaries.  On or after the Effective Date,  the  Company  may  designate,  subject  to  the  provisions  of  this  paragraph,  any  wholly- owned Subsidiary as a Borrowing Subsidiary by delivery to the Administrative Agent of  a  Borrowing  Subsidiary  Agreement  executed  by  such Subsidiary  and  the  Company.   Promptly  following  receipt  of  any  Borrowing  Subsidiary  Agreement  (which  shall  constitute  notice of  such  designation by  the  Company),  the  Administrative  Agent  shall  make available to each Revolving Lender a copy thereof.  The effective date of any such  designation shall not be less than 10 Business Days following the delivery of such notice.   Unless  any  Revolving  Lender  shall  notify  the  Administrative  Agent  and  the  Company  within  10  Business  Days  of  the  receipt  of  such  notice  (a)  that  it  is  unlawful  for  such  Revolving  Lender  to  extend  credit  to  such  Subsidiary  or  (b)  that  (i)  such  Revolving  Lender  is  restricted  by  operational  or  administrative  procedures  or  other  applicable  internal policies from extending credit under this Agreement to Persons in the jurisdiction  in which such Subsidiary is located and (ii) such Revolving Lender is not making loans  or  other  extensions  of  credit  to  Persons located  in  the  jurisdiction  in  which  such  Subsidiary  is  located  (or  is  not  making  loans  or  other  extensions  of  credit  without  provisions  not  in  this  Agreement  to  reflect  such  procedures  or  internal  policies),  such  Subsidiary shall for all purposes of this Agreement, upon satisfaction of the conditions set  forth in Section 4.03, become a Borrowing Subsidiary and a party to this Agreement. If  any  Lender  shall  notify  the  Administrative  Agent  and  the  Company  pursuant  to  the  immediately preceding sentence that it is unable to extend credit under this Agreement to  Persons in a particular jurisdiction, and if an amendment to this Agreement would enable  it  so  to  extend  credit  without  violating  applicable  law  and  in  compliance  with  its  applicable  policies  and  procedures, then  such  Lender  shall  so  advise  the  Company  and  the Administrative Agent and endeavor in good faith to agree with the Company and the  Administrative  Agent  on  an  amendment  to  this  Agreement  that  would  permit  it  so  to  extend  credit,  and  upon the  effectiveness  of  such  amendment,  will  withdraw  the  notice  delivered by  it pursuant to the second preceding sentence. The parties hereto agree that  any  amendment  referred  to  in  the  immediately  preceding  sentence,  if  it  does  not  adversely  affect  the  rights  or  interests  of  the  Lenders,  shall  become  effective  if  it  is  agreed to in writing by such Lender, the Administrative Agent and the Company. Upon  the execution by the Company and delivery to the Administrative Agent of a Borrowing  Subsidiary Termination with respect to any Borrowing Subsidiary, such Subsidiary shall  cease to be a Borrowing Subsidiary  hereunder and a party to this  Agreement; provided  that  no  Borrowing  Subsidiary  Termination  will  become  effective  as  to  any  Borrowing  Subsidiary  (other  than  to  terminate  such  Borrowing  Subsidiary’s  right  to  make  further  Borrowings  under  this  Agreement)  at  a  time  when  any  principal  of  or  interest  on  any  Loan to such Borrowing Subsidiary or any Letter of Credit issued for the account of such  Borrowing  Subsidiary (or  any  LC  Disbursement  thereunder) shall  be  outstanding  hereunder.   Promptly  following  receipt  of  any  Borrowing  Subsidiary  Termination,  the  Administrative Agent shall make available to each Revolving Lender a copy thereof.               SECTION 2.24.  Refinancing Facilities.  (a)  The Company may, on one  or  more  occasions,  by  written  notice  to  the  Administrative  Agent,  request  the     [[5509122]] 

 

                                                                      95   establishment hereunder of (i) a new Class of revolving commitments (the “Refinancing  Revolving Commitments”) pursuant to which each Person providing such a commitment  (a  “Refinancing  Revolving  Lender”)  will  make  revolving  loans  to  the  Borrowers  (“Refinancing Revolving Loans”) and acquire participations in the Letters of Credit and  Swingline  Loans and  (ii)  one or  more  additional  Classes  of  incremental  term  loan  commitments  (the  “Refinancing  Incremental  Term  Loan  Commitments”)  pursuant  to  which  each  Person  providing  such  a  commitment  (a  “Refinancing  Incremental  Term  Lender”)  will  make  term  loans  to  the  Company  (the  “Refinancing  Incremental  Term  Loans”); provided that  (A)  each  Refinancing  Revolving  Lender  and  each  Refinancing  Incremental Term Loan Lender shall be an Eligible Assignee and, if not already a Lender,  shall  otherwise  be  reasonably  acceptable  to  the  Administrative  Agent  and  (B)  each  Refinancing Revolving Lender shall be approved by each Issuing Bank and the Swingline  Lender (such approval not to be unreasonably withheld, conditioned or delayed).               (b)  The  Refinancing  Commitments  shall  be  effected  pursuant  to  one  or  more  Refinancing  Facility  Agreements  executed  and  delivered  by  the  Company,  each  Refinancing Lender providing such Refinancing Commitment, the Administrative Agent  and,  in  the  case of  Refinancing  Revolving  Commitments,  each  Issuing  Bank  and  the  Swingline  Lender; provided that  no  Refinancing  Commitments  shall  become  effective  unless  (i) no  Event  of  Default  shall  have  occurred  and  be  continuing  on  the  date  of  effectiveness thereof, (ii) the Company shall have delivered to the Administrative Agent  such  legal  opinions,  board  resolutions,  secretary’s  certificates,  officer’s  certificates  and  other  documents  as  shall  reasonably  be  requested  by  the  Administrative  Agent  in  connection  with  any such  transaction,  (iii)  in  the  case  of  any  Refinancing  Revolving  Commitments, substantially concurrently with the effectiveness thereof, all the Revolving  Commitments  then  in  effect  shall  be  terminated,  and  all  the  Revolving  Loans and  Swingline  Loans then outstanding,  together  with  all  interest  thereon,  and  all  other  amounts  accrued  for  the  benefit  of  the  Revolving  Lenders and  the  Swingline  Lender,  shall  be  repaid  or  paid  (it  being  understood,  however,  that  any  Letters  of  Credit  may  continue  to  be  outstanding  hereunder),  and  the  aggregate  amount  of  such  Refinancing  Revolving  Commitments  does  not  exceeded  the  aggregate  amount  of  the  Revolving  Commitments so terminated, and (iv)  in the case of any  Refinancing Incremental Term  Loan  Commitments,  substantially  concurrently  with  the  effectiveness  thereof,  the  Company shall obtain Refinancing Incremental Term Loans thereunder and shall repay or  prepay any then outstanding Incremental Term Borrowings of any Class in an aggregate  principal  amount equal to the aggregate amount of such Refinancing Incremental Term  Loan  Commitments  (less  the  aggregate  amount  of  accrued  and  unpaid  interest  with  respect  to  such  outstanding  Incremental  Term  Borrowings  and  any  reasonable  fees,  premium and expenses relating to such refinancing) and, in the case of a prepayment of  LIBOR Loans and EURIBOR Loans, shall be subject to Section 2.16.               (c)  The Refinancing Facility Agreement shall set forth, with respect to the  Refinancing  Commitments  established  thereby  and  the  Refinancing  Loans  and  other  extensions of credit to be made thereunder, to the extent applicable, the following terms  thereof:  (i) the designation of such Refinancing Commitments and Refinancing Loans as  a  new  “Class”  for  all  purposes  hereof,  (ii)  the  stated  termination  and  maturity dates  applicable  to  the  Refinancing  Commitments  or  Refinancing  Loans  of  such  Class,     [[5509122]] 

 

                                                                      96   provided that  such  stated  termination  and  maturity  dates  shall  not  be  earlier  than  the  Revolving  Maturity  Date  (in  the  case  of  Refinancing  Revolving  Commitments  and  Refinancing Revolving Loans) or the applicable Incremental Term Maturity Date (in the  case of Refinancing Incremental Term Loan Commitments and Refinancing Incremental  Term  Loans),  (iii)  in  the  case  of  any  Refinancing  Incremental  Term  Loans,  any  amortization  applicable  thereto  and  the  effect  thereon  of  any  prepayment  of  such  Refinancing  Incremental  Term  Loans,  (iv)  the  interest  rate  or  rates  applicable  to  the  Refinancing Loans of such Class, (v) the fees applicable to the Refinancing Commitment  or  Refinancing  Loans  of  such  Class,  (vi)  in  the  case  of  any  Refinancing  Incremental  Term Loans, any original issue discount applicable thereto, (vii) the initial Interest Period  or Interest Periods applicable to Refinancing Loans of such Class, (viii) any voluntary or  mandatory commitment reduction or prepayment requirements applicable to Refinancing  Commitments or Refinancing Loans of such Class and any restrictions on the voluntary  or  mandatory  reductions  or  prepayments  of  Refinancing  Commitments  or  Refinancing  Loans  of  such  Class  and  (ix)  any  financial  covenant  with  which  the  Company  shall  be  required to comply (provided that any such financial covenant for the benefit of any Class  of  Refinancing  Lenders  shall  also  be  for  the  benefit  of  all  other  Lenders).   Except  as  contemplated  by  the  preceding  sentence,  (A)  the  terms  of  the  Refinancing  Revolving  Commitments  and  Refinancing  Revolving  Loans  and  other  extensions  of  credit  thereunder shall be substantially the same as the Revolving Commitments and Revolving  Loans and other extensions of credit thereunder or less favorable, taken as a whole, to the  Lenders providing such Refinancing Revolving Commitments (as reasonably determined  by the Company); provided that such Refinancing Revolving Commitments may have the  benefit  of  additional  financial  or  other  covenants  or  other  provisions  agreed  by  the  Company  and  the  applicable  Lenders  to  the  extent  such  covenants  or  other  provisions  take  effect  only  after  the  latest  Maturity  Date and  (B)  the  terms  of  the  Refinancing  Incremental Term Loan Commitments and Refinancing Incremental Term Loans shall be  substantially  the  same  as  the  terms  of  the  Incremental  Term  Commitments  and  the  Incremental  Term  Loans  or  less  favorable,  taken  as  a  whole,  to  the  Lenders  providing  such  Refinancing  Incremental  Term  Loan  Commitments  (as  reasonably  determined  by  the  Company); provided that  such  Refinancing  Incremental  Term  Loan  Commitments  may have the benefit of additional financial or other covenants or other provisions agreed  by  the  Company  and  the  applicable Lenders  to  the  extent  such  covenants  or  other  provisions take effect only after the latest Maturity Date.  The Administrative Agent shall  promptly  notify  each  Lender  as  to  the  effectiveness  of  each  Refinancing  Facility  Agreement.   Each  Refinancing  Facility  Agreement  may,  without  the  consent  of  any  Lender  other  than  the  applicable  Refinancing  Lenders,  effect  such  amendments  to  this  Agreement  and  the  other  Loan  Documents  as  may  be  necessary  or  appropriate,  in  the  opinion  of  the  Administrative  Agent,  to  give effect  to  the  provisions  of  this  Section,  including  any  amendments  necessary  to treat the  applicable  Refinancing  Commitments  and Refinancing Loans as a new “Class” of loans and/or commitments hereunder.               (d)  In lieu of establishing one or more Classes of Refinancing Incremental  Term Loan Commitments and Refinancing Incremental Term Loans, the Company may  refinance  outstanding  Incremental  Term  Borrowings  of  any  Class  with  the  proceeds  of  one or more issuances of debt securities of the Company secured by the Collateral with a  priority  equal  to  that  of  the  Secured  Obligations  (any  such  debt  securities  issued  in     [[5509122]] 

 

                                                                      97   compliance  with  this clause (d)  being  called  “Permitted  Pari  Passu  Refinancing  Securities”); provided that  (i) the  principal  amount  of  such  debt  securities  shall  not  exceed the principal amount of the refinanced Incremental Term Borrowings except by  an  amount  equal  to  the  sum  of  (A) accrued  and  unpaid  interest  with  respect  to  such  Incremental  Term  Borrowings,  (B)  premiums  thereon plus (C)  underwriting  discounts,  other reasonable and customary fees, commissions and expenses (including upfront fees,  original  issue  discount  or  initial  yield  premiums),  in  each  case  incurred  in  connection  with the issuance of such debt securities; (ii) substantially concurrently with the issuance  thereof,  the  Company  shall  repay  or  prepay  then  outstanding  Incremental  Term  Borrowings in an aggregate principal amount equal to the aggregate amount of the cash  proceeds of such debt securities (less the aggregate amount of accrued and unpaid interest  with respect to such outstanding Incremental Term Borrowings and any reasonable fees,  premium and expenses relating to the issuance of such debt securities) and, in the case of  a prepayment of LIBOR Incremental Term Loans or EURIBOR Incremental Term Loans,  such prepayment shall  be  subject to Section 2.16; (iii) the stated final  maturity of  such  debt  securities  shall  not  be  earlier  than  that  of  the  refinanced  Incremental  Term  Borrowings;  (iv)  such  debt  securities  shall  not  be  required  to  be  repaid,  prepaid,  redeemed,  repurchased  or  defeased,  whether  on  one  or  more  fixed  dates,  upon  the  occurrence of one or more events or at the option of any holder thereof (except, in each  case, upon the occurrence of an event of default, change in control or any asset sale or as  and  to  the  extent  such  repayment,  prepayment,  redemption,  repurchase  or  defeasance  would  have  been  required  pursuant  to  the  terms  of  such  refinanced  Incremental  Term  Borrowings)  prior  to  the  maturity  of  such  refinanced  Incremental  Term  Borrowings;  provided that, notwithstanding the foregoing, scheduled amortization payments (however  denominated) of such debt securities shall be permitted so long as the weighted average  life  to  maturity  of  such  debt  securities  shall  be  not  less  than  the  shorter  of  (x)  the  weighted  average  life  to  maturity  of  such  refinanced  Incremental  Term  Borrowings  remaining as of the date of issuance of such debt securities and (y) the weighted average  life to maturity of each other Class of the Incremental Term Loans remaining as of the  date  of  issuance  of  such  debt  securities;  (v)  such  debt  securities  shall  not  be  direct  obligations  of  or  Guaranteed  by  any  Subsidiary  that  does  not  Guarantee  the  Secured  Obligations; (vi) such debt securities shall  not be secured by any Lien on any  asset not  included  in  the  Collateral;  (vii)  such  debt  securities  shall  not  have  the  benefit  of  any  financial  maintenance  covenant  that  is  not  included  in  this  Agreement  at  the  time  of  issuance  thereof  or  that  has  covenant  levels  more  restrictive than  those  in  the  corresponding covenant in this Agreement at such time unless this Agreement shall have  been amended to provide the benefit of such covenant to the Lenders; provided that such  debt securities may have the benefit of any such additional or more restrictive covenant to  the extent it takes effect only after the latest Maturity Date; and (viii) the holders of such  debt securities or a trustee or other representative acting on their behalf shall have entered  into  a  Pari  Passu  Intercreditor  Agreement  with  the  Administrative  Agent  that  shall,  among  other  matters,  vest  primary  control  over  the  exercise  of  remedies  against  the  Collateral  in  the  Administrative  Agent  and  provide  that  the  Administrative  Agent  will  hold all  instruments and certificates representing Collateral (but will  act as a gratuitous  bailee  for  the  purpose  of  perfecting  the  Liens  of  the  holders  of  such  debt  securities  or  their representative).     [[5509122]] 

 

                                                                      98                                 ARTICLE III                                                               Representations and Warranties               As  of  the  Effective  Date,  and  as  of  the  date  of  satisfaction  of  the  conditions set forth in, and to the extent required by each of, Section 4.02 and 4.03, as  applicable, each of the Company and each Borrowing Subsidiary represents and warrants  to the Lenders that:               SECTION 3.01.  Organization;  Powers.   The  Company  and  each  Subsidiary is (a)(i) duly organized and validly existing and (ii) (to the extent the concept  is applicable in such jurisdiction) in good standing under the laws of the jurisdiction of its  organization,  (b)(i) has  all  power  and  authority  and  (ii)  all  material  Governmental  Approvals required for the ownership and operation of its properties and the conduct of  its  business as  now conducted and as proposed to be conducted and (c) qualified to do  business,  and  (to  the  extent  the  concept  is  applicable  in  such  jurisdiction)  in  good  standing, in every jurisdiction where such qualification is required, except, in each case  (other  than  clause  (a)(i)  with  respect  to  the  Borrowers)  where  the  failure  to  do  so,  individually or in the aggregate, could not reasonably be expected to result in a Material  Adverse Effect.               SECTION 3.02.  Authorization;  Enforceability.   The  Transactions  to  be  entered  into  by  each  Loan  Party  are  within  such  Loan  Party’s  corporate  or  other  organizational powers and have been duly authorized by all necessary corporate or other  organizational  and,  if  required,  stockholder  or  other  equityholder  action  of  such  Loan  Party.  This Agreement has been duly executed and delivered by the Company and each  Borrowing Subsidiary party hereto on the Effective Date and constitutes (or, in the case  of  any  Borrowing  Subsidiary  that  becomes  a  party  hereto  after the Effective  Date,  will  constitute),  and  each  other  Loan  Document  to  which  any  Loan  Party  is  to  be  a  party,  when  executed  and  delivered  by  such  Loan  Party,  will  constitute,  a  legal,  valid  and  binding obligation of the Company, such Borrowing Subsidiary or such other Loan Party,  as  the  case  may  be,  enforceable  against  it  in  accordance  with  its  terms,  subject  to  applicable  bankruptcy,  insolvency,  reorganization,  moratorium  or  other  laws  affecting  creditors’  rights  generally  and  to  general  principles  of  equity,  regardless  of  whether  considered in a proceeding in equity or at law.               SECTION 3.03.  Governmental  Approvals;  Absence  of  Conflicts.   The  Transactions (a) do not require any consent or approval of, registration or filing with or  any other action by any Governmental Authority, except such as have been obtained or  made and are in full force and effect, (b) do not violate any applicable law, including any  order  of  any  Governmental  Authority,  except  to  the  extent  any  such  violations,  individually or in the aggregate, could not reasonably be expected to result in a Material  Adverse Effect, (c) do not violate the charter, by-laws or other organizational documents  of the Company or any Subsidiary, (d) do not violate or result (alone or with notice or  lapse of time, or both) in a default under any indenture or other agreement or instrument  binding upon the Company or any Subsidiary or any of their assets, or give rise to a right  thereunder to require any payment, repurchase or redemption to be made by the Company     [[5509122]] 

 

                                                                      99   or  any  Subsidiary,  or  give  rise  to  a right  of, or  result  in,  any  termination,  cancellation,  acceleration or right of renegotiation of any obligation thereunder, in each case except to  the  extent  that the  foregoing,  individually  or  in  the  aggregate,  could  not  reasonably  be  expected to result in a Material Adverse Effect and (e) except for Liens created under the  Loan Documents and Permitted Liens, will not result in the creation or imposition of any  Lien on any asset of the Company or any Subsidiary.               SECTION 3.04.  Financial Condition; No Material Adverse   Change.  (a)  The  Company  has  heretofore  furnished  to  the  Lenders  (i)  its  audited  consolidated balance  sheet  and  related consolidated statements  of  earnings,  comprehensive earnings, stockholders’ equity and cash flows as of and for the fiscal year  ended  December 31, 2019,  audited  by  and  accompanied  by  the  opinion  of  PricewaterhouseCoopers LLC, independent registered public accounting firm and (ii) its  consolidated balance  sheet  and  related  consolidated  statements  of  earnings,  comprehensive  earnings,  stockholders’  equity and  cash  flows as  of and  for  the  fiscal  quarter and the  portion  of  the  fiscal  year ended June  30,  2020,  certified  by  a  Financial  Officer of the Company.  Such financial statements present fairly, in all material respects,  the consolidated financial position, results of operations and cash flows of the Company  and  its  Subsidiaries  as  of  such  dates  and  for  such  periods  in  accordance  with  GAAP,  subject to normal year-end audit adjustments and the absence of certain footnotes in the  case of the statements referred to in clause (ii) above.                (b)  Since  December  31,  2019, there  has  been  no  event or  condition  that  has resulted, or could reasonably be expected to result, in a material adverse effect on the  business, results of operations, properties, assets or financial condition of the Company  and  its  Subsidiaries,  taken  as  a  whole; provided that  the  impacts  of  COVID-19  on  the  business, results of operations, properties, assets or financial condition of the Company or  any of its Subsidiaries that occurred prior to the Effective Date and were disclosed in the  quarterly financials for the fiscal quarter ended June 30, 2020 that were included in, and  the discussion  thereof  set  forth  in  the  “Management’s  Discussion  and  Analysis  of  Financial Condition and Results of Operations” section of, the Quarterly Report on Form  10-Q  for  such  fiscal  quarter filed  by  the  Company  with  the  SEC  prior to the  Effective  Date will be disregarded.               SECTION 3.05.  Properties.  (a)  The Company and each Subsidiary has  good  title  to  (where  applicable,  or  similar  concept  under  any  relevant  jurisdiction),  or  valid  leasehold  interests  in, all  its property  material to its business, except for (i) minor  defects  in  title  that  do  not  interfere  with  its  ability  to  conduct  its  business  as  currently  conducted  or  to  utilize  such  properties  for  their  intended  purposes  and  (ii)  where  the  failure to have such title or interest could not reasonably be expected to have a Material  Adverse Effect.               (b)  The  Company  and  each  Subsidiary  owns,  or  is  licensed  to  use,  all  patents, trademarks, copyrights, licenses, technology, software, domain names and other  intellectual  property  that  is  necessary  for  the  conduct  of its  business  as  currently  conducted and without conflict with the rights of any other Person, except to the extent      [[5509122]] 

 

                                                                     100   any such failure to own or license or conflict, individually or in the aggregate, could not  reasonably be expected to result in a Material Adverse Effect.                 SECTION 3.06.  Litigation  and  Environmental  Matters.  (a)  Other than  the  contingencies  and  legal  matters  disclosed  in  the  Company’s  periodic  reports  filed  with  the  SEC,  there  are  no  actions,  suits  or  proceedings  by  or  before  any  arbitrator  or  Governmental  Authority  pending  against  or,  to  the  knowledge  of  the  Company,  threatened against or affecting the Company or any Subsidiary or the Loan Documents  that could reasonably be expected, individually or in the aggregate, to result in a Material  Adverse Effect.               (b)  Except  with  respect  to  any  matters  that,  individually  or  in  the  aggregate, could not reasonably be expected to result in a Material Adverse Effect, none  of the Company or any Subsidiary (i) has failed to comply with any Environmental Law  or  to obtain,  maintain  or  comply  with  any  permit,  license  or  other  approval  required  under  any  Environmental  Law,  (ii) has  become  subject  to  any  Environmental  Liability,  (iii) has received written notice of any claim with respect to any Environmental Liability  or (iv) knows of any basis for any Environmental Liability on the part of the Company or  any Subsidiary.               SECTION 3.07.  Compliance  with  Laws  and  Agreements.  (a)  The  Company  and  each  Subsidiary  is  in  compliance  with  all  laws,  including  all  orders  of  Governmental Authorities, applicable to it or its property, and all indentures, agreements  and other instruments legally binding upon it or its property, except where the failure to  comply, individually or in the aggregate, could not reasonably be expected to result in a  Material Adverse Effect.  No Default has occurred and is continuing.               (b)  To  the  extent  applicable,  the  Company  and  each  Subsidiary  is  in  compliance, in all material respects, with (i) the Trading with the Enemy Act and each of  the foreign assets control regulations of the United States Treasury Department (31 CFR,  Subtitle  B,  Chapter  V)  and  any  other  enabling  legislation  or  executive  order  relating  thereto and  (ii) the  USA  PATRIOT  Act.   No  part of  the  proceeds of  the  Loans or  any  Letter of Credit will be used, directly or, to the knowledge of the Company, indirectly, or  otherwise  made  available  (A)  for  any  payments  to  any  officer  or  employee  of  a  Governmental Authority, or any Person controlled by a Governmental Authority, or any  political party, official of a political party, candidate for political office, or anyone else  acting  in  an  official  capacity,  in  order to obtain, retain  or  direct  business  or obtain  any  improper advantage,  in violation of any applicable Anti-Corruption Laws or (B) to any  Person  for  the  purpose  of  financing  the  activities  of  any  Person,  or  in  any  country  or  territory, that, at the time of such financing, is the subject of any Sanctions, except to the  extent permitted for a Person required to comply with Sanctions.               SECTION 3.08.  Investment Company Status.  No Loan Party is required  to be registered as an “investment company” as defined in the Investment Company Act  of 1940.      [[5509122]] 

 

                                                                     101               SECTION 3.09.  Taxes.   The  Company  and  each  Subsidiary  has  timely  filed or caused to be filed all Tax returns and reports required to have been filed and has  paid or caused to be paid all Taxes required to have been paid by it, except Taxes (or the  requirement  to  file  Tax  returns  with  respect  thereto)  where  (a)  the  validity  or  amount  thereof  is  being  contested  in  good  faith  by  appropriate  proceedings  and  for  which  the  Company  or  such  Subsidiary,  as  applicable,  has  set  aside  on  its  books  reserves  with  respect  thereto  to  the  extent  required  by  GAAP  or  (b)  the  failure  to  do  so  could  not,  individually or in the aggregate, reasonably  be expected to result in a Material  Adverse  Effect.               SECTION 3.10.  ERISA.   No  ERISA  Events  have  occurred  or  are  reasonably  expected  to  occur  that  could,  in  the  aggregate,  reasonably  be  expected  to  result  in  a  Material  Adverse  Effect.   The  present  value  of  all  accumulated  benefit  obligations under each Plan (based on the assumptions used for purposes of Accounting  Standards  Codification  Topic  715)  did  not,  as  of  the  date  of  the  most  recent  financial  statements  reflecting  such  amounts,  exceed  by  an  amount  that  could  reasonably  be  expected to result in a Material Adverse Effect the fair value of the assets of such Plan,  and  the  present  value  of  all  accumulated  benefit  obligations  of  all  underfunded  Plans  (based on the assumptions used for purposes of Accounting Standards Codification Topic  715) did not, as of the date or dates of the most recent financial statements reflecting such  amounts, exceed the fair value of the assets of all such underfunded Plans by an amount  that could reasonably be expected to result in a Material Adverse Effect.               SECTION 3.11.  Subsidiaries.   Schedule  3.11  sets  forth  as  of  the  Effective Date the name and  jurisdiction of organization of, and the percentage of each  class of Equity Interests owned by the Company or any Subsidiary in, (a) each Subsidiary  and (b) identifies, as of the Effective Date, each Designated Subsidiary and each Material  Subsidiary.                 SECTION 3.12.  Solvency.   Immediately  after  the  Borrowings  on  the  Effective Date and the application of the proceeds thereof, (a) the fair value of the assets  of  the  Company  and  its  Subsidiaries,  taken  as  a  whole,  exceeded  their  debts  and  liabilities, subordinated, contingent or otherwise, (b) the present fair saleable value of the  assets of the Company and its Subsidiaries, taken as a whole, was greater than the amount  required  to  pay  the  probable  liability  on  their  debts  and  other  liabilities,  subordinated,  contingent or otherwise, as such debts and other liabilities become absolute and matured,  (c) the Company and its Subsidiaries, taken as a whole, were able to pay their debts and  liabilities,  subordinated,  contingent  or  otherwise,  as  such  debts  and  liabilities  became  absolute and matured and (d) the Company and its Subsidiaries, taken as a whole, did not  have unreasonably small capital with which to conduct the business in which they were  engaged,  as  such  business  is  conducted  at the time  of  and  is  proposed to  be  conducted  following the making of such Loan.               SECTION 3.13.  Disclosure.   As  of  the  Effective  Date,  neither  the  Confidential Information Memorandum nor any of the other reports, financial statements,  certificates or other written information furnished by or on behalf of the Company or any  Subsidiary to the Administrative Agent, the Arrangers or any Lender in connection with     [[5509122]] 

 

                                                                     102   the negotiation of this Agreement or any other Loan Document, when taken as a whole (it  being understood that each individual SEC filing shall speak only as of its date), 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  Company  and  each  Borrowing  Subsidiary  represents  only  that  such  information was prepared in good faith based upon assumptions believed to be reasonable  at the time made and at the time so furnished and, if furnished prior to the Effective Date,  as of the Effective Date (it being understood that such forecasts and projections may vary  from actual results and that such variances may be material).               SECTION 3.14.  Collateral  Matters.   The  Collateral  Agreement,  upon  execution  and  delivery  thereof  by  the  parties  thereto,  will  create  in  favor  of  the  Administrative  Agent,  for  the  benefit  of  the  Secured  Parties,  a  valid  and  enforceable  security  interest  in the  Pledged  Equity  Interests, and when  the  Pledged  Equity  Interests  constituting  certificated securities  (as  defined  in  the  Uniform  Commercial  Code)  are  delivered  to  the  Administrative  Agent,  together  with  instruments  of  transfer  duly  endorsed  in  blank,  the  security  interest  created  under  the  Collateral  Agreement  will  constitute under the Uniform  Commercial Code (to the extent a Lien  may  be perfected  thereunder) a fully perfected security interest in all right, title and interest of the pledgors  thereunder in  such  Pledged  Equity  Interests,  prior  and  superior  in  right  to  any  other  Person, other than Permitted Liens arising by operation of law and having priority over  the Liens of the Administrative Agent on the Pledged Equity Interests.               SECTION 3.15.  Federal Reserve Regulations.  None of the Company or  any Subsidiary is engaged or will engage principally or as one of its important activities  in the business of purchasing or carrying margin stock (within the meaning of Regulation  U  of  the  Board  of  Governors),  or  extending  credit  for  the  purpose  of  purchasing  or  carrying  margin  stock.   No  part  of  the  proceeds  of  the  Loans  will  be  used,  directly  or  indirectly, for any purpose that entails a violation (including on the part of any Lender) of  any of the regulations of the Board of Governors, including Regulations U and X.  Not  more than 25% of the value of the assets subject to any restrictions on the sale, pledge or  other disposition of assets under this Agreement, any other Loan Document or any other  agreement  to  which  any  Lender  or  Affiliate  of  a  Lender  is  party  will  at  any  time  be  represented by margin stock.               SECTION 3.16.  Anti-Corruption  Laws  and  Sanctions.   The  Company  has implemented and maintains in effect policies and procedures designed to promote and  achieve  compliance  in  all  material respects  by  the  Company,  its  Subsidiaries  and  their  respective  directors,  officers,  employees  and  agents  with  Anti-Corruption  Laws  and  applicable Sanctions, and the Company and its Subsidiaries and, to the knowledge of the  Company,  their  directors,  officers  and  employees  and  agents,  are  in  compliance  with  Anti-Corruption Laws and applicable Sanctions in all material respects.  None of (a) the  Company or any Subsidiary or, to the knowledge of the Company, any of their respective  directors, officers or employees, or (b) to the knowledge of the Company, any agent of  the Company or any Subsidiary that will act in any capacity in connection with or benefit  from the credit facility established hereby, is a Sanctioned Person.       [[5509122]] 

 

                                                                     103               SECTION 3.17.  Affected Financial  Institutions.   No Loan  Party  is  an  Affected Financial Institution.                                 ARTICLE IV                                                                       Conditions               SECTION 4.01.  Effective Date.  This Agreement shall become effective  on the date hereof upon the satisfaction of the following conditions:               (a)  The Administrative Agent shall have received from each party to this  Agreement a  counterpart  of  this  Agreement  signed  on  behalf  of  such  party (which,  subject  to  Section  9.06(b),  may  include  any  Electronic  Signatures  transmitted  by  facsimile,  emailed  pdf.  or  any  other  electronic  means  that  reproduces  an  image  of  an  actual executed signature page of this Agreement).               (b)  The  Administrative  Agent  shall  have  received  such  customary  documents and certificates as the Administrative Agent may reasonably request relating  to the organization, existence and good standing of each Loan Party, the authorization of  the  Transactions  and  any  other  legal  matters  relating  to  the  Loan  Parties,  the  Loan  Documents or the Transactions, in each case reasonably satisfactory to the Administrative  Agent.               (c)  The  Administrative  Agent  shall  have  received  customary  written  opinions (addressed to the Administrative Agent, the Lenders and the Issuing Banks and  dated the Effective Date) of each of (i) Sidley Austin LLP, counsel for the Company, and  (ii)  local  counsel  for  the  Luxembourg  Borrower,  in  each  case  as  shall  be  reasonably  requested by the Administrative Agent.               (d)  The Collateral and Guarantee Requirement shall  have  been satisfied.   The Administrative  Agent shall  have received a completed Perfection Certificate, dated  the  Effective  Date  and  signed  by  an  executive officer  or  a  Financial  Officer  of  the  Company, together with all attachments contemplated thereby, including the results of a  search of the Uniform Commercial Code (or equivalent) filings made with respect to the  Guarantors in the  jurisdictions contemplated by the Perfection Certificate and copies of  the  financing  statements  (or  similar  documents) disclosed  by  such  search  and  evidence  reasonably  satisfactory  to  the  Administrative  Agent  that  the  Liens  indicated  by  such  financing  statements  (or  similar  documents)  are  permitted  under  Section 6.02  or  have  been,  or  substantially  contemporaneously  with  the  initial  funding  of  Loans  on  the  Effective Date will be, released.               (e)  The representations and warranties of each Loan Party set forth in the  Loan Documents shall be true and correct in all material respects, in each case on and as  of  the  Effective  Date,  except  in  the  case  of  any  such  representation  and  warranty  that  expressly relates to a prior date, in which case such representation and warranty shall be  so true and correct on and as of such prior date, and no Default shall exist.      [[5509122]] 

 

                                                                     104               (f)  The  Administrative  Agent  shall  have  received  a certificate,  dated the  Effective  Date  and  signed  by  the  chief  executive  officer  or  a  Financial  Officer  of  the  Company,  confirming  compliance with  the  condition  set  forth  in clause (e)  of  this  Section.               (g)  The Administrative Agent (or the applicable Initial Lender, in the case  of  fees  payable  only  to  such  Initial  Lender  as  specified  in  the  Fee  Letters)  shall  have  received all fees and accrued and unpaid expenses (to the extent, in the case of expenses,  invoiced at least two Business Days prior to the Effective Date or such shorter period as  may be reasonably agreed by the Company) due and payable on or prior to the Effective  Date,  including,  to  the  extent  invoiced,  payment  or  reimbursement  of  all  fees  and  expenses  (including  fees,  charges and  disbursements  of  counsel)  required  to  be  paid  or  reimbursed by any Loan Party under the Commitment Letter, the Fee Letters or any Loan  Documents.               (h)  (i) The Administrative Agent and the Lenders shall have received all  documentation  and  other  information  required  by  bank  regulatory  authorities  under  applicable  “know  your  customer”  and  anti-money  laundering  rules  and  regulations,  including the USA PATRIOT Act, to the extent requested in writing no less than 10 days  prior to the Effective Date (provided that the Company shall  not be required to deliver  such documentation and other information in respect of the Company or the Luxembourg  Borrower to a Lender that is party to the Existing Credit Agreement to the extent such  information has already been received by such Lender) and (ii) to the extent the Company  or  any  other  Loan  Party  qualifies  as  a  “legal  entity  customer”  under  the  Beneficial  Ownership Regulation, receipt, at least one Business Day prior to the Effective Date, by  any Lender that has requested in a written notice to the Company at least 10 days prior to  the  Effective  Date,  a  Beneficial  Ownership  Certification  in  relation  to the  Company  or  such other Loan Party (provided that, upon execution and delivery by such Lender of its  signature  page  to  this  Agreement,  the  condition  set  forth  in  this  clause  (ii)  shall  be  deemed to be satisfied).               (i)  The  commitments  under  the  Existing  Credit  Agreement  shall  have  been or shall simultaneously with the effectiveness of this Agreement be terminated, all  principal, interest, fees and other amounts outstanding, accrued or owed thereunder shall  have been or shall be paid in full (for the avoidance of doubt, such amounts may be paid  with  the  proceeds  of  Loans  through  a  concurrent  borrowing  under  the  terms  of  this  Agreement,  which  shall  be  evidenced  by  the  execution  and  delivery  of  a  Borrowing  Request to the Administrative Agent on or prior to the date hereof, and any letter of credit  outstanding  under  the  Existing  Credit  Agreement  may  continue  to  be  outstanding  if  designated  as  an  Existing  Letter  of  Credit  hereunder),  and  all  Guarantees  and  Liens  existing  in  connection  with  the  Existing  Credit  Agreement  shall  have  been  or  so  substantially simultaneously with the effectiveness of this Agreement be discharged and  released. Each  Lender  that  is  a  Lender  under  the  Existing  Credit  Agreement  hereby  waives  the  requirement  under  the  Existing  Credit  Agreement  that  any  notice  of  termination  of  commitments or  any  prepayment  of  loans under  the  Existing  Credit  Agreement be delivered prior to the effective date of such termination or repayment.     [[5509122]] 

 

                                                                     105   Notwithstanding the foregoing, this Agreement shall not become effective unless each of  the  foregoing  conditions  shall  have  been  satisfied  (or  waived  in  accordance  with  Section 9.02) at or prior to 5:00 p.m., New York City time, on September 4, 2020.               SECTION 4.02.  Each  Credit  Event.  The  obligation  of  each  Lender  to  make  a  Loan  on  the  occasion  of  any  Borrowing  (other  than  any conversion  or  continuation  of  any  Loan),  and  of  each  Issuing  Bank  to  issue,  amend  to  increase  the  amount  of or  extend  any  Letter  of  Credit,  shall  be  subject  to  receipt  of  the  request  therefor in accordance herewith and to the satisfaction of the following conditions:               (a)  The representations and warranties of each Loan Party set forth in the  Loan Documents shall be true and correct in all material respects, in each case on and as  of the date of such Borrowing or the date of issuance, amendment or extension of such  Letter of Credit, as applicable, except in the case of any such representation and warranty  that expressly relates to a prior date, in which case such representation and warranty shall  be so true and correct on and as of such prior date.               (b)  At the time of and immediately after giving effect to such Borrowing  or  the  issuance,  amendment or  extension  of  such  Letter  of  Credit,  as  applicable,  no  Default or Event of Default shall have occurred and be continuing.   On the date of any Borrowing (other than any conversion or continuation of any Loan) or  the  issuance,  amendment to  increase  the  amount  thereof or extension  of  any  Letter  of  Credit, the Company and each Borrowing Subsidiary shall be deemed to have represented  and  warranted  that  the  conditions  specified  in clauses (a)  and  (b)  of  this  Section have  been satisfied.               SECTION 4.03.  Credit  Extensions  to  Borrowing  Subsidiaries.  The  effectiveness of the designation of any Subsidiary as a Borrowing Subsidiary pursuant to  Section  2.23,  and the  obligations  of  the  Lenders  to  make  Loans  to,  or  of  the  Issuing  Banks to issue Letters of Credit for the account of, any such Borrowing Subsidiary shall  be subject to the satisfaction of the following additional conditions:               (a)  The Administrative Agent or its counsel shall have received from such  Borrowing  Subsidiary  and  the  Company  a  counterpart  of  a  Borrowing  Subsidiary  Agreement signed on behalf of each such party (which, subject to Section 9.06(b), may  include  any  Electronic  Signatures  transmitted  by  facsimile,  emailed  pdf.  or  any  other  electronic  means  that reproduces  an  image  of  an  actual  executed  signature  page of this  Agreement).               (b)  The  Administrative  Agent  shall  have  received  a  customary  written  opinion  of  counsel  for  such  Borrowing  Subsidiary  dated  the  date  of  the  applicable  Borrowing  Subsidiary  Agreement,  addressed  to  the  Administrative  Agent,  the  Lenders  and the Issuing Banks and reasonably satisfactory to the Administrative Agent.               (c)  The  Administrative  Agent  shall  have  received  such  customary  documents  and  certificates  as  the  Administrative  Agent  or  its  counsel  may  reasonably  request  relating  to  the  organization,  existence  and  good  standing  of  such  Borrowing     [[5509122]] 

 

                                                                     106   Subsidiary, the authorization by it of the transactions to which it will be party hereunder  and any other legal matters relating to such Borrowing Subsidiary, the Loan Documents  or  such  transactions,  all  in  form  and  substance  reasonably  satisfactory  to  the  Administrative Agent and its counsel.               (d)  The Administrative Agent shall  have received a certificate, dated the  date of the applicable Borrowing Subsidiary Agreement and signed by a Financial Officer  of  the  Company,  confirming  satisfaction  of  the  conditions  set  forth  in  Sections 4.02(a)  and 4.02(b) (in each case, deeming all references therein to the date of a Borrowing to  refer to the date of such Borrowing Subsidiary Agreement).               (e)  Each  Lender  shall  have  received  all  documentation  and  other  information with respect to such Borrowing Subsidiary requested by such Lender under  applicable  “know  your  customer”  and  anti-money  laundering  rules  and  regulations,  including the USA PATRIOT Act and the Beneficial Ownership Regulation.                                 ARTICLE V                                                                  Affirmative Covenants               During  the  period  commencing  on  and  including  the  Effective  Date  and  until the Termination Date, the Company covenants and agrees with the Lenders that:               SECTION 5.01.  Financial  Statements  and  Other  Information.   The  Company will furnish to the Administrative Agent, on behalf of each Lender:               (a) within 90 days after the end of each fiscal year of the Company (or, so        long as the Company shall be subject to periodic reporting obligations under the        Exchange Act, by the date that the Annual Report on Form 10-K of the Company        for such fiscal year would be required to be filed under the rules and regulations        of the SEC, giving effect to any automatic extension available thereunder for the        filing  of  such  form),  its  audited  consolidated  balance  sheet  and  related        consolidated  statements  of  earnings,  comprehensive  earnings,  equity  and  cash        flows  as  of  the  end  of  and  for  such  fiscal  year,  setting  forth  in  each  case  in        comparative  form  the  figures  for  the  prior  fiscal  year,  all  audited  by  and        accompanied  by  the  opinion  of  PricewaterhouseCoopers  LLC  or  another        independent  registered  public  accounting  firm  of  recognized  national  standing        (without  a  “going  concern”  or  like  qualification,  exception  or  emphasis  and        without  any  qualification,  exception  or  emphasis  as  to  the  scope  of  such  audit        (other than related solely to the occurrence of the Revolving Maturity Date or the        upcoming maturity date of any other Indebtedness (including, without limitation,        the  Existing  Senior  Notes)  that  is  scheduled  to  occur  within  one  year  from  the        date  such  report  is  delivered  or  the  actual  or  projected  breach  or  anticipated        breach  of  any  financial  covenant  hereunder  or  under  any  other  Indebtedness) to        the effect that such consolidated financial statements present fairly, in all material        respects, the consolidated financial position, results of operations and cash flows        of the Company as of the end of and for such year in accordance with GAAP;     [[5509122]] 

 

                                                                     107               (b) within 45 days after the end of each of the first three fiscal quarters of        each fiscal year of the Company (or, so long as the Company shall be subject to        periodic  reporting  obligations  under  the  Exchange  Act,  by  the  date  that  the        Quarterly Report on Form 10-Q of the Company for such fiscal quarter would be        required to be  filed under the rules and regulations of the SEC, giving effect to        any  automatic  extension  available  thereunder  for  the  filing  of  such  form),  its        consolidated  balance  sheet  as  of  the  end  of  such  fiscal  quarter,  the  related        consolidated  statements  of  earnings  and  comprehensive  earnings  for  such  fiscal        quarter  and  the  then  elapsed  portion  of  the  fiscal  year,  the  related  statement  of        equity as of the end of such fiscal quarter and the related statement of cash flows        for  the  then  elapsed  portion  of  the  fiscal  year,  in  each  case  setting  forth  in        comparative form the figures for the corresponding period or periods of (or, in the        case of the balance sheet and statement of equity, as of the end of) the prior fiscal        year, all certified by a Financial Officer of the Company as presenting fairly, in all        material  respects,  the  consolidated  financial  position,  results  of  operations  and        cash flows of the Company as of the end of and for such fiscal quarter and such        portion of the fiscal  year  in accordance with GAAP, subject to normal  year-end        audit adjustments and the absence of certain footnotes;               (c) concurrently  with  each  delivery  of  financial  statements  under        clause (a) or (b) above, a completed Compliance Certificate signed by a Financial        Officer of the Company, (i) certifying as to whether a Default has occurred and, if        a Default  has  occurred,  specifying  the  details  thereof  and  any  action  taken  or        proposed  to  be  taken  with  respect  thereto,  (ii) setting  forth  reasonably  detailed        calculations demonstrating compliance with (x) Sections 6.11, 6.12 and 6.13 and        (y)  from  and  after  the  Springing  Maturity  Test  Date  and  for  so  long  as  the        Existing  Senior  Notes  Repayment  has  not  occurred, Section  6.14,  (iii) if  any        change in GAAP or in the application thereof has occurred since the date of the        consolidated balance  sheet  of  the  Company  most  recently  theretofore  delivered        under clause (a) or (b) above that has had, or could have, a significant effect on        the  calculations  of  the  Interest  Coverage  Ratio, the  Total  Leverage  Ratio  or the        Senior  Secured  Leverage  Ratio,  specifying  the  nature  of  such  change  and  the        effect thereof on such calculations and (iv) certifying that all  notices required to        be provided under Section 5.10 have been provided;               (d) within  90 days  after  the  end  of  each  fiscal  year  of  the  Company        (commencing  with  the  first  fiscal  year  ended  after  the  Effective  Date),  a        completed  Supplemental  Perfection  Certificate,  signed  by  a  Financial  Officer of        the Company, setting forth the information required pursuant to the Supplemental        Perfection Certificate;               (e) promptly  after  the  same  become  publicly  available,  copies  of  all        periodic  and  other  reports,  proxy  statements  and  other  materials  filed  by  the        Company  or  any  Subsidiary  with  the  SEC  or  with  any  national  securities        exchange, as the case may be;                (f) promptly  after  any  request  therefor,  all  documentation  and  other     [[5509122]] 

 

                                                                     108         information that the Administrative Agent or any Lender may reasonably request        in  order  to  comply  with  ongoing  obligations  under  applicable  “know  your        customer”  and  anti-money  laundering  rules  and  regulations,  including  the  USA        PATRIOT Act and the Beneficial Ownership Regulation; and               (g) promptly after any request therefor, such other  information regarding        the operations, business affairs, assets, liabilities (including contingent liabilities)        and financial condition of the Company or any Subsidiary, or compliance with the        terms  of  any  Loan  Document,  as  the  Administrative  Agent  or  any  Lender  may        reasonably request.   Information  required  to  be  delivered  pursuant  to  this  Section shall  be  deemed  to  have  been delivered if such information, or one or more annual or quarterly reports containing  such information, shall have been posted by the Administrative Agent on the Platform or  shall be publicly available on the website of the SEC or the Company and the Company  shall  have,  except  in  the  case  of  Information  required  to  be  delivered  pursuant  to  clauses (a), (b) and  (e) of  this  Section,  notified  the  Administrative  Agent  of  such  availability.   Information  required  to  be  delivered  pursuant  to this  Section may  also  be  delivered  by  electronic  communications  pursuant  to  procedures  approved  by  the  Administrative Agent and the Company.                 SECTION 5.02.  Notices of Material Events.  The Company will furnish  to  the  Administrative  Agent  prompt  written  notice  (which  written  notice  the  Administrative Agent will furnish to the Lenders) of the following:               (a) the occurrence of any Default;               (b) the  filing  or  commencement  of  any  action,  suit  or  proceeding  by  or        before any arbitrator or Governmental Authority against or affecting the Company        or any Subsidiary, or any adverse development in any such pending action, suit or        proceeding  not  previously  disclosed  in  writing  by  the  Company  to  the        Administrative  Agent  and  the  Lenders,  that  in  each  case  could  reasonably  be        expected to result in a Material Adverse Effect; and               (c) the  occurrence  of  any  ERISA  Event  that,  alone  or  together  with  any        other ERISA Events that have occurred, could reasonably be expected to result in        liability  of  the  Company  and  its  Subsidiaries  in  an  aggregate  amount that  could        reasonably be expected to result in a Material Adverse Effect.   Each  notice  delivered  under  this  Section shall  be  accompanied  by  a  statement  of  a  Financial Officer or other executive officer of the Company setting forth the details of the  event or development requiring such notice and any action taken or proposed to be taken  with respect thereto.               SECTION 5.03.  Existence;  Conduct  of  Business.   Except  as  otherwise  permitted by Sections 6.03 or 6.05, the Company and each Subsidiary will do or cause to  be done all things necessary to preserve, renew and keep in full force and effect its legal  existence  and  the  rights,  licenses,  permits,  privileges  and  franchises  material  to  the     [[5509122]] 

 

                                                                     109   conduct of its business, except where failure to do so could not reasonably be expected to  result in a Material Adverse Effect.               SECTION 5.04.  Payment  of  Taxes  and  Other  Obligations.   The  Company  and  each  Subsidiary  will  pay  its  obligations,  including  Tax  liabilities,  before  the same shall become delinquent or in default, except where (a) the validity or amount  thereof is being contested in good faith by appropriate proceedings and the Company or  such other Subsidiary has set aside on its books reserves with respect thereto to the extent  required by GAAP or (b) the  failure to make payment could not, individually or in the  aggregate, reasonably be expected to result in a Material Adverse Effect.               SECTION 5.05.  Maintenance of Properties.  (a)  The Company and each  Subsidiary will keep and maintain all property material to the conduct of its business in  good  working  order  and  condition,  ordinary  wear and  tear  and  casualty  and  condemnation excepted and except where the failure to keep and maintain such property,  individually or in the aggregate, could not reasonably be expected to result in a Material  Adverse Effect.               (b)  The  Company  and  each  Subsidiary  will  take  all  actions  reasonably  necessary  to  protect  all  patents,  trademarks,  copyrights,  licenses,  technology,  software,  domain names and other intellectual property necessary to the conduct of its business as  currently  conducted,  except  in  each  case  where the  failure  to  take  any  such  action,  individually or in the aggregate, could not reasonably be expected to result in a Material  Adverse Effect.               SECTION 5.06.  Insurance.   The  Company  and  each  Subsidiary  will  maintain,  with  financially  sound  and  reputable  insurance  companies,  insurance  in  such  amounts  (with  no  greater  risk  retention)  and  against  such  risks  as  are  customarily  maintained by companies of established repute engaged in the same or similar businesses  operating in the same or similar locations.                 SECTION 5.07.  Books and Records; Inspection and Audit Rights.  The  Company  and  each  Subsidiary  will  keep  proper  books  of  record  and  account  in  which  full,  true  and  correct  entries,  in  all  material  respects,  are  made  of  all  dealings  and  transactions in relation to its business and activities sufficient to permit the preparation of  the  consolidated  financial  statements  of  the  Company  in  accordance  with  GAAP.   The  Company  and  each  Subsidiary  will  permit  the  Administrative  Agent, together  with  any  Lender that requests to accompany the Administrative  Agent, and any agent designated  by the Administrative Agent, upon reasonable prior notice and at reasonable times during  normal  business  hours,  (a) to  visit  and  inspect  its  executive  offices  and  any  other  properties  at  which  its  principal  financial  records  are  located,  (b) to  examine  and  make  extracts  from  its  financial  and  accounting  books  and  records  and  (c) to  discuss  its  operations,  business  affairs,  assets,  liabilities  (including  contingent  liabilities)  and  financial  condition  with  its  officers  and  independent  accountants  (provided that  the  Company  and/or  its  Subsidiaries  may,  if  they  so  choose,  be  present  at or  participate in  any such discussion), all at such reasonable times and as often as reasonably requested;  provided that notwithstanding anything to the contrary herein, neither the Company nor     [[5509122]] 

 

                                                                     110   any  Subsidiary  shall  be  required  to  disclose,  permit  the  inspection,  examination  or  making  of  copies  of  or  abstracts  from,  or  discuss  any  document,  information,  or  other  matter  (i) that  constitutes non-financial  trade  secrets  or  non-financial  proprietary  information, (ii) in respect of which disclosure to the Administrative Agent or any Lender  (or  any  of  their  respective  representatives  or  agent)  is  prohibited  by  applicable  law,  (iii) that  is  subject to  attorney-client  or  similar  privilege  or  constitutes  attorney  work  product or (iv) with respect to which the Company or any Subsidiary owes confidentiality  obligations to any third party.               SECTION 5.08.  Compliance  with  Laws  and  Certain  Agreements.   The  Company  and  each  Subsidiary  will  comply  with  all  laws,  including  all  orders  of  any  Governmental Authority and Anti-Corruption Laws and applicable Sanctions, applicable  to it or its property, except where the  failure to do so, individually or in the aggregate,  could not reasonably be expected to result in a Material Adverse Effect.  The Company  will  maintain  in  effect  and  enforce  policies  and  procedures  designed  to  ensure  compliance  by  the  Company,  its  Subsidiaries  and  the  respective  directors,  officers,  employees and agents of the foregoing in all material respects with Anti-Corruption Laws  and applicable Sanctions.               SECTION 5.09.  Use of Proceeds and Letters of Credit.  The proceeds of  the Revolving Loans and any Swingline Loans will be used and Letters of Credit will be  issued  for  working  capital  and  other  general  corporate  purposes  (including  share  repurchases  and  the prepayment, refinancing or  repurchase of  Indebtedness  under  the  Existing  Credit  Agreement and  the  Existing  Senior  Notes)  of  the  Company  and  its  Subsidiaries  and  in  compliance  with  this  Agreement.  The  proceeds  of  any  Incremental  Term  Loans  will  be  used  solely  for the  purpose or  purposes  set  forth  in  the  applicable  Incremental Facility Agreements. No part of the proceeds of any Borrowing or any Letter  of  Credit  will  be  used  directly  or,  to  the  knowledge  of  the  Company,  indirectly  (a) 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, (b) for the purpose of funding, financing or facilitating any activities,  business or transactions of or with any Sanctioned Person or in any Sanctioned Country,  except to the extent permitted for a Person required to comply with Sanctions, or (c) in  any manner that would result in the violation of any Sanctions by any party hereto.                 SECTION 5.10.  Further Assurances.  (a)  The Company and each other  Guarantor 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),  that  may  be  required  under  any  applicable  law,  or  that  the  Administrative  Agent  may  reasonably  request,  to  cause  the  Collateral  and  Guarantee  Requirement to be and remain satisfied at all times, all at the expense of the Guarantors.               (b)  If  any  Subsidiary  is  formed  or  acquired  after the  Effective  Date, the  Company will within 45 days after the end of the fiscal quarter in which such formation  or acquisition shall occur (or, in the case of a formation of a Subsidiary with aggregate  assets  in  excess  of  $50,000,000  or  an  acquisition  of  a  Subsidiary  for  an  aggregate  purchase  price  in  excess  of  $50,000,000,  within  45  days  (or  such  longer  period  as  the     [[5509122]] 

 

                                                                     111   Administrative  Agent  may  agree  to  in writing)  after  the  date  of  such  formation  or  acquisition,  as  applicable),  notify  the  Administrative  Agent  thereof  and  cause  the  Collateral and Guarantee Requirement to be satisfied with respect to such Subsidiary (if it  is a Designated Subsidiary) and with respect to any Equity Interests in or Indebtedness of  such Subsidiary owned by any Guarantor.                 (c)  The Company will furnish to the Administrative Agent prompt written  notice  of  any  change  in  (i)  the  legal  name  of  any Guarantor,  as  set  forth  in  its  organizational documents, (ii) the jurisdiction of organization or the form of organization  of any Guarantor (including as a result of any merger or consolidation), (iii) the location  of  the  chief  executive  office  of  any Guarantor or  (iv)  the  organizational  identification  number,  if  any,  or,  with  respect  to  any Guarantor organized  under  the  laws  of  a  jurisdiction  that  requires  such  information  to  be  set  forth  on  the  face  of  a  Uniform  Commercial  Code  financing  statement,  the  Federal Taxpayer  Identification  Number  of  such Guarantor.                                  ARTICLE VI                                                                   Negative Covenants               During  the  period  commencing  on  and  including  the  Effective  Date  and  until the Termination Date, the Company covenants and agrees with the Lenders that:               SECTION 6.01.  Indebtedness.  (a)  None  of  the  Company  or  any  Subsidiary will create, incur, assume or permit to exist any Indebtedness, except, subject  to clause (b) below:              (i) Indebtedness  created  under  the  Loan  Documents,  and  Permitted  Pari        Passu Refinancing Securities;              (ii) Indebtedness existing (or pursuant to commitments existing) on the date        hereof  and  set  forth  on  Schedule 6.01,  and  Refinancing  Indebtedness  in  respect        thereof;             (iii) Indebtedness of the Company or any Subsidiary owed to the Company        or  any  Subsidiary; provided that  (A) such  Indebtedness  shall  not  have  been        transferred to any Person other than the Company or any Subsidiary (unless (x) it        is  permitted  under  another  paragraph  of  this  Section  6.01  and  (y)  any  Liens        securing such Indebtedness shall  be permitted under Section 6.02), (B) any such        Indebtedness owing by any Guarantor to a Subsidiary that is not a Guarantor shall        be unsecured and (C) any such Indebtedness owing by any Subsidiary that is not a        Guarantor to any Guarantor shall not be prohibited by Section 6.04;             (iv) Guarantees incurred in compliance with Section 6.04;              (v) Indebtedness of the Company or any Subsidiary (A) incurred to finance        the acquisition, construction, improvement, repair or replacement of any fixed or        capital  assets,  including  Capital  Lease  Obligations; provided that  such     [[5509122]] 

 

                                                                     112         Indebtedness is incurred prior to or within 270 days after such acquisition or the        completion  of  such  construction,  improvement,  repair  or  replacement  and  the        principal amount of such Indebtedness does not exceed the cost (including related        fees  and  expenses)  of  acquiring,  constructing,  improving,  repairing  or  replacing        such  assets  or  (B) assumed  in  connection  with  the  acquisition  of  any  fixed  or        capital assets, and Refinancing Indebtedness in respect of any of the foregoing;             (vi) (A) Indebtedness  of  any  Person  that  becomes  a  Subsidiary  (or  of  any        Person not previously  a Subsidiary that is  merged, amalgamated or consolidated        with  or  into  a  Subsidiary  in  a  transaction  permitted  hereunder)  after  the  date        hereof,  or  Indebtedness  of  any  Person  that  is  assumed  by  any  Subsidiary  in        connection  with  an  acquisition  of  assets  by  such  Subsidiary  in  a  transaction        permitted hereunder; provided that (x) such Indebtedness exists at the time such        Person becomes a Subsidiary (or is so merged, amalgamated or consolidated) or        such assets are acquired and  is not created in contemplation of or in connection        with  such  Person  becoming  a  Subsidiary  (or  such  merger,  amalgamation  or        consolidation)  or  such  assets  being  acquired,  (y) at the time  of  the  execution of        the  definitive  agreement governing  such transaction),  after  giving  effect  to  the        incurrence  of  such  Indebtedness  on  a  pro  forma  basis  in  accordance  with        Section 1.04(b), the Company shall be in compliance with the covenants set forth        in Sections 6.12 and 6.13 as of the last day of the period of four consecutive fiscal        quarters then  most  recently  ended for  which  the  financial  statements  have  been        delivered  pursuant  to  Section 5.01(a)  or  5.01(b) (or,  prior to  the  first  such        delivery,  as  of  June  30,  2020) and  (z)  neither  the  Company  nor  any  Subsidiary        (other  than  such  Person  or  any  special  purpose  merger  Subsidiary  with  which        such  Person  is  merged,  amalgamated  or  consolidated  or  the  Person  that  so        assumes such Person’s Indebtedness) shall Guarantee or otherwise become liable        for  the  payment  of  such  Indebtedness; and  (B) Refinancing  Indebtedness  in        respect of any of the foregoing;             (vii) (A) Indebtedness owed in respect of any treasury, depository and cash        management services, check drawing and automated payment services (including        depository, overdraft,  controlled  disbursement,  automated  clearing  house        transactions,  return  items,  interstate  depository  network  services,  Society  for        Worldwide  Interbank  Financial  Telecommunication  transfers,  cash  pooling  and        operational  foreign  exchange  management),  current  account  facilities,  employee        or commercial credit card programs, stored value cards or purchasing cards and,        in  each  case,  similar  arrangements  and  otherwise  in  connection  with  cash        management, including cash management arrangements among the Company and        its Subsidiaries, and (B) Indebtedness owed in respect of dealer incentive, supply        chain finance or similar programs in the ordinary course of business;            (viii) Indebtedness  (including  letters  of  credit,  bank  guarantees  and  similar        instruments  issued  for  the  account  of  the  Company  or  any  Subsidiary)  in  the        ordinary  course  of  business  in  respect  of  (A)  workers’  compensation,        unemployment insurance and other social security laws, health, disability or other        employee  benefits  or  property,  casualty  or  other  insurance  (including     [[5509122]] 

 

                                                                     113         self-insurance) or other similar Indebtedness with reimbursement type claims and        (B) bids, tenders, government contracts, trade contracts, leases (other than Capital        Lease Obligations), statutory obligations, surety, stay, customs and appeal bonds,        performance  bonds,  bid  bonds,  performance  and  completion  guarantees  and        obligations of a similar nature;             (ix) Indebtedness  of  the  Company  or  any  Subsidiary in  the  form  of        indemnification,  purchase  price  adjustments,  earn-outs,  non-competition        agreements  or  other  arrangements  representing  acquisition  consideration  or        deferred payments of a similar nature incurred in connection with any Permitted        Acquisition  or  other  Investment  permitted  by  Section  6.04  or  Disposition        permitted by Section 6.05;              (x) customer deposits and advance payments received by the Company or        any  Subsidiary  from  customers  for  goods  or  services  purchased  in  the  ordinary        course of business;              (xi) Indebtedness  of  the  Company  or  any  Subsidiary  consisting  of  (A)        Indebtedness  for  the  financing  of  insurance  premiums  or  (B)  take  or  pay        obligations  incurred  in  the  ordinary  course  of  business  in  connection  with  the        purchase of items or services for use by the Company and its Subsidiaries;              (xii) Indebtedness of the Company or any Subsidiary as an account party in        respect  of  trade  letters  of  credit  and  bankers  acceptances  used  to  support  trade        obligations;            (xiii) other Indebtedness; provided that, on the date of the incurrence of such        Indebtedness and after giving effect to the incurrence of such Indebtedness on a        pro  forma  basis  in  accordance  with  Section 1.04(b),  the  Company  shall  be  in        compliance  with  the  covenants  set  forth  in  Sections 6.12  and  6.13  as of  the  last        day of the period of four consecutive fiscal quarters then most recently ended for        which the financial statements have been delivered pursuant to Section 5.01(a) or        5.01(b) (or, prior to the first such delivery, as of June 30, 2020); and             (xiv) other  Indebtedness  in  an aggregate  principal  amount  at  any  time        outstanding not greater than $25,000,000.               (b)  Notwithstanding the foregoing provisions of this Section, none of the  Company  or  any  Subsidiary  will  create,  incur,  assume  or  permit  to  exist  Priority  Indebtedness in an aggregate amount at any time outstanding in excess of the greater of  (i) $100,000,000 and (ii) 5% of Consolidated Total Assets, other than (A) Indebtedness of  the  Company  or  any  Subsidiary  owing  to  the  Company  or  any  Subsidiary  and  (B)  Indebtedness of any Subsidiary (including any Person that becomes a Subsidiary) of the  type permitted pursuant to Section 6.01(a)(v), (vii), (viii), (ix), (x), (xi) or (xii).               (c)  Neither the Company nor any Subsidiary will issue or permit to exist  any Disqualified Equity Interests.     [[5509122]] 

 

                                                                     114               SECTION 6.02.  Liens.  (a)  None  of  the  Company  or  any  Subsidiary  will create, incur, assume or permit to exist any Lien on any asset now owned or hereafter  acquired  by  it,  or  assign  or  sell  any  income  or  revenues  (including  accounts  receivable  and royalties) or rights in respect of any thereof, except (collectively “Permitted Liens”):              (i) Liens  (A) created  under the  Loan  Documents,  (B) on  cash  or  deposits        granted in favor of the Administrative Agent, the Swingline Lender or any Issuing        Bank  to  cash  collateralize  any  Defaulting  Lender’s  obligations  and  (C)  on        Collateral securing Permitted Pari Passu Refinancing Securities; provided that the        Liens securing such Permitted Pari Passu Refinancing Securities are subject to a        Pari Passu Intercreditor Agreement;              (ii) Permitted Encumbrances;             (iii) any Lien on any asset of the Company or any Subsidiary existing on the        date hereof and set forth on Schedule 6.02; provided that (A) such Lien shall not        apply  to  any  other  asset of  the  Company  or  any  Subsidiary  other than  (x) after-       acquired property that is affixed or incorporated into the property covered by such        Lien and (y) proceeds and products thereof, accessions thereto and improvements        thereon (it being understood that individual financings of the type permitted under        Section 6.01(a)(v) provided  by  any  lender  may  be  cross-collateralized  to  other        financings of such type provided by such lender or its affiliates) and (B) such Lien        shall  secure  only  those  obligations  that  it  secures  on  the  date  hereof  and  any        extensions,  renewals  and  refinancings  thereof  which,  to  the  extent  constituting        Indebtedness, are permitted under Section 6.01(a)(ii);             (iv) any  Lien  existing  on  any  asset  prior  to  the  acquisition  thereof  by  the        Company or any Subsidiary or existing on any asset of any Person that becomes a        Subsidiary  (or  of  any  Person  not  previously  a  Subsidiary  that  is  merged,        amalgamated or consolidated with or into a Subsidiary in a transaction permitted        hereunder)  after  the  date  hereof  prior  to  the  time  such  Person  becomes  a        Subsidiary  (or  is  so  merged,  amalgamated or  consolidated); provided that  (A)        such  Lien  is  not  created  in  contemplation  of  or  in  connection  with  such        acquisition or such Person becoming a Subsidiary (or such merger, amalgamation        or consolidation), (B) such Lien shall not apply to any other asset of the Company        or any Subsidiary (other than,  in the  case of any such  merger, amalgamation or        consolidation, the assets of any special purpose merger Subsidiary that is a party        thereto) and (C) to the extent any such Lien secures Indebtedness, such Lien shall        be permitted under one or more other clauses of this Section 6.02 and not under        this  clause  (iv)  or  shall  be  a  Lien  that  would  have  been  permitted  under  clause        (a)(v) of this Section if created by the Company or a Subsidiary;              (v) Liens  on  fixed  or  capital  assets  acquired,  constructed,  improved,        repaired  or  replaced  by  the  Company  or  any  Subsidiary; provided that (A) such        Liens  secure  only  Indebtedness  permitted  by  Section 6.01(a)(v)  and  obligations        relating thereto not constituting Indebtedness and (B) such Liens shall  not apply        to  any  other  asset of  the  Company  or  any  Subsidiary  (other  than  after  acquired     [[5509122]] 

 

                                                                     115         property that is affixed to or incorporated into the property covered by such Lien,        the proceeds and products thereof, accessions thereto and improvements thereon)        (it  being  understood  that  individual  financings  of  the  type  permitted  under        Section 6.01(a)(v)  provided  by  any  lender  may  be  cross-collateralized  to  other        financings of such type provided by such lender or its affiliates);             (vi) in connection with the sale, transfer or other disposition of any Equity        Interests or other assets in a transaction permitted under Section 6.05, customary        rights  and  restrictions  contained  in  agreements  relating  to  such  sale,  transfer  or        other disposition pending the completion thereof;             (vii) in the case of (A) any Subsidiary that is not a wholly-owned Subsidiary        or  (B)  the  Equity  Interests  in  any  Person  that  is  not  a  Subsidiary,  any        encumbrance  or  restriction,  including  any  put  and  call  arrangements,  related  to        Equity  Interests  in  such  Subsidiary  or  such  other  Person  set  forth  in  the        organizational documents of such Subsidiary or such other Person or any related        joint venture, shareholders’ or similar agreement;            (viii) any Lien  on  assets  of  and  Equity  Interests  in  any  Foreign  Subsidiary        that  is  a  CFC; provided that  (A) such  Lien  shall  not  apply  to  any  Collateral        (including any Equity Interests in any Subsidiary that constitute Collateral) or any        other assets of or Equity Interests owned by the Company or any Subsidiary that        is not a CFC and (B) such Lien shall secure only Indebtedness or other obligations        of one or more Foreign Subsidiaries permitted hereunder;             (ix) Liens solely on any cash earnest money deposits, escrow arrangements        or  similar  arrangements  made  by  the  Company  or  any  Subsidiary  in  connection        with  any  letter  of  intent  or  purchase  agreement  for  a  Permitted  Acquisition  or        other transaction permitted or not restricted hereunder;               (x) Liens  securing  Hedging  Agreements; provided that  such  Liens  will        apply  only  to  cash  and  cash  equivalents,  and  the  aggregate  amount  of  cash  and        cash equivalents pledged by the Company and its Subsidiaries to secure Hedging        Agreements shall not exceed $10,000,000; and             (xi) other  Liens  securing  obligations  in  an  aggregate  amount  not  greater        than $35,000,000.               (b)  Notwithstanding anything herein to the contrary, neither the Company  nor any Subsidiary that is a Designated Subsidiary will create, incur, assume or permit to  exist any Lien on any Equity Interests that are required by the Collateral and Guarantee  Requirement  to  be  pledged  as  Collateral  pursuant  to  the  Security  Documents,  except  Liens referred to in clauses (i) and (ii) of clause (a) of this Section.               SECTION 6.03.  Fundamental  Changes;  Business  Activities.  (a)  None  of the Company or any Subsidiary will merge into, amalgamate with or consolidate with  any  other  Person,  or  permit  any  other  Person  to  merge  into,  amalgamate  with  or  consolidate  with  it,  or  liquidate  or  dissolve,  except  that,  if  at  the  time  thereof  and     [[5509122]] 

 

                                                                     116   immediately  after  giving  effect thereto  no  Event of  Default  shall  have  occurred  and  be  continuing, (i) any Person (other than the Company) may merge into any Borrower in a  transaction  in  which  such  Borrower  is  the  surviving  entity  or  the  surviving  entity  expressly  assumes  the  obligations  of  the  relevant  Borrower  in  a  manner  reasonably  acceptable  to  the  Administrative  Agent  (including  any  such  merger,  amalgamation  or  consolidation  the  purpose  of  which  is  to  re-domesticate  or  change  the  form  of  organization  of  any  Borrower), including,  if  applicable,  by  delivering  a  Borrowing  Subsidiary Agreement; provided that any merger of a Guarantor into a Subsidiary that is  not  a Guarantor must  comply  with  Section  6.04  (other  than  by  reason  of  clause  (g)  thereof),  (ii) the  Company  may  merge  into  any  newly  formed  corporation  or  other  business entity for the purpose of re-domesticating or changing the form of organization  of the  Company; provided that the  surviving  or  resulting  entity  shall  be  organized  in a  jurisdiction  within  the  United  States  and  shall  expressly  assume  the  obligations  of  the  Company  under  the  Loan  Documents in  a  manner  reasonably  acceptable  to  the  Administrative Agent, (iii) any Person (other than the Company) may merge, amalgamate  or  consolidate  with  any  Subsidiary  (including  any  such  merger,  amalgamation  or  consolidation,  the  purpose  of  which  is  to  re-domesticate  or  change  the  form  of  organization  of  any  Subsidiary)  in  a  transaction  in  which  the  surviving  entity  is  a  Subsidiary  (and,  if  any  party  to  such  merger,  amalgamation  or  consolidation  is  a  Subsidiary  Loan  Party,  (A) the  Subsidiary  Loan  Party  is  the  surviving  entity,  (B) the  surviving entity expressly assumes the obligations of the relevant Subsidiary Loan Party  in  a  manner  reasonably  acceptable  to  the  Administrative  Agent  or  (C) such  merger,  consolidation  or  amalgamation  is  permitted  as  an  Investment  under  Section  6.04  (other  than by reason of clause (g) thereof), in which case,  if such Subsidiary Loan Party  is a  Borrowing Subsidiary, such Subsidiary shall prior to or simultaneously with such merger,  amalgamation or consolidation enter into a Borrowing Subsidiary Termination), (iv) any  Subsidiary  may  merge  into,  amalgamate  with  or  consolidate  with  any  Person  in  a  transaction  permitted  under Section 6.05  (other  than  by  reason  of  clause  (f)  thereof)  in  which, after giving effect to such transaction, the surviving entity is not a Subsidiary and,  if  such  Subsidiary  is  a  Borrowing  Subsidiary,  such  Subsidiary  shall  prior  to  or  simultaneously with such merger, amalgamation or consolidation enter into a Borrowing  Subsidiary  Termination,  (v) any  Person  (other  than  the  Company)  may  merge  into  any  Subsidiary  in  a  transaction  which  constitutes  an  Investment  permitted  by  Section 6.04  (other  than  by  reason of  clause  (g)  thereof)  and  (vi) any  Subsidiary  may  liquidate  or  dissolve if the Company determines in good faith that such liquidation or dissolution is in  the best interests of the Company and is not materially disadvantageous to the Lenders.               (b)  None  of  the Company  or  any  Subsidiary  will  cease  to  be  primarily  engaged in businesses of the type conducted by the Company and its Subsidiaries on the  date  hereof  and  businesses  reasonably  related,  complementary,  incidental  or  ancillary  thereto.               (c)  The Company will not permit any Subsidiary that is a CFC to own any  Equity  Interests  in  any  Domestic  Subsidiary,  other  than  as  a  result  of  a  Permitted  Acquisition  or  other  Investment  permitted  hereunder  where  such  ownership  involves  subsidiaries  of  the  acquired  Person  and  exists  at  the  time  of,  and  is  not  created  in  contemplation of, such Permitted Acquisition or other Investment.       [[5509122]] 

 

                                                                     117               SECTION 6.04.  Investments,  Loans,  Advances,  Guarantees  and  Acquisitions.   None  of  the  Company  or  any  Subsidiary  will  purchase,  hold,  acquire  (including pursuant to any  merger, amalgamation or consolidation with any Person that  was not a Subsidiary prior thereto), make or otherwise permit to exist any Investment in  any other Person, except:               (a) cash and Investments that were Permitted Investments when made;               (b) Investments  (i) existing  on  (or  contractually  committed  to  as  of)  the        Effective Date in Subsidiaries and other Investments set forth on Schedule 6.04,        (ii) any  modification,  replacement,  renewal  or  extension  of  any  Investment        described  in  clause (i)  above so  long  as  no  modification,  renewal  or  extension        thereof increases the amount of such Investment except as otherwise permitted by        this  Section 6.04  and  (iii)  consisting  of  Guarantees  by  any  Guarantor  of  the        obligations  of  any  Borrowing  Subsidiary  under  any Loan  Document  and  any        Permitted Pari Passu Refinancing Securities (and any payments made thereon or        pursuant  to  any  Loan  Document  and  any  Permitted  Pari  Passu  Refinancing        Securities);               (c) Investments by the Company and its Subsidiaries in Equity Interests in        their Subsidiaries; provided that (i) any such Equity Interests held by a Guarantor        shall be pledged in accordance with the requirements of the definition of the term        “Collateral  and  Guarantee  Requirement”  and  (ii) the  aggregate  amount  of  such        Investments by the Guarantors in, and  loans and advances by the Guarantors to,        and  Guarantees  by  the Guarantors of  Indebtedness  (and  non-ordinary  course        Guarantees  of  other  obligations)  of  Subsidiaries  that  are  not Guarantors        (excluding  all  such  Investments,  loans,  advances  and  Guarantees  permitted  by        clause  (b)  above)  at  any  time  outstanding  shall  not  exceed  the  sum  of  (A)  the        greater  of  $125,000,000  and  6%  of  Consolidated  Total  Assets  as  of  the  most        recent  fiscal  quarter  end  for  which  financial  statements  have  been  delivered        pursuant  to Section  5.01(a) or 5.01(b) (or,  prior to the  first  such  delivery,  as of        June 30, 2020) and (B) the Restricted Payment Basket (reduced by the aggregate        amount of the Restricted Payment Basket utilized after the Effective Date under        this clause, clause (d)  or  (e)  of  this  Section,  clause  (vi)  of  Section  6.08(a)  or        clause (v) of Section 6.08(b));               (d) loans  or  advances  made  by  the  Company  or  any  Subsidiary  to  any        Subsidiary; provided that  the  amount  of  such  loans  and  advances  made  by  the        Guarantors to  Subsidiaries  that  are  not Guarantors shall  be  subject  to  the        limitation set forth in clause (c) above;               (e) Guarantees  by  the  Company  or  any  Subsidiary  of  (i)  Indebtedness  of        the Company or any Subsidiary (including any such Guarantees arising as a result        of any such Person being a joint and several co-applicant with respect to any letter        of  credit  or  letter of  guaranty); provided that  the  aggregate  amount  of        Indebtedness  and  other  obligations  (except  any  such  other  obligations  that  are        Guaranteed  in  the  ordinary  course  of  business)  of  Subsidiaries  that  are  not     [[5509122]] 

 

                                                                     118         Guarantors that are Guaranteed by any Guarantor shall be subject to the limitation        set forth in clause (c) above, and (ii) obligations (other than Indebtedness) of the        Company and its Subsidiaries in the ordinary course of business;               (f) Investments  (i) received  in  connection  with  the  bankruptcy  or        reorganization  of,  or  settlement  of  delinquent  accounts  and  disputes  with,        customers  and  suppliers,  in  each  case  in  the  ordinary  course  of  business,        (ii) received  upon  foreclosure  with  respect  to  any  secured  Investment  or  other        transfer of title with respect to any secured Investment and/or (iii) received as a        result of the settlement, compromise or resolution of litigation, arbitration or other        disputes;               (g) Investments  (i)  consisting  of  Indebtedness  permitted  under  Section        6.01  (other  than  clauses  (a)(iii)  and  (a)(iv) thereof  and  other  than  Indebtedness        resulting  from  loans  and  advances  to,  or  Guarantees  of Indebtedness  of,        Subsidiaries that are not Guarantors), (ii) deemed to exist as a result of Permitted        Liens,  (iii)  consisting  of  mergers,  amalgamations,  consolidations,  liquidations,        windings  up  or  dissolutions  permitted  by  Section  6.03 and  (iv)  consisting  of        noncash consideration received from a Disposition of any asset (other than cash or        cash equivalents) in compliance with Section 6.05;               (h) Investments by the Company or any Subsidiary that result solely from        the receipt by the Company or such Subsidiary from any of its Subsidiaries of a        dividend or other Restricted Payment in the form of Equity Interests, evidences of        Indebtedness or other securities;               (i) Investments  in  the  form  of  Hedging  Agreements  permitted  under        Section 6.07;               (j) payroll,  travel  and  similar  advances  to  directors,  officers,  employees,        members  of  management,  managers  or  consultants  of  the  Company  or  any        Subsidiary that are made in the ordinary course of business;               (k) loans  or  advances  to  directors,  officers,  employees,  members  of        management, managers or consultants of the Company or any Subsidiary made in        the ordinary course of business; provided that the aggregate amount of such loans        and advances outstanding at any time shall not exceed $5,000,000;               (l) Permitted  Acquisitions,  and  cash  Investments  in  Subsidiaries  in        amounts  required  to  permit,  and  promptly  used  to  pay  the  consideration  for,        Permitted Acquisitions;               (m) Investments  made  by  any Guarantor in  a Subsidiary that is  not  a        Guarantor in the form of any contribution or Disposition of the Equity Interests of        any Person that is not a Guarantor or any Borrowing Subsidiary that is a Foreign        Subsidiary that is a CFC;               (n) Investments (i) constituting deposits, prepayments and/or other credits     [[5509122]] 

 

                                                                     119         to  suppliers,  (ii)  made  in  connection  with  obtaining,  maintaining  or  renewing        client  and  customer  contracts  and/or  (iii)  in  the  form  of  advances  made  to        distributors, suppliers, licensors and licensees, in each case, in the ordinary course        of business;               (o) (i) Investments of any Subsidiary acquired after the date hereof, or of        any Person acquired by, or merged into or consolidated or amalgamated with, the        Company  or  any  Subsidiary  after  the  date  hereof,  in  each  case  as  part  of  an        Investment  otherwise  permitted  by  this  Section 6.04  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  the  relevant  acquisition,  merger, amalgamation  or  consolidation  and        (ii) any  modification,  replacement,  renewal  or  extension  of  any  Investment        permitted under clause (i) so long as no such modification, replacement, renewal        or extension thereof increases the amount of such Investment except as otherwise        permitted by this Section 6.04;               (p) [Reserved];               (q) Investments  made  (i) by  any  Subsidiary  that  is  not  a Guarantor with        the  proceeds  received  by  such  Subsidiary  from  an  Investment  made  by  any        Guarantor in  such  Subsidiary  in  compliance  with  this  Section 6.04  and  (ii) in        Subsidiaries  in  connection  with  reorganizations  and  related  activities  for  tax        planning  purposes; provided that,  after  giving  effect  to  any  such  reorganization        and/or  related  activity,  the  security  interest  of  the  Administrative  Agent in  the        Collateral, taken as a whole, is not materially impaired;               (r) Investments  made  in  joint ventures or non-wholly-owned Subsidiaries        as  required  by,  or  made  pursuant  to,  buy/sell  arrangements  between  the  joint        venture  parties  set  forth  in  joint  venture  agreements  and  similar  binding        arrangements as in effect on the date hereof;               (s) unfunded  pension  fund  and  other  employee  benefit  plan  obligations        and  liabilities  to  the  extent  that  they  are  permitted  to  remain  unfunded  under        applicable law;               (t) Investments  in  the  Company  or  any  Subsidiary  in  connection  with        intercompany  cash  management  arrangements  and  related  activities  in  the        ordinary course of business (including Guarantees in connection therewith);               (u) Investments  consisting  of  the  licensing  or  contribution  of  intellectual        property pursuant to joint marketing, development, manufacturing, distribution or        commercialization arrangements with other Persons;               (v) any Investment made in exchange for, or with the net cash proceeds of        an issuance of, Equity Interests of the Company; and               (w) other Investments; provided that, at the time each such Investment is     [[5509122]] 

 

                                                                     120         purchased, made or otherwise acquired, (A) no Default shall have occurred and be        continuing  or  would  result  therefrom  and  (B)  the  Total  Leverage  Ratio  and  the        Senior  Secured  Leverage  Ratio,  determined  on  a  pro  forma  basis  in  accordance        with  Section  1.04(b)  as  of  the  last  day  of  the  period  of  four  consecutive  fiscal        quarters  of  the  Company  then  most  recently  ended  for  which  the  financial        statements have been delivered pursuant to Section 5.01(a) or 5.01(b) (or, prior to        the  first  such  delivery,  as  of  June  30,  2020) shall  be less  than  2.75 to  1.00  and        2.25 to 1.00, respectively.               SECTION 6.05.  Asset  Sales.   None  of the  Company  or  any  Subsidiary  will  sell,  transfer,  lease  or  otherwise  dispose  of  (each,  a  “Disposition”)  any  asset,  including any Equity Interest owned by  it, nor will  any Subsidiary  issue any additional  Equity  Interest  in  such  Subsidiary  (other  than  to  the  Company  or  any  Subsidiary  in  compliance with Section 6.04, directors’ qualifying shares and other nominal amounts of  Equity Interests that are required to be held by other Persons under applicable law and, in  the  case  of  any  non-wholly-owned  Subsidiary,  to  any  other  investor  on  a  ratable  basis  relative to its investment in such Subsidiary), except:               (a) Dispositions  of  inventory  (including  on  an  intercompany  basis),  used        or  surplus  equipment  in  the  ordinary  course  of  business  or  cash  or  Permitted        Investments;               (b) Dispositions to the Company or any Subsidiary; provided that any such        Disposition  by a Guarantor to  a  Subsidiary  that  is  not  a Guarantor shall,  to the        extent  made  for  less  than  fair  market  value  or  for  consideration  other than  cash        (on  customary  payment  terms)  or  assets  useful  in  the  business  of  the  Company        and  its  Subsidiaries  (as  reasonably  determined  by  a  Financial  Officer  of  the        Company), be made in compliance with Sections 6.04 and 6.09;               (c) Dispositions  of  accounts  receivable  in  connection  with  the        compromise,  collection  or  settlement  thereof  in  the  ordinary  course  of  business        and not as part of any accounts receivables financing transaction;               (d) Dispositions  of  assets  subject  to  any  casualty  or  condemnation        proceeding (including dispositions in lieu of condemnation);               (e) Dispositions  of  property  to  the  extent  that  (i) such  property  is        exchanged  for  credit  against  the  purchase  price  of  similar  replacement  property        (including  any  exchange  covered  by  Section 1031  of  the  Code  or  comparable        provision of any foreign jurisdiction) or (ii) the proceeds of such Disposition are        promptly  applied  to  the  purchase  price  of  such  replacement  property  or  other        property useful in the business of the Company or its Subsidiaries;                (f) (i)  Investments  permitted  pursuant  to  Section 6.04,  to  the  extent        deemed  to  constitute  or  effected  by  means  of  Dispositions,  mergers,        amalgamations,  consolidations  or  conveyances;  (ii)  Permitted  Liens;  and        (iii) Restricted Payments permitted by Section 6.08;     [[5509122]] 

 

                                                                     121               (g) Dispositions of Investments in joint ventures or any Subsidiary that is        not  a  wholly-owned  Subsidiary  to  the  extent  required  by,  or  made  pursuant  to,        buy/sell  arrangements  between  joint  venture  or  similar  parties  set  forth  in  the        relevant joint venture arrangements and/or similar binding arrangements;               (h) (i) Dispositions  and/or  terminations  of  leases,  subleases,  licenses  or        sublicenses,  which  (A) do  not  materially  interfere  with  the  business  of  the        Company and its Subsidiaries, taken as a whole, or (B) relate to closed facilities        or the discontinuation of any  business unit,  line of business, division or product        line,  (ii) the  leasing,  subleasing,  licensing  or  sublicensing  of  property  in  the        ordinary  course  of  business,  (iii) any  expiration  of  any  option  agreement  in        respect  of  real  or  personal  property,  (iv) any  surrender  or  waiver  of  contractual        rights  or  the  settlement,  release  or  surrender  of  contractual  rights  or  litigation        claims  (including  in  tort),  in  each  case  in  the  ordinary  course  of  business  and        (v) Dispositions,  abandonments,  cancellations  or  lapses  of  intellectual  property        rights,  or  of  issuances  or  registrations,  or  applications  for  issuances  or        registrations,  of  intellectual  property  rights,  which,  in  the  reasonable  good  faith        determination of the Company, are not material to the conduct of the business of        the Company or any Subsidiary, or are no longer economical to maintain in light        of its use;               (i) [Reserved];               (j) Dispositions of assets acquired in any acquisition permitted hereunder        and Disposed of within 18 months of the date of such acquisition; provided that        no Event of Default shall have occurred and be continuing on the date on which        the definitive agreement governing the relevant Disposition is executed;               (k) terminations of Hedging Agreements;               (l) Dispositions  of  letters  of  credit  and/or  bank  guarantees  (and/or  the        rights thereunder) to banks or other financial institutions in the ordinary course of        business in exchange for cash and/or Permitted Investments;               (m) any  financing  transaction  permitted  or  not  restricted  by  this        Agreement with respect to property acquired, constructed, improved, repaired or        replaced  by  the  Company  or  any  Subsidiary,  including  Sale/Leaseback        Transactions permitted or not restricted by this Agreement; and                (n) Dispositions of assets that are not permitted by any other clause of this        Section; provided that  (i)  the  aggregate  fair  value  of  all  assets  (as  reasonably        determined  by  a  Financial  Officer  of  the  Company)  Disposed  of  in  reliance  on        this  clause during  any  fiscal  year  of  the  Company  shall  not  exceed  15%  of        Consolidated Total Assets as of the end of the immediately preceding fiscal year        for  which  financial  statements  have  been  delivered  pursuant  to Section 5.01(a)        (or,  prior  to  the  first  such  delivery,  as  of December 31,  2019) and  (ii) all        Dispositions  made  in  reliance  on  this  clause  shall  be made  for  fair  value  (as     [[5509122]] 

 

                                                                     122         reasonably determined by a Financial Officer of the Company) and at least 75%        cash consideration.   Notwithstanding the foregoing, other than Dispositions to the Company or a Subsidiary  in  compliance  with  Section  6.04,  and  other  than directors’ qualifying  shares  and  other  nominal amounts of Equity Interests that are required to be held by other Persons under  applicable  requirements  of  law,  no  such  Disposition of  any  Equity  Interests  in  any  wholly-owned Subsidiary shall be permitted unless (i) such Equity Interests constitute all  the  Equity  Interests  in  such  Subsidiary  held  by  the  Company  and  its  Subsidiaries  or  (ii) immediately after giving effect to such transaction, the Company and its Subsidiaries  shall otherwise be in compliance with Section 6.04.               SECTION 6.06.  Sale/Leaseback Transactions.  None of the Company or  any  Subsidiary  will  enter  into  any  Sale/Leaseback  Transaction  unless  (a)  the  sale  or  transfer of the property thereunder is permitted under Section 6.05 (other than by reason  of clause (m) thereof), (b) any Capital Lease Obligations arising in connection therewith  are  permitted  under  Section 6.01  and  (c)  any  Liens  arising  in  connection  therewith  (including Liens deemed to arise in connection with any such Capital Lease Obligations)  are permitted under Section 6.02.               SECTION 6.07.  Hedging  Agreements.   None  of  the  Company  or  any  Subsidiary  will  enter  into  any  Hedging  Agreement,  except  (a) Hedging  Agreements  entered  into  to  hedge  or  mitigate  risks  to  which  the  Company  or  any  Subsidiary  has  actual or potential exposure (other than in respect of Equity Interests or Indebtedness of  the Company or any Subsidiary but including any currency Hedging Agreement designed  to  mitigate  foreign  currency  exposure of  the  Company  or  any  Subsidiary),  (b) Hedging  Agreements  entered  into  in  order  to  effectively  cap,  collar  or  exchange  interest  rates  (from floating to fixed rates, from one floating rate to another floating rate or otherwise)  with  respect  to  any  interest-bearing  liability  or  investment  of  the  Company  or  any  Subsidiary, (c) Hedging Agreements related to stock option or stock benefit plans for the  benefit of the Company’s officers and employees or any Subsidiary thereof and (d) the  Company  may  enter  into,  and  perform  its  obligations  under,  the  Permitted  Convertible  Notes Hedging Agreements immediately prior to the final period therein.               SECTION 6.08.  Restricted Payments; Certain Payments of   Indebtedness.  (a)  None of the Company or any Subsidiary will declare or make, or agree  to  pay  or  make,  directly  or  indirectly,  any Restricted  Payment,  or  incur  any  obligation  (contingent  or  otherwise)  to  do  so,  except  that  (i)  the  Company  may  declare  and  pay  dividends with respect to its Equity Interests payable solely in additional Equity Interests  permitted  hereunder,  (ii)  any  Subsidiary  may  declare  and  pay  dividends  or  make  other  distributions with respect to its capital stock, partnership or membership interests or other  similar  Equity  Interests,  or  make  other  Restricted  Payments  in  respect  of  its  Equity  Interests, in each case ratably to the holders of such Equity Interests, taking into account  any preferences under the terms of different Equity Interests (or, if not ratably, on a basis  more favorable to the Company and its Subsidiaries), (iii) the Company may repurchase  Equity  Interests  upon  the  exercise  of  stock  options  if  such  Equity  Interests  represent  a  portion of the exercise price of such options, (iv) the Company may make cash payments     [[5509122]] 

 

                                                                     123   in  lieu  of  the  issuance  of  fractional  shares  in  connection  with  the  exercise  of  warrants,  options  or  other  securities  convertible  into  or  exchangeable  for  capital  stock  in  the  Company,  (v)  the  Company  may  make  Restricted  Payments  (including  payments  pursuant  to  any  note  issued  in  exchange  for  the  purchase,  redemption,  retirement,  acquisition  or  exchange  of  any  Equity  Interests),  not  exceeding  $5,000,000  in  the  aggregate for any  fiscal  year, pursuant to and  in  accordance with stock option plans or  other  benefit  plans  or  agreements  for  directors,  officers,  employees,  members  of  management, managers or consultants of the Company and its Subsidiaries, (vi) so long  as no Default shall have occurred and be continuing at the time of the declaration of any  dividend,  distribution  or  other  Restricted  Payment,  the  Company  may  make  Restricted  Payments (in addition to those permitted under the preceding clauses (i) through (v)) in  an aggregate amount not greater than the  sum of (A) $25,000,000 plus (B) 50% of the  aggregate  Consolidated  Net  Income  of  the  Company  for  the  period  (taken  as  a  single  accounting  period)  commencing  with  the  first  day  of  the  fiscal  quarter  immediately  following the fiscal quarter in which the Effective Date occurred and ending on the last  day of the most recent fiscal quarter for which financial statements of the Company shall  have  been  delivered  pursuant  to  Section  5.01(a)  or 5.01(b)  (the  sum  of  the  amounts  referred to in clauses (A) and (B) being referred to as the “Restricted Payment Basket”)  minus (C)  the  aggregate  amount  of  the  Restricted  Payment  Basket  utilized  after  the  Effective Date under this clause (vi), clause (v) of clause (b) of this Section and clauses  (c),  (d) and  (e) of  Section  6.04,  (vii)  so  long  as  no  Default  shall  have  occurred  and  be  continuing at the time of the declaration of any dividend, distribution or other Restricted  Payment, the Company may make any Restricted Payment (in addition to those permitted  under  the  preceding  clauses  (i)  through  (vi))  if  after  giving  effect  thereto  and  to  any  related  incurrence  of  Indebtedness  the  Total  Leverage  Ratio  and  the  Senior Secured  Leverage Ratio, determined on a pro forma basis in accordance with Section 1.04(b) as of  the last day of the period of four consecutive fiscal quarters of the Company then  most  recently ended for which the financial statements have been delivered pursuant to Section  5.01(a) or 5.01(b) (or, prior to the first such delivery, as of June 30, 2020) shall be less  than  2.75  to  1.00  and  2.25 to  1.00,  respectively,  (viii)  to  the  extent  constituting  a  Restricted Payment and not resulting in the receipt by holders of the Company’s Equity  Interests  of  consideration  other  than  Equity  Interests  in  any  merged,  amalgamated  or  consolidated  entity,  the  consummation  of  any  merger,  amalgamation  or  consolidation  permitted by Section 6.03 and (ix) any Investment permitted by Section 6.04 (other than  as a result of clause (g) thereof and other than any Investment in Equity Interests of the  Company).  Neither the entry by the Company into, nor the performance by the Company  of its obligations pursuant to, any Permitted Convertible Notes Hedging Agreement shall  constitute a Restricted Payment prohibited by this Section 6.08(a).               (b)  None of the Company or any Subsidiary will make or agree to pay or  make, directly or indirectly, any payment or other distribution (whether in cash, securities  or other property) of or in respect of principal of or interest on any Junior Indebtedness,  or  any  payment  or  other  distribution  (whether  in  cash,  securities  or  other  property),  including  any  sinking  fund  or  similar  deposit, on  account of  the  purchase,  redemption,  retirement,  acquisition,  defeasance,  cancelation  or  termination  of  any  Junior  Indebtedness, except:     [[5509122]] 

 

                                                                     124              (i) (A) regularly  scheduled  interest  and  principal  payments  and  payments        of  fees, expenses and  indemnification obligations as and when due  in respect of        any  Junior  Indebtedness,  other  than  payments  in  respect  of  Subordinated        Indebtedness prohibited by the subordination provisions thereof and (B) payments        in kind of  interest on any Junior Indebtedness permitted under Section 6.01 and        (C)  payment of  any  “applicable  high-yield  discount  obligation”  catch-up        payments;              (ii) refinancings of Junior Indebtedness with the proceeds of Indebtedness        permitted under Section 6.01;             (iii) payments of secured Junior Indebtedness that becomes due as a result        of  the  voluntary sale  or  transfer  of  the  assets  securing  such  Indebtedness  in        transactions permitted hereunder;             (iv) payments of or in respect of Junior Indebtedness made in exchange for,        or out of the proceeds of issuances of, Equity Interests in the Company (other than        Disqualified  Equity  Interests)  including  payments  upon  the  conversion  of  any        Junior Indebtedness to such Equity Interests;               (v) so long as no Default shall have occurred and be continuing at the time        thereof,  payments  of  secured  Junior  Indebtedness  in  an  aggregate  amount  not        greater than (A) the Restricted Payment Basket minus (B) the aggregate amount        of  the  Restricted  Payment  Basket  utilized  after  the  Effective  Date  under  this        clause (v), clause (vi) of clause (a) of this Section 6.08 and clauses (c), (d) and (e)        of Section 6.04; and             (vi) so long as no Default shall have occurred and be continuing at the time        thereof,  payments  of  or  in  respect  of  Junior  Indebtedness  (in  addition  to  those        permitted  under  the  preceding  clauses  (i)  through  (vi))  if  after giving  effect        thereto  and  to  any  related  incurrence  of  Indebtedness  the  Total  Leverage  Ratio        and  the  Senior  Secured  Leverage  Ratio,  determined  on  a  pro  forma  basis  in        accordance  with  Section  1.04(b)  as  of  the  last  day  of  the  period  of  four        consecutive  fiscal  quarters  of  the  Company  then  most  recently  ended  for  which        the  financial  statements  have  been  delivered  pursuant  to  Section  5.01(a)  or        5.01(b) (or, prior to the first such delivery, as of June 30, 2020) shall be less than        2.75 to 1.00 and 2.25 to 1.00, respectively.               SECTION 6.09.  Transactions with Affiliates.  None of the Company or  any  Subsidiary  will  sell,  lease,  license  or otherwise  transfer  any  assets  to, or  purchase,  lease,  license  or  otherwise  acquire  any  assets  from,  or  otherwise  engage  in  any  other  transactions  with,  any  of  its  Affiliates,  except  (a) transactions  that  are  at  prices  and  on  terms  and  conditions  not  less  favorable  to  the  Company  or  such  Subsidiary  than  those  that would prevail in arm’s-length transactions with unrelated third parties (as determined  in good faith by a Financial Officer of the Company), (b) transactions between or among  the  Company  and  its  Subsidiaries  otherwise  permitted  or  not  restricted  under  this  Agreement,  (c) any  Restricted  Payment  permitted  under  Section 6.08,  (d) issuances  by     [[5509122]] 

 

                                                                     125   the Company of Equity Interests, and receipt by the Company of capital contributions, (e)  compensation  and  indemnification  of,  and  other  employment  arrangements  with,  directors, officers, employees, members of management, managers and consultants of the  Company  or  any  Subsidiary  entered  in  the  ordinary  course  of  business  (including  any  collective  bargaining  agreements,  employment  agreements,  severance  agreements  or  compensatory  (including  profit  sharing)  arrangements,  any  subscription  agreement  or  similar agreement  pertaining  to  the  repurchase  of  Equity  Interests  pursuant  to  put/call  rights or similar rights, and transactions pursuant to any employee compensation, benefit  plan, stock option plan or arrangement, any health, disability or similar insurance plan or  any  employment  contract  or  arrangement)  and  (f) any  transaction  or  series  of  related  transactions (i) as to which the Company’s good faith valuation is less than $5,000,000 or  (ii) as to which the Company’s valuation is $5,000,000 or more if (A) such transaction or  series  of  transactions  is  not  among  the  Company  and  its  Subsidiaries  and   has  been  approved by a majority of the disinterested directors of the Company or (B) the Company  or any Subsidiary has received a report of an appropriate investment banking, accounting,  valuation or similar firm stating that the transaction or series of transactions is on arm’s  length terms or, if it is not among the Company and its Subsidiaries, otherwise fair to the  Company.               SECTION 6.10.  Restrictive Agreements.  None of the Company or any  Subsidiary will, directly or indirectly, enter into, incur or permit to exist any agreement or  other  arrangement  that  restricts  or  imposes  any  condition  upon  (a)  the  ability  of  the  Company or any Subsidiary to create, incur or permit to exist any Lien upon any of  its  assets  to  secure  any  Secured  Obligations  or  (b)  the  ability  of  any  Subsidiary  to  pay  dividends or other distributions with respect to its Equity Interests or to make or repay  loans or advances to the Company or any Subsidiary or to Guarantee Indebtedness of the  Company  or  any  Subsidiary; provided that  (i)  the  foregoing  shall  not  apply  to  (A) restrictions  and  conditions  imposed  by  law  or  by  any  Loan  Document,  (B) restrictions and conditions existing on the Effective Date and identified on Schedule  6.10 (but shall apply to any amendment or modification expanding the scope of any such  restriction or condition), (C) restrictions and conditions  imposed by  agreements relating  to  Indebtedness  of  any  Subsidiary  in  existence  at  the  time  such  Subsidiary  became  a  Subsidiary and otherwise permitted by Section 6.01(a) (but shall apply to any amendment  or modification expanding the scope of, any such restriction or condition), provided that  such  restrictions  and  conditions  apply  only  to  such  Subsidiary,  (D) restrictions  and  conditions  imposed  by  agreements  relating  to  Indebtedness  of  Subsidiaries  that  are  not  Subsidiary  Loan Parties permitted under Section 6.01(a), provided that such restrictions  and  conditions  apply  only  to  such  Subsidiaries,  (E) provisions  in  agreements  or  instruments which prohibit the payment of dividends or the making of other distributions  with respect to any class of Equity Interests of a Person other than on a pro rata basis,  (F) in  the  case  of  any  non-wholly-owned  Subsidiary, customary  provisions  in  its  organizational  governance  documents  and  other  similar  agreements  that  impose  restrictions  and  conditions  only  on  such  Person  and  restrict  the  transfer  of  ownership  interests  in  the  relevant  Person,  (G) restrictions  imposed  by  customary  provisions  to  maintain cash or other deposits or minimum net worth imposed by any Person under any  contract entered into in the ordinary course of business or for whose benefit such cash or  other  deposits  or  restrictions  exist,  (H) those  arising  pursuant  to  an  agreement  or     [[5509122]] 

 

                                                                     126   instrument governing any Indebtedness permitted to be incurred after the Effective Date  if such encumbrances or restrictions, taken as a whole, are not materially less favorable to  the Lenders than the encumbrances and restrictions contained in this Agreement, taken as  a whole (as reasonably determined  in good faith by the Company) and (I) those arising  under or as a result of applicable law, rule, regulation or order or the terms of any license,  authorization, concession or permit provided by any Governmental Authority; (ii) clause  (a)  of  the  foregoing  shall  not  apply  to  (A) restrictions  or  conditions  imposed  by  any  agreement  relating  to  secured  Indebtedness  permitted  by  Section 6.01(a)  if  such  restrictions  or  conditions  apply  only to  the  assets  securing  such  Indebtedness  or  (B) customary  provisions  in  leases  and  other  agreements  restricting  the  assignment  thereof; and (iii) clause (b) of the foregoing shall not apply to (A) customary restrictions  and  conditions  contained  in  agreements  relating  to  the  sale  of  a  Subsidiary,  or  (B)  a  business unit, division, product line or line of business, that are applicable solely pending  such sale; provided that such restrictions and conditions apply only to the Subsidiary, or  the business unit, division, product line or line of business, that is to be sold and such sale  is permitted hereunder.                SECTION 6.11.  Interest Coverage Ratio.  The Company will not permit  the Interest Coverage Ratio for any period of four consecutive fiscal quarters ending on  the last day of any fiscal quarter of the Company to be less than 3.25 to 1.00.               SECTION 6.12.  Total  Leverage  Ratio.   The  Company  will  not  permit  the Total Leverage Ratio as of the last day of any fiscal quarter of the Company to exceed  3.75  to  1.00; provided that,  following  the  completion  of  a  Material  Acquisition the  purchase  price  of  which  is financed  in  whole  or  in  part  with  Indebtedness  of  the  Company  or  a  Subsidiary  in  the  amount  of  $80,000,000  or  more  that,  on  a  pro  forma  basis,  would  result  in  an  increase  in  the  Company’s  Total  Leverage  Ratio,  if  the  Company shall so elect by a notice delivered to the Administrative Agent within 30 days  following such completion (a “Total Leverage Increase Election”), such maximum Total  Leverage Ratio shall be increased to 4.00 to 1.00 at the end of and for the fiscal quarter  during which such Material Acquisition shall have been completed and at the end of and  for each of the  following  four consecutive  fiscal  quarters (the period during which any  such  increase  in  the  Total  Leverage  Ratio  shall  be  in  effect  being  called  a  “Total  Leverage Increase Period”).  The Company  may  terminate any Total Leverage Increase  Period by a notice delivered to the Administrative Agent whereupon, on the last day of  the fiscal quarter during which such notice was given and on the last day of each fiscal  quarter  thereafter  until  another  Total  Leverage  Increase  Period  has  commenced  as  provided in this Section, the maximum Total Leverage Ratio shall be 3.75 to 1.00.  If a  Total Leverage Increase Election shall have been made under this Section, the Company  may not make another Total Leverage Increase Election unless, following the termination  or expiration of the most recent prior Total Leverage Increase Period, the Total Leverage  Ratio  as of  the last  day  of  at  least two  consecutive full fiscal  quarters of  the  Company  shall not have exceeded 3.75 to 1.00.               SECTION 6.13.  Senior Secured Leverage Ratio.  The Company will not  permit the Senior Secured Leverage Ratio as of the last day of any fiscal quarter of the  Company to exceed 3.25 to 1.00; provided that, following the completion of a Material     [[5509122]] 

 

                                                                     127   Acquisition the purchase price of which is financed in whole or in part with Indebtedness  of the Company or a Subsidiary in the amount of $80,000,000 or more incurred pursuant  to Incremental Commitments that, on a pro forma basis, would result in an increase in the  Company’s  Senior  Secured  Leverage  Ratio,  if  the  Company  shall  so  elect  by  a  notice  delivered  to  the  Administrative  Agent  within  30  days  following  such  completion, (a  “Senior Secured Leverage Increase Election”), and if a Total Leverage Increase Election  shall have  been made  in  respect  of  such  Material  Acquisition,  such  maximum  Senior  Secured Leverage Ratio shall be increased to 3.50 to 1.00 at the end of and for each fiscal  quarter during the resulting Total Leverage Increase Period (the period during which any  such  increase  in  the  Senior  Secured  Leverage  Ratio  shall  be  in  effect  being  called  a  “Senior  Secured  Leverage  Increase  Period”) (it  being  agreed  that (i) the  making  of  a  Total Leverage Increase Election as provided in Section 6.12 shall likewise constitute the  making of a Senior Secured Leverage Increase Election as provided in this Section 6.13  and (ii) the termination or expiration of a Total Leverage Increase Period as provided in  Section  6.12  shall  likewise  terminate  such  increase  in  the  maximum  Senior  Secured  Leverage Ratio whereupon, on the last day of the fiscal quarter during which such Total  Leverage  Increase  Period  has  terminated  or  expired  and  on  the  last  day  of  each  fiscal  quarter thereafter until another Senior Secured Leverage Increase Period has commenced  as provided in this Section, the maximum Senior Secured Leverage Ratio shall be 3.25 to  1.00).  If a Senior Secured Leverage Increase Election shall  have been  made under this  Section, the Company may not make another Senior Secured Leverage Increase Election  unless,  following  the termination  or expiration  of the  most recent  prior  Senior  Secured  Leverage Increase Period, the Senior Secured Leverage Ratio as of the last day of at least  two consecutive full fiscal quarters of the Company shall not have exceeded 3.25 to 1.00.               SECTION 6.14.  Liquidity.  In  the  event  the  Revolving  Maturity  Date  has  not  been  modified  to  be  the  Springing  Maturity  Test  Date  in  reliance on  the  satisfaction of the Liquidity Condition, then, from and after the Springing Maturity Test  Date  and  for  so  long  as  the  Existing  Senior  Notes  Repayment  has  not  occurred,  the  Company will not permit the Liquidity for any period of three consecutive Business Days  to be less than the Liquidity Threshold.                                   ARTICLE VII                                                                    Events of Default               If any of the following events (“Events of Default”) shall occur:               (a) any Borrower shall fail to pay any principal of any Loan when and as        the same shall  become due  and payable, whether at the due date thereof or at a        date fixed for prepayment thereof or otherwise;               (b) any  Borrower  shall  fail  to  pay  (i)  any  reimbursement  obligation  in        respect  of  any  LC  Disbursement  when  and  as  the  same  shall  become  due  and        payable, and such failure shall continue unremedied for a period of two Business        Days,  (ii)  any  payment of  principal  of  a  Swingline  Loan  when  and  as  the  same        shall  become due and payable, and such  failure shall  continue unremedied  for a     [[5509122]] 

 

                                                                     128         period of two Business Days after the Swingline Lender shall notify the Company        that such amount is due and payable or (iii) any interest on any Loan or any fee or        any other amount (other than an amount referred to in clause (a) or (b)(i) of this        Article) payable under this Agreement or any other Loan Document, when and as        the  same  shall  become  due  and  payable,  and  such  failure  shall  continue        unremedied for a period of five days;               (c) any representation, warranty or statement made or deemed made by or        on  behalf  of  the  Company  or  any  Subsidiary  in  any  Loan  Document  or  in  any        report, certificate, or other information required to be provided pursuant to or in        connection  with  any  Loan  Document  shall  prove  to  have  been  incorrect  in  any        material respect when made or deemed made;               (d) any Borrower shall fail to observe or perform any covenant, condition        or agreement contained in Sections 5.02(a), 5.03 (with respect to the existence of        any Borrower) or 5.09 or in Article VI;               (e) any Loan Party shall fail to observe or perform any covenant, condition        or  agreement  contained  in  any  Loan Document  (other  than  those  specified  in        clause (a), (b) or (d) of this Article), and such  failure shall continue unremedied        for a period of 30 days after notice thereof from the Administrative Agent to the        Company;               (f) the  Company  or  any  Subsidiary  shall fail to  make  any  payment        (whether of principal,  interest, termination payment or other payment obligation        and regardless of amount) in respect of any Material Indebtedness, when and as        the  same  shall  become  due  and  payable  and  beyond  the  grace  period  therefor;        provided that any failure under this clause (f)  is unremedied and is not waived by        the holders of such Indebtedness prior to any termination of the Commitments or        acceleration of the Loans pursuant to this Article VII;                (g) any event or condition occurs that results in any Material Indebtedness        becoming due or required to be prepaid, repurchased, redeemed or defeased prior        to its scheduled  maturity (or, in the case of a Hedging Agreement (other than a        Permitted  Convertible  Notes  Hedging  Agreement),  the  involuntary  termination        thereof  as  the  result  of  a  default  by  the  Company  or  its  Subsidiaries),  or  that        enables  or  permits  the  holder  or  holders  of  any  Material  Indebtedness  or  any        trustee or agent on its or their behalf (or, in the case of any Hedging Agreement        (other than any Permitted Convertible Notes Hedging Agreement), the applicable        counterparty), to cause such Material Indebtedness to become due, or require the        prepayment,  repurchase,  redemption  or  defeasance  thereof  (or,  in  the  case  of  a        Hedging Agreement (other  than  a  Permitted  Convertible  Notes  Hedging        Agreement), the involuntary termination thereof as the result of a default by the        Company  or  its  Subsidiaries)  prior  to  its  scheduled  maturity,  in  each  of  the        foregoing  cases,  beyond  the  grace  period  therefor; provided that  this  clause (g)        shall not apply to (i) any secured Indebtedness that becomes due as a result of the        voluntary  sale  or  transfer  of  the  assets  securing  such  Indebtedness,  (ii)  any     [[5509122]] 

 

                                                                     129         Indebtedness  that  becomes  due  as  a  result  of  a  voluntary  refinancing  thereof        permitted  under  Section 6.01  or  as  a  result  of  any  voluntary  prepayment,        repurchase, redemption or defeasance thereof by the Company or any Subsidiary        in  the  absence  of  any  default  (or  a  similar  event,  however  denominated)        thereunder  or  (iii)  any  requirement  to  deliver  cash  upon  conversion  of  the        Permitted Convertible Notes or the Existing Senior Notes; provided, further, that        any  such  failure  under  this  clause (g)  is  unremedied  and  is  not  waived  by  the        holders  of  such  Indebtedness  prior  to  any  termination  of  the  Commitments  or        acceleration of the Loans pursuant to this Article VII;                (h) [Reserved];               (i) an  involuntary  proceeding  shall  be  commenced  or  an  involuntary        petition  shall  be  filed  seeking  (i) liquidation,  reorganization  or  other  relief  in        respect of the Company or any Material Subsidiary or its debts, or of a substantial        part  of  its  assets,  under  any  Federal,  state  or  foreign  bankruptcy,  insolvency,        receivership or similar law now or hereafter in effect or (ii) the appointment of a        receiver, trustee,  custodian,  sequestrator,  conservator  or  similar  official  for  the        Company or any Material Subsidiary or for a substantial part of its assets, and, in        any such case, such proceeding or petition shall continue undismissed for 60 days        or an order or decree approving or ordering any of the foregoing shall be entered;               (j) the  Company  or  any  Material  Subsidiary  shall  (i) voluntarily        commence any proceeding or file any petition seeking liquidation, reorganization        or  other  relief  under  any  Federal,  state  or  foreign  bankruptcy,  insolvency,        receivership or similar law now or hereafter in effect, (ii) consent to the institution        of any proceeding or petition described in clause (i) of this Article, (iii) apply for        or  consent  to  the  appointment  of  a  receiver,  trustee,  custodian,  sequestrator,        conservator or similar official for the Company or any Material Subsidiary or for        a  substantial  part  of  its  assets,  (iv) file  an  answer  admitting  the  material        allegations  of  a  petition  filed  against  it  in  any  such  proceeding  or (v) make  a        general assignment for the benefit of creditors;               (k) the  Company  or  any  Material  Subsidiary  shall  admit  in  writing  its        inability or fail generally to pay its debts as they become due;               (l) one or more final judgments for the payment of money in an aggregate        amount  in  excess  of  $35,000,000  (other  than  any  such  judgment  covered  by        insurance to the extent the insurer has been notified and liability therefor has not        been  denied  by  the  insurer)  shall  be  rendered  against  the  Company,  any        Subsidiary  or  any  combination  thereof  and  the  same  shall  remain  undischarged,        unpaid,  unvacated,  unbonded  or  unstayed  pending  appeal  for  a  period  of        60 consecutive  days  during  which  execution  shall  not  be  effectively  stayed,  or,        during such 60 day period, a judgment creditor shall legally take any action to sell        material assets of the Company to collect any such judgment during such 60 day        period;      [[5509122]] 

 

                                                                     130               (m) one  or  more  ERISA  Events  shall  have  occurred  that  could,        individually  or  in  the  aggregate,  reasonably  be  expected  to  result  in  a  Material        Adverse Effect;               (n) any  Lien  purported to  be  created  under  any  Security  Document  shall        cease to be, or shall be asserted in writing by any Loan Party not to be, a valid and        perfected  Lien  on  any  material  Collateral,  with  the  priority  required  by  the        applicable  Security  Document,  except  as  a  result  of  (i)  a  sale  or transfer  of  the        applicable  Collateral  in  a  transaction  permitted  under  the  Loan  Documents,        (ii) the release thereof as provided in the applicable Security Document or Section        9.14  or  (iii) the  Administrative  Agent’s  failure  to  maintain  possession  of  any        stock  certificate,  or  other  similar  instrument  delivered  to  it  under  the  Collateral        Agreement or  the  Administrative  Agent’s  failure  to  file  Uniform  Commercial        Code financing statements;               (o) any Guarantee purported to be created under any Loan Document shall        cease  to  be, or  shall  be  asserted  in  writing  by  any  Loan  Party  not to  be,  in  full        force  and  effect,  except  as  a  result  of  the  consummation  of  any  transaction        permitted under this Agreement as a result of which such Loan Party ceases to be        a Subsidiary or the release thereof as provided in the applicable Loan Document        or Section 9.14; or               (p) a Change in Control shall occur;   then, and in every such event (other than an event with respect to any Borrower described  in  clause (i) or  (j) of  this  Article),  and  at  any  time thereafter  during  the  continuance  of  such event, the Administrative Agent may with the consent, and shall at the request, of  the Required Lenders, by notice to the Company, take any or all of the following actions,  at  the  same  or  different  times:   (i) terminate  the  Commitments,  and  thereupon  the  Commitments shall terminate immediately, (ii) declare the Loans then outstanding to be  due and payable in whole (or in part (but ratably as among the Classes of Loans and the  Loans of each Class at the time outstanding), 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  Borrowers  hereunder,  shall  become  due  and  payable  immediately,  and  (iii) require  the  deposit of  cash  collateral  in  respect of LC Exposure as provided in Section 2.05(i), in each case without presentment,  demand,  protest  or  other  notice  of  any  kind,  all  of  which  are  hereby  waived  by  the  Borrowers;  and  in  the  case  of  any  event  with  respect  to  any  Borrower  described  in  clause (i)  or  (j)  of  this  Article,  the  Commitments  shall automatically  terminate,  the  principal  of  the  Loans  then  outstanding,  together  with  accrued  interest  thereon  and  all  fees  and  other  obligations  of  the  Borrowers  hereunder,  shall  immediately  and  automatically become due and payable and the deposit of such cash collateral in respect  of LC Exposure shall  immediately and automatically  become due, in each case without  presentment, demand, protest or other notice of any kind, all of which are hereby waived  by the Borrowers.      [[5509122]] 

 

                                                                     131                                ARTICLE VIII                                                                 The Administrative Agent                Each of the Lenders and the Issuing Banks hereby irrevocably appoints the  entity named as Administrative Agent in the heading of this Agreement and its successors  to  serve  as  administrative  agent  and  collateral  agent  under  the  Loan  Documents,  and  authorizes the Administrative Agent to take such actions 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  addition,  to  the  extent  required  under  the  laws  of  any  jurisdiction  other  than  the  United  States  of  America, each of the Lenders and the Issuing Banks hereby grants to the Administrative  Agent any required powers of attorney to execute any Security Document governed  by  the laws of such jurisdiction on such Lender’s or Issuing Bank’s behalf. Without limiting  the  foregoing,  each  of  the  Lenders  and  the  Issuing  Banks  hereby  authorizes  the  Administrative Agent to execute and deliver, and to perform its obligations under, each  of the Loan Documents to which the Administrative Agent is a party, and to exercise all  rights,  powers  and  remedies  that the  Administrative  Agent  may  have  under  such  Loan  Documents.               The Person serving as the Administrative Agent hereunder shall have the  same  rights  and  powers  in  its  capacity  as  a  Lender  or  an  Issuing  Bank  as  any  other  Lender  or  Issuing  Bank  and  may  exercise  the  same  as  though  it  were  not  the  Administrative Agent, and such Person and its Affiliates may accept deposits from, lend  money to, own securities of, act as the financial advisor or in any other advisory capacity  for and generally engage in any kind of business with the Company or any Subsidiary or  other Affiliate thereof as if such Person were not the Administrative Agent hereunder and  without any duty to account therefor to the Lenders or the Issuing Banks.               The Administrative Agent shall not have any duties or obligations except  those  expressly  set  forth  in  the  Loan  Documents,  and in  performing  its  functions and  duties  hereunder and  under  the  other  Loan  Documents,  the  Administrative  Agent  is  acting  solely  on  behalf  of  the  Lenders  and  the  Issuing  Banks  (except  in  limited  circumstances expressly provided for herein relating to the maintenance of the Register),  and its functions and duties are entirely mechanical and administrative in nature.  Without  limiting  the  generality  of  the  foregoing,  (a) the  Administrative  Agent does  not  assume,  and shall not be deemed to have assumed, any obligation or duty or any other relationship  as  the  agent, fiduciary  or trustee  of  or  for  any  Lender,  any  Issuing  Bank  or any other  Person,  other  than  as  expressly  set  forth  herein  and  in  the  other  Loan  Documents,  regardless of whether a Default has occurred and is continuing (and it is understood and  agreed that the use of the term “agent” (or any similar term) herein or in any other Loan  Document with  reference  to  the  Administrative  Agent  is  not  intended  to  connote  any  fiduciary duty or other implied (or express) obligations arising under agency doctrine of  any  applicable  law, and  that  such  term  is  used  as  a  matter  of  market  custom  and  is  intended  to  create  or  reflect  only  an  administrative  relationship  between  contracting  parties), and each Lender and Issuing Bank agrees that it will not assert any claim against  the  Administrative  Agent  based  on  an  alleged  breach  of  fiduciary  duty  by  the     [[5509122]] 

 

                                                                     132   Administrative  Agent  in  connection  with  this  Agreement,  any  other  Loan  Document  and/or  the  transactions  contemplated  hereby  or  thereby,  (b) the  Administrative  Agent  shall not have any duty to take any discretionary action or to exercise any discretionary  power,  except  discretionary  rights  and  powers  expressly  contemplated  by  the  Loan  Documents that the Administrative Agent is required to exercise as directed in writing by  the  Required  Lenders  (or such  other  number  or  percentage  of  the  Lenders  as  shall  be  necessary,  or  as  the  Administrative  Agent  shall  believe  in  good  faith  to  be  necessary,  under  the  circumstances  as  provided  in  the  Loan  Documents); provided that  the  Administrative Agent shall  not be required to take any action that, in  its opinion, could  expose  the  Administrative  Agent  to  liability  or  be  contrary  to  any  Loan  Document  or  applicable  law,  and  (c)  except  as  expressly  set  forth  in  the  Loan  Documents,  the  Administrative Agent shall not have any duty to disclose, and shall not be liable for the  failure to disclose, any information relating to the Company, any Subsidiary or any other  Affiliate  of  any  of  the  foregoing  that  is  communicated  to  or  obtained  by  the  Person  serving  as  Administrative  Agent  or  any  of  its  Affiliates  in  any  capacity.  Neither  the  Administrative Agent nor any of its Related Parties shall 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,  or  as  the  Administrative  Agent shall believe in good faith to be necessary, under the circumstances as provided in  the Loan Documents) or in the absence of its own gross negligence or willful misconduct  (such absence  to  be  presumed  unless  otherwise  determined  by  a  court  of  competent  jurisdiction by a final and nonappealable judgment).  The Administrative Agent shall be  deemed  not  to  have  knowledge  of  any  Default  unless  and  until  written  notice  thereof  (stating that  it  is  a  “notice  of  default”)  is  given  to  the  Administrative  Agent  by  the  Company,  a  Lender  or  an  Issuing  Bank,  and  the  Administrative  Agent  shall  not  be  responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or  representation made in or in connection with any Loan Document, (ii) the contents of any  certificate,  report  or  other  document  delivered under  any  Loan  Document or  in  connection  therewith,  (iii) the  performance  or  observance  of  any  of  the  covenants,  agreements or  other  terms  or  conditions  set  forth  in  any  Loan  Document  or  the  occurrence  of  any  Default,  (iv) the  sufficiency, value, validity,  enforceability,  effectiveness or genuineness of any Loan Document or any other agreement, instrument  or  document (including,  for  the  avoidance  of  doubt,  in  connection  with  the  Administrative Agent’s reliance on any Electronic Signature transmitted by fax, emailed  pdf.  or  any  other  electronic  means  that  reproduces  an  image  of  an  actual  executed  signature  page),  or  (v) the  satisfaction  of  any  condition  set  forth  in  Article IV  or  elsewhere in any Loan Document, other than to confirm receipt of items (which on their  face  purport to  be  such  items) expressly  required to  be  delivered  to the  Administrative  Agent  or  satisfaction  of  any condition  that  expressly  refers  to  the  matters  described  therein  being  acceptable  or  satisfactory  to  the  Administrative  Agent.   Notwithstanding  anything  herein  to the  contrary,  the  Administrative  Agent  shall  not  be  liable  for, or  be  responsible  for  any  loss,  cost or  expense  suffered  by  any  Borrower or  any  Lender  as a  result of, any such determination of the Revolving Exposure, the Aggregate Designated  Currency Revolving Exposure or the component amounts of any of the foregoing or of  the Dollar  Equivalent.  Each  Lender  and each Issuing  Bank  agrees  that  nothing  in  this  Agreement or  any  other  Loan  Document shall  require the  Administrative Agent  to     [[5509122]] 

 

                                                                     133   expend or risk its own funds or otherwise incur any financial liability in the performance  of any of its functions or duties under the Loan Documents or in the exercise of any of its  rights or powers if it shall have reasonable grounds for believing that repayment of such  funds or adequate indemnity against such risk or liability is not reasonably assured to it.  The Administrative Agent shall be deemed to have no knowledge of any Lender being a  Restricted  Lender  unless  and  until  the  Administrative  Agent  shall  have  received  the  written notice from such Lender referred to in Section 1.11, and then only as and to the  extent specified in such notice, and any determination of whether the Required Lenders  or any other requisite Lenders shall  have provided a consent or direction  in connection  with this Agreement shall not be affected by any delivery to the Administrative Agent of  any  such  written  notice  subsequent  to  such  consent  or  direction  being  provided  by  the  Required Lenders or other requisite Lenders.               The  Administrative  Agent  shall  be  entitled  to  rely upon,  and  shall  not  incur any liability for acting or not acting upon, any notice, request, certificate, consent,  statement,  instrument,  document  or  other  writing  (including  any  electronic  message,  Internet or intranet website posting or other distribution) believed by it to be genuine and  to have been signed, sent or otherwise authenticated by the proper Person (whether or not  such Person in fact meets the requirements set forth in the Loan Documents for being the  signatory,  sender  or  authenticator  thereof).   The  Administrative  Agent  also  shall  be  entitled to rely upon, and shall not incur any liability for acting or not acting upon, any  statement made to it orally or by telephone and believed by it to be made by the proper  Person (whether or not such Person in fact meets the requirements set forth in the Loan  Documents  for being  the  signatory,  sender  or  authenticator thereof),  and  may  act  upon  any  such  statement  prior  to  receipt  of  written  confirmation  thereof.   In  determining  compliance  with  any  condition  hereunder  to  the  making  of  a  Loan,  or  the  issuance,  extension  or  increase  of  a  Letter  of  Credit,  that  by  its  terms  must  be  fulfilled  to  the  satisfaction of a Lender or an Issuing Bank, the Administrative Agent may presume that  such condition  is satisfactory to such Lender or Issuing Bank unless the Administrative  Agent shall have received notice to the contrary from such Lender or Issuing Bank prior  to the making of such Loan or the issuance of such Letter of Credit.  The Administrative  Agent  may  consult  with  legal  counsel  (who  may  be  counsel  for  the  Company),  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 may treat the payee of any promissory  note  as  its  holder  until  such  promissory  note  has  been  assigned  in  accordance  with  Section 9.04 and may rely on the Register to the extent set forth in Section 9.04(c).               The  Administrative  Agent  may  perform  any  of  and  all  its  duties  and  exercise  its  rights  and  powers  hereunder  or  under  any  other  Loan  Document  by  or  through  any  one  or  more  sub-agents  appointed  by  the  Administrative  Agent.   The  Administrative Agent and any such sub-agent may perform any of and all their duties and  exercise  their  rights  and  powers  through  their  respective  Related  Parties.   The  exculpatory provisions of this Article shall apply to any such sub-agent and to the Related  Parties  of  the  Administrative  Agent  and  any  such  sub-agent,  and  shall  apply  to  their  respective  activities  in  connection  with  the  arrangement  and  syndication  of  the  credit  facilities  provided  for  herein  as  well  as  activities  as  Administrative  Agent.   The     [[5509122]] 

 

                                                                     134   Administrative  Agent  shall  not  be  responsible  for the  negligence  or  misconduct of  any  sub-agents selected by it with commercially reasonable care.               Subject  to  the  terms  of  this  paragraph,  the  Administrative  Agent  may  resign  at  any  time  from  its  capacity  as  such.   In  connection  with  such  resignation,  the  Administrative Agent shall give notice of its intent to resign to the Lenders, the Issuing  Banks and the Company.  Upon receipt of any such notice of resignation, the Required  Lenders  shall  have  the  right  (with  the  consent  of  the  Company,  unless  an  Event  of  Default  under clause (a),  (b),  (i)  or  (j)  of  Article  VII  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  30 days  after  the  retiring  Administrative  Agent  gives  notice  of  its  intent  to  resign,  then the  retiring  Administrative  Agent  may,  on  behalf  of  the  Lenders  and  the  Issuing  Banks  (with  the  consent  of  the  Company,  unless  an  Event  of  Default  under clause (a), (b), (i) or (j) of  Article  VII  shall  have  occurred  and  be  continuing),  appoint  a  successor Administrative  Agent, which shall be a bank with an office in New York, New York, or an Affiliate of  any  such  bank.   Upon  the  acceptance  of  its  appointment  as  Administrative  Agent  hereunder by a successor, such successor shall succeed to and become vested with all the  rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring  Administrative Agent shall  be discharged  from  its duties and obligations hereunder and  under  the  other  Loan  Documents.   The  fees  payable  by  the  Borrowers  to  a  successor  Administrative  Agent  shall  be  the  same  as  those  payable  to  its  predecessor  unless  otherwise agreed by the Borrowers and such successor.  Notwithstanding the foregoing,  in  the  event  no  successor  Administrative  Agent  shall  have  been  so  appointed  and  shall  have  accepted  such  appointment  within  30 days  after the  retiring  Administrative  Agent  gives notice of its intent to resign, the retiring Administrative Agent may give notice of  the effectiveness of  its resignation to the Lenders, the Issuing Banks and the Company,  whereupon, on the date of effectiveness of such resignation stated in such notice, (a) the  retiring  Administrative  Agent  shall  be  discharged  from  its  duties  and  obligations  hereunder  and  under  the  other  Loan  Documents; provided that,  solely  for  purposes  of  maintaining any security interest granted to the Administrative Agent under any Security  Document for the benefit of the Secured Parties, the retiring Administrative Agent shall  continue to be vested with such security interest as collateral agent for the benefit of the  Secured Parties and, in the case of any Collateral in the possession of the Administrative  Agent, shall continue to hold such Collateral, in each case until such time as a successor  Administrative Agent is appointed and accepts such appointment in accordance with this  paragraph  (it  being  understood  and  agreed  that  the  retiring  Administrative  Agent  shall  have  no  duty  or  obligation  to  take  any  further  action  under  any  Security  Document,  including  any  action  required  to  maintain  the  perfection  of  any  such  security  interest),  and  (b)  the  Required  Lenders  shall  succeed  to  and  become  vested  with  all  the  rights,  powers, privileges  and  duties  of  the  retiring  Administrative  Agent; provided that  (i)  all  payments  required  to  be made  hereunder  or  under  any  other  Loan  Document  to  the  Administrative Agent for the account of any Person other than the Administrative Agent  shall  be  made  directly  to  such  Person  and  (ii)  all  notices  and  other  communications  required  or  contemplated  to  be  given  or  made  to  the  Administrative  Agent  shall  also  directly  be  given  or  made  to  each  Lender  and  each  Issuing  Bank.   Following  the  effectiveness  of  the  Administrative  Agent’s  resignation  from  its  capacity  as  such,  the     [[5509122]] 

 

                                                                     135   provisions  of  this  Article  and  Section 9.03,  as  well  as  any  exculpatory,  reimbursement  and  indemnification provisions set forth in any other Loan Document, shall continue  in  effect  for  the  benefit  of  such  retiring  Administrative  Agent,  its  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 and in respect of the matters referred to  in the proviso under clause (a) above of this paragraph.               Each Lender and Issuing Bank represents and warrants that (a) the Loan  Documents  set  forth  the  terms  of  a  commercial  lending  facility,  (b)  it  is  engaged  in  making, acquiring or holding commercial loans and in providing other facilities set forth  herein as may be applicable to such Lender or Issuing Bank, in each case in the ordinary  course of business, and not for the purpose of purchasing, acquiring or holding any other  type  of  financial  instrument  (and  each  Lender  and  Issuing  Bank  agrees  not  to  assert  a  claim  in  contravention  of  the  foregoing),  (c)  it  has,  independently  and  without reliance  upon the Administrative Agent, any Arranger or any other Lender or Issuing Bank, or any  of  the  Related  Parties  of  any  of  the  foregoing,  and  based  on  such  documents  and  information  as  it  has  deemed  appropriate,  made its own  credit  analysis  and  decision  to  enter into this Agreement as a Lender or an Issuing Bank, and to make, acquire or hold  Loans  or  issue  Letters  of  Credit  hereunder  and  (d)  it  is  sophisticated  with  respect  to  decisions to make, acquire and/or hold commercial  loans and to provide other facilities  set forth herein, as may be applicable to such Lender or Issuing Bank, and either it, or the  Person  exercising  discretion  in  making  its  decision  to  make,  acquire  and/or  hold  such  commercial loans or to provide such other facilities, is experienced in making, acquiring  or  holding  such  commercial  loans  or  providing  such  other  facilities.  Each  Lender  and  Issuing Bank also acknowledges that it will, independently and without reliance upon the  Administrative Agent, any Arranger or any other Lender or Issuing Bank, or any of the  Related  Parties  of  any  of  the  foregoing,  and  based on  such  documents  and  information  (which may contain material non-public information) as it shall from time to time deem  appropriate, continue to make  its own decisions  in taking or not taking action under or  based upon this Agreement, any other Loan Document or any related agreement or any  document furnished hereunder or thereunder.               Each  Lender,  by  delivering  its  signature  page  to  this  Agreement,  or  delivering  its  signature  page  to  an  Assignment  and  Assumption  or  any  other  Loan  Document  pursuant  to  which  it  shall  become  a  Lender  hereunder,  shall  be  deemed  to  have acknowledged receipt of, and consented to and approved, each Loan Document and  each other document required to be delivered to, or be approved by or satisfactory to, the  Administrative Agent or the Lenders on the Effective Date.               Notwithstanding anything to the contrary contained herein or in any of the  other Loan Documents, except with respect to the exercise of setoff rights in accordance  with Section 9.08 or with respect to a Secured Party’s right to file a proof of claim in an  insolvency proceeding, no Secured Party shall have any right individually to realize upon  any  of  the  Collateral  or  to  enforce  any  Guarantee  of  the  Secured  Obligations,  it  being  understood  and  agreed  that  all  powers,  rights  and  remedies  under  the  Collateral  Agreement and other Security Documents may be exercised solely by the Administrative  Agent on behalf of the Secured Parties in accordance with the terms thereof.     [[5509122]] 

 

                                                                     136               In furtherance of the foregoing and not in limitation thereof, no agreement  the  obligations  under  which  constitute  Secured Hedging Obligations,  Secured  Cash  Management  Obligations  or  Secured  Ancillary  Facility  Obligations will  create  (or  be  deemed  to  create)  in  favor  of  any  Secured  Party  that  is  a  party  thereto  any  rights  in  connection with the management or release of any Collateral or of the obligations of any  Loan Party under any Loan Document.  By accepting the benefits of the Collateral, each  Secured Party that holds any Secured Hedging Obligations, Secured Cash Management  Obligations or Secured Ancillary Facility Obligations shall be deemed to have appointed  the Administrative Agent to serve as administrative agent and collateral agent under the  Loan  Documents  and  agreed  to  be  bound  by  the  Loan  Documents  as  a  Secured  Party  thereunder, subject to the limitations set forth in this paragraph.               The Secured Parties irrevocably authorize the Administrative Agent, at its  option and in its discretion, to subordinate any Lien on any property granted to or held by  the Administrative  Agent under any Loan Document to the holder of any  Lien on such  property that is permitted by Section 6.02(a)(iii), (iv), (v), (ix) or (x).  The Administrative  Agent  shall  not  be  responsible  for  or  have  a  duty  to  ascertain  or  inquire  into  any  representation  or  warranty  regarding  the  existence,  value  or  collectability  of  the  Collateral,  the  existence,  priority  or  perfection  of  the  Administrative  Agent’s  Lien  thereon, or any certificate prepared by any Loan Party in connection therewith, nor shall  the  Administrative  Agent  be  responsible  or  liable  to  the  Lenders  for  any  failure  to  monitor or maintain any portion of the Collateral.               In case of the pendency of any proceeding with respect to any Loan Party  under  any  Federal,  state  or  foreign  bankruptcy,  insolvency,  receivership  or  similar  law  now or hereafter in effect, the Administrative Agent (irrespective of whether the principal  of any Loan or any LC Disbursement 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  any  Borrower)  shall  be  entitled  and  empowered  (but  not  obligated) by intervention in such proceeding or otherwise:               (a) to  file  and  prove  a  claim  for  the  whole  amount  of  the  principal  and        interest  owing  and  unpaid  in  respect  of  the  Loans,  LC  Exposure  and  all  other        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  and  the  Administrative  Agent  (including  any  claim  under        Sections 2.12,  2.13,  2.15,  2.16,  2.17  and  9.03)  allowed  in  such  judicial        proceeding; and               (b) to  collect  and  receive  any  monies  or  other  property  payable  or        deliverable on any such claims and to distribute the same;   and  any  custodian,  receiver,  assignee,  trustee,  liquidator,  sequestrator  or  other  similar  official in any such proceeding is hereby authorized by each Lender, each Issuing Bank  and each other Secured Party to make such payments to the Administrative Agent and, in  the  event  that  the  Administrative  Agent  shall  consent  to  the  making  of  such  payments  directly  to  the  Lenders,  the  Issuing  Banks  or  the  other  Secured  Parties,  to  pay  to  the     [[5509122]] 

 

                                                                     137   Administrative Agent any amount due to it, in its capacity as the Administrative Agent,  under  the  Loan  Documents  (including  under  Section  9.03); provided that  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  Secured  Parties  hereby  irrevocably  authorize  the  Administrative  Agent,  at the  direction  of  the  Required  Lenders,  to  credit  bid  all  or  any  portion  of  the  Secured Obligations (including by accepting some or all of the Collateral in satisfaction  of  some  or  all  of  the  Secured  Obligations  pursuant  to  a  deed  in  lieu  of  foreclosure  or  otherwise)  and  in  such  manner  purchase  (either  directly  or  through  one  or  more  acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted  under  the  provisions  of  the  Bankruptcy  Code,  including  under  Sections  363, 1123  or  1129 of the Bankruptcy Code, or any similar  laws in any other jurisdictions to which a  Loan Party  is subject or (b) at any other sale, foreclosure or acceptance of collateral  in  lieu of debt conducted by (or with the consent or at the direction of) the Administrative  Agent (whether by  judicial action or otherwise)  in accordance with any applicable  law.   In connection with any such credit bid and purchase, the Secured Obligations owed to the  Secured  Parties  shall  be  entitled  to  be,  and  shall  be,  credit  bid  by  the  Administrative  Agent  at  the  direction  of  the  Required  Lenders  on  a  ratable  basis  (with  Secured  Obligations  with  respect  to  contingent  or  unliquidated  claims  receiving  contingent  interests  in the acquired assets on a ratable  basis that shall  vest upon the  liquidation of  such claims  in an amount proportional to the liquidated portion of the contingent claim  amount used in allocating the contingent interests) for the asset or assets so purchased (or  for the equity interests or debt instruments of the acquisition vehicle or vehicles that are  issued  in  connection  with  such  purchase).   In  connection  with  any  such  bid,  (i)  the  Administrative Agent shall be authorized to form one or more acquisition vehicles and to  assign any  successful credit bid to such acquisition vehicle or vehicles, (ii) each of the  Secured Parties’ ratable interests in the Secured Obligations which were credit bid shall  be  deemed  without  any  further  action  under  this  Agreement  to  be  assigned  to  such  vehicle or  vehicles  for  the  purpose  of  closing  such  sale,  (iii)  the  Administrative  Agent  shall  be  authorized to adopt documents providing  for the governance of the acquisition  vehicle or vehicles (provided that any actions by the Administrative Agent with respect to  such  acquisition  vehicle  or  vehicles,  including  any  disposition  of  the  assets  or  equity  interests  thereof,  shall  be  governed,  directly  or  indirectly,  by,  and  the  governing  documents  shall  provide  for,  control  by  the  vote  of  the  Required  Lenders  or  their  permitted assignees under the terms of this Agreement or the governing documents of the  applicable  acquisition  vehicle  or  vehicles,  as  the  case  may  be,  irrespective  of  the  termination of this Agreement and without giving effect to the limitations on actions by  the  Required  Lenders  contained  in  Section  9.02  of  this  Agreement),  (iv)  the  Administrative  Agent  on  behalf  of  such  acquisition  vehicle  or  vehicles  shall  be  authorized  to  issue  to  each  of  the  Secured  Parties,  ratably  on  account  of  the  relevant  Secured  Obligations  which  were credit  bid,  interests,  whether  as  equity,  partnership  interests,  limited  partnership  interests  or  membership  interests,  in  any  such  acquisition     [[5509122]] 

 

                                                                     138   vehicle and/or debt instruments issued by such acquisition vehicle, all without the need  for  any  Secured  Party or  acquisition  vehicle  to  take  any  further  action,  and  (v)  to  the  extent that Secured Obligations that are assigned to an acquisition vehicle are not used to  acquire  Collateral  for  any  reason  (as  a  result  of  another  bid  being  higher  or  better,  because  the amount of  Secured  Obligations  assigned  to the  acquisition  vehicle  exceeds  the  amount  of  Secured  Obligations  credit  bid  by  the  acquisition  vehicle  or  otherwise),  such Secured Obligations shall automatically be reassigned to the Secured Parties pro rata  with their  original  interest  in  such  Secured  Obligations  and  the  Equity  Interests  and/or  debt  instruments  issued  by  any  acquisition  vehicle  on  account  of  such  Secured  Obligations shall automatically  be cancelled, without the need for any Secured Party or  any  acquisition  vehicle  to  take  any  further  action.  Notwithstanding  that  the  ratable  portion  of  the  Secured  Obligations  of  each  Secured  Party  are  deemed  assigned  to  the  acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Party shall  execute  such  documents  and  provide  such  information  regarding  the  Secured  Party  (and/or  any  designee  of  the  Secured  Party  which  will  receive  interests  in  or  debt  instruments  issued  by  such  acquisition  vehicle)  as  the  Administrative  Agent  may  reasonably  request  in  connection  with  the  formation  of  any  acquisition  vehicle,  the  formulation  or  submission  of  any  credit  bid  or  the  consummation  of  the  transactions  contemplated by such credit bid.               Notwithstanding anything herein to the contrary, neither the Arrangers nor  any  Person  named  on  the  cover  page  of  this  Agreement  as  a  Syndication  Agent  or  a  Documentation Agent shall have any duties or obligations under this Agreement or any  other  Loan  Document  (except  in  its  capacity,  as  applicable,  as  a  Lender  or  an  Issuing  Bank),  but  all  such  Persons  shall  have  the  benefit  of  the  indemnities  provided  for  hereunder.               The  provisions  of  this  Article  are  for  the  benefit  of  the  Administrative  Agent, the Lenders and the Issuing Banks, and, except to the extent of (a) the Company’s  rights to consent pursuant to and subject to the conditions set forth in this Article VIII, (b)  the “acting in concert” provisions set forth in the ninth paragraph of this Article VIII and  (c) the Lien subordination provisions set forth herein, neither the Company nor any other  Loan Party shall have any rights as a third party beneficiary of any such provisions.  Each  Secured Party,  whether  or  not  a  party  hereto,  will  be  deemed,  by  its  acceptance  of  the  benefits  of  the  Collateral  and  of  the  Guarantees  of the  Secured  Obligations  provided  under the Loan Documents, to have agreed to the provisions of this Article.               Each  Lender  (a)  represents  and  warrants,  as  of  the  date  such  Person  became a Lender party hereto, to, and (b) covenants, from the date such Person became a  Lender party  hereto to the date such Person ceases being a Lender party hereto, for the  benefit  of,  the  Administrative  Agent  and  not,  for  the  avoidance  of  doubt,  to  or  for  the  benefit of any Loan Party, that at least one of the following is and will be true:                      (i) such Lender  is  not using  “plan assets” (within the  meaning of        Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect        to  such  Lender’s  entrance  into,  participation  in,  administration  of  and        performance  of  the  Loans, the  Letters  of  Credit,  the  Commitments  or  this     [[5509122]] 

 

                                                                     139         Agreement,                      (ii) the transaction exemption set forth in one or more PTEs, such        as  PTE  84-14  (a  class  exemption  for  certain  transactions  determined  by        independent qualified professional asset managers), PTE 95-60 (a class exemption        for certain transactions involving insurance company general accounts), PTE 90-1        (a  class  exemption  for  certain  transactions  involving  insurance  company  pooled        separate  accounts),  PTE  91-38  (a  class  exemption  for  certain  transactions        involving bank collective investment funds) or PTE 96-23 (a class exemption for        certain  transactions  determined  by  in-house  asset  managers),  is  applicable  with        respect  to  such  Lender’s  entrance  into,  participation  in,  administration  of  and        performance  of  the  Loans,  the  Letters  of  Credit,  the  Commitments  and  this        Agreement,                      (iii) (A)  such  Lender  is  an  investment  fund  managed  by  a        “Qualified Professional  Asset Manager” (within the  meaning of Part VI of PTE        84-14),  (B)  such  Qualified  Professional  Asset  Manager  made  the  investment        decision  on  behalf  of  such  Lender  to  enter  into,  participate  in,  administer  and        perform the Loans, the Letters of Credit, the Commitments and this Agreement,        (C) the  entrance  into,  participation  in,  administration  of  and  performance  of  the        Loans,  the  Letters of  Credit, the  Commitments  and  this  Agreement  satisfies  the        requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the        best  knowledge  of  such  Lender,  the  requirements  of  subsection  (a)  of  Part  I  of        PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation        in,  administration  of  and  performance  of  the  Loans,  the  Letters  of  Credit,  the        Commitments and this Agreement, or                     (iv) such  other  representation,  warranty  and  covenant  as  may  be        agreed  in  writing  between  the  Administrative  Agent,  in  its  sole  discretion,  and        such Lender.               In addition, unless either (1) sub-clause (i)  in the  immediately preceding  paragraph is  true  with  respect  to  a  Lender  or  (2)  a  Lender  has  provided  another  representation,  warranty  and  covenant  in  accordance  with  sub-clause  (iv)  in  the  immediately preceding paragraph, such Lender further (x) represents and warrants, as of  the date such Person became a Lender party hereto, to, and (y) covenants, from the date  such Person became a Lender party hereto to the date such Person ceases being a Lender  party  hereto, for the benefit of, the  Administrative Agent and  not, for the avoidance of  doubt,  to or  for  the  benefit  of  any  Loan  Party,  that  the  Administrative  Agent  is  not  a  fiduciary  with  respect to the  assets  of  such  Lender  involved  in  such  Lender’s  entrance  into,  participation  in,  administration  of  and  performance  of  the  Loans,  the  Letters  of  Credit,  the  Commitments  and  this  Agreement  (including  in  connection  with  the  reservation or exercise of any rights by the Administrative Agent under this Agreement,  any Loan Document or any documents related hereto or thereto).      [[5509122]] 

 

                                                                     140                                 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 clause (b)  of  this  Section),  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 fax or email, as follows:              (i) if to Company, to it at Knowles Corporation, 1151 Maplewood Drive,        Itasca, IL 60143, Attention of Nilson Rodrigues (Fax No. (630) 250-1295; e-mail:        notices@knowles.com with  a  copy  to generalcounsel@knowles.com, and  if  to        any  Borrowing  Subsidiary or  any  Subsidiary  Loan  Party,  to  it  in  care  of  the        Company;              (ii) if  to  the  Administrative  Agent or  the  Swingline  Lender,  (A)  if  such        notice relates to a Loan or Borrowing denominated in dollars or any other notice        or  communication  that  does  not  constitute  a  notice  with  respect  to  a  Loan  or        Borrowing  denominated  in  Euro,  Pounds  Sterling  or  any  other  Designated        Currency,  to  JPMorgan  Chase  Bank,  N.A.,  500  Stanton  Christiana  Road,        NCC5/1st  Floor,  Newark, DE 19713,  Attention:  Loan  and  Agency  Services        Group  (Fax  No.  (302)  634-3301, Tel No.  (302)  634-5308; e-mail:        heather.robaszkiewicz@jpmorgan.com), with  a  copy  to  JPMorgan  Chase  Bank,        N.A., 383 Madison Avenue, New York, NY 10179, Attention of Matthew Cheung        (Fax No. (212) 270-3279; matthew.cheung@jpmorgan.com); or (B) if such notice        relates to a Loan or Borrowing denominated in Euro, Pounds Sterling or any other        Designated Currency, to J.P. Morgan Europe Limited, Loans Agency, 6th Floor,        25  Bank  Street,  Canary  Wharf,  London  E145JP,  United  Kingdom, Attention:        European.loan.operations@jpmorgan.com (Fax  No.  44  207  777  2360), with  a        copy  to  JPMorgan  Chase  Bank,  N.A.,  383  Madison  Avenue,  New York,  NY        10179,  Attention  of  Matthew  Cheung  (Fax  No.  (212)  270-3279;        matthew.cheung@jpmorgan.com);             (iii) if  to  any  Issuing  Bank, to  it  at  its  address  (or  fax  number or  email        address) most recently specified by it in a notice delivered to the Administrative        Agent and the Company (whether to it or in  its care) (or, in the absence of any        such  notice,  to  the  address  (or  fax  number or  email  address)  set  forth  in  the        Administrative Questionnaire of the Lender that is serving as such Issuing Bank        or is an Affiliate thereof); and             (iv) if  to  any  other  Lender,  to  it  at  its  address  (or  fax  number or  email        address) 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 fax  shall  be deemed to have  been given when sent (except that, if  not given during normal     [[5509122]] 

 

                                                                     141   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);  and  notices  delivered  through  electronic  communications  to the  extent  provided  in clause (b)  of  this  Section shall  be  effective as provided in such paragraph.               (b)  Notices  and  other  communications  to  the  Lenders  and the Issuing  Banks hereunder may be delivered or furnished by electronic communications (including  the  Platform)  pursuant  to  procedures  approved  by  the  Administrative  Agent; provided  that  the  foregoing  shall  not  apply  to  notices  under  Article II  to  any  Lender  or  Issuing  Bank  if  such  Lender  or  Issuing  Bank,  as  applicable,  has  notified  the  Administrative  Agent  that  it  is  incapable  of  receiving  notices  under  such  Article  by  electronic  communication.   Any  notices  or  other  communications  to  the  Administrative  Agent  or  any  Loan  Party (whether  to  it or  in  its  care)  may,  in  addition  to  email, be  delivered  or  furnished by electronic communications pursuant to procedures approved by the recipient  thereof  prior  thereto; provided that  approval  of  such  procedures  may  be  limited  or  rescinded  by  any  such  Person  by  notice  to  each  other  such  Person. Unless  the  Administrative Agent otherwise prescribes, (i) notices and other communications sent to  an  email  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  a  Platform  shall  be  deemed  received  upon  the  deemed  receipt by the intended recipient, at its email 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, fax number or email address  for notices and other communications hereunder by notice to the other parties hereto.               (d)  The Borrowers agree that the Administrative Agent may, but shall not  be  obligated  to,  make  any  Communication  by  posting  such Communication  on  DebtDomain, IntralinksTM, SyndTrak or any other electronic transmission system chosen  by  the  Administrative  Agent  to  be  its  electronic  transmission  system (the  “Platform”).   The Platform and any Communication is provided “as is” and “as available”.  Neither the  Administrative  Agent  nor  any of its  Related  Parties  warrants,  or  shall  be  deemed  to  warrant,  the  adequacy  of  the  Platform  and  expressly  disclaim  liability  for  errors  or  omissions  in  the Communications.   No  warranty  of  any  kind,  express,  implied  or  statutory, including any warranty of merchantability, fitness for a particular purpose, non- infringement of third-party rights or freedom from viruses or other code defects, is made,  or shall be deemed to be made, by the Administrative Agent or any of its Related Parties  in connection with the Communications or the Platform.               SECTION 9.02.  Waivers; Amendments.  (a)  No failure or delay by the  Administrative 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     [[5509122]] 

 

                                                                     142   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  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 any Loan Document or  consent  to  any  departure  by  any  Loan  Party  therefrom  shall  in  any  event  be  effective  unless the same shall be permitted by clause (b) of this Section, and then such waiver or  consent  shall  be  effective  only  in the  specific  instance  and  for the  specific  purpose  for  which given.  Without limiting the generality of the foregoing, the execution and delivery  of this Agreement, the making of a Loan or the issuance of a Letter of Credit shall not be  construed  as  a  waiver  of  any  Default,  regardless  of  whether  the  Administrative  Agent,  any Lender or any Issuing Bank may have had notice or knowledge of such Default at the  time.               (b)  Except  as  provided  in Section 9.02(c), none  of  this  Agreement,  any  other  Loan  Document  or  any  provision  hereof  or  thereof  may  be  waived,  amended  or  modified  except,  (i)  in  the  case  of  this  Agreement,  pursuant  to  an  agreement  or  agreements  in  writing  entered  into  by  the  Company,  the  Administrative  Agent  and  the  Required  Lenders  and (ii)  in  the  case  of  any  other  Loan  Document  (other  than  any  waiver,  amendment  or  modification  to  effectuate  any  modification  thereto  expressly  contemplated by the terms of such other Loan Document), pursuant to an agreement or  agreements  in  writing  entered  into  by  the  Administrative  Agent  and  the  Loan  Party  or  Loan  Parties  that  are  parties  thereto,  in  each  case  with  the  consent  of  the  Required  Lenders, provided that  no  such  agreement  shall  (A)  waive  any  condition  set  forth  in  Section  4.02  or  4.03  without  the  written  consent  of  the  Majority  in  Interest  of  the  Revolving Lenders (it being understood and agreed that any amendment or waiver of, or  any  consent  with  respect  to,  any  provision  of  this  Agreement  (other  than  any  waiver  expressly  relating  to Section  4.02 or  4.03) or  any other  Loan  Document,  including  any  amendment  of  any  representation  or  warranty  or  affirmative  or  negative  covenant  set  forth herein or  in any other Loan Document or any waiver of a Default or an Event of  Default, shall not be deemed to be a waiver of any condition set forth in Section 4.02 or  4.03),  (B)  increase  the  Commitment  of  any  Lender,  or  change  the  currency  in  which  Loans  are  available  thereunder, without  the  written  consent  of  such  Lender,  it  being  understood that no amendment, modification or waiver of, or consent to departure from,  any condition precedent, representation or warranty, covenant, Default, Event of Default,  mandatory  prepayment  or  mandatory  reduction  of  the  Commitments  shall  constitute  an  increase  of  any  Commitment  of  such  Lender,  (C)  reduce  the  principal  amount  of  any  Loan  or  LC  Disbursement  or  reduce  the  rate  of  interest  thereon  or  reduce  any  fees  payable  hereunder  (in  each  case,  other  than  to  waive  any  Default  or  Event  of  Default  (other than one resulting from a failure to make any payment) or any obligations of the  Borrowers to pay interest at the default rate of interest under Section 2.13(e) or as a result  of  any  change  in  the  definition,  or  in  any  components  thereof,  of  the  term  “Total  Leverage  Ratio”),  without  the  written  consent  of  each  Lender  affected  thereby,  (D) postpone  the  scheduled  maturity  date  of  any  Loan,  or  the  required date  of  reimbursement of any LC Disbursement, or the expiration date of any Letter of Credit to  a date less than five days prior to, or on or after, the Revolving Maturity Date (other than     [[5509122]] 

 

                                                                     143   any Letter of Credit that has been cash collateralized or back-stopped by a letter of credit  in  a  manner  reasonably  satisfactory  to  the  relevant  Issuing  Bank),  or  any  date  for  the  payment of any interest or fees payable hereunder (in each case, other than any extension  for administrative reasons reasonably agreed to by the Administrative Agent), 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  affected  thereby, (E) change Section 2.18(b) or 2.18(c) in a manner that would alter the pro rata  sharing  of  payments  required  thereby  without  the  written  consent  of  each  Lender,  (F)  change any of the provisions of this Section or the percentage set forth in the definitions  of the terms “Required Lenders” or “Majority in Interest”, without the written consent of  each Lender (or each Lender of such Class, as the case may be); provided that, with the  consent of the Required Lenders, the provisions of this Section and the definition of the  term  “Required  Lenders”  may  be  amended  to  include  references  to  any  new  class  of  Loans or  Commitments created  under  this  Agreement  (or  to Lenders  extending  such  Loans or Commitments) on substantially the same basis as the corresponding references  relating  to  the  existing  Classes  of  Loans, Commitments or  Lenders,  (G) release  substantially  all  of  the  value  of  the  Guarantees  provided  by  the Company  and  the  Subsidiary Loan Parties (including, in each case, by limiting liability in respect thereof),  created  under  the  Collateral  Agreement  without  the  written  consent  of  each  Lender  (except as expressly provided in Section 9.14 or the Collateral Agreement (including any  such release by the Administrative Agent in connection with any sale or other disposition  of any Subsidiary upon the exercise of remedies under the Security Documents), it being  understood that an amendment or other modification of the type of obligations guaranteed  under the Collateral Agreement shall not be deemed to be a release or limitation of any  Guarantee),  or  (H)  release  all or  substantially  all  the  Collateral  from  the  Liens  of  the  Security  Documents,  without  the  written  consent  of  each  Lender  (except  as  expressly  provided in Section 9.14 or the applicable Security Document (including any such release  by  the  Administrative  Agent  in  connection  with  any  sale  or  other  disposition  of  the  Collateral  upon  the  exercise  of  remedies  under  the  Security  Documents),  it  being  understood that an amendment or other modification of the type of obligations secured by  the  Security  Documents  shall  not  be  deemed  to be  a  release  of  the  Collateral  from  the  Liens  of  the  Security  Documents), provided, further,  that  (1)  no  such  agreement  shall  amend, modify, extend or otherwise affect the rights or obligations of the Administrative  Agent, any Issuing Bank or the Swingline Lender without the prior written consent of the  Administrative  Agent, such Issuing Bank or the Swingline Lender, as the case  may  be,  and  (2)  any  amendment,  waiver  or  other  modification  of  this  Agreement or  any  other  Loan Document that by its terms affects the rights or duties under this Agreement or such  other Loan Document of the Lenders of one or more Classes (but not the Lenders of any  other Class), may be effected by an agreement or agreements in writing entered into by  the Company and the requisite number or percentage in interest of each affected Class of  Lenders  that  would  be  required  to  consent  thereto  under  this  Section if  such  Class  of  Lenders were the only Class of Lenders hereunder at the time               (c)  Notwithstanding anything to the contrary in clause (b) of this Section:               (i)   any provision of this Agreement or any other Loan Document may        be  amended  by  an  agreement  in  writing  entered  into  by  the  Company  and  the     [[5509122]] 

 

                                                                     144         Administrative Agent to cure any ambiguity, omission, defect or inconsistency so        long as, in each case, the Lenders shall have received at least five Business Days’        prior written notice thereof and the Administrative Agent shall not have received,        within  five  Business  Days  of  the  date  of  such  notice  to  the  Lenders,  a  written        notice from the Required Lenders stating that the Required Lenders object to such        amendment;               (ii)  no  consent  with  respect  to  any  amendment,  waiver  or  other        modification of this Agreement or any other Loan Document shall be required of        (x) any Defaulting Lender, except with respect to any amendment, waiver or other        modification referred to in clause (B), (C) or (D) of the first proviso set forth in        clause (b) of this Section and then only in the event such Defaulting Lender shall        be affected by such amendment, waiver or other modification or (y) in the case of        any  amendment,  waiver  or other  modification  referred to  in  the  first  proviso of        clause (b) of this Section, any Lender that receives payment in full of the principal        of and  interest accrued on each  Loan  made by, and all other amounts owing to,        such Lender or accrued for the account of such Lender under this Agreement and        the  other  Loan  Documents  at  the  time  such  amendment,  waiver  or  other        modification becomes effective and whose Commitment, if any, terminates by the        terms  and  upon  the  effectiveness  of  such  amendment,  waiver  or  other        modification;               (iii) this Agreement and the other Loan Documents may be amended as        provided in Sections 1.06(c), 2.14(b), 2.21, 2.22, 2.23 and 2.24;               (iv)  the Administrative Agent may, without the consent of any Secured        Party, consent to a departure by any Loan Party from any covenant of such Loan        Party  set  forth  in  this  Agreement,  the  Collateral  Agreement  or  in  any  other        Security Document to the extent such departure is consistent with the authority of        the  Administrative  Agent  set  forth  in  the  definition  of  the  term  “Collateral  and        Guarantee Requirement”;                (v)   this Agreement and the other Loan Documents may be amended in        the  manner  provided  in  Section  2.05(j)  or  2.05(k)  and  the  term  “LC        Commitment”,  as  such term  is  used  in  reference  to  any  Issuing  Bank,  may  be        modified as contemplated by the definition of such term; and               (vi)  this  Agreement  may  be  amended  (or  amended  and  restated)  with        the  written  consent  of  the  Required  Lenders,  the  Administrative  Agent  and  the        Company (i) to add one or more additional credit facilities to this Agreement and        to permit any extension of credit from time to time outstanding thereunder and the        accrued interest and fees in respect thereof to share ratably in the relevant benefits        of this Agreement and the other Loan Documents and (ii) to include appropriately        the  Lenders  holding  such  credit  facilities  in  any  determination  of  the  Required        Lenders  and  Majority  in  Interest on  substantially the  same  basis  as  the  Lenders        prior to such inclusion.      [[5509122]] 

 

                                                                     145               (d)  The Administrative Agent may, but shall  have no obligation to, with  the concurrence of any Lender, execute amendments, waivers or other modifications on  behalf  of  such  Lender.   Any  amendment,  waiver  or  other  modification  effected  in  accordance with this Section 9.02 shall  be binding upon each Person that is at the time  thereof a Lender and each Person that subsequently becomes a Lender. Any amendment  or  modification  effected  in  accordance  with  this  Section  will  be  binding  on  each  Borrowing  Subsidiary  whether  or  not  such  Borrowing  Subsidiary  shall  have  consented  thereto.               SECTION 9.03.  Expenses;  Indemnity;  Damage  Waiver.  (a)  The  Borrowers  shall  pay  (i)  all  reasonable  out-of-pocket  expenses  incurred  by  the  Administrative  Agent,  the  Arrangers,  the  Syndication  Agents  and  their  Affiliates,  including  the  reasonable  fees,  charges  and  disbursements  of  counsel  for  any  of  the  foregoing  (limited,  in  the  case  of  preparation,  negotiation,  execution,  delivery  and  administration  of  the  Credit  Agreement  and  the  other  Loan Documents,  to  a  single  counsel  for  the  Administrative  Agent,  the  Arrangers  and  their  Affiliates  and,  if  reasonably necessary, such local counsel (limited to a single counsel per jurisdiction) as  the  Administrative  Agent  shall  deem  advisable  in  connection with  the  creation  and  perfection of security interests in the Collateral on the Effective Date), in connection with  the structuring, arrangement and  syndication of the credit  facilities provided  for herein,  including the preparation, negotiation, execution and delivery of the Commitment Letter  and the Fee Letters, as well as the preparation, execution, delivery and administration of  this Agreement, the other Loan Documents or any amendments, modifications or waivers  of the provisions hereof or thereof (whether or not the transactions contemplated hereby  or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by  any Issuing Bank in connection with the issuance, amendment or extension of any Letter  of  Credit  or  any  demand  for  payment  thereunder  and  (iii)  all  reasonable  out-of-pocket  expenses incurred by the Administrative Agent, the Arrangers, any Issuing Bank or any  Lender, including the fees, charges and disbursements of counsel for any of the foregoing  (limited to (A) one firm of counsel to all such Persons, taken as a whole, (B) solely in the  case of any actual or potential conflict of  interest, one additional  firm of counsel to all  such  affected  Persons, taken  as  a  whole,  (C)  if  reasonably  necessary,  one  firm  of  local  counsel in any relevant jurisdiction (which may include a single firm of special counsel  acting in multiple jurisdictions) to all such Persons, taken as a whole, and (D) solely in  the case of any actual or potential conflict of interest, one additional firm of local counsel  to  all  such  affected  Persons,  taken  as  a  whole),  in  connection  with  the  enforcement or  protection of its rights in connection with the Loan Documents, 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 expenses  incurred during any workout, restructuring or  negotiations  in  respect  of  such  Loans  or  Letters  of  Credit. All  amounts  due  under  this  paragraph  shall  be  payable  by  one  or  more  Borrowers  within 30  days  of  receipt  of  an  invoice  setting  forth  such  amounts  in  reasonable  detail,  together  with  backup  documentation supporting the relevant reimbursement request.               (b)  The  Borrowers  shall  indemnify  the  Administrative  Agent  (and  any  sub-agent  thereof),  the  Arrangers,  the  Syndication  Agents,  each  Lender,  each Issuing  Bank, and each Related Party of any of the  foregoing Persons (each such Person being     [[5509122]] 

 

                                                                     146   called  an  “Indemnitee”),  against, and  hold  each  Indemnitee  harmless  from,  any  and  all  losses,  claims,  damages,  penalties,  liabilities  and  related  expenses,  including  the  reasonable  fees,  charges  and  disbursements  of  any  counsel  for  any  Indemnitee  (but  limited, in the case of legal fees and expenses, to the actual reasonable and documented  out-of-pocket  fees,  disbursements  and  other  charges  of  (i)  one firm  of counsel  to  all  Indemnitees taken as a whole, (ii) solely in the case of any actual or potential conflict of  interest, one additional firm of counsel to all affected Indemnitees, taken as a whole, (iii)  if reasonably necessary, one firm of local counsel in any relevant jurisdiction (which may  include  a  single  firm  of  special  counsel  acting  in  multiple  jurisdictions)  to  all  Indemnitees,  taken  as  a  whole,  and  (iv)  solely  in  the  case  of  any  actual  or  potential  conflict of interest, one additional firm of local counsel to all affected Indemnitees, taken  as a whole), incurred by or asserted against any Indemnitee arising out of, in connection  with,  or  as  a  result  of  (A) the  structuring,  arrangement  and  syndication  of  the  credit  facilities provided  for herein, the execution and delivery of the Commitment Letter and  the  Fee  Letters, the  execution  delivery  and  administration  of  this  Agreement, the other  Loan Documents or any other agreement or instrument contemplated hereby or thereby,  the performance by the parties to the Commitment Letter, the Fee Letters, this Agreement  or the other Loan Documents of their obligations thereunder or the consummation of the  Transactions  or  any  other transactions  contemplated thereby,  (B) 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), (C) any actual or alleged presence or Release of Hazardous Materials on or from  any property currently or formerly owned or operated by the Company or any Subsidiary,  or  any  other  Environmental  Liability  related  in  any  way  to the  Company or  any  Subsidiary, or (D) any actual or prospective claim, litigation, arbitration, investigation or  proceeding relating to any of the foregoing, whether based on contract, tort or any other  theory and whether initiated against or by any party to the Commitment Letter, the Fee  Letters,  this  Agreement  or  any  other  Loan  Document,  any  Affiliate  of  any  of  the  foregoing or any third party (and regardless of whether any Indemnitee is a party thereto);  provided that such  indemnity  shall  not, as to any Indemnitee, be available to the extent  that such losses, claims, damages, penalties, liabilities or related expenses are determined  by a court of competent jurisdiction by final and nonappealable judgment to have resulted  (x) from  the bad  faith, gross  negligence  or  wilful  misconduct  of  such  Indemnitee,  (y)  from a  breach  by  such  Indemnitee  (or  any  of  its Related  Parties)  of  any  of  its  material  obligations under this  Agreement or any other Loan Document or (z) from any dispute  not  involving  an  act  or  omission  by  the  Company  or  any  of  its  Affiliates  and  solely  among  Indemnitees,  other  than  any  claims  against  the  Administrative  Agent,  any  Arranger or any Syndication Agent (or any of their Related Parties) solely in its capacity,  or in fulfilling its role, as such.  All amounts due under this paragraph shall be payable by  one or more Borrowers within 30 days (1) after written demand therefor, in the case of  any  indemnification obligations  and  (2)  in  the  case  of  reimbursement  of  costs  and  expenses, after receipt of an invoice setting forth such costs and expenses in reasonable  detail,  together  with  backup  documentation  supporting  the  relevant  reimbursement  request. This paragraph shall not apply with respect to Taxes, other than any Taxes that  represent losses, claims or damages arising from any non-Tax claim.     [[5509122]] 

 

                                                                     147               (c)  To the extent that the Borrowers fail to pay any amount required to be  paid by them under clause (a) or (b) of this Section to the Administrative Agent (or any  sub-agent thereof), any Issuing Bank, the Swingline Lender or any Related Party of any  of the  foregoing (and without limiting their obligation to do so), each Lender severally  agrees promptly to pay to the Administrative Agent (or any such sub-agent), such Issuing  Bank, the Swingline Lender or such Related Party, as the case may be, such Lender’s pro  rata  share  (determined  as  of  the  time  that  the  applicable  unreimbursed  expense  or  indemnity  payment  is  sought)  of  such  unpaid  amount; 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 (or such sub-agent) or  such Issuing Bank or the Swingline Lender in its capacity as such, or against any Related  Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent)  or any Issuing Bank or the Swingline Lender in connection with such capacity; provided,  further,  that,  with  respect  to  such  unpaid  amounts  owed  to  any  Issuing  Bank  or  the  Swingline Lender in its capacity as such, or to any Related Party of any of the foregoing  acting  for any Issuing Bank or the Swingline  Lender  in  connection with such capacity,  only the Revolving Lenders shall be required to pay such unpaid amounts.  For purposes  of this Section, a Lender’s “pro rata share” shall  be determined based upon its share of  the sum of the total Revolving Exposures, unused Revolving Commitments and, except  for  purposes  of the  immediately  preceding  proviso,  any  outstanding  Incremental  Term  Loans  and  unused  Incremental  Term  Commitments,  in  each  case,  at  the  time  (or  most  recently outstanding and in effect).               (d)  To the fullest extent permitted by applicable law, no party hereto shall  assert, or permit any of  its Affiliates or Related Parties to assert, and each party  hereto  hereby waives, any losses, claims, demands, damages, penalties or liabilities of any kind,  on any theory of liability, against any other party hereto and its Related Parties (i) arising  from  the  use  by  others  of  information  or  other  materials  (including  personal  data)  obtained  through  telecommunications,  electronic  or  other  information  transmission  systems  (including  the  Internet),  or  (ii)  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, any Loan or Letter of Credit or the use  of  the  proceeds  thereof; provided that  nothing  in  this  paragraph  shall  affect  the  indemnification  obligations  of  any  Loan  Party  under clause (b)  of  this  Section 9.03 or  under  any  other  Loan  Document  in  respect  of  any  damages  awarded  against  any  Indemnitee.               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  any  Issuing Bank  that  issues  any  Letter of  Credit),  except  that  (i)  except  as  a result of  any  merger, consolidation or amalgamation permitted under Section 6.03, no Borrower may  assign  or otherwise  transfer  any  of  its  rights or obligations  hereunder  without the  prior  written  consent  of  the  Administrative  Agent  and  each  Lender  (and  any  attempted  assignment or transfer by any Borrower without such consent shall be null and void) and  (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except     [[5509122]] 

 

                                                                     148   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 any Issuing Bank that  issues any Letter of Credit), Participants (solely to the extent expressly provided in clause  (c)  of  this  Section),  the  Arrangers,  the  Syndication  Agents,  the  Documentation  Agents  and,  to the  extent  expressly  contemplated  hereby, the  sub-agents  of  the  Administrative  Agent  and  the  Related  Parties  of  any  of  the  Administrative  Agent,  the  Arrangers,  the  Syndication Agents, the Documentation Agents, any Issuing Bank and any Lender) 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 (b)(ii)  below,  any  Lender  may  assign  to one  or  more  Eligible  Assignees  all  or  a  portion  of  its  rights  and  obligations  under  this  Agreement  (including  all or  a  portion  of  its  Commitment of  any  Class and the Loans of any Class at the time owing to it) with the prior written consent  (such consent not to be unreasonably withheld, delayed or conditioned) of:                     (A) the Company; provided that no consent of the Company shall              be required (1) for an assignment to a Lender or (other than in the case of              an  assignment  of  any Incremental Term  Loans or  Refinancing  Term              Loans, so long as such Person (other than a natural person) has the same              or better credit quality (it being understood and agreed that if the corporate              rating  of  such  Person,  or  the  rating  of  the  senior  unsecured  non-credit              enhanced obligations of such Person, by both of S&P and Moody’s are the              same as or higher than those of the assigning Lender, such Person shall be              deemed to have the same or better, as applicable, credit quality) than the              assigning Lender and is routinely engaged in providing loans pursuant to              revolving or term, as applicable, credit facilities) an Affiliate of a Lender              or  an  Approved  Fund,  or (2)  if  an  Event of  Default  has  occurred  and  is              continuing, for any other assignment; provided, further, that the Company              shall be deemed to have consented to any such assignment unless it shall              object  thereto  by  written  notice  to  the  Administrative  Agent  within 10              Business Days after having received written notice thereof;                     (B) the  Administrative  Agent; provided that  no  consent  of  the              Administrative  Agent  shall  be  required  for  an  assignment  of  any              Incremental  Term  Loan  to  a  Lender, an  Affiliate  of  a  Lender  or  an              Approved Fund;                      (C) each  Issuing  Bank,  in  the  case  of  any  assignment  of  all  or  a              portion of a Revolving Commitment or any Lender’s obligations in respect              of its LC Exposure; and                     (D) the Swingline Lender, in the case of any assignment of all or a              portion of a Revolving Commitment or any Lender’s obligations in respect              of its Swingline Exposure.              (ii) Assignments shall be subject to the following additional conditions:     [[5509122]] 

 

                                                                     149                     (A) except in the case of an assignment to a Lender, an Affiliate of              a Lender or an Approved Fund or an assignment of the entire remaining              amount of the assigning Lender’s Commitment or Loans of any Class, the              amount of the Commitments 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 (or, in the case of              a  Loan  denominated  in  a  Designated  Currency,  an  equivalent  thereof)              unless  each  of  the  Company  and  the Administrative  Agent  otherwise              consents (such consent not to be unreasonably withheld); provided that no              such consent of the Company shall be required if an Event of Default has              occurred  and  is  continuing; provided, further, that the  Company  shall  be              deemed  to  have  consented  to  any  such  assignment  unless  it  shall  object              thereto by written notice to the Administrative Agent within 10 Business              Days after having received written notice thereof;                     (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 (B) 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  an  Assignment  and  Assumption (or  an  agreement              incorporating by reference a form of Assignment and Assumption posted              on the Platform), together with a processing and recordation fee of $3,500;              provided that  only  one  such  processing  and  recordation  fee  shall  be              payable in the event of simultaneous assignments from any Lender or its              Approved  Funds  to one  or  more other  Approved  Funds  of  such  Lender;              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 MNPI) will be made available and              who  may  receive  such  information  in  accordance  with  the  assignee’s              compliance  procedures  and  applicable  law,  including  Federal,  State  and              foreign securities laws.             (iii) Subject to acceptance and recording thereof pursuant to clause (b)(v) 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     [[5509122]] 

 

                                                                     150         case of an Assignment and Assumption covering all 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 shall be treated for purposes of        this  Agreement  as  a  sale  by  such  Lender  of  a  participation  in  such  rights  and        obligations in accordance with Section 9.04(c).             (iv) The  Administrative  Agent,  acting  solely  for  this  purpose  as  a  non-       fiduciary  agent  of  the  Borrowers,  shall  maintain  at  one  of  its  offices  a  copy  of        each  Assignment  and  Assumption  delivered  to  it  and  records  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 Borrowers,  the        Administrative Agent, the Issuing Banks and the Lenders  may treat each Person        whose name is recorded in the Register pursuant to the terms hereof as a Lender        hereunder  for  all  purposes  of  this  Agreement,  notwithstanding  notice  to  the        contrary.  The Register shall be available for inspection by the Company and, as        to entries pertaining to it, any Issuing Bank or Lender, at any reasonable time and        from time to time upon reasonable prior notice.              (v) Upon  receipt  by  the  Administrative  Agent  of  an  Assignment  and        Assumption (or  an  agreement  incorporating  by  reference  a  form  of  Assignment        and Assumption posted on the Platform) executed by an assigning Lender and an        assignee,  the  assignee’s  completed  Administrative  Questionnaire  (unless  the        assignee shall already be a Lender hereunder) and the processing and recordation        fee  referred  to  in  this  Section,  the  Administrative  Agent  shall  accept  such        Assignment and Assumption and record the information contained therein in the        Register; provided that the Administrative  Agent shall  not be required to accept        such Assignment and Assumption or so record the information contained therein        if  the  Administrative  Agent  reasonably  believes  that  such  Assignment  and        Assumption lacks any written consent required by this Section or is otherwise not        in proper form,  it being acknowledged that the Administrative  Agent shall  have        no  duty  or obligation  (and  shall  incur  no  liability)  with  respect  to obtaining  (or        confirming the receipt) of any such written consent or with respect to the form of        (or any defect in) such Assignment and Assumption, any such duty and obligation        being solely with the assigning Lender and the assignee.  No assignment shall be        effective  for  purposes  of  this  Agreement  unless  it  has  been  recorded  in  the        Register  as  provided  in  this  paragraph,  and  following  such  recording,  unless        otherwise  determined  by  the  Administrative  Agent  (such  determination  to  be        made in the sole discretion of the Administrative Agent, which determination may        be conditioned on the consent of the assigning Lender and the assignee), shall be        effective notwithstanding any defect in the Assignment and Assumption relating        thereto.  Each assigning Lender and the assignee, by its execution and delivery of        an  Assignment  and  Assumption,  shall  be  deemed  to  have  represented  to  the        Administrative  Agent  that  all  written  consents  required  by  this  Section  with     [[5509122]] 

 

                                                                     151         respect  thereto  (other  than  the  consent  of  the  Administrative  Agent)  have  been        obtained and that such Assignment and Assumption is otherwise duly completed        and  in  proper  form,  and  each  assignee,  by  its  execution  and  delivery  of  an        Assignment  and  Assumption,  shall  be  deemed  to  have  represented  to  the        assigning Lender and the Administrative  Agent that such assignee  is an Eligible        Assignee.               (c)  (i) Any  Lender  may,  without  the  consent  of  the  Company,  the  Administrative  Agent, any  Issuing  Bank or the  Swingline  Lender,  sell  participations  to  one or more Eligible Assignees (“Participants”) in all or a portion of such Lender’s rights  and obligations under this Agreement (including all or a portion of its Commitments and  Loans of any Class); 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  Company,  the  Administrative  Agent,  the  Issuing  Banks  and  the  other  Lenders  shall  continue  to  deal  solely  and  directly  with  such  Lender  in  connection  with  such  Lender’s  rights  and  obligations  under  this Agreement.   Any  agreement  or  instrument  pursuant  to  which  a  Lender sells such a participation shall provide that such Lender shall retain the sole right  to enforce this Agreement and to approve any amendment, modification or waiver of any  provision of this Agreement or any other Loan Document; 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  directly  affects  the  Loans  and  Commitments  in  which  such  Participant has an interest that affects such Participant or requires the approval of all the  Lenders.  The Borrowers  agree 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 clause (b)  of  this  Section; provided that  such  Participant  (x) agrees  to  be  subject  to  the  provisions  of  Sections  2.18  and  2.19  as  if  it  were  an  assignee  under clause (b)  of  this  Section  and  (y)  shall  not  be  entitled  to  receive  any  greater  payment  under  Section  2.15  or  2.17,  with  respect  to  any  participation  than  its  participating  Lender  would  have  been  entitled  to  receive.   Each  Lender  that  sells  a  participation agrees, at the Company’s request and expense, to use reasonable efforts to  cooperate with the Company to effectuate the provisions of Section 2.19(b) with respect  to any Participant.  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 that such Participant  agrees to be subject to Section 2.18(c) as though it were a Lender.              (ii) Each  Lender  that  sells  a  participation  shall,  acting  solely  for  this        purpose as a non-fiduciary agent of the Borrowers, 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 this  Agreement or any other Loan Document (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     [[5509122]] 

 

                                                                     152         information  relating  to  a  Participant’s  interest  in  any  Commitments,  Loans,        Letters of Credit or its other obligations under this Agreement or any other Loan        Document) to any Person except to the extent that such disclosure is necessary to        establish that such Commitment, Loan, Letter of Credit or other obligation  is  in        registered  form  under  Section  5f.103-1(c)  of  the  United  States  Treasury        Regulations.  The  entries  in  the  Participant  Register  shall  be  conclusive  absent        manifest error, and such Lender shall treat each Person whose name is recorded in        the Participant Register as the owner of such participation for all purposes of this        Agreement  notwithstanding  any  notice  to  the  contrary.   For  the  avoidance  of        doubt,  the  Administrative  Agent  (in  its  capacity  as  Administrative  Agent)  shall        have no responsibility for maintaining a Participant Register.               (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 any pledge or assignment to secure obligations to a Federal Reserve Bank or  any other central 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.               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,  the Arrangers, the Syndication Agents, the Documentation Agents, any Issuing Bank, any  Lender or any Affiliate of any of the foregoing may have had notice or knowledge of any  Default  or  incorrect  representation  or  warranty  at  the  time  any  Loan  Document  is  executed  and  delivered  or  any  credit  is  extended  hereunder,  and  shall  continue  in  full  force and effect until the Termination Date.  Notwithstanding the foregoing or anything  else to the contrary set forth in this Agreement or any other Loan Document, in the event  that,  in  connection  with  the  refinancing  or  repayment  in  full  of  the  credit  facilities  provided for herein, an Issuing Bank shall have provided to the Administrative Agent a  written consent to the release of the Revolving Lenders from their obligations hereunder  with respect to any Letter of Credit issued by such Issuing Bank (whether as a result of  the obligations of any Borrower (and any other account party) in respect of such Letter of  Credit having been collateralized in full by a deposit of cash with such Issuing Bank, or  being  supported  by  a  letter  of  credit  that  names  such  Issuing  Bank  as  the  beneficiary  thereunder, or otherwise), then from and after such time such Letter of Credit shall cease  to be a “Letter of Credit” outstanding hereunder for all purposes of this Agreement and  the other Loan Documents (including for purposes of determining whether the Company  is required to comply with Articles V and VI hereof, but excluding Sections 2.15, 2.17  and 9.03 and any expense reimbursement or indemnity provisions set forth in any other  Loan Document), and the Revolving Lenders shall be deemed to have no participations in  such  Letter of  Credit,  and  no obligations  with  respect thereto,  under  Section 2.05(d) or     [[5509122]] 

 

                                                                     153   2.05(f).   The  provisions  of  Sections 2.15,  2.16,  2.17,  2.18(e)  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  expiration  or  termination  of  the  Letters  of  Credit  and  the  Commitments  or  the  termination  of  this  Agreement or any provision hereof.               SECTION 9.06.  Counterparts;  Integration;  Effectiveness;  Electronic  Execution.  (a) 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 and  the  other  Loan  Documents  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,  including  the  commitments  of  the  Lenders  and,  if  applicable,  their  Affiliates  under  the  Commitment  Letter  and  any  commitment advices submitted by them (but do not supersede any other provisions of the  Commitment Letter or the Fee Letters (or any separate letter agreements with respect to  fees payable to the Administrative Agent or any Issuing Bank) that do not by the terms of  such  documents  terminate  upon  the  effectiveness  of  this  Agreement  pursuant  to  the  provisions of the Commitment Letter providing for the termination of such provisions to  the  extent  covered  hereby,  all  of  which  shall  remain  in  full  force  and  effect).   This  Agreement  shall  become  effective  when  it  shall  have  been  executed  by  the  Administrative  Agent  and  the  Administrative  Agent  shall  have  received  counterparts  hereof that, when taken together, bear the signatures of all 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.               (b)  Delivery of an executed counterpart of a signature page (including any  Electronic  Signature)  of  this  Agreement,  any  other  Loan  Document  or  any  document,  amendment,  approval,  consent,  information,  notice  (including  any  notice  delivered  pursuant  to  Section  9.01),  certificate,  request,  statement,  disclosure  or  authorization  related  to  this  Agreement,  any  other  Loan  Document  and/or  the  transactions  contemplated hereby and/or thereby (each an “Ancillary Document”) by fax, emailed pdf  or any other electronic means permitted by this Agreement that reproduces an image of  the actual executed signature page shall be effective as delivery of a manually executed  counterpart hereof or thereof.  The words “execution”, “signed”, “signature”, “delivery”  and  words  of  like  import  in  or  relating  to  this  Agreement,  any  other  Loan  Document  and/or  any  Ancillary  Document  shall  be  deemed  to  include  Electronic  Signatures,  deliveries or the keeping of records in any electronic  form (including deliveries by  fax,  emailed pdf or any other electronic means that reproduces an image of an actual executed  signature page), 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; provided that nothing herein shall require the  Administrative Agent to accept Electronic Signatures  in any  form or format without its  prior  written  consent  and  pursuant  to  procedures  approved  by  it; provided further,  without limiting the  foregoing, (i) to the extent the  Administrative Agent has agreed to  accept  any  Electronic  Signature, (A)  the  Administrative  Agent,  the  Lenders  and  the  Issuing Banks shall be entitled to rely on such Electronic Signature purportedly given by     [[5509122]] 

 

                                                                     154   or  on  behalf  of  any  Loan  Party  without  further  verification  thereof  and  without  any  obligation to review the appearance or form of any such Electronic Signature and (B) the  Loan Parties shall be entitled to rely on such Electronic Signature purportedly given by or  on behalf of the Administrative Agent, the Lenders (including the Swingline Lender) and  the  Issuing  Banks  without  further  verification  thereof  and  without  any  obligation  to  review the appearance or form of any such Electronic Signature and (ii) upon the request  of any  Loan  Party, the  Administrative Agent, any  Lender or  any  Issuing  Bank,  any  Electronic  Signature  shall  be  promptly  followed  by  a  manually  executed  counterpart.   Without  limiting  the  generality  of  the  foregoing,  each  of  the  parties  hereto  hereby  (A)  agrees  that,  for  all  purposes,  including  in  connection  with  any  workout,  restructuring,  enforcement of remedies, bankruptcy proceedings or litigation among the Administrative  Agent,  the  Arrangers,  the  Lenders,  the  Issuing  Banks and  the Loan  Parties,  Electronic  Signatures transmitted by fax, emailed pdf or any other electronic means that reproduces  an  image  of  an  actual  executed  signature  page  and/or  any  electronic  images  of  this  Agreement,  any  other  Loan  Document  and/or  any  Ancillary  Document  shall  have  the  same  legal  effect,  validity  and  enforceability  as  any  paper  original and (B)  each  other  party hereto may, at its option, create one or more copies of this  Agreement, any other  Loan  Document  and/or  any  Ancillary  Document  in  the  form  of an  imaged  electronic  record  in  any  format,  which  shall  be  deemed  created  in  the  ordinary  course  of  such  Person’s  business,  and  destroy  the  original  paper  document  (and  all  such  electronic  records  shall  be  considered  an  original  for  all  purposes  and  shall have  the  same  legal  effect, validity and enforceability as a paper record).               SECTION 9.07.  Severability.  Any provision of this Agreement held to  be  invalid,  illegal  or  unenforceable  in  any  jurisdiction  shall,  as  to  such  jurisdiction,  be  ineffective to the extent of such invalidity, illegality or unenforceability without affecting  the  validity,  legality  and  enforceability  of  the  remaining  provisions  hereof;  and  the  invalidity  of  a  particular  provision  in  a  particular  jurisdiction  shall  not  invalidate  such  provision in any other jurisdiction.               SECTION 9.08.  Right  of  Setoff.   If  an  Event  of  Default  shall  have  occurred and be continuing, each Lender and Issuing Bank, and each Affiliate of any of  the foregoing, is hereby authorized at any time and from time to time, to the fullest extent  permitted by applicable law, to set off and apply any and all deposits (general or special,  time or demand, provisional or final, in whatever currency) or other amounts at any time  held and other obligations (in whatever currency) at any time owing by such Lender or  Issuing Bank, or by such an Affiliate, to or for the credit or the account of any Borrower  against any of and all the obligations then due of the Borrowers now or hereafter existing  under this Agreement held by such Lender or Issuing Bank, irrespective of whether or not  such  Lender  or  Issuing  Bank  shall  have  made  any  demand  under  this  Agreement  and  although such obligations of such Borrower are owed to a branch, office or Affiliate of  such Lender or such Issuing Bank different from the branch, office or Affiliate holding  such deposit or obligated on such Indebtedness.  The rights of each Lender and Issuing  Bank,  and  each  Affiliate  of  any  of  the  foregoing,  under  this  Section are  in  addition  to  other rights and remedies (including other rights of setoff) that such Lender, Issuing Bank  or Affiliate may have.  Each Lender and Issuing Bank agrees to notify the Company and     [[5509122]] 

 

                                                                     155   the  Administrative  Agent  promptly  after  any  such  setoff  and  application; provided that  the failure to give notice shall not affect the validity of such setoff and application.               SECTION 9.09.  Governing  Law;  Jurisdiction;  Consent  to  Service  of  Process.  (a)  This  Agreement  shall  be  governed  by,  and  construed  in  accordance  with,  the law of the State of New York.               (b)  Each party hereto hereby irrevocably and unconditionally submits, for  itself and its property, to the jurisdiction of the Supreme Court of the State of New York  sitting  in  New  York  County  and  of  the  United  States  District  Court  of  the  Southern  District  of  New  York,  and  any  appellate  court from  any  thereof,  in  any suit, action  or  proceeding arising out of or relating to this Agreement or any other Loan Document, or  for recognition or enforcement of any  judgment, and each Borrower hereby  irrevocably  and unconditionally agrees that all claims arising out of or relating to this Agreement or  any other Loan Document brought by it or any of its Affiliates shall be brought, and shall  be heard and determined, exclusively in such United States District Court or, if that court  does not have subject matter jurisdiction, such Supreme Court.  Each party hereto agrees  that a final judgment in any such suit, 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  Syndication  Agents,  the  Documentation  Agents,  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 any of its properties in the courts of any jurisdiction.               (c)  Each of  the  parties  hereto hereby  irrevocably  and  unconditionally  waives, to the fullest extent permitted by law, any objection that 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 clause (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.               (e)  Each Borrowing  Subsidiary hereby  irrevocably  designates,  appoints  and empowers the Company, and the Company hereby accepts such appointment, as its  designee, appointee and agent to receive, accept and acknowledge for and on its behalf,  and in respect of its property, service of any and all legal process, summons, notices and  documents that may be served in any such action or proceeding arising out of or relating  to this Agreement and any other Loan Document.  Such service may be made by mailing  or delivering a copy of such process to any Borrowing Subsidiary in care of the Company  at the Company’s address used for purposes of giving notice under Section 9.01, and each      [[5509122]] 

 

                                                                     156   Borrowing Subsidiary hereby  irrevocably authorizes and directs the Company to accept  such service on its behalf.               SECTION 9.10.  WAIVER  OF  JURY  TRIAL.   EACH  PARTY  HERETO  HEREBY    IRREVOCABLY  WAIVES,  TO  THE  FULLEST  EXTENT  PERMITTED  BY  APPLICABLE LAW,  ANY  RIGHT  IT  MAY  HAVE  TO  A  TRIAL  BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING  OUT  OF  OR  RELATING  TO  THIS  AGREEMENT,  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  Lenders and the Issuing Banks agrees to maintain the confidentiality of the Information  (as defined below), except that Information may be disclosed (a) to its Related Parties on  a “need to know” basis solely in connection with the Transactions, including accountants,  legal counsel and other agents and 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; provided that such Person shall be  responsible  for  its  Related  Parties’  compliance  with  this  Section  9.12,  (b) to the  extent  required  or  requested  by  any  regulatory  authority  purporting  to  have  jurisdiction  over  such Person or its Affiliates (including any self-regulatory authority, such as the National  Association  of  Insurance  Commissioners)  (in  which  case  such  disclosing  party  agrees  (except with respect to any audit or examination conducted by bank accountants or any  governmental bank regulatory authority exercising examination or regulatory authority),  to  the  extent  practicable  and  not  prohibited  by  law,  to  inform  the  Company  promptly  thereof  prior  to  disclosure),  (c) to  the  extent  required  by  applicable  law  or  by  any  subpoena or  similar  legal  process  (in  which  case  such  disclosing  party  agrees  (except  with  respect  to  any  audit  or  examination  conducted  by  bank  accountants  or  any  governmental bank regulatory authority exercising examination or regulatory authority),  to  the  extent practicable  and  not  prohibited  by  law,  to  inform  the  Company  promptly  thereof prior to disclosure),  (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     [[5509122]] 

 

                                                                     157   confidentiality  undertakings  substantially  similar  to  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, (ii) any actual or prospective counterparty (or  its Related Parties) to any swap or derivative transaction relating to the Company or any  Subsidiary and its obligations or (iii) any credit insurance provider, (g) with the consent  of the Company, (h) 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  applicable  Person on a nonconfidential basis from a source other than the Company or a Subsidiary  not known to be bound by any confidentiality agreement, or (i) to data service providers,  including  league table providers, that serve the  lending  industry (limited,  in the case of  this clause (i), to information of the type routinely provided  by arrangers of syndicated  credit facilities to such providers, such as information identifying the Company, the type,  tenor and amount of the credit facility established hereby and the roles and titles of the  arrangers  and  agents  named  on  the  cover  hereof,  but  excluding  any  confidential  Information  provided  by  the  Company).   For  purposes  of  this  Section,  “Information”  means  all  information  received  from  any  Borrower  relating  to  the  Company  or  any  Subsidiary  or  their  businesses,  other  than  any  such  information  that  is  available  to  the  Administrative Agent, any Lender or any Issuing Bank on a nonconfidential basis prior to  disclosure  by  such  Borrower.   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.  It is agreed that, notwithstanding the restrictions of any prior confidentiality  agreement  binding  on  any  Arranger  or  the  Administrative  Agent,  such  parties  may  disclose Information as provided in this Section 9.12               SECTION 9.13.  Interest  Rate  Limitation.   Notwithstanding  anything  herein to the contrary, if at any time the interest rate applicable to any Loan, together with  all  fees,  charges  and  other  amounts  that  are  treated  as  interest  on  such  Loan  under  applicable  law (collectively the  “Charges”), shall exceed the  maximum  lawful rate (the  “Maximum Rate”) that may be contracted for, charged, taken, received or reserved by the  Lender holding such Loan in accordance with applicable law, the rate of interest payable  in respect of such Loan hereunder, together with all Charges payable in respect thereof,  shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges  that would have been payable in respect of such Loan but were not payable as a result of  the operation of this Section shall be cumulated and the interest and Charges payable to  such  Lender  in  respect of  other  Loans  or  periods  shall  be  increased  (but  not  above  the  Maximum Rate therefor) until such cumulated amount, together with interest thereon at  the Federal Funds Effective Rate to the date of repayment, shall  have been received by  such Lender.               SECTION 9.14.  Release  of  Liens  and  Guarantees.   A  Subsidiary  Loan  Party (other than any Borrower) shall automatically be released from its obligations under  the  Loan  Documents,  and  all  security  interests  created  by  the  Security  Documents  in  Collateral owned by such Subsidiary Loan Party shall be automatically released, upon the  consummation of any transaction permitted by this Agreement as a result of which such  Subsidiary  Loan  Party  ceases  to  be  a  Subsidiary  and  upon  the  occurrence  of  the     [[5509122]] 

 

                                                                     158   Termination Date; provided that, if so required by this Agreement, the Required Lenders  shall  have  consented  to  such  transaction  and  the  terms  of  such  consent  shall  not  have  provided otherwise.  Upon any sale or other transfer by any Guarantor (other than to any  Guarantor or  any  Subsidiary  required  to  become  a  Subsidiary  Loan  Party)  of  any  Collateral  in a transaction permitted under this Agreement, or upon the effectiveness of  any  written  consent  to  the  release  of  the  security  interest  created  under  any  Security  Document  in  any  Collateral  pursuant  to  Section 9.02,  the  security  interests  in  such  Collateral  created  by  the  Security  Documents  shall  be  automatically  released.   In  connection  with  any  termination  or  release  pursuant to this  Section,  the  Administrative  Agent  shall  execute  and  deliver  to  any Guarantor,  at  such Guarantor’s  expense,  all  documents that such Guarantor shall reasonably request to evidence such termination or  release.   Any  execution  and  delivery  of  documents  pursuant  to  this  Section shall  be  without recourse to or warranty by the Administrative Agent.               SECTION 9.15.  USA  PATRIOT  Act  Notice.   Each  Lender  and  the  Administrative  Agent  (for  itself  and  not on  behalf  of  any  Lender)  hereby  notifies  each  Loan Party that pursuant to the requirements of the USA PATRIOT Act 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  or the  Administrative  Agent,  as  applicable,  to  identify  such  Loan  Party  in  accordance with such Act.               SECTION 9.16.  No  Fiduciary  Relationship.   Each  Borrower, on behalf  of itself and its subsidiaries, agrees that in connection with all aspects of the transactions  contemplated  hereby  and  any  communications  in  connection  therewith,  each  Borrower,  the Subsidiaries and their Affiliates, on the one hand, and the Administrative Agent, the  Lenders, the Issuing Banks and their Affiliates, on the other hand, will  have a business  relationship that does not create, by  implication or otherwise, any  fiduciary duty on the  part of the Administrative Agent, the Lenders, the Issuing Banks or their Affiliates, and  no such duty will be deemed to have arisen in connection with any such transactions or  communications.   The  Administrative  Agent,  the  Arrangers,  the  Lenders,  the  Issuing  Banks  and  their  Affiliates  may  be  engaged,  for  their  own  accounts  or  the  accounts  of  customers, in a broad range of transactions that involve interests that differ from those of   the Borrowers and their Affiliates, and none of the Administrative Agent, the Arrangers,  the  Lenders,  the  Issuing  Banks  or their  Affiliates  has  any  obligation  to  disclose  any  of  such interests to the Company or any of its Affiliates.  To the fullest extent permitted by  law,  each  Borrower  hereby agrees  that  it  will  not  assert any  claim  against  the  Administrative Agent, the Arrangers, the Lenders, the Issuing Banks and their Affiliates  based on an alleged breach of agency or fiduciary duty in connection with any aspect of  any transaction contemplated hereby.               SECTION 9.17.  Non-Public  Information.    (a)  Each  Lender  acknowledges  that  all  information,  including  requests  for  waivers  and  amendments,  furnished  by  any  Borrower  or  the  Administrative  Agent  pursuant  to  or  in  connection  with,  or  in  the  course  of  administering,  this  Agreement  will  be  syndicate-level  information,  which  may  contain  MNPI.   Each  Lender  represents  to  each  Borrower  and  the Administrative  Agent that (i)  it has developed compliance procedures regarding the     [[5509122]] 

 

                                                                     159   use  of  MNPI  and  that  it  will  handle  MNPI  in  accordance  with  such  procedures  and  applicable  law,  including  Federal,  state  and  foreign  securities  laws,  and  (ii)  it  has  identified  in  its  Administrative  Questionnaire  a  credit  contact  who  may  receive  information  that  may  contain  MNPI  in  accordance  with  its  compliance  procedures  and  applicable law, including Federal, state and foreign securities laws.               (b)  Each  Borrower  and  each  Lender  acknowledges  that,  if  information  furnished  by  any  Borrower  pursuant  to  or  in  connection  with  this  Agreement  is  being  distributed  by  the Administrative  Agent  through  the  Platform,  (i)  the  Administrative  Agent  may  post  any  information  that  any  Borrower  has  indicated  as  containing  MNPI  solely on that portion of the Platform designated for Private Side Lender Representatives  and  (ii)  if  any  Borrower  has  not  indicated  whether  any  information  furnished  by  it  pursuant to or in connection with this Agreement contains MNPI, such information shall  be  posted  solely  on  that  portion  of  the  Platform  designated  for  Private  Side  Lender  Representatives.  Each  Borrower,  at the  request of  the  Administrative  Agent,  agrees to  specify whether any information furnished to the Administrative Agent pursuant to, or in  connection with, the Agreement contains MNPI, and the  Administrative Agent shall  be  entitled  to  rely  on  any  such  designation  by  the  Company  without  liability  or  responsibility  for  the  independent  verification  thereof.   Notwithstanding  the  foregoing,  but without limiting the provisions of the immediately preceding sentence, the Borrowers  shall be under no obligation to mark any information as suitable for Public Side Lender  Representatives.               SECTION 9.18.  Judgment  Currency.  (a)  If,  for  the  purpose  of  obtaining judgment in any court, it is necessary to convert a sum owing hereunder in one  currency into another currency, each party hereto agrees, to the fullest extent that it may  effectively do so, that the rate of exchange used shall be that at which in accordance with  normal  banking  procedures  in  the  relevant  jurisdiction  the  first  currency  could  be  purchased with such other currency on the Business Day immediately preceding the day  on which final judgment is given.               (b)  The obligations of each party hereto in respect of any sum due to any  other  party  hereto  or  any  holder  of  the  obligations  owing  hereunder  (the  “Applicable  Creditor”) shall, notwithstanding any judgment in a currency (the “Judgment Currency”)  other than the currency in which such sum is stated to be due hereunder (the “Agreement  Currency”), be discharged only to the extent that, on the Business Day following receipt  by the Applicable Creditor of any sum adjudged to be so due in the Judgment Currency,  the  Applicable  Creditor  may  in  accordance  with  normal  banking  procedures  in  the  relevant  jurisdiction  purchase  the  Agreement  Currency  with  the  Judgment  Currency;  if  the amount of the Agreement Currency so purchased is less than the sum originally due  to the Applicable Creditor in the  Agreement Currency, such party agrees, as a separate  obligation and notwithstanding any such judgment, to indemnify the Applicable Creditor  against  such  deficiency.  The  obligations  of  the  parties  contained  in  this  Section  shall  survive the termination of this  Agreement and the payment of all other amounts owing  hereunder.      [[5509122]] 

 

                                                                     160               SECTION 9.19.  Excluded  Swap  Obligations.  (a) Notwithstanding  any  provision  of  this  Agreement  or  any  other  Loan  Document,  no  Guarantee  by  any  Subsidiary  Loan  Party  under  any  Loan  Document  shall  include  a  Guarantee  of  any  Secured  Obligation  that,  as  to  such  Subsidiary  Loan  Party,  is  an  Excluded  Swap  Obligation,  and  no  Collateral  provided  by  any  Subsidiary  Loan  Party  shall  secure  any  Secured  Obligation  that,  as  to  such  Subsidiary  Loan  Party,  is an  Excluded  Swap  Obligation.  In the event that any payment is made pursuant to any Guarantee by, or any  amount is realized from Collateral of, any Subsidiary Loan Party as to which any Secured  Obligations are Excluded Swap Obligations, such payment or amount shall be applied to  pay the Secured Obligations of such Loan Party as otherwise provided herein and in the  other  Loan  Documents  without  giving  effect  to  such  Excluded  Swap  Obligations,  and  each reference in this Agreement or any other Loan Document to the ratable application  of  such  amounts  as  among  the  Secured  Obligations  or  any  specified  portion  of  the  Secured Obligations that would otherwise include such Excluded Swap Obligations shall  be deemed so to provide.               (b)  Each  Qualified  ECP  Guarantor  hereby  jointly  and  severally  absolutely,  unconditionally  and  irrevocably  undertakes  to  provide  such  funds  or  other  support as may be needed from time to time to enable each other Loan Party to honor all  of its obligations under the Loan Documents in respect of Swap Obligations (subject to  the limitations on its Guarantee under the Collateral Agreement).  The obligations of each  Qualified ECP Guarantor under this Section shall remain in full force and effect until its  Guarantee under the Collateral  Agreement  is released.  Each Qualified ECP Guarantor  intends that this Section shall constitute a “keepwell, support, or other agreement” for the  benefit  of  each  other  Loan  Party  for  all  purposes  of  Section  1a(18)(A)(v)(II)  of  the  Commodity Exchange Act.               SECTION 9.20.  Conflicts.   Notwithstanding  anything  to  the  contrary  contained  herein  or  in  any  other  Loan  Document,  in  the  event  of  any  conflict  or  inconsistency  between this  Agreement and any other Loan Document, the terms of this  Agreement shall govern and control.               SECTION 9.21.  Pari  Passu Intercreditor  Agreements.  (a)  Each  of  the  Lenders, the Issuing Banks and the other Secured Parties acknowledges that obligations  of  the  Loan  Parties  under  any  Permitted  Pari  Passu  Refinancing  Securities  may  be  secured  by  Liens  on  assets  of  the Loan  Parties  that  constitute  Collateral.   Each  of  the  Lenders, the Issuing Banks and the other Secured Parties hereby  irrevocably authorizes  and  directs  the  Administrative  Agent to  execute  and  deliver,  in  each  case  on  behalf  of  such Secured Party and without any further consent, authorization or other action by such  Secured Party, (i) from time to time upon the request of the Company, in connection with  the  issuance  of  any  Permitted  Pari  Passu  Refinancing  Securities,  any  Pari  Passu  Intercreditor  Agreement (it  being  understood  that  the  Administrative  Agent  is  hereby  authorized and directed to determine the terms and conditions of any such agreement as  contemplated by the definition of the term “Pari Passu Intercreditor Agreement”) and (ii)  any documents relating thereto.      [[5509122]] 

 

                                                                     161               (b)  Each of the Lenders, the Issuing Banks and the other Secured Parties  hereby  irrevocably  (i)  consents  to  the  treatment  of  Liens  to  be  provided  for  under  any  Pari  Passu  Intercreditor  Agreement,  (ii)  agrees  that,  upon  the  execution  and  delivery  thereof,  such  Secured  Party  will  be  bound  by  the  provisions  of  any  Pari  Passu  Intercreditor Agreement as if it were a signatory thereto and will take no actions contrary  to the provisions of any Pari Passu Intercreditor Agreement, (iii) agrees that no Secured  Party  shall  have  any  right  of  action  whatsoever  against  the  Administrative  Agent  as  a  result  of  any  action  taken  by  the  Administrative  Agent  pursuant  to  this  Section  or  in  accordance with the terms of any Pari Passu Intercreditor Agreement and (iv) authorizes  and directs the Administrative Agent to carry out the provisions and intent of each such  document.               (c)  Each of the Lenders, the Issuing Banks and the other Secured Parties  hereby irrevocably further authorizes and directs the Administrative Agent to execute and  deliver,  in  each  case  on  behalf  of  such  Secured  Party  and  without  any  further  consent,  authorization  or  other  action  by  such  Secured  Party,  any  amendments,  supplements  or  other  modifications  of  any  Pari  Passu  Intercreditor  Agreement  that the  Borrowers may  from  time  to  time  request  (i)  to  give  effect  to  any  issuance,  amendment,  extension,  renewal, refinancing or replacement of any Permitted Pari Passu Refinancing Securities,  (ii) to confirm for any party that such Pari Passu Intercreditor Agreement is effective and  binding upon the Administrative Agent on behalf of the Secured Parties and (iii) to effect  any  other  amendment,  supplement  or  modification  so  long  as  the  resulting  agreement  would constitute a Pari Passu Intercreditor Agreement if executed at such time as a new  agreement.               (d)  Each of the Lenders, the Issuing Banks and the other Secured Parties  hereby irrevocably further authorizes and directs the Administrative Agent to execute and  deliver,  in  each  case  on  behalf  of  such  Secured  Party  and  without  any  further  consent,  authorization  or  other  action  by  such  Secured  Party,  any  amendments,  supplements  or  other modifications of any Security Document to add or remove any legend that may be  required pursuant to any Pari Passu Intercreditor Agreement.               (e)  The  Administrative  Agent shall  have the  benefit  of the provisions of  Article  VIII  with  respect  to  all  actions  taken  by  it  pursuant  to  this  Section  or  in  accordance  with  the  terms  of  any Pari  Passu  Intercreditor  Agreement to the  full  extent  thereof.               SECTION 9.22.  Limit  on CFC  Obligations.   Notwithstanding  anything  to the contrary contained herein or in any other Loan Document, no CFC shall be liable  for  any  Secured  Obligations  of  the  Company  or any  Domestic Subsidiary that  is  not a  CFC.                SECTION 9.23.  Acknowledgement  and  Consent  to  Bail-In  of Affected  Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document  or in any other agreement, arrangement or understanding among the parties hereto, each  party hereto acknowledges that any liability of any Affected Financial Institution arising  under any Loan Document, to the extent such liability is unsecured, may be subject to the     [[5509122]] 

 

                                                                     162   Write-Down and Conversion Powers of the applicable  Resolution Authority and agrees  and consents to, and acknowledges and agrees to be bound by:               (a) the  application  of  any  Write-Down  and  Conversion  Powers  by the        applicable Resolution  Authority  to  any  such  liabilities  arising  hereunder  which        may be payable to it by any party hereto that is an Affected Financial Institution;        and                (b) the  effects  of  any Bail-In  Action  on  any  such  liability,  including,  if        applicable:                    (i) a reduction in full or in part or cancellation of any such liability;                    (ii) a conversion of all, or a portion of, such liability into shares or              other instruments of ownership  in  such Affected Financial Institution,  its              parent entity, or a bridge institution that may be issued to it or otherwise              conferred  on  it,  and  that  such  shares  or  other  instruments  of  ownership              will be accepted by it in lieu of any rights with respect to any such liability              under this Agreement or any other Loan Document; or                   (iii) the variation of the terms of such liability in connection with the              exercise  of  the Write-Down  and Conversion Powers  of the  applicable              Resolution Authority.               SECTION 9.24.  Acknowledgement Regarding  Any  Supported  QFCs.   To  the extent  that  the  Loan  Documents  provide  support,  through  a  guarantee  or  otherwise, for Hedging Agreements or any other agreement or instrument that is a QFC  (such  support,  “QFC  Credit  Support”  and,  each  such  QFC,  a  “Supported  QFC”),  the  parties  acknowledge and  agree  as  follows  with  respect  to  the  resolution  power  of  the  FDIC under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street  Reform  and  Consumer  Protection  Act  (together  with  the  regulations  promulgated  thereunder,  the  “U.S.  Special  Resolution  Regimes”)  in  respect of  such  Supported  QFC  and QFC Credit Support (with the provisions below applicable notwithstanding that the  Loan  Documents  and  any  Supported  QFC  may  in  fact  be  stated to  be  governed  by  the  laws of the State of New York and/or of the United States or any other state of the United  States):               (a) In the event a Covered Entity that is party to a Supported QFC (each, a        “Covered  Party”)  becomes  subject  to  a  proceeding  under  a  U.S.  Special        Resolution Regime, the transfer of such Supported QFC and the benefit of such        QFC Credit Support (and any interest and obligation in or under such Supported        QFC  and  such  QFC  Credit  Support,  and  any  rights  in  property  securing  such        Supported  QFC  or  such  QFC  Credit  Support)  from  such  Covered  Party  will  be        effective  to  the  same  extent  as  the  transfer  would  be  effective  under  the  U.S.        Special Resolution Regime  if the Supported QFC and such QFC Credit Support        (and  any  such  interest,  obligation  and  rights  in  property)  were  governed  by  the        laws of the United States or a state of the United States. In the event a Covered     [[5509122]] 

 

                                                                     163         Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding        under  a  U.S.  Special  Resolution  Regime,  Default  Rights  under  the  Loan        Documents that might otherwise apply to such Supported QFC or any QFC Credit        Support  that  may  be  exercised  against  such  Covered  Party  are  permitted  to  be        exercised to no greater extent than such Default Rights could be exercised under        the  U.S.  Special  Resolution  Regime  if  the  Supported  QFC  and  the  Loan        Documents  were  governed  by  the  laws  of  the  United  States  or  a  state  of  the        United States. Without limitation of the foregoing, it is understood and agreed that        rights and remedies of the parties with respect to a Defaulting Lender shall in no        event affect the rights of any Covered Party with respect to a Supported QFC or        any QFC Credit Support.                                 [Signature pages follow]     [[5509122]] 

 

 

                                                                       JPMORGAN CHASE BANK, N.A.,                  individually and as Administrative Agent,                      by                                            Name: Matthew Cheung                       Title: Vice President    [Signature Page to Credit Agreement]                   

 

                                  SIGNATURE PAGE TO             THE CREDIT AGREEMENT          OF KNOWLES CORPORATION   Name of Institution:  Bank of America, N.A.      by        _________________________        Name:  A. Quinn Richardson        Title:    Senior Vice President                                                          

 

               SIGNATURE PAGE TO             THE CREDIT AGREEMENT          OF KNOWLES CORPORATION   Sumitomo Mitsui Banking Corporation:       By           _________________________        Name: Jun Ashley        Title:   Director 

 

 

 

 

 

                                   SIGNATURE PAGE TO              THE CREDIT AGREEMENT           OF KNOWLES CORPORATION   Name of Institution: BMO Harris Bank, N.A.       by         _________________________         Name: Jeff LaRue         Title: Vice President                                                          

 

 

                               SCHEDULE 2.01                                   Commitments            Lender                               Revolving Commitment           JPMorgan Chase Bank, N.A.            $55,000,000.00           Bank of America, N.A.                $55,000,000.00           Sumitomo Mitsui Banking Corporation  $55,000,000.00           HSBC Bank USA, N.A.                  $42,500,000.00           KeyBank National Association         $42,500,000.00           PNC Bank, National Association       $42,500,000.00           U.S. Bank National Association       $42,500,000.00           BMO Harris Bank, N.A.                $35,000,000.00           Fifth Third Bank, National Association $30,000,000.00           Total Revolving Commitments          $400,000,000.00    [[5516052]] 

 

                                     SCHEDULE 2.05A                               Existing Letters of Credit                                         None.        [[5516052]] 

 

                                 SCHEDULE 2.05B                                  LC Commitments                                            Issuing Bank                                    LC Commitment  JPMorgan Chase Bank N.A.                        $16,666,666.68  Bank of America, N.A.                           $16,666,666.66  Sumitomo Mitsui Banking Corporation             $16,666,666.66  Total LC Commitments                            $50,000,000.00                                                        [[5516052]] 

 

                                                                SCHEDULE 3.111                                       Subsidiaries and Joint Ventures                                                                                                       Percentage                                       Jurisdiction of              Registered               of Equity                Issuer                  Organization                 Owner                   Interests     Knowles Capital Holdings, Inc.***   Delaware               Knowles Corporation                                                                                              100%         Knowles Cazenovia Inc.*         Delaware           Knowles Capital Holdings, Inc.                                                                                              100%             Novacap, LLC                Delaware           Knowles Capital Holdings, Inc.                                                                                              100%    Knowles Electronics Holdings, Inc.*** Delaware          Knowles Capital Holdings, Inc.                                                                                              100%    Knowles Intermediate Holding, Inc.*** Delaware         Knowles Electronics Holdings, Inc.                                                                                              100%        Knowles Electronics, LLC*        Delaware          Knowles Electronics Holdings, Inc.                                                                                              100%    Knowles Electronics Singapore Pte Ltd Singapore        Knowles Intermediate Holding, Inc.                                                                                              100%     Knowles Electronics Denmark ApS     Denmark           Knowles Intermediate Holding, Inc.                                                                                              100%       Knowles Luxembourg S.à.r.l.                                        Luxembourg         Knowles Intermediate Holding, Inc.                                                                                              100%            Knowles Europe                 U.K.              Knowles Luxembourg S.à.r.l.                                                                                              100%      Knowles Holdings Austria GmbH       Austria            Knowles Luxembourg S.à.r.l.                                                                                              100%     Knowles Luxembourg International                                        Luxembourg           Knowles Luxembourg S.à.r.l.               S.à.r.l.**                                                                     100%        Knowles IPC (M) Sdn. Bhd.        Malaysia       Knowles Luxembourg International S.à.r.l.                                                                                              100%      Knowles Electronics Taiwan, Ltd.    Taiwan        Knowles Luxembourg International S.à.r.l.                                                                                              100%  Knowles Electronics (Malaysia) Sdn. Bhd.** Malaysia        Knowles IPC (M) Sdn. Bhd.                                                                                              100%      Knowles Electronics Japan K.K.       Japan             Knowles IPC (M) Sdn. Bhd.                                                                                              100%   Knowles Electronics (Weifang) Co., Ltd. China         Knowles Electronics Singapore Pte Ltd                                                                                              100%   Knowles Electronics (Suzhou) Co., Ltd.** China        Knowles Electronics Singapore Pte Ltd                                                                                              100%      Knowles Electronics (Philippines)                                         Philippines           Daniel James Giesecke              Corporation                                                                      <1%                                                                            *Material Subsidiary and Designated Subsidiary          **Material Subsidiary          ***Designated Subsidiary                     [[5516052]] 

 

                                                                                                   Percentage                                      Jurisdiction of              Registered               of Equity               Issuer                  Organization                 Owner                   Interests     Knowles Electronics (Philippines)                                        Philippines              Christian Scherp             Corporation                                                                      <1%     Knowles Electronics (Philippines)                                        Philippines           Joseph Emmanuel Liwag             Corporation                                                                      <1%     Knowles Electronics (Philippines)                                        Philippines             Agnes B. Lucente             Corporation                                                                      <1%     Knowles Electronics (Philippines)                                        Philippines             Edmund Minerva             Corporation                                                                      <1%                                                                                          99.99% (100%     Knowles Electronics (Philippines)                                        Philippines     Knowles Electronics Singapore Pte Ltd beneficial             Corporation                                                                                           ownership)        Knowles  (UK) Limited             U.K.          Knowles Electronics Singapore Pte Ltd                                                                                             100%       Johanson Dominicana S.A.S                                    Dominican Republic        Knowles Cazenovia Inc.               (DR)                                                                          100%  Knowles Electronics (Shanghai) Co., Ltd. China            Audience Singapore Pte Ltd                                                                                             100%  Audience Communications Systems India                                          India             Audience Singapore Pte Ltd            Private Limited                                                                  99.99%  Audience Communications Systems India                                          India              Knowles Electronics LLC            Private Limited                                                                   .01%       Audience International, Inc.   Cayman Islands        Knowles IPC (M) Sdn. Bhd.                                                                                             100%       Audience Singapore Pte Ltd       Singapore           Audience International, Inc.                                                                                             100%         Sensor Platforms, Inc.         Delaware             Knowles Electronics, LLC                                                                                             100%      Knowles Korea Yuhan Hoesa           Korea             Audience Singapore Pte Ltd                                                                                             100%       Knowles Electronics GmbH        Switzerland     Knowles Luxembourg International S.à.r.l.                                                                                             100%                    [[5516052]] 

 

      [[5516052]] 

 

                                  SCHEDULE 6.01                                Existing Indebtedness             1. Company’s 3.25% Convertible Senior Notes due November 1, 2021 in the aggregate        original principal amount of $172,500,000.             2. Knowles Electronics Suzhou Co. Ltd. capital lease of  $7,785,518 (CNY 54,521,207) as        of July 31, 2020 due March 31, 2025.              3. Other Knowles capital leases in a total of $139,949 as of July 31, 2020 (various local        currencies and maturity dates).              4. Letter of Credit issued by Sumitomo Mitsui Banking Corporation for the benefit of BPG        Polska Audyt SP Z.O.O in the amount of $330,000.             5. Letter of Credit issued by Citibank N.A. (Makati Branch) for the benefit of First Gen        Energy Solutions in the amount of $164,9352.             6. Letter of Credit issued by JPMorgan Chase Bank, N.A. for the benefit of Lake Park        Associates, LLC in the amount of $262,352.                                                                                                               2 Translated using Knowles August 2020 month end FX rates.     [[5516052]] 

 

                                  SCHEDULE 6.02                                   Existing Liens        1. Tax lien, filed on August 19, 2019, in Du Page County, Illinois County Recorder, against        Knowles  Electronics,  LLC  in favor of the  Illinois  Department of  Employment Security        Revenue  Collection  Enforcement  Unit  (document  number  #R2019-071240)  in  the        amount of $1,343.27 related to unemployment taxes.              [[5516052]] 

 

                                  SCHEDULE 6.04                                 Existing Investments                     1. Non-controlling interest in Revod (Philippines) Holdings Corporation             2. Non-controlling interest in KEP (Philippines) Realty Corp            [[5516052]] 

 

                                  SCHEDULE 6.10                                 Existing Restrictions                                       None.    [[5516052]] 

 

                                                              EXHIBIT A                  [FORM OF] ASSIGNMENT AND ASSUMPTION               This Assignment and Assumption (the “Assignment and Assumption”) is  dated  as  of  the  Effective  Date  set  forth  below  and  is  entered  into  by  and  between  the  Assignor (as defined below) and the Assignee (as defined below).  Capitalized terms used  but  not  defined  herein  shall  have  the  meanings  given  to them  in  the  Credit  Agreement  identified below (as amended, restated, amended and restated, supplemented or otherwise  modified, the “Credit Agreement”), receipt of a copy of which  is hereby acknowledged  by  the  Assignee.   The  Standard  Terms  and  Conditions  set  forth  in  Annex  1  attached  hereto are hereby agreed to and incorporated herein by reference and made a part of this  Assignment and Assumption as if set forth herein in full.               For  an  agreed  consideration,  the  Assignor  hereby  irrevocably  sells  and  assigns  to  the  Assignee,  and  the  Assignee  hereby  irrevocably  purchases  and  assumes  from the Assignor, subject to and in accordance with the Standard Terms and Conditions  and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent  as contemplated below, (a) the interest in and to all the Assignor’s rights and obligations  in  its  capacity  as  a  Lender  under  the  Credit  Agreement  and  any  other  documents  or  instruments delivered pursuant thereto to the extent related to the amount and percentage  interest identified below of all of such outstanding rights and obligations of the Assignor  under the credit facilities  identified  below (including, without limitation, any Letters of  Credit and Swingline Loans included in such facilities) and (b) to the extent permitted to  be assigned under applicable law, all claims, suits, causes of action and any other right of  the  Assignor  (in  its  capacity  as  a  Lender)  against  any  Person,  whether  known  or  unknown, arising under or in connection with the Credit Agreement, any other documents  or instruments delivered pursuant thereto or the loan transactions governed thereby or in  any  way  based  on  or  related  to  any  of  the  foregoing,  including  contract  claims,  tort  claims,  malpractice  claims,  statutory  claims  and  all  other  claims  at  law  or  in  equity  related to the rights and obligations sold and assigned pursuant to clause (a) above (the  rights  and  obligations  sold  and  assigned  pursuant  to  clauses  (a)  and  (b)  above  being  referred to herein collectively as the “Assigned Interest”).  Such sale and assignment is  without  recourse to the  Assignor and,  except  as  expressly  provided  in  this  Assignment  and Assumption, without representation or warranty by the Assignor.         1. Assignor:  _______________________________________________________         2. Assignee: ________________________________________________________              [and is [a Lender] [an Affiliate/Approved Fund of [Identify Lender]]]1         3. Borrowers: Knowles Corporation, Knowles Luxembourg International S.à r.l.              and the other Borrowing Subsidiaries (as defined in the Credit Agreement)         4. Administrative Agent: JPMorgan Chase Bank, N.A., as the Administrative              Agent under the Credit Agreement                                                      1  Select as applicable.     [[5513834]] 

 

         5.  Credit  Agreement:   The  Credit Agreement  dated  as  of September 4, 2020,          among  Knowles  Corporation, Knowles  Luxembourg  International  S.à  r.l., the          other Borrowing  Subsidiaries  party  thereto,  the  Lenders  party  thereto  and          JPMorgan Chase Bank, N.A., as Administrative Agent         6.  Assigned Interest: 2                                                                Percentage Assigned                        Aggregate Amount                        of Aggregate                               of            Amount of the       Amount of                        Commitments/Loans Commitments/Loans  Commitments/Loans                         of the applicable  of the applicable of the applicable     Facility Assigned  Class of all Lenders Class Assigned  Class of all Lenders3  Revolving             $                 $                                 %  Commitments/Revolving  Loans  [            ]4       $                 $                                 %     Effective Date:                    , 20___ [TO BE INSERTED BY THE ADMINISTRATIVE  AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF  TRANSFER IN THE REGISTER THEREFOR]   The  Assignee,  if  not  already  a  Lender,  agrees  to  deliver  to the  Administrative  Agent a  completed  Administrative  Questionnaire  in  which the  Assignee  designates  one or  more  credit contacts to whom all syndicate-level information (which may contain MNPI about  Knowles Corporation, the Subsidiaries and its and their 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.                                                         2  Must  comply  with  the  minimum  assignment  amounts  set  forth  in  Section  9.04(b)(ii)(A)  of  the  Credit Agreement, to the extent such minimum assignment amounts are applicable.     3  Set  forth,  to  at  least 9  decimals,  as  a  percentage  of  the  Commitments/Loans  of  all  Revolving  Lenders or Incremental Term Lenders of any Series, as applicable.     4  In the event Incremental Term Loans of any Class are established under Section 2.21 of the Credit  Agreement or any new Class of Loans or Commitments is established pursuant to Section 2.22 or Section  2.24 of the Credit Agreement, refer to the Class of such Loans or Commitments assigned.                                          [[5513834]] 

 

   The terms set forth above are hereby    [Consented to and]6 Accepted:  agreed to:                                                                        JPMORGAN CHASE BANK, N.A., as  ________________, as Assignor,          Administrative Agent,                                              by                                    by        _____________________________           _____________________________        Name:                                   Name:        Title:                                  Title:                                            ________________, as Assignee,5         Consented to:                                              by                                    [KNOWLES CORPORATION,        _____________________________             Name:                               by        Title:                                  _____________________________                                                Name:                                                Title:]7                                                                                    [JPMORGAN CHASE BANK, N.A., as the                                          Swingline Lender,                                                                                     by                                                _____________________________                                                Name:                                                Title:] 8                                                                                                                              [NAME OF EACH ISSUING BANK,                                                                                    by                                                _____________________________                                                Name:                                                Title:] 9                                                      5  The Assignee must deliver to the Borrower all applicable Tax forms required to be delivered by it  under Section 2.17(f) of the Credit Agreement.      6  No consent of the Administrative Agent is required for an assignment of any Incremental Term  Loan to a Lender, an Affiliate of a Lender or an Approved Fund.      7  No consent of the Company is required for an assignment to a Lender or (other than in the case of  an assignment of any Incremental Term Loans or Refinancing Term Loans, so long as such Person (other  than  a  natural  person)  has  the same  or  better  credit  quality  (it  being understood  and  agreed  that  if  the  corporate rating of such Person, or the rating of the senior unsecured non-credit enhanced obligations of  such Person, by both of S&P and Moody’s are the same as or higher than those of the assigning Lender,  such  Person  shall  be  deemed  to have  the  same  or  better,  as  applicable, credit quality)  than the assigning  Lender  and  is  routinely  engaged  in  providing loans  pursuant  to  revolving or  term,  as  applicable, credit  facilities) an  Affiliate of  a  Lender  or an Approved  Fund  or,  if  an  Event  of  Default  has  occurred  and  is  continuing, for any other assignment.        8  Required in the case of any assignment of all or any portion of a Revolving Commitment or any  Lender’s obligation in respect of its Swingline Exposure.                      [SIGNATURE PAGE TO ASSIGNMENT AND ASSUMPTION]    [[5513834]] 

 

                                                        9  Required in the case of any assignment of all or any portion of a Revolving Commitment or any  Lender’s  obligation  in  respect  of  its  LC  Exposure.   Prepare  a  separate  signature  block  for  each  Issuing  Bank.                      [SIGNATURE PAGE TO ASSIGNMENT AND ASSUMPTION]    [[5513834]] 

 

                                                               ANNEX 1 TO                                           ASSIGNMENT AND ASSUMPTION                                                        STANDARD TERMS AND CONDITIONS FOR                       ASSIGNMENT AND ASSUMPTION                                                  1.   Representations and Warranties.                        1.1. Assignor.  The  Assignor  (a)  represents  and  warrants  that  (i)  it  is  the  legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and  clear  of  any  lien, encumbrance  or  other  adverse  claim  and  (iii)  it  has  full  power  and  authority, and has taken all action necessary, to execute and deliver this Assignment and  Assumption and to consummate the transactions  contemplated hereby; and (b) assumes  no responsibility with respect to (i) any statements, warranties or representations made in  or in  connection  with  the  Credit  Agreement  or  any  other  Loan  Document,  other  than  statements  made  by  it  herein,  (ii)  the  execution,  legality,  validity,  enforceability,  genuineness, sufficiency  or  value  of  the  Loan  Documents  or  any  collateral  thereunder,  (iii)  the  financial  condition  of  the  Company  or  any  of  the  Subsidiaries or  any  other  Affiliate of the Company or any other Person obligated in respect of any Loan Document,  (iv) any requirements under applicable law for the Assignee to become a Lender under  the Credit Agreement or to charge interest at the rate set forth therein from time to time  or  (v)  the  performance  or  observance  by  the  Company,  any  of  the  Subsidiaries  or  any  other Affiliate of the Company or any other Person of any of their respective obligations  under any Loan Document.             1.2. Assignee.  The Assignee (a) represents and warrants that (i) it has full  power  and  authority,  and  has  taken  all  action  necessary,  to  execute and  deliver  this  Assignment and Assumption, to consummate the transactions contemplated hereby and to  become  a  Lender  under  the  Credit  Agreement,  (ii)  it  satisfies  the  requirements,  if  any,  specified  in  the  Credit  Agreement and under applicable law that are required  to  be  satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from  and after the Effective Date, it shall be bound by the provisions of the Credit Agreement  as  a  Lender thereunder  and,  to  the  extent  of  the  Assigned Interest,  shall  have  the  obligations  of  a  Lender  thereunder,  (iv) it is sophisticated with respect to decisions to  acquire assets of the type represented by the Assigned Interest and either it, or the Person  exercising discretion in making its decision to acquire the Assigned Interest, is  experienced in acquiring assets of such type), (v) it  has  received  a  copy  of  the  Credit  Agreement,  together with  copies  of  the  most  recent  financial  statements  delivered  pursuant  to  Section  5.01 thereof,  and  such  other  documents  and  information  as  it  has  deemed  appropriate  to  make  its  own  credit  analysis  and  decision  to  enter  into  this  Assignment and Assumption and to purchase the Assigned Interest on the basis of which  it  has  made  such  analysis and  decision  independently and without  reliance  on  the  Administrative  Agent, any Arranger, the Assignor or any  other  Lender or any of their  respective Related Parties, (vi) if it is a Lender that is a U.S. Person, attached hereto is an  executed  original  of  IRS  Form  W-9  certifying  that such  Lender  is  exempt  from  U.S.  Federal backup withholding Tax and (vii) if it is a Foreign Lender, attached hereto is any  documentation  required  to  be  delivered  by  it  pursuant  to  the  terms  of  the  Credit                                                                              [[5513834]] 

 

   Agreement (including  Section  2.17(f)  thereof),  duly completed  and  executed  by  the  Assignee,  and (b)  agrees  that  (i)  it  will,  independently  and  without  reliance  on  the  Administrative  Agent, any Arranger, the  Assignor  or  any  other  Lender or  any  of  their  respective Related Parties, and based on such documents and information as it shall deem  appropriate at the time, continue to make its own credit decisions in taking or not taking  action under the Loan Documents and (ii) it will perform in accordance with their terms  all  of  the  obligations  which  by  the  terms  of the  Loan  Documents  are  required  to  be  performed by it as a Lender.             2.   Payments.  From  and  after  the  Effective  Date,  the  Administrative  Agent shall make all payments in respect of the Assigned Interest (including payments of  principal,  interest, fees and other amounts) to the Assignee whether such amounts have  accrued prior to or on or after the Effective Date.             3.   General  Provisions.  This  Assignment  and  Assumption  shall  be  binding  upon,  and  inure  to  the  benefit  of,  the  parties  hereto  and  their  respective  successors  and  assigns.   This  Assignment and  Assumption  may  be  executed  in  any  number of counterparts (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.  Acceptance and adoption of the terms of this Assignment and  Assumption by the Assignee and the Assignor by Electronic Signature or delivery of an  executed  counterpart  of  a  signature  page  of  this  Assignment  and  Assumption  by any  Platform shall  be  effective  as delivery  of  a  manually  executed  counterpart  of  this  Assignment  and  Assumption.   This  Assignment  and  Assumption  shall  be governed  by  and construed in accordance with the laws of the State of New York.                                                                                  [[5513834]] 

 

                                                                                              [FORM OF] BORROWING REQUEST   [For Borrowings denominated in dollars]  JPMorgan Chase Bank, N.A.,        as Administrative Agent  500 Stanton Christiana Road, NCC5/1st Floor  Newark, DE 19713  Attention:  Loan and Agency Services Group   Fax:  (302) 634-3301  Email: heather.robaszkiewicz@jpmorgan.com    [For Borrowings denominated in any Designated Currency]   J.P. Morgan Europe Limited   Loans Agency, 6th Floor  25 Bank Street  Canary Wharf, London E145JP  United Kingdom  Fax: 44 207 777 2360  Email: European.loan.operations@jpmorgan.com      Copy to:      JPMorgan Chase Bank, N.A.,        as Administrative Agent  383 Madison Avenue  New York, NY 10179  Attention: Matthew Cheung  Fax: (212) 270-3279  Email: matthew.cheung@jpmorgan.com                                                                      [Date]    Ladies and Gentlemen:         Reference  is  made  to  the  Credit Agreement  dated as of September 4, 2020 (as  amended,  restated,  amended  and  restated,  supplemented  or  otherwise  modified,  the  “Credit  Agreement”),  among  Knowles  Corporation,  a  Delaware  corporation  (the  “Company”),  the  Borrowing  Subsidiaries  party  thereto, the  Lenders  party  thereto  and  JPMorgan Chase  Bank, N.A., as the Administrative  Agent.  Capitalized terms used but  not otherwise defined herein shall have the meanings specified in the Credit Agreement.         This  notice  constitutes  a  Borrowing  Request  and  the  [Company]/[undersigned  Borrowing Subsidiary] hereby gives you notice, pursuant to Section [2.03] [2.04] of the  Credit  Agreement,  that  it  requests  a  Borrowing  under  the  Credit  Agreement,  and  in  connection therewith specifies the following information with respect to such Borrowing:                        [SIGNATURE PAGE TO BORROWING REQUEST]  [[5513834]] 

 

                                                                                                 (A)   Borrower:_____________________________________________                (B)    Class of Borrowing:10 ____________________________________                 (C)    Currency of                      Borrowing:11__________________________________                (D)    Aggregate principal amount of Borrowing:12                      [$][€][£]_________________                (E)    Date of Borrowing (which is a Business Day): ________________                (F)    Type of Borrowing:13 ____________________________________                (G)    Interest   Period    and     the    last   day     thereof:14                      _____________________                (H)    Location and number of the Applicable Funding Account to which                      proceeds of the requested Borrowing are to be disbursed: [Name of                      Bank]                                              (Account                      No.:_________________________________________)                       [Issuing Bank to which proceeds of the requested Borrowing are to                      be                      disbursed:__________________________________________]15         The  [Company]/[undersigned Borrowing  Subsidiary] hereby  certifies  that  the  conditions specified in clauses (a) and (b) of Section 4.02 of the Credit Agreement have  been  satisfied  and  that,  after  giving effect  to  the  Borrowing  requested  hereby,  the  Aggregate  Revolving  Exposure  and  the  Aggregate  Designated  Currency  Revolving  Exposure  (or,  in  each  case  any  component  thereof)  shall  not  exceed  the  applicable  maximum  amount  thereof  (or,  in  each  case  the  maximum  amount  of  any  such  component) specified in Section 2.01 or 2.04(a) of the Credit Agreement.                                                       10  Specify Revolving Borrowing, Swingline Borrowing, Incremental Term Borrowing of any Series  or, if any new Class of Commitments is established under Section 2.22 or 2.24, a Borrowing of such Class.      11 If no election as to the currency is specified, then such Borrowing shall be in dollars.         12 Must comply with Sections 2.01, 2.02(c) and 2.04(a) of the Credit Agreement.      13  Specify  ABR  Borrowing, LIBOR  Borrowing  or  EURIBOR  Borrowing  (LIBOR  and  EURIBOR  not available for Swingline Borrowings).  If no election as to the Type of Borrowing is specified, then if the  specified  currency  of  such  Borrowing  is  (a)  dollars,  then  the requested  Borrowing  shall  be  a  LIBOR  Borrowing,  (b) Euro,  then  the  requested  Borrowing  shall  be  a  EURIBOR  Borrowing  and  (c)  Pounds  Sterling or any other Designated Currency, then the requested Borrowing shall be a LIBOR Borrowing.      14  Applicable  to LIBOR  and  EURIBOR  Borrowings  only.   Shall  be  subject  to  the definition  of  “Interest Period” and can be a period of one or two weeks or one, two (other than in the case of EURIBOR  Borrowings), three or six months.  If no Interest Period is specified, then the applicable Borrower shall be  deemed  to  have  selected  an  Interest  Period  of  one  month’s  duration.  May  not  end  after  the  applicable  Maturity Date.      15  Specify  only in the case of an ABR Revolving Borrowing or Swingline Borrowing requested to  finance the reimbursement of an LC Disbursement as provided in Section 2.05(f) of the Credit Agreement.                           [SIGNATURE PAGE TO BORROWING REQUEST]  [[5513834]] 

 

                                                                                                        Very truly yours                                       [KNOWLES                                      CORPORATION]/[BORROWING                                      SUBSIDIARY]                                                                                By:                                              Name:                                            Title:                           [SIGNATURE PAGE TO BORROWING REQUEST]  [[5513834]] 

 

                                                            EXHIBIT C-1                           [FORM      OF]    BORROWING        SUBSIDIARY                    AGREEMENT  dated  as  of  [   ]  (this  “Agreement”),  among                    KNOWLES  CORPORATION,  a  Delaware  corporation  (“the                    Company”),  [                   ],  a  [                   ] (the  “New  Borrowing                    Subsidiary”),  and JPMORGAN  CHASE  BANK,  N.A.,  as                    Administrative Agent.         Reference  is  made  to  the  Credit Agreement dated  as  of September 4, 2020 (as  amended, restated, amended and restated, supplemented or otherwise modified from time  to time, the “Credit Agreement”), among the Company, the Borrowing Subsidiaries party  thereto, the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as  Administrative Agent.   Capitalized  terms  used  but  not  otherwise  defined  herein  shall  have the meanings assigned to them in the Credit Agreement.         Under  the  Credit  Agreement, the  Lenders  and  Issuing  Banks  have  agreed, upon  the  terms  and  subject  to  the  conditions  therein  set  forth,  to  make  Loans  and  to  issue  Letters of Credit to the Borrowing Subsidiaries.  The Company and the New Borrowing  Subsidiary  desire  that  the  New  Borrowing  Subsidiary  become  a  Borrowing  Subsidiary  under the Credit Agreement pursuant to Section 2.23 thereof.  The Company and the New  Borrowing Subsidiary represent that the New Borrowing Subsidiary  is  a wholly owned  Subsidiary of the Company organized under the laws of [                      ] as a [        ]. The  Company agrees that the Guarantees of the Company and the other Guarantors contained  in  the  Collateral  Agreement will  apply  to  the  Obligations  of  the  New  Borrowing  Subsidiary.   Upon  execution  of  this  Agreement  by  each  of  the  Company,  the  New  Borrowing  Subsidiary  and the  Administrative  Agent,  and unless  any  Revolving  Lender  informs  the  Administrative  Agent  in  accordance  with  Section  2.23  of  the  Credit  Agreement  that  it  is  unlawful  for  such  Revolving  Lender  to  extend  credit  to  such  Subsidiary, the New Borrowing Subsidiary shall be a party to the Credit Agreement and  shall  constitute  a  “Borrowing  Subsidiary” for  all  purposes  thereof,  and  the  New  Borrowing  Subsidiary hereby  agrees to  be bound  by  all  provisions  of  the  Credit  Agreement.         THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN  ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.      [[5513834]] 

 

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be  duly executed by their authorized officers as of the date first appearing above.                                       KNOWLES CORPORATION,                                          By                                                                                           Name:                                             Title:                                           [NAME OF NEW BORROWING                                      SUBSIDIARY],                                          By                                                                                           Name:                                             Title:                                           JPMORGAN CHASE BANK, N.A., as                                      Administrative Agent,                                          By                                                                                           Name:                                             Title:                        [SIGNATURE PAGE TO BORROWING SUBSIDIARY AGREEMENT]  [[5513834]] 

 

                                                            EXHIBIT C-2              [FORM OF] BORROWING SUBSIDIARY TERMINATION      JPMorgan Chase Bank, N.A.,  as Administrative Agent  500 Stanton Christiana Road, NCC5/1st Floor  Newark, DE 19713  Attention:  Loan and Agency Services Group   Fax:  (302) 634-3301  Email: heather.robaszkiewicz@jpmorgan.com      Copy to:      JPMorgan Chase Bank, N.A.,        as Administrative Agent  383 Madison Avenue  New York, NY 10179  Attention: Matthew Cheung  Fax: (212) 270-3279  Email: matthew.cheung@jpmorgan.com                                                                       [Date]   Ladies and Gentlemen:         Reference  is  made to  the  Credit Agreement  dated  as  of September 4, 2020 (as  amended, restated, amended and restated, supplemented or otherwise modified from time  to time, the “Credit Agreement”), among Knowles Corporation, a Delaware corporation  (the “Company”), the Borrowing Subsidiaries party thereto, the Lenders party thereto and  JPMorgan Chase Bank, N.A., as Administrative  Agent.  Capitalized terms used  but not  otherwise  defined  herein  shall  have  the  meanings  assigned  to  them in  the  Credit  Agreement.         The Company hereby terminates the status of [                  ] (the “Terminated  Borrowing  Subsidiary”)  as  a  Borrowing  Subsidiary  under  the  Credit Agreement.   The  Company represents and warrants that no Loans made to, or Letters of Credit issued for  the  account  of,  the  Terminated Borrowing  Subsidiary (or  any  LC  Disbursements  thereunder) are  outstanding  as  of  the  date  hereof  and  that  all  amounts  payable  by  the  Terminated  Borrowing  Subsidiary in  respect  of  interest  and/or  fees  on  or  in  respect of  Loans and Letters of Credit (and, to the extent notified by the Administrative Agent, any  Issuing  Bank  or  any  Lender,  any  other  amounts  payable  under  the  Credit  Agreement)  pursuant to the Credit Agreement have been paid in full on or prior to the date hereof.                                       Very truly yours,     [[5513834]] 

 

                                                               KNOWLES CORPORATION,                                                                    By                                                                                                                                               Name:                                                                             Title:                                  [SIGNATURE PAGE TO BORROWING SUBSIDIARY TERMINATION]  [[5513834]] 

 

                                                                    EXHIBIT D                                    [FORM OF]                           COMPLIANCE CERTIFICATE   [The form of this Compliance Certificate has been prepared for convenience only, and is not  to affect, or to be taken into consideration in interpreting, the terms of the Credit Agreement  referred  to  below.   In the  event  of  any conflict  between  the  terms  of  this  Compliance  Certificate  and  the  terms  of  the  Credit Agreement,  the  terms  of  the  Credit  Agreement  shall  govern  and  control,  and  the  terms  of  this  Compliance  Certificate  are  to  be  modified  accordingly.]         Reference is made to the Credit Agreement dated as of September 4, 2020 (as amended,  restated,  amended  and  restated,  supplemented  or  otherwise  modified from  time  to  time,  the  “Credit  Agreement”),  among  Knowles Corporation, a Delaware corporation (the  “Company”),  the Borrowing Subsidiaries party thereto, the Lenders party thereto and JPMorgan Chase Bank,  N.A., as Administrative Agent.  Each capitalized term used but not defined herein shall have the  meaning specified in the Credit Agreement.         The  undersigned,  [specify  title]  of  the  Company,  hereby  certifies  (solely  in  [his]/[her]  capacity as an officer of the Company and not individually), as follows:         1.  I am a Financial Officer of the Company.         2.  [Attached as Schedule I hereto are the consolidated financial  statements required by  Section 5.01(a) of the Credit Agreement as of the end of and for the fiscal year ended [       ]] [or]  [The  consolidated  financial  statements  required  by  Section 5.01(a) of  the  Credit  Agreement as  the end of and  for the fiscal  year ended [      ], have  been [filed with the SEC and are publicly  available  on  the  website  of  the  SEC  at http://www.sec.gov][publicly made available on the  Company’s website]].                                        [or]          [Attached  as  Schedule  I  hereto  are  the  consolidated financial  statements  required  by  Section 5.01(b) of the Credit Agreement as of the end of and for the fiscal quarter ended [    ]]  [or] [The consolidated financial statements required by Section 5.01(b) of the Credit Agreement  as of the end of and for the fiscal quarter ended [  ] and the then elapsed portion of the fiscal year  have  been  [filed  with  the  SEC  and  are publicly available  on  the  website  of  the  SEC  at  http://www.sec.gov][publicly made  available  on  the  Company’s  website]].  Such  financial  statements present  fairly,  in all  material respects, the consolidated  financial position, results of  operations and cash flows of the Company as of the end of and for such  fiscal quarter and the  then  elapsed  portion  of  the  fiscal  year  in  accordance  with  GAAP,  subject  to  normal  year-end  audit adjustments and the absence of certain footnotes.]         3.  All notices required under Section 5.10 of the Credit Agreement have been provided.         4.  I have reviewed the terms of the Credit Agreement and I have made, or have caused to  be made under my supervision, a review in reasonable detail of the transactions and condition of  the Company and its Subsidiaries during the accounting period covered by the attached financial           [[5513834]] 

 

                                                                                 statements.   The  foregoing  examination  did  not disclose,  and  I  have  no  knowledge  of,  (a) the  existence  of  any  condition  or  event  that  constitutes  a  Default  during  or  at  the  end  of  the  accounting  period covered  by  the  attached  financial statements  or  as  of  the  date  of  this  Certificate, except as set forth in a separate attachment, if any, to this Certificate, specifying the  details  thereof  and  any  action  taken  or  proposed  to  be  taken  with  respect  thereto,  or  (b)  any  change  in  GAAP or  in the  application  thereof  since  the  date of the  consolidated  balance sheet  most  recently  heretofore  delivered  pursuant to  Section  5.01(a)  or 5.01(b)  of  the  Credit  Agreement, that  has  had,  or  could  have,  a  significant  effect on  the  calculations  of  the  Interest  Coverage Ratio, the Total Leverage Ratio or the Senior Secured Leverage Ratio, except as set  forth in a separate attachment, if any, to this Certificate, specifying the nature of such change and  the effect thereof on such calculations.         5.   Attached  as  Annex  A  is  a  calculation  of  the  Interest  Coverage  Ratio,  the  Total  Leverage Ratio [and][,] the Senior Secured Leverage Ratio [and the Liquidity]16 which is, in all  material respects as of the date of this Certificate, true and accurate.         The foregoing certifications are made and delivered on [       ] pursuant to Section 5.01(c)  of the Credit Agreement.                                       KNOWLES CORPORATION,                                                                            By: ______________________________                                      Name:                                      Title:                                                                16 To be included from and after the Springing Maturity Test Date and for so long as the Existing Senior  Notes Repayment has not occurred.      [[5513834]] 

 

                                                                                              FOR THE FISCAL [QUARTER] [YEAR] ENDED [mm/dd/yy].   1.  Consolidated Net Income:  (i) - (ii) =                        $[___,___,___]       (i)   the consolidated net income or loss of the Company for the            period  of  four  consecutive  fiscal  quarters  ended  on  such            date, determined on a consolidated basis in accordance with            GAAP:                                                   $[___,___,___]       (ii)17 To the extent included in net income referred to in (i):             (a)    the income of any Person (other than the Company)                   that  is  not  a  consolidated  Subsidiary  except  to  the                   extent  of  the  amount  of  cash  dividends  or  similar                   cash distributions actually paid by such Person to the                   Company  or,  subject to  clause  (b)  below,  any  other                   consolidated Subsidiary during such period:      $[___,___,___]             (b)    the income or loss of, and any amounts referred to in                   clause (a) above paid to, any consolidated Subsidiary                   that  is not  wholly  owned  by  the  Company  to  the                   extent  such  income  or  loss  or  such  amounts  are                   attributable  to  the  noncontrolling  interest  in  such                   consolidated Subsidiary:                         $[___,___,___]   2.  Consolidated EBITDA:18 (i) + (ii) - (iii) =                          (i)   Consolidated Net Income:                                $[___,___,___]       (ii)19  (a)  Consolidated Interest Expense for such period:   $[___,___,___]             (b)    provision for federal, state, local and foreign income $[___,___,___]                   tax (or similar Taxes in lieu of income tax) expensed                                                       17 Items to be set forth without duplication.      18 Consolidated  EBITDA  shall  be  calculated  so  as  to  exclude  the  effect  of  any  gain  or  loss  that  represents after-tax gains or losses attributable to any sale, transfer or other disposition of assets (including  asset retirement costs or returned surplus assets of any employee benefit plan) outside the ordinary course  of business by the Company or any of its consolidated Subsidiaries.  All amounts added back in computing  Consolidated EBITDA for any period pursuant to clauses (a) of the definition of “Consolidated EBITDA”  in  the  Credit  Agreement,  and  all  amounts  subtracted  in  computing  Consolidated  EBITDA  pursuant to  clause (b) of the definition of “Consolidated EBITDA” in the Credit Agreement, to the extent such amounts  are, in the reasonable judgment of a Financial Officer of the Company, attributable to any Subsidiary that is  not  wholly  owned by  the  Company,  shall  be  reduced  by  the  portion thereof  that  is  attributable to  the  noncontrolling  interest  in such  Subsidiary.  For  purposes  of  calculating  Consolidated  EBITDA  for  any  period,  if  during  such  period  the  Company  or  any  Subsidiary  shall  have  consummated  a  Material  Acquisition  or  a  Material Disposition,  Consolidated  EBITDA  for  such  period  shall  be  calculated  after  giving pro forma effect thereto in accordance with Section 1.04(b) of the Credit Agreement.       19 Items to be set forth without duplication and to the extent deducted in determining Consolidated  Net Income.                             Annex A to Compliance Certificate          [[5513834]] 

 

                  during  such  period  including, in  each  case,  arising                 out of Tax examinations:             (c)   all  amounts  attributable  to  depreciation  and                 amortization of assets for such period:      $[___,___,___]            (d)   any  noncash  items  decreasing  Consolidated  Net                 Income for such period:20                    $[___,___,___]            (e)   any  (A) extraordinary  charges  for  such  period and                 (B) non-recurring or unusual charges for such period                 (including, in the case of clauses (A) and (B), those                 resulting  from  legal  settlements, fines, judgments or                 orders):                                     $[___,___,___]            (f)   any losses  for  such  period  attributable  to  early                 extinguishment of Indebtedness or obligations under                 any Hedging Agreement:                       $[___,___,___]            (g)   any unrealized  losses  for such period attributable to                 the  application  of  “mark  to market”  accounting  in                 respect of Hedging Agreements:               $[___,___,___]            (h)   the cumulative effect for such period of a change in                 accounting principles:                       $[___,___,___]            (i)   restructuring charges, costs, expenses and reserves or                 increases  to  existing  reserves (including  those                 consisting  of charges,  costs,  expenses,  reserves  or                 increases  associated  with  increasing  the  value  of                 acquired  inventory  under  GAAP, severance  costs,                 relocation  costs,  integration  costs,  other  business                 optimization  costs,  expenses  or  reserves,  signing                 costs,  retention  or  completion  bonuses,  transition                 costs, costs related to the closure or consolidation of                 facilities  or  curtailments,  new  systems  design  and                 implementation  costs  and  modifications  to  pension                 and  post-retirement  employee  benefit  plans                 (including any settlement of pension liabilities)): $[___,___,___]            (j)   costs or expenses related to (A) the Transactions (as                 defined  in  the Existing  Credit  Agreement  and  the                 Credit  Agreement) and  (B)  any  issuance  of Equity $[___,___,___]                 Interests, any Investment, acquisition or Disposition                                                     20 Any cash payment made with respect to any noncash items added back in computing Consolidated  EBITDA  for  any  prior  period  pursuant  to  this  clause  (d)  shall  be  subtracted  in  computing Consolidated  EBITDA for the period in which such cash payment is made.                            Annex A to Compliance Certificate  [[5513834]] 

 

                  outside  the  ordinary  course  of  business,  casualty  or                 condemnation  events,  recapitalizations  or  the                 incurrence,  extension,  renewal,  refinancing,                 repayment,  prepayment,  exchange  of  Indebtedness                 permitted  to  be  incurred  hereunder  and  any                 amendment  or  modification  to  the  terms of  any  of                 the foregoing transactions:21            (k)   [Reserved]                                               (l)   charges,  costs  or  expenses  or  any  reserve  with                 respect thereto to the extent (A) actually reimbursed                 or  (B) reimbursable  pursuant  to  any  insurance,                 indemnification  or reimbursement  provisions  or                 similar  agreements; provided that,  in  the  case  of                 clause (B), the  Company  reasonably  expects  to                 receive  reimbursement  for  such  charges,  costs  or                 expenses  in  any  of  the  next  four  fiscal  quarters                 following  the  accrual  of  such  charges,  costs,                 expenses  or  reserve  (it  being  understood that to the                 extent  not  actually  so  reimbursed  within  such four                 fiscal quarters, such charges, costs or expenses shall                 be deducted in calculating Consolidated EBITDA for                 such fiscal quarters):                       $[___,___,___]            (m)   earn-out obligations incurred in connection with any                 acquisition  permitted  under  Section  6.04  of  the                 Credit  Agreement  and  paid or  accrued  during  such                 period:                                      $[___,___,___]      (iii)22   (a) any  extraordinary, non-recurring  or  unusual  income                 or gains for such period:                    $[___,___,___]            (b)   any noncash income or gains for such period: $[___,___,___]            (c)   any  gains  for  such  period  attributable  to  the  early                 extinguishment of Indebtedness or obligations under                 any Hedging Agreement:                       $[___,___,___]            (d)   any  unrealized  gains  for  such  period  attributable  to $[___,___,___]                 the  application  of  “mark  to  market”  accounting  in                                                      21 The  aggregate  adjustments  in  any  period  of  four  consecutive  fiscal  quarters  of  the  Company  attributable to cash items under clauses (ii)(e)(B), (ii)(i) and (ii)(j)(B) shall not account for more than 15%  of Consolidated EBITDA for such period.     22 Items to be set forth without duplication and to the extent included in determining Consolidated  Net Income.                            Annex A to Compliance Certificate  [[5513834]] 

 

                  respect of Hedging Agreements:             (e)   the cumulative effect for such period of a change in                 accounting principles:                       $[___,___,___]   3. Total Indebtedness: (i) + (ii) =                         $[___,___,___]      (i)   the aggregate  principal  amount  of  Indebtedness  of  the           Company  and  its  Subsidiaries  outstanding  as  of  such  date,           in  the  amount  that  would  be reflected  in  the  “liabilities”           section on a balance sheet (excluding the footnotes thereto)           prepared  as  of  such  date  on a  consolidated  basis  in           accordance with GAAP:23                            $[___,___,___]      (ii)  the  aggregate  principal  amount  of  Indebtedness  of  the           Company  and  its  Subsidiaries  outstanding  as of  such  date           that  is  not  required  to be  reflected on  a  balance  sheet  in           accordance  with GAAP,  determined  on  a  consolidated           basis:24                                           $[___,___,___]   4. Consolidated Cash Interest Expense: (i) + (ii) + (iii) =2526 $[___,___,___]      (i)   total interest expense (including that properly attributable to           capital leases in accordance with GAAP and amortization of           debt discount and debt issuance costs) of the Company on a           consolidated basis  in accordance with GAAP,  including all           capitalized  interest,  all  commissions,  discounts  and  other           fees  and  charges  owed  with  respect to  letters of  credit  and           bankers’ acceptance  financings and  net costs under  interest           rate  protection  agreements  (including  amortization  of           discount), all  as  determined  on  a consolidated  basis  in           accordance with GAAP, but only to the extent paid in cash           during such period:                                $[___,___,___]      (ii)  amounts  paid  in  cash  during  such  period  in  respect of $[___,___,___]           amounts  that  were  (or  would  have  been)  included  in                                                      23 To be calculated without giving effect to any election to value any Indebtedness at “fair value”, as  described in Section 1.04(a) of the Credit Agreement, or any other accounting principle that results in the  amount of any such Indebtedness (other than zero coupon Indebtedness) as reflected on such balance sheet  to be below the stated principal amount of such Indebtedness.     24 For purposes of clause (ii), the term “Indebtedness” shall not include contingent obligations of the  Company or any Subsidiary as an account party in respect of any letter of credit or letter of guaranty to the  extent such letter of credit or letter of guaranty does not support Indebtedness.     25 Items to be set forth without duplication.     26 If  during  such period the  Company  or  any  Subsidiary  shall  have  consummated  a  Material  Acquisition  or a  Material  Disposition,  Consolidated  Interest  Expense  for  such period  shall  be calculated  after giving pro forma effect thereto in accordance with Section 1.04(b) of the Credit Agreement.                           Annex A to Compliance Certificate  [[5513834]] 

 

            Consolidated Interest Expense during any prior period:       (iii) amounts  paid  in  cash  during  such  period  in  respect  of           amounts  that  will  be  included  in  Consolidated  Interest           Expense during any future period:                  $[___,___,___]   5. Total Leverage Ratio:  (i) / (ii) =                      $[___,___,___]      (i)   Total Indebtedness as of such date:                $[___,___,___]      (ii)  Consolidated  EBITDA  for  the  period of  four  consecutive           fiscal  quarters  of  the  Company most  recently  ended  on  or           prior to such date:                                $[___,___,___]   6. Senior Secured Leverage Ratio:  (i) / (ii) =             $[___,___,___]      (i)   that  portion  of  Total  Indebtedness  as  of  such date  that  is           secured by any Lien on property or assets of the Company           or any Subsidiary:                                 $[___,___,___]      (ii)  Consolidated  EBITDA  for  the  period  of four  consecutive           fiscal  quarters  of  the  Company  most  recently  ended  on  or           prior to such date:                                $[___,___,___]   7. Interest Coverage Ratio: (i) / (ii) =                    $[___,___,___]      (i)   Consolidated EBITDA:                               $[___,___,___]      (ii)  Consolidated Cash Interest Expense:                $[___,___,___]   8. Liquidity: ((i) + (ii) +(iii)) – (iv) =                  $[___,___,___]      (i)   100%  of the Unrestricted Cash of the Company and its     Domestic Subsidiaries (other than any Domestic Subsidiary that is     a subsidiary of any Foreign Subsidiary) as of such date27: $[___,___,___]      (ii)  75%  of the Unrestricted Cash of the Foreign Subsidiaries     (or  of  Domestic  Subsidiaries that  are  subsidiaries  of  Foreign     Subsidiaries) as of such date28:                                                                               27  In the case of non-wholly owned Subsidiaries, to the extent of the Company’s direct or indirect  equity ownership thereof and, in the case of any Subsidiary, excluding Unrestricted Cash of any such  Subsidiary to the extent that, on such date, the declaration or payment of cash dividends or similar cash  distributions by such Subsidiary is not permitted under applicable law or is subject to any prior  governmental approval that has not been obtained or is not permitted by the operation of the terms of the  organizational documents of such Subsidiary.     28 In the case of non-wholly  owned Subsidiaries, to the extent of the Company’s direct or indirect  equity  ownership  thereof  and,  in  the  case  of  any Subsidiary, excluding Unrestricted  Cash of  any  such  Subsidiary  to  the extent that,  on such date, the  declaration or  payment  of  cash  dividends  or  similar  cash                           Annex A to Compliance Certificate  [[5513834]] 

 

       (iii) unused  Aggregate  Revolving  Commitment   as  of such      date29:                                                       $[___,___,___]       (iv)  aggregate principal amount of the Existing Senior Notes      outstanding as of such date:                                  $[___,___,___]                                                    distributions  by  such Subsidiary  is  not  permitted  under  applicable  law  or  is  subject  to  any  prior  governmental approval that has not been obtained or is not permitted by the operation of the terms of the  organizational documents of such Subsidiary.      29 To  be  added  only  if  and  to  the  extent the  conditions  precedent  to  the  borrowing thereunder  set  forth in Sections 4.02(a) and 4.02(b) are capable of being satisfied as determined by the Company in its  reasonable judgment.                             Annex A to Compliance Certificate  [[5513834]] 

 

                                                              EXHIBIT E                                 [FORM OF]                       INTEREST ELECTION REQUEST      [For Borrowings denominated in dollars]  JPMorgan Chase Bank, N.A.,     as Administrative Agent  500 Stanton Christiana Road, NCC5/1st Floor  Newark, DE 19713  Attention:  Loan and Agency Services Group   Fax:  (302) 634-3301  Email: heather.robaszkiewicz@jpmorgan.com  Copy to:      [For Borrowings denominated in any Designated Currency]   J.P. Morgan Europe Limited   Loans Agency, 6th Floor  25 Bank Street  Canary Wharf, London E145JP  United Kingdom  Fax: 44 207 777 2360  Email: European.loan.operations@jpmorgan.com    Copy to:      JPMorgan Chase Bank, N.A.,        as Administrative Agent  383 Madison Avenue  New York, NY 10179  Attention: Matthew Cheung  Fax: (212) 270-3279  Email: matthew.cheung@jpmorgan.com                                                                       [Date]   Ladies and Gentlemen:              Reference is made to the Credit Agreement dated as of September 4, 2020  (as amended, restated, amended and restated, supplemented or otherwise modified from  time  to  time,  the  “Credit  Agreement”),  Knowles  Corporation,  a  Delaware  corporation  (the “Company”), the Borrowing Subsidiaries party thereto, the Lenders party thereto and  JPMorgan Chase Bank, N.A., as Administrative  Agent.  Capitalized terms used  but not  otherwise defined herein shall have the meanings specified in the Credit Agreement.                                                  [[5513834]] 

 

                This  notice  constitutes  an  Interest  Election  Request  and  the  [Company]/[undersigned Borrowing  Subsidiary] hereby  gives  you  notice,  pursuant  to  Section 2.07 of the Credit Agreement, that it requests the conversion or continuation of a  [Revolving] [Term] Borrowing under the Credit Agreement, and in connection therewith  the  Borrower  specified  below  specifies  the  following  information  with  respect  to  such  Borrowing and each resulting Borrowing:         1.  Borrower making this request: ______________________         2.  Borrowing to which this request applies:             Principal Amount: ______________________            Currency:    __________________________             Class:    __________________________             Type:  _______________________________            Interest Period30: _______________________         2.  Effective date of this election31:           _______________________________         3.  Resulting Borrowing[s]32                  Principal Amount33:             _______________________________                  Currency:             _______________________________                  Type34           _______________________________                  Interest Period35           _______________________________                                                       30 In the case of a LIBOR or EURIBOR Borrowing, specify the last day of the current Interest Period  therefor.      31 Must be a Business Day.      32 If different options are being elected with respect to different portions of the Borrowing specified  in  item  1  above,  provide  the  information  required  by  this  item  3  for  each  resulting  Borrowing.   Each  resulting Borrowing shall be in an aggregate amount that is an integral multiple of, and not less than, the  amount specified for a Borrowing of such Class and Type in Section 2.02(c) of the Credit Agreement.      33 Indicate the principal amount of the resulting Borrowing and the percentage of the Borrowing in  item 1 above.      34 Specify whether  the  resulting  Borrowing  is  to  be  a  ABR  Borrowing, LIBOR  Borrowing  or  EURIBOR Borrowing.      35 Applicable only if the resulting Borrowing is to be a LIBOR or EURIBOR Borrowing.  Shall be  subject to the definition of “Interest Period” and can be a period of one or two weeks or one, two (other  than in the case of EURIBOR Borrowings),  three  or  six  months.   Cannot  extend  beyond  the applicable  Maturity  Date.   If no  Interest Period  is  specified, then the applicable Borrower  shall  be  deemed  to have  selected an Interest Period of one month’s duration.                                                                                            [[5513834]] 

 

                                       Very truly yours,                                         [KNOWLES                                      CORPORATION]/[BORROWING                                      SUBSIDIARY],                                          By:                                                                                           Name:                                             Title:                         [SIGNATURE PAGE TO INTEREST ELECTION REQUEST]  [[5513834]] 

 

                                                              EXHIBIT F                                 [FORM OF]                         PERFECTION CERTIFICATE         Reference  is  made  to  the  Credit Agreement  dated  as  of September 4, 2020 (as  amended, restated, amended and restated, supplemented or otherwise modified from time  to time, the “Credit Agreement”), among Knowles Corporation, a Delaware corporation  (the “Company”), Knowles  Luxembourg  International  S.à r.l, the other Borrowing  Subsidiaries from time to time party  thereto,  the  Lenders  party  thereto and  JPMorgan  Chase  Bank,  N.A.,  as  Administrative  Agent.   Capitalized  terms  used  but  not  defined  herein have the meanings specified in the Credit Agreement or the Collateral Agreement  referred to therein, as applicable.         The undersigned, a [specify title]36 of the Company, hereby certifies, on behalf of  the Company and not individually, to the Administrative Agent and each other Secured  Party as follows, as of the date hereof:         1.  Names.  (a)  The exact legal name of each Grantor, as such name appears in its  certificate of formation or organization, is set forth on Schedule 1(a).         (b)  Set forth on Schedule 1(b) is each other legal name each Grantor has had in  the past five years, together with the date of the relevant change .         (c)  Except as set forth on Schedule 1(c), no Grantor has changed its corporate or  other organizational identity in any way within the past five years.  Changes in identity or  corporate  structure  would  include  mergers,  consolidations  and  acquisitions  (including  acquisitions  of  all  or  substantially  all  of  the  assets  of  another  person),  as  well  as  any  change  in  the  form,  nature  or  jurisdiction  of  organization.  If  any  such  change has  occurred,  include  in  Schedule 1(c) the  information  required  by  Sections 1  and  2 of this  certificate as to each acquiree or constituent party to a merger or consolidation.         (d)  Set  forth  on  Schedule  1(d)  is  the  Organizational  Identification  Number,  if  any,  issued  by  the  jurisdiction  of  formation  of  each  Grantor  that  is  a  registered  organization.         2.  Current Locations.  (a)  The jurisdiction of  formation or organization of each  Grantor that is a registered organization is set forth in Schedule 2(a) opposite its name.          (b)  The chief executive office of each Grantor is located at the address set forth  on Schedule 2(b) opposite its name.         3.  File Search  Reports.  File  search reports  have  been  obtained  from  each  Uniform Commercial Code filing office identified with respect to such Grantor in Section  2(a) hereof,  and  such  search  reports reflect  no  liens  against  any  of  the  Collateral other  than those permitted under the Credit Agreement.                                                      36 Each Perfection Certificate must be signed by a Financial Officer of the Company.                                                [[5513834]] 

 

         4.  Stock Ownership and other Equity Interests.  Attached hereto as Schedule 3 is  a  true  and  correct  list  of  (a)  all  the  issued  and  outstanding  stock,  partnership  interests,  limited  liability  company  membership  interests  or other  Equity  Interests  of  each  Subsidiary, in each case, that is owned by any Grantor and (b) each equity investment of  any Grantor that represents 50% or more of the Equity Interests of the Person in which  such investment was made, in each case specifying the issuer and certificate number of,  and the number and percentage of ownership represented by, such Equity Interests.                                          [[5513834]] 

 

         IN WITNESS WHEREOF, the undersigned have duly executed this certificate on  this [___] day of [________], 20[__].                                             KNOWLES CORPORATION,                                             by                                             ___________________________                                            Name:                                            Title:                       [SIGNATURE PAGE TO PERFECTION CERTIFICATE]  [[5513834]] 

 

                                                              EXHIBIT G                                 [FORM OF]                 SUPPLEMENTAL PERFECTION CERTIFICATE              Reference is made to the Credit Agreement dated as of September 4, 2020  (as amended, restated, amended and restated, supplemented or otherwise modified from  time  to  time,  the  “Credit  Agreement”),  among  Knowles  Corporation,  a  Delaware  corporation (the  “Company”),  the  Borrowing  Subsidiaries  party  thereto,  the  Lenders  party  thereto and  JPMorgan  Chase  Bank,  N.A.,  as  Administrative  Agent.   Capitalized  terms used but not defined herein have the meanings specified in the Credit Agreement or  the Collateral Agreement referred to therein, as applicable.               This Supplemental Perfection Certificate dated as of [  ], 20[  ] is delivered  pursuant  to  Section  5.01(d)  of  the  Credit  Agreement  (this  certificate  and  each  other  certificate heretofore delivered pursuant to Section 5.01(d) of the Credit Agreement being  referred to as a “Supplemental Perfection Certificate”), and supplements the information  set  forth  in  the  Perfection  Certificate  delivered  on  the Effective  Date (as  supplemented  from  time  to  time  by  the  Supplemental  Perfection  Certificates  delivered  after the  Effective Date and prior to the date hereof, the “Prior Perfection Certificate”).               The  undersigned,  [specify  title]37 of  the  Company,  hereby  certifies,  on  behalf of the Company and not individually, to the Administrative Agent as follows and  the date hereof:               1. Equity Interests.  Attached hereto as Schedule 1 is a true and correct  list  of  (a)  all  the  issued  and  outstanding  stock,  partnership  interests,  limited  liability  company membership interests or other Equity Interests of each Subsidiary, in each case,  that  is  owned by  any  Grantor and  (b)  each  equity  investment of any  Grantor that  represents 50% or more of the Equity Interests of the Person  in which such  investment  was made, in each case specifying the issuer and certificate number of, and the number  and percentage of ownership represented by, such Equity Interests, and indicates changes,  if any, in such list compared to the list set forth in the Prior Perfection Certificate.                                                       37 Each Supplemental Perfection Certificate must be signed by a Financial Officer of the Company.     [[5513834]] 

 

                                                                                        IN WITNESS WHEREOF, the undersigned have duly executed this  certificate on this [ ] day of [           ], 20[  ].                                           KNOWLES CORPORATION,                                          by                                                                                           Name:                                             Title:       [[5513834]] 

 

                                      Schedule 1                                   Equity Interests                                                   Number of Equity   Percentage of  Grantor           Issuer      Certificate Number                                                     Interests        Ownership                                                                                                                                                                                                                                                                                                                                                          [[5513834]] 

 

                                                                  EXHIBIT H-1                                    [FORM OF]                                                                U.S. TAX COMPLIANCE CERTIFICATE      (for Non-U.S. Lenders that are not Partnerships for U.S. Federal Income Tax Purposes)               Reference is hereby made to the Credit Agreement dated as of September 4, 2020,  (as amended, restated, amended and restated, supplemented or otherwise modified from time to  time,  the “Credit  Agreement”), among  Knowles  Corporation,  a  Delaware  corporation  (the  “Company”), the Borrowing Subsidiaries party thereto, the Lenders party thereto and JPMorgan  Chase Bank, N.A., as Administrative Agent.               Pursuant  to  the  provisions  of  Section  2.17  of the  Credit  Agreement,  the  undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as  well as any promissory note(s) evidencing such Loan(s)) in respect of which it is providing this  certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is  not a ten percent shareholder of any Borrower within the meaning of Section 881(c)(3)(B) of the  Code and (iv) it is not a controlled foreign corporation related to any Borrower as described in  Section 881(c)(3)(C) of the Code.               The undersigned has furnished the Administrative Agent and the Company with a  certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E, as applicable.  By  executing  this  certificate,  the  undersigned agrees  that  (1)  if  the  information  provided on  this  certificate  changes,  the  undersigned  shall  promptly  so  inform  the  Company  and  the  Administrative Agent and (2) the undersigned shall have at all times furnished the Company and  the Administrative Agent with a properly completed and currently effective certificate in either  the calendar year in which each payment is to be made to the undersigned, or in either of the two  calendar years preceding such payments.               Unless otherwise defined herein, terms defined in the Credit Agreement and used  herein shall have the meanings given to them in the Credit Agreement.   [NAME OF LENDER]   By:                                      Name:     Title:   Date:  ________ ___, 20[  ]         [[5513834]] 

 

                                                                  EXHIBIT H-2                                    [FORM OF]                                                                U.S. TAX COMPLIANCE CERTIFICATE    (for Non-U.S. Participants that are not Partnerships for U.S. Federal Income Tax Purposes)               Reference is hereby made to the Credit Agreement dated as of September 4, 2020,  (as amended, restated, amended and restated, supplemented or otherwise modified from time to  time,  the “Credit  Agreement”), among  Knowles  Corporation,  a  Delaware  corporation  (the  “Company”), the Borrowing Subsidiaries party thereto, the Lenders party thereto and JPMorgan  Chase Bank, N.A., as Administrative Agent.               Pursuant  to  the  provisions  of  Section  2.17  of  the  Credit  Agreement,  the  undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation  in  respect  of  which  it  is  providing  this  certificate,  (ii)  it is  not  a  bank  within  the  meaning  of  Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of any Borrower within  the  meaning  of  Section  881(c)(3)(B)  of  the  Code,  and  (iv)  it  is  not  a  controlled  foreign  corporation related to any Borrower as described in Section 881(c)(3)(C) of the Code.               The  undersigned  has  furnished  its  participating  Lender  with  a  certificate  of  its  non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E, as applicable.  By executing this  certificate, the undersigned agrees that (1) if the information provided on this certificate changes,  the undersigned shall promptly  so inform such Lender  in writing and (2) the undersigned shall  have  at  all times  furnished  such  Lender  with  a  properly  completed  and  currently  effective  certificate in either the calendar year in which each payment is to be made to the undersigned, or  in either of the two calendar years preceding such payments.               Unless otherwise defined herein, terms defined in the Credit Agreement and used  herein shall have the meanings given to them in the Credit Agreement.   [NAME OF PARTICIPANT]   By:                                      Name:     Title:   Date:  ________ ___, 20[  ]         [[5513834]] 

 

                                                                  EXHIBIT H-3                                    [FORM OF]                                                                U.S. TAX COMPLIANCE CERTIFICATE      (for Non-U.S. Participants that are Partnerships for U.S. Federal Income Tax Purposes)               Reference is hereby made to the Credit Agreement dated as of September 4, 2020,  (as amended, restated, amended and restated, supplemented or otherwise modified from time to  time,  the “Credit  Agreement”), among  Knowles  Corporation,  a  Delaware  corporation  (the  “Company”), the Borrowing Subsidiaries party thereto, the Lenders party thereto and JPMorgan  Chase Bank, N.A., as Administrative Agent.               Pursuant  to  the  provisions  of  Section 2.17  of  the  Credit  Agreement,  the  undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of  which  it  is  providing  this  certificate,  (ii)  its  direct  or  indirect  partners/members  are  the  sole  beneficial  owners  of  such  participation,  (iii)  with  respect  such  participation,  neither  the  undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant  to a  loan  agreement  entered  into  in  the  ordinary  course  of  its  trade  or  business  within the  meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members  is a ten percent shareholder of any Borrower within the meaning of Section 881(c)(3)(B) of the  Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation  related to any Borrower as described in Section 881(c)(3)(C) of the Code.               The undersigned has furnished its participating Lender with IRS Form W-8IMY  accompanied by one of the following forms from each of its partners/members that is claiming  the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E, as applicable, or (ii)  an  IRS  Form  W-8IMY  accompanied  by  an  IRS  Form  W-8BEN or  W-8BEN-E,  as  applicable,  from  each  of  such  partner’s/member’s  beneficial  owners  that  is  claiming  the  portfolio  interest  exemption.   By executing  this  certificate, the  undersigned  agrees  that  (1)  if  the  information  provided on this certificate changes, the undersigned shall promptly so inform such Lender and  (2) the undersigned shall have at all times furnished such Lender with a properly completed and  currently effective certificate in either the calendar year in which each payment is to be made to  the undersigned, or in either of the two calendar years preceding such payments.               Unless otherwise defined herein, terms defined in the Credit Agreement and used  herein shall have the meanings given to them in the Credit Agreement.   [NAME OF PARTICIPANT]   By:      Name:     Title:   Date:  ________ ___, 20[  ]         [[5513834]] 

 

                                                                  EXHIBIT H-4                                    [FORM OF]                                                                U.S. TAX COMPLIANCE CERTIFICATE       (for Non-U.S. Lenders that are Partnerships for U.S. Federal Income Tax Purposes)               Reference is hereby made to the Credit Agreement dated as of September 4, 2020,  (as amended, restated, amended and restated, supplemented or otherwise modified from time to  time,  the “Credit  Agreement”), among  Knowles  Corporation,  a  Delaware  corporation  (the  “Company”), the Borrowing Subsidiaries party thereto, the Lenders party thereto and JPMorgan  Chase Bank, N.A., as Administrative Agent.               Pursuant  to  the  provisions  of  Section  2.17  of  the  Credit  Agreement,  the  undersigned  hereby  certifies  that  (i)  it  is  the  sole  record owner of  the  Loan(s)  (as  well  as any  promissory note(s) evidencing such Loan(s)) in respect of which it is providing this certificate,  (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well  as any promissory note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit  pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any  of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement  entered  into  in  the  ordinary  course  of its  trade  or  business  within  the  meaning  of  Section  881(c)(3)(A)  of  the  Code,  (iv)  none  of  its  direct or  indirect  partners/members  is  a  ten  percent  shareholder of  any  Borrower  within  the meaning  of  Section  881(c)(3)(B)  of  the  Code  and (v)  none of its direct or indirect partners/members is a controlled foreign corporation related to any  Borrower as described in Section 881(c)(3)(C) of the Code.               The undersigned has  furnished the Administrative Agent and the Company with  IRS  Form  W-8IMY  accompanied  by  one  of  the  following  forms  from  each  of  its  partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or  W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN  or  W-8BEN-E,  as  applicable, from  each  of such  partner’s/member’s  beneficial  owners  that  is  claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees  that (1) if the information provided on this certificate changes, the undersigned shall promptly so  inform the  Company  and  the Administrative  Agent  and  (2)  the  undersigned  shall  have  at  all  times  furnished  the  Company  and  the  Administrative  Agent  with  a  properly  completed  and  currently effective certificate in either the calendar year in which each payment is to be made to  the undersigned, or in either of the two calendar years preceding such payments.               Unless otherwise defined herein, terms defined in the Credit Agreement and used  herein shall have the meanings given to them in the Credit Agreement.   [NAME OF LENDER]   By:      Name:     Title:   Date:  ________ ___, 20[  ]       [[5513834]]EX-4.1

 Exhibit 4.1 

Incorporated in the Cayman Islands 

Yalla Group Limited 
 This is to certify
that is / are the registered shareholder(s) of: 
  

							
	No. of Shares	  	Type of Share	  	Par Value	 
		  	Class A Ordinary	  	 	USD 0.0001	 
			
	 Date of Record
	  	Certificate Number	  	 	% Paid	 

 The above shares are subject to the Memorandum and Articles of Association of the Company and transferable in accordance
therewith. 
 Given under the common seal of the Company 
  

	
	                                      
                   Director

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