Document:

trtriton-pnctermloanxter

EXECUTION VERSION  Deal CUSIP No.: 89674JAP1  Facility CUSIP No.: 89674JAQ9  TERM LOAN AGREEMENT  Dated as of May 27, 2021  among  TRITON CONTAINER INTERNATIONAL LIMITED,  as the Borrower,  PNC BANK, NATIONAL ASSOCIATION,  as Administrative Agent,  The LENDERS from Time to Time Party Hereto,  PNC CAPITAL MARKETS LLC,  as Joint Lead Arranger and Bookrunner,  ING BELGIUM SA/NV, as Joint Lead Arranger and Co-Syndication Agent,  MUFG BANK, LTD., as Joint Lead Arranger and Co-Syndication Agent,  BANK OF AMERICA, N.A., as Joint Lead Arranger and Co-Syndication Agent,  TRUIST SECURITIES, INC., as Joint Lead Arranger and Co-Syndication Agent,  CITIBANK, N.A., as Co-Documentation Agent,  CRÉDIT INDUSTRIEL et COMMERCIAL, NEW YORK BRANCH, as Co- Documentation Agent,  DBS BANK LTD., as Co-Documentation Agent,  FIFTH THIRD BANK, NATIONAL ASSOCIATION, as Co-Documentation Agent,  MIZUHO BANK LTD., as Co-Documentation Agent, and  WELLS FARGO BANK, N.A., as Co-Documentation Agent  Exhibit 10.1 

 

TABLE OF CONTENTS    Page   i       SECTION 1. DEFINITIONS AND ACCOUNTING TERMS. ........................................ 1  1.1 Definitions.............................................................................................................. 1  1.2 Accounting Terms ................................................................................................ 25  1.3 Other Interpretive Provisions ............................................................................... 26  1.4 Times of Day........................................................................................................ 26  SECTION 2. COMMITMENTS OF THE LENDERS. ................................................... 27  2.1 Commitments to Make Loans .............................................................................. 27  2.2 Loan Options ........................................................................................................ 27  2.3 Borrowing Procedures ......................................................................................... 27  2.4 Continuation of LIBOR Rate Loans .................................................................... 28  2.5 Maturity of Loans ................................................................................................ 28  2.6 Obligations of Lenders Several ............................................................................ 28  2.7 Term Loan Facility .............................................................................................. 28  2.8 Optional Increase in Term Loan Facility ............................................................. 28  SECTION 3. EVIDENCE OF LOANS. ............................................................................ 30  SECTION 4. PRINCIPAL PAYMENT AMOUNTS, INTEREST AND FEES. ........... 30  4.1 Principal Payment Amounts ................................................................................ 30  4.2 Interest.................................................................................................................. 31  4.3 Default Interest..................................................................................................... 31  4.4 Fees ...................................................................................................................... 31  4.5 Method of Calculating Interest and Fees ............................................................. 31  SECTION 5. DEFAULTING LENDERS. ........................................................................ 31  5.1 Defaulting Lenders............................................................................................... 31  SECTION 6. PAYMENTS, OFFSETS, PREPAYMENTS AND REDUCTION  OR TERMINATION OF THE COMMITMENTS;  BORROWING BASE. ................................................................................. 32  6.1 Payments Generally ............................................................................................. 32  6.2 Prepayments ......................................................................................................... 33  6.3 Offset.................................................................................................................... 34  6.4 Proration of Payments .......................................................................................... 35  6.5 Borrowing Base ................................................................................................... 35  

 

TABLE OF CONTENTS  (continued)  Page     -ii-     SECTION 7. ADDITIONAL PROVISIONS RELATING TO EURODOLLAR  RATE LOANS; CAPITAL ADEQUACY; TAXES.................................. 36  7.1 Increased Cost ...................................................................................................... 36  7.2 LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not  Available; LIBOR Undesirable............................................................................ 38  7.3 Indemnity ............................................................................................................. 39  7.4 Designation of a Different Lending Office .......................................................... 39  7.5 Special Prepayment; Replacement of Lender ...................................................... 39  7.6 Taxes .................................................................................................................... 40  7.7 Benchmark Replacement Setting. ........................................................................ 44  SECTION 8. COLLATERAL............................................................................................ 52  SECTION 9. REPRESENTATIONS AND WARRANTIES. ......................................... 52  9.1 Existence .............................................................................................................. 52  9.2 Authorization; Validity and Enforceability ......................................................... 52  9.3 No Conflicts ......................................................................................................... 53  9.4 No Default ............................................................................................................ 53  9.5 Insurance .............................................................................................................. 53  9.6 Litigation .............................................................................................................. 53  9.7 Title; Liens ........................................................................................................... 54  9.8 Subsidiaries .......................................................................................................... 54  9.9 Partnerships; Limited Liability Companies ......................................................... 54  9.10 Purpose; Use of Proceeds..................................................................................... 54  9.11 Margin Regulations .............................................................................................. 54  9.12 Compliance .......................................................................................................... 54  9.13 ERISA Compliance .............................................................................................. 55  9.14 Environmental Matters......................................................................................... 55  9.15 Taxes .................................................................................................................... 55  9.16 Investment Company Act Representation ........................................................... 55  9.17 Accuracy of Information ...................................................................................... 55  9.18 Financial Statements ............................................................................................ 55  9.19 No Material Adverse Effect ................................................................................. 56  

 

TABLE OF CONTENTS  (continued)  Page     -iii-     9.20 Existing Indebtedness .......................................................................................... 56  9.21 Solvency ............................................................................................................... 56  9.22 Anti-Terrorism Laws ........................................................................................... 56  9.23 [Reserved] ............................................................................................................ 56  9.24 Anti-Corruption Laws .......................................................................................... 56  SECTION 10. BORROWER’S COVENANTS. ................................................................. 56  10.1 Financial Statements and Other Reports .............................................................. 56  10.2 Notices ................................................................................................................. 58  10.3 Existence .............................................................................................................. 59  10.4 Nature of Business ............................................................................................... 59  10.5 Books, Records and Inspection Rights ................................................................ 59  10.6 Insurance; Reports ............................................................................................... 59  10.7 Maintenance of Property ...................................................................................... 60  10.8 Taxes .................................................................................................................... 60  10.9 Compliance .......................................................................................................... 60  10.10 Merger, Purchase and Sale ................................................................................... 60  10.11 Restricted Payments ............................................................................................. 61  10.12 Maximum Funded Debt Ratio ............................................................................. 61  10.13 Consolidated Tangible Net Worth ....................................................................... 61  10.14 Minimum Fixed Charge Coverage Ratio ............................................................. 61  10.15 Interest Rate Agreements ..................................................................................... 61  10.16 Indebtedness ......................................................................................................... 61  10.17 Liens ..................................................................................................................... 63  10.18 Transactions with Borrower Related Parties........................................................ 66  10.19 Guaranties ............................................................................................................ 66  10.20 Negative Pledges, Restrictive Agreements, Etc. .................................................. 66  10.21 Use of Proceeds.................................................................................................... 67  10.22 Designation of Unrestricted Subsidiaries ............................................................. 67  10.23 Anti-Terrorism Laws; International Trade Law Compliance .............................. 67  10.24 [Reserved]. ........................................................................................................... 67  

 

TABLE OF CONTENTS  (continued)  Page     -iv-     10.25 Additional KYC Information ............................................................................... 67  10.26 Anti-Corruption Laws .......................................................................................... 68  SECTION 11. CONDITIONS TO CLOSING AND OF EACH BORROWING............ 68  11.1 Conditions to Closing .......................................................................................... 68  11.2 Conditions to each Borrowing ............................................................................. 71  SECTION 12. EVENTS OF DEFAULT AND REMEDIES. ............................................ 72  12.1 Events of Default ................................................................................................. 72  12.2 Remedies .............................................................................................................. 74  12.3 Application of Proceeds of Collateral .................................................................. 74  SECTION 13. ADMINISTRATIVE AGENT. ................................................................... 75  13.1 Appointment and Authority ................................................................................. 75  13.2 Rights as a Lender ................................................................................................ 75  13.3 Exculpatory Provisions ........................................................................................ 75  13.4 Reliance by Administrative Agent ....................................................................... 76  13.5 Delegation of Duties ............................................................................................ 76  13.6 Resignation of Administrative Agent .................................................................. 76  13.7 Non-Reliance on Administrative Agent and Other Lenders ................................ 77  13.8 No Other Duties, Etc. ........................................................................................... 77  13.9 Administrative Agent's Fee .................................................................................. 78  13.10 Authorization to Release Collateral ..................................................................... 78  13.11 No Reliance on Administrative Agent's Customer Identification Program ......... 78  13.12 Funding Reliance ................................................................................................. 78  13.13 Erroneous Payments............................................................................................. 79  SECTION 14. GENERAL. ................................................................................................... 80  14.1 No Waiver; Cumulative Remedies; Enforcement................................................ 80  14.2 Waivers and Amendments ................................................................................... 80  14.3 Notices ................................................................................................................. 81  14.4 USA Patriot Act Notice ....................................................................................... 83  14.5 Expenses; Indemnity; Damage Waiver ................................................................ 83  14.6 Governing Law; Entire Agreement ...................................................................... 85  

 

TABLE OF CONTENTS  (continued)  Page     -v-     14.7 Successors and Assigns........................................................................................ 85  14.8 Assignments by Lenders ...................................................................................... 85  14.9 Register ................................................................................................................ 88  14.10 Participation ......................................................................................................... 88  14.11 Certain Pledges; Successors and Assigns Generally ........................................... 89  14.12 Survival ................................................................................................................ 90  14.13 Effectiveness of Agreement ................................................................................. 90  14.14 Severability .......................................................................................................... 90  14.15 Execution in Counterparts, Effectiveness, Etc. .................................................... 90  14.16 Investment ............................................................................................................ 91  14.17 Other Transactions ............................................................................................... 91  14.18 Forum Selection and Consent to Jurisdiction ...................................................... 91  14.19 Waiver of Jury Trial ............................................................................................. 92  14.20 Treatment of Certain Information; Confidentiality .............................................. 92  14.21 Interest Rate Limitation ....................................................................................... 93  14.22 Payments Set Aside.............................................................................................. 93  14.23 No Advisory or Fiduciary Responsibility ............................................................ 93  14.24 Appointment of Lead Arranger and Bookrunner; No Other Duties .................... 94  14.25 Acknowledgement and Consent to Bail-In of EEA Financial Institutions .......... 94  14.26 Acknowledgement Regarding Any Supported QFCs. ......................................... 94    

 

      SCHEDULES  Schedule I Amounts of Commitments and Percentages of Lenders   Schedule II Indebtedness Constituting Subordinated Funded Debt   Schedule 9.5 Insurance   Schedule 9.6 Litigation and Contingent Liabilities   Schedule 9.8 Subsidiaries   Schedule 9.9 Partnerships, Limited Liability Companies   Schedule 9.14 Environmental Matters   Schedule 9.20 Existing Indebtedness   Schedule 10.2 Addresses for Notices  Schedule 10.6 Insurance Requirements   Schedule 10.17 [Reserved]  Schedule 10.18 Related Party Agreements   EXHIBITS  Exhibit A Form of Note   Exhibit B Form of Borrowing Base Certificate  Exhibit C Form of Loan Request   Exhibit D Form of Compliance Certificate   Exhibit E Form of Assignment and Assumption   Exhibit F Subordination Provisions Applicable to Subordinated Funded Debt   Exhibit G Form of Optional Prepayment Notice  Exhibit H-1 Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are  Not Partnerships For U.S. Federal Income Tax Purposes)  Exhibit H-2 Form of U.S. Tax Compliance Certificate (For Foreign Participants That  Are Not Partnerships For U.S. Federal Income Tax Purposes)  Exhibit H-3 Form of U.S. Tax Compliance Certificate (For Foreign Participants That  Are Partnerships For U.S. Federal Income Tax Purposes)  Exhibit H-4 Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are  Partnerships For U.S. Federal Income Tax Purposes)        

 

      TERM LOAN AGREEMENT  THIS TERM LOAN AGREEMENT, dated as of May 27, 2021, is among TRITON  CONTAINER INTERNATIONAL LIMITED, an exempted company limited by shares  incorporated under the laws of Bermuda (the “Borrower”), the LENDERS (as hereinafter defined),  and PNC BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for the  lenders under this Agreement (hereinafter referred to in such capacity as the “Administrative  Agent”).  W I T N E S E T H:  WHEREAS, the Borrower is engaged in the owning and leasing of marine cargo containers  and activities incidental thereto;  WHEREAS, the Borrower has requested that the Lenders provide a term loan facility and,  subject to and upon the terms set forth herein, the Lenders are willing to make available to the  Borrower the term loan facility set forth herein;  NOW, THEREFORE, in consideration of the mutual agreements herein contained, the  parties hereto agree as follows:  SECTION 1. DEFINITIONS AND ACCOUNTING TERMS.  1.1 Definitions.  In addition to terms defined elsewhere in this Agreement, the  following terms shall have the meanings indicated for purposes of this Agreement:  “Additional Lender” has the meaning set forth in Section 2.8(c).  “Administrative Agent” means PNC Bank in its capacity as administrative agent under any  of the Loan Documents, or any successor administrative agent.  “Administrative Agent’s Office” means the office of the Administrative Agent specified  as the “Administrative Agent’s Office” on Schedule 10.2.  “Administrative Questionnaire” means an administrative questionnaire in a form supplied  by the Administrative Agent.  “Affected Financial Institution”  means either (a) any EEA Financial Institution or (b) any  UK Financial Institution.  “Affected Lender” has the meaning set forth in Section 7.5.  “Affiliate” means, with respect to any Person, any other Person that directly, or indirectly  through one or more intermediaries, Controls or is Controlled by or is under common Control with  the Person specified.  “Affiliated Entities” means Affiliates of the Borrower that are engaged in the secondary  sale and/or leasing of Container Equipment.  

 

  2    “Aggregate Commitment Amount” means One Billion Two Hundred Million Dollars  ($1,200,000,000), as such amount may be increased in accordance with Section 2.8 hereof.  “Agreement” means this Term Loan Agreement.  “Anti-Corruption Laws” means the United States Foreign Corrupt Practices Act of 1977,  as amended, the UK Bribery Act 2010, and any other similar anti-bribery or anti-corruption laws  or regulations  administered or enforced in any jurisdiction in which the Borrower or any of its  Subsidiaries is located or conducts business.  “Anti-Terrorism Laws” means any laws rules or regulations relating to anti-terrorism,  economic, financial sanctions programs and trade embargoes, import/export licensing, money  laundering or bribery, and any regulation, order, or directive promulgated, issued or enforced  pursuant to such Laws, all as amended, supplemented or replaced from time to time.  “Applicable Margin” means, as applicable, (a) the percentage to be added to the Base Rate  applicable to Base Rate Loans based on the S&P Rating then in effect as set forth in the pricing  grid below under the heading “Base Rate Percentage” or (b) the percentage to be added to the  LIBOR Rate applicable to LIBOR Rate Loans based on the S&P Rating then in effect as set forth  in the pricing grid below under the heading “LIBOR Rate Percentage”.  Level  S&P  Rating  LIBOR Rate  Percentage  Base Rate  Percentage  Unused Fee  Percentage  I ≥ BBB 1.250% 0.250% 0.150%  II BBB- 1.375% 0.375% 0.200%  III < BBB- 1.625% 0.625% 0.250%      If (i) there is no S&P Rating or (ii) an Event of Default has occurred and is continuing, the  Applicable Margin shall be the highest percentage indicated therefor in the above table. Each  change in the LIBOR Rate Percentage or the Base Rate Percentage, as applicable, resulting from  a publicly announced change in such S&P Rating shall be effective during the period commencing  on the date of the public announcement thereof and ending on the date immediately preceding the  effective date of the next change.  “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an  Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a  Lender.  “Assignment and Assumption” means an assignment and assumption entered into by a  Lender and an Eligible Assignee (with the consent of any party whose consent is required by  Section 14.8(a)), and accepted by the Administrative Agent, in substantially the form of Exhibit E  or any other form approved by the Administrative Agent.  “Audited Financial Statements” means the audited consolidated balance sheet of the  Borrower and its Subsidiaries as of December 31, 2020 and the related consolidated statements of  operations, stockholder’s equity and comprehensive income, and cash flows for the fiscal year  ended December 31, 2020 including the notes thereto.  

 

  3    “Authorized Officer” means the Chief Executive Officer, President, Chief Financial  Officer, Treasurer or Assistant Treasurer of the Borrower, or such other individuals, designated by  written notice to the Administrative Agent from the Borrower, authorized to execute notices,  reports and other documents on behalf of the Borrower required hereunder.  The Borrower may  amend such list of individuals from time to time by giving written notice of such amendment to  the Administrative Agent.  “Availability Period” means the six (6) month period following the Closing Date, ending  on November 24, 2021.  “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the  applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.  “Bail-In Legislation” means, with respect to any EEA Member Country implementing  Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European  Union, the implementing law for such EEA Member Country from time to time which is described  in the EU Bail-In Legislation Schedule.  “Base Rate” means, for any day, a fluctuating per annum rate of interest equal to the highest  of (i) the Federal Funds Open Rate, plus 0.5%, (ii) the Prime Rate, and (iii) the Daily LIBOR Rate,  plus 1.00%, so long as Daily LIBOR Rate is offered, ascertainable and not unlawful.  Any change  in the Base Rate (or any component thereof) shall take effect at the opening of business on the day  such change occurs.  The Administrative Agent will give notice promptly to the Borrower and the  Lenders of changes in the Base Rate.  “Base Rate Loan” means any Loan or portion thereof during any period in which it bears  interest at a rate determined with reference to the Base Rate.  “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.  “Book Value” means, with respect to Casualty Receivables at any time of determination,  the book value thereof at such time as determined in accordance with GAAP consistently applied.  “Borrower” has the meaning set forth in the preamble.  “Borrower Related Party” means, for purposes of Section 10.18 only, any Person (other  than a Restricted Subsidiary) (a) which directly or indirectly through one or more intermediaries  Controls, or is Controlled by, or is under common Control with, the Borrower, (b) which  beneficially owns or holds five percent (5%) or more of the equity interest of the Borrower or (c)  five percent or more of the equity interest of which is beneficially owned or held by the Borrower  or a Restricted Subsidiary.  “Borrowing” means Loans made by all Lenders on the same Business Day and pursuant to  the same Loan Request in accordance with Section 2.3 or 2.4 and any additional Loans made  pursuant to Section 2.8.  

 

  4    “Borrowing Base” has the meaning set forth in Section 6.5.  “Borrowing Base Deficiency Date” has the meaning set forth in Section 6.2(a).  “Borrowing Base Certificate” means a certificate substantially in the form of Exhibit B.  “Business Day” means any day other than a Saturday, Sunday or other day on which  commercial banks are authorized to close under the laws of, or are in fact closed in, (i) the state  where the Administrative Agent’s Office is located or (ii) New York, and, with respect to LIBOR  Rate Loans, means any such day on which dealings in Dollar deposits are conducted by banks in  the London interbank deposit market.  “Capital Stock”  means any and all shares, interests, participations or other equivalents  (however designated) of capital stock of a corporation, any and all equivalent ownership interests  in a Person (other than a corporation) and any and all warrants, rights or options to purchase any  of the foregoing.  “Casualty Loss” means, with respect to the Borrower’s SIA Container Equipment, any of  the following: (a) such SIA Container Equipment is lost, stolen or destroyed; (b) such SIA  Container Equipment is damaged beyond repair or permanently rendered unfit for use for any  reason whatsoever; or (c) if such SIA Container Equipment is subject to a lease agreement, such  SIA Container Equipment shall have been deemed under such lease agreement to have suffered a  casualty loss.  “Casualty Receivables” means all rights of the Borrower to payment for SIA Container  Equipment sold and all rights of the Borrower to payment in connection with a Casualty Loss.  “Cessation Announcements” has the meaning set forth in Section 7.7(a).  “Change in Law” means the occurrence, after the Closing Date, of any of the following:  (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law,  rule, regulation or treaty or in the administration, interpretation, implementation or application  thereof by any Official Body or (c) the making or issuance of any request, rule, guideline or  directive (whether or not having the force of law) by any Official Body; provided that  notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and  Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in  connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank  for International Settlements, the Basel Committee on Banking Supervision (or any successor or  similar authority) or the United States or foreign regulatory authorities, in each case pursuant to  Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted,  adopted or issued.  “Change of Control” means an event or series of events after the date hereof by which:  (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d)  of the Exchange Act, but excluding any employee benefit plan of such person or its  Subsidiaries, and any person or entity acting in its capacity as trustee, agent or other  fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in  

 

  5    Rules 13d-3 and 13d-5 under the Exchange Act, except that a person or group shall be  deemed to have “beneficial ownership” of all securities that such person or group has the  right to acquire, whether such right is exercisable immediately or only after the passage of  time, directly or indirectly, of more than forty percent (40%) of the total voting power of  the Voting Stock of Triton Holdco (or, if applicable, a Successor Holding Company (as  defined below); or  (b) at any time, the Borrower (or, in the case of a transaction permitted under  Section 10.10, the Surviving Entity) ceases to be directly or indirectly wholly-owned by  Triton Holdco (and, if applicable, a Successor Holding Company);   provided, that notwithstanding the foregoing, a transaction will not be deemed to involve a Change  of Control solely as a result of Triton Holdco becoming a direct or indirect wholly owned  subsidiary of a holding company if the direct or indirect holders of the voting stock of such holding  company immediately following that transaction are substantially the same as the holders of Triton  Holdco’s voting stock immediately prior to that transaction (and such holders of Triton Holdco’s  voting stock immediately prior to such transaction would not have otherwise caused a Change of  Control) (such an entity, a “Successor Holding Company”).  “Closing Date” means the date following execution and delivery of this Agreement on  which the conditions precedent in Section 11.1 have been satisfied or waived as provided therein.   “Code” means the United States Internal Revenue Code of 1986, as amended from time to  time (and any successor statute thereto), and the regulations promulgated and rulings  issued thereunder.  Section references to the Code are to the Code as in effect on the Closing Date,  and any subsequent provisions of the Code, amendments thereto or substitutions therefor.  “Collateral” means “Collateral” as defined in the Security and Intercreditor Agreement.  “Collateral Agent” means Wells Fargo Bank, National Association, in its capacity as  collateral agent and secured party under the Security and Intercreditor Agreement (and its  successors and permitted assigns in such capacity).  “Collateral Documents” means the Security and Intercreditor Agreement, the Intercreditor  Collateral Agreement and any other collateral document, control agreement, instrument or  agreement now or hereafter delivered pursuant to or in connection with any of the foregoing.  “Commercial Letter of Credit” means a commercial letter of credit which is drawable upon  presentation of a sight draft and other documents evidencing the sale or shipment of Container  Equipment purchased by the Borrower in the ordinary course of the Borrower’s business.  “Commitment” means, for any Lender, such Lender’s commitment to make Loans under  this Agreement.  The amount of the Commitment of each Lender as of the Closing Date is set forth  on Schedule I, and such amount may be adjusted by increases of the Commitments pursuant to  assignments in accordance with Section 14.8.   “Commitment Increase” has the meaning set forth in Section 2.8(a).  

 

  6    “Compliance Certificate” means a certificate substantially in the form of Exhibit D.  “Connection Income Taxes”  means Other Connection Taxes that are imposed on or  measured by net income (however denominated) or that are franchise Taxes or branch profits  Taxes.  “Consolidated Net Income” means the net income and net losses of the Borrower and its  Restricted Subsidiaries determined in accordance with GAAP, including gains and losses on the  sale of Container Equipment, but excluding (a) any gains or losses (net of applicable tax effect) on  the disposition of capital assets other than Container Equipment, (b) any gains on sales or other  dispositions of other Investments and any extraordinary or nonrecurring items of income to the  extent that the aggregate of such gains and extraordinary or nonrecurring items exceeds the  aggregate of losses on such sales or other dispositions and extraordinary or nonrecurring charges,  (c) any non-cash gain or loss on any interest rate protection agreement or any similar hedging  agreement resulting from the requirements of Financial Accounting Standard No. 133 or any  similar accounting standard, (d) to the extent included in such net income or net losses, the  Borrower’s share of net income and/or losses of Unrestricted Subsidiaries and (e) any non-cash  compensation expense related to incentive or non-qualified stock options.  “Consolidated Net Income Available For Fixed Charges” means, for any period of  determination, the sum, without duplication, of (a) Consolidated Net Income for such period, plus  (b) to the extent deducted in determining Consolidated Net Income, all provisions for any federal,  state or other income taxes made by the Borrower and its Restricted Subsidiaries during such  period, plus (c) cash distributions received by the Borrower from Unrestricted Subsidiaries  (excluding cash distributions received by the Borrower directly or indirectly from TAL  International Group, Inc. and each of its subsidiaries (including TAL International Container  Corporation, TAL Finance III LLC and TAL Advantage VII LLC)) during such period, plus (d) to  the extent deducted in determining Consolidated Net Income, all Fixed Charges during such  period.  “Consolidated Net Tangible Assets” means, as of the date of any determination thereof, the  total amount of all Tangible Assets of the Borrower and its Restricted Subsidiaries after deducting  (a) Restricted Investments and (b) all current liabilities as determined in accordance with GAAP.  “Consolidated Tangible Net Worth” means, as of the date of any determination thereof, the  consolidated stockholders’ equity of the Borrower and its Restricted Subsidiaries, as determined  in accordance with GAAP (excluding any non-cash gain or loss on any interest rate protection  agreement or similar hedging agreement resulting from the requirements of Financial Accounting  Standard No. 133 or any similar accounting standard), plus all outstanding preferred stock of the  Borrower and accrued but unpaid dividends thereon, less the sum, without duplication, of (a) all  Intangible Assets of the Borrower and its Restricted Subsidiaries and (b) Restricted Investments.  “Container Equipment” means intermodal dry van and special purpose cargo containers,  (including any generator sets or cooling units used with refrigerated containers, and any related  spare parts, and any substitutions, additions or replacements for, to or of any such associated  generator sets, gps units and refrigeration units) and all special purpose containers, open top  

 

  7    containers, flat rack containers, bulk containers, cellular palletwide containers, rolltrailers and all  other types of special containers and tank containers.  “Control” means the possession, directly or indirectly, of the power to direct or cause the  direction of the management or policies of a Person, whether through the ability to exercise voting  power, by contract or otherwise.  “Controlling” and “Controlled” have meanings correlative  thereto.  “Covered Entity” means (a) the Borrower, each of Borrower’s Subsidiaries, all pledgors of  Collateral, and (b) each Person that, directly or indirectly, is in control of a Person described in  clause (a) above.  For purposes of this definition, control of a Person shall mean the direct or  indirect (x) ownership of, or power to vote, 25% or more of the issued and outstanding equity  interests having ordinary voting power for the election of directors of such Person or other Persons  performing similar functions for such Person, or (y) power to direct or cause the direction of the  management and policies of such Person whether by ownership of equity interests, contract or  otherwise.  “Covered Party” has the meaning set forth in Section 14.26(b).  “Current Debt” means, with respect to any Person as of the date of any determination, (a)  all Indebtedness of such Person for money borrowed or that has been incurred in connection with  the acquisition of assets, in each case other than Funded Debt, and (b) all Guarantee Liabilities of  such Person with respect to Indebtedness of other Persons of the types described in clause (a).  “Daily LIBOR Rate” means, for any day, the rate per annum determined by the  Administrative Agent by dividing (x) the Published Rate by (y) a number equal to 1.00 minus the  LIBOR Reserve Percentage on such day.  “Debtor Relief Law” means the Bankruptcy Code of the United States, and all other  liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,  rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United  States or other applicable jurisdictions from time to time in effect and affecting the rights of  creditors generally.  “Default Rate” means an interest rate equal to (i) the Base Rate plus (ii) the Applicable  Margin, if any, applicable to Base Rate Loans plus (iii) 2% per annum; provided, that with respect  to a LIBOR Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including  any Applicable Margin) otherwise applicable to such Loan plus 2% per annum.  “Defaulting Lender” means, subject to Section 5.1, any Lender that (a) has failed to (i) fund  all or any portion of its Loans within two Business Days of the date such Loans were required to  be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in  writing that such failure is the result of such Lender’s determination that one or more conditions  precedent to funding (each of which conditions precedent, together with any applicable default,  shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the  Administrative Agent or any other Lender any other amount required to be paid by it hereunder  within two (2) Business Days of the date when due, (b) has notified the Borrower, the  Administrative Agent or any Lender in writing that it does not intend to comply with its funding  

 

  8    obligations hereunder, or has made a public statement to that effect (unless such writing or public  statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position  is based on such Lender’s determination that a condition precedent to funding (which condition  precedent, together with any applicable default, shall be specifically identified in such writing or  public statement) cannot be satisfied), (c) has failed, within three Business Days after written  request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative  Agent and the Borrower that it will comply with its prospective funding obligations hereunder  (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon  receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or  has a direct or indirect parent company that has, (i) become the subject of a proceeding under any  Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee,  administrator, assignee for the benefit of creditors or similar Person charged with reorganization  or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any  other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of  a Bail-in Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the  ownership or acquisition of any equity interest in that Lender or any direct or indirect parent  company thereof by an Official Body so long as such ownership interest does not result in or  provide such Lender with immunity from the jurisdiction of courts within the United States or  from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or  such Official Body) to reject, repudiate, disavow or disaffirm any contracts or agreements made  with such Lender.  Any determination by the Administrative Agent that a Lender is a Defaulting  Lender under any one or more of clauses (a) through (d) above, and of the effective date of such  status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to  be a Defaulting Lender (subject to Section 5.1) upon delivery of written notice of such  determination to the Borrower and each Lender.  “Direct Finance Lease” means any lease (but in no event a sublease) of Container  Equipment which provides revenue to a Borrower, and with respect to which the related Container  Equipment is not included as an asset on the books of such Borrower in accordance with GAAP.  “Disqualified Person” means, on any date, (a) any marine container or chassis leasing  company or their respective subsidiaries, any other Person 30% or more of the issued and  outstanding equity securities of which are owned by a Disqualified Person, or any other Person  that is a competitor of the Borrower or any of its Subsidiaries and has been designated by the  Borrower as a “Disqualified Person” by written notice to the Administrative Agent and the Lenders  and (b) any Affiliate of any Person described in clause (a) above; provided that “Disqualified  Person” shall exclude any Person that the Borrower has designated as no longer being a  “Disqualified Person” by written notice delivered to the Administrative Agent from time to time.  “Dollars” and the sign “$” means lawful money of the United States.  “DQ List” has the meaning set forth in Section 14.8(b)(iv).  “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) of this definition, or (c) any financial institution established in an EEA Member  

 

  9    Country that is a subsidiary of an institution described in clause (a) or (b) of this definition and is  subject to consolidated supervision with its parent.  “EEA Member Country” means any of the member states of the European Union, Iceland,  Liechtenstein, and Norway.  “EEA Resolution Authority” means any public administrative authority or any Person  entrusted with public administrative authority of any EEA Member Country (including any  delegee) having responsibility for the resolution of any EEA Financial Institution.  “Eligible Assignee” means (a) a Lender; (b) an Affiliate of a Lender; (c) an Approved  Fund; or (d) any other Person (other than a natural person) approved by (i) the Administrative  Agent and (ii) unless an Event of Default has occurred and is continuing, the Borrower (each such  approval not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing,  “Eligible Assignee” shall not include (w) a Defaulting Lender, (x) the Borrower, (y) any of the  Borrower’s Affiliates or Subsidiaries or (z) a Disqualified Person.  “Environmental Laws” means all applicable federal, state or local statutes, laws,  ordinances, codes, rules, regulations and guidelines (including consent decrees and administrative  orders) relating to public health and safety and protection of the environment.  “Equity Interests” means, with respect to any Person, all of the shares of capital stock of  (or other ownership or profit interests in) such Person, all of the warrants, options or other rights  for the purchase or acquisition from such Person of shares of capital stock of (or other ownership  or profit interests in) such Person, all of the securities convertible into or exchangeable for shares  of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or  options for the purchase or acquisition from such Person of such shares (or such other interests),  and all of the other ownership or profit interests in such Person (including partnership, member or  trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants,  options, rights or other interests are outstanding on any date of determination.  “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.  “ERISA Affiliate” means any corporation, trade or business that is, along with the  Borrower, a member of a controlled group of corporations or a controlled group of trades or  businesses, as described in sections 414(b) and 414(c), respectively, of the Code or section 4001  of ERISA.  “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the  withdrawal of the Borrower of any ERISA Affiliate from a Pension Plan subject to Section 4063  of ERISA during a plan year in which such entity was a “substantial employer” as defined in  Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under  Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Borrower or any ERISA  Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is insolvent (d) the  filing of a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination  under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings to  terminate a Pension Plan; (f) any event or condition which constitutes grounds under Section 4042  of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan;  

 

  10    (g) the determination that any Pension Plan is considered an at-risk plan Section 430 of the Code  or Section 303 of ERISA; or (h) the imposition of any material liability under Title IV of ERISA,  other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the  Borrower of any ERISA Affiliate.  “Erroneous Payment” has the meaning set forth in Section 13.13(a).  “Erroneous Payment Notice” has the meaning set forth in Section 13.13(b).  “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published  by the Loan Market Association, as in effect from time to time.  “Event of Default” means any of the events described in Section 12.  “Exchange Act” means the Securities Exchange Act of 1934, as in effect on the Closing  Date.  “Excluded Collateral” has the meaning given to such term in the Security and Intercreditor  Agreement or, if not defined therein, means “Excluded Property” as defined therein.  “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, withholding Taxes imposed on amounts payable to  or for the account of such Lender with respect to an applicable interest in a Loan or Commitment  pursuant to a law in effect on the date on which (i) such Lender acquires such interest in such Loan  or Commitment (other than pursuant to an assignment request by the Borrower under Section 7.5)  or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to  Section 7.6, amounts with respect to such Taxes were payable either to such Lender’s assignor  immediately before such Lender became a party hereto or to such Lender immediately before it  changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section  7.6(g), and (d) any U.S. federal withholding Taxes imposed under FATCA.  “Executive Order No. 13224” means Executive Order No. 13224 on Terrorist Financing,  effective September 24, 2001, as the same has been, or shall hereafter be, renewed, extended,  amended or replaced.  “Facility Usage” means, at any time of determination, the sum of the aggregate principal  balances of the Loans outstanding at such time.  “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement  (or any amended or successor version that is substantively comparable and not materially more  onerous to comply with) and any current or future regulations or official interpretations thereof  and any agreements entered into pursuant to Section 1471(b)(1) of the Code.  

 

  11    “Federal Funds Open Rate” means, for any day, the rate per annum (based on a year of 360  days and actual days elapsed) which is the daily federal funds open rate as quoted by ICAP North  America, Inc. (or any successor) as set forth on the Bloomberg Screen BTMM for that day opposite  the caption “OPEN” (or on such other substitute Bloomberg Screen that displays such rate), or as  set forth on such other recognized electronic source used for the purpose of displaying such rate  as selected by the Administrative Agent (for purposes of this definition, an “Alternate Source”)  (or if such rate for such day does not appear on the Bloomberg Screen BTMM (or any substitute  screen) or on any Alternate Source, or if there shall at any time, for any reason, no longer exist a  Bloomberg Screen BTMM (or any substitute screen) or any Alternate Source, a comparable  replacement rate determined by the Administrative Agent at such time (which determination shall  be conclusive absent manifest error); provided however, that if such day is not a Business Day, the  Federal Funds Open Rate for such day shall be the “open” rate on the immediately preceding  Business Day.  If and when the Federal Funds Open Rate changes, the rate of interest with respect  to any advance to which the Federal Funds Open Rate applies will change automatically without  notice to the Borrower, effective on the date of any such change.  “Fee Letter” means the fee letter agreement, dated May 27, 2021, between the Borrower  and the Administrative Agent.  “Finance Lease” means any lease classified as a “finance lease” under GAAP, but  excluding, for the avoidance of doubt, any Operating Lease.  “Finance Lease Rentals” means, as of the date of any determination thereof, the amount at  which the aggregate Rentals due and to become due under all Finance Leases under which the  Borrower or any Restricted Subsidiary is a lessee would be reflected as a liability on a consolidated  balance sheet of the Borrower and its Restricted Subsidiaries.  “Fixed Charges” means, for the Borrower and its Restricted Subsidiaries on a consolidated  basis for any period, the sum of all: (a) interest expense for borrowed money, (b) imputed interest  expense on Finance Leases, (c) operating rental obligations other than those related to Container  Equipment (net of sublease rental income) and (d) operating rental expense on operating leases of  Container Equipment.  “FRB” means the Board of Governors of the Federal Reserve System of the United States.  “Fund” means any Person (other than a natural person) that is (or will be) engaged in  making, purchasing, holding or otherwise investing in commercial loans and similar extensions of  credit in the ordinary course of its business.  “Funded Debt” of any Person means, without duplication, (a) all Funded Indebtedness, (b)  all Finance Lease Rentals, (c) all Guarantee Liabilities relating to Funded Debt of others, (d) all  Guarantee Liabilities relating to the obligations of Unrestricted Subsidiaries and (e) the present  value of all Long Term Lease obligations (such present value to be calculated using a discount rate  equal to the sum of (i) the Base Rate then in effect plus (ii) 1.00%).  “Funded Debt Ratio” means the ratio of Total Debt to an amount equal to the sum of (x)  Consolidated Tangible Net Worth plus (y) Borrower’s deferred income related to sales of  

 

  12    Container Equipment to Subsidiaries as recorded on Borrower’s balance sheet (determined in  accordance with GAAP consistently applied).  “Funded Indebtedness” means, as of any date, Indebtedness that matures more than one  year after such date or which is renewable, extendible or refundable at the option of the obligor for  a period or periods of more than one year after such date, but shall not include any portion of the  principal of any such Indebtedness that is payable within one year after such date.  “Funding Date” means any Business Day during the Availability Period designated by the  Borrower as the day on which a Borrowing shall, subject to terms and conditions of this  Agreement, be made by the Lenders; provided, that the initial Funding Date shall occur no later  than thirty (30) days following the date of this Agreement.  “GAAP” means generally accepted accounting principles in the United States set forth in  the opinions and pronouncements of the Accounting Principles Board and the American Institute  of Certified Public Accountants and statements and pronouncements of the Financial Accounting  Standards Board or such other principles as may be approved by a significant segment of the  accounting profession in the United States, that are applicable to the circumstances as of the date  of determination, consistently applied.  “Guarantee Liability” of any Person means any agreement, undertaking or arrangement by  which such Person guarantees, endorses or otherwise becomes or is contingently liable upon (by  direct or indirect agreement, contingent or otherwise, to provide funds for payment by, to supply  funds to, or otherwise to invest in, a debtor, or otherwise to assure a creditor against loss) the  indebtedness, obligation or any other liability of any other Person (other than by endorsements of  instruments in the course of collection), or guarantees the payment of dividends or other  distributions upon the shares of any other Person.  The amount of any Person’s obligation in respect  of any Guarantee Liability shall (subject to any limitation set forth therein) be deemed to be the  outstanding principal amount (or maximum principal amount, if larger) of the debt, obligation or  other liability guaranteed thereby.  “IBA” has the meaning set forth in Section 7.7(a).  “Increase Effective Date” see Section 2.8(d).  “Indebtedness” of any Person means, without duplication, all obligations of such Person  which in accordance with GAAP shall be classified upon the balance sheet of such Person as  liabilities of such Person, and in any event shall include all (a) obligations of such Person for  borrowed money or which have been incurred in connection with the acquisition of property or  assets, (b) obligations secured by any Lien upon property or assets owned by such Person, even  though such Person has not assumed or become liable for the payment of such obligations, (c)  obligations created or arising under any conditional sale or other title retention agreement with  respect to property acquired by such Person, notwithstanding the fact that the rights and remedies  of the seller, lender or lessor under such agreement in the event of default are limited to  repossession or sale of property, (d) Finance Lease Rentals, (e) obligations of such Person  evidenced by bonds, debentures, notes or similar instruments, (f) obligations of such Person upon  which interest charges are customarily paid, (g) obligations of such Person issued or assumed as  

 

  13    the deferred purchase price of property or services and (h) obligations of such Person, actual or  contingent, as an account party in respect of letters of credit and bankers’ acceptances (other than  any such obligations in respect of undrawn amounts under letters of credit in respect of trade  payables); provided that trade payables, deferred rental income, repair service provision, deferred  taxes, taxes payable, payroll expenses and other accrued expenses incurred in the ordinary course  of business shall not constitute Indebtedness.  “Indemnified Taxes” means (i) Taxes, other than Excluded Taxes, imposed on or with  respect to any payment made by or on account of any obligation of the Borrower under any Loan  Document, and (ii) to the extent not otherwise described in the preceding clause (i), Other Taxes.  “Indemnitee” has the meaning set forth in Section 14.5.  “Intangible Assets” means, with respect to any Person, all intangible assets of such Person  and shall include unamortized debt discount and expense, unamortized deferred charges and  goodwill.  “Intercreditor Collateral Agreement” means the Amended and Restated Intercreditor  Collateral Agreement dated as of November 1, 2006 among, inter alia, the Borrower and Wells  Fargo Bank, National Association (as amended, restated, supplemented or otherwise modified  from time to time).  “Interest Period” means the period of time selected by the Borrower in connection with  (and to apply to) any election permitted hereunder by the Borrower to have Loans bear interest at  the LIBOR Rate.  Subject to the last sentence of this definition, such period shall be one, two, three  or six Months.  Such Interest Period shall commence on the effective date of such LIBOR Rate  Loan, which shall be (i) the applicable Funding Date if the Borrower is requesting a LIBOR Rate  Loan, or (ii) the date of renewal of or conversion to the LIBOR Rate Loan if the Borrower is  renewing or converting to LIBOR Rate Loans.  Notwithstanding the second sentence hereof: (A)  any Interest Period which would otherwise end on a date which is not a Business Day shall be  extended to the next succeeding Business Day unless such Business Day falls in the next calendar  month, in which case such Interest Period shall end on the next preceding Business Day, and (B)  the Borrower shall not select, convert to or renew an Interest Period for any portion of a LIBOR  Rate Loan that would end after the Maturity Date.  “Interest Rate Agreement” means any interest rate swap agreement, interest rate cap  agreement, interest rate collar agreement or other agreement intended to protect the Borrower  against fluctuations in the rate of interest on its Indebtedness for borrowed money.  “Investment” means any investment, made in cash or by delivery of any kind of property  or asset, in any Person, whether by acquisition of shares of stock or similar interest, Indebtedness  or other obligation or security, or by loan, advance or capital contribution, or otherwise; provided  that notwithstanding the foregoing, for purposes of calculating the financial covenants under this  Agreement, Finance Leases are not considered “Investments”.  “IRS” means the United States Internal Revenue Service.  

 

  14    “ISP98” means the rules of the International Standby Practices (ICC Publication Number  590) as in effect from time to time.  “Laws” means, collectively, all international, foreign, federal, state and local statutes,  treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents  or authorities, including the interpretation or administration thereof by any Official Body charged  with the enforcement, interpretation or administration thereof, and all applicable administrative  orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any  Official Body, in each case whether or not having the force of law.  “Lender” means the financial institutions named on Schedule I hereto and their respective  successors and assigns as permitted hereunder, each of which is referred to herein as a Lender.  “Lending Office” means, as to the Administrative Agent or any Lender, the office or offices  of such Person described as such in such Lender’s Administrative Questionnaire, or such other  office or offices as such Person may from time to time notify the Borrower and the Administrative  Agent.  “Lessee” means a Person that is leasing or renting Container Equipment owned by the  Borrower or any Restricted Subsidiary.  “Letter of Credit” means a Commercial Letter of Credit.  “Letter of Credit Outstandings” means, as of any date of determination, the sum of (a) the  aggregate maximum stated amount at such time which is available to be drawn under outstanding  Letters of Credit for which the Borrower is the account party and (b) the aggregate amount of all  payments on account of drawings under outstanding Letters of Credit for which the Borrower is  the account party that has not been reimbursed by the Borrower.  For all purposes of this  Agreement, if on any date of determination a Letter of Credit has expired by its terms but any  amount may still be drawn thereunder by reason of the operation of Rule 3.14 of ISP98, such Letter  of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.  “Liabilities” means, without duplication, all obligations of the Borrower to the  Administrative Agent, the Collateral Agent or any Lender under this Agreement, the Notes, the  Collateral Documents, any Interest Rate Agreement or any other Loan Document, howsoever  created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter  existing, or due or to become due.  “LIBOR Rate” means, for any Interest Period with respect to the Loans to which the  LIBOR Rate applies, the interest rate per annum determined by the Administrative Agent by  dividing (the resulting quotient rounded upwards to the nearest 1/100 of 1% per annum) (a) the  rate which appears on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg page  that displays rates at which US dollar deposits are offered by leading banks in the London interbank  deposit market), or the rate which is quoted by another source selected by the Administrative Agent  as an authorized information vendor for the purpose of displaying rates at which US dollar deposits  are offered by leading banks in the London interbank deposit market (an “Alternate Source”), at  approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of  such Interest Period as the London interbank offered rate for U.S. Dollars for an amount  

 

  15    comparable to such Loan and having a borrowing date and a maturity comparable to such Interest  Period (or if there shall at any time, for any reason, no longer exist a Bloomberg Page BBAM1 (or  any substitute page) or any Alternate Source, a comparable replacement rate determined by the  Administrative Agent at such time (which determination shall be conclusive absent manifest  error)), by (b) a number equal to 1.00 minus the LIBOR Reserve Percentage.  Notwithstanding the  foregoing, if the LIBOR Rate as determined under any method above would be less than zero  percent (0.00%), such rate shall be deemed to be zero percent (0.00%) for purposes of this  Agreement.  The LIBOR Rate shall be adjusted with respect to any Loan to which the LIBOR Rate  applies that is outstanding on the effective date of any change in the LIBOR Reserve Percentage  as of such effective date.  The Administrative Agent shall give prompt notice to the Borrower of  the LIBOR Rate as determined or adjusted in accordance herewith, which determination shall be  conclusive absent manifest error.  “LIBOR Rate Loan” means any Loan that bears interest at a rate determined with reference  to the LIBOR Rate.  “LIBOR Reserve Percentage” means as of any day the maximum effective percentage in  effect on such day, as prescribed by the Board of Governors of the Federal Reserve System (or  any successor) for determining the reserve requirements (including supplemental, marginal and  emergency reserve requirements) with respect to eurocurrency funding or in respect of  eurocurrency liabilities or any similar category of liabilities for a member bank of the Federal  Reserve System in New York City.   “Lien” means any mortgage, pledge, hypothecation, judgment lien or similar legal process,  title retention lien, or other lien or security interest, including the interest of a vendor under any  conditional sale or other title retention agreement and the interest of a lessor under any Finance  Lease.  “Loan” has the meaning set forth in Section 2.1(a) and includes any additional loan made  pursuant to Section 2.8.  “Loan Documents” means this Agreement, the Notes, the Collateral Documents, the Fee  Letter, any Loan Request and any other document, instrument or agreement at any time executed  and delivered pursuant to or in connection with any of the foregoing.  “Loan Request” has the meaning set forth in Section 2.3(a).  “Long Term Lease” means any lease of real or personal property (other than a Finance  Lease) having an original term, including any period for which the lease may be renewed or  extended at the option of the lessor, of five years or more.  “Majority Lenders” means, as of any date of determination, those Lenders having an  aggregate Percentage of more than 50%; provided that the Commitment of, and the aggregate  outstanding amount of all Loans held or deemed held by, any Defaulting Lender shall be excluded  for purposes of making a determination of Majority Lenders.  

 

  16    “Management Agreement” means any agreement, program, contract or arrangement by  which the Borrower is paid a fee for managing container equipment owned by a third party.  “Material Adverse Effect” means a material adverse effect upon (a) the business, financial  condition, operations or properties of the Borrower and its Restricted Subsidiaries, taken as a  whole, (b) the Collateral Agent’s Lien on or ability to realize the value of any Collateral or (c) the  Borrower’s ability to pay when due and/or perform its Liabilities under this Agreement or any  other applicable Loan Document.  “Maturity Date” means the earlier to occur of (i) May 27, 2026 and (ii) the date on which  the Liabilities have been declared payable in accordance with the provisions of Section 12.2  hereof.  “Month” means, with respect to an Interest Period for any LIBOR Rate Loan, the interval  between the days in consecutive calendar months numerically corresponding to the first day of  such Interest Period.  If any LIBOR Rate Interest Period begins on a day of a calendar month for  which there is no numerically corresponding day in the month in which such Interest Period is to  end, the final month of such Interest Period shall be deemed to end on the last Business Day of  such final month.  “Multiemployer Plan.” means an employee benefit plan of the type described in Section  4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate makes or is obligated to make  contributions, or during the preceding five (5) plan years, has made or been obligated to  make  contributions.  “Net Book Value” means with respect to the Borrower’s Container Equipment, at any time  of determination, the book value thereof at such time (determined in accordance with GAAP  consistently applied).  “Note” means a promissory note made by the Borrower in favor of a Lender substantially  in the form of Exhibit A.  “Official Body” means the government of the United States of America or any other nation,  or of any political subdivision thereof, whether state or local, and any agency, authority,  instrumentality, regulatory body, court, central bank or other entity exercising executive,  legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to  government (including any supra-national bodies such as the European Union or the European  Central Bank) and any group or body charged with setting financial accounting or regulatory  capital rules or standards (including the Financial Accounting Standards Board, the Bank for  International Settlements or the Basel Committee on Banking Supervision or any successor or  similar authority to any of the foregoing).   “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result  of a present or former connection between such Recipient and the jurisdiction imposing such Tax  (other than connections arising solely from such Recipient having executed, delivered, become a  party to, performed its obligations under, received payments under, received or perfected a security  interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or  sold or assigned an interest in any Loan or Loan Document).  

 

  17    “Other Permitted Liens” means “Permitted Liens” as such term is defined in the Security  and Intercreditor Agreement or, if not defined therein, means each of the following:  (a) liens, charges, encumbrances and priority claims incidental to the conduct  of Borrower’s business (including warehousemen’s and attorneys’ liens and statutory  landlords’ liens) and deposits, pledges or liens to secure the performance of bids, tenders  or trade contracts, or to secure statutory obligations, surety or appeal bonds or other liens  of like general nature incurred in the ordinary course of business and not in connection  with the borrowing of money or other incurrence of debt, provided in each case, the  obligation secured is not overdue or, if overdue, is being contested in good faith by  appropriate actions or proceedings and as to which such reserves or other appropriate  provisions as may be required by generally accepted accounting principles are being  maintained;   (b) minor survey exceptions or minor encumbrances, easements or  reservations, or rights of others for rights-of-way, utilities and other similar purposes, or  zoning or other restrictions as to the use of real properties, which are necessary for the  conduct of the activities of Borrower and its Subsidiaries or which customarily exist on  properties of corporations engaged in similar activities and similarly situated and which do  not in any event materially impair their use in the operation of the business of Borrower  and its Subsidiaries;   (c) pledges or deposits for the purpose of securing a stay or discharge in the  course of any legal proceedings provided that the aggregate amount of all such pledges and  deposits at any one time outstanding shall not exceed $100,000,000;  (d) the leasehold interest of the lessees under any lease agreement;   (e) banker’s liens and like liens of set-off in favor of any Triton Lender or  Secured Party (as such terms are defined in the Security and Intercreditor Agreement); and  (f) Liens not otherwise permitted by the preceding clauses (a) through (h),  inclusive, which are otherwise not prohibited by any of the Triton Debt Agreements (as  such term is defined in the Security and Intercreditor Agreement).  “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 7.5).  “Participant” has the meaning set forth in Section 14.10.  “Participant Register” has the meaning set forth in Section 14.10.  “Payment Date” means (a) with respect to any Base Rate Loan, the last Business Day of  each month, and (b) with respect to any LIBOR Rate Loan, the last day of the Interest Period  

 

  18    applicable to the Borrowing of which such LIBOR Rate Loan is a part and, in the case of a  Borrowing of a LIBOR Rate Loan with an Interest Period of more than three months’ duration,  each day prior to the last day of such Interest Period that occurs at intervals of three months’  duration after the first day of such Interest Period.  “PBGC” means the Pension Benefit Guaranty Corporation and any entity succeeding to  any or all of its functions under ERISA.  “Pension Plan” means a “pension plan”, as such term is defined in section 3(2) of ERISA,  which is subject to Title IV of ERISA (other than a Multiemployer Plan), and to which the  Borrower or any ERISA Affiliate has liability, including any liability by reason of having been a  substantial employer within the meaning of section 4063 of ERISA at any time during the  preceding five years, or by reason of being deemed to be a contributing sponsor under section 4069  of ERISA.  “Percentage” means, with respect to any Lender, the percentage which such Lender’s  Commitment is of the Aggregate Commitment Amount (or, if the Commitments have terminated,  the percentage which such Lender’s Loans is of the aggregate principal amount of all outstanding  Loans).  “Permitted Business” means the purchase, operation, management, administration, storage,  leasing, financing and sale of equipment and other capital assets which are used in connection with  the intermodal transportation of freight by containers and related assets and any activities that are  substantially similar, related, complementary, ancillary or incidental thereto. Such equipment and  other capital assets shall include, without limitation, intermodal containers, containers, port  equipment, harbor vessels, trucks, cranes and other equipment and other capital assets used in  connection with the container related transportation of freight. The logistics business, management  services business, the purchase and resale business, the static storage business, the finance lease  business and all other businesses and activities engaged in by the Borrower or its Subsidiaries or  Affiliates on the Closing Date, and any activities that are substantially similar, related,  complementary, ancillary or incidental thereto or extensions thereof, are also deemed to be a  Permitted Business.  “Permitted Investments” means Investments in any of the following:   (a) direct obligations of the United States or any agency or instrumentality  thereof or obligations backed by the full faith and credit of the United States of America;  (b) corporate obligations of “AA” quality or better maturing within one year;   (c) commercial paper maturing in one hundred eighty (180) days or less rated  not lower than A-1, by Standard & Poor's or P-1 by Moody's Investors Service, Inc. on the  date of acquisition;  (d) demand deposits, time deposits or certificates of deposit issued by (i) any  United States commercial bank, the United States branch of any foreign bank, any United  Kingdom commercial bank or HSBC Bank Bermuda Limited, in each case so long as such  bank has capital and surplus of not less than the equivalent of $50,000,000 or (ii) any  

 

  19    commercial banks whose obligations are rated A-1, A or the equivalent or better by  Standard & Poor's on the date of acquisition;  (e) money market or mutual funds (i) whose investments are limited to those  types of investments described in clauses (a)-(d) above or (ii) listed on the National  Association of Insurance Commissioners Class 1 list;   (f) preferred stock Investments or any state, local or municipal obligations, in  each case rated “AA” or better; and  (g) investments made under cash management agreements with any other  Lenders.  “Permitted Liens” means Liens permitted under Section 10.17.  “Permitted Transaction” Any of the following transactions; provided that immediately  prior to and after consummation of such transaction, the Borrower shall be in compliance with  Section 6.5:   (a) any lease agreement in the ordinary course of business;  (b) any merger, consolidation, dissolution or liquidation of any Restricted  Subsidiary of the Borrower with and into the Borrower (so long as the Borrower is the  surviving corporation of such merger, consolidation, dissolution or liquidation);  (c) any merger, consolidation, dissolution or liquidation of any Restricted  Subsidiary of the Borrower with and into any other Restricted Subsidiary of the  Borrower;  (d) any sale, assignment, transfer, conveyance or other disposition of assets  by any Restricted Subsidiary of the Borrower to the Borrower or any other Restricted  Subsidiary of the Borrower;  (e) any disposition of used, obsolete, uneconomic, worn-out or surplus  assets of the Borrower and its Restricted Subsidiaries in the ordinary course of business;  (f) any sale, assignment, transfer, conveyance or other disposition by the  Borrower or any Restricted Subsidiary of the Borrower of Container Equipment or other  assets to their respective Lessees in the ordinary course of business pursuant to (A) a  Finance Lease that is originated in the ordinary course of business, (B) a purchase option  contained in any lease agreement with such Lessee that was originated in the ordinary  course of business or (C) any other arm’s length transaction with a Person that is not an  Affiliate of the Borrower entered into in the ordinary course of business;   (g) any transaction pursuant to which the Borrower and/or any of its  Restricted Subsidiaries sells, conveys or otherwise transfers, or grants a security interest  in, containers, leases and other related assets to a special purpose vehicle or any other  Person in connection with a securitization; and  

 

  20    (h) any other sale or disposition by the Borrower or any Restricted  Subsidiary of the Borrower of Container Equipment or other assets that will result in net  sales proceeds (after deducting any costs incurred in connection with each such sale) of  not less than the sum of the net book values, determined in accordance with GAAP, of  the Container Equipment or other assets that were sold.  “Person” means an individual, partnership, corporation, limited liability company, trust,  joint venture, joint stock company, association, unincorporated organization, government or  agency or political subdivision thereof or other entity.  “PNC Bank” means PNC Bank, National Association, and its successors.  “Prime Rate” means the interest rate per annum announced from time to time by the  Administrative Agent at its Principal Office as its then prime rate, which rate may not be the lowest  or most favorable rate then being charged commercial borrowers or others by the Administrative  Agent.  Any change in the Prime Rate shall take effect at the opening of business on the day such  change is announced.  “Principal Office” means the main banking office of the Administrative Agent in  Pittsburgh, Pennsylvania.  “Principal Payment Amount” means, for each Principal Payment Date, two percent  (2.00%) of the aggregate outstanding principal amount of the Loans as of the initial Principal  Payment Date, subject to (i) adjustment pursuant to Section 6.2(c)(iii) and (ii) increase pursuant to  Section 2.8.  “Principal Payment Date” means (i) the last Business Day of each of March, June,  September and December, commencing on the earlier of the last day of the calendar quarter in  which the Availability Period ends or the last day of the calendar quarter in which the aggregate  Commitments are fully drawn and (ii) the Maturity Date.  “Published Rate” means the rate of interest published each Business Day in The Wall Street  Journal “Money Rates” listing under the caption “London Interbank Offered Rates” for a one  month period (or, if no such rate is published therein for any reason, then the Published Rate shall  be the rate at which U.S. dollar deposits are offered by leading banks in the London interbank  deposit market for a one month period as published in another publication selected by the  Administrative Agent).  “QFC Credit Support” has the meaning set forth in Section 14.26(a).  “Recipient” means (a) the Administrative Agent and (b) any Lender, as applicable.  “Register” has the meaning set forth in Section 14.9.  “Related Parties” means, with respect to any Person, such Person’s Affiliates and the  partners, directors, officers, employees, agents and advisor of such Person and such Person’s  Affiliates.  

 

  21    “Remaining Lenders” has the meaning set forth in Section 7.5.  “Rentals” means all fixed rents (including as such all payments which the lessee is  obligated to make to the lessor on termination of the lease or surrender of the property) payable by  the Borrower or a Restricted Subsidiary, as lessee or sublessee under a lease of real or personal  property, but shall be exclusive of any amounts required to be paid by the Borrower or a Restricted  Subsidiary (whether or not designated as rents or additional rents) on account of maintenance,  utilities, repairs, insurance, taxes and similar charges.  Fixed rents under any so-called “percentage  lease” shall be computed solely on the basis of the minimum rents, if any, required to be paid by  the lessee, regardless of sales volume or gross revenues.  “Reportable Compliance Event” means that any Covered Entity becomes a Sanctioned  Person, or is charged by indictment, criminal complaint or similar charging instrument, arraigned,  or custodially detained in connection with any Anti-Terrorism Law or any predicate crime to any  Anti-Terrorism Law, or has knowledge of facts or circumstances to the effect that it is reasonably  likely that any aspect of its operations is in actual or probable violation of any Anti-Terrorism  Law.  “Reportable Event” means any of the events set forth in Section 4043 of ERISA, other than  event for which the thirty (30) day notice period has been waived.  “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK  Financial Institution, a UK Resolution Authority.  “Restricted Investments” means the total of (a) the amount of the Borrower’s Investments  in any Unrestricted Subsidiary as shown on the most recent consolidating balance sheet of the  Borrower delivered pursuant to Section 10.1, excluding, for purposes of determining the amount  of any Investment in any Person, any non-cash gain or loss on any interest rate protection  agreement or any similar hedging agreement entered into by such Person resulting from the  requirements of Financial Accounting Standard No. 133 or any similar accounting standard, plus  (b) the excess, if any, of the amount of all other Investments of the Borrower as shown on such  balance sheet (other than Permitted Investments), over 25% of the then current Consolidated  Tangible Net Worth.  For purposes of clause (b) above, the original amount of any Investment in  a general partnership interest in any general or limited partnership shall be deemed to be the  aggregate amount of such partnership’s actual and contingent liabilities, as determined in  accordance with GAAP.  “Restricted Payment” means any dividend or other distribution (whether in cash, securities  or other property) with respect to any Equity Interests of the Borrower or any Subsidiary, or any  payment (whether in cash, securities or other property), including any sinking fund or similar  deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or  termination of any such Equity Interests, or on account of any return of capital to such Person’s  shareholders, partner or members (or the equivalent Persons thereof).  “Restricted Subsidiary” means any Subsidiary that is not an Unrestricted Subsidiary.  “S&P” means S&P Global Ratings, acting through Standard & Poor’s Financial Services  LLC.  

 

  22    “S&P Rating” means, at any time, the rating assigned by S&P to the senior secured debt  of the Borrower and then in effect.  “Sanctioned Country” means a country subject to a sanctions program maintained under  any Anti-Terrorism Law.  “Sanctioned Person” means (a) a Person named on the list of “Specially Designated  Nationals and Blocked Persons” maintained by the U.S. Treasury Department Office of Foreign  Asset Control (“OFAC”) available at http://www.treasury.gov/resource-center/sanctions/SDN- List/Pages/default.aspx, or as otherwise published from time to time, (b) a Person named on the  lists maintained by the European Union available at http://eeas.europa.eu/cfsp/sanctions/consol- list_en.htm, or as otherwise published from time to time, (c) a Person named on the lists maintained  by Her Majesty’s Treasury available at http://www.hm-treasury.gov.uk/fin_sanctions_index.htm,  or as otherwise published from time to time, (d) a Person that is specifically targeted by any other  relevant sanctions authority of a jurisdiction in which the Borrower or any of its Subsidiaries  conduct business, (e) (i) an agency of the government of, or an organization controlled by, a  Sanctioned Country, to the extent such agency or organization is subject to a sanctions program  administered by OFAC, or (ii) a Person located, organized or resident in a Sanctioned Country, to  the extent such Person is subject to a sanctions program administered under any Anti-Terrorism  Law or (f) a Person controlled by any such Person set forth in clauses (a) through (e) above.  “Secondary Term SOFR Conversion Date” has the meaning set forth in Section 7.7(g).  “Security and Intercreditor Agreement” means the Security and Intercreditor Agreement,  dated as of September 30, 1989, among the Borrower, the Collateral Agent and such other Persons  as may be party thereto from time to time (and as amended, restated, supplemented or otherwise  modified from time to time).   “Senior Funded Debt” means Funded Debt of the Borrower and its Restricted Subsidiaries  (determined on a consolidated basis eliminating intercompany items), excluding all Subordinated  Funded Debt.  “SIA Container Equipment” means Container Equipment other than Container Equipment  in which a security interest has been granted to a Person which is not a party to the Security and  Intercreditor Agreement.  “Signature Law” has the meaning set forth in Section 14.15.  “Simultaneous Holder” has the meaning set forth in Section 10.16.  “Subordinated Funded Debt” means (a) the Indebtedness described on Schedule II and (b)  any other Funded Indebtedness of the Borrower or its Restricted Subsidiaries that is subordinated  in right of payment to the Loans and the other Liabilities and (i)(A) that is established pursuant to  a subordination agreement containing subordination provisions substantially in the form of Exhibit  F, (B) that has a final stated maturity of at least five years after the date of incurrence thereof and  (C) with respect to which the Majority Lenders have not otherwise reasonably objected, by notice  to the Borrower in writing or by telephone promptly confirmed in writing by the Administrative  Agent (together with a statement explaining any such objection), within 15 days of receipt by the  

 

  23    Administrative Agent (who shall promptly provide such notice to the Lenders) of notice from the  Borrower of the proposed issuance of such Subordinated Funded Debt, which notice shall be  accompanied by a copy of the proposed subordination agreement and credit agreement relating to  such new issue in substantially final form or (ii) as the Majority Lenders shall otherwise consent.   Notwithstanding the foregoing, Funded Indebtedness of the Borrower or its Restricted Subsidiaries  that at issuance constituted Subordinated Funded Debt shall no longer constitute Subordinated  Funded Debt if after the Closing Date (x) the subordination provisions thereof are no longer  substantially in the form thereof at issuance or (y) the subordination or credit agreement related  thereto is amended so as to grant additional rights to any subordinated lender or (z) other provisions  thereof are amended so as to cause such Indebtedness to cease to comply with clause (b)(i)(B) of  the first sentence of this definition, unless the Majority Lenders shall otherwise consent.  “Subsidiary” means any Person of which or in which the Borrower and its other  Subsidiaries own directly or indirectly more than 50% of (a) the combined voting power of all  classes of stock having general voting power under ordinary circumstances to elect a majority of  the board of directors of a Person which is a corporation, (b) the capital, membership or profits  interest of a Person which is a limited liability company, partnership, joint venture or similar entity,  or (c) the beneficial interest of a Person which is a trust, association or other unincorporated  organization.  “Superior Debt” has the meaning set forth in Section 10.16.  “Supplemental Agreement” has the meaning set forth in the Security and Intercreditor  Agreement.  “Supported QFC” has the meaning set forth in Section 14.26(a).    “TALICC” means TAL International Container Corporation, a corporation organized  under the laws of the State of Delaware.  “Tangible Assets” means, as of the date of any determination thereof, the total amount of  all assets of the Borrower and its Restricted Subsidiaries (less depreciation, depletion and other  properly deductible valuation reserves) after deducting Intangible Assets, all determined in  accordance with GAAP.  “Taxes” with respect to any Person means all present and future taxes, levies, imposts,  duties, deductions, withholdings, assessments, fees or other charges imposed by any Official Body  upon such Person, its income or any of its properties, franchises or assets.  “TCIL Credit Agreement” means the Tenth Restated and Amended Credit Agreement,  dated as of May 16, 2019, among the Borrower, various financial institutions and Bank of America,  N.A., as administrative agent (as amended, restated, supplemented or otherwise modified from  time to time).  “Termination Event” with respect to any Pension Plan means (a) the institution by the  Borrower, the PBGC or any other Person of steps to terminate such Pension Plan, (b) the  occurrence of a Reportable Event with respect to such plan which the Majority Lenders reasonably  believe may be a basis for the PBGC to institute steps to terminate such Pension Plan or (c) the  

 

  24    withdrawal from such Pension Plan (or deemed withdrawal under section 4062(f) of ERISA) by  the Borrower or any ERISA Affiliate if the Borrower or such ERISA Affiliate is a substantial  employer within the meaning of section 4063 of ERISA.  “Total Debt” means the sum of (a) Total Senior Debt plus (b) Subordinated Funded Debt.  “Total Senior Debt” means the sum of (a) Senior Funded Debt plus (b) all Current Debt of  the Borrower and its Restricted Subsidiaries.  “Trade Date” has the meaning set forth in Section 14.8(a)(i)(B).  “Triton Holdco” means Triton International Limited (an exempted company limited by  shares incorporated under the laws of Bermuda).  “Type” means, relative to any Borrowing or Loan, the characterization thereof as a LIBOR  Rate Loan or a Base Rate Loan.  “UK 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.  “UK Resolution Authority”  The Bank of England or any other public administrative  authority having responsibility for the resolution of any UK Financial Institution.   “United States” and “U.S.” mean the United States of America.  “Unmatured Event of Default” means an event or condition which with the lapse of time  or giving of notice to the Borrower, or both, would constitute an Event of Default.  “Unrestricted Subsidiary” means (a) any Subsidiary identified as an “Unrestricted  Subsidiary” in Schedule 9.8 and (b) any Subsidiary that is designated by the Borrower as an  “Unrestricted Subsidiary” in accordance with the procedures set forth in Section 10.22.  “Unsecured Senior Funded Debt” means Senior Funded Debt which is not secured by any  security interest, pledge, mortgage or other Lien.  “Unsecured Vendor Debt” means unsecured purchase money Indebtedness not constituting  Funded Indebtedness.  “Unused Fee” means an unused fee payable on the first Principal Payment Date in an  amount equal to the Unused Fee Percentage times the daily amount by which the Aggregate  Commitment Amount exceeds the Facility Usage.  The Unused Fee shall be calculated for the  period commencing on the sixtieth (60th) day following the Closing Date to the day before the  earlier of the next Principal Payment Date or the end of the Availability Period, as the case may  be.  

 

  25    “Unused Fee Percentage” means the applicable percentage set forth in the definition of  Applicable Margin.  “USA Patriot Act” means the Uniting and Strengthening America by Providing  Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56,  as the same has been, or shall hereafter be, renewed, extended, amended or replaced.  “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 Resolutions Regime” has the meaning set forth in Section 14.26(a).  “U.S. Tax Compliance Certificate” has the meaning set forth in Section 7.6(g)(ii)(2)(c).   “Voting Stock” means, with respect to any Person, any Security (as such term is defined  in Section 2(1) of the Securities Act of 1933) of any class or classes of such Person the holders of  which are ordinarily, in the absence of contingencies, entitled to elect a majority of the directors  (or Persons performing similar functions) of such Person.  “Wholly-owned” when used in connection with any Subsidiary means a Subsidiary of  which all of the issued and outstanding shares of stock (except shares required as directors’ and  alternate directors’ qualifying shares) or partnership interests, as the case may be, and all  Indebtedness for borrowed money shall be owned by the Borrower and/or one or more of its  Wholly-owned Subsidiaries.  “Withholding Agent” means the Borrower and the Administrative Agent.  “Write-Down and Conversion Powers” means, with respect to any EEA Resolution  Authority, the write-down and conversion powers of such EEA Resolution Authority from time to  time under the Bail-In Legislation for the applicable EEA Member Country, which write-down  and conversion powers are described in the EU Bail-In Legislation Schedule.  1.2 Accounting Terms.  (a) Generally.  All accounting terms not specifically or completely defined  herein shall be construed in conformity with, and all financial data (including financial  ratios and other financial calculations) required to be submitted pursuant to this Agreement  shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from  time to time, applied in a manner consistent with that used in preparing the Audited  Financial Statements, except as otherwise specifically prescribed herein.  (b) Changes in GAAP.  If at any time any change in GAAP would affect the  computation of any financial ratio or requirement set forth in any Loan Document, and  either the Borrower or the Majority Lenders shall so request, the Administrative Agent, the  Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement  to preserve the original intent thereof in light of such change in GAAP (subject to the  approval of the Majority Lenders); provided that, until so amended, (i) such ratio or  requirement shall continue to be computed in accordance with GAAP prior to such change  

 

  26    therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders  financial statements and other documents required under this Agreement or as reasonably  requested hereunder setting forth a reconciliation between calculations of such ratio or  requirement made before and after giving effect to such change in GAAP.  1.3 Other Interpretive Provisions.  With reference to this Agreement and each other  Loan Document, unless otherwise specified herein or in such other Loan Document:  (a) The definitions of terms herein shall apply equally to the singular and plural  forms of the terms defined.  Whenever the context may require, any pronoun shall include  the corresponding masculine, feminine and neuter forms.  The words “include,” “includes”  and “including” shall be deemed to be followed by the phrase “without limitation”.  The  word “will” shall be construed to have the same meaning and effect as the word “shall”.   Unless the context requires otherwise, (i) any definition of or reference to any agreement,  instrument or other document (including any organization document) shall be construed as  referring to such agreement, instrument or other document as from time to time amended,  amended and restated, supplemented or otherwise modified (subject to any restrictions on  such amendments, supplements or modifications set forth herein or in any other Loan  Document), (ii) any reference herein to any Person shall be construed to include such  Person’s successors and assigns, (iii) the words “herein,” “hereof” and “hereunder,” and  words of similar import when used in any Loan Document, shall be construed to refer to  such Loan Document in its entirety and not to any particular provision thereof, (iv) all  references in a Loan Document to Articles, Sections, Preliminary Statements, Exhibits and  Schedules shall be construed to refer to Articles and Sections of, and Preliminary  Statements, Exhibits and Schedules to, the Loan Document in which such references  appear, (v) any reference to any law shall include all statutory and regulatory provisions  consolidating, amending, replacing or interpreting such law and any reference to any law  or regulation shall, unless otherwise specified, refer to such law or regulation as amended,  modified or supplemented from time to time, and (vi) the words “asset” and “property”  shall be construed to have the same meaning and effect and to refer to all tangible and  intangible assets and properties, including cash, securities, accounts and contract rights.  (b) In the computation of periods of time from a specified date to a later  specified date, the word “from” means “from and including;” the words “to” and “until”  each mean “to but excluding;” and the word “through” means “to and including”.  (c) Any reference to a “fiscal quarter” or a “fiscal year” means, respectively, a  fiscal quarter or fiscal year of the Borrower and its Subsidiaries.  (d) Section headings herein and in the other Loan Documents are included for  convenience of reference only and shall not affect the interpretation of this Agreement or  any other Loan Document.  1.4 Times of Day.  Unless otherwise specified, all references herein to times of day  shall be references to Eastern time zone (daylight or standard, as applicable).  

 

  27    SECTION 2. COMMITMENTS OF THE LENDERS.  Subject to the terms and conditions of this Agreement, each Lender, severally but not  jointly, agrees to make Loans, as described in this Section 2.  2.1 Commitments to Make Loans.  (a) Subject to Section 7.7, each Lender, severally but not jointly, agrees to make  term loans to the Borrower (collectively the “Loans” and each individually a “Loan”) from  time to time during the Availability Period, in the amount that the Borrower may request  (as set forth in Section 2.3) up to, but not exceeding, after giving effect to such Loan and  all other outstanding Loans of such Lender, the unused portion of such Lender’s  Commitment; provided that (A) the Facility Usage shall not at any time exceed the  Borrowing Base and (B) the sum of the Loans advanced by the Lenders under this  Section 2.1 shall not exceed the Aggregate Commitment Amount.  (b) All Loans shall be made by the Lenders on a pro rata basis, calculated for  each Lender based on its Percentage.  2.2 Loan Options.  Each Loan shall be a LIBOR Rate Loan or a Base Rate Loan, as  selected by the Borrower.  During any period that any Event of Default or Unmatured Event of  Default exists, the Borrower shall no longer have the option of electing LIBOR Rate Loans, and  during such period all Loans shall be automatically converted to (on the last day of the Interest  Period therefor) Base Rate Loans only, it being understood, however, that the foregoing shall not  be construed to waive, amend or modify any right or power of the Lenders and the Administrative  Agent hereunder, including all rights to terminate the Commitments and declare the Loans  immediately due and payable.  2.3 Borrowing Procedures.  (a) Loan Requests.  The Borrower shall give the Administrative Agent notice  by (x) telephone (promptly confirmed in writing substantially in the form of Exhibit C (a  “Loan Request”)) or (y) by delivering a Loan Request, not later than 11:00 a.m. at least (i)  three (3) Business Days (or such later date agreed to by the Administrative Agent and  Majority Lenders) prior to the requested Funding Date or, in the case of a continuation or  conversion, the continuation or conversion date, as applicable, in the instance of a  Borrowing of LIBOR Rate Loans (or continuation or conversion, as applicable) or (ii) one  (1) Business Day prior to the requested Funding Date in the instance of a Borrowing of  Base Rate Loans, of each requested Borrowing, and the Administrative Agent shall  promptly advise each Lender of its receipt of such Loan Request; provided, that each such  Loan Request shall be in a minimum amount of Fifty Million Dollars ($50,000,000).  Each  Loan Request from the Borrower to the Administrative Agent shall specify (i) the aggregate  amount of the Borrowing requested (or continued or converted, as applicable), (ii) the Type  of Loans being borrowed, continued or converted, as applicable, and (iii) if such  Borrowing, continuation or conversion is of LIBOR Rate Loans, the Interest Period with  respect thereto (subject to the limitations set forth in the definition of Interest Period).  Any  Loan Request not specifying the Type of Borrowing shall be deemed a request for a  

 

  28    Borrowing of LIBOR Rate Loans.  The Borrower shall make no more than four (4)  Borrowings during the Availability Period.  (b) Funding of Administrative Agent.  Not later than 11:00 a.m. on the Funding  Date of each Borrowing, each Lender shall provide the Administrative Agent at the  Administrative Agent’s Office (or such other place as the Administrative Agent shall  designate from time to time) with immediately available funds covering such Lender’s  Percentage of such Borrowing and the Administrative Agent shall pay over such funds to  the Borrower upon the Administrative Agent’s receipt of the documents, if any, required  under Section 11 with respect to such Loan and provided all of the conditions precedent to  the funding of the requested Loans have been satisfied.  2.4 Continuation of LIBOR Rate Loans.  Subject to Section 2.2, each LIBOR Rate  Loan shall automatically continue as a LIBOR Rate Loan on the last day of the current Interest  Period for such LIBOR Rate Loan for an Interest Period of equivalent duration, unless paid in full  on such last day, or unless one or more of the conditions in Section 7.2 are in effect, in which case  such LIBOR Rate Loan shall convert into a Base Rate Loan, to begin on the last day of such current  Interest Period.  Each continuation of LIBOR Rate Loans shall be pro rated among the applicable  outstanding Loans of all Lenders.  2.5 Maturity of Loans.  Unless required to be sooner paid pursuant to the other  provisions of this Agreement, the Loans shall mature and be due and payable in full on the Maturity  Date.  2.6 Obligations of Lenders Several.  The obligations of each Lender hereunder to  make its Loan and to make payments pursuant to this Agreement are several and not joint.  The  failure of any Lender to make its Loan or to make any payment under this Agreement on any date  required hereunder shall not relieve any other Lender of its corresponding obligation to do so on  such date, and no Lender shall be responsible for the failure of any other Lender to so make its  Loan or to make its payment under this Agreement  2.7 Term Loan Facility.  The credit facility evidenced by this Agreement is a term  loan facility.  Accordingly, the Borrower will not have the right to reborrow any amounts repaid  or prepaid to the Lenders in accordance with the terms of this Agreement.  2.8 Optional Increase in Term Loan Facility.  (a) The Borrower may at any time, and from time to time, after the Closing  Date, by a written notice to the Administrative Agent (which shall promptly notify the  Lenders), request that the Aggregate Commitment Amount be increased (a “Commitment  Increase”) by an amount (in aggregate for all such requests) not to exceed Two Hundred  Million Dollars ($200,000,000) and each such Commitment Increase shall be in the  minimum amount of Twenty Million Dollars ($20,000,000).   At the time of sending such  notice, the Borrower (in consultation with the Administrative Agent) shall specify (i) the  time period within which each Lender is requested to respond (which shall in no event be  less than ten (10) Business Days from the date of delivery of such notice to the Lenders)  and (ii) if such request occurs after the end of the Availability Period, the amortization  

 

  29    schedule of each additional Loan made pursuant to this Section 2.8.  Any additional Loan  will amortize at the same annual rate of amortization as the Loans that are in effect when  such additional Loan is funded.  Such annual rate of amortization on the initial Loan will  be calculated by comparing the annual aggregate scheduled principal payments of the  initial Loan to the unpaid principal balance of such initial Loan at the time the additional  Loan is funded.   (b) Each Lender shall notify the Administrative Agent within such time period  whether or not it agrees to increase its Commitment and, if so, whether by an amount equal  to, greater than or less than its applicable Percentage of such requested increase.  Any  Lender that fails to respond within such time period shall be deemed to have declined to  increase its Commitment.  (c) The Administrative Agent shall notify the Borrower and each Lender of the  Lenders’ responses to each request made hereunder.  To achieve the full amount of a  requested increase and subject to the approval of the Administrative Agent (which approval  shall not be unreasonably withheld, delayed or conditioned), the Borrower may also invite  one or more Eligible Assignees to become parties hereto as Lenders (each, an “Additional  Lender”).  (d) If the Commitments are increased in accordance with this Section, the  Administrative Agent and the Borrower shall mutually determine the effective date (the  “Increase Effective Date”) and the final allocation of such increase.  The Administrative  Agent shall promptly notify the Borrower and the Lenders of the final allocation of such  increase and the Increase Effective Date.  (e) As a condition precedent to any Commitment Increase:  (i) the Borrower shall deliver to the Administrative Agent a certificate  signed by an Authorized Officer of the Borrower dated as of the Increase Effective  Date, stating that: (A) the representations and warranties contained in Section 9 are  true and correct on and as of such Increase Effective Date, before and after giving  effect to the Commitment Increase, as though made on and as of such Increase  Effective Date, (B) no Material Adverse Effect has occurred since the date of the  financial statements most-recently delivered pursuant to Section 10.1(a), (C) no  Unmatured Event of Default or Event of Default exists before or after giving effect  to such additional Loan and (D) the Borrower shall be in pro forma compliance  with all covenants set forth in Sections 10.12, 10.13 and 10.14 hereof; and  (ii) on or before such Increase Effective Date, the Administrative Agent  shall have received, for further distribution to each Lender (including each  Additional Lender) a joinder agreement dated as of such Increase Effective Date  from each Additional Lender, if any, in form and substance reasonably satisfactory  to the Borrower and the Administrative Agent.  (f) On each Increase Effective Date, upon fulfillment of the conditions set forth  in Section 2.8(e), (i) the Administrative Agent shall notify the Lenders (including each  

 

  30    Additional Lender) and the Borrower of the occurrence of the Commitment Increase to be  effected on such Increase Effective Date, (ii) each applicable Additional Lender shall  become a party to this Agreement with the rights and obligations of a “Lender” hereunder,  (iii) the Administrative Agent shall record in the Register the relevant information with  respect to each Additional Lender on such date and (iv) Schedule I shall be deemed  amended to reflect the applicable Commitment Increase.  Each Additional Lender shall,  before 11:00 a.m. on the Increase Effective Date, make available for the account of its  applicable lending office to the Administrative Agent at the Administrative Agent’s Office,  in same day funds, an aggregate amount to be distributed to the other Lenders for the  account of their respective applicable lending offices such that, after giving effect to such  distribution, each Lender has a ratable share (calculated based on its Commitment as a  percentage of the Aggregate Commitment Amount after giving effect to such Commitment  Increase) of the Loans.  The Principal Payment Amounts for each Payment Date shall be  increased to reflect this Commitment Increase as necessary based on the amortization  schedule provided by the Borrower pursuant to Section 2.8(a).  The Borrower  acknowledges that, in order to maintain the Loans in accordance with each Lender’s ratable  share thereof, a reallocation of the Commitments as a result of a non-pro rata increase in  the Aggregate Commitment Amount may require prepayment of all or portions of the  Loans on the date of such increase (and any such prepayment shall be subject to the  provisions of Section 6.2).  SECTION 3. EVIDENCE OF LOANS.  (a) The Loans made by each Lender shall be evidenced by one or more accounts  or records maintained by such Lender and by the Administrative Agent in the ordinary  course of business.  The accounts or records maintained by the Administrative Agent and  each Lender shall be conclusive absent manifest error of the amount of the Loans made by  the Lenders to the Borrower and the interest and payments thereon.  Any failure to so record  or any error in doing so shall not, however, limit or otherwise affect the obligation of the  Borrower hereunder to pay any amount owing with respect to the Liabilities.  In the event  of any conflict between the accounts and records maintained by any Lender and the  accounts and records of the Administrative Agent in respect of such matters, the accounts  and records of the Administrative Agent shall control in the absence of manifest error.  (b) Upon the request of any Lender made through the Administrative Agent,  the Borrower shall execute and deliver to such Lender (through the Administrative Agent)  a Note which shall evidence such Lender’s Loans in addition to such accounts or records.   Each Lender may attach schedules to its Note and endorse thereon the date, Type and  amount of each of its Loans, the Interest Period therefor (if applicable) and payments with  respect thereto.  SECTION 4. PRINCIPAL PAYMENT AMOUNTS, INTEREST AND FEES.  4.1 Principal Payment Amounts.  On each Principal Payment Date during the term  of this Agreement, the Borrower shall repay the Loans in an amount equal to the Principal Payment  Amount.  The aggregate principal balances of the Loans, together with accrued interest thereon  and all other amounts owed by the Borrower pursuant to the terms of the Loan Documents, shall  

 

  31    be payable in full on the earlier to occur of (i) the scheduled Maturity Date and (ii) the date on  which the Liabilities have been declared payable in accordance with the provisions of Section 12.2  hereto.  4.2 Interest.  Subject to Section 4.3 and Section 7.7,  (a) Base Rate Loans.  The unpaid principal of the Base Rate Loans shall bear  interest prior to maturity at a rate per annum equal to the sum of (i) the Base Rate in effect  from time to time plus (ii) the Applicable Margin in effect from time to time, payable on  each Payment Date and at maturity.  (b) LIBOR Rate Loans.  The unpaid principal of the LIBOR Rate Loans shall  bear interest prior to maturity at a rate per annum equal to the sum of (i) the LIBOR Rate  in effect for each applicable Interest Period plus (ii) the Applicable Margin in effect from  time to time, payable on each Payment Date and at maturity.  (c) Maximum Interest Rate.  The amount of interest charged on the Loans shall  be subject to the provisions of Section 14.21 hereto.  4.3 Default Interest.  The Borrower shall pay interest on any amount of principal of  any Loan which is not paid when due, whether at stated maturity, by acceleration or otherwise,  after as well as before judgment, accruing from the date such amount shall have become due to the  date of payment thereof in full at the Default Rate.  Interest after maturity shall be payable on  demand.  4.4 Fees.  The Borrower shall pay to the Administrative Agent and the Lenders, for  their own respective accounts, on (i) the Closing Date the fees described in the Fee Letter, and (ii)  on the first Principal Payment Date, the Unused Fee, if any.  4.5 Method of Calculating Interest and Fees.  Interest calculated based on the Prime  Rate shall be computed on the basis of a year consisting of 365 or 366 days, as the case may be,  and paid for actual days elapsed, calculated as to each applicable period from the first day thereof  to the last day thereof.  All other interest and fees shall be computed on the basis of a year  consisting of 360 days and paid for actual days elapsed, calculated as to each applicable period  from the first day thereof to the last day thereof.  SECTION 5. DEFAULTING LENDERS.  5.1 Defaulting Lenders.  (a) Defaulting Lender Adjustments.  Notwithstanding anything to the contrary  contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such  time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable  law:  (i) Waivers and Amendments.  Such Defaulting Lender’s right to  approve or disapprove any amendment, waiver or consent with respect to this  Agreement shall be restricted as specified in the definition of Majority Lenders.  

 

  32    (ii) Defaulting Lender Waterfall. Any payment of principal, interest,  fees or other amounts received by the Administrative Agent for the account of such  Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to  Section 12 or otherwise) or received by the Administrative Agent from a Defaulting  Lender pursuant to Section 6.3 shall be applied at such time or times as may be  determined by the Administrative Agent as follows: first, to the payment of any  amounts owing by such Defaulting Lender to the Administrative Agent hereunder;  second, as the Borrower may request (so long as no Potential Default or Event of  Default exists), to the funding of any Loan in respect of which such Defaulting  Lender has failed to fund its portion thereof as required by this Agreement, as  determined by the Administrative Agent; third, so long as no Potential Default or  Event of Default exists, to the payment of any amounts owing to the Borrower as a  result of any judgment of a court of competent jurisdiction obtained by the  Borrower against such Defaulting Lender as a result of such Defaulting Lender's  breach of its obligations under this Agreement; and fourth, to such Defaulting  Lender or as otherwise directed by a court of competent jurisdiction; provided that  if (x) such payment is a payment of the principal amount of any Loans in respect  of which such Defaulting Lender has not fully funded its appropriate share, and (y)  such Loans were made or at a time when the conditions specified in Section 11.1  were satisfied or waived, such payment shall be applied solely to pay the Loans of,  owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to  the payment of any Loans of, owed to, such Defaulting Lender until such time as  all Loans to Non-Defaulting Lenders are in proportion to its Percentage. Any  payments, prepayments or other amounts paid or payable to a Defaulting Lender  that are applied (or held) to pay amounts owed by a Defaulting Lender and each  Lender irrevocably consents hereto.  (b) Defaulting Lender Cure.  If the Borrower and the Administrative Agent  agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent  will so notify the parties hereto, whereupon as of the effective date specified in such notice  and subject to any conditions specified therein, that Lender will, to the extent applicable,  purchase at par that portion of outstanding Loans of the other Lenders or take such other  actions as the Administrative Agent may determine to be necessary to cause the Loans and  funded to be held pro rata by the Lenders in accordance with the Commitments under the  applicable Facility, whereupon such Lender will cease to be a Defaulting Lender; provided  that no adjustments will be made retroactively with respect to fees accrued or payments  made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and  provided, further, that except to the extent otherwise expressly agreed by the affected  parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or  release of any claim of any party hereunder arising from that Lender’s having been a  Defaulting Lender.  SECTION 6. PAYMENTS, OFFSETS, PREPAYMENTS AND REDUCTION OR  TERMINATION OF THE COMMITMENTS; BORROWING BASE.  6.1 Payments Generally.  Except as otherwise specified in this Agreement, all  payments hereunder (including payments with respect to the Loans) shall be made without set-off  

 

  33    or counterclaim and shall be made in coin or currency of the United States which at the time of  payment shall be legal tender for the payment of public and private debts in immediately available  funds by the Borrower to the Administrative Agent for the account of the Lenders, pro rata  according to the unpaid principal amounts of the Loans held by them.  All such payments shall be  made to the Administrative Agent, prior to 1:00 p.m. on the date due at the Administrative Agent’s  Office or at such other place as may be designated by the Administrative Agent to the Borrower  in writing.  Any payment received after 1:00 p.m. shall be deemed received on the next Business  Day.  The Administrative Agent shall promptly remit in immediately available funds to each  Lender its share of all such payments received by the Administrative Agent for the account of such  Lender.  Whenever any payment to be made hereunder or under any Note shall be stated to be due  on a date other than a Business Day, such payment may be made on the next succeeding Business  Day, and such extension of time shall be included in the computation of payment of interest or any  fees.  For purposes of the imposition of any tax (other than taxes on net income and franchises),  levy, charge or withholding of any nature or any variation thereof or any penalty with respect to  the maintenance or fulfillment of the Borrower’s obligations under this Agreement, whether  directly or by such being imposed on or suffered by the Administrative Agent, any Lender or the  Collateral Agent, all payments hereunder shall be made by the Borrower from sources within the  United States.  Any payments or prepayments to be applied to the outstanding amount of any Loans  shall be applied to the Loans held by the Lenders that are not Defaulting Lenders ratably (based  upon the outstanding amount of all Loans held by all Lenders that are not Defaulting Lenders)  until each Lender (including any Defaulting Lender) has its Percentage of all of the outstanding  amount of the Loans, and the balance, if any, of such payments or prepayments shall be applied to  the Loans of all Lenders in accordance with their respective Percentages.  6.2 Prepayments.  (a) Mandatory.  If the Facility Usage exceeds the Borrowing Base (for the sake  of clarity, such a condition shall exist (A) on the date (the “Borrowing Base Deficiency  Date”) that the Borrowing Base Certificate is delivered by the Borrower to the  Administrative Agent pursuant to Section 10.1(d) if such Borrowing Base Certificate shall  indicate that, as of the computation date thereof, the Facility Usage exceeded the  Borrowing Base, and (B) only if the Borrower shall not have cured such deficiency prior  to such Borrowing Base Deficiency Date), the Borrower shall, within thirty (30) days after  such Borrowing Base Deficiency Date, make a mandatory prepayment, without premium  or penalty, except as may be required pursuant to Section 7.3, to the Administrative Agent  in an amount sufficient to eliminate such excess.  (b) Optional.  (i) General Prepayments.  The Borrower may from time to time  (subject to the notice and minimum prepayment provisions set forth in this  clause (i)), upon prior written notice, in the form attached as Exhibit G hereto,  received by the Administrative Agent (which shall promptly advise each Lender  thereof, in any case not later than one (1) Business Day after the Administrative  Agent has received the notice) at least three (3) Business Days prior to any  prepayment of LIBOR Rate Loans and one (1) Business Day prior to any  prepayment of Base Rate Loans, prepay the principal of the Loans in whole or in  

 

  34    part without premium or penalty; provided that (x) any partial prepayment of  principal pursuant to this clause (b)(i) shall be in a minimum amount of $500,000  and (y) any prepayment of a LIBOR Rate Loan on a day other than the last day of  an Interest Period therefor shall be subject to Section 7.3.  (ii) Special Prepayments.  The Borrower may from time to time prepay  without premium or penalty, except as provided in Section 7.3, any Loan pursuant  to the provisions of Section 7.5.  Any prepayment of the principal of the Loans  pursuant to this clause (b)(ii) shall include accrued interest to the date of  prepayment on the principal amount being prepaid.  (c) Prepayments Generally; Application.  (i) Any prepayment pursuant to Section 6.2(a) or 6.2(b) above shall be  applied to such Loans as the Borrower shall direct or, in the absence of such  direction: first, to any LIBOR Rate Loan with an Interest Period ending on the date  of such prepayment, second, to any Base Rate Loans outstanding on such date, and  third, to such other Loans as the Administrative Agent may reasonably determine.  (ii) Each prepayment under this Section 6.2 shall be made together with  accrued interest and any additional amount which is payable pursuant to Section  7.1, Section 7.3 or otherwise hereunder.  (iii) Each prepayment under this Section 6.2 shall be applied to reduce  all remaining scheduled Principal Payment Amounts (including the Principal  Payment Amount due on the Maturity Date) by a fraction, stated as a percentage,  the numerator of which is the amount of such prepayment and the denominator of  which is equal to the aggregate unpaid principal balance of all Loans immediately  prior to such prepayment.  (iv) The Borrower shall promptly confirm in writing any telephonic  notice of prepayment in writing.  The Administrative Agent will promptly notify  each Lender of its receipt of any notice of a prepayment and of the amount of such  Lender’s prepayment, in any case at the latest one Business Day after the  Administrative Agent has received notice thereof.  (v) For the avoidance of doubt, no prepayment of any portion of the  principal balances of the Loans may be reborrowed by the Borrower.  6.3 Offset.  In addition to and not in limitation of all rights of offset that any Lender  may have under applicable law, each Lender shall, upon the occurrence of any Event of Default  described in Section 12.1 or any Unmatured Event of Default described in Section 12.1(c), have  the right to appropriate and apply to the payment of the Liabilities owing to it (whether or not due)  any and all balances, credits, deposits, accounts or moneys of the Borrower then or thereafter with  such Lender or any Affiliate thereof, and each such Affiliate is hereby irrevocably authorized to  permit such setoff, provided that any such appropriation and application shall be subject to the  provisions of Section 6.4.  

 

  35    6.4 Proration of Payments.  If any Lender shall obtain any payment or other recovery  (whether voluntary, involuntary, by application of offset or otherwise) on account of any Loan in  excess of its pro rata share of payments and other recoveries obtained by all Lenders on account  of all Loans (including after giving effect to the loss of any payment or recovery by any other  Lender), such Lender shall purchase from the other Lenders such participations in the Loans held  by them as shall be necessary to cause such purchasing Lender to share the excess payment or  other recovery pro rata with each of them; provided that if all or any portion of the excess payment  or other recovery is thereafter recovered from such purchasing Lender, the purchase shall be  rescinded and the purchase price restored to the extent of such recovery, but without interest unless  the Lender from which such payment is recovered is required to pay interest thereon, in which case  each Lender which is required to restore such purchase price shall pay its pro rata share of such  interest.  The Borrower agrees that any Lender so purchasing a participation from the other Lenders  under this Section 6.4 may, to the fullest extent permitted by law, exercise all its rights of payment  (including the right of set-off pursuant to Section 6.3) with respect to such participation as fully as  if such Lender were the direct creditor of the Borrower in the amount of such participation.  If  under any applicable bankruptcy, insolvency or other similar law, any Lender receives a secured  claim in lieu of a setoff to which this Section applies, such Lender shall, to the extent practicable,  exercise its rights in respect of such secured claim in a manner consistent with the rights of the  Lenders entitled under this Section to share in the benefits of any recovery on such secured claim.  6.5 Borrowing Base.  The borrowing base (the “Borrowing Base”) as of any date  shall be an amount equal to the total of:  (a) the sum of:  (i) 80% of the net investment of the Borrower in Direct Finance Leases  of SIA Container Equipment as recorded on the Borrower’s balance sheet  (determined in accordance with GAAP consistently applied);  (ii) 83.33% of the result of (x) the Net Book Value of the Borrower’s  (not including any Subsidiary’s) SIA Container Equipment (not including the Net  Book Value, if any, of (A) any lost, stolen or destroyed SIA Container Equipment  to the extent the Net Book Value thereof (calculated as though not lost, stolen or  destroyed) exceeds $250,000, and such SIA Container Equipment has been off-hire  and no longer billed to a lessee for a period in excess of ninety (90) days, and (B)  any spare parts comprising any portion of SIA Container Equipment) minus (y)  Unsecured Vendor Debt and trade payables incurred in connection with the  acquisition of such SIA Container Equipment; and  (iii) 80% of the Book Value (net of reserves in accordance with GAAP)  of Casualty Receivables which are outstanding for one hundred twenty (120) days  or less (excluding Casualty Receivables from Affiliated Entities in excess of  $5,000,000 in the aggregate);   minus  (b) the sum of:  

 

  36    (i) the current portion of Subordinated Funded Debt;  (ii) 20% of the Letter of Credit Outstandings allocable to Commercial  Letters of Credit;  (iii) the outstanding principal amount of Total Senior Debt (other than  Indebtedness hereunder) secured by (x) Direct Finance Leases of SIA Container  Equipment, (y) SIA Container Equipment and/or (z) Casualty Receivables; and   (iv) accrued and unpaid interest on Total Senior Debt secured by (x)  Direct Finance Leases of SIA Container Equipment, (y) SIA Container Equipment  and/or (z) Casualty Receivables;  in each case, calculated in accordance with GAAP.  The Borrowing Base shall be set forth (showing all calculations) in a Borrowing Base  Certificate duly executed and delivered by an Authorized Officer.  Any Borrowing Base Certificate  delivered pursuant to Section 10.1(d) or 11.1(j) shall remain effective until delivery of a new  Borrowing Base Certificate pursuant to Section 10.1(d); provided that in connection with any  request for loans under the TCIL Credit Agreement, the Borrower may submit an interim updated  Borrowing Base Certificate showing the effect that the use of the proceeds of such loans will have  on item (a)(ii)(y), (b)(i), (b)(ii) or (b)(iii) of the definition of “Borrowing Base”, it being understood  that to the extent necessary, such interim Borrowing Base Certificate may be prepared by the  Borrower using good faith reasonable estimates of the information contained therein.  Any such  updated interim Borrowing Base Certificate shall include a representation by an Authorized  Officer that (x) the proceeds of such Loans (or the relevant portion thereof) will be used to pay  Indebtedness of the type described in such item (a)(ii)(y), (b)(i), (b)(ii) or (b)(iii) and (y) to the  extent necessary, such Borrowing Base Certificate was prepared using the Borrower’s good faith  reasonable estimates of the information contained therein.    (c) At no time shall the Facility Usage exceed the current Borrowing Base as shown  on the most recently delivered Borrowing Base Certificate.  SECTION 7. ADDITIONAL PROVISIONS RELATING TO EURODOLLAR  RATE LOANS; CAPITAL ADEQUACY; TAXES.  7.1 Increased Cost.  (a) Increased Costs Generally.  If any Change in Law shall:  (i) impose, modify or deem applicable any reserve, special deposit,  compulsory loan, insurance charge or similar requirement against assets of,  deposits with or for the account of, or credit extended or participated in by, any  Lender (except any reserve requirement reflected in the LIBOR Rate);  (ii) subject any Recipient to any Taxes (other than (A) Indemnified  Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded  Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of  

 

  37    credit, commitments, or other obligations, or its deposits, reserves, other liabilities  or capital attributable thereto; or  (iii) impose on any Lender or the London interbank market any other  condition, cost or expense (other than Taxes) affecting this Agreement or Loans  made by such Lender or participation therein;  and the result of any of the foregoing shall be to increase the cost to such Lender or such other  Recipient of making, converting to, continuing or maintaining any Loan or of maintaining its  obligation to make any such Loan, or to increase the cost to such Lender, or to reduce the amount  of any sum received or receivable by such Lender or other Recipient hereunder (whether of  principal, interest or any other amount) then, upon request of such Lender or other Recipient, the  Borrower will pay to such Lender or other Recipient, as the case may be, such additional amount  or amounts as will compensate such Lender or the Issuing Lender or other Recipient, as the case  may be, for such additional costs incurred or reduction suffered.  (b) Capital Requirements.  If any Lender determines that any Change in Law  affecting such Lender or any Lending Office of such Lender or such Lender’s or the Issuing  Lender’s holding company, if any, regarding capital or liquidity requirements has or would  have the effect of reducing the rate of return on such Lender’s capital or on the capital of  such Lender’s holding company, if any, as a consequence of this Agreement, the  Commitments of such Lender or the Loans made by, to a level below that which such  Lender or such Lender’s holding company could have achieved but for such Change in  Law (taking into consideration such Lender’s policies and the policies of such Lender’s  holding company with respect to capital adequacy), then from time to time the Borrower  will pay to such Lender such additional amount or amounts as will compensate such Lender  or such Lender’s holding company for any such reduction suffered.  (c) Certificates for Reimbursement.  A certificate of a Lender setting forth the  amount or amounts necessary to compensate such Lender or its holding company, as the  case may be, as specified in paragraph (a) or (b) of this Section and delivered to the  Borrower shall be conclusive absent manifest error.  The Borrower shall pay such Lender  the amount shown as due on any such certificate within ten (10) days after receipt thereof.  (d) Delay in Requests.  Failure or delay on the part of any Lender Issuing  Lender to demand compensation pursuant to this Section shall not constitute a waiver of  such Lender’s right to demand such compensation, provided that the Borrower shall not be  required to compensate a Lender pursuant to this Section for any increased costs incurred  or reductions suffered more than nine (9) months prior to the date that such Lender, notifies  the Borrower of the Change in Law giving rise to such increased costs or reductions and  of such Lender’s intention to claim compensation therefor (except that, if the Change in  Law giving rise to such increased costs or reductions is retroactive, then the nine (9) month  period referred to above shall be extended to include the period of retroactive effect  thereof).  

 

  38    7.2 LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not  Available; LIBOR Undesirable.  (a) Unascertainable.  If on any date on which a LIBOR Rate would otherwise  be determined, the Administrative Agent shall have determined that:  (i) adequate and reasonable means do not exist for ascertaining such  LIBOR Rate, or  (ii) a contingency has occurred which materially and adversely affects  the London interbank eurodollar market relating to the LIBOR Rate,  then the Administrative Agent shall have the rights specified in Section 7.2(c).  (b) Illegality; Increased Costs; Deposits Not Available.  If at any time any  Lender shall have determined that:  (i) the making, maintenance or funding of any Loan to which the  LIBOR Rate Option applies has been made impracticable or unlawful by  compliance by such Lender in good faith with any Law or any interpretation or  application thereof by any Official Body or with any request or directive of any  such Official Body (whether or not having the force of Law), or  (ii) such LIBOR Rate will not adequately and fairly reflect the cost to  such Lender of the establishment or maintenance of any such Loan, or  (iii) after making all reasonable efforts, deposits of the relevant amount  in Dollars for the relevant Interest Period for a Loan, or to banks generally, to which  the LIBOR Rate applies, respectively, are not available to such Lender with respect  to such Loan, or to banks generally, in the interbank eurodollar market,  then the Administrative Agent shall have the rights specified in Section 7.2(c).  (c) Administrative Agent’s and Lender’s Rights.  In the case of any event  specified in Section 7.2 (a) above, the Administrative Agent shall promptly so notify the  Lenders and the Borrower thereof, and in the case of an event specified in Section 7.2 (b)  above, such Lender shall promptly so notify the Administrative Agent and endorse a  certificate to such notice as to the specific circumstances of such notice, and the  Administrative Agent shall promptly send copies of such notice and certificate to the other  Lenders and the Borrower.  Subject to Section 7.7, upon such date as shall be specified in  such notice (which shall not be earlier than the date such notice is given), the obligation of  (i) the Lenders, in the case of such notice given by the Administrative Agent, or (ii) such  Lender, in the case of such notice given by such Lender, to allow the Borrower to select,  convert to or renew a LIBOR Rate Loan shall be suspended until the Administrative Agent  shall have later notified the Borrower, or such Lender shall have later notified the  Administrative Agent, of the Administrative Agent’s or such Lender’s, as the case may be,  determination that the circumstances giving rise to such previous determination no longer  exist.  If at any time the Administrative Agent makes a determination under Section 7.2(a)  

 

  39    and the Borrower has previously notified the Administrative Agent of its selection of,  conversion to or renewal of a LIBOR Rate Loan and such interest rate election has not yet  gone into effect, such notification shall be deemed to provide for selection of, conversion  to or renewal of such Loan as a Base Rate Loan.  If any Lender notifies the Administrative  Agent of a determination under Section 7.2(b), the Borrower shall, subject to the  Borrower’s indemnification obligations under Section 7.3, as to any LIBOR Rate Loan of  the Lender applies, on the date specified in such notice either convert such LIBOR Rate  Loan to a Base Rate Loan otherwise available with respect to such Loan or prepay such  Loan in accordance with Section 6.2.  Absent due notice from the Borrower of conversion  or prepayment, such Loan shall automatically be converted to a Base Rate Loan otherwise  available with respect to such Loan upon such specified date.  7.3 Indemnity.  The Borrower will indemnify each Lender against any loss or  expense which such Lender may sustain or incur, including any loss or expense sustained or  incurred in obtaining, liquidating or employing deposits or other funds acquired to effect, fund or  maintain a Loan, due to (a) any failure by the Borrower to make any payment when due of any  amount due hereunder in connection with a LIBOR Rate Loan, (b) any payment or prepayment  (including any prepayment pursuant to Section 7.3 or 7.5) of any LIBOR Rate Loan on a date other  than the last day of the Interest Period for such Loan, (c) any assignment of a LIBOR Rate Loan  on a day other than the last day of the Interest Period therefor as a result of a request by the  Borrower pursuant to Section 7.5, or (d) any failure to convert a LIBOR Rate Loan into a Base  Rate Loan if required hereunder.  If any Lender sustains or incurs any such loss or expense, it shall  from time to time notify the Borrower, in writing, of the amount determined in good faith by such  Lender (which determination may include such assumptions, allocations of costs and expenses and  averaging or attribution methods as such Lender shall deem reasonable) to be necessary to  indemnify such Lender for such loss or expense.  Such notice shall set forth in reasonable detail  the basis for such determination.  Such amount shall be due and payable by the Borrower to such  Lender ten (10) Business Days after such notice is given.  7.4 Designation of a Different Lending Office.  If any Lender requests compensation  under Section 7.1, or the Borrower is or will be required to pay any Indemnified Taxes or additional  amounts to any Lender or any Official Body for the account of any Lender pursuant to Section 7.6,  then such Lender shall (at the request of the Borrower) use reasonable efforts to designate a  different Lending Office for funding or booking its Loans hereunder or to assign its rights and  obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such  Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant  to Section 7.1 or Section 7.6, as the case may be, in the future, and (ii) would not subject such  Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such  Lender.  The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any  Lender in connection with any such designation or assignment.  7.5 Special Prepayment; Replacement of Lender.  If any Lender makes any demand  for payment of any amount pursuant to Sections 7.1, 7.2 or 7.6, gives any notice pursuant to  Section 7.2 or 7.3 or is a Defaulting Lender (any such Lender, an “Affected Lender”), then the  Borrower may, with the prior written consent of the Administrative Agent, either (i) reduce or  terminate the Commitments of such Affected Lender and immediately prepay the applicable  outstanding Liabilities owed to such Affected Lender (or all outstanding Liabilities owed to such  

 

  40    Affected Lender in the case of a termination) so that, after giving effect to such prepayment, such  Affected Lender has a pro rata share (based on its revised Percentage after giving effect to such  reduction) of the outstanding Loans, together with all accrued and unpaid interest thereon, and/or  (ii) cause such Affected Lender to assign its Commitments, its Loans and its interest in this  Agreement and the other Loan Documents to one or more other Eligible Assignees (any such  assignee, together with all Lenders other than such Affected Lender, the “Remaining Lenders”)  selected by the Borrower and acceptable to the Administrative Agent.  Any assignment made  pursuant to clause (ii) above shall be in accordance with Section 14.8 (but without giving effect to  any provision of such Section which restricts the minimum or maximum amount which is  permitted to be assigned).  Any Affected Lender that is replaced pursuant to clause (ii) of this  Section 7.5 shall be entitled to receive (x) from such Eligible Assignees to which its Commitments  and Loans are assigned, its pro rata share (based on its Percentage prior to giving effect to such  assignment) of the outstanding Loans and (y) from the Borrower, all accrued and unpaid interest  thereon, any other outstanding Liabilities owed to such Lender (to the extent not paid pursuant to  the immediately preceding clause (x)), and any additional amount which is payable pursuant to  Section 7.1 or otherwise hereunder.  If any reduction or termination of any Affected Lender’s Commitment is made pursuant to  clause (i) above, then (A) the Aggregate Commitment Amount shall be reduced by an amount  equal to the aggregate amount of the Commitment so reduced or terminated, and (B) each  Remaining Lender’s (and, in the case of a reduction, such Affected Lender’s) share or percentage  of the Aggregate Commitment Amount, as so reduced, shall be deemed proportionately adjusted;  it being understood that the amount of any Lender’s Commitment (as opposed to any Lender’s  share or percentage of the Aggregate Commitment Amount) shall not at any time be increased  without the consent of such Lender.  7.6 Taxes.    (a) FATCA.  For purposes of this Section 7.6, the term “applicable Law”  includes FATCA.  (b) Payments Free of Taxes.  Any and all payments by or on account of any  obligation of the Borrower 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  Official Body in accordance with applicable Law and, if such Tax is an Indemnified Tax,  then the sum payable by the Borrower shall be increased as necessary so that after such  deduction or withholding of Indemnified Taxes has been made (including such deductions  and withholdings applicable to additional sums payable under this Section 7.6) the  applicable Recipient receives an amount equal to the sum it would have received had no  such deduction or withholding of Indemnified Taxes been made.  

 

  41    (c) Payment of Other Taxes by the Borrower.  The Borrower shall timely pay  to the relevant Official Body in accordance with applicable Law, or at the option of the  Administrative Agent timely reimburse it for the payment of, any Other Taxes.  (d) Indemnification by the Borrower.  The Borrower shall indemnify each  Recipient, within ten (10) days after demand therefor, for the full amount of any  Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to  amounts payable under this Section 7.6) 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 Official Body.  A certificate as to  the amount of such payment or liability delivered to the Borrower by a Lender (with a copy  to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf  of a Lender, shall be conclusive absent manifest error.  (e) Indemnification by the Lenders.  Each Lender shall severally indemnify the  Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified  Taxes attributable to such Lender (but only to the extent that the Borrower has not already  indemnified the Administrative Agent for such Indemnified Taxes and without limiting the  obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to  comply with the provisions of Section 14.10 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 Official Body.  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 Section 7.6(e).  (f) Evidence of Payments.  As soon as practicable after any payment of Taxes  by the Borrower to an Official Body pursuant to this Section 7.6 the Borrower shall deliver  to the Administrative Agent the original or a certified copy of a receipt issued by such  Official Body evidencing such payment, a copy of the return reporting such payment or  other evidence of such payment reasonably satisfactory to the Administrative Agent.  (g) Status of Lenders.    (i) Any Lender that is entitled to an exemption from or reduction of  withholding Tax with respect to payments made under any Loan Document shall  deliver to the Borrower and the Administrative Agent, at the time or times  reasonably requested by the Borrower or the Administrative Agent, such properly  completed and executed documentation reasonably requested by the Borrower or  the Administrative Agent as will permit such payments to be made without  withholding or at a reduced rate of withholding.  In addition, any Lender, if  

 

  42    reasonably requested by the Borrower or the Administrative Agent, shall deliver  such other documentation prescribed by applicable Law or reasonably requested by  the Borrower or the Administrative Agent as will enable the Borrower or the  Administrative Agent to determine whether or not such Lender is subject to backup  withholding or information reporting requirements.  Notwithstanding anything to  the contrary in the preceding two sentences, the completion, execution and  submission of such documentation (other than such documentation specified in  Section 7.6.(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the  Lender’s reasonable judgment such completion, execution or submission would  subject such Lender to any material unreimbursed cost or expense or would  materially prejudice the legal or commercial position of such Lender.  (ii) Without limiting the generality of the foregoing, in the event that the  Borrower is a U.S. Person,  (1) any Lender that is a U.S. Person shall deliver to the Borrower  and the Administrative Agent on or prior to the date on which such Lender becomes a Lender  under this Agreement (and from time to time thereafter upon the reasonable request of the  Borrower or the Administrative Agent), executed originals of IRS Form W-9 certifying that such  Lender is exempt from U.S. federal backup withholding tax;  (2) any Foreign Lender shall, to the extent it is legally entitled  to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall  be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a  Lender under this Agreement (and from time to time thereafter upon the reasonable request of the  Borrower or the Administrative Agent), whichever of the following is applicable:  a. in the case of a Foreign Lender claiming the benefits  of an income tax treaty to which the United States is a party (x) with respect to payments of interest  under any Loan Document, executed originals of IRS Form W-8BEN-E (or W-8BEN if 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-E (or W-8BEN if 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;  b. executed originals of IRS Form W-8ECI;  c. 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) a “bank”  within the meaning of Section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the  Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (C) 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-E (or W-8BEN if applicable); or  

 

  43    d. to the extent a Foreign Lender is not the beneficial  owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form  W-8BEN-E (or W-8BEN if 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;  (3) any Foreign Lender shall, to the extent it is legally entitled  to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall  be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a  Lender under this Agreement (and from time to time thereafter upon the reasonable request of the  Borrower or the Administrative Agent), executed originals of any other form prescribed by  applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding  Tax, duly completed, together with such supplementary documentation as may be prescribed by  applicable Law to permit the Borrower or the Administrative Agent to determine the withholding  or deduction required to be made; and  (4) if a payment made to a Lender under any Loan Document  would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail  to comply with the applicable reporting requirements of FATCA (including those contained in  Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower  and the Administrative Agent at the time or times prescribed by law and at such time or times  reasonably requested by the Borrower or the Administrative Agent such documentation prescribed  by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such  additional documentation reasonably requested by the Borrower or the Administrative Agent as  may be necessary for the Borrower and the Administrative Agent to comply with their obligations  under FATCA and to determine that such Lender has complied with such Lender’s obligations  under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for  purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the  date of this Agreement.  Each Lender agrees that if any form or certification it previously delivered expires or  becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly  notify the Borrower and the Administrative Agent in writing of its legal inability to do so.  (h) 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 7.6 (including by the payment of additional amounts  pursuant to this Section 7.6), 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 7.6 with  respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including  Taxes) of such indemnified party incurred in connection with obtaining such refund and  without interest (other than any interest paid by the relevant Official Body 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 Section 7.6 (h) (plus  

 

  44    any penalties, interest or other charges imposed by the relevant Official Body) in the event  that such indemnified party is required to repay such refund to such Official Body.   Notwithstanding anything to the contrary in this Section 7.6 (h)), in no event will the  indemnified party be required to pay any amount to an indemnifying party pursuant to this  Section 7.6 (h) the payment of which would place the indemnified party in a less favorable  net after-Tax position than the indemnified party would have been in if the Tax subject to  indemnification and giving rise to such refund had not been deducted, withheld or  otherwise imposed and the indemnification payments or additional amounts with respect  to such Tax had never been paid.  This paragraph shall not be construed to require any  indemnified party to make available its Tax returns (or any other information relating to its  Taxes that it deems confidential) to the indemnifying party or any other Person.  (i) Survival.  Each party’s obligations under this Section 7.6 shall survive the  resignation of the Administrative Agent or any assignment of rights by, or the replacement  of, a Lender, the termination of the Commitments and the repayment, satisfaction or  discharge of all Liabilities.  7.7 Benchmark Replacement Setting.Announcements Related to LIBOR.  On  March 5, 2021, the ICE Benchmark Administration, the administrator of LIBOR (the “IBA”) and  the U.K. Financial Conduct Authority, the regulatory supervisor for the IBA, announced in a public  statement the future cessation or loss of representativeness of overnight/Spot Next, 1-month, 3- month, 6-month and 12-month USD LIBOR tenor settings (collectively, the “Cessation  Announcements”).  (b) Benchmark Replacement. Notwithstanding anything to the contrary herein  or in any other Loan Document, if a Benchmark Transition Event or an Early Opt-in  Election, as applicable, and its related Benchmark Replacement Date have occurred prior  to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if  a Benchmark Replacement is determined, in consultation with the Borrower, in accordance  with clause (1) or (2) of the definition of “Benchmark Replacement” for such Benchmark  Replacement Date, such Benchmark Replacement will replace such Benchmark for all  purposes hereunder and under any Loan Document in respect of such Benchmark setting  and subsequent Benchmark settings without any amendment to, or further action or consent  of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark  Replacement is determined, in consultation with the Borrower, in accordance with clause  (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date,  such Benchmark Replacement will replace such Benchmark for all purposes hereunder and  under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New  York City time) on the fifth (5th) Business Day after the date notice of such Benchmark  Replacement is provided to the Lenders without any amendment to, or further action or  consent of any other party to, this Agreement or any other Loan Document so long as the  Administrative Agent has not received, by such time, written notice of objection to such  Benchmark Replacement from Lenders comprising the Majority Lenders.  (c) Benchmark Replacement Conforming Changes. In connection with the  implementation of a Benchmark Replacement, the Administrative Agent will have the right  to make Benchmark Replacement Conforming Changes from time to time and,  

 

  45    notwithstanding anything to the contrary herein or in any other Loan Document, any  amendments implementing such Benchmark Replacement Conforming Changes will  become effective without any further action or consent of any other party to this Agreement  or any other Loan Document.  (d) Notices; Standards for Decisions and Determinations. The Administrative  Agent will promptly notify the Borrower and the Lenders of (1) any occurrence of a  Benchmark Transition Event (other than a Benchmark Transition Event with respect to  USD LIBOR resulting from the Cessation Announcements), a Term SOFR Transition  Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement  Date, (2) the implementation of any Benchmark Replacement, (3) the effectiveness of any  Benchmark Replacement Conforming Changes, (4) the removal or reinstatement of any  tenor of a Benchmark pursuant to paragraph (e) below and (5) the commencement or  conclusion of any Benchmark Unavailability Period. Any determination, decision or  election that may be made by the Administrative Agent or, if applicable, any Lender (or  group of Lenders) pursuant to this Section titled “Benchmark Replacement Setting,”  including any determination with respect to a tenor, rate or adjustment or of the occurrence  or non-occurrence of an event, circumstance or date and any decision to take or refrain  from taking any action or any selection, will be conclusive and binding absent manifest  error and may be made in its or their sole discretion and without consent from any other  party to this Agreement or any other Loan Document, except, in each case, as expressly  required pursuant to this Section titled “Benchmark Replacement Setting.”  (e) Unavailability of Tenor of Benchmark. Notwithstanding anything to the  contrary herein or in any other Loan Document, at any time (including in connection with  the implementation of a Benchmark Replacement), (1) if the then-current Benchmark is a  term rate (including Term SOFR or USD LIBOR ) and either (A) any tenor for such  Benchmark is not displayed on a screen or other information service that publishes such  rate from time to time as selected by the Administrative Agent in its reasonable discretion  or (B) the regulatory supervisor for the administrator of such Benchmark has provided a  public statement or publication of information announcing that any tenor for such  Benchmark is or will be no longer representative, then the Administrative Agent may  modify the definition of “Interest Period” for any Benchmark settings at or after such time  to remove such unavailable or non-representative tenor and (2) if a tenor that was removed  pursuant to clause (1) above either (A) is subsequently displayed on a screen or information  service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no  longer, subject to an announcement that it is or will no longer be representative for a  Benchmark (including a Benchmark Replacement), then the Administrative Agent may  modify the definition of “Interest Period” for all Benchmark settings at or after such time  to reinstate such previously removed tenor.  (f) Benchmark Unavailability Period. Upon the Borrower’s receipt of notice of  the commencement of a Benchmark Unavailability Period, the Borrower may revoke any  request for a Loan bearing interest based on USD LIBOR, conversion to or continuation of  Loans bearing interest based on USD LIBOR to be made, converted or continued during  any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to  have converted any such request into a request for a Loan of or conversion to Loans bearing  

 

  46    interest under the Base Rate. During any Benchmark Unavailability Period or at any time  that a tenor for the then-current Benchmark is not an Available Tenor, the component of  the Base Rate based upon the then-current Benchmark or such tenor for such Benchmark,  as applicable, will not be used in any determination of the Base Rate.  (g) Secondary Term SOFR Conversion. Notwithstanding anything to the  contrary herein or in any other Loan Document and subject to the proviso below in this  paragraph, if a Term SOFR Transition Event and its related Benchmark Replacement Date  have occurred prior to the Reference Time in respect of any setting of the then-current  Benchmark, then, subject to consultation with the Borrower, (1) the applicable Benchmark  Replacement will replace the then-current Benchmark for all purposes hereunder or under  any Loan Document in respect of such Benchmark setting (the “Secondary Term SOFR  Conversion Date”) and subsequent Benchmark settings, without any amendment to, or  further action or consent of any other party to, this Agreement or any other Loan Document;  and (2) Loans outstanding on the Secondary Term SOFR Conversion Date bearing interest  based on the then-current Benchmark shall be deemed to have been converted to Loans  bearing interest at the Benchmark Replacement with a tenor approximately the same length  as the interest payment period of the then-current Benchmark; provided that, this paragraph  (g) shall not be effective unless the Administrative Agent has delivered to the Lenders and  the Borrower a Term SOFR Notice.  (h) Certain Defined Terms. As used in this Section titled “Benchmark  Replacement Setting”:  “Available Tenor” means, as of any date of determination and with respect to the  then-current Benchmark, as applicable, (x) if the then current Benchmark is a term rate or  is based on a term rate, any tenor for such Benchmark that is or may be used for determining  the length of an Interest Period pursuant to this Agreement as of such date and not  including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed  from the definition of “Interest Period” pursuant to paragraph (v) of this Section titled  “Benchmark Replacement Setting”, or (y) if the then current Benchmark is neither a term  rate nor based on a term rate, any payment period for interest calculated with reference to  such Benchmark pursuant to this Agreement as of such date.  “Benchmark” means, initially, USD LIBOR; provided that if a Benchmark  Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as  applicable, and its related Benchmark Replacement Date have occurred with respect to  USD LIBOR or the then-current Benchmark, then “Benchmark” means the applicable  Benchmark Replacement to the extent that such Benchmark Replacement has replaced  such prior benchmark rate pursuant to paragraph (i) of this Section titled “Benchmark  Replacement Setting.”  “Benchmark Replacement” means, for any Available Tenor, the first alternative set  forth in the order below that can be determined by the Administrative Agent for the  applicable Benchmark Replacement Date:   

 

  47    (1) the sum of: (A) Term SOFR and (B) the related Benchmark Replacement  Adjustment;   (2) the sum of: (A) Daily Simple SOFR  and (B) the related Benchmark  Replacement Adjustment;   (3) the sum of: (A) the alternate benchmark rate that has been selected by the  Administrative Agent and the Borrower as the replacement for the then-current Benchmark  for the applicable Corresponding Tenor giving due consideration to (I) any selection or  recommendation of a replacement benchmark rate or the mechanism for determining such  a rate by the Relevant Governmental Body or (II) any evolving or then-prevailing market  convention for determining a benchmark rate as a replacement for the then-current  Benchmark for U.S. dollar-denominated syndicated credit facilities at such time and (B)  the related Benchmark Replacement Adjustment;   provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is  displayed on a screen or other information service that publishes such rate from time to  time as selected by the Administrative Agent in its reasonable discretion; provided, further,  that, with respect to a Term SOFR Transition Event, on the applicable Benchmark  Replacement Date, the “Benchmark Replacement” shall revert to and shall be determined  as set forth in clause (1) of this definition. If the Benchmark Replacement as determined  pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark  Replacement will be deemed to be the Floor for the purposes of this Agreement and the  other Loan Documents.  The Floor for purposes of this Agreement shall be zero.  “Benchmark Replacement Adjustment” means, with respect to any replacement of  the then-current Benchmark with an Unadjusted Benchmark Replacement for any  applicable Available Tenor for any setting of such Unadjusted Benchmark Replacement:   (1)  for purposes of clauses (1) and (2) of the definition of “Benchmark  Replacement,” the applicable amount(s) set forth below:  Available Tenor Benchmark Replacement Adjustment  (%)*    One-Month 0.11448 (11.448 basis points)  Three-Months 0.26161 (26.161 basis points)  Six-Months 0.42826 (42.826 basis points)  

 

  48      * These values represent the ARRC/ISDA recommended spread adjustment  values available here: https://assets.bbhub.io/professional/sites/10/IBOR- Fallbacks-LIBOR-Cessation_Announcement_20210305.pdf    (2)  for purposes of clause (3) of the definition of “Benchmark Replacement,”  the spread adjustment, or method for calculating or determining such spread adjustment,  (which may be a positive or negative value or zero) that has been selected by the  Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due  consideration to (A) any selection or recommendation of a spread adjustment, or method  for calculating or determining such spread adjustment, for the replacement of such  Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant  Governmental Body on the applicable Benchmark Replacement Date or (B) any evolving  or then-prevailing market convention for determining a spread adjustment, or method for  calculating or determining such spread adjustment, for the replacement of such Benchmark  with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated  syndicated credit facilities;   provided that, (x) in the case of clause (1) above, such adjustment is displayed on a screen  or other information service that publishes such Benchmark Replacement Adjustment from  time to time as selected by the Administrative Agent in its reasonable discretion and (y) if  the then-current Benchmark is a term rate, more than one tenor of such Benchmark is  available as of the applicable Benchmark Replacement Date and the applicable Unadjusted  Benchmark Replacement will not be a term rate, the Available Tenor of such Benchmark  for purposes of this definition of “Benchmark Replacement Adjustment” shall be deemed  to be the Available Tenor that has approximately the same length (disregarding business  day adjustments) as the payment period for interest calculated with reference to such  Unadjusted Benchmark Replacement  “Benchmark Replacement Conforming Changes” means, with respect to any  Benchmark Replacement, any technical, administrative or operational changes (including  changes to the definition of “Base Rate,” the definition of “Business Day,” the definition  of “Interest Period,” timing and frequency of determining rates and making payments of  interest, timing of borrowing requests or prepayment, conversion or continuation notices,  length of lookback periods, the applicability of breakage provisions, and other technical,  administrative or operational matters) that the Administrative Agent decides may be  appropriate to reflect the adoption and implementation of such Benchmark Replacement  and to permit the administration thereof by the Administrative Agent in a manner  substantially consistent with market practice (or, if the Administrative Agent decides that  adoption of any portion of such market practice is not administratively feasible or if the  Administrative Agent determines that no market practice for the administration of such  Benchmark Replacement exists, in such other manner of administration as the  Administrative Agent decides is reasonably necessary in connection with the  administration of this Agreement and the other Loan Documents).  

 

  49    “Benchmark Replacement Date” means the earliest to occur of the following events  with respect to the then-current Benchmark:    (1)  in the case of clause (1) or (2) of the definition of “Benchmark Transition  Event,” the later of (a) the date of the public statement or publication of information  referenced therein (which the parties acknowledge occurred on March 5, 2021 with respect  to USD LIBOR as a result of the Cessation Announcements) and (b) the date on which the  administrator of such Benchmark (or the published component used in the calculation  thereof) permanently or indefinitely ceases to provide all Available Tenors of such  Benchmark (or such component thereof);   (2)  in the case of clause (3) of the definition of “Benchmark Transition Event,”  the date determined by the Administrative Agent, which date shall promptly follow the  date of the public statement or publication of information referenced therein;   (3)  in the case of a Term SOFR Transition Event, the date that is set forth in the  Term SOFR Notice provided to the Lenders and the Borrower pursuant to this Section  titled “Benchmark Replacement Setting”, which date shall be at least thirty (30) days from  the date of the Term SOFR Notice; or  (4)  in the case of an Early Opt-in Election, the sixth (6th) Business Day after  the date notice of such Early Opt-in Election is provided to the Lenders, so long as the  Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth  (5th) Business Day after the date notice of such Early Opt-in Election is provided to the  Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising  the Majority Lenders.   For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date  occurs on the same day as, but earlier than, the Reference Time in respect of any  determination, the Benchmark Replacement Date will be deemed to have occurred prior to  the Reference Time for such determination and (ii) the “Benchmark Replacement Date”  will be deemed to have occurred in the case of clause (1) or (2) with respect to any  Benchmark upon the occurrence of the applicable event or events set forth therein with  respect to all then-current Available Tenors of such Benchmark (or the published  component used in the calculation thereof).  “Benchmark Transition Event” means the occurrence of one or more of the  following events with respect to the then-current Benchmark:   (1)  a public statement or publication of information by or on behalf of the  administrator of such Benchmark (or the published component used in the calculation  thereof) announcing that such administrator has ceased or will cease to provide all  Available Tenors of such Benchmark (or such component thereof), permanently or  indefinitely, provided that, at the time of such statement or publication, there is no  successor administrator that will continue to provide any Available Tenor of such  Benchmark (or such component thereof);   

 

  50    (2)  a public statement or publication of information by an Official Body having  jurisdiction over the Administrative Agent, the regulatory supervisor for the administrator  of such Benchmark (or the published component used in the calculation thereof), the  Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with  jurisdiction over the administrator for such Benchmark (or such component), a resolution  authority with jurisdiction over the administrator for such Benchmark (or such component)  or a court or an entity with similar insolvency or resolution authority over the administrator  for such Benchmark (or such component), which states that the administrator of such  Benchmark (or such component) has ceased or will cease to provide all Available Tenors  of such Benchmark (or such component thereof) permanently or indefinitely, provided that,  at the time of such statement or publication, there is no successor administrator that will  continue to provide any Available Tenor of such Benchmark (or such component thereof);  or   (3)  a public statement or publication of information by the regulatory  supervisor for the administrator of such Benchmark (or the published component used in  the calculation thereof) or an Official Body having jurisdiction over the Administrative  Agent announcing that all Available Tenors of such Benchmark (or such component  thereof) are no longer representative.   For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have  occurred with respect to any Benchmark if a public statement or publication of information  set forth above has occurred with respect to each then-current Available Tenor of such  Benchmark (or the published component used in the calculation thereof). The parties hereto  acknowledge that a Benchmark Transition Event as defined in clauses (1) and (2) above  occurred on March 5, 2021 with respect to USD LIBOR as a result of the Cessation  Announcements, but no related Benchmark Replacement Date occurred as of such date.  “Benchmark Unavailability Period” means the period (if any) (x) beginning at the  time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition  has occurred if, at such time, no Benchmark Replacement has replaced the then-current  Benchmark for all purposes hereunder and under any Loan Document in accordance with  this Section titled “Benchmark Replacement Setting” and (y) ending at the time that a  Benchmark Replacement has replaced the then-current Benchmark for all purposes  hereunder and under any Loan Document in accordance with this Section titled  “Benchmark Replacement Setting.”  “Corresponding Tenor” with respect to any Available Tenor means, as applicable,  either a tenor (including overnight) or an interest payment period having approximately the  same length (disregarding business day adjustment) as such Available Tenor.  “Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate  (which will include a lookback) being established by the Administrative Agent in  accordance with the conventions for this rate selected or recommended by the Relevant  Governmental Body for determining “Daily Simple SOFR” for business loans; provided,  that if the Administrative Agent decides that any such convention is not administratively  

 

  51    feasible for the Administrative Agent, then the Administrative Agent may establish another  convention in its reasonable discretion.  “Early Opt-in Election” means, if the then-current Benchmark is USD LIBOR, the  occurrence of:   (1)  a notification by the Administrative Agent to (or the request by the  Borrower to the Administrative Agent to notify) each of the other parties hereto that at least  five currently outstanding U.S. dollar-denominated syndicated credit facilities at such time  contain (as a result of amendment or as originally executed) a SOFR-based rate (including  SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such  syndicated credit facilities are identified in such notice and are publicly available for  review), and   (2)  the joint election by the Administrative Agent and the Borrower to trigger  a fallback from USD LIBOR and the provision by the Administrative Agent of written  notice of such election to the Lenders.  “Floor” means the benchmark rate floor, if any, provided in this Agreement initially  (as of the execution of this Agreement, the modification, amendment or renewal of this  Agreement or otherwise) with respect to USD LIBOR or, if no floor is specified, zero.  “ISDA Definitions” means the 2006 ISDA Definitions published by the  International Swaps and Derivatives Association, Inc. or any successor thereto, as amended  or supplemented from time to time, or any successor definitional booklet for interest rate  derivatives published from time to time by the International Swaps and Derivatives  Association, Inc. or such successor thereto.  “Reference Time” with respect to any setting of the then-current Benchmark means  (1) if such Benchmark is USD LIBOR, 11:00 a.m. (London time) on the day that is two  London banking days preceding the date of such setting, and (2) if such Benchmark is not  USD LIBOR, the time determined by the Administrative Agent in its reasonable discretion.  “Relevant Governmental Body” means the Federal Reserve Board or the Federal  Reserve Bank of New York, or a committee officially endorsed or convened by the Federal  Reserve Board or the Federal Reserve Bank of New York, or any successor thereto.  “SOFR” means, with respect to any Business Day, a rate per annum equal to the  secured overnight financing rate for such Business Day published by the SOFR  Administrator on the SOFR Administrator’s Website at approximately 8:00 a.m. (New  York City time) on the immediately succeeding Business Day.  “SOFR Administrator” means the Federal Reserve Bank of New York (or a  successor administrator of the secured overnight financing rate).  “SOFR Administrator’s Website” means the website of the Federal Reserve Bank  of New York, currently at http://www.newyorkfed.org, or any successor source for the  

 

  52    secured overnight financing rate identified as such by the SOFR Administrator from time  to time.  “Term SOFR” means, for the applicable Corresponding Tenor as of the applicable  Reference Time, the forward-looking term rate based on SOFR that has been selected or  recommended by the Relevant Governmental Body.  “Term SOFR Notice” means a notification by the Administrative Agent to the  Lenders and the Borrower of the occurrence of a Term SOFR Transition Event.    “Term SOFR Transition Event” means the determination by the Administrative  Agent that (1) Term SOFR has been recommended for use by the Relevant Governmental  Body, and is determinable for each Available Tenor, (2) the administration of Term SOFR  is administratively feasible for the Administrative Agent and (3) a Benchmark Transition  Event has previously occurred resulting in a Benchmark Replacement in accordance with  Section titled “Benchmark Replacement Setting” that is not Term SOFR.    “Unadjusted Benchmark Replacement” means the applicable Benchmark  Replacement excluding the related Benchmark Replacement Adjustment.    “USD LIBOR” means the London interbank offered rate for U.S. dollars.    SECTION 8. COLLATERAL.  To secure the full and prompt payment when due, and the prompt performance, of all of  the Liabilities, the Borrower hereby grants to the Collateral Agent, for the benefit of the Lenders  and the Administrative Agent, pursuant to the Collateral Documents, a security interest, mortgage  and lien upon the assets described as Collateral in the Security and Intercreditor Agreement.  SECTION 9. REPRESENTATIONS AND WARRANTIES.  To induce the Administrative Agent and the Lenders to enter into this Agreement and make  Loans, the Borrower represents and warrants as of the Closing Date that:  9.1 Existence.  The Borrower and all of its corporate Restricted Subsidiaries are duly  organized, validly existing and in good standing (or its equivalent) under the laws of the  jurisdiction of its organization except where the failure to be so duly organized, validly existing  and in good standing, either individually or in the aggregate, would not reasonably be expected to  have a Material Adverse Effect.  The Borrower and all of its Subsidiaries are each in good standing  (or its equivalent) and are duly qualified to do business in each jurisdiction where, because of the  nature of their respective activities or properties, failure to be in such good standing or so qualified  would have a Material Adverse Effect.  9.2 Authorization; Validity and Enforceability.    (a) The Borrower has the corporate power and authority to execute, deliver and  carry out the terms and provisions of the Loan Documents to which it is a party and has  taken all necessary corporate action to authorize the execution, delivery and performance  

 

  53    of the Loan Documents to which it is a party, and the borrowings hereunder, and the  granting of any security interest provided for in the Loan Documents, do not and will not  require any consent or approval of any Official Body, stockholder or any other Person,  which has not already been obtained. The Borrower has duly executed and delivered each  Loan Document to which it is a party and each such Loan Document constitutes the legal,  valid and binding obligation of Borrower enforceable in accordance with its terms, except  to the extent that the enforceability thereof may be limited by applicable bankruptcy,  insolvency, reorganization, moratorium or similar laws generally affecting creditors’ rights  and by equitable principles (regardless of whether enforcement is sought in equity or at  law).  (b) The Security and Intercreditor Agreement is effective to create in favor of  the Collateral Agent a legal, valid and enforceable security interest in the Collateral  described therein and proceeds thereof.  The Borrower has filed all financing statements  and other filings in the appropriate office therefor and has taken all other action required  in the United States and Bermuda to create a perfected security interest in the Collateral to  the extent a security interest may be perfected by filing a financing statement (other than a  fixture filing) under the Uniform Commercial Code.  Upon the execution and delivery of  the Supplemental Agreement to be delivered pursuant to Section 11.1(f), the  Administrative Agent and the Lenders party hereto will be entitled to the benefit of the  Collateral Agent’s security interest in the Collateral in accordance with the Collateral  Documents.  9.3 No Conflicts.  The execution, delivery and performance by the Borrower of this  Agreement, the Notes, the Security and Intercreditor Agreement, the Intercreditor Collateral  Agreement and the other Loan Documents to which it is a party do not and will not present a  material conflict with, or constitute a material breach of, or default under (a) any provision of law,  (b) the memorandum of association or bye-laws of the Borrower, (c) any material agreement or  instrument binding upon the Borrower or (d) any court or administrative order or decree applicable  to the Borrower, and do not and will not require, or result in, the creation or imposition of any Lien  on any asset of the Borrower or any of its Restricted Subsidiaries, other than Liens arising pursuant  to the Security and Intercreditor Agreement or the Intercreditor Collateral Agreement.  9.4 No Default.  No Unmatured Event of Default or Event of Default has occurred  and is continuing or would result from the consummation of the transactions consummated by this  Agreement or any other Loan Document.  9.5 Insurance.  Schedule 9.5 is a complete and accurate description, in all material  respects, of the property, casualty and liability insurance maintained by the Borrower as of the  Closing Date.  The certificates or copies of policies evidencing the Borrower’s insurance coverage,  which have been furnished to the Administrative Agent and which are referenced in Schedule 9.5,  are complete and accurate in all material respects.  9.6 Litigation.  Except as disclosed on Schedule 9.6, there are no actions, suits,  proceedings or investigations pending or, to the Borrower’s knowledge, threatened in writing with  respect to (a) any Loan Document or (b) any other matter as to which there is a reasonable  

 

  54    possibility of an adverse determination and that, if adversely determined, either individually or in  the aggregate, would reasonably be expected to have a Material Adverse Effect.  9.7 Title; Liens.  The Borrower and its Restricted Subsidiaries have good, legal and  marketable title to each of their respective assets, and none of such assets is subject to any Lien,  except for Permitted Liens.  No financing statement (other than any which may have been filed on  behalf of the Collateral Agent or in connection with any Permitted Lien) covering any of the  Collateral is on file in any public office.  9.8 Subsidiaries.  As of the Closing Date, (a) the Borrower has no Subsidiaries  except as listed on Schedule 9.8, (b) the Borrower and its Subsidiaries own the percentage of its  Subsidiaries as set forth on Schedule 9.8 and (c) Schedule 9.8 identifies each Subsidiary that is an  Unrestricted Subsidiary of the Borrower on the Closing Date.  All equity interests in each  Subsidiary have been validly issued, are fully paid and are non-assessable.  9.9 Partnerships; Limited Liability Companies.  As of the Closing Date, neither the  Borrower nor any of its Restricted Subsidiaries is a partner, member or joint venturer in any  partnership, limited liability company or joint venture other than the partnerships, limited liability  companies and joint ventures, if any, listed on Schedule 9.9.  9.10 Purpose; Use of Proceeds.  The proceeds of the Loans will be used by the  Borrower for its working capital, for the refinancing or repayment of existing Indebtedness, for its  purchase of Container Equipment and for general corporate purposes (including the payment of  dividends to its stockholders).  9.11 Margin Regulations.  The Borrower and its Subsidiaries are not engaged in the  business of purchasing or selling “margin stock”, as such term is defined in Regulation U of the  FRB, or extending credit to others for the purpose of purchasing or carrying margin stock and no  part of the proceeds of any Loan will be used to purchase or carry any margin stock or for any  other purpose which would violate any of Regulation T, U or X of the FRB.  9.12 Compliance.  (a) The Borrower and its Restricted Subsidiaries are in compliance  with all statutes and governmental rules and regulations applicable to them, their businesses and  properties, except for any noncompliance which is not reasonably likely to have a Material  Adverse Effect.  (b) No Covered Entity (i) is a person whose property or interest in property is  blocked or subject to blocking pursuant to Section 1 of Executive Order No. 13224 or (ii)  engages in any dealings or transactions prohibited by Section 2 of such executive order, or  is otherwise associated with any such person in any manner violative of Section 2.  (c) Each Covered Entity 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 Uniting And Strengthening  America By Providing Appropriate Tools Required To Intercept And Obstruct Terrorism  (USA Patriot Act of 2001).  

 

  55    9.13 ERISA Compliance.  The Borrower and each ERISA Affiliate are each in  compliance in all material respects with the applicable provisions of ERISA and the regulations  and published interpretations thereunder with respect to each Pension Plan and Multiemployer  Plan.  No ERISA Event has occurred or is reasonably expected to occur that, when taken together  with all other such ERISA Events, could reasonably be expected to result in any liability of the  Borrower or any ERISA Affiliate in excess of $20,000,000.  The present value of all benefit  liabilities under each Pension Plan (based on the assumptions used for purposes of ASC 715) did  not, as of the last annual valuation date applicable thereto, exceed by more than $15,000,000 the  fair market value of the assets of such Pension Plan, and the present value of all benefit liabilities  of all underfunded Pension Plans (based on the assumptions used for purposes of ASC 715) did  not, as of the last annual valuation date applicable thereto, exceed by more than $20,000,000 the  fair market value of the assets of all such underfunded Pension Plans.  9.14 Environmental Matters.  The Borrower, to the best of its knowledge, is and has  been in material compliance with applicable Environmental Laws except as disclosed on Schedule  9.14; provided that such matters so disclosed could not in the aggregate result in a Material  Adverse Effect.  9.15 Taxes.  Each of the Borrower and each of its Restricted Subsidiaries has filed all  tax returns which are required to have been filed and has paid, or made adequate provisions for the  payment of, all of its Taxes which are due and payable, except such Taxes, if any, (a) as are being  contested in good faith and by appropriate proceedings and as to which such reserves or other  appropriate provisions as may be required by GAAP have been maintained; or (b) the amount of  which is not material.  As of the date of this Agreement, the Borrower is not aware of any proposed  assessment against the Borrower or any of its Restricted Subsidiaries for additional Taxes which  might be material to the Borrower and its Restricted Subsidiaries taken as a whole.  9.16 Investment Company Act Representation.  The Borrower is not an “investment  company” or a company “controlled” by an “investment company” within the meaning of the  Investment Company Act of 1940.  9.17 Accuracy of Information.  All factual information, other than financial  projections, heretofore or contemporaneously furnished by the Borrower in writing to the  Administrative Agent or any Lender for purposes of or in connection with this Agreement or any  transaction contemplated hereby is, and all other such factual information hereafter furnished by  the Borrower to the Administrative Agent or any Lender will be, true and accurate in every material  respect on the date as of which such information is dated or certified, and such information is not,  or shall not be, as the case may be, incomplete by omitting to state any material fact necessary to  make such information not misleading.  9.18 Financial Statements.  The Audited Financial Statements, copies of which have  been furnished to the Lenders, have been prepared in conformity with GAAP applied on a basis  consistent with that of the preceding fiscal year end period and present fairly, in all material  respects, the financial condition of the Borrower and its Subsidiaries as at such date and the results  of their operations for the period then ended, subject (in the case of the interim financial statement)  to year-end audit adjustments and the absence of footnotes.  

 

  56    9.19 No Material Adverse Effect.  Since the date of the Audited Financial Statements,  there has been no material adverse change in the financial condition of the Borrower and its  Subsidiaries, taken as a whole.  9.20 Existing Indebtedness.  Schedule 9.20 sets forth all material Current Debt,  Funded Debt, Finance Leases and Long Term Leases of the Borrower and its Restricted  Subsidiaries as of the Closing Date (exclusive of Indebtedness pursuant to the Loan Documents),  in each case showing the aggregate principal amount thereof (and the aggregate amount of any  undrawn commitments with respect thereto) and the name of the respective borrower and any other  entity which guarantees such debt.  9.21 Solvency.  On the Closing Date and after giving effect to the Loans hereunder,  the Borrower is Solvent.  9.22 Anti-Terrorism Laws.  (i) No Covered Entity is a Sanctioned Person, and (ii) no  Covered Entity, either in its own right or through any third party, (a) has any of its assets in a  Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of  any Anti-Terrorism Law, (b) does business in or with, or derives any of its income from  investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of  any Anti-Terrorism Law; or (c) engages in any dealings or transactions prohibited by any Anti- Terrorism Law.  The Borrower and its Subsidiaries have conducted their business in compliance  with all Anti-Terrorism Laws and have instituted and maintained policies and procedures designed  to promote and achieve compliance with such laws.  9.23 [Reserved].    9.24 Anti-Corruption Laws.  The Borrower and its Subsidiaries have conducted their  business in compliance with all Anti-Corruption Laws and have instituted and maintained policies  and procedures designed to promote and achieve compliance with such laws.  SECTION 10. BORROWER’S COVENANTS.  From the date of this Agreement and thereafter until the expiration or termination of the  Commitments and until the Loans and other Liabilities are paid and performed in full, the Borrower  agrees that, unless at any time the Majority Lenders shall otherwise expressly consent in writing,  it will perform and fulfill its obligations set forth in this Section 10.  10.1 Financial Statements and Other Reports.  The Borrower will furnish or will  cause to be furnished to the Administrative Agent and each of the Lenders:  (a) Annual Audit Reports.  Within one hundred twenty (120) days after the end  of each fiscal year, a copy of the annual audit report of the Borrower and its Subsidiaries  prepared on a consolidated basis in conformity with GAAP and certified, without  qualification, by independent certified public accountants of recognized national standing.   Such annual audit report shall contain a consolidating schedule showing the consolidated  balance sheets of the Borrower and its Restricted Subsidiaries as of the end of such fiscal  year, and the related consolidated and consolidating statements of income, stockholders'  equity and cash flows for the fiscal year then ended, all in reasonable detail, to the effect  

 

  57    that such statements fairly present in all material respects the consolidated financial  conditions of the Borrower as of the dates indicated and the results of its consolidated  operations and changes in financial positions for the period indicated in conformity with  GAAP applied on a basis consistent with prior years except as disclosed therein (which  report shall be without a “going concern” or like qualification or exception and without  any qualification or exception as to the scope of such audit); provided, however, that any  such “going concern” qualification that is specifically related to the upcoming maturity of  the Loans shall not cause a breach under the provisions of this Section 10.1(a);  (b) Quarterly Financial Statements.  Within sixty (60) days after the end of each  fiscal quarter (other than the last fiscal quarter of each fiscal year), a copy of the unaudited  financial statements of the Borrower and its Subsidiaries for such fiscal quarter prepared  on a consolidated and consolidating basis in conformity with GAAP (subject to year-end  audit adjustments and the absence of footnotes).  Such financial statements shall contain  consolidated and consolidating balance sheets as of the end of such fiscal quarter and  related consolidated and consolidating statements of (i) income for the fiscal quarter then  ended and the fiscal year through that date and (ii) stockholders' equity and cash flows for  the fiscal year through that date, all in reasonable detail and certified (subject to normal  year-end audit adjustments) by an Authorized Officer of the Borrower as having been  prepared in accordance with GAAP, consistently applied, and setting forth in comparative  form the respective financial statements for the corresponding date and period in the  previous fiscal year;  (c) Officer’s Certificate and Report.  Together with the financial statements  furnished by the Borrower under the preceding clauses (a) and (b), a Compliance  Certificate signed by an Authorized Officer dated the date of delivery of such financial  statements; provided that with respect to any financial ratios and restrictions contained in  this Section 10, the certification contained in the applicable Compliance Certificate shall  be effective only as of the date of such financial statements;  (d) Borrowing Base Certificate.  Within 15 Business Days after the end of each  month (and, to the extent reasonably practicable, at any other time upon the reasonable  request by the Administrative Agent on behalf of the Majority Lenders), a Borrowing Base  Certificate executed by an Authorized Officer as of the end of such month (or as of such  other requested date with respect to any interim Borrowing Base Certificate), it being  understood that any such interim Borrowing Base Certificate may, to the extent necessary,  be prepared by the Borrower using good faith reasonable estimates of the information  contained therein;  (e) Container Equipment Reports.  Concurrently with the financial statements  of the Borrower furnished to the Administrative Agent and to the Lenders pursuant to  Sections 10.1(a) and 10.1(b) above, a Container Equipment report containing the following  information: (i) a separate listing of the number and types of Container Equipment owned,  rented, leased or managed by the Borrower, (ii) their aggregate Net Book Value, (iii) a  separate listing of the Borrower's ten (10) largest customers to date, as measured by Net  Book Value of Container Equipment, and (iv) their aggregate original cost (or upon the  Administrative Agent’s request during the existence of an Event of Default or Unmatured  

 

  58    Event of Default, a detailed report with respect to each unit of Container Equipment then  owned by the Borrower and subject to a Long Term Lease its (w) serial or other identifying  number, (x) in-service date, (y) Net Book Value (including totals thereof), and (z) original  cost (including totals thereof)); it being understood that, unless reasonably requested by the  Majority Lenders with reasonable notice, such reports shall be limited to all Containers  constituting Collateral then owned by the Borrower; together with monthly utilization rate  with respect to such Container Equipment in form and detail satisfactory to the  Administrative Agent;   (f) S&P Rating.  Promptly each announcement by S&P of any change in the  S&P Rating; and  (g) Requested Information.  Promptly from time to time, such other financial  data and reports concerning the Borrower or the Collateral (including accountants  management letters) as the Administrative Agent or any Lender may reasonably request  and which is readily available to the Borrower.  10.2 Notices.  The Borrower will notify the Lenders in writing of any of the following  promptly upon learning of the occurrence thereof, describing the same and, if applicable, the steps  being taken by the Person(s) affected with respect thereto:  (a) Default.  The occurrence of an Event of Default or an Unmatured Event of  Default;  (b) Litigation.  The institution of any litigation, arbitration proceeding or  governmental proceeding which is material to the Borrower and its Subsidiaries taken as a  whole and which, if adversely determined, would constitute a Material Adverse Effect;  (c) ERISA Compliance.  Any ERISA Event.  (d) Change of Address.  Any change in the address or location of the principal  office of the Borrower from its address set forth on Schedule 10.2;  (e) Change of Jurisdiction of Organization or Chief Executive Office.  Any  change in the jurisdiction in which the Borrower is organized or any change in the location  of the chief executive office of the Borrower;   (f) Other Information.  From time to time, such other information or documents  (financial or otherwise) in the form utilized by the Borrower in its own operations with  respect to the Collateral and/or the Borrower or any of its Restricted Subsidiaries as the  Administrative Agent or any Lender may reasonably request and which is reasonably  available to the Borrower; and  (g) Beneficial Ownership.  Any change in the information provided in the  Beneficial Ownership Certification that would result in the information provided in such  certification to not be true and correct in all material respects.  

 

  59    (h) Governmental Investigations.  The filing or commencement of any action,  suit, investigation or proceeding by or before any arbitrator or Official Body against or  affecting the Borrower or any Affiliate thereof in connection with any Anti-Terrorism Law  or any predicate crime to any Anti-Terrorism Law that could reasonably be expected to be  adversely determined, and, if so determined, could reasonably be expected to have a  Material Adverse Effect.  10.3 Existence.  Except as otherwise permitted under Section 10.10, the Borrower  will maintain and preserve and cause each Restricted Subsidiary to maintain and preserve, its  existence as a limited liability company, partnership or corporation, as the case may be, and keep  in force and effect all rights, privileges, licenses, patents, patent rights, copyrights, trademarks,  trade names, franchises and other authority to the extent material and necessary for the conduct of  its business in the ordinary course as conducted from time to time.  10.4 Nature of Business.  The Borrower will not, and will not permit any of its  Restricted Subsidiaries to, engage in any business other than a Permitted Business; provided that  the Borrower and its Restricted Subsidiaries may engage in a business other than a Permitted  Business if at least ninety-five percent (95%) of the consolidated assets of the Borrower and its  Restricted Subsidiaries are held in connection with Permitted Businesses.  10.5 Books, Records and Inspection Rights.  The Borrower will, and will cause each  of its Restricted Subsidiaries to, keep proper books of record and accounts in which full, true and  correct entries which permit the preparation of financial statements in accordance with GAAP and  which conform in all material respects to all requirements of law, shall be made of all dealings and  transactions in relation to its business and activities. At the expense of the Borrower, the Borrower  will, and will cause each of its Restricted Subsidiaries to, permit officers and designated  representatives of the Administrative Agent to visit and inspect, under guidance of officers of  Borrower or its Restricted Subsidiary, any of the properties of the Borrower or its Restricted  Subsidiaries, and, subject to appropriate confidentiality limitations, to examine and make copies  of the books of account of the Borrower or its Restricted Subsidiaries and discuss the affairs,  finances and accounts of the Borrower or its Restricted Subsidiaries with, and be advised as to the  same by, its and its officers and independent accountants, all upon reasonable prior notice and at  such reasonable times and intervals (during regular working hours) and to such reasonable extent  as the Administrative Agent or any Lender may reasonably request; provided, however, any such  visit, inspection and examinations and verifications (i) shall not materially interfere with the  conduct of the business of the Borrower and (ii) that unless an Event of Default shall have occurred  and then be continuing at the time of such visit, inspection and examinations and verifications, the  Borrower shall be required to reimburse the Administrative Agent and its officers and designated  representatives for reasonable and documented costs and expenses incurred in connection with  such inspections only once during any twelve (12) month period.  10.6 Insurance; Reports.  The Borrower shall, and shall cause each of its Subsidiaries  to, insure its properties and assets against loss or damage by fire and such other insurable hazards  as such assets are commonly insured (including fire, extended coverage, property damage,  workers' compensation, public liability and business interruption insurance) and against other risks  (including errors and omissions) in such amounts as similar properties and assets are insured by  prudent companies in similar circumstances carrying on similar businesses, and with reputable and  

 

  60    financially sound insurers, including self-insurance to the extent customary, all as reasonably  satisfactory to the Administrative Agent.  The Borrower shall comply with the covenants and  provide the endorsement set forth on Schedule 10.6 relating to property and related insurance  policies covering the Collateral.  10.7 Maintenance of Property.  The Borrower will maintain, preserve and keep, and  cause each Restricted Subsidiary to maintain, preserve and keep, in good repair, working order  and condition all of those properties useful or necessary to its business, and from time to time  make, and cause each Restricted Subsidiary to make, all necessary and proper repairs, renewals or  replacements thereof, ordinary wear and tear excepted, and excepting disposal of obsolete or  damaged equipment.  10.8 Taxes.  The Borrower will pay, and cause each Restricted Subsidiary to pay,  when due, all of its Taxes, except such Taxes (a) as are being contested in good faith and by  appropriate proceedings and as to which the Borrower or such Restricted Subsidiary has set aside  on its books such reserves or other appropriate provisions therefor as may be required by GAAP;  or (b) the amount of which is not material.  10.9 Compliance.  The Borrower will comply, and cause each Restricted Subsidiary  to comply, with all statutes and governmental rules and regulations applicable to it, its businesses  and its properties, including all Environmental Laws, the failure to comply with which would have  a Material Adverse Effect.  10.10 Merger, Purchase and Sale.  Except in connection with a Permitted Transaction,  the Borrower will not, and will not permit any of its Restricted Subsidiaries to, in a single  transaction or series of related transactions, consolidate or merge with or into any Person, or sell,  assign, transfer, lease, convey or otherwise dispose of (or cause or permit any of its Restricted  Subsidiaries to sell, assign, transfer, convey or otherwise dispose of) all, or substantially all, of the  assets of the Borrower and its Restricted Subsidiaries (determined on a consolidated basis for the  Borrower and its Restricted Subsidiaries), whether as an entirety or substantially as an entirety, to  any Person unless:  (a) the Borrower or a Restricted Subsidiary, if the Borrower has been  consolidated or merged with or into such Restricted Subsidiary, shall be the surviving or  continuing corporation (the “Surviving Entity”);  (b) immediately after giving effect to such transaction (i) no Unmatured Event  of Default or Event of Default shall have occurred or be continuing, (ii) at least eighty-five  percent (85%) of the consolidated assets of the Surviving Entity and its Restricted  Subsidiaries shall be held in connection with Permitted Businesses and (iii) the Borrower  is in compliance with the Borrowing Base; and  (c) in connection with any such sale, assignment, transfer, lease, conveyance or  other disposition, the Collateral continues to be secured in the manner and with the priority  (subject to any permitted encumbrances) required by the Loan Documents, and the  Administrative Agent shall receive for the Lenders such documents and legal opinions,  including, without limitation, “know your customer” documents and legal opinions as to  

 

  61    the consummation and legal effect of the merger, as the Administrative Agent may  reasonably request.   Upon any consolidation, combination or merger or any transfer of all or substantially all of the  Borrower’s assets to a Restricted Subsidiary in accordance with the foregoing, in which Borrower  is not the Surviving Entity, such Restricted Subsidiary as the Surviving Entity shall succeed to,  and be substituted for, and may exercise every right and power of the Borrower under this  Agreement with the same effect as if the Surviving Entity had been named as such.  10.11 Restricted Payments.  The Borrower will not declare or make, directly or  indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so,  unless immediately prior to giving effect to such Restricted Payment and after giving effect thereto,  (A) the Borrower shall be in pro forma compliance with the covenants set forth in Sections 10.12,  10.13 and 10.14, (B) no Unmatured Event of Default or Event of Default specified in clause (a) or  (b) of Section 12.1 shall have occurred or be continuing and (C) no Unmatured Event of Default  or Event of Default specified in Section 12.1(e) (and that is not otherwise addressed in clause (A)  above) shall have occurred or be continuing which could reasonably be expected to have a Material  Adverse Effect.  10.12 Maximum Funded Debt Ratio.  The Borrower will not at any time permit the  Funded Debt Ratio to exceed 4.0 to 1.0 (unless such ratio is amended or otherwise modified under  the TCIL Credit Agreement to 4.25 to 1.0 or a less restrictive level, in which case the required  level pursuant to this Section 10.12 will be 4.25 to 1.0).  10.13 Consolidated Tangible Net Worth.  The Borrower will not at any time permit  the sum of (a) Consolidated Tangible Net Worth and (b) the Borrower’s Investments (excluding  Borrower’s direct or indirect Investments in TAL International Group, Inc. and each of its  subsidiaries (including TAL International Container Corporation, TAL Finance III LLC and TAL  Advantage VII LLC)) in Unrestricted Subsidiaries (calculated as set forth in the definition of  “Restricted Investments”) to be less than Eight Hundred and Fifty Five Million Dollars  ($855,000,000).  10.14 Minimum Fixed Charge Coverage Ratio.  The Borrower will not permit the ratio  of (a) Consolidated Net Income Available for Fixed Charges to (b) Fixed Charges, determined on  the last day of each fiscal quarter for the period of six consecutive fiscal quarters then ending, to  be less than 1.25 to 1.0 (unless such ratio is amended or otherwise modified under the TCIL Credit  Agreement to 1.15 to 1.0 or a less restrictive level, in which case the required level pursuant to this  Section 10.14 will be 1.15 to 1.0).  10.15 Interest Rate Agreements.  The Borrower will not, and will not permit any  Restricted Subsidiary to, enter into any Interest Rate Agreement other than in the ordinary course  of business as a bona fide hedging transaction (and not for speculation).  10.16 Indebtedness.  The Borrower will not, and will not permit any Restricted  Subsidiary to, incur or permit to exist any Indebtedness, except:  (a) Indebtedness under the terms of this Agreement;  

 

  62    (b) Subordinated Funded Debt;  (c) Indebtedness now or hereafter incurred in connection with (i) Permitted  Liens (including for the avoidance of doubt, the incurrence of additional Indebtedness  secured by Permitted Liens so long as no Event of Default or Unmatured Event of Default  would arise as a result of such incurrence) or (ii) obligations and liabilities permitted by  Section 10.19;  (d) Unsecured Senior Funded Debt;  (e) Indebtedness reflected in the Audited Financial Statements;  (f) Unsecured Vendor Debt;  (g) unsecured senior Indebtedness not constituting Funded Indebtedness, and  not otherwise permitted pursuant to clauses (a) through (f) above, provided that the  maximum amount of Indebtedness permitted by this clause (g) shall at no time exceed 5%  of Consolidated Tangible Net Worth, and such Indebtedness shall not be otherwise  prohibited under this Agreement;   (h) Indebtedness consisting of guaranty agreements by the Borrower or a  Restricted Subsidiary in respect of Indebtedness of the Borrower or another Restricted  Subsidiary otherwise permitted hereunder  (i) Permitted Investments constituting Indebtedness;  (j) Indebtedness of a Restricted Subsidiary assumed in connection with any  acquisition of any business, Restricted Subsidiary or assets on or after the Closing Date in  a manner not prohibited by this Agreement and not created in contemplation of such  transaction;  (k) Indebtedness of the Borrower or any of its Restricted Subsidiaries which  may be deemed to exist in connection with agreements providing for indemnification,  purchase price adjustments, deferred compensation and similar obligations in connection  with the acquisition or disposition of any business, Restricted Subsidiary or assets prior to  the Closing Date or in a manner not prohibited by this Agreement on or after the Closing  Date, or from letters of credit, surety bonds or performance bonds securing any obligation  of the Borrower or any such Restricted Subsidiary, pursuant to such agreement;  (l) Intercompany Indebtedness of Borrower or a Restricted Subsidiary for so  long as such Indebtedness is held by Borrower or a Restricted Subsidiary of Borrower;  (m) Indebtedness of the Borrower, or of any of its Restricted Subsidiaries,  represented by letters of credit for the account of the Borrower or such Restricted  Subsidiary, as the case may be, (i) in order to provide security for workers’ compensation  claims, payment obligations in connection with self-insurance or similar requirements in  the ordinary course of business, (ii) in order to provide security for any trade, contractual  or payment obligations of the Borrower or Restricted Subsidiary, or (iii) issued or incurred  

 

  63    for such other purposes as are related to the ordinary course of business of the Borrower or  such Restricted Subsidiary; provided, however, that the aggregate amount of outstanding  Indebtedness permitted pursuant to the provisions of this clause (iii) shall not exceed  $100,000,000;  (n) Indebtedness or obligations in connection with the acquisition of containers  or other assets, in each case, that are not Collateral, by Borrower or its Restricted  Subsidiaries;  (o) Liabilities in respect of performance, bid, surety and appeal bonds and  completion guarantees or obligations of a similar nature provided by Borrower or any  Subsidiary in the ordinary course of business;  (p) Indebtedness arising from the honoring by a bank or other financial  institution of a check, draft or similar instrument inadvertently (except in the case of  daylight overdrafts) drawn against insufficient funds in the ordinary course of business, so  long as such Indebtedness is extinguished within five (5) Business Days of the incurrence  thereof;  (q) Endorsements for collection, deposit or negotiation and warranties of  products and services, in each case, incurred in the ordinary course of business;  (r) Indebtedness of Borrower or of a Subsidiary of the Borrower set forth on  Schedule 9.20 as in effect on the Closing Date;  (s) other Indebtedness approved in writing by the Majority Lenders;  provided that no Indebtedness otherwise permitted under clause (b), (d), (f), (g), (m) or (n) shall  be permitted if, immediately after giving effect to the incurrence thereof, (A) an Event of Default  or Unmatured Event of Default shall exist or (B) the Borrower is not in compliance with the  Borrowing Base.  In no event, however (subject to the next sentence), shall any Indebtedness which  is senior in right of payment to Subordinated Funded Debt (“Superior Debt”) be issued to any  holder of Subordinated Funded Debt, or vice versa, if the aggregate amount of Superior Debt held  by a holder of Subordinated Funded Debt (a “Simultaneous Holder”) would exceed 33-1/3% of  the total amount of Superior Debt then outstanding (after giving effect to such issuance).  Anything  in the immediately preceding sentence to the contrary notwithstanding, none of the holders of the  Subordinated Funded Debt listed on Schedule II hereto shall be deemed a Simultaneous Holder by  virtue of such Subordinated Funded Debt, provided that upon the issuance of any additional  Superior Debt to any of such holders while any Subordinated Funded Debt is held by it, each such  holder shall be deemed a Simultaneous Holder for purposes of the immediately preceding sentence  and all Superior Debt held by it shall be considered in determining the Borrower’s compliance  with the provisions of such sentence.  10.17 Liens.  The Borrower will not, and will not permit any Restricted Subsidiary to,  create or permit to exist any Lien with respect to any assets now owned or hereafter acquired,  except the following (“Permitted Liens”):  

 

  64    (a) Liens for current Taxes, assessments, governmental charges or levies not  delinquent or Taxes, assessments, governmental charges or levies being contested in good  faith and by appropriate proceedings and as to which such reserves or other appropriate  provisions as may be required by GAAP are being maintained;  (b) Carrier’s, warehousemen’s, mechanics’, materialmen’s, repairmen’s,  seamen’s, stevedores’, wharfinger’s, landlord’s, supplies’ and other like statutory Liens  arising in the ordinary course of business securing obligations which are not overdue for a  period of more than thirty (30) days after receipt of notice thereof or which are being  contested in good faith and by appropriate proceedings and as to which such reserves or  other appropriate provisions as may be required by GAAP are being maintained;  (c) Pledges or deposits in connection with workers’ compensation,  unemployment insurance and other social security legislation;  (d) Deposits to secure the performance of bids, trade contracts, leases, statutory  obligations and other obligations of a like nature incurred in the ordinary course of  business, and Liens and encumbrances upon Real Estate or Fixtures (as defined in the  Security and Intercreditor Agreement) not granted or created by the Borrower, but which  are created pursuant to or arising under local real estate law;  (e) Liens in existence on the date of this Agreement and described on Schedule  10.17, provided that the principal amount secured thereby is not hereafter increased, and  no additional assets become subject to such Lien;  (f) The interest of a Lessee in Container Equipment leased or rented to such  Lessee;  (g) Liens granted pursuant to the Security and Intercreditor Agreement, the  Intercreditor Collateral Agreement or any other Loan Document;  (h) Liens granted after the Closing Date to secure the payment of the purchase  price incurred in connection with the acquisition by the Borrower of Container Equipment  only comprising Excluded Collateral from equipment manufacturers or related or  representative financing entities who are not, and will not become, parties to the Security  and Intercreditor Agreement or the Intercreditor Collateral Agreement, provided that the  aggregate amount of all Indebtedness secured by such Liens on such Container Equipment  shall not exceed an amount equal to 100% of Consolidated Tangible Net Worth;  (i) Liens securing obligations of the Borrower and its Restricted Subsidiaries  incurred in connection with the leasing of Container Equipment only comprising Excluded  Collateral by the Borrower and its Restricted Subsidiaries, provided that (i) any such Lien  shall be granted to the lessor of such Container Equipment, (ii) any such Lien shall attach  solely to the Borrower’s or a Restricted Subsidiary’s interest in the subleases of such  Container Equipment leased by the Borrower or a Restricted Subsidiary from such  equipment lessor, any deposit accounts into which the proceeds of such subleases may be  deposited (but only to the extent derived or allocable to such Container Equipment) and  additional collateral to the extent limited to interests relating to such Container Equipment  

 

  65    or subleases, and the proceeds of the foregoing, and (iii) such lessor shall have become a  party to the Intercreditor Collateral Agreement, but shall not, with respect to the  Indebtedness secured thereby, become a party to the Security and Intercreditor Agreement;  (j) Liens granted by the Borrower to lenders who shall not, with respect to the  Indebtedness secured thereby, become parties to the Security and Intercreditor Agreement  assisting partnerships or other entities in the financing or refinancing of Container  Equipment which will be managed by the Borrower pursuant to a Management Agreement,  which liens are incidental to the financing or refinancing of such Container Equipment and  which may include the Borrower’s interest, if any, in such Container Equipment, and to  the extent they relate to such Container Equipment, the leases of such Container  Equipment, such Management Agreement, and additional collateral to the extent limited to  interests relating to such Container Equipment, and the proceeds of the foregoing, but in  all cases only comprising Excluded Collateral;  (k) Liens granted by the Borrower in connection with the acquisition of  property only comprising Excluded Collateral (other than Container Equipment) after the  Closing Date by way of purchase money mortgage, conditional sale or other title retention  agreement, Finance Leases or other deferred payment contract, and attaching only to the  property being acquired, if the amount of the Indebtedness secured thereby is not more than  100% of the lesser of the purchase price or the fair market value of such property at the  time of acquisition thereof;  (l) Liens granted by the Borrower to Subsequent Triton Specified Equipment  Lenders in respect of Subsequent Triton Specified Equipment Lender Collateral, in each  case as defined in the Security and Intercreditor Agreement as in effect on the date of this  Agreement, if the amount of the Indebtedness secured thereby is not less than 80% , nor  more than 100% of the lesser of the purchase price or the fair market value of such property  at the time of acquisition or financing thereof;  (m) Liens granted by the Borrower pursuant to the Intercreditor Collateral  Agreement;  (n) Liens resulting from final judgments or orders that, individually and in the  aggregate, are less than the amount described in Section 12.1(j);  (o) Liens not otherwise permitted by the preceding clauses (a) through (j),  inclusive, provided that the Indebtedness secured thereby at any one time outstanding shall  not exceed an amount equal to the remainder of 5% of Consolidated Tangible Net Worth,  minus the outstanding amount of all Indebtedness described in Section 10.16, and such  Indebtedness shall otherwise be permitted under this Agreement; and   (p) Other Permitted Liens.  provided that no Lien otherwise permitted under clause (d), (e), (f), (g), (h), (i), (j), or (k) shall be  permitted if, immediately after giving effect to the incurrence thereof, an Event of Default or  Unmatured Event of Default shall exist.  

 

  66    10.18 Transactions with Borrower Related Parties.  The Borrower will not, and will  not permit any Restricted Subsidiary to, enter into or be a party to any transaction or arrangement,  including the purchase, sale, discounting, lease or exchange of property or the rendering of any  service, with any Borrower Related Party, except in the ordinary course of, and pursuant to the  reasonable requirements of the Borrower’s or such Restricted Subsidiary’s business, unless on  terms comparable to those which the Borrower would obtain in a comparable arm’s-length  transaction with a Person not a Borrower Related Party; provided that the following shall in any  event be permitted: (a) the payment of consulting or other fees to the Borrower by any of its  Subsidiaries; (b) employee and officer salaries and bonuses, and loans to employees or officers  reasonable fees and compensation (including employee and officer salaries and bonuses) paid to,  and indemnity provided on behalf of, officers, directors, employees or consultants of the Borrower  or any of its Subsidiaries; (c) transactions exclusively between or among the Borrower and any  Restricted Subsidiary of the Borrower, exclusively between Restricted Subsidiaries of the  Borrower, or exclusively between the Borrower or any of its Restricted Subsidiaries and any of its  respective joint ventures or between or among Borrower and any Subsidiary of Borrower in respect  of tax sharing agreements or operations, governance, administration and corporate overhead on  customary terms; (d) any agreement as in effect as of the Closing Date as set forth on Schedule  10.18 or any transaction contemplated thereby and any amendment thereto or any replacement  agreement thereto, so long as any such amendment or replacement agreement is not more  disadvantageous to Borrower or any of its Restricted Subsidiaries in any material respect than the  original agreement as in effect on the Closing Date; (e) any reasonable employment, stock option,  stock or share repurchase, employee benefit compensation, business expense reimbursement,  severance, termination, or other employment-related agreements, arrangements or plans entered  into in good faith by Borrower or any of its Subsidiaries in the ordinary course of business; (f) any  issuance of Capital Stock of the Borrower; (g) employment and severance arrangements in  Borrower’s reasonable business judgment with respect to the procurement of services with officers  and employees of the Borrower and its Subsidiaries; or (h) except as limited by Section 10.11, the  payment of a dividend or distribution on or in respect of shares of the Capital Stock or the purchase,  redemption or other acquisition or retirement for value of any Capital Stock.  The parties agree  that any sale of Container Equipment from the Borrower or any Restricted Subsidiary to any  Unrestricted Subsidiary of the Borrower at the original equipment cost or Net Book Value thereof  shall be deemed to be an arm’s-length transaction.  10.19 Guaranties. The Borrower will not, and will not permit any Restricted Subsidiary  to, become a guarantor or surety of, or otherwise become or be responsible in any manner (whether  by agreement to purchase any obligations, stock, assets, goods or services, or to supply or advance  any funds, assets, goods or services, or otherwise) with respect to, any undertaking of any other  Person, except for (a) the endorsement, in the ordinary course of collection, of instruments payable  to it or its order, (b) liabilities for partnership obligations incurred solely as a result of being a  general partner in any general or limited partnership or for membership obligations incurred solely  as a result of being a member in any limited liability company, and (c) Guarantee Liabilities of the  Borrower not otherwise permitted pursuant to clauses (a) and (b) above so long as  both before and  after giving effect to the issuance of any such Guarantee Liability no Event of Default or  Unmatured Event of Default shall exist.  10.20 Negative Pledges, Restrictive Agreements, Etc..  The Borrower will not, and will  not permit any of its Restricted Subsidiaries to, enter into any agreement (excluding this  

 

  67    Agreement and any other Loan Document) prohibiting the creation or assumption of any Lien  upon the Borrower’s properties, revenues or assets (other than Excluded Collateral) in favor of the  Collateral Agent under or in connection with the Intercreditor Collateral Agreement or the Security  and Intercreditor Agreement, whether now owned or hereafter acquired, or the ability of the  Borrower to amend or otherwise modify this Agreement or any other Loan Document.  The  Borrower will not, and will not permit any Restricted Subsidiary to, enter into any agreement  containing any provision which would be violated or breached by the Borrower’s performance of  its obligations hereunder or under any other Loan Document.  10.21 Use of Proceeds.  The Borrower will use the proceeds of the Loans solely for  the purposes set forth in Section 9.10.  The Borrower shall not, directly or indirectly, use the  proceeds of any Loan, or lend, contribute or otherwise make available such proceeds to any  Subsidiary, joint venture partner or other Person, to fund any activities of or business with any  Person in any manner that will result in a violation by the Borrower, any Subsidiary, or, to the  knowledge of the Borrower, any other Person (including any Person party to this Agreement,  whether as Lender, Lead Arranger, Administrative Agent or otherwise), of any Anti-Terrorism  Law; provided that, the provisions in this Section 10.21 shall not apply to the extent that it would  cause the Administrative Agent or any Lender to breach European Union Regulation 2271/96/EC  (as amended) or any law or regulation implementing the terms thereof into the law of the United  Kingdom in connection with the United Kingdom’s withdrawal from the European Union.  10.22 Designation of Unrestricted Subsidiaries.  The Borrower may from time to time  designate any Subsidiary to be an Unrestricted Subsidiary or remove any such designation by  giving written notice from an Authorized Officer to the Administrative Agent; provided that, at  the time of such action and after giving effect thereto, (a) no Event of Default or Unmatured Event  of Default shall have occurred and be continuing and (b) the Borrower shall be in pro forma  compliance with all covenants set forth in Sections 10.12, 10.13 and 10.14 hereof.   10.23 Anti-Terrorism Laws; International Trade Law Compliance.  (a) Neither the  Borrower nor any Subsidiary will become a Sanctioned Person, (b) no Neither the Borrower nor  any Subsidiary, either in its own right or through any third party, will (A) have any of its assets in  a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation  of any Anti-Terrorism Law; (B) do business in or with, or derive any of its income from  investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of  any Anti-Terrorism Law; (C) engage in any dealings or transactions prohibited by any Anti- Terrorism Law or (D) use the Loans to fund any operations in, finance any investments or activities  in, or, make any payments to, a Sanctioned Country or Sanctioned Person in violation of any Anti- Terrorism Law, (c) the funds used to repay the obligations hereunder will not be derived from any  unlawful activity, (d) each of the Borrower and its Subsidiaries shall comply with all Anti- Terrorism Laws, and (e) the Borrower shall promptly notify the Administrative Agent in writing  upon the occurrence of a Reportable Compliance Event.   10.24 [Reserved].  10.25 Additional KYC Information.  Provide to Administrative Agent and the Lenders,  such other information and documentation as may reasonably be requested by Administrative  Agent or any Lender from time to time for purposes of compliance by the Administrative Agent  

 

  68    or such Lender with applicable laws (including without limitation the USA Patriot Act and other  “know your customer” and anti-money laundering rules and regulations), and any policy or  procedure implemented by Administrative Agent or such Lender to comply therewith.  10.26 Anti-Corruption Laws.  Neither the Borrower nor any Subsidiary, directly or  indirectly, shall use the Loans or any proceeds thereof for any purpose which would breach any  Anti-Corruption Laws in any jurisdiction in which the Borrower or any of its Subsidiaries conduct  business.  SECTION 11. CONDITIONS TO CLOSING AND OF EACH BORROWING.  11.1 Conditions to Closing.  This Agreement, and the obligation of each Lender to  make Loans hereunder, shall become effective upon execution and delivery of this Agreement by  all parties hereto, subject to the satisfaction (or waiver in accordance with Section 14.2(a)) of each  of the following conditions:  (a) Good Standing.  The Administrative Agent shall have received certificates  of good standing (or its equivalent) from the applicable public officials dated as of a current  date with respect to the Borrower issued by Bermuda and the State of New York.  (b) Insurance.  The Administrative Agent shall have received satisfactory  evidence of the existence of insurance on the property of the Borrower as required by this  Agreement and the Security and Intercreditor Agreement in amounts and with insurers  acceptable to the Administrative Agent and the Majority Lenders, together with evidence  establishing that the Collateral Agent, for the benefit of the Administrative Agent and the  Lenders, is named as an additional insured, as applicable, on all related insurance policies.  (c) Payment of Interest, Fees and Expenses.  The Administrative Agent shall  have received (i) (for its own account or for the account of the Lenders, as applicable)  payment in full of all of the fees that are described in Section 4.4 that are due and payable  on the Closing Date; and (ii) all reasonable and documented costs and expenses (including  reasonable attorneys’ fees and charges) incurred by the Administrative Agent in connection  with the preparation, execution and delivery of this Agreement, to the extent then billed.  (d) Receipt of Documents.  The Administrative Agent shall have received all  of the following, each duly executed, as appropriate, and dated as of the date hereof (or  such other date as shall be satisfactory to the Administrative Agent), in form and substance  satisfactory to the Administrative Agent, and each (except for the Notes, of which only the  originals shall be signed) in sufficient number of signed counterparts to provide one for  each Lender:  (i) Loan Documents.  This Agreement and each of the other Loan  Documents.  (ii) Notes.  To the extent required under Section 3, a Note for the  account of each Lender.  

 

  69    (iii) Resolutions; Consents.  Copies, duly certified by the secretary or an  assistant secretary of the Borrower, of (x) resolutions of the financing committee  of the Borrower’s board of directors authorizing or ratifying the execution and  delivery of this Agreement, the Notes and the other Loan Documents, and  authorizing the borrowings by the Borrower hereunder, (y) all documents  evidencing other necessary corporate action and (z) all approvals, licenses or  consents, if any, required in connection with the consummation of the transactions  contemplated by this Agreement, the Notes and the other Loan Documents, or a  statement that no such approvals, licenses or consents are so required.  (iv) Incumbency.  A certificate of the secretary or an assistant secretary  of the Borrower certifying the names of the Borrower’s officers authorized to sign  this Agreement, the Notes and all other Loan Documents to be delivered hereunder,  together with the true signatures of such officers.  (v) Opinion Letters.  Favorable opinion letters of (A) Mayer Brown,  New York counsel to the Borrower and (B) Appleby (Bermuda) Limited, special  Bermuda counsel to the Borrower, each covering such matters, in such form and  having such content, as shall be reasonably acceptable to the Administrative Agent  and its counsel (on behalf of all Lenders).  (vi) Organizational Documents.  A certificate of the secretary or  assistant secretary of the Borrower certifying as to and attaching the memorandum  of association (including the certificate of incorporation of the Borrower) and bye- laws of the Borrower, including all amendments or restatements thereto, as in effect  on the Closing Date.  (vii) Closing Certificate.  A certificate of an Authorized Officer of the  Borrower certifying (w) that, on the Closing Date, all representations and  warranties of the Borrower in this Agreement and the other Loan Documents are  true and correct in all material respects (except to the extent that such  representations and warranties specifically refer to an earlier date, in which case  they shall be true and correct in all material respects as of such earlier date), (x) that  no Event of Default or Unmatured Event of Default exists or will result from the  transactions contemplated to occur on the proposed Closing Date, and (y) that since  the date of the Audited Financial Statements, no event has occurred which has had  a Material Adverse Effect.  (viii) Compliance Certificate.  A duly completed compliance certificate  setting forth pro forma compliance with the covenant in Section 10.12 as of the last  day of the fiscal quarter of Borrower most recently ended prior to the Closing Date.  (ix) Financing Statements. The Administrative Agent shall have  received evidence that all action has been taken with respect to the filing of Uniform  Commercial Code financing statements and continuation statements necessary to  perfect and maintain the Liens of the Collateral Agent under the Security and  

 

  70    Intercreditor Agreement and the other Loan Documents in the appropriate  jurisdictions.  (e) No Material Adverse Change.  There shall not have occurred a material  adverse change since March 31, 2021 in the business, assets, liabilities (actual or  contingent), operations, condition (financial or otherwise) or prospects of the Borrower and  its Subsidiaries taken as a whole or in the facts and information regarding such entities as  represented to the Closing Date.  (f) Supplemental Agreements to the Security and Intercreditor Agreement.   The Administrative Agent shall have received the Supplemental Agreement to the Security  and Intercreditor Agreement in form and substance satisfactory to the Administrative  Agent.  (g) Termination of Term Loan.  Evidence that the Term Loan Agreement, dated  as of November 30, 2018, among the Borrower, as borrower, various lenders from time to  time party thereto, PNC Bank, National Association, as administrative Agent, and PNC  Capital PNC Capital Markets LLC, ING Belgium SA/NV and MUFG Bank, Ltd. as joint lead  arrangers and co-syndication agents has been terminated, and all outstanding obligations  thereunder have been paid and the rights of the Lenders in all Liens securing such  obligations have been released.  (h) Beneficial Ownership Certification; USA Patriot Act Diligence.  The  Administrative Agent shall have received all documentation and other information required  by bank regulatory authorities or reasonably requested by the Administrative Agent or any  Lender under or in respect of applicable “know your customer” and anti-money laundering  legal requirements, including the USA Patriot Act and a Beneficial Ownership  Certification.  (i) Request for Borrowing.  The Administrative Agent shall have received a  Loan Request in accordance with Section 2.3 setting forth the initial Funding Date, which  Funding Date may be modified as mutually agreed between the Borrower and the  Administrative Agent following the date of this Agreement.  (j) Borrowing Base Certificate.  The Borrower shall have delivered to the  Administrative Agent a duly completed and executed Borrowing Base Certificate (which  may be the most recent Borrowing Base Certificate delivered by the Borrower pursuant to  Section 10.1(f) or this Section 11.1(j)) demonstrating (a) that such Borrowing Base is  sufficient to cover such Loan after giving effect to such Loan and (b) the effect of such  Loan on the Borrowing Base.  (k) Funds Flow.  The Administrative Agent and the Borrower shall have agreed  on a funds flow memorandum for the Loan.  (l) Default.  Before and after giving effect to such Loan, no Event of Default  or Unmatured Event of Default shall have occurred and be continuing.  

 

  71    (m) Representations and Warranties.  Before and after giving effect to such  Loan, the representations and warranties in Section 9, and in any other agreement or  certification given by the Borrower or any Subsidiary or any officer thereof pursuant to  this Agreement, shall be true and correct in all material respects as though made on the  date of such Loan.  The Borrower further agrees that all of its representations and  warranties set forth in the Security and Intercreditor Agreement shall be deemed to be  representations and warranties made pursuant to Section 9, as though set forth therein for  all purposes (including for purposes of this Section 11.1(m)), but subject to any  amendment, modification and/or updates from time to time to any such representations and  warranties under the Security and Intercreditor Agreement.  Without limiting the generality of the provisions of the last paragraph of Section 13.3(e), for  purposes of determining compliance with the conditions specified in this Section 11.1, each Lender  that has signed this Agreement shall, upon authorization of a Lender to release the signature page  of such Lender, be deemed to have consented to, approved or accepted, and to be satisfied with,  each document or other matter required thereunder to be consented to or approved by or acceptable  or satisfactory to a Lender unless the Administrative Agent shall have received notice from such  Lender prior to the proposed Closing Date specifying its objection thereto.    11.2 Conditions to each Borrowing.  Following the initial Funding Date, the  obligation of each Lender to make one or more Loans hereunder, shall be subject to the satisfaction  (or waiver in accordance with Section 14.2(a)) of each of the following conditions:  (a) Representations and Warranties. Before and after giving effect to such  Loan, the representations and warranties in Section 9, and in any other agreement or  certification given by the Borrower or any Subsidiary or any officer thereof pursuant to  this Agreement, shall be true and correct in all material respects as though made on the  date of such Loan.  The Borrower further agrees that all of its representations and  warranties set forth in the Security and Intercreditor Agreement shall be deemed to be  representations and warranties made pursuant to Section 9, as though set forth therein for  all purposes (including for purposes of this Section 11.2(a)), but subject to any amendment,  modification and/or updates from time to time to any such representations and warranties  under the Security and Intercreditor Agreement.  (b) Default.  Before and after giving effect to such Loan, no Event of Default  or Unmatured Event of Default shall have occurred and be continuing.  (c) Request for Borrowing.  The Administrative Agent shall have received a  Loan Request in accordance with Section 2.3 setting forth the Funding Date.   (d) Borrowing Base Certificate.  The Borrower shall have delivered to the  Administrative Agent a duly completed and executed Borrowing Base Certificate (which  may be the most recent Borrowing Base Certificate delivered by the Borrower pursuant to  Section 10.1(f) or this Section 11.2(d)) demonstrating (a) that such Borrowing Base is  sufficient to cover such Loan after giving effect to such Loan and (b) the effect of such  Loan on the Borrowing Base.  

 

  72    SECTION 12. EVENTS OF DEFAULT AND REMEDIES.  12.1 Events of Default.  Each of the following shall constitute an Event of Default  under this Agreement:  (a) Non-Payment.  Default in the payment, when due, (i) of any principal of  any Loan (including any mandatory prepayment) or (ii) of any interest on any Loan or any  fee or other amount payable hereunder and the continuance thereof for five (5) days;  provided, however, the Borrower shall be entitled to make such principal payment or  mandatory prepayment on the next succeeding Business Day if (x) such payment is due on  a Payment Date or Maturity Date that is not a Business Day or (y) the Borrower fails to  make such payment on its due date as the result of an administrative or technical error not  caused by the Borrower.  (b) Default or Acceleration of other Indebtedness.  A default or event of default  shall occur at any time under the terms of any other agreement involving any Indebtedness  under which the Borrower or Subsidiary of the Borrower may be obligated as a borrower  or guarantor, which individually or in the aggregate, exceeds $100,000,000 (other than (i)  any Indebtedness of any Restricted Subsidiary to the Borrower or to any other Restricted  Subsidiary and (ii) a default described in Section 12.1(a)), and such breach, default or event  of default consists of either (1) the failure to pay (any required notice of default having  been given and any period of grace permitted with respect thereto having expired) any  Indebtedness when due (whether at stated maturity, by acceleration, required mandatory  prepayment or otherwise), or (2) a breach of a financial covenant thereunder.  (c) Insolvency.  The Borrower or any of its Restricted Subsidiaries becomes  insolvent, or generally fails to pay, or admits in writing its inability to pay, its debts as they  mature, or applies for, consents to, or acquiesces in the appointment of a trustee, receiver  or other custodian for the Borrower or such Restricted Subsidiary or a substantial part of  the property of the Borrower or such Restricted Subsidiary, or makes a general assignment  for the benefit of creditors; or, in the absence of such application, consent or acquiescence,  a trustee, receiver or other custodian is appointed for the Borrower or any of its Restricted  Subsidiaries or for a substantial part of the property of the Borrower or any of its Restricted  Subsidiaries and is not discharged within sixty (60) days; or any proceeding under any  Debtor Relief Law is instituted by or against the Borrower or any of its Restricted  Subsidiaries and, if instituted against the Borrower or any of its Restricted Subsidiaries, is  consented to or acquiesced in by the Borrower or such Restricted Subsidiary or remains for  sixty (60) days undismissed; or any warrant of attachment is issued against any substantial  part of the property of the Borrower or any of its Restricted Subsidiaries which is not  released within sixty (60) days of service.  (d) ERISA.  A Termination Event occurs with respect to any Pension Plan if,  at the time such Termination Event occurs, such Pension Plan’s then “vested liabilities” (as  defined in section 3(25) of ERISA) would exceed the then value of such Pension Plan’s  assets by an amount greater than 3% of Consolidated Tangible Net Worth as of such date  and the Majority Lenders reasonably believe that such Termination Event may result in  material liability to the Borrower.  

 

  73    (e) Specific Defaults.  Failure by the Borrower to comply with or perform any  covenant set forth in (i) Section 10.2(a), 10.10 through 10.14, 10.21, or 10.23 or (ii) Section  10.5, 10.16, 10.17, 10.19, 10.20 or 10.22 and, in the case of this clause (e)(ii), such failure  to comply shall continue for ten (10) Business Days after the earlier of (x) the date upon  which an Authorized Officer of the Borrower or any Restricted Subsidiary had actual  knowledge of such default or (y) the date upon which written notice thereof is given to the  Borrower by the Administrative Agent or any Lender.  (f) Other Defaults; Obligations Under other Loan Documents.  Default in the  performance of any of the Borrower’s agreements herein set forth or in any other Loan  Document (subject to any applicable grace period in any such Loan Document) in any  material respect (and not constituting an Event of Default under any of the other clauses of  this Section 12.1) and continuance of such default for thirty (30) days after the earlier of  (i) the date upon which an Authorized Officer of the Borrower or any Restricted Subsidiary  had actual knowledge of such default or (ii) the date upon which written notice thereof is  given to the Borrower by the Administrative Agent or any Lender.  (g) Representations and Warranties.  Any representation or warranty of the  Borrower made in any Loan Document or any schedules, notices, certificates, reports or  instruments delivered in connection therewith shall prove incorrect in any material respect  when made and which (if curable) remains unremedied for a period of thirty (30) days after  the first date on which an Authorized Officer has received written notice thereof.  (h) Change of Control.  A Change of Control shall occur.  (i) Final Judgments and Orders.  There shall be entered against the Borrower  or any Restricted Subsidiary one or more judgments or decrees in excess of the greater of  (x) $100,000,000 and (y) 3% of the Consolidated Tangible Net Worth in the aggregate at  any one time outstanding (excluding any judgments or decrees (i) that shall have been  outstanding less than sixty (60) calendar days from the entry thereof or (ii) for and to the  extent which the Borrower or such Restricted Subsidiary is insured and with respect to  which the insurer has assumed responsibility therefor in writing or for and to the extent  which such Person is otherwise indemnified if the terms of such indemnification are  satisfactory to the Majority Lenders), and either (A) enforcement proceedings shall have  been commenced by any creditor upon such judgment or order or (B) there shall be any  period of thirty (30) consecutive days during which a stay of enforcement of such judgment  or order, by reason of a pending appeal or otherwise, shall not be in effect.  (j) Security and Intercreditor Agreement; Intercreditor Collateral Agreement.   There shall have occurred an “Event of Default” under, and as defined in, the Security and  Intercreditor Agreement (or, if such term is not defined therein, a “Designated Event of  Default” as defined therein), or a material breach by the Borrower of any of its obligations  under the Intercreditor Collateral Agreement.  (k) Impairment of Security, Etc..  Any Loan Document, or any Lien granted  thereunder, shall (except in accordance with its terms), in whole or any material portion  thereof, terminate, cease to be effective or cease to be the legally valid, binding and  

 

  74    enforceable obligation of any Person party thereto; the Borrower or any other Person shall,  directly or indirectly, contest in any manner such effectiveness, validity, binding nature or  enforceability; or cease to give or provide, in whole or any material portion thereof, the  respective Liens intended to be created thereby, subject only to those exceptions expressly  permitted by such Loan Document.  12.2 Remedies.  If any Event of Default described in Section 12.1 shall exist, the  Administrative Agent shall, upon request of the Majority Lenders, declare all or a portion of the  Commitments to be terminated and/or all or a portion of the Loans and other Liabilities to be due  and payable, whereupon to the extent so declared the Commitments shall immediately terminate  and/or the outstanding Loans and other Liabilities shall become immediately due and payable, all  without notice of any kind (except that if an event described in Section 12.1(c) occurs, the  Commitments shall immediately terminate and all outstanding Loans and other Liabilities shall  become immediately due and payable without declaration or notice of any kind).  The  Administrative Agent shall promptly advise the Borrower of any such declaration, but failure to  do so shall not impair the effect of such declaration.  Without limiting the foregoing provisions of  this Section 12.2, if an Event of Default exists, the Administrative Agent may exercise all rights  and remedies available upon an Event of Default pursuant to any Loan Document and applicable  law.  12.3 Application of Proceeds of Collateral.  The exercise of remedies with respect to  the Collateral is subject to the terms of the Security and Intercreditor Agreement.  Upon the  occurrence and during the continuance of an Event of Default, proceeds from the exercise of  remedies in respect of the Collateral allocated to this facility in accordance with the provisions of  the Security and Intercreditor Agreement and received by the Administrative Agent pursuant  thereto shall be applied as follows:  (a) First, to the payment of, or (as the case may be) the reimbursement of the  Administrative Agent for or in respect of all reasonable and documented costs, expenses,  disbursements and losses which shall have been incurred or sustained by the  Administrative Agent in connection with the collection of such monies by the  Administrative Agent, for the exercise, protection or enforcement by the Administrative  Agent of all or any of the rights, remedies, powers and privileges of the Administrative  Agent under this Agreement or any of the other Loan Documents;  (b) Second, to all other obligations hereunder; provided that distributions shall  be made (A) with respect to any fees owing to the Administrative Agent and the Lenders,  ratably among the Administrative Agent and any Lenders to which such fees are owed, and  (B) with respect to each type of other Liabilities owing to the Lenders such as interest,  principal, fees and expenses, ratably among the Lenders, and (C) otherwise in such order  or preference as the Majority Lenders may determine.  In determining the obligations under  this Agreement for purposes of clauses (A) and (B), the Administrative Agent may in its  reasonable discretion make proper allowance to take into account any obligations  hereunder not then due and payable; and  (c) Third, the excess, if any, shall be returned to the Borrower or to such other  Persons as are entitled thereto.  

 

  75    SECTION 13. ADMINISTRATIVE AGENT.  13.1 Appointment and Authority.  Each of the Lenders hereby irrevocably appoints  PNC Bank to act on its behalf as the Administrative Agent hereunder and under the other Loan  Documents and authorizes the Administrative Agent to enter into joinders (including the  Supplemental Agreement) to the Collateral Documents and, subject to obtaining any consent of  the requisite Lenders pursuant to Section 14.2(a), take such other actions on its behalf and exercise  such powers as are delegated to the Administrative Agent by the terms hereof, together with such  actions and powers as are reasonably incidental thereto.  The provisions of this Section 13.1 are  solely for the benefit of the Administrative Agent and the Lenders, and the Borrower shall not have  rights as a third party beneficiary of any of such provisions.  13.2 Rights as a Lender.  The Person serving as the Administrative Agent hereunder  shall have the same rights and powers in its capacity as a Lender as any other Lender and may  exercise the same as though it were not the Administrative Agent and the term “Lender” or  “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires,  include the Person serving as the Administrative Agent hereunder in its individual capacity.  Such  Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or  in any other advisory capacity for and generally engage in any kind of business with the Borrower  or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent  hereunder and without any duty to account therefor to the Lenders.  13.3 Exculpatory Provisions.  The Administrative Agent shall not have any duties or  obligations except those expressly set forth herein and in the other Loan Documents.  Without  limiting the generality of the foregoing, the Administrative Agent:  (a) shall not be subject to any fiduciary or other implied duties, regardless of  whether a Unmatured Event of Default or Event of Default has occurred and is continuing;  (b) shall not have any duty to take any discretionary action or exercise any  discretionary powers, except discretionary rights and powers expressly contemplated  hereby or by the other Loan Documents that the Administrative Agent is required to  exercise as directed in writing by the Majority Lenders (or such other number or percentage  of the Lenders as shall be expressly provided for herein or in the other Loan Documents);  provided that the Administrative Agent shall not be required to take any action that, in its  opinion or the opinion of its counsel, may expose the Administrative Agent to liability or  that is contrary to any Loan Document or applicable Law; and  (c) shall not, except as expressly set forth herein and in the other Loan  Documents, have any duty to disclose, and shall not be liable for the failure to disclose,  any information relating to the Borrower or any of its Affiliates that is communicated to or  obtained by the Person serving as the Administrative Agent or any of its Affiliates in any  capacity.  The Administrative Agent shall not be liable for any action taken or not taken by it  (i) with the consent or at the request of the Majority Lenders (or such other number or percentage  of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith  

 

  76    shall be necessary, under the circumstances as provided in Sections 14.2 and 12.2) or (ii) in the  absence of its own gross negligence or willful misconduct.  The Administrative Agent shall be  deemed not to have knowledge of any Unmatured Event of Default or Event of Default unless and  until notice describing such Unmatured Event of Default or Event of Default is given to the  Administrative Agent by the Borrower, a Lender.  The Administrative Agent shall not be responsible for or have any duty to ascertain  or inquire into (i) any statement, warranty or representation made in or in connection with this  Agreement or any other Loan Document, (ii) the contents of any certificate, report or other  document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the  performance or observance of any of the covenants, agreements or other terms or conditions set  forth herein or therein or the occurrence of any Unmatured Event of Default or Event of Default,  (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan  Document or any other agreement, instrument or document or (v) the satisfaction of any condition  set forth in Section 11 or elsewhere herein, other than to confirm receipt of items expressly required  to be delivered to the Administrative Agent.  13.4 Reliance by Administrative Agent.  The Administrative Agent shall be entitled  to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate,  consent, statement, instrument, document or other writing (including any electronic message,  Internet or intranet website posting or other distribution) believed by it to be genuine and to have  been signed, sent or otherwise authenticated by the proper Person.  The Administrative Agent also  may rely upon any statement made to it orally or by telephone and believed by it to have been  made by the proper Person, and shall not incur any liability for relying thereon.  In determining  compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled  to the satisfaction of a Lender, the Administrative Agent may presume that such condition is  satisfactory to such Lender unless the Administrative Agent shall have received notice to the  contrary from such Lender prior to the making of such Loan.  The Administrative Agent may  consult with legal counsel (who may be counsel for the Borrower), independent accountants and  other experts selected by it, and shall not be liable for any action taken or not taken by it in  accordance with the advice of any such counsel, accountants or experts.  13.5 Delegation of Duties.  The Administrative Agent may perform any and all of its  duties and exercise its rights and powers hereunder or under any other Loan Document by or  through any one or more sub-agents appointed by the Administrative Agent.  The Administrative  Agent and any such sub-agent may perform any and all of its duties and exercise its rights and  powers by or through their respective Related Parties.  The exculpatory provisions of this Section  13.5 shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and  any such sub-agent, and shall apply to their respective activities in connection with the syndication  of the credit facilities provided for herein as well as activities as Administrative Agent.  13.6 Resignation of Administrative Agent.  The Administrative Agent may at any  time give notice of its resignation to the Lenders and the Borrower.  Upon receipt of any such  notice of resignation, the Majority Lenders shall have the right, with approval from the Borrower  (so long as no Event of Default has occurred and is continuing), to appoint a successor, such  approval not to be unreasonably withheld or delayed.  If no such successor shall have been so  appointed by the Majority Lenders and shall have accepted such appointment within thirty  

 

  77    (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring  Administrative Agent may on behalf of the Lenders, appoint a successor Administrative Agent;  provided that if the Administrative Agent shall notify the Borrower and the Lenders that no  qualifying Person has accepted such appointment, then such resignation shall nonetheless become  effective in accordance with such notice and (i) the retiring Administrative Agent shall be  discharged from its duties and obligations hereunder and under the other Loan Documents (except  that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders  under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such  collateral security until such time as a successor Administrative Agent is appointed) and (ii) all  payments, communications and determinations provided to be made by, to or through the  Administrative Agent shall instead be made by or to each Lender directly, until such time as the  Majority Lenders appoint a successor Administrative Agent as provided for above in this Section  13.6.  Upon the acceptance of a successor's appointment as Administrative Agent hereunder, such  successor shall succeed to and become vested with all of the rights, powers, privileges and duties  of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be  discharged from all of its duties and obligations hereunder or under the other Loan Documents (if  not already discharged therefrom as provided above in this Section).  The fees payable by the  Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor  unless otherwise agreed between the Borrower and such successor.  After the retiring  Administrative Agent's resignation hereunder and under the other Loan Documents, the provisions  of this Section 13.6 and Section 14.5 shall continue in effect for the benefit of such retiring  Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions  taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as  Administrative Agent.  Upon the appointment of a successor Administrative Agent hereunder, such successor shall  succeed to all of the rights, powers, privileges and duties of PNC Bank as the retiring  Administrative Agent and PNC Bank shall be discharged from all of its respective duties and  obligations as Administrative Agent under the Loan.  13.7 Non-Reliance on Administrative Agent and Other Lenders.  Each Lender  acknowledges that it has, independently and without reliance upon the Administrative Agent or  any other Lender or any of their Related Parties and based on such documents and information as  it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.   Each Lender also acknowledges that it will, independently and without reliance upon the  Administrative Agent or any other Lender or any of their Related Parties and based on such  documents and information as it shall from time to time deem appropriate, continue to make its  own decisions in taking or not taking action under or based upon this Agreement, any other Loan  Document or any related agreement or any document furnished hereunder or thereunder.  13.8 No Other Duties, Etc..  Anything herein to the contrary notwithstanding, none  of the Joint Lead Arrangers, Co-Syndication Agents, Co-Documentation Agents or the Bookrunner  listed on the cover page hereof shall have any powers, duties or responsibilities under this  Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the  Administrative Agent, or a Lender hereunder.  

 

  78    13.9 Administrative Agent's Fee.  The Borrower shall pay to the Administrative  Agent a nonrefundable fee under the terms of the Fee Letter.  13.10 Authorization to Release Collateral.  The Lenders authorize the Administrative  Agent to instruct the Collateral Agent, if required, to release any Collateral consisting of assets or  equity interests sold or otherwise disposed of in a sale or other disposition or transfer permitted  under Section 10.10.  13.11 No Reliance on Administrative Agent's Customer Identification Program.  Each  Lender acknowledges and agrees that neither such Lender, nor any of its Affiliates, participants or  assignees, may rely on the Administrative Agent to carry out such Lender's, Affiliate's,  participant's or assignee's customer identification program, or other obligations required or  imposed under or pursuant to the USA Patriot Act or the regulations thereunder, including the  regulations contained in 31 CFR 103.121 (as hereafter amended or replaced, the “CIP  Regulations”), or any other Anti-Terrorism Law, including any programs involving any of the  following items relating to or in connection with any of the Borrower, its Affiliates or their agents,  the Loan Documents or the transactions hereunder or contemplated hereby: (i) any identity  verification procedures, (ii) any recordkeeping, (iii) comparisons with government lists, (iv)  customer notices or (v) other procedures required under the CIP Regulations or such other Laws.  13.12 Funding Reliance.  (a) Unless the Administrative Agent shall have received notice from a Lender  prior to the proposed date of any Borrowing of LIBOR Rate Loans (or, in the case of any  Borrowing of Base Rate Loans, prior to 11:00 a.m. on the date of such Borrowing) that  such Lender will not make available to the Administrative Agent such Lender’s share of  such Borrowing, the Administrative Agent may assume that such Lender has made such  share available on such date in accordance with Section 2.3(b) (or, in the case of a  Borrowing of Base Rate Loans, that such Lender has made such share available in  accordance with and at the time required by Section 2.3(b)) and may, in reliance upon such  assumption, make available to the Borrower a corresponding amount.  In such event, if a  Lender has not in fact made its share of the applicable Borrowing available to the  Administrative Agent, then the applicable Lender and the Borrower severally agree to pay  to the Administrative Agent forthwith on demand such corresponding amount in  immediately available funds with interest thereon, for each day from the date such amount  is made available to the Borrower to the date of payment to the Administrative Agent, at  (i) in the case of a payment to be made by such Lender, the greater of the Federal Funds  Open Rate and a rate determined by the Administrative Agent in accordance with banking  industry rules on interbank compensation and (ii) in the case of a payment to be made by  the Borrower, the interest rate applicable to Base Rate Loans.  If the Borrower and such  Lender shall pay such interest to the Administrative Agent for the same or an overlapping  period, the Administrative Agent shall promptly remit to the Borrower the amount of such  interest paid by the Borrower for such period.  If such Lender pays its share of the  applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute  such Lender’s Loan included in such Borrowing.  Any payment by the Borrower shall be  without prejudice to any claim the Borrower may have against a Lender that shall have  failed to make such payment to the Administrative Agent.  

 

  79    (b) Unless the Administrative Agent shall have received notice from the  Borrower prior to the date on which any payment is due to the Administrative Agent for  the account of the Lenders hereunder that the Borrower will not make such payment, the  Administrative Agent may assume that the Borrower has made such payment on such date  in accordance herewith and may, in reliance upon such assumption, distribute to the  Lenders, as the case may be, the amount due.  In such event, if the Borrower has not in fact  made such payment, then each of the Lenders, as the case may be, severally agrees to repay  to the Administrative Agent forthwith on demand the amount so distributed to such Lender,  in immediately available funds with interest thereon, for each day from the date such  amount is distributed to it to the date of payment to the Administrative Agent, at the greater  of the Federal Funds Open Rate and a rate determined by the Administrative Agent in  accordance with banking industry rules on interbank compensation.  13.13 Erroneous Payments.  (a) Each Lender hereby agrees that (i) if the Administrative Agent notifies such  Lender that the Administrative Agent has determined in its sole discretion that any funds  received by such Lender from the Administrative Agent or any of its Affiliates were  erroneously transmitted to, or otherwise erroneously or mistakenly received by, such  Lender (whether or not known to such Lender (whether as a payment, prepayment or  repayment of principal, interest, fees or otherwise), individually and collectively, an  “Erroneous Payment”) and demands the return of such Erroneous Payment (or a portion  thereof), such Lender shall promptly, but in no event later than one (1) Business Day  thereafter, return to the Administrative Agent the amount of any such Erroneous Payment  (or portion thereof) as to which such a demand was made, in same day funds (in the  currency so received), together with interest thereon in respect of each day from and  including the date such Erroneous Payment (or portion thereof) was received by such  Lender to the date such amount is repaid to the Administrative Agent in same day funds at  the greater of the Federal Funds Open Rate and a rate determined by the Administrative  Agent in accordance with banking industry rules on interbank compensation from time to  time in effect, and (ii) such Lender shall not assert any right or claim to the Erroneous  Payment, and hereby waives any claim, counterclaim, defense or right of set-off or  recoupment with respect to any demand, claim or counterclaim by the Administrative  Agent for the return of any Erroneous Payments received, including without limitation  waiver of any defense based on “discharge for value” or any similar doctrine. A notice of  the Administrative Agent to any Lender under this clause (a) shall be conclusive, absent  manifest error  (b) Without limiting immediately preceding clause (a), each Lender hereby  further agrees that if it receives an Erroneous Payment from the Administrative Agent (or  any of its Affiliates) (i) that is in an amount different than (other than a de minimis  difference), or on a different date from, that specified in a notice of payment sent by the  Administrative Agent (or any of its Affiliates) with respect to such Erroneous Payment (an  “Erroneous Payment Notice”), or (ii) that was not preceded or accompanied by an  Erroneous Payment Notice, it shall be on notice that, in each such case, an error has been  made with respect to such Erroneous Payment.  Each Lender further agrees that, in each  such case, or if it otherwise becomes aware an Erroneous Payment (or portion thereof) may  

 

  80    have been sent in error, such Lender shall promptly notify the Administrative Agent of  such occurrence and, upon demand from the Administrative Agent, it shall promptly, but  in no event later than one (1) Business Day thereafter, return to the Administrative Agent  the amount of any such Erroneous Payment (or portion thereof) that was received by such  Lender to the date such amount is repaid to the Administrative Agent in same day funds at  the greater of the Federal Funds Open Rate and a rate determined by the Administrative  Agent in accordance with banking industry rules on interbank compensation from time to  time in effect.  (c) The parties hereto agree that (i) in the event an Erroneous Payment (or  portion thereof) is not recovered from any Lender that has received such Erroneous  Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated  to all the rights of such Lender with respect to such amount and (ii) an Erroneous Payment  shall not pay, prepay, repay, discharge or otherwise satisfy any Liabilities owed by the  Borrower, except, in each case, to the extent such Erroneous Payment is, and solely with  respect to the amount of such Erroneous Payment that is, comprised of funds received by  the Administrative Agent from the Borrower for the purpose of making such Erroneous  Payment.  (d) Each party’s obligations under this Section 13.13 shall survive the  resignation or replacement of the Administrative Agent or any transfer of rights or  obligations by, or the replacement of, a Lender, the termination of the Commitments or the  repayment, satisfaction or discharge of all Liabilities (or any portion thereof) under any  Loan Document.  SECTION 14. GENERAL.  14.1 No Waiver; Cumulative Remedies; Enforcement.  No failure by any Lender or  the Administrative Agent to exercise, and no delay by any such Person in exercising, any right,  remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver  thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder  preclude any other or further exercise thereof or the exercise of any other right, remedy, power or  privilege.  The rights, remedies, powers and privileges herein provided, and provided under each  other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and  privileges provided by law.  14.2 Waivers and Amendments.  (a) Generally.  Except as otherwise specifically provided for in this Agreement,  no amendment, modification or waiver of, or consent with respect to, any provision of this  Agreement, the Notes or any other Loan Document shall in any event be effective unless  the same shall be in writing and signed and delivered by the Majority Lenders and  acknowledged by the Administrative Agent, and then any such amendment, modification,  waiver or consent shall be effective only in the specific instance and for the specific  purpose for which given; provided that no amendment, waiver or consent shall:  

 

  81    (i) unless consented to by each Lender affected thereby, (A) increase  or extend a Commitment of any Lender or subject any Lender to any additional  obligation, (B) reduce the principal of, or rate of interest on, any Loan or any fee or  other Liability payable hereunder (provided that any (x) change in the definition,  or component thereof, of any ratio used in the calculation of such principal, rate of  interest, fee or other Liability payable hereunder, (y) waiver or amendment in  respect of a default rate of interest, or (z) change in the mandatory prepayment  requirements, shall not, in each case, constitute a reduction in the principal of, or  rate of interest on, any Loan or any fee or other Liability payable hereunder), or (C)  postpone any date fixed for any payment of principal of, or interest on, any Loan  or any fee or other Liability hereunder;  (ii) unless consented to by each Lender, (A) waive any condition  specified in Section 11.1, (B) change the Percentages or the aggregate unpaid  principal amount of the Loans, or the number of Lenders which shall be required to  take action hereunder, or the definition of “Majority Lenders”, (C) change Section  6.1, Section 6.4 or Section 12.3, in each case, in a manner that would alter the pro  rata sharing of payments required thereby, (D) release all or substantially all of the  Collateral in any transaction or series of related transaction, (E) [Reserved] or (F)  change any provision of this Section 14.2; or  (iii) unless consented to by Lenders having aggregate Percentages of 66  2/3% or more, amend any provision of this Agreement that would affect the amount  of the Borrowing Base in a manner adverse to the Lenders in any material respect.   No provision of this Agreement (including Section 13) or of any other Loan  Document which relates to the rights or duties of the Administrative Agent shall be  amended, modified or waived without the written consent of the Administrative  Agent.  (b) (i) Notwithstanding anything to the contrary herein, no Defaulting  Lender will have any right to approve or disapprove any amendment, waiver or consent  hereunder (and any amendment, waiver or consent which by its terms requires the consent  of all Lenders or each affected Lender may be effected with the consent of the applicable  Lenders other than Defaulting Lenders), except that (1) the Commitment of any Defaulting  Lender may not be increased or extended without the consent of such Lender, (2) the  amount of principal and accrued fees and interest owing to any Defaulting Lender may not  be reduced without the consent of such Lender, and (3) any waiver, amendment or  modification requiring the consent of all Lenders or each affected Lender that by its terms  affects any Defaulting Lender more adversely than other affected Lenders will require the  consent of such Defaulting Lender.  14.3 Notices.  (a) Notices Generally.  Except as otherwise expressly provided herein, any  notice hereunder to the Borrower, the Administrative Agent or any Lender shall be in  writing (including facsimile communication) and shall be given (i) if to the Borrower or  the Administrative Agent, at its address or facsimile number set forth on Schedule 10.2,  

 

  82    and (ii) if to any Lender , at its address or facsimile number set forth in its Administrative  Questionnaire or, in each case, at such other address or facsimile number as the recipient  may, by written notice, designate as its address or facsimile number for purposes of notices  hereunder.  All such notices shall be deemed to be given when transmitted by facsimile,  when personally delivered or, in the case of a mailed notice, when sent by registered or  certified mail, postage prepaid, in each case addressed as specified in this Section 14.3;  provided that notices to the Administrative Agent under Section 2, Section 6 and this  Section 14.3 shall not be effective until actually received by the Administrative Agent.  (b) Electronic Communications.  Notices and other communications to the  Lenders hereunder may be delivered or furnished by electronic communication (including  e-mail and Internet or intranet websites) pursuant to procedures approved by the  Administrative Agent, provided that the foregoing shall not apply to notices to any Lender  pursuant to Section 2 if such Lender, as applicable, has notified the Administrative Agent  that it is incapable of receiving notices under such Article by electronic communication.   The Administrative Agent or the Borrower may, in its discretion, agree to accept notices  and other communications to it hereunder by electronic communications pursuant to  procedures approved by it, provided that approval of such procedures may be limited to  particular notices or communications.  Unless the Administrative Agent otherwise prescribes, (i) notices and other  communications sent to an e-mail address shall be deemed received upon the sender’s receipt of  an acknowledgement from the intended recipient (such as by the “return receipt requested”  function, as available, return e-mail or other written acknowledgement), provided that if such  notice or other communication is not sent during the normal business hours of the recipient, such  notice or communication shall be deemed to have been sent at the opening of business on the next  business day for the recipient, and (ii) notices or communications posted to an Internet or intranet  website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail  address as described in the foregoing clause (i) of notification that such notice or communication  is available and identifying the website address therefor.  (c) The Platform.  The Borrower hereby acknowledges that the Administrative  Agent and will make available to the Lenders materials and/or information provided by or  on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the  Borrower Materials on IntraLinks or another similar electronic system (the “Platform”).   THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”.  THE  ADMINISTRATIVE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT  THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR  THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY  FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS.  NO  WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING  ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR  PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM  FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY  ADMINISTRATIVE AGENT PARTY IN CONNECTION WITH THE BORROWER  MATERIALS OR THE PLATFORM.  In no event shall the Administrative Agent or any  of its Related Parties (collectively, the “Administrative Agent Parties”) have any liability  

 

  83    to the Borrower, any Lender or any other Person for losses, claims, damages, liabilities or  expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s  or the Administrative Agent’s transmission of Borrower Materials through the Internet,  except to the extent that such losses, claims, damages, liabilities or expenses are determined  by a court of competent jurisdiction by a final and non-appealable judgment to have  resulted from the gross negligence or willful misconduct of such Administrative Agent  Party; provided that in no event shall any Administrative Agent Party have any liability to  the Borrower, any Lender or any other Person for indirect, special, incidental,  consequential or punitive damages (as opposed to direct or actual damages).  (d) Reliance by the Administrative Agent and the Lenders.  The Administrative  Agent and the Lenders shall be entitled to rely and act upon any notices (including  telephonic Loan Requests) purportedly given by or on behalf of the Borrower even if (i)  such notices were not made in a manner specified herein, were incomplete or were not  preceded or followed by any other form of notice specified herein, or (ii) the terms thereof,  as understood by the recipient, varied from any confirmation thereof.  The Borrower shall  indemnify the Administrative Agent, each Lender and the Related Parties of each of them  from all losses, costs, expenses and liabilities resulting from the reliance by such Person  on each notice purportedly given by or on behalf of the Borrower.  All telephonic notices  to and other telephonic communications with the Administrative Agent may be recorded  by the Administrative Agent, and each of the parties hereto hereby consents to such  recording.  14.4 USA Patriot Act Notice.  Each Lender that is subject to the USA Patriot Act and  the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower  that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record  information that identifies the Borrower, which information includes the name and address the  Borrower and other information that will allow such Lender or Administrative Agent, as  applicable, to identify the Borrower in accordance with the USA Patriot Act.  The Administrative  Agent and each Lender hereby notifies the Borrower that, pursuant to the Beneficial Ownership  Regulation, it is required to obtain a Beneficial Ownership Certificate.  14.5 Expenses; Indemnity; Damage Waiver.  (a) The Borrower shall pay (i) all reasonable and documented out of pocket  expenses incurred by the Administrative Agent and its Affiliates (including the reasonable  and documented fees, charges and disbursements of one transaction counsel for the  Administrative Agent and of one local counsel, if any, who may be retained by such  counsel)), in connection with the syndication of the credit facilities provided for herein, the  preparation, negotiation, execution, delivery and administration of this Agreement and the  other Loan Documents or any amendments, modifications or waivers of the provisions  hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be  consummated), and (ii) all reasonable and documented out of pocket expenses incurred by  the Administrative Agent or any Lender (including the reasonable and documented fees,  charges and disbursements of one counsel (not including local counsel) for the  Administrative Agent or any Lender) in connection with the enforcement or protection of  its rights (A) in connection with this Agreement and the other Loan Documents, including  

 

  84    its rights under this Section, or (B) in connection with the Loans made hereunder, including  all such out of pocket expenses incurred during any workout, restructuring or negotiations  in respect of such Loans, and (iii) any civil penalty or fine assessed by OFAC against, and  all reasonable costs and expenses (including counsel fees and disbursements) incurred in  connection with defense thereof, by the Administrative Agent or any Lender as a result of  conduct of the Borrower that violates a sanction enforced by OFAC.  (b) The Borrower shall indemnify the Administrative Agent (and any subagent  thereof), each Lender, and each Related Party of any of the foregoing Persons (each such  Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from,  any and all losses, claims, damages, liabilities and related expenses (including the  reasonable and documented fees, charges and disbursements of any counsel (not including  local counsel) for any Indemnitee), incurred by any Indemnitee or asserted against any  Indemnitee by any third party or by the Borrower arising out of, in connection with, or as  a result of (i) the execution or delivery of this Agreement, any other Loan Document or  any agreement or instrument contemplated hereby or thereby, the performance by the  parties hereto of their respective obligations hereunder or thereunder, the consummation of  the transactions contemplated hereby or thereby, or, in the case of the Administrative Agent  (and any sub-agent thereof) and its Related Parties only, the administration of this  Agreement and the other Loan Documents, (ii) any Loan or the use or proposed use of the  proceeds therefrom, (iii) any liability under any Environmental Law related in any way to  the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation,  investigation or proceeding relating to any of the foregoing, whether based on contract, tort  or any other theory, whether brought by a third party or by the Borrower, and regardless of  whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any  Indemnitee, be available to the extent that such losses, claims, damages, liabilities or  related expenses (x) are determined by a court of competent jurisdiction by final and non- appealable judgment to have resulted from the gross negligence or willful misconduct of  such Indemnitee or (y) result from a claim brought by the Borrower against an Indemnitee  for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan  Document, if the Borrower has obtained a final and non-appealable judgment in its favor  on such claim as determined by a court of competent jurisdiction.  This Section 14.5 shall  not apply with respect to any Taxes other than any Taxes that represent losses, claims,  damages, etc. arising from any non-Tax claim.  (c) To the extent that the Borrower for any reason fails to indefeasibly pay any  amount required under clause (a) or (b) above to be paid by it to the Administrative Agent  (or any sub-agent thereof) or any Related Party of any of the foregoing, each Lender  severally agrees to pay to the Administrative Agent (or any such sub-agent) or such Related  Party, as the case may be, such Lender’s Percentage (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 any such sub-agent) 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) in connection  with such capacity.  The obligations of the Lenders under this clause (c) are several and  not joint.  

 

  85    (d) To the fullest extent permitted by applicable law, no party hereto shall  assert, and each party hereto hereby waives, any claim against any Indemnitee, on any  theory of liability, for special, indirect, consequential or punitive damages (as opposed to  direct or actual damages) arising out of, in connection with, or as a result of, this  Agreement, any other Loan Document or any agreement or instrument contemplated  hereby, the transactions contemplated hereby or thereby, any Loan or the use of the  proceeds thereof.  No Indemnitee referred to in clause (b) above shall be liable for any  damages arising from the use by unintended recipients of any information or other  materials distributed by it through telecommunications, electronic or other information  transmission systems in connection with this Agreement or the other Loan Documents or  the transactions contemplated hereby or thereby.  (e) All amounts due under this Section shall be payable on demand.  (f) The agreements in this Section shall survive the replacement of any Lender  and/or the resignation or replacement of the Administrative Agent, the termination of the  Commitments and the repayment, satisfaction or discharge of all the other obligations of  the Borrower under this Agreement and the other Loan Documents.  14.6 Governing Law; Entire Agreement.  THIS AGREEMENT AND EACH NOTE  SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF  THE STATE OF NEW YORK.  All obligations of the Borrower and rights of the Lenders and the  Administrative Agent expressed herein, in the Notes or in any other Loan Document shall be in  addition to and not in limitation of those provided by applicable law.  This Agreement, the Notes  and the other Loan Documents constitute the entire understanding among the parties hereto with  respect to the subject matter hereof and supersede any prior agreements, written or oral, with  respect thereto.  14.7 Successors and Assigns.  The provisions of this Agreement shall be binding  upon, and inure to the benefit of, the parties hereto and their respective successors and assigns  permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights  or obligations hereunder without the prior written consent of the Administrative Agent and each  Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder  except (i) to an assignee in accordance with the provisions of Section 14.8, (ii) by way of  participation in accordance with the provisions of Section 14.10, or (iii) by way of pledge or  assignment of a security interest subject to the restrictions of Section 14.11 (and any other  attempted assignment or transfer by any party hereto shall be null and void).  Nothing in this  Agreement, expressed or implied, shall be construed to confer upon any Person (other than the  parties hereto, their respective successors and assigns permitted hereby, Participants to the extent  provided in Section 14.10 and, to the extent expressly contemplated hereby, the Related Parties of  each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim  under or by reason of this Agreement.  14.8 Assignments by Lenders.    (a) Assignments by Lenders.  Any Lender may at any time assign to one or more  assignees all or a portion of its rights and obligations under this Agreement (including all or a  

 

  86    portion of its Commitment and the Loans at the time owing to it); provided that any such  assignment shall be subject to the following conditions:  (i) Minimum Amounts.  (A) in the case of an assignment of the entire remaining amount of the  assigning Lender's applicable Commitment and the Loans at the  time owing to it or in the case of an assignment to a Lender, an  Affiliate of a Lender or an Approved Fund, no minimum amount  need be assigned; and  (B) in any case not described in clause (i)(A) of this Section 14.8, the  principal outstanding balance of the Loans of the assigning Lender  subject to each such assignment (determined as of the date the  Assignment and Assumption Agreement with respect to such  assignment is delivered to the Administrative Agent or, if “Trade  Date” is specified in the Assignment and Assumption Agreement,  as of the Trade Date) shall not be less than $5,000,000, in the case  of the Loan of such assigning Lender, unless each of the  Administrative Agent and, so long as no Event of Default has  occurred and is continuing, the Borrower otherwise consents (each  such consent not to be unreasonably withheld or delayed).  (ii) Proportionate Amounts.  Each partial assignment shall be made as an  assignment of a proportionate part of all the assigning Lender's rights and obligations under  this Agreement with respect to the Loan assigned.  (iii) Required Consents.  No consent shall be required for any assignment except  for the consent of the Administrative Agent (which shall not be unreasonably withheld or  delayed) to the extent that such assignment is to a Person other than another Lender, an  Affiliate of a Lender or an Approved Fund and the consent of the Borrower (such consent  not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default  has occurred and is continuing at the time of such assignment or (y) such assignment is to  a Lender, an Affiliate of a Lender or an Approved Fund; and  (iv) Assignment and Assumption Agreement.  The parties to each assignment  shall execute and deliver to the Administrative Agent an Assignment and Assumption  Agreement, together with a processing and recordation fee of $5,000 (unless waived by the  Administrative Agent in its sole discretion), and the Eligible Assignee, if it is not a Lender,  shall deliver to the Administrative Agent an administrative questionnaire provided by the  Administrative Agent.  (v) No Assignment to Borrower.  No such assignment shall be made to the  Borrower or any of the Borrower's Affiliates or Subsidiaries.  (vi) No Assignment to Natural Persons.  No such assignment shall be made to a  natural person.  

 

  87    Subject to acceptance and recording thereof by the Administrative Agent pursuant to  Section 14.9, from and after the effective date specified in each Assignment and  Assumption Agreement, the Eligible Assignee thereunder shall be a party to this  Agreement and, to the extent of the interest assigned by such Assignment and Assumption  Agreement, 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 Agreement, be released from its obligations under this Agreement (and,  in the case of an Assignment and Assumption Agreement covering all of the assigning  Lender's rights and obligations under this Agreement, such Lender shall cease to be a party  hereto) but shall continue to be entitled to the benefits of Sections 7.1, 7.2, and 14.5 with  respect to facts and circumstances occurring prior to the effective date of such assignment.   Any assignment or transfer by a Lender of rights or obligations under this Agreement that  does not comply with this Section 14.8 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 14.10.  (b) Disqualified Persons.   (i) No assignment or participation shall be made to, and no portion of a  Commitment Increase shall be provided by, any Person that was a Disqualified Person as  of the date (the “Trade Date”) on which the assigning Lender entered into a binding  agreement to sell and assign all or a portion of its rights and obligations under this  Agreement to such Person or the applicable Increase Effective Date, as the case may be  (unless the Borrower (in its sole and absolute discretion) has consented, in writing, to such  assignment or the portion of the Commitment Increase to be provided by such Disqualified  Person, in which case such Person will not be considered a Disqualified Person for the  purpose of such assignment, participation or Commitment Increase).  For the avoidance of  doubt, with respect to any assignee or any Lender that provides any portion of a  Commitment Increase that becomes a Disqualified Person after the applicable Trade Date  (including as a result of the delivery of a notice pursuant to, and/or the expiration of the  notice period referred to in, the definition of “Disqualified Person”), (x) such assignee or  Lender shall not retroactively be disqualified from becoming a Lender and (y) the  execution by the Borrower of an Assignment and Assumption or Joinder Agreement with  respect to such assignee will not by itself result in such assignee no longer being considered  a Disqualified Person. Any assignment or Commitment Increase in violation of this clause  (b)(i) shall not be void, but the other provisions of this clause (b) shall apply.  (ii) If any assignment or participation is made to, or any portion of a  Commitment Increase is provided by, any Disqualified Person without the Borrower’s  prior written consent in violation of clause (i) above, or if any Person becomes a  Disqualified Person after the applicable Trade Date, the Borrower may, at its sole expense  and effort, upon notice to the applicable Disqualified Person and the Administrative Agent,  (A) terminate the Commitment of such Disqualified Person and repay all obligations of the  Borrower owing to such Disqualified Person in connection with such Commitment and/or  (B) require such Disqualified Person to assign, without recourse (in accordance with and  subject to the restrictions contained in this Section), all of its interest, rights and obligations  under this Agreement to one or more Eligible Assignees at the lesser of (x) the principal  

 

  88    amount thereof and (y) the amount that such Disqualified Person paid to acquire such  interests, rights and obligations, in each case plus accrued interest, accrued fees and all  other amounts (other than principal amounts) payable to it hereunder.    (iii) Notwithstanding anything to the contrary contained in this Agreement,  Disqualified Persons (A) will not (x) have the right to receive information, reports or other  materials provided to Lenders by the Borrower, the Administrative Agent or any other  Lender, (y) attend or participate in meetings attended by the Lenders and the  Administrative Agent, or (z) access any electronic site established for the Lenders or  confidential communications from counsel to or financial advisors of the Administrative  Agent or the Lenders and (B) (x) for purposes of any consent to any amendment, waiver  or modification of, or any action under, and for the purpose of any direction to the  Administrative Agent or any Lender to undertake any action (or refrain from taking any  action) under this Agreement or any other Loan Document, each Disqualified Person will  be deemed to have consented in the same proportion as the Lenders that are not  Disqualified Persons consented to such matter, and (y) for purposes of voting on any  Debtor Relief Plan, each Disqualified Person party hereto hereby agrees (1) not to vote on  such Debtor Relief Plan, (2) if such Disqualified Person does vote on such Debtor Relief  Plan notwithstanding the restriction in the foregoing clause (1), such vote will be deemed  not to be in good faith and shall be “designated” pursuant to Section 1126(e) of the  Bankruptcy Code (or any similar provision in any other Debtor Relief Laws), and such vote  shall not be counted in determining whether the applicable class has accepted or rejected  such Debtor Relief Plan in accordance with Section 1126(c) of the Bankruptcy Code (or  any similar provision in any other Debtor Relief Laws) and (3) not to contest any request  by any party for a determination by the Bankruptcy Court (or other applicable court of  competent jurisdiction) effectuating the foregoing clause (2).  (iv) The Administrative Agent shall have the right, and the Borrower hereby  expressly authorizes the Administrative Agent, to (A) post the list of Disqualified Persons  provided by the Borrower and any updates thereto from time to time (collectively, the “DQ  List”) on the Platform, including that portion of the Platform that is designated for “public  side” Lenders and/or (B) provide the DQ List to each Lender requesting the same.  14.9 Register.  The Administrative Agent, acting solely for this purpose as an agent  of the Borrower, shall maintain a record of the names and addresses of the Lenders, and the  Commitments of, and principal amounts of the Loans owing to, each Lender pursuant to the terms  hereof from time to time (the “Register”).  Such Register shall be conclusive, and the Borrower,  the Administrative Agent and the Lenders may treat each Person whose name is in such Register  pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement,  notwithstanding notice to the contrary.  Such Register shall be available for inspection by the  Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior  notice.  14.10 Participation.  Any Lender may at any time, without the consent of, or notice to,  the Borrower or the Administrative Agent, sell participations to any Person (other than to (x) a  natural person, (y) the Borrower or any of the Borrower's Affiliates or Subsidiaries or (z) a  Disqualified Person) (each, a “Participant”) in all or a portion of such Lender's rights and/or  

 

  89    obligations under this Agreement (including all or a portion of its Commitment and/or the Loans  owing to it); provided that (i) such Lender's obligations under this Agreement shall remain  unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the  performance of such obligations and (iii) the Borrower, the Administrative Agent and the Lenders  shall continue to deal solely and directly with such Lender in connection with such Lender's rights  and obligations under this Agreement.  For the avoidance of doubt, each Lender shall be  responsible for the indemnity under Section 14.5(b) with respect to any payments made by such  Lender to its Participant(s).  Any agreement or instrument pursuant to which a Lender sells such a participation  shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve  any amendment, modification or waiver of any provision of this Agreement; provided that such  agreement or instrument may provide that such Lender will not, without the consent of the  Participant, agree (other than as is already provided for herein) to any amendment, modification  or waiver with respect to Sections 14.2(a)(i) or 14.2(a)(iii) that affects such Participant.  The  Borrower agrees that each Participant shall be entitled to the benefits of Sections 7.1, 7.2, 7.3 and  7.6 (subject to the requirements and limitations therein, including the requirements under Section  7.6(g) (it being understood that the documentation required under Section 7.6(g) 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 Section 14.8; provided that such Participant (A) agrees to be subject to  the provisions of Sections 7.4 and 7.5 as if it were an assignee under Section 14.8; and (B) shall  not be entitled to receive any greater payment under Sections 7.1 or 7.6, with respect to any  participation, than its participating Lender would have been entitled to receive, except to the extent  such entitlement to receive a greater payment results from a Change in Law that occurs after the  Participant acquired the applicable participation.  Each Lender that sells a participation agrees, at  the Borrower's request and expense, to use reasonable efforts to cooperate with the Borrower to  effectuate the provisions of Sections 7.4 and 7.5 with respect to any Participant.  To the extent  permitted by law, each Participant also shall be entitled to the benefits of Section 6.3 as though it  were a Lender; provided that such Participant agrees to be subject to Section 6.4 as though it were  a Lender.  Each Lender that sells a participation shall, acting solely for this purpose as an agent of  the Borrower, maintain a register on which it enters the name and address of each Participant and  the principal amounts (and stated interest) of each Participant's interest in the Loans or other  obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall  have any obligation to disclose all or any portion of the Participant Register (including the identity  of any Participant or any information relating to a Participant's interest in any commitments, loans,  letters of credit or its other obligations under any Loan Document) to any Person except to the  extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or  other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury  Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and  such Lender shall treat each Person whose name is recorded in the Participant Register as the  owner of such participation for all purposes of this Agreement notwithstanding any notice to the  contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative  Agent) shall have no responsibility for maintaining a Participant Register.  14.11 Certain Pledges; Successors and Assigns Generally.  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  

 

  90    Federal Reserve Bank, the European Central or any other applicable central bank or Official Body;  provided that no such pledge or assignment shall release such Lender from any of its obligations  hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.  14.12 Survival.  The obligations of the Borrower under Sections 7 and 14.5, and the  obligations of the Lenders under Section 14.5(c), shall in each case survive any termination of this  Agreement, the payment in full of all Liabilities and the termination of all Commitments.  The  representations and warranties made by the Borrower in this Agreement and in each other Loan  Document shall survive the execution and delivery of this Agreement and each such other Loan  Document.  14.13 Effectiveness of Agreement.  When counterparts executed by all the parties shall  have been lodged with the Administrative Agent (or, in the case of any Lender as to which an  executed counterpart shall not have been so lodged, the Administrative Agent shall have received  facsimile or other written confirmation from such Lender) and all of the conditions set forth in  Section 11 shall have been satisfied, this Agreement shall become effective as of the date hereof,  and at such time the Administrative Agent shall notify (which notification may be via e-mail) the  Borrower and each Lender.  14.14 Severability.  If any provision of this Agreement or the other Loan Documents  is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the  remaining provisions of this Agreement and the other Loan Documents shall not be affected or  impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal,  invalid or unenforceable provisions with valid provisions the economic effect of which comes as  close as possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a  provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in  any other jurisdiction.  14.15 Execution in Counterparts, Effectiveness, Etc..  This Agreement may be  executed by the parties hereto in several counterparts, each of which shall be deemed to be an  original, but all such counterparts shall constitute together but one and the same Agreement.   Delivery of a counterpart hereof, or a signature page hereto, by facsimile or in a .pdf or similar file  shall be effective as delivery of a manually-executed original counterpart hereof.  This Agreement  shall be valid, binding, and enforceable against a party when executed and delivered by an  authorized individual on behalf of the party by means of (i) an original manual signature, (ii) a  faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted  by the federal Electronic Signatures in Global and National Commerce Act, state enactments of  the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law,  including any relevant provisions of the Uniform Commercial Code (collectively, “Signature  Law”), in each case to the extent applicable. Each faxed, scanned, or photocopied manual  signature, or other electronic signature, shall for all purposes have the same validity, legal effect,  and admissibility in evidence as an original manual signature. Each party hereto shall be entitled  to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or  photocopied manual signature, or other electronic signature, of any other party and shall have no  duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For the  avoidance of doubt, original manual signatures shall be used for execution or indorsement of  

 

  91    writings when required under the Uniform Commercial Code or other Signature Law due to the  character or intended character of the writings.  14.16 Investment.  Each Lender represents and warrants that: (a) it is acquiring any  Note to be issued to it hereunder for its own account as a result of making a loan in the ordinary  course of its commercial banking or lending business and not with a view to the public distribution  or sale thereof, nor with any present intention of selling or distributing such Note, but subject,  nevertheless, to possible assignments or participations thereof pursuant to Section 14.8 and to any  legal or administrative requirement that the disposition of such Lender’s property at all times be  within its control, and (b) in good faith it has not and will not rely upon any margin stock (as such  term is defined in Regulation U of the FRB) as collateral in the making and maintaining of its  Loans.  14.17 Other Transactions.  Nothing contained herein shall preclude the Administrative  Agent or any other Lender from engaging in any transaction, in addition to those contemplated by  this Agreement or any other Loan Document, with the Borrower or any of its Affiliates in which  the Borrower or such Affiliate is not restricted hereby from engaging with any other Person.  14.18 Forum Selection and Consent to Jurisdiction.  SUBJECT TO ANY  CONTRARY PROVISION IN THE SECURITY AND INTERCREDITOR AGREEMENT  RELATING TO FORUM SELECTION BY THE COLLATERAL AGENT WITH RESPECT TO  ACTIONS BROUGHT THEREUNDER BY THE COLLATERAL AGENT, ANY LITIGATION  BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS  AGREEMENT OR ANY OTHER LOAN DOCUMENT OR ANY COURSE OF CONDUCT,  COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR  ACTIONS OF THE ADMINISTRATIVE AGENT, ANY LENDER OR THE BORROWER  SHALL BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE  STATE OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE  SOUTHERN DISTRICT OF NEW YORK; PROVIDED THAT ANY SUIT SEEKING  ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE  BROUGHT, AT THE ADMINISTRATIVE AGENT’S OPTION, IN THE COURTS OF ANY  JURISDICTION WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND.   THE BORROWER HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE  JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND OF THE UNITED  STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE  PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE AND IRREVOCABLY  AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION  WITH SUCH LITIGATION.  THE BORROWER FURTHER IRREVOCABLY CONSENTS TO  THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY  PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK.  THE  BORROWER HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST  EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR  HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION  BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY  SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.  TO THE  EXTENT THAT THE BORROWER HAS OR HEREAFTER MAY ACQUIRE ANY  IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS  

 

  92    (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT,  ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF  OR ITS PROPERTY, THE BORROWER HEREBY IRREVOCABLY WAIVES SUCH  IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS AGREEMENT AND THE  OTHER LOAN DOCUMENTS.  14.19 Waiver of Jury Trial.  THE ADMINISTRATIVE AGENT, THE LENDERS  AND THE BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY  WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY  LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION  WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR ANY COURSE OF  CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN)  OR ACTIONS OF THE ADMINISTRATIVE AGENT, THE LENDERS OR THE BORROWER.   THE BORROWER ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL  AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER  PROVISION OF EACH OTHER LOAN DOCUMENT TO WHICH IT IS A PARTY) AND  THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE ADMINISTRATIVE  AGENT AND THE LENDERS ENTERING INTO THIS AGREEMENT AND EACH OTHER  LOAN DOCUMENT.  14.20 Treatment of Certain Information; Confidentiality.  Each of the Administrative  Agent and each Lender agrees to maintain the confidentiality of the Information (as defined  below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’  respective partners, directors, officers, employees, agents, advisors and representatives (it being  understood that the Persons to whom such disclosure is made will be informed of the confidential  nature of such Information and instructed to keep such Information confidential), (b) to the extent  requested by any governmental regulatory authority purporting to have jurisdiction over it  (including any self-regulatory authority, such as the National Association of Insurance  Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena  or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any  remedies hereunder or under any other Loan Document or any action or proceeding relating to this  Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f)  subject to an agreement containing provisions substantially the same as those of this Section, to (i)  any Eligible Assignee of or Participant in, or any prospective Eligible Assignee of or Participant  in, any of its rights or obligations under this Agreement or (ii) any actual or prospective  counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its  obligations, (g) with the consent of the Borrower or (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  Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential basis  from a source other than the Borrower.  For purposes of this Section, “Information” means all information of a non-public,  confidential and proprietary nature received from the Borrower or any Subsidiary relating to the  Borrower or any Subsidiary or any of their respective businesses, other than any such information  that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to  disclosure by the Borrower or any Subsidiary.  Any Person required to maintain the confidentiality  of Information as provided in this Section shall be considered to have complied with its obligation  

 

  93    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.  The Administrative Agent and the Lenders acknowledge that (a) the Information may  include material non-public information concerning the Borrower or a Subsidiary, as the case may  be, (b) it has developed compliance procedures regarding the use of material non-public  information and (c) it will handle such material non-public information in accordance with  applicable law, including Federal and state securities laws.  14.21 Interest Rate Limitation.  Notwithstanding anything to the contrary contained in  any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not  exceed the maximum rate of non-usurious interest permitted by applicable law (the “Maximum  Rate”).  If the Administrative Agent or any Lender shall receive interest in an amount that exceeds  the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds  such unpaid principal, refunded to the Borrower.  In determining whether the interest contracted  for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate,  such Person may, to the extent permitted by applicable law, (a) characterize any payment that is  not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary  prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or  unequal parts the total amount of interest throughout the contemplated term of the obligations  hereunder.  14.22 Payments Set Aside.  To the extent that any payment by or on behalf of the  Borrower is made to the Administrative Agent or any Lender, or the Administrative Agent or any  Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part  thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required  (including pursuant to any settlement entered into by the Administrative Agent or such Lender in  its discretion) to be repaid to a trustee, receiver or any other party, in connection with any  proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the  obligation or part thereof originally intended to be satisfied shall be revived and continued in full  force and effect as if such payment had not been made or such setoff had not occurred, and (b)  each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share  (without duplication) of any amount so recovered from or repaid by the Administrative Agent,  plus interest thereon from the date of such demand to the date such payment is made at a rate per  annum equal to the Federal Funds Rate from time to time in effect.  The obligations of the Lenders  under clause (b) of the preceding sentence shall survive the payment in full of the Liabilities and  the termination of this Agreement.  14.23 No Advisory or Fiduciary Responsibility.  In connection with all aspects of each  transaction contemplated hereby (including in connection with any amendment, waiver or other  modification hereof or of any other Loan Document), the Borrower acknowledges and agrees that:  (i) (A) the arranging and other services regarding this Agreement provided by the Administrative  Agent are arm’s-length commercial transactions between the Borrower and its Affiliates, on the  one hand, and the Administrative Agent, on the other hand, (B) the Borrower has consulted its own  legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the  Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of  the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative  

 

  94    Agent is and has been acting solely as a principal and, except as expressly agreed in writing by the  relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the  Borrower or any of its Affiliates, or any other Person and (B) the Administrative Agent nor has no  obligation to the Borrower or any of its Affiliates with respect to the transactions contemplated  hereby except those obligations expressly set forth herein and in the other Loan Documents; and  (iii) the Administrative Agent and its Affiliates may be engaged in a broad range of transactions  that involve interests that differ from those of the Borrower and its Affiliates, and the  Administrative Agent has no obligation to disclose any of such interests to the Borrower or its  Affiliates.  To the fullest extent permitted by law, the Borrower hereby waives and releases any  claims that it may have against the Administrative Agent with respect to any breach or alleged  breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated  hereby.  14.24 Appointment of Lead Arranger and Bookrunner; No Other Duties.  The  Borrower hereby appoints (i) PNC Capital Markets LLC, as Joint Lead Arranger and Bookrunner,  (ii) ING Belgium SA/NV, as Joint Lead Arranger and Co-Syndication Agent, (iii) MUFG Bank,  Ltd., as Joint Lead Arranger and Co-Syndication Agent, (iv) Bank of America, N.A., as Joint Lead  Arranger and Co-Syndication Agent, (v) Truist Securities, Inc., as Joint Lead Arranger and Co- Syndication Agent, (vi) Citibank, N.A., as Co-Documentation Agent, (vii) Crédit Industriel et  Commercial, New York Branch, as Co-Documentation Agent, (viii) DBS Bank Ltd., as Co- Documentation Agent, (ix) Fifth Third Bank, National Association, as Co-Documentation Agent,  (x) Mizuho Bank Ltd., as Co-Documentation Agent, and (xi) Wells Fargo Bank, N.A., as Co- Documentation Agent.  Anything herein to the contrary notwithstanding, no Joint Lead Arranger,  Bookrunner, Co-Syndication Agent or Co-Documentation Agent shall have any powers, duties or  responsibilities under this Agreement or any other Loan Documents, except in its capacity as a  Lender hereunder.  14.25 Acknowledgement and Consent to Bail-In of EEA Financial Institutions.   Notwithstanding anything to the contrary in any Loan Document or in any other agreement,  arrangement or understanding among any the parties hereto, each party hereto acknowledges that  any liability of any Lender that is an Affected Financial Institution arising under any Loan  Document, to the extent such liability is unsecured, may be subject to the write-down and  conversion powers of an applicable Resolution Authority and agrees and consents to, and  acknowledges and agrees to be bound by, (a) the application of any Write-Down and Conversion  Powers by an applicable Resolution Authority to any such liabilities arising hereunder that may be  payable to it by any Lender that is an Affected Financial Institution; and (b) the effects of any Bail- in Action on any such liability, including, if applicable (i) a reduction in full or in part or  cancellation of any such liability; (ii) a conversion of all, or a portion of, such liability into shares  or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or  a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or  other instruments of ownership will be accepted by it in lieu of any rights with respect to any such  liability under this Agreement or any other Loan Document; or (iii) the variation of the terms of  such liability in connection with the exercise of the write-down and conversion powers of any  applicable Resolution Authority.  14.26 Acknowledgement Regarding Any Supported QFCs.  

 

  95    (a) To the extent that the Loan Documents provide support, through a guarantee  or otherwise, for any Interest Rate Agreement or any other agreement or instrument that is  a QFC (such support, “QFC Credit Support” and each such QFC a “Supported QFC”), the  parties acknowledge and agree as follows with respect to the resolution power of the  Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title  II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the  regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of  such Supported QFC and QFC Credit Support (with the provisions below applicable  notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to  be governed by the laws of the State of New York and/or of the United States or any other  state of the United States):  (i) In the event a Covered Entity that is party to a Supported QFC (each,  a “Covered Party”) becomes subject to a proceeding under a U.S. Special  Resolution Regime, the transfer of such Supported QFC and the benefit of such  QFC Credit Support (and any interest and obligation in or under such Supported  QFC and such QFC Credit Support, and any rights in property securing such  Supported QFC or such QFC Credit Support) from such Covered Party will be  effective to the same extent as the transfer would be effective under the U.S. Special  Resolution Regime if the Supported QFC and such QFC Credit Support (and any  such interest, obligation and rights in property) were governed by the laws of the  United States or a state of the United States. In the event a Covered Party or a BHC  Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S.  Special Resolution Regime, Default Rights under the Loan Documents that might  otherwise apply to such Supported QFC or any QFC Credit Support that may be  exercised against such Covered Party are permitted to be exercised to no greater  extent than such Default Rights could be exercised under the U.S. Special  Resolution Regime if the Supported QFC and the Loan Documents were governed  by the laws of the United States or a state of the United States. Without limitation  of the foregoing, it is understood and agreed that rights and remedies of the parties  with respect to a Defaulting Lender shall in no event affect the rights of any  Covered Party with respect to a Supported QFC or any QFC Credit Support.  (ii) As used in this Section 14.26, the following terms have the  following meanings:  “BHC Act Affiliate” of a party 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.  “Covered Entity” means any of the following:  (i) a “covered entity” as that term is defined in, and interpreted in accordance  with, 12 C.F.R. § 252.82(b);   (ii) a “covered bank” as that term is defined in, and interpreted in accordance  with, 12 C.F.R. § 47.3(b); or  

 

  96    (iii) a “covered FSI” as that term is defined in, and interpreted in accordance  with, 12 C.F.R. § 382.2(b).  “Default Right” has the meaning assigned to that term in, and shall be interpreted  in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.  “QFC” has the meaning assigned to the term “qualified financial contract” in, and  shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).    [Remainder of page intentionally left blank.]    

 

    TCIL Term Loan Agreement      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed  by their respective officers thereunto duly authorized as of the day and year first above written.  TRITON CONTAINER INTERNATIONAL  LIMITED,   as Borrower    By: /s/ Michael Pearl_______________  Name: Michael S. Pearl  Title: Vice President, Treasurer    

 

    TCIL Term Loan Agreement      PNC BANK, NATIONAL ASSOCIATION,   as Administrative Agent    By: /s/ Matthew Titus_______________  Name: Matthew Titus  Title: Senior Vice President    

 

    TCIL Term Loan Agreement      PNC BANK, NATIONAL ASSOCIATION,   as a Lender    By:  /s/ Matthew Titus_______________  Name: Matthew Titus  Title: Senior Vice President     

 

    TCIL Term Loan Agreement      PNC CAPITAL MARKETS LLC,   as Joint Lead Arranger and Bookrunner    By:  /s/ Jackson Langham______________  Name: Jackson Langham  Title: Vice President    

 

    TCIL Term Loan Agreement      MUFG BANK, LTD.,  As Lender, Joint Lead Arranger and Co-Syndication Agent  By:  /s/ George Stoecklein_______________  Name: George Stoecklein  Title: Managing Director    

 

    TCIL Term Loan Agreement      ING BELGIUM SA/NV,  as a Lender, Joint Lead Arranger and Co-Syndication Agent  By:  /s/ Luc Missoorten________________  Name: Luc Missoorten  Title:  By:  /s/ Isabel Frits____________________  Name: Isabel Frits  Title:  

 

    TCIL Term Loan Agreement      BANK OF AMERICA, N.A.,   as a Lender, Joint Lead Arranger and Co-Syndication Agent  By:  /s/ Jason Yakabu_______________  Name: Jason Yakabu  Title: Vice President    

 

    TCIL Term Loan Agreement      CRÉDIT INDUSTRIEL ET COMMERCIAL, NEW YORK BRANCH,  as a Lender and Co-Documentation Agent  By:  /s/ Adrienne Molloy_______________  Name: Adrienne Molloy  Title: Managing Director    By:  /s/ Andrew McKuin________________  Name: Andrew McKuin  Title: Managing Director     

 

    TCIL Term Loan Agreement      TRUIST BANK,  as a Lender, Joint Lead Arranger and Co-Syndication Agent  By:  /s/ Andrew Johnson_______________  Name: Andrew Johnson  Title: Managing Director          

 

    TCIL Term Loan Agreement      FIFTH THIRD BANK, NATIONAL ASSOCIATION,  as a Lender and Co-Documentation Agent  By:  /s/ Andrew D. Jones_______________  Name: Andrew D. Jones  Title: Managing Director          

 

    TCIL Term Loan Agreement      DBS BANK, LTD.,  as a Lender and Co-Documentation Agent  By:  /s/ Josephine Lim_________________  Name: Josephine Lim  Title: Senior Vice President         

 

    TCIL Term Loan Agreement      WELLS FARGO BANK, N.A.,  as a Lender and Co-Documentation Agent  By:  /s/ Jerri Kallam___________________  Name: Jerri Kallam  Title: Director         

 

    TCIL Term Loan Agreement      CITIBANK, N.A.,  as a Lender and Co-Documentation Agent  By:  /s/ Martin Dineen_______________  Name: Martin Dineen  Title: Authorized Signer         

 

    TCIL Term Loan Agreement      BBVA USA,  as a Lender   By:  /s/ Cameron Gatemen_______________  Name: Cameron Gatemen  Title: Senior Vice President         

 

    TCIL Term Loan Agreement      ROYAL BANK OF CANADA, NEW YORK BRANCH,  as a Lender   By:  /s/ Scott Umbs_________________________  Name: Scott Umbs  Title: Authorized Signatory         

 

    TCIL Term Loan Agreement      SUMITOMO MITSUI BANKING CORPORATION,  as a Lender   By:  /s/ Laurent Levy_____________________  Name: Laurent Levy  Title: Managing Director         

 

    TCIL Term Loan Agreement      CITIZENS BANK, N.A.,  as a Lender   By:  /s/ Angela Reilly___________________  Name: Angela Reilly  Title Senior Vice President         

 

    TCIL Term Loan Agreement      CITY NATIONAL BANK, A NATIONAL BANKING ASSOCIATION,  as a Lender   By:  /s/ Catherine Chiavetta___________________  Name: Catherine Chiavetta  Title: Senior Vice President         

 

    TCIL Term Loan Agreement      MIZUHO BANK, LTD.,  as a Lender   By:  /s/ Donna DeMagistris_______________  Name: Donna DeMagistris  Title: Authorized Signatory       

 

    TCIL Term Loan Agreement      REGIONS BANK,  as a Lender   By:  /s/ Maggi Halleland__________________  Name: Maggi Halleland  Title: Director       

 

    TCIL Term Loan Agreement      ZIONS BANCORPORATION, N.A. DBA CALIFORNIA BANK & TRUST,  as a Lender   By:  /s/ Melissa Chang___________________  Name: Melissa Chang  Title: 1st Vice President      

 

        Schedule I      SCHEDULE I  COMMITMENTS AND PERCENTAGES  Name of Lender Commitment Percentage  PNC BANK, NATIONAL ASSOCIATION $95,000,000 7.91666%  MUFG BANK, LTD. $95,000,000 7.91666%  ING BELGIUM SA/NV $185,000,000 15.41666%  BANK OF AMERICA, N.A. $95,000,000 7.91666%  CRÉDIT INDUSTRIEL et  COMMERCIAL, NEW YORK BRANCH $60,000,000 5.0%  TRUIST BANK $95,000,000 7.91666%  FIFTH THIRD BANK, NATIONAL  ASSOCIATION $60,000,000 5.0%  DBS BANK LTD. $60,000,000 5.0%  WELLS FARGO BANK, N.A. $60,000,000 5.0%  CITIBANK, N.A. $60,000,000 5.0%  BBVA USA $45,000,000 3.75%  ROYAL BANK OF CANADA, NEW  YORK BRANCH $45,000,000 3.75%  SUMITOMO MITSUI BANKING  CORPORATION $45,000,000 3.75%  CITIZENS BANK, N.A. $45,000,000 3.75%  CITY NATIONAL BANK, A NATIONAL  BANKING ASSOCIATION $25,000,000 2.08333%  MIZUHO BANK, LTD. $60,000,000 5.0%  REGIONS BANK $45,000,000 3.75%  ZIONS BANCORPORATION, N.A. DBA  CALIFORNIA BANK & TRUST $25,000,000 2.08333%  TOTALS $1,200,000,000 100.00%  

 

      SCHEDULE II  SUBORDINATED FUNDED DEBT    

 

         Schedule 9.5      SCHEDULE 9.5  SCHEDULE OF INSURANCE POLICIES    

 

         Schedule 9.6      SCHEDULE 9.6  LITIGATION AND CONTINGENT LIABILITIES      

 

   Schedule 9.8      SCHEDULE 9.8  SUBSIDIARIES  1.  Restricted Subsidiaries  Name of Subsidiary Jurisdiction of  Formation  Percentage Owned  by Borrower and  Subsidiaries1    Triton International Australia Pty Limited Australia 100%  Triton Container Sul Americana Transporte E  Comercio Ltda.*  Brazil 100%  Triton Container International GmbH Germany 100%  Triton Limited Hong Kong 100%  Triton International Japan Limited Japan 100%  Triton Container (S) Pte Ltd Singapore 100%  Triton Container South Africa (Pty) Ltd.  (inactive, in process of dissolution)  South Africa 100%  Triton Container UK Limited UK 100%        * Triton Container Sul Americana Transporte E Comercio Ltda. has two owners:  The Borrower  owns 499 quotas and Triton Container International GmbH owns 1 quota.                                                      1Inclusive of directors’ qualifying shares, if any.   

 

      2.  Unrestricted Subsidiaries (all Subsidiaries other than Restricted Subsidiaries).  Name of Unrestricted Subsidiary  Jurisdiction of  Formation  Percentage Owned by  Borrower and  Subsidiaries    Triton Container International,  Incorporated of North America  U.S.A. (California) 100%  Triton International Container BVBA Belgium 100%  Triton Container International B.V. Netherlands 100%  Triton Container Finance VII LLC U.S.A. (Delaware) 100%  Triton Container Finance VIII LLC U.S.A. (Delaware) 100%  TriStar Container Services (Asia)  Private Limited***  India 50%  TAL International Group, Inc. U.S.A. (Delaware) 100%  Triton International Finance LLC** U.S.A. (Delaware) 100%  TIF Funding LLC U.S.A. (Delaware) 100%  TIF Funding II LLC U.S.A. (Delaware) 100%  TAL International Container  Corporation  U.S.A. (Delaware) 100%  TAL Advantage VII LLC U.S.A. (Delaware) 100%  TAL Finance III LLC U.S.A. (Delaware) 100%  ICS Terminals (UK) Limited UK 100%    **Triton International Finance LLC has two members:  the Borrower and TAL International  Container Corporation    *** TriStar Container Services (Asia) Private Limited operates as a joint venture between the  Borrower and Marine Container Services (India) Private Limited      

 

        Schedule 9.9      SCHEDULE 9.9  PARTNERSHIPS AND LIMITED LIABILITY COMPANIES    Name of Partnership or LLC Type Percentage Owned by  Borrower and   Subsidiaries  TriStar Container Services (Asia)  Private Limited  Joint Venture 50%  Triton International Finance LLC LLC 100%  Triton Container Finance VII LLC LLC 100%  Triton Container Finance VIII LLC LLC 100%      

 

        Schedule 9.14      SCHEDULE 9.14   ENVIRONMENTAL MATTERS        

 

        Schedule 9.20      SCHEDULE 9.20  EXISTING INDEBTEDNESS  Current Debt, Funded Debt, Finance Leases, and Long Term Leases of the Company and its  Restricted Subsidiaries as of the Closing Date is as follows:     The Tenth Restated and Amended Credit Agreement, dated as of May 16,  2019, among Triton Container International Limited (“TCIL”), as  borrower, TALICC, as borrower, Bank of America, N.A., as  administrative agent, various lenders from time to time party thereto, and  BofA Securities, Inc., MUFG Bank, Ltd., Royal Bank of Canada, Wells  Fargo Securities LLC, BBVA Compass, ABN AMRO Bank N.V.,  Mizuho Bank, Ltd. and PNC Bank, National Association as joint lead  arrangers (as amended, restated supplemented or otherwise modified  from time to time, the “Revolving Credit Agreement”) (capitalized terms  used but not defined herein have the respective meanings set forth in the  Revolving Credit Agreement)  $820,000,000  The Note Agreement dated as of September 17, 2008, the First  Supplement to Note Agreements, dated as of April 30, 2010 and the  Second Supplement to Note Agreements, dated as of June 27, 2011,  entered into by Triton Container International Limited and the purchasers  party thereto  $191,600,000  The Note Agreement, dated September 29, 2011, the First Supplement to  Note Agreements, dated as of October 23, 2012, the Second Supplement  to Note Agreements, dated as of June 12, 2014, the Third Supplement to  Note Agreements, dated as of March 5, 2015 and the Fourth Supplement  to Note Agreements, dated as of July 13, 2017, entered into by Triton  Container International Limited and the Purchasers  $1,247,371,427  The Indenture dated as of April 15, 2021 among Triton Container  International Limited as Issuer, Triton International Limited as Parent  Guarantor and Wilmington Trust, NA as Trustee   $600,000,000  Accrued interest (estimate) $13,742,174     Container Rental Equipment Payable (estimate) $115,061,410     Long-Term leases of the Company outstanding on the Closing Date is as  follows:  $1,219,976    

 

              SCHEDULE 10.2  ADDRESSES FOR NOTICES    Borrower’s Address:  Victoria Place, 5th Floor   31 Victoria Street   Hamilton HM 10  Bermuda     with a copy to:  Triton Container International, Incorporated of North America  100 Manhattanville Road  Purchase, NY 10577-2135  Telephone: 914-697-2554  Facsimile: 914-697-2526      Administrative Agent’s Office and Lending Office:  (for payments and requests for Loans):  PNC Agency Services  PNC Firstside Center  5th Floor  500 First Avenue  Pittsburgh PA 15219  Telephone: 440-746-4164  Facsimile: 412-705-2400      Lenders’ Addresses:  PNC Bank, National Association  PNC Firstside Center  5th Floor  500 First Avenue  Pittsburgh PA 15219  Telephone: 440-746-4164  Facsimile: 412-705-2400            

 

              Truist Bank  3333 Peachtree Road NE, Floor 7  Atlanta, GA 30326  Telephone: (908) 334-3626    City National Bank, a national banking association  555 S. Flower Street, 20th floor  Los Angeles, CA 90071  Telephone:  (917) 322‐3840    Crédit Industriel et Commercial, New York Branch  520 Madison Avenue, 37thFloor  New York, NY 10022  Telephone:  (212) 715-4605  Facsimile:  (212) 715-4535    DBS Bank Ltd.  725 S. Figueroa Street, Suite 2000  Los Angeles, CA 90017  Telephone: 213-243-3703  Facsimile: 213-627-0228    Citibank, N.A.  227 W. Monroe Street  Chicago, IL 60606  Telephone: (312) 545-8086    Fifth Third Bank, National Association  38 Fountain Square Plaza  MD 109046  Cincinnati, OH 45263  Telephone:  (513) 534-0836    ING Belgium SA/NV  Avenue Marnix 24  1000 Brussels  Belgium  Telephone: +32 488 99 74 71    MUFG Bank, Ltd.  1251 Avenue of the Americas   New York, NY 10020-1104  Telephone: 312-696-4516  Facsimile: 312-696-4535      

 

              Royal Bank of Canada, New York Branch  Global Loans Administration, NY  Three World Financial Center   200 Vesey Street  New York, NY 10281-8098  Telephone: 1-877-332-7455  Facsimile: 1-212-428-2372    Regions Bank   615 South College Street, Suite 400  Charlotte, NC 28202  Telephone: (704) 941-6666    Zions Bancorporation, N.A. dba California Bank & Trust  456 Montgomery Street, Suite 2300  San Francisco, CA 94104  Telephone: (415) 875-1305  Facsimile: (844) 573-2010    Citizens Bank, N.A.  525 Williams Penn Place  Mailstop PW-2440  Pittsburgh, PA 15219  Telephone: (212) 699-2854    Wells Fargo Bank, N.A.  420 Montgomery Street  San Francisco, CA 94140  Telephone:  (704) 410-2402    Bank of America, N.A.  Attn: Faith Alford   MAC Legal Dept, Mail Code: NC1-001-05-45  101 North Tryon Street   Charlotte, NC 28255-0001  Telephone: 312-828-5684  Facsimile: 312-453-3142    Sumitomo Mitsui Banking Corporation  277 Park Avenue, New York, NY 10172  Telephone: 212-224-4882    Mizuho Bank, Ltd.   1271 Avenue of the Americas  New York, NY 10020   Telephone: (212) 282-4098    

 

              BBVA USA   1345 Avenue of the Americas, 44 Floor  New York, NY 10105  Telephone: (212) 419-6277  Facsimile: (866) 984-8668               

 

              SCHEDULE 10.6  INSURANCE REQUIREMENTS    

 

              SCHEDULE 10.17  LIENS        

 

              SCHEDULE 10.18  RELATED PARTY AGREEMENTS          

 

        Exhibit A-1  Note TCIL Term Loan Agreement      EXHIBIT A  FORM OF NOTE     , 20__  FOR VALUE RECEIVED, the undersigned, Triton Container International Limited, a  Bermuda exempted company (the “Borrower”), hereby promises to pay to    (the  “Lender”) the aggregate unpaid principal amount of all Loans made by the Lender to the Borrower  pursuant to the Term Loan Agreement referred to below (as shown on the schedule attached hereto  and any continuation thereof or in the records of the Lender).  The Borrower further promises to pay interest on the unpaid principal amount of the  Lender’s Loans from the date of each such Loan until each such Loan is paid in full, payable at  the rate(s) and at the time(s) set forth in the Term Loan Agreement.  All payments of principal and interest under this Note shall be made in lawful money of  the United States of America in immediately available funds at the Administrative Agent’s Office,  or at such other place as the Administrative Agent shall notify the Borrower in writing.  This Note is one of the Notes referred to in, and is subject to the terms and provisions of,  the Term Loan Agreement, dated as of May 27, 2021 (as amended, restated, supplemented or  otherwise modified from time to time, the “Term Loan Agreement”), among the Borrower, various  lenders party thereto (including the Lender) and PNC Bank, National Association, as  Administrative Agent, to which Term Loan Agreement reference is hereby made for a statement  of said terms and provisions, including those under which this Note may be paid prior to its due  date or its due date accelerated or extended.  Capitalized terms used in this Note which are defined  in the Term Loan Agreement shall have the meanings given them therein unless the context  otherwise requires.  The Borrower expressly waives any presentment, demand, protest or notice in connection  with this Note.      

 

        Exhibit A-2  Note TCIL Term Loan Agreement      This Note is made under and governed by the internal laws of the State of New York.  TRITON CONTAINER INTERNATIONAL  LIMITED  By: _______________________________________  Name:  Title:    

 

        Exhibit A-3  Note TCIL Term Loan Agreement      Schedule attached to Note dated ____________ of Triton Container International Limited,  payable to the order of ______________.  LOANS AND PRINCIPAL PAYMENTS  Date  Amount of   Loan Made  Type of Loan  &  Applicable  Interest  Rate  Amount of   Principal   Repaid  Unpaid   Principal   Balance  Notation   Made By                                                                                                                    The failure to record the date and amount of any Loan on this schedule shall not limit or otherwise  affect the obligations of the Borrower under the Term Loan Agreement or under this Note to repay  the principal amount of such Loan together with all interest accruing thereon.      

 

        Exhibit B-1  Borrowing Base Certificate  TCIL Term Loan Agreement      EXHIBIT B  FORM OF BORROWING BASE CERTIFICATE    , 20__  PNC Bank, National Association, as Administrative Agent  PNC Agency Services  PNC Firstside Center  5th Floor  500 First Avenue  Pittsburgh PA 15219  Attention: _______________    Re: Triton Container International Limited Term Loan Agreement   Ladies and Gentlemen:  Please refer to the Term Loan Agreement dated as of May 27, 2021 among Triton Container  International Limited, various lenders party thereto and PNC Bank, National Association, as  Administrative Agent (as amended, restated, supplemented or otherwise modified from time to  time, the “Term Loan Agreement”).  Capitalized terms used but not defined herein have the  respective meanings set forth in the Term Loan Agreement.  The Borrower certifies that as of ________________ (the “Computation Date”), the  computations of the Borrowing Base and other items set forth on Schedule I were true and correct.  The Borrower further certifies and warrants that there has not been any event or  circumstance since the Computation Date which would materially reduce the amount of the  Borrowing Base [or which would materially change the calculation of the any mandatory  prepayment amount shown on Schedule I].  [IF APPLICABLE: Pursuant to Section 6.5 of the Term Loan Agreement, the Borrower  further certifies that, to the extent that Schedule I reflects the effect of the use of the proceeds of  Loans that will be made pursuant to the current Loan Request (the “Current Proceeds”): (a) the  dollar amount of Unsecured Vendor Debt and trade payables incurred in connection with the  acquisition of SIA Container Equipment, reduced by such proceeds, was $___________; and (b)   the aggregate dollar amount of (i) the current portion of Subordinated Funded Debt, (ii) 20% of  the Letter of Credit Outstandings allocable to commercial Letters of Credit and/or (iii) the  outstanding principal amount of Total Senior Debt (other than Indebtedness under the Term Loan  Agreement) secured by Finance Leases of SIA Container Equipment, SIA Container Equipment  and/or Casualty Receivables, reduced by such proceeds, was $____________]1                                                    1 [Complete and include this paragraph and the following paragraph for any interim Borrowing Base Certificate  delivered pursuant to Section 6.5 of the Term Loan Agreement.]  

 

        Exhibit B-2  Borrowing Base Certificate  TCIL Term Loan Agreement      [IF APPLICABLE: The undersigned Authorized Officer represents that (x) the Current  Proceeds (or relevant portion thereof) will be used to pay Indebtedness of the type described in  Section 6.5(a)(ii)(y), (b)(i), (b)(ii) or (b)(iii) of the Term Loan Agreement and (y) to the extent  necessary, this Borrowing Base Certificate was prepared using the Borrower’s good faith  reasonable estimates of the information contained herein.]  [Signature on next page.]    

 

        Exhibit B-3  Borrowing Base Certificate  TCIL Term Loan Agreement      IN WITNESS WHEREOF, the undersigned has caused this Borrowing Base Certificate to  be executed and delivered by the undersigned Authorized Officer hereunto duly authorized as of  the date first above written.  TRITON CONTAINER INTERNATIONAL  LIMITED  By: _______________________________________  Name:  Title:    

 

        Exhibit B-4  Borrowing Base Certificate  TCIL Term Loan Agreement      SCHEDULE I  to Borrowing Base Certificate  Triton Container International Limited  Computation Date:    , 20__  I. Borrower’s SIA Container Equipment subject to Finance Leases  1. Net investment of the Borrower in Finance Leases of SIA Container   Equipment        ________  2. Margined net investment of the Borrower in Finance Leases of SIA   Container Equipment (Item I.1.  multiplied by 80%)  80% ______  II.   Borrower’s SIA Container Equipment  1. Original Equipment Cost3 of the Borrower’s (not including any Subsidiary’s) SIA  Container Equipment  2. Accumulated Depreciation4 (absolute value)  3. Less: (A) any lost, stolen or destroyed SIA   Container Equipment that exceeds $250,000   in NBV and has been off-hire and no longer   billed to a lessee for a period in excess of 90 days, and  ________  4. Less: (B) any spare parts comprising any portion of SIA   Container Equipment       ________  5. Less: Unsecured Vendor Debt and trade payables incurred   in the acquisition of such SIA Container Equipment  6. (Item II.1. - Item II.2.) minus (Item II.3. + Item II.4.)   minus Item II.5.       ________  7 Margined Net Book Value of the Borrower’s SIA Container    Equipment (Item II.6. multiplied by 83.33%)  83.33%  ______    III.  Casualty Receivables  1. Book Value of Casualty Receivables from non-Affiliates   outstanding for ≤120 days     ________  2. Book Value of Casualty Receivables from Affiliates   outstanding for ≤120 days  and ≤ and $5,000,000  ________  3. Total Book Value of Casualty Receivables   (Item III.1. + Item III.2.)     ________  4. Margined Book Value of Casualty Receivables                                                    3 Determined in accordance with GAAP.   4 Determined in accordance with GAAP.   

 

        Exhibit B-5  Borrowing Base Certificate  TCIL Term Loan Agreement       (Item III.3. multiplied by 80%)    80%  ______    IV. Total Margined SIA Container Equipment     (Sum of Items I.2., II.7. and III.4.)       ______  V.  Liabilities  1. Current portion of Subordinated Funded Debt    ________  2. 20% of the Letter of Credit Outstandings     ________  3. Outstanding principal amount of Total Senior Debt (other   than Item VII.2.) secured by Finance Leases of SIA Container   Equipment, SIA Container Equipment and/or Casualty    Receivables         ________     4. Accrued and unpaid interest on such Total Senior Debt   ________  5. Liabilities that reduce the Borrowing Base      ________   (Sum of Items V.1. through V.4.)      ________  VI. BORROWING BASE    The lesser of (i) $1,200,000,000 (as such amount may be increased in accordance with  Section 2.8 of the Agreement) and (ii) the total of Item IV. minus Item V.5.  ________   VII. Availability  1. Aggregate Commitment Amount     $1,200,000,000  2. Less: Facility Usage        ________  3. Total Availability (Item VII.1. minus Item VII.2.)    ________  4. Maximum Remaining Availability (Lesser of Items VII.3.   and VI.)         ________  5. Mandatory Prepayment Amount (if Item VII.2 is greater than   the lesser of (x) Item VI and (y) Item VII.1, then prepayment   equals Item VII.2.        ________        *****  

 

        Exhibit C-1  Loan Request TCIL Term Loan  Agreement      EXHIBIT C  FORM OF LOAN REQUEST      PNC Bank, National Association, as Administrative Agent  PNC Agency Services  PNC Firstside Center  5th Floor  500 First Avenue  Pittsburgh PA 15219  Attention: _______________    Re: Triton Container International Limited Term Loan Agreement   Gentlemen and Ladies:  Please refer to the Term Loan Agreement, dated as of May 27, 2021, among Triton  Container International Limited, various lenders party thereto and PNC Bank, National  Association, as Administrative Agent (as amended, restated, supplemented or otherwise modified  from time to time, the “Term Loan Agreement”).  Capitalized terms used but not defined herein  have the respective meanings set forth in the Term Loan Agreement.  1. Request for Loans.  Pursuant to Section 2.3 of the Term Loan Agreement, the  Borrower irrevocably gives you notice of the Borrowing specified herein:  (a) Requested Funding Date:    , 20__.  (b) Amount of Borrowing: $   .  (c) Type of Borrowing: LIBOR Rate Loans with an initial Interest Period of _______.  (d) On the requested Funding Date above, please credit the Borrower’s Account No.  ________ with the proceeds of the Loans requested above and wire transfer such amount to:   _____________.  (e) LIBOR Reserve Percentage:   .  2. Certifications.  The Borrower hereby certifies that, both before and after giving  effect to the Loans requested hereunder:  (a) The representations and warranties set forth in Section 9 of the Term Loan  Agreement, and in any other agreement or certification given by the Borrower or any Subsidiary  or any officer or agent thereof pursuant to the Term Loan Agreement (including the Security and  Intercreditor Agreement), were true and correct as of the date made, and such representations and  

 

        Exhibit C-2  Loan Request TCIL Term Loan  Agreement      warranties are true and correct in all material respects on the date hereof as if made on the date  hereof.  (b) (i) No Event of Default or Unmatured Event of Default has occurred and is  continuing and (ii) the Facility Usage will not exceed the Borrowing Base.  (c) The Borrower is in compliance with Section 10.6 (Insurance; Reports) of the Term  Loan Agreement.  3. Borrowing Base Certificate.  Attached hereto as Schedule I is a true and correct  copy of the Borrowing Base Certificate most recently delivered pursuant to Section [IF  APPLICABLE: 6.5,] 10.1(d) or 11.1(j) of the Term Loan Agreement, as applicable, dated  ______________20__, that sets forth a computation of the Borrowing Base as in effect on such  date  and demonstrates (a) that such Borrowing Base is sufficient to cover the Loans requested  hereby after giving effect to such Loans, (b) the effect of such Loans on the Borrowing Base and  (c) that the outstanding Borrowing Base is equal to or greater than zero, after giving effect to such  Loans.  The Borrower agrees that if prior to the Funding Date any matter certified herein will not  be true and correct at such time as if then made, the Borrower will immediately so notify the  Administrative Agent.  Except to the extent that prior to the Funding Date the Administrative  Agent shall receive written notice to the contrary from the Borrower, each matter certified herein  shall be deemed to be certified by the Borrower on the Funding Date (after giving effect to the  Loans and other actions contemplated hereby).  [Signature on next page.]  

 

        Exhibit C-3  Loan Request TCIL Term Loan  Agreement      IN WITNESS WHEREOF, the Borrower has caused this Loan Request to be executed and  delivered by the undersigned representatives hereunto duly authorized as of the date first above  written.  TRITON CONTAINER INTERNATIONAL  LIMITED  By: _______________________________________  Name:  Title:        

 

        Exhibit C-4  Loan Request TCIL Term Loan  Agreement      SCHEDULE I  to Loan Request  Borrowing Base Certificate  [Borrower to attach and deliver completed and signed  Borrowing Base Certificate (in the form of Exhibit B to the Term Loan Agreement).]          

 

        Exhibit D-1  Compliance Certificate  TCIL Term Loan Agreement      EXHIBIT D  FORM OF COMPLIANCE CERTIFICATE    ____________, 20__  PNC Bank, National Association, as Administrative Agent  PNC Agency Services  PNC Firstside Center  5th Floor  500 First Avenue  Pittsburgh PA 15219  Attention: ______________    Re: Triton Container International Limited Term Loan Agreement   Gentlemen and Ladies:  Please refer to the Term Loan Agreement, dated as of May 27, 2021, among Triton  Container International Limited (“TCIL”), various lenders party thereto and PNC Bank, National  Association, as Administrative Agent (as amended, restated, supplemented or otherwise modified  from time to time, the “Term Loan Agreement”).  Capitalized terms used but not defined herein  have the respective meanings set forth in the Term Loan Agreement.  The undersigned Authorized Officer hereby certifies as of the date hereof that he/she is the  of TCIL, and that, as such, he/she is authorized to execute and deliver this  Certificate to the  Administrative Agent on behalf of TCIL, and that:  [Use following paragraph 1 for fiscal year-end financial statements]  1. Annual Audit Report.  Attached hereto as Schedule I are the year-end audited  financial statements of TCIL and its Subsidiaries required by Section 10.1(a) of the Term Loan  Agreement for the fiscal year of TCIL ended as of (the “Computation Date”)1, together with the  report and opinion of an independent certified public accountant required by such section, in each  case in form and substance as set forth in such section.  [Use following paragraph 1 for fiscal quarter-end financial statements]  2. Quarterly Financial Statements.  Attached hereto as Schedule I are the unaudited  financial statements of TCIL and its Subsidiaries required by Section 10.1(b) of the Term Loan  Agreement for the fiscal quarter of TCIL ended as of (the “Computation  Date”) in form and  substance as set forth in such section.  Such financial statements satisfy the  requirements set forth                                                    1 The “Computation Date” is the last day of the applicable fiscal quarter.  

 

        Exhibit D-2  Compliance Certificate  TCIL Term Loan Agreement      in Section 10.1(b) and fairly present the financial condition, results of operations, stockholders’  equity and comprehensive income, and cash flows of TCIL and its Subsidiaries in accordance with  GAAP as at such date and for such period, subject only to normal year-end audit adjustments and  the absence of footnotes.  3. Financial Tests.  TCIL certifies and warrants to you that the attached Schedule II  sets forth true and correct computations as of the Computation Date of the ratios and/or financial  restrictions contained in the Term Loan Agreement.  4. Income, Cash Flow and Investments Analysis.  TCIL certifies and warrants to you  that the attached Schedule III sets forth true and correct computations of: (a) Consolidated Net  Income; (b) earnings from each Unrestricted Subsidiary as calculated pursuant to the methodology  described in the definition of Consolidated Net Income, part (d) excluding, for the avoidance of  doubt, any non-cash gain or loss on any interest rate protection agreement or any similar hedging  agreement resulting from the requirements of SFAS No.  133 or any similar accounting standard;  (c) cash flow attributable to dividends that TCIL received from each Unrestricted Subsidiary; (d)  TCIL’s Investment in each Unrestricted Subsidiary under the equity method of accounting; in each  case for the fiscal period ended on the Computation Date.  5. Events of Default.  The undersigned has reviewed and is familiar with the terms of  the Term Loan Agreement and has made, or has caused to be made under his/her supervision, a  detailed review of the condition (financial or otherwise) of TCIL and its Subsidiaries as of the  Computation Date and for the accounting period then ended with the purpose of determining  whether TCIL was in compliance with the Term Loan Agreement as of such date, and to the best  knowledge of the undersigned, no Event of Default or Unmatured Event of Default has occurred  and is continuing [, except as described below:2].  7. Container Equipment Report.  Attached hereto as Schedule IV is a summary that  sets forth, as of the Computation Date, (i) a separate listing of the number and types of Container  Equipment owned, rented, leased or managed by the Borrower, (ii) their aggregate Net Book  Value, (iii) a separate listing of the Borrower's ten (10) largest customers to date, as measured by  Net Book Value of Container Equipment, and (iv) their aggregate original cost (or upon the  Administrative Agent’s request during the existence of an Event of Default or Unmatured Event  of Default, a detailed report with respect to each unit of Container Equipment then owned by the  Borrower and subject to a Long Term Lease its (w) serial or other identifying number, (x) in- service date, (y) Net Book Value (including totals thereof), and (z) original cost (including totals  thereof)); it being understood that, unless reasonably requested by the Majority Lenders with  reasonable notice, such reports shall be limited to all Containers constituting Collateral then owned  by the Borrower; together with monthly utilization rate with respect to such Container Equipment  in form and detail satisfactory to the Administrative Agent 3.                                                    2 If such an event has occurred and is continuing, describe such event and the steps, if any, being taken to cure it.  3 Report may be limited to Containers constituting Collateral unless otherwise reasonably requested by the Majority  Lenders with reasonable notice.  

 

        Exhibit D-3  Compliance Certificate  TCIL Term Loan Agreement      IN WITNESS WHEREOF, the undersigned has executed this Compliance Certificate as of  the date first above written.  TRITON CONTAINER INTERNATIONAL  LIMITED  By: _______________________________________  Name:  Title:            

 

  Exhibit E-1  Assignment and Assumption Agreement  TCIL Term Loan Agreement      EXHIBIT E  FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT  This Assignment and Assumption Agreement (this “Assignment Agreement”) is dated as of the  Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the  “Assignor”) and [Insert name of Assignee] (the “Assignee”).  Capitalized terms used but not  defined herein shall have the respective meanings given to them in the Term Loan Agreement  identified below (the “Term Loan 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  Agreement 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 Term Loan Agreement, as of the  Effective Date inserted by the Administrative Agent as contemplated below (i) all of the  Assignor’s rights and obligations as a Lender under the Term Loan Agreement and any other  documents or instruments delivered pursuant thereto to the extent related to the amount and  percentage interest identified below of all of such outstanding rights and obligations of the  Assignor under the respective facilities identified below (including, without limitation, Letters of  Credit and guarantees included in such facilities) and (ii) to the extent permitted to be assigned  under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its  capacity as a Lender) against any Person, whether known or unknown, arising under or in  connection with the Term Loan 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, but not limited to, contract claims, tort claims, malpractice claims,  statutory claims and all other claims at law or in equity related to the rights and obligations sold  and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to  clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”).  Such  sale and assignment is without recourse to the Assignor and, except as expressly provided in this  Assignment Agreement, without representation or warranty by the Assignor.  1. Assignor:         2. Assignee:        [and is an Affiliate of  [identify Lender]]  3. Borrower: Triton Container International Limited  4. Administrative Agent: PNC Bank, National Association, as the administrative agent under  the Term Loan Agreement  5. Term Loan Agreement: The Term Loan Agreement dated as of May 27, 2021 among Triton  Container International Limited, the Lenders parties thereto, and PNC Bank, National Association,  as Administrative Agent   

 

  Exhibit E-2  Assignment and Assumption Agreement  TCIL Term Loan Agreement      6. Assigned Interest:  Aggregate Amount of  Commitment/Loans  for all Lenders∗  Amount of  Commitment/Loans  Assigned1  Percentage  Assigned of  Commitment/Loans      $    $    ___________%  $    $    ___________%  $    $    ___________%    [7. Trade Date:       ]  Effective Date:  ____________, 20__ [TO BE INSERTED BY ADMINISTRATIVE AGENT  AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN  THE REGISTER THEREFOR.]  The terms set forth in this Assignment Agreement are hereby agreed to:  ASSIGNOR:  [NAME OF ASSIGNOR]  By: ________________________________________   Title:    ASSIGNEE:  [NAME OF ASSIGNEE]  By: ________________________________________   Title:  Consented to and Accepted:  PNC BANK, NATIONAL ASSOCIATION, as                                                    1 Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the  Trade Date and the Effective Date.  

 

  Exhibit E-3  Assignment and Assumption Agreement  TCIL Term Loan Agreement      Administrative Agent  By:        Title:          [Consented to:  TRITON CONTAINER INTERNATIONAL LIMITED   By:        Title:]  

 

  Exhibit E-3  Assignment and Assumption Agreement  TCIL Term Loan Agreement      ANNEX 1 TO ASSIGNMENT AND ASSUMPTION AGREEMENT  STANDARD TERMS AND CONDITIONS FOR   ASSIGNMENT AND ASSUMPTION AGREEMENT  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 Agreement 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 Term Loan Agreement  or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness,  sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial  condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in  respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its  Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan  Document.  1.2. Assignee.  The Assignee (a) represents and warrants that (i) it has full power and  authority, and has taken all action necessary, to execute and deliver this Assignment Agreement  and to consummate the transactions contemplated hereby and to become a Lender under the Term  Loan Agreement, (ii) it meets all requirements of an Eligible Assignee under the Term Loan  Agreement (subject to receipt of such consents as may be required under the Term Loan  Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Term  Loan Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the  obligations of a Lender thereunder, (iv) it has received a copy of the Term Loan Agreement,  together with copies of the most recent financial statements delivered pursuant to Section 10.1  thereof, as applicable, and such other documents and information as it has deemed appropriate to  make its own credit analysis and decision to enter into this Assignment Agreement and to purchase  the Assigned Interest on the basis of which it has made such analysis and decision independently  and without reliance on the Administrative Agent or any other Lender, and (v) if it is organized  under the laws of a jurisdiction other than the United States, attached hereto is any documentation  required to be delivered by it pursuant to the terms of the Term Loan Agreement, duly completed  and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance  on the Administrative Agent, the Assignor or any other Lender, and based on such documents and  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  

 

  Exhibit E-4  Assignment and Assumption Agreement  TCIL Term Loan Agreement      other amounts) to the Assignee whether such amounts have accrued prior to or on or after the  Effective Date.  The Assignor and the Assignee shall make all appropriate adjustments in payments  by the Administrative Agent for periods prior to the Effective Date or with respect to the making  of this assignment directly between themselves.  3. General Provisions.  This Assignment Agreement shall be binding upon, and inure  to the benefit of, the parties hereto and their respective successors and assigns.  This Assignment  Agreement may be executed in any number of counterparts, which together shall constitute one  instrument.  Delivery of an executed counterpart hereof, or a signature page of this Assignment  Agreement, by facsimile or in a .pdf or similar file shall be effective as delivery of a manually  executed original counterpart of this Assignment Agreement. This Assignment Agreement shall  be governed by, and construed in accordance with, the law of the State of New York.      

 

  Exhibit F-1  Security and Intercreditor Agreement  TCIL Term Loan Agreement      EXHIBIT F  SUBORDINATION PROVISIONS APPLICABLE TO   SUBORDINATED FUNDED DEBT  (a) The indebtedness evidenced by this Subordinated Note1 and any renewals or  extensions hereof, shall at all times be wholly subordinate and junior in right of payment to: (i) the  Borrower’s obligations to the “Lenders” defined in, and arising pursuant to, that certain Term Loan  Agreement dated as of May 27, 2021 (as amended, restated, supplemented or otherwise modified  from time to time, the “Term Loan Agreement”) among the Borrower, PNC Bank, National  Association, as administrative agent, and the lenders signatories thereto, as the same may be  amended from time to time, including, without limitation, as to the aggregate credit available  thereunder to the Borrower, (ii) any commitment fees payable pursuant to the terms of the  Borrower’s senior loan agreements, (iii) obligations incurred in connection with any interest rate  swap agreement, interest rate cap agreement, interest rate collar agreement or other agreement  intended to protect the Borrower against fluctuations in the rate of interest on its indebtedness, (iv)  reimbursement obligations relating to standby letters of credit issued at the request of the Borrower  (and related letter of credit applications) up to an aggregate maximum face amount for all such  standby letters of credit of $500,000 (foreign currency denominated standby letters of credit shall  be valued in United States currency as at the date of issuance at the issuer’s prevailing exchange  rates), and (v) any other funded indebtedness for money borrowed of the Borrower not expressed  to be subordinate or junior to any other indebtedness of the Borrower; and any and all extensions  or renewals of any such indebtedness in whole or in part in the manner and with the force and  effect hereinafter set forth.  The indebtedness described in the preceding clauses (i) through (v),  including all costs of collection thereof, and post-petition interest thereon, is hereinafter called  “Senior Debt”.  1. In the event of any insolvency or bankruptcy proceedings, and any receivership,  liquidation, reorganization, arrangement or other similar proceedings in connection therewith,  relative to the Borrower or to its creditors, as such, or to its property, and in the event of any  proceedings for voluntary liquidation, dissolution or other winding up of the Borrower, whether  or not involving insolvency or bankruptcy, then the holders of Senior Debt shall be entitled to  receive payment in full of all Senior Debt before the holder of this Subordinated Note is entitled  to receive any payment on account of principal, premium or interest upon this Subordinated Note,  and to that end (but subject to the power of a court of competent jurisdiction to make other  equitable provisions reflecting the rights conferred in this Subordinated Note upon the Senior Debt  and the holders thereof with respect to the subordinate indebtedness represented by this  Subordinated Note and the holder hereof by a lawful plan of reorganization under applicable  bankruptcy law) the holders of Senior Debt shall be entitled to receive for application in payment  thereof any payment or distribution of any kind or character, whether in cash or property or  securities, which may be payable or deliverable in any such proceedings in respect of this  Subordinated Note.                                                    1 Or debenture or other designation as appropriate.  

 

  Exhibit F-2  Security and Intercreditor Agreement  TCIL Term Loan Agreement      2. In the event that any default in the payment of principal or interest shall occur and  be continuing with respect to any Senior Debt and the holders of such Senior Debt shall accelerate  the maturity thereof, the holder of this Subordinated Note shall not be entitled to receive any  payment on account of principal, premium or interest hereon unless payment in full shall have  been made of all Senior Debt.  Notwithstanding the foregoing provisions of this paragraph, the  holders of such Senior Debt shall have the right, on a one-time only basis, by written notice to the  holder of this Subordinated Note, to require postponement of the commencement of any actions  as a result of such acceleration for a period not to exceed thirty (30) days, and during such thirty  (30) day period, the holder of this Subordinated Note shall not take any action or institute any  proceeding as a result of such acceleration.  Subject to paragraph 1 above, in the event that such a  default in payment shall exist and the holders of such Senior Debt shall not have accelerated the  maturity thereof, the holder of this Subordinated Note shall not be entitled to receive any payment  in excess of the regularly scheduled payments of principal and interest unless payment in full shall  have been made of all Senior Debt.  Notwithstanding the provisions of the foregoing sentence, and  subject to the provisions of paragraph 7 below, prior to the acceleration of the maturity of any  Senior Debt, if the holders of such Senior Debt provide written notice of such a payment default  (which notice shall state that it is intended to temporarily block payments on the Subordinated  Notes) to the Borrower and the holder of this Subordinated Note, then for a period ending upon  the earlier of (i) sixty (60) days after receipt of such written notice, or (ii) the date of acceleration  of the maturity of any Senior Debt, the holder of this Subordinated Note shall not be entitled to  receive any payment on account of principal, premium or interest hereon unless payment in full  shall have been made of all Senior Debt, provided that such notice may be given on a one-time  only basis.  3. In the event that any non-payment default (a default other than a default in the  payment of principal or interest) shall occur and be continuing with respect to any Senior Debt and  the holders of such Senior Debt shall accelerate the maturity thereof, the holder of this  Subordinated Note shall not be entitled to receive any payment on account of principal, premium  or interest hereon, unless payment in full shall have been made of all Senior Debt.  In the event  that such a non-payment default shall exist and the holders of such Senior Debt shall not have  accelerated the maturity thereof, the holders of this Subordinated Note shall not be entitled to  accelerate the maturity of this Subordinated Note unless an event of default permitting such  acceleration exists and is continuing (other than a cross default to the non-payment default with  respect to such Senior Debt).  Notwithstanding the provisions of the foregoing sentence, and  subject to the provisions of paragraph 7 below, prior to the acceleration of the maturity of any  Senior Debt, if the holders of such Senior Debt provide written notice of such a non-payment  default (which notice shall state that it is intended to temporarily block payments on the  Subordinated Notes) to the Borrower and the holder of this Subordinated Note, then for a period  ending upon the earlier of (i) one hundred and twenty (120) days after receipt of such written  notice, or (ii) the date of acceleration of the maturity of any Senior Debt (the “Block Period”), the  holder of this Subordinated Note shall not be entitled to receive any payment on account of  principal, premium or interest hereon unless payment in full shall have been made of all Senior  Debt.  Subject to the provisions of paragraph 1 hereof, after the end of such Block Period the holder  of this Subordinated Note may accelerate the maturity hereof if there exists a default which would  permit such acceleration.  Subject to paragraph 1 above, in the event that such a non-payment  

 

  Exhibit F-3  Security and Intercreditor Agreement  TCIL Term Loan Agreement      default shall exist and the holders of such Senior Debt shall not have accelerated the maturity  thereof, the holder of this Subordinated Note shall not be entitled to receive any payment in excess  of the regularly scheduled payments of principal and interest unless payment in full shall have  been made of all Senior Debt.  4. Subject to the provisions of paragraphs 1, 2 and 3 above, in the event that any  default in the payment of principal or interest shall occur and be continuing with respect to this  Subordinated Note, so long as the holders of such Senior Debt shall not have accelerated the  maturity thereof, the holder of this Subordinated Note shall have the right to accelerate the maturity  of this Subordinated Note provided that written notice thereof shall have been received by the  Administrative Agent under the Term Loan Agreement simultaneously with any such acceleration;  however, such holder shall not be entitled to receive any payment in excess of the regularly  scheduled payments of principal and interest unless payment in full shall have been made on all  Senior Debt. Notwithstanding the foregoing provisions of this paragraph, in the event of the  acceleration of the maturity of this Subordinated Note, the holders of the Senior Debt shall have  the right, on a one-time only basis with respect to any separate payment default on this  Subordinated Note, by written notice (which notice shall state that it is intended to temporarily  postpone the commencement of any actions as a result of the acceleration of this Subordinated  Note) to the holder of this Subordinated Note, to require postponement of the commencement of  any actions as a result of such acceleration for a period not to exceed thirty (30) days, and during  such thirty (30) day period, the holder of this Subordinated Note shall not take any action or  institute any proceeding as a result of such acceleration.  5. Subject to the foregoing paragraphs 1, 2 and 3 above, in the event that any non- payment default (a default other than a default in the payment of principal or interest) shall occur  and be continuing with respect to this Subordinated Note the holders of this Subordinated Note  may accelerate the maturity hereof, provided that written notice thereof shall have been received  by the Administrative Agent under the Term Loan Agreement simultaneously with any such  acceleration, however, the holder of this Subordinated Note shall not be entitled to receive any  payment in excess of the regularly scheduled payments of principal and interest hereon unless  payment in full shall have been made of all Senior Debt.  Notwithstanding the provisions of the  foregoing sentence, and subject to the provisions of paragraph 7 below, prior to the acceleration  of the maturity of any Senior Debt, if the holders of such Senior Debt provide written notice of  such non-payment default (which notice shall state that it is intended to temporarily block actions  as a result of acceleration of this Subordinated Note), to the Borrower and the holder of this  Subordinated Note, then for a period ending upon the earlier of (i) ninety (90) days after receipt of  such written notice, or (ii) the date of acceleration of the maturity of any Senior Debt (the  “Postponement Period”), the holder of this Subordinated Note shall postpone the commencement  of any actions as a result of the acceleration of this Subordinated Note unless payment in full shall  have been made of all Senior Debt.  Subject to the provisions of paragraph 1 above, after the end  of such Postponement Period the holder of this Subordinated Note may accelerate the maturity  hereof if there exists a default which would permit such acceleration.  

 

  Exhibit F-4  Security and Intercreditor Agreement  TCIL Term Loan Agreement      6. (a) No premium or default rate of interest shall accrue or become payable on   this Subordinated Note prior to an event of default with respect to this Subordinated Note or the  agreement under which it was issued.  (b) As long as any Senior Debt remains unpaid the holder of this Subordinated Note  will not (i) exchange this Subordinated Note for any equity security of the Borrower, (ii) forgive  any portion of this Subordinated Note, (iii) accept any collateral to secure the indebtedness of the  Borrower under this Subordinated Note, or (iv) receive any optional prepayment with respect to  this Subordinated Note if such prepayment would constitute an event of default with respect to any  Senior Debt.  7. Anything in the foregoing subordination provisions to the contrary  notwithstanding, during any 360-day period:  (i) no more than one Block Period or Postponement Period may be called by the  holders of Senior Debt;  (ii) the maximum aggregate number of days (whether or not consecutive) for which  payments under the Subordinated Notes may be blocked pursuant to clause (i) of  paragraph 2 and the Block Period is one hundred and twenty (120) days (for  example, if a sixty (60) days period under clause (i) of paragraph 2 has been called,  the maximum Block Period that may be called within a 360-day period is sixty (60)  days; conversely, if a 120-day Block Period has already been called during such  360-day period no additional blockage under said clause (i) of paragraph 2 shall be  available); and  (iii) the maximum aggregate number of days (whether or not consecutive) for which  payments under the Subordinated Notes may be blocked pursuant to clause (i) of  paragraph 2 and the Postponement Period is ninety (90) days (for example, if a sixty  (60) days period under clause (i) of paragraph 2 has been called, the maximum  Postponement Period that may be called within a 360-day period is thirty (30) days;  conversely, if a ninety (90) days Postponement Period has already been called  during such 360-day period, no additional blockage under said clause (i) of  paragraph 2 shall be available).  No present or future holder of Senior Debt shall be prejudiced in his right to enforce  subordination of this Subordinated Note by any act or failure to act on the part of the Borrower.   The provisions of this Subordinated Note are solely for the purpose of defining the relative rights  of the holders of Senior Debt on the one hand and the holder of this Subordinated Note on the other  hand and nothing herein shall impair as between the Borrower and the holder of this Subordinated  Note the obligation of the Borrower, which is unconditional and absolute, to pay to the holder  hereof the principal, premium, if any, and interest hereon in accordance with its terms, nor shall  anything herein prevent the holder of this Subordinated Note from exercising all remedies  otherwise permitted by applicable law or hereunder upon default hereunder, subject to the rights,  

 

  Exhibit F-5  Security and Intercreditor Agreement  TCIL Term Loan Agreement      if any, under this Subordinated Note of holders of Senior Debt to receive cash, property or  securities otherwise payable or deliverable to the holder of this Subordinated Note.  In the event any payment or distribution of any kind or character, whether in cash, property  or securities, shall be made upon or in respect of any Subordinated Note in contravention of any  of the provisions of this Section ___2 such payment or distribution shall be paid over by the holder  or holders of the Subordinated Notes receiving the same to the holders of outstanding Senior Debt  for pro rata application in payment thereof, unless and until such Senior Debt shall have been paid  or satisfied in full.  Any notice from the holders of Senior Debt permitted by paragraphs 2, 3, 4 or 5 hereof  must be in writing and shall be executed by the holders of not less than 662/3% of the aggregate  principal amount of all Senior Debt then outstanding.  The Borrower agrees, for the benefit of the holders of Senior Debt, that in the event that  this Subordinated Note or any portion hereof shall become due and payable before its expressed  maturity for any reason other than the mere passage of time (a) the Borrower will give prompt  notice in writing of such happening to the holders of Senior Debt and (b) any and all Senior Debt  shall forthwith become immediately due and payable upon demand by the holders thereof,  regardless of the expressed maturity thereof.  Each and every holder of this Subordinated Note by acceptance hereof shall undertake and  agree for the benefit of each holder of Senior Debt to execute, verify, deliver and file any proofs  of claim, consents, assignments or other instruments which any holder of Senior Debt may at any  time require in order to prove and realize upon any rights or claims pertaining to this Subordinated  Note and to effectuate the full benefit of the subordination contained herein, and upon failure of  the holder of this Subordinated Note to do so, any such holder of Senior Debt shall be deemed to  be irrevocably appointed the agent and attorney-in-fact of the holder of this Subordinated Note to  execute, verify, deliver and file any such proofs of claim, consents, assignments or other  instruments.  By accepting this Subordinated Note, each holder hereof shall agree to honor its  agreements set forth in this Section ___3 as such agreements relate to current and future holders of  Senior Debt notwithstanding any and all other rights and remedies it may have against the  Borrower pursuant to any other provision of this Agreement.                                                        2 Insert applicable section reference.  3 Insert applicable section reference.  

 

  Exhibit G-1      EXHIBIT G  FORM OF OPTIONAL PREPAYMENT NOTICE  [INSERT DATE]  PNC Bank, National Association, as Administrative Agent  PNC Agency Services  PNC Firstside Center  5th Floor  500 First Avenue  Pittsburgh PA 15219  Attention: _____________    Re: Triton Container International Limited Term Loan Agreement   Gentlemen and Ladies:    Please refer to the Term Loan Agreement dated as of May 27, 2021 among Triton Container  International Limited, various lenders party thereto and PNC Bank, National Association, as  Administrative Agent (as amended, restated, supplemented or otherwise modified from time to  time, the “Term Loan Agreement”).  Capitalized terms used but not defined herein have the  respective meanings set forth in the Term Loan Agreement.  [IF PREPAYMENT IS TO BE MADE ON A PAYMENT DATE INCLUDE THE  FOLLOWING: We are in receipt of the invoice from the Administrative Agent, dated [________],  with respect to the payments due under the Term Loan Agreement on [INSERT PAYMENT  DATE].  We hereby advise you that we intend to remit to the Administrative Agent on [INSERT  PAYMENT DATE] the amount of $[__________], to be applied as follows:  1. Apply $[principal amount on invoice] against principal due on [INSERT  PAYMENT DATE];  2. Apply $[interest amount on invoice] for accrued interest due on [INSERT  PAYMENT DATE]; and  3. Apply $[optional Prepayment amount] against the aggregate principal balance as  further described below]]  Pursuant to Section 6.2(b) of the Term Loan Agreement, the Borrower gives you notice  that it intends to make an optional prepayment of the Loans as follows:  (a) Date of Optional Prepayment:  _____________, 20__.  (b) Amount of Optional Prepayment in aggregate (component amounts set forth  below): $[optional Prepayment amount].  

 

  Exhibit G-2      (i) Amount of the principal balance to be prepaid: $__________________.  (ii) Amount of accrued interest to be prepaid with respect to the principal  balance prepaid pursuant to the preceding clause (b)(i): $_________________.  (iii) Any other applicable amount(s) payable pursuant to Section 7.1, Section 7.4  or Section 7.3 of the Term Loan Agreement with respect to the principal balance prepaid  pursuant to the preceding clause (b)(i):  $________________.  The Borrower hereby confirms that the foregoing optional prepayment is being made in  accordance with the provisions of Section 6.2 of the Term Loan Agreement.  [Signature on next page.]  

 

  Exhibit G-3      IN WITNESS WHEREOF, the undersigned has duly executed and delivered this notice as  of the date first above written.  TRITON CONTAINER INTERNATIONAL  LIMITED  By: _______________________________________  Name:  Title:               

 

        Exhibit H-1      EXHIBIT H-1    [FORM OF]  U.S. TAX COMPLIANCE CERTIFICATE  (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)  Please refer to the Term Loan Agreement dated as of May 27, 2021 among Triton Container  International Limited, various lenders party thereto and PNC Bank, National Association, as  Administrative Agent (as amended, restated, supplemented or otherwise modified from time to  time, the “Term Loan Agreement”).  Capitalized terms used but not defined herein have the  respective meanings set forth in the Term Loan Agreement.  Pursuant to the provisions of Section 7.6(g)(ii)(2)(c) of the Term Loan Agreement,  the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s)  (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate,  (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten  percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and  (iv) it is not a controlled foreign corporation related to the Borrower as described in Section  881(c)(3)(C) of the Code.  The undersigned has furnished the Administrative Agent and the Borrower with a  certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form 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 Borrower and  the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower  and the Administrative Agent with a properly completed and currently effective certificate in either  the calendar year in which each payment is to be made to the undersigned, or in either of the two  calendar years preceding such payments.    [NAME OF LENDER]  By:    Name:   Title:  Date: ________ __, 20[  ]         

 

        Exhibit H-2      EXHIBIT H-2    [FORM OF]  U.S. TAX COMPLIANCE CERTIFICATE  (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)  Please refer to the Term Loan Agreement dated as of May 27, 2021 among Triton Container  International Limited, various lenders party thereto and PNC Bank, National Association, as  Administrative Agent (as amended, restated, supplemented or otherwise modified from time to  time, the “Term Loan Agreement”).  Capitalized terms used but not defined herein have the  respective meanings set forth in the Term Loan Agreement.  Pursuant to the provisions of Sections 7.6(g)(ii)(2)(d) and 14.10 of the Term Loan  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 the  Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled  foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code].  The undersigned has furnished its participating Lender with a certificate of its non- U.S. Person status on IRS Form W-8BEN or IRS Form 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.    [NAME OF PARTICIPANT]  By:    Name:   Title:  Date: ________ __, 20[  ]       

 

        Exhibit H-3      EXHIBIT H-3     [FORM OF]  U.S. TAX COMPLIANCE CERTIFICATE  (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)  Please refer to the Term Loan Agreement dated as of May 27, 2021 among Triton Container  International Limited, various lenders party thereto and PNC Bank, National Association, as  Administrative Agent (as amended, restated, supplemented or otherwise modified from time to  time, the “Term Loan Agreement”).  Capitalized terms used but not defined herein have the  respective meanings set forth in the Term Loan Agreement.  Pursuant to the provisions of Sections 7.6(g)(ii)(2)(d) and 14.10 of the Term Loan  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 the Borrower within the meaning of Section 871(h)(3)(B) of the Code and  (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the  Borrower as described in Section 881(c)(3)(C) of the Code.  The undersigned has furnished its participating Lender with 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 IRS Form W-8BEN-E, as applicable or  (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form 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.  [NAME OF PARTICIPANT]  By:    Name:   Title:  Date: ________ __, 20[  ]   

 

        Exhibit H-4      EXHIBIT H-4    [U.S. Tax Compliance Certificate]    [FORM OF]  U.S. TAX COMPLIANCE CERTIFICATE  (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)  Please refer to the Term Loan Agreement dated as of May 27, 2021 among Triton Container  International Limited, various lenders party thereto and PNC Bank, National Association, as  Administrative Agent (as amended, restated, supplemented or otherwise modified from time to  time, the “Term Loan Agreement”).  Capitalized terms used but not defined herein have the  respective meanings set forth in the Term Loan Agreement.  Pursuant to the provisions of Section 7.6(g)(ii)(2)(d) of the Term Loan Agreement,  the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any  Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct  or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s)  evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Term Loan  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 the Borrower  within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect  partners/members is a controlled foreign corporation related to the Borrower as described in  Section 881(c)(3)(C) of the Code.  The undersigned has furnished the Administrative Agent and the Borrower with  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 IRS Form W-8BEN- E, as applicable or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form  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  Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished  the Borrower and the Administrative Agent with a properly completed and currently effective  certificate in either the calendar year in which each payment is to be made to the undersigned, or  in either of the two calendar years preceding such payments.  [NAME OF LENDER]  By:    Name:EX-4.1

 Exhibit 4.1 
  

 
 WCG Clinical, Inc. SEE REVERSE SIDE FOR CERTAIN DEFINITIONS CUSIP 000000 00 0 INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE THIS
CERTIFIES THAT SPECIMEN is the owner of BY FULLY PAID AND NON-ASSESSABLE COMMON SHARES, $0.01 PAR VALUE, OF (Brooklyn, AMERICAN COUNTERSIGNED New WCG CLINICAL, INC. STOCKAND York) transferable on the books of
the Corporation by the holder hereof in person or by Attorney upon surrender of this certificate properly endorsed. This certificate is not valid until countersigned COMMON and registered by the Transfer Agent and Registrar. TRANSFER IN WITNESS
WHEREOF, the said Corporation has caused this certificate to be signed by facsimile signatures of its duly & REGISTERED: authorized officers. TRUST INICA Dated: L L C .., G . I . N C . C . W . AUTHORIZED AND COMPANY TRANSFER H H .. D E
CHAIRMAN AND CHIEF EXECUTIVE OFFICER ELAWAR CHIEF FINANCIAL OFFICER SIGNATURE REGISTRAR AGENT 

 

 
 THE BOARD OF THIS CORPORATION HAS THE AUTHORITY TO CREATE AND DETERMINE THE RELATIVE RIGHTS AND PREFERENCES OF CLASSES OR SERIES OF
SHARES OF CAPITAL STOCK OTHER THAN COMMON STOCK. THIS CORPORATION WILL FURNISH TO ANY SHAREHOLDER UPON WRITTEN REQUEST SENT TO ITS PRINCIPAL EXECUTIVE OFFICES, AND WITHOUT CHARGE, A FULL STATEMENT OF THE BOARD’S AUTHORITY TO CREATE AND
DETERMINE THE RELATIVE RIGHTS AND PREFERENCES OF CLASSES OR SERIES OF SHARES OF CAPITAL STOCK AS WELL AS THE DESIGNATIONS, PREFERENCES, LIMITATIONS AND RELATIVE RIGHTS OF THE SHARES OF EACH CLASS OR SERIES THEN OUTSTANDING OR AUTHORIZED TO BE
ISSUED. The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: UTMA –Custodian TEN COM – as tenants
in common (Cust) (Minor) TEN ENT – as tenants by entireties under Uniform Transfers to Minors JT TEN – as joint tenants with right of survivorship Act and not as tenants in common (State) Additional abbreviations may also be used though
not in the above list. For value received hereby sell, assign, and transfer unto PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE) Shares of the
capital stock represented by the within Certificate, and do hereby irrevocably constitute and appoint Attorney to transfer the said stock on the books of the within-named Corporation with full power of substitution in the premises. Dated X X NOTICE:
THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER. SIGNATURE GUARANTEED ALL GUARANTEES MUST BE MADE BY A FINANCIAL
INSTITUTION (SUCH AS A BANK OR BROKER) WHICH IS A PARTICIPANT IN THE SECURITIES TRANSFER AGENTS MEDALLION PROGRAM (“STAMP”), THE NEW YORK STOCK EXCHANGE, INC. MEDALLION SIGNATURE PROGRAM (“MSP”), OR THE STOCK EXCHANGES MEDALLION
PROGRAM (“SEMP”) AND MUST NOT BE DATED. GUARANTEES BY A NOTARY PUBLIC ARE NOT ACCEPTABLE.

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