Document:

Document

EXHIBIT 10.1

CUSIP:  CB1235052

CREDIT AGREEMENT
dated as of
December 19, 2022
among
DECKERS OUTDOOR CORPORATION,
as the Company,
The Subsidiaries of the Company Party Hereto as Designated Borrowers,
The Lenders Party Hereto
and
CITIBANK, N.A.,
as Administrative Agent

and
COMERICA BANK,
as Sole Syndication Agent
___________________________
CITIBANK, N.A.,
COMERICA BANK,
and
HSBC BANK USA, N.A.,
as Joint Lead Arrangers and Joint Bookrunners

			
	NAI-1534317048v16

TABLE OF CONTENTS

Page

						
	ARTICLE I Definitions
	1

	SECTION 1.01 Defined Terms
	1

	SECTION 1.02 Pro Forma Calculations
	39

	SECTION 1.03 Terms Generally
	39

	SECTION 1.04 Accounting Terms; GAAP
	40

	SECTION 1.05 Exchange Rates; Currency Equivalents
	40

	SECTION 1.06 Interest Rates; Benchmark Notification
	41

	SECTION 1.07 Divisions
	41

	ARTICLE II The Credits
	41

	SECTION 2.01 Commitments
	41

	SECTION 2.02 Loans and Borrowings
	42

	SECTION 2.03 Requests for Borrowings
	43

	SECTION 2.04 [Reserved]
	44

	SECTION 2.05 Letters of Credit
	44

	SECTION 2.06 Funding of Borrowings
	49

	SECTION 2.07 Interest Elections
	50

	SECTION 2.08 Termination and Reduction of Commitments
	51

	SECTION 2.09 Repayment of Loans; Evidence of Debt
	52

	SECTION 2.10 Prepayment of Loans
	53

	SECTION 2.11 Fees
	54

	SECTION 2.12 Interest
	55

	SECTION 2.13 Alternate Rate of Interest; Illegality
	56

	SECTION 2.14 Increased Costs
	60

	SECTION 2.15 Break Funding Payments
	62

	SECTION 2.16 Withholding of Taxes; Gross-Up
	63

	SECTION 2.17 Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	69

	SECTION 2.18 Mitigation Obligations; Replacement of Lenders
	71

	SECTION 2.19 Increase in Commitments
	73

	SECTION 2.20 Defaulting Lenders
	74

	SECTION 2.21 Designated Borrowers
	77

	SECTION 2.22 Extensions of Maturity
	78

	SECTION 2.23 Sustainability Adjustments
	80

	ARTICLE III Representations and Warranties
	81

	SECTION 3.01 Organization; Powers
	81

	SECTION 3.02 Authorization; Enforceability
	81

	SECTION 3.03 Governmental Approvals; No Conflicts
	81

	SECTION 3.04 Financial Condition; No Material Adverse Change
	82

	SECTION 3.05 Properties
	82

									
		-i-
	

TABLE OF CONTENTS
(continued)
Page

						
	SECTION 3.06 Litigation and Environmental Matters
	82

	SECTION 3.07 Compliance with Laws and Agreements
	83

	SECTION 3.08 Investment Company Status
	83

	SECTION 3.09 Taxes
	83

	SECTION 3.10 ERISA
	83

	SECTION 3.11 Disclosure
	83

	SECTION 3.12 Anti-Corruption Laws and Sanctions
	84

	SECTION 3.13 Patriot Act
	84

	SECTION 3.14 Canadian Defined Benefit Plans
	84

	SECTION 3.15 Affected Financial Institutions
	85

	SECTION 3.16 Solvent
	85

	ARTICLE IV Conditions
	85

	SECTION 4.01 Effective Date
	85

	SECTION 4.02 Each Credit Event
	87

	ARTICLE V Affirmative Covenants
	87

	SECTION 5.01 Financial Statements; Ratings Change and Other Information
	87

	SECTION 5.02 Notices of Material Events
	89

	SECTION 5.03 Existence; Conduct of Business
	90

	SECTION 5.04 Payment of Obligations
	90

	SECTION 5.05 Maintenance of Properties; Insurance
	90

	SECTION 5.06 Books and Records; Inspection Rights
	90

	SECTION 5.07 Compliance with Laws
	91

	SECTION 5.08 Use of Proceeds and Letters of Credit
	91

	SECTION 5.09 Covenant to Guarantee Obligations
	91

	SECTION 5.10 DAC 6..
	92

	ARTICLE VI Negative Covenants
	93

	SECTION 6.01 Indebtedness
	93

	SECTION 6.02 Liens
	95

	SECTION 6.03 Fundamental Changes
	96

	SECTION 6.04 Investments, Loans, Advances, Guarantees and Acquisitions
	96

	SECTION 6.05 Swap Agreements
	98

	SECTION 6.06 Restricted Payments
	98

	SECTION 6.07 Transactions with Affiliates
	99

	SECTION 6.08 Restrictive Agreements
	99

	SECTION 6.09 Accounting Changes
	100

	SECTION 6.10 Financial Covenant
	100

	SECTION 6.11 Prepayments, Etc., of Indebtedness
	100

	SECTION 6.12 Canadian Defined Benefit Plans
	100

									
		-ii-
	

TABLE OF CONTENTS
(continued)
Page

						
	SECTION 6.13 United Kingdom Pensions Act
	100

	SECTION 6.14 Section 102(b)(2) of the General Corporation Law of the State of Delaware
	100

	ARTICLE VII Events of Default
	101

	SECTION 7.01 Events of Default
	101

	SECTION 7.02 Application of Payments
	103

	ARTICLE VIII The Administrative Agent
	104

	SECTION 8.01 Authorization and Action
	105

	SECTION 8.02 Administrative Agent’s Reliance, Indemnification, Etc
	107

	SECTION 8.03 Posting of Communications
	109

	SECTION 8.04 The Administrative Agent Individually
	110

	SECTION 8.05 Successor Administrative Agent
	110

	SECTION 8.06 Acknowledgements of Lenders and Issuing Bank
	111

	SECTION 8.07 Certain ERISA Matters
	113

	SECTION 8.08 Cash Management Agreements and Hedge Agreements
	114

	ARTICLE IX Miscellaneous
	114

	SECTION 9.01 Notices
	114

	SECTION 9.02 Waivers; Amendments
	116

	SECTION 9.03 Expenses; Indemnity; Damage Waiver
	117

	SECTION 9.04 Successors and Assigns
	119

	SECTION 9.05 Survival
	123

	SECTION 9.06 Counterparts; Integration; Effectiveness; Electronic Execution
	123

	SECTION 9.07 Severability
	124

	SECTION 9.08 Right of Setoff
	124

	SECTION 9.09 Governing Law; Jurisdiction; Consent to Service of Process
	125

	SECTION 9.10 WAIVER OF JURY TRIAL
	126

	SECTION 9.11 Headings
	126

	SECTION 9.12 Confidentiality
	126

	SECTION 9.13 Material Non-Public Information
	127

	SECTION 9.14 Interest Rate Limitation
	127

	SECTION 9.15 No Fiduciary Duty, etc
	128

	SECTION 9.16 USA PATRIOT Act
	128

	SECTION 9.17 Acknowledgement and Consent to Bail-In of Affected Financial Institutions
	129

	SECTION 9.18 Acknowledgement Regarding Any Supported QFCs
	129

	SECTION 9.19 Anti-Money Laundering
	130

	SECTION 9.20 Judgment Currency
	130

									
		-iii-
	

SCHEDULES:

Schedule 2.01 -- Commitments
Schedule 2.23 -- Sustainability Targets
Schedule 3.06 -- Disclosed Matters
Schedule 6.01 -- Existing Indebtedness
Schedule 6.02 -- Existing Liens
Schedule 6.04 -- Existing Investments
Schedule 6.08 -- Existing Restrictions

EXHIBITS:

Exhibit A -- Form of Assignment and Assumption
Exhibit B -- Reserved
Exhibit C -- Form of Compliance Certificate
Exhibit D -- Form of Guaranty
Exhibit E -- Form of U.S. Tax Compliance Certificate
Exhibit F-1 -- Form of Election to Participate
Exhibit F-2 -- Form of Election to Terminate

-iv-
			
	NAI-1534317048v16

CREDIT AGREEMENT dated as of December 19, 2022 (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), among DECKERS OUTDOOR CORPORATION, a Delaware corporation, as the Company, DECKERS EUROPE LIMITED, a limited liability company incorporated in England and Wales with company number 05663055 (“Deckers Europe”), DECKERS UK LTD, a limited liability company incorporated in England and Wales with company number 06618944 (“Deckers UK”), DECKERS BENELUX B.V., a Netherlands limited liability company having its official seat (statutaire zetel) in The Hague, the Netherlands, registered with the Dutch trade register under number 27354489 (“Deckers Benelux”), DECKERS OUTDOOR CANADA ULC, a British Columbia unlimited liability company (“Deckers Canada”), DECKERS OUTDOOR INTERNATIONAL LIMITED, a Hong Kong  limited liability company (“Deckers Hong Kong”), DECKERS COROMAR, LLC, a Delaware limited liability company (“Deckers Coromar”) and DBRANDS SGP PTE. LTD., a Singapore private company limited by shares (registration number: 202236962W) (“Deckers Singapore”), each other DESIGNATED BORROWER party hereto from time to time, the LENDERS party hereto from time to time, and CITIBANK, N.A., as Administrative Agent.
The parties hereto agree as follows:
ARTICLE 1

DEFINITIONS
SECTION 1.0a  Defined Terms.  As used in this Agreement, the following terms have the meanings specified below:
“ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate.  All ABR Loans shall be denominated in Dollars.
“Acquisition” means with respect to any Person, the purchase or other acquisition of (i) any Equity Interests of another Person if immediately thereafter such other Person would become a Subsidiary of such Person, (ii) all or substantially all of the assets of another Person, or (iii) a division or business unit of another Person, in each case other than of Persons that immediately prior to such transaction was already a Subsidiary.
“Additional Lender” has the meaning set forth in Section 2.19(b).
“Adjusted EURIBOR Rate” means, with respect to any Term Benchmark Borrowing denominated in Euros for any Interest Period, an interest rate per annum equal to (a)  the EURIBOR Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate.
“Adjusted Term SOFR Rate” means, with respect to any Term Benchmark Borrowing denominated in Dollars for any Interest Period, an interest rate per annum equal to (a) the Term SOFR Rate for such Interest Period, plus (b) 0.10%; provided that if the Adjusted Term SOFR Rate as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“Administrative Agent” means Citibank, N.A., including its branches and Affiliates, in its capacity as administrative agent for the Lenders hereunder, or any successor administrative agent.
“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.
			
	NAI-1534317048v16

“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.
“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.
“Agent Indemnitee” has the meaning assigned to it in Section 9.03(c).
“Agreed Currencies” means Dollars and each Approved Currency.
“Agreement” has the meaning set forth in the preamble hereto.
“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1.00% and (c) the Adjusted Term SOFR Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1.00%.  Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR Rate, respectively.  If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.13 (for the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to Section 2.13(b)), then the Alternate Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above.  For the avoidance of doubt, if the Alternate Base Rate as determined pursuant to the foregoing would be less than 1.00%, such rate shall be deemed to be 1.00% for purposes of this Agreement.
“AML Legislation” has the meaning set forth in Section 9.18.
“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Company or any of its Subsidiaries from time to time concerning or relating to bribery or corruption.
“Applicable Party” has the meaning assigned to it in Section 8.03(c).
“Applicable Percentage” means, with respect to any Lender, the percentage of the total Commitments represented by such Lender's Commitment; provided, that in the case of Section 2.20, when a Defaulting Lender shall exist, “Applicable Percentage” shall mean the percentage of the total Commitments (disregarding any Defaulting Lender’s Commitment) represented by such Lender’s Commitment.  If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments and to any Lender’s status as a Defaulting Lender at the time of determination.
“Applicable Rate” means, for any day, with respect to any ABR Loan, Term Benchmark Loan, RFR Loan, CBR Loan, or with respect to the commitment fees payable hereunder (the “Commitment Fees”), as the case may be, the applicable rate per annum set forth below under the caption “ABR Spread”, “Term Benchmark, CDOR and RFR Spread” or “Commitment Fee Rate”, as the case may be, determined by reference to the Total Net Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 5.01(c) (and, in the case of CBR Loans, shall be the same as the most recent rate per annum set forth below under the caption “Term Benchmark, CDOR and RFR Spread”):
2
			
	NAI-1534317048v16

															
	Category	Total Net Leverage Ratio	ABR Spread
	Term Benchmark, CDOR and RFR Spread
	Commitment Fee Rate
	Category 1	Less than 1.50 to 1.00	0.00%	1.00%	0.125%
	Category 2	Greater than or equal to 1.50 to 1.00 but less than 2.00 to 1.00	0.25%	1.25%	0.15%
	Category 3	Greater than or equal to 2.00 to 1.00 but less than 2.75 to 1.00	0.375%	1.375%	0.175%
	Category 4	Greater than or equal to 2.75 to 1.00	0.625%	1.625%	0.20%

From the Effective Date until the date that a Compliance Certificate is required to be delivered pursuant to Section 5.01(c) for the fiscal quarter of the Company ending December 31, 2022, Category 1 shall apply.  Any increase or decrease in the Applicable Rate resulting from a change in the Total Net Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 5.01(c); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then Category 4 shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered until the date such Compliance Certificate is delivered.  Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable Rate for any period shall be subject to the provisions of Section 2.12(f).
“Applicable Time” means, with respect to any Borrowings and payments in any Alternative Currency, the local time in the place of settlement for such Alternative Currency as may be determined by the Administrative Agent or the Issuing Bank, as the case may be, to be necessary for timely settlement on the relevant date in accordance with normal banking procedures in the place of payment.
“Approved Currency” means Euros, Sterling, Canadian Dollars and any other currency (other than dollars) approved by the Administrative Agent, each Lender and the Issuing Bank.
3
			
	NAI-1534317048v16

“Approved Currency Sublimit” means an amount equal to the lesser of the total Commitments and $175,000,000.  The Approved Currency Sublimit is part of, and not in addition to, the total Commitments.
“Approved Electronic Platform” has the meaning assigned to it in Section 8.03(a).
“Approved Fund” has the meaning assigned to such term in Section 9.04.
“Arranger” means each of Citibank, N.A., Comerica Bank and HSBC Bank USA, N.A., in their capacities as bookrunner and lead arranger hereunder.
“Assignment and Assumption” means an assignment and assumption agreement entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form (including electronic records generated by the use of an electronic platform) approved by the Administrative Agent.
“Auto-Extension Letter of Credit” has the meaning set forth in Section 2.05(c).
“Available Basket” shall mean, on any date of determination (the “Available Basket Reference Date”), an amount equal to the sum, without duplication, of:
(i)    an amount equal to the greater of (x) $94,000,000 and (y) 15.0% of Consolidated EBITDA for the period of four fiscal quarters of the Company most recently ended for which financial statements have been or are required to have been delivered pursuant to  Section 5.01 prior to the Available Basket Reference Date; plus
(ii)    an amount equal to 50% of Consolidated Net Income on a cumulative basis during the period from and including the first day of the fiscal quarter of the Company in which the Effective Date occurred through and including the last day of the most recently ended fiscal quarter of the Company prior to the Available Basket Reference Date for which financial statements have been delivered pursuant to Section 5.01 (provided that in no event shall the amount under this clause (ii) be less than zero); minus
(iii) the sum of (a) the aggregate amount of investments, loans and advances made using the Available Basket pursuant to Section 6.04(l), (b) the aggregate amount of Restricted Payments made using the Available Basket pursuant to Section 6.06(e) and (c) the aggregate amount of prepayments, redemptions, purchases, defeasances or other satisfactions of Indebtedness made using the Available Basket prior to such date pursuant to Section 6.11(a)(2), in each case under this clause (iii) during the period from and including the Effective Date through and including the Available Basket Reference Date (without taking account of the intended usage of the Available Basket on such Available Basket Reference Date for which such determination is being made).
“Availability Period” means the period from and including the Effective Date to but excluding the earlier of the Maturity Date and the date of termination of the Commitments.
“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark for any Agreed Currency, as applicable, any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining the length of an Interest Period for any term rate or otherwise, for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not 
4
			
	NAI-1534317048v16

including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to Section 2.13(f).
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.
“Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule, (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings) and (c) in relation to any state other than such an EEA Member Country and the United Kingdom, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation.
“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy”, as now and hereafter in effect, or any successor statute.
“Benchmark” means, initially, with respect to any Loan in any Agreed Currency, the applicable Relevant Rate for such Agreed Currency; provided that if a Benchmark Transition Event and the related Benchmark Replacement Date have occurred with respect to the applicable Relevant Rate or the then-current Benchmark for such Agreed Currency, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 2.13(b).
“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; provided that, in the case of any Loan denominated in an Approved Currency, “Benchmark Replacement” shall mean the alternative set forth in (2) below:
(1)    in the case of any Loan denominated in Dollars, the sum of: (a) Daily Simple SOFR and (b) 0.10%;
(2)    the sum of:  (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Company 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 syndicated credit facilities denominated in the applicable Agreed Currency at such time in the United States and (b) the related Benchmark Replacement Adjustment;
provided that, if the Benchmark Replacement as determined pursuant to clause (1) or (2) 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.
5
			
	NAI-1534317048v16

“Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Company for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities denominated in the applicable Agreed Currency at such time.
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Alternate Base Rate,” the definition of “Business Day,” the definition of “U.S. Government Securities Business Day,” the definition of “RFR 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).
“Benchmark Replacement Date” means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark:
(1)    in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or
(2)    in the case of clause (3) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; provided, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date;
provided that, (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 
6
			
	NAI-1534317048v16

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, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark:
(1)    a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);
(2)    a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the NYFRB, the CME Term SOFR Administrator, the central bank for the Agreed Currency applicable to such Benchmark, 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), in each case, which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or
(3)    a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative;
provided that, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).
“Benchmark Unavailability Period” means, with respect to any Benchmark, 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 such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.13 and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.13.
“Beneficial Owner” means, with respect to any U.S. Federal withholding Tax, the beneficial owner, for U.S. Federal income tax purposes, to whom such Tax relates.
“Beneficial Ownership Certification” means a certification regarding beneficial ownership or control as required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.
7
			
	NAI-1534317048v16

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code, (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”, and (d) a similar plan pursuant to the laws of Canada.
“BHC Act Affiliate” of a party means an “affiliate’ (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.
“Borrowers” means the Company and the Designated Borrowers.
“Borrower DTTP Filing” means an HM Revenue & Customs’ Form DTTP2, duly completed and filed by the relevant Borrower within the applicable time limit, which contains the scheme reference number and jurisdiction of tax residence provided by a Lender to the relevant Borrowers and the Administrative Agent.
“Borrowing” means Loans of the same Type, made, converted or continued on the same date and, in the case of Term Benchmark Loans, as to which a single Interest Period is in effect.
“Borrowing Request” means a request by a Borrower for a Borrowing in accordance with Section 2.03.
“Business Day” means, any day (other than a Saturday or a Sunday) on which banks are open for business in New York City; provided that, “Business Day” shall exclude, (a) in relation to Loans denominated in Sterling, any day on which banks are not open for business in London, (b) in relation to Loans denominated in Euros and in relation to the calculation or computation of EURIBOR, any day that is not a TARGET Day, (c) in relation to Loans denominated in Canadian Dollars, any day on which banks are not open for business in Toronto, Ontario, (d) in relation to RFR Loans and any interest rate settings, fundings, disbursements, settlements or payments of any such RFR Loan, or any other dealings in the applicable Agreed Currency of such RFR Loan, any such day that is not an RFR Business Day, and (e) in relation to any Term Benchmark Loan denominated in Dollars or ABR Loans calculated pursuant to clause (c) of the definition of “Alternate Base Rate” and any interest rate settings, fundings, disbursements, settlements or payments of any such Term Benchmark Loan, any such day that is not a U.S. Government Securities Business Day.
“Canadian Defined Benefit Plan” means a “registered pension plan”, as that term is defined in subsection 248(1) of the Income Tax Act (Canada), which is or was sponsored, administered or contributed to, or required to be contributed to by, any Loan Party or under which any Loan Party has any actual or potential liability, and which contains a “defined benefit provision”, as defined in subsection 147.1(1) of the Income Tax Act (Canada).
“Canadian Dollar” means lawful money of Canada.
“Canadian Loan Party” means any Loan Party incorporated or otherwise organized under the laws of Canada or any province or territory thereof.
“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases or financing leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.
8
			
	NAI-1534317048v16

“Cash Management Agreement” means any agreement to provide cash management services, including treasury, depository, overdraft, credit or debit card, stored value card, purchase card, pooling, netting, electronic funds transfer and other cash management arrangements, that is entered into by and between the Company or any Subsidiary and any Cash Management Bank.
“Cash Management Bank” means any Person that, at the time it enters into a Cash Management Agreement, is a Lender or an Affiliate of a Lender (or was, at the time it entered into a Cash Management Agreement, a lender or an Affiliate of a lender under the Existing Credit Agreement), in its capacity as a party to such Cash Management Agreement.
“CBR Loan” means a Loan that bears interest at a rate determined by reference to the Central Bank Rate.
“Central Bank Rate” means, (A) the greater of (i) for any Loan denominated in (a) Sterling, the Bank of England (or any successor thereto)’s “Bank Rate” as published by the Bank of England (or any successor thereto) from time to time, (b) Euro, one of the following three rates as may be selected by the Administrative Agent in its reasonable discretion: (1) the fixed rate for the main refinancing operations of the European Central Bank (or any successor thereto), or, if that rate is not published, the minimum bid rate for the main refinancing operations of the European Central Bank (or any successor thereto), each as published by the European Central Bank (or any successor thereto) from time to time, (2) the rate for the marginal lending facility of the European Central Bank (or any successor thereto), as published by the European Central Bank (or any successor thereto) from time to time or (3) the rate for the deposit facility of the central banking system of the Participating Member States, as published by the European Central Bank (or any successor thereto) from time to time, and (c) any other Approved Currency determined after the Effective Date, a central bank rate as determined by the Administrative Agent in its reasonable discretion and (ii) zero; plus (B) the applicable Central Bank Rate Adjustment.
“Central Bank Rate Adjustment” means, for any day, for any Loan denominated in (a) Euro, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the average of the EURIBOR Rate for the five most recent Business Days preceding such day for which the EURIBOR Screen Rate was available (excluding, from such averaging, the highest and the lowest EURIBOR Rate applicable during such period of five Business Days) minus (ii) the Central Bank Rate in respect of Euro in effect on the last Business Day in such period, (b) Sterling, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the average of SONIA for the five most recent RFR Business Days preceding such day for which SONIA was available (excluding, from such averaging, the highest and the lowest SONIA applicable during such period of five RFR Business Days) minus (ii) the Central Bank Rate in respect of Sterling in effect on the last RFR Business Day in such period, and (c) any other Alternative Currency determined after the Effective Date, a Central Bank Rate Adjustment as determined by the Administrative Agent in its reasonable discretion. For purposes of this definition, (x) the term Central Bank Rate shall be determined disregarding clause (B) of the definition of such term and (y) the EURIBOR Rate on any day shall be based on the EURIBOR Screen Rate on such day at approximately the time referred to in the definition of such term for deposits in the applicable Agreed Currency for a maturity of one month (or, in the event the EURIBOR Screen Rate for deposits in the applicable Agreed Currency is not available for such maturity of one month, shall be based on the EURIBOR Interpolated Rate as of such time); provided that if such rate as so determined would be less than zero, such rate shall be deemed to be zero.
“CDOR Rate” means for the relevant Interest Period, the Canadian dollar offered rate which, in turn means on any day the annual rate of interest determined with reference to the 
9
			
	NAI-1534317048v16

arithmetic average of the discount rate quotations of all institutions listed in respect of the relevant Interest Period for Canadian Dollar-denominated bankers’ acceptances displayed and identified as such on the “Reuters Screen CDOR Page” as defined in the ISDA Definitions as of 10:00 a.m. Toronto local time on such day and, if such day is not a Business Day, then on the immediately preceding Business Day (as adjusted by Administrative Agent after 10:00 a.m. Toronto local time to reflect any error in the posted rate of interest or in the posted average annual rate of interest); provided that if such rates are not available on the Reuters Screen CDOR Page on any particular day, then the CDOR Rate on that day shall be calculated as the arithmetic mean of the rates applicable to Canadian Dollar denominated bankers’ acceptances for the relevant period publicly quoted for customers in Canada by banks listed in Schedule I of the Bank Act (Canada) as of 10:00 a.m. Toronto, Ontario local time on such day,; or if such day is not a Business Day, then on the immediately preceding Business Day; provided, that if the CDOR Rate as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“CFC” shall mean any Person that is a “controlled foreign corporation” within the meaning of Section 957 of the Code. 
“CFC Debt” means intercompany Indebtedness owed or treated as owed by one or more Foreign Subsidiaries.
“Change in Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), of Equity Interests representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Company; or (b) the acquisition of direct or indirect Control of the Company by any Person or group.
“Change in Law” means the occurrence after the date of this Agreement (or, with respect to any Lender, such later date on which such Lender becomes a party to this Agreement) of (a) the adoption of or taking effect of any law, rule, treaty or regulation, (b) any change in any law, rule, treaty or regulation or in the administration, interpretation, implementation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender or the Issuing Bank (or, for purposes of Section 2.14(b), by any lending office of such Lender or by such Lender's or the Issuing Bank's holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; 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 or in the implementation thereof 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, issued or implemented; provided that all changes arising as a result of (A) the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting and (B) any Withdrawal Event shall not be deemed a Change in Law.
“Charges” has the meaning set forth in Section 9.14.
“CME Term SOFR Administrator” means CME Group Benchmark Administration Limited as administrator of the forward-looking Term SOFR (or a successor administrator).
10
			
	NAI-1534317048v16

“Code” means the Internal Revenue Code of 1986, as amended from time to time.
“Commitment” means, with respect to each Lender, the commitment of such Lender to make Loans and to acquire participations in Letters of Credit hereunder, expressed as an amount representing the maximum aggregate amount of such Lender's Revolving Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.08 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04.  The initial amount of each Lender's Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption or other documentation or record (as such term is defined in Section 9-102(a)(70) of the New York Uniform Commercial Code) as provided in Section 9.04(b)(ii)(C), pursuant to which such Lender shall have assumed its Commitment, as applicable.  The initial aggregate amount of the Lenders’ Commitments is $400,000,000.
“Communications” has the meaning assigned to it in Section 8.03(c).
“Company” means Deckers Outdoor Corporation, a Delaware corporation.
“Compliance Certificate” has the meaning assigned to such term in Section 5.01(c).
“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 EBITDA” means, for any period, for the Company and its Subsidiaries on a consolidated basis, an amount equal to Consolidated Net Income for such period plus:
(a)    the following to the extent deducted in calculating such Consolidated Net Income, without duplication:
(i)    Consolidated Interest Expense for such period,
(ii)    the provision for federal, state, local and foreign income taxes payable by the Company and its Subsidiaries for such period,
(iii)    depreciation and amortization expense,
(iv)    [reserved],
(v)    non-cash share based compensation expense for such period,
(vi)    other expenses of the Company and its Subsidiaries reducing such Consolidated Net Income which do not represent a cash item in such period or any future period,
(vii)    extraordinary, non-recurring or unusual cash items,
(viii)    restructuring charges, reserves, integration costs and other business optimization expenses or costs for the applicable trailing four fiscal quarter period, including one-time costs incurred in connection with acquisitions or divestures after the Effective Date permitted hereunder, and costs related to the closure and/or consolidation of facilities or stores and to exiting any lines of business, provided that any such charges, reserves, costs and expenses shall not exceed, together with the amount of any cost savings or synergies described in clause 
11
			
	NAI-1534317048v16

(ix) below, for any applicable trailing four fiscal quarter period, the greater of (x) $94,000,000 and (y) 15.0% of Consolidated EBITDA for such period (determined prior to giving effect to this clause (viii) or clause (ix) below),
(ix)    the amount of any “run-rate” cost savings and synergies projected by the Company in good faith to result from actions taken prior to or during such period (as shall be certified by a Responsible Officer of the Company), if such cost savings are reasonably identifiable and reasonably anticipated to result from such actions and are reasonably expected to be realized within 18 months from the date of such action, provided that any such cost savings and synergies shall not exceed, together with the amount of any charges, reserves, costs and expenses included pursuant to clause (viii) above, for any applicable trailing four fiscal quarter period, the greater of (x) $94,000,000 and (y) 15.0% of Consolidated EBITDA for such period (determined prior to giving effect to this clause (ix) or clause (viii) above), and
(x)    transaction expenses in connection with (A) this Agreement, the other Loan Documents, any Cash Management Agreement, any Hedge Agreement and the transactions contemplated hereby and thereby and (B) any acquisition, investment, asset sale, incurrence of Indebtedness or amendment to any debt facility which would be permitted under this Agreement, in each case, whether or not such transaction is consummated, and
minus (b) the following to the extent added in calculating such Consolidated Net Income, without duplication:
(i)    federal, state, local and foreign income tax credits of the Company and its Subsidiaries for such period,
(ii)    all non-cash items increasing Consolidated Net Income for such period, and
(iii)    extraordinary, non-recurring or unusual cash gains or receipts.
“Consolidated Interest Expense” means, for any period, for the Company and its Subsidiaries on a consolidated basis, the sum of all interest, premium payments, debt discount, fees, charges and related expenses of the Company and its Subsidiaries in connection with borrowed money or in connection with the deferred purchase price of assets, in each case to the extent treated as interest expense in accordance with GAAP. 
“Consolidated Net Income” means, for any period, for the Company and its Subsidiaries on a consolidated basis, the net income of the Company and its Subsidiaries (in accordance with GAAP) for that period.
“Consolidated Tangible Net Assets” means Consolidated Total Assets minus the aggregate amount, for the Company and its Subsidiaries on a consolidated basis, of all assets classified as intangible assets under GAAP, including, without limitation, goodwill, trademarks, patents, copyrights, organization expenses, franchises, licenses, trade names, brand names, mailing lists, catalogs, excess of cost over book value of assets acquired, and bond discount and underwriting expenses.
“Consolidated Total Assets” means as of any date of determination thereof, the aggregate consolidated net book value of the assets of the Company and its Subsidiaries after all appropriate adjustments in accordance with GAAP. 
“Consolidated Total Debt” means, on any date of determination, the aggregate amount of Indebtedness of the Company and its Subsidiaries on a consolidated basis on such 
12
			
	NAI-1534317048v16

date, without duplication, but excluding (i) any such Indebtedness consisting of Guarantees of operating leases, (ii) any Indebtedness described in clauses (c), (d) or (e) of the definition of “Indebtedness” (and not otherwise constituting Indebtedness), (iii) any Indebtedness under clause (h) or (i) of the definition of “Indebtedness” until such letters of credit, letters of guaranty or bankers’ acceptances are drawn upon or exercised or otherwise become due and payable, (iv) any Indebtedness consisting of customs duty deferment bonds in the ordinary course of business, (v) any Indebtedness incurred by Deckers Benelux arising as a result of fiscal unity (fiscale eenheid), (vi) any trade debt incurred in the ordinary course of business, and (vii) Indebtedness related to Sheepskin Arrangements.
“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.  “Controlling” and “Controlled” have meanings correlative thereto.
“Corresponding Tenor” with respect to 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.
“Credit Party” means the Administrative Agent, the Issuing Banks, the Lenders, the Cash Management Banks and the Hedge Banks.
“DAC6” means the Council Directive of 25 May 2018 (2018/822/EU) amending Directive 2011/16/EU.
“Daily Simple RFR” means, for any day (an “RFR Interest Day”), a rate per annum equal to the greater of: (a) for any RFR Loan denominated in Sterling, the sum of (i) SONIA for the day that is five (5) Business Days prior to (A) if such RFR Interest Day is a Business Day, such RFR Interest Day or (B) if such RFR Interest Day is not a Business Day, the Business Day immediately preceding such RFR Interest Day plus (ii) 0.1193%, and (b) zero.  Any change in Daily Simple RFR due to a change in the RFR shall be effective from and including the effective date of such change in the RFR without notice to the Borrowers.
“Daily Simple SOFR” means, for any day (a “SOFR Rate Day”), a rate per annum equal to SOFR for the day that is five (5) RFR Business Days prior to (i) if such SOFR Rate Day is an RFR Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not an RFR Business Day, the RFR Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website.  Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrowers.
“Debtor Relief Laws” means the Bankruptcy Code of the United States, the Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada), the Winding Up and Restructuring Act (Canada), the Insolvency Act 1986 of the United Kingdom, the Insolvency, Restructuring and Dissolution Act 2018 of Singapore and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, scheme of arrangement, judicial management or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect, including any applicable corporations legislation to the extent the relief sought under such corporations legislation relates to or involves the compromise, settlement, adjustment or arrangement of debt and including, for the avoidance of doubt, any Law of the State of Delaware relating to a compromise or arrangement contemplated by Section 102(b)(2) of the General Corporation Law of the State of Delaware.
13
			
	NAI-1534317048v16

“Deckers Benelux” has the meaning set forth in the preamble hereto.
“Deckers Canada” has the meaning set forth in the preamble hereto.
“Deckers Coromar” has the meaning set forth in the preamble hereto.
“Deckers Europe” has the meaning set forth in the preamble hereto.
“Deckers Hong Kong” has the meaning set forth in the preamble hereto.
“Deckers Singapore” has the meaning set forth in the preamble hereto.
“Deckers UK” has the meaning set forth in the preamble hereto.
“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.
“Defaulting Lender” means, subject to the last paragraph of Section 2.20, any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Company 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, any Issuing Bank or any Lender any amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit) within two (2) Business Days of the date when due, (b) has notified the Company, the Administrative Agent, any Issuing Bank or any other Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent, the Company, or, to the extent an Issuing Bank has outstanding LC Exposure at such time, such Issuing Bank, to confirm in writing to the Administrative Agent and the Company 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, such Issuing Bank or the Company), 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 a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.  Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender 
14
			
	NAI-1534317048v16

(subject to the last paragraph of Section 2.20) upon delivery of written notice of such determination to the Company, each Issuing Bank and each Lender.
“Designated Borrower” means each Effective Date Subsidiary Borrower and each Subsidiary as to which an Election to Participate shall have been delivered to the Administrative Agent after the Effective Date, but in each case excluding any such Subsidiary as to which an Election to Terminate shall have been delivered to the Administrative Agent by the Company, in each case pursuant to Section 2.21.
“Disclosed Matters” means the actions, suits and proceedings and the environmental matters disclosed in Schedule 3.06.
“Dollars”, “dollars” or “$” refers to lawful money of the United States.
“Domestic Subsidiary” means any Subsidiary that is organized under the laws of any political subdivision of the United States. 
“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02).
“Effective Date Subsidiary Borrowers” means each of Deckers Europe, Deckers UK, Deckers Benelux, Deckers Canada, Deckers Hong Kong, Deckers Coromar and Deckers Singapore.
“Election to Participate” means an election by the Company to designate a Subsidiary as a Designated Borrower hereunder executed by the Company and such Designated Borrower substantially in the form of Exhibit F-1.
“Election to Terminate” means an election by the Company to terminate a Designated Borrower’s status as a Borrower hereunder, executed by the Company substantially in the form of Exhibit F-2.
“Electronic Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record.
“Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management, release or threatened release 
15
			
	NAI-1534317048v16

of any Hazardous Material or to human health and safety matters (insofar as such health and safety may be adversely affected by exposure to dangerous or harmful substances or environmental conditions).
“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Company or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.
“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest, but excluding any debt securities convertible into any of the foregoing.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder.
“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Company, is treated as a single employer under Section 414(b) or (c) of the Code or Section 4001(14) of ERISA or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.
“ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Company or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Company or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Company or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Company or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Company or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.
“ESG Amendment” has the meaning set forth in Section 2.23.
“ESG Pricing Provisions” has the meaning set forth in Section 2.23.
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.
“EURIBOR Interpolated Rate” means, at any time, with respect to any Term Benchmark Borrowing denominated in Euros and for any Interest Period, the rate per annum 
16
			
	NAI-1534317048v16

(rounded to the same number of decimal places as the EURIBOR Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the EURIBOR Screen Rate for the longest period (for which the EURIBOR Screen Rate is available for Euros) that is shorter than the Impacted EURIBOR Rate Interest Period; and (b) the EURIBOR Screen Rate for the shortest period (for which the EURIBOR Screen Rate is available for Euros) that exceeds the Impacted EURIBOR Rate Interest Period, in each case, at such time; provided that, if any EURIBOR Interpolated Rate as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“EURIBOR Rate” means, with respect to any Term Benchmark Borrowing denominated in Euros and for any Interest Period, the EURIBOR Screen Rate at approximately 11:00 a.m., Brussels time, two TARGET Days prior to the commencement of such Interest Period; provided that, if the EURIBOR Screen Rate shall not be available at such time for such Interest Period (an “Impacted EURIBOR Rate Interest Period”) with respect to Euros then the EURIBOR Rate shall be the EURIBOR Interpolated Rate.
“EURIBOR Screen Rate” means the euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate) for the relevant period displayed (before any correction, recalculation or republication by the administrator) on page EURIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters at approximately 11:00 a.m., Brussels time, two TARGET Days prior to the commencement of such Interest Period.  If such page or service ceases to be available, the Administrative Agent may specify another page or service displaying the relevant rate after consultation with the Borrowers.  If the EURIBOR Screen Rate shall be less than zero, the EURIBOR Screen Rate shall be deemed to be zero for purposes of this Agreement.
“Euro” and "€" means the single currency of the Participating Member States.
“Event of Default” has the meaning assigned to such term in Section 7.01.
“Excluded Subsidiary” means (a) the Real Estate Subsidiary, so long as the Real Estate Subsidiary does not have any material revenues other than lease-related payments by the Company with respect to the Headquarters Building or own any material assets other than the Headquarters Building, the land on which the Headquarters Building sits, related fixtures, related office equipment, related furnishings and de minimis cash balances (other than cash balances in connection with related mortgage payments, if any) and (b) any other wholly-owned Domestic Subsidiary that is a Significant Subsidiary that is prohibited by applicable law or contract (with respect to any such contractual restriction, only to the extent existing on the Effective Date or the date on which the applicable Person becomes a direct or indirect wholly-owned Domestic Subsidiary of the Company that is a Significant Subsidiary (and not created in contemplation of such acquisition)) from guaranteeing the Obligations or which would require governmental (including regulatory) consent, approval, license or authorization to provide a Guarantee (unless such consent, approval, license or authorization has been received) of the Obligations so long as such Subsidiary has used commercially reasonable efforts to obtain such consent, approval, license or authorization (it being understood and agreed that such commercially reasonable efforts shall in no event involve the payment of money to any third party, other than customary filing, licensure or other similar fees).  As of the Effective Date, the only wholly-owned Domestic Subsidiary that is a Significant Subsidiary that is an Excluded Subsidiary is the Real Estate Subsidiary.
17
			
	NAI-1534317048v16

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. and Canadian federal and United Kingdom withholding Taxes (excluding (x) the portion of United Kingdom withholding Taxes with respect to which the applicable Lender is entitled to claim a reduction under an income tax treaty; provided that the Lender has cooperated with the Borrower to complete necessary procedural formalities (except for these purposes, it shall be assumed that the Lender has cooperated with the Borrower to complete necessary procedural formalities where it has (i) provided the Borrower or Administrative Agent its HMRC DTTP scheme reference number and jurisdiction of tax residence, (ii) submitted an application for a passport under the HMRC DTTP scheme, or (iii) otherwise submitted an application for relief from United Kingdom withholding Taxes under the relevant double tax treaty), and (y) United Kingdom withholding Taxes on payments made by any guarantor under any guarantee of the obligations) imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan, Letter of Credit or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan, Letter of Credit or Commitment (other than pursuant to an assignment request by the Company under Section 2.18(b)) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.16, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender acquired the applicable interest in a Loan, Letter of Credit or Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient's failure to comply with Section 2.16(f), (d) any withholding Taxes imposed under FATCA, (e) any Taxes required to be deducted or withheld under the Income Tax Act (Canada) from any payment under the Loan Documents as a result of: (1) the Recipient (or beneficial holder of the Loan) not dealing at arm’s length (within the meaning of the Income Tax Act (Canada)) with the Loan Party, or (2) the Recipient being a “specified non-resident shareholder” of the Loan Party or not dealing at arm’s length with a “specified shareholder” of the Loan Party (in each case within the meaning of the Income Tax Act (Canada)) (other than where the non-arm’s length relationship arises, or where the Recipient is a “specified non-resident shareholder”, or does not deal at arm’s length with a “specified shareholder”, as a result of such Person having become a party to, received or perfected a security interest under, or received or enforced any rights under, any Loan Document), (f) Taxes imposed by the Netherlands in connection with or pursuant to the Dutch Withholding Tax Act 2021 (Wet bronbelasting 2021) in the form as at the date of this Agreement (or, where the relevant Recipient becomes a party to this Agreement after the date of the Agreement, in the form as at that date) and (g) Taxes imposed by the Netherlands as a result of a Recipient having a substantial interest (aanmerkelijk belang) as laid down in the Dutch Income Tax Act 2001 (Wet inkomstenbelasting 2001) in a Loan Party.
“Existing Credit Agreement” means that certain Credit Agreement, dated as of September 20, 2018, among the Company, the designated borrowers party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent.
“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code.
18
			
	NAI-1534317048v16

“Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate, provided that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to zero for the purposes of this Agreement.  
“Federal Reserve Board” means the Board of Governors of the Federal Reserve System of the United States of America.
“Fee Letter” means the Fee Letter between the Administrative Agent and the Company, dated as of November 22, 2022.
“Financial Officer” means the chief financial officer, principal accounting officer, treasurer, controller or chief operating officer of the Company.
“Floor” means 0.00%.
“Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the Company is located.  For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.
“Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary.
“FSHCO” shall mean any Domestic Subsidiary (including a disregarded entity for U.S. federal income tax purposes) substantially all of whose assets consist of Equity Interests of one or more Foreign Subsidiaries that are CFCs (held directly or through Subsidiaries) or CFC Debt.
“GAAP” means generally accepted accounting principles in the United States of America.
“Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether state, provincial, territorial, municipal, regional 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, without limitation, any supranational bodies such as the European Union or the European Central Bank).
“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of 
19
			
	NAI-1534317048v16

business.  The amount of any Guarantee made by any guarantor shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee is made and (b) the maximum amount for which such guarantor may be liable pursuant to the terms of the instrument embodying such Guarantee, unless (in the case of a primary obligation that is not Indebtedness) such primary obligation and the maximum amount for which such guarantor may be liable are not stated or determinable, in which case the amount of such Guarantee shall be such guarantor’s maximum reasonably anticipated liability in respect thereof as reasonably determined by the Company in good faith.
“Guarantors” means (a) each wholly-owned Domestic Subsidiary that is a Significant Subsidiary (other than a FSHCO, a Borrower or an Excluded Subsidiary) as of the Effective Date (which as of the Effective Date are Deckers Consumer Direct Corporation, an Arizona corporation, and Deckers Retail, LLC, a California limited liability company) and each other wholly-owned Domestic Subsidiary that is a Significant Subsidiary that becomes party to a Guaranty pursuant to Section 5.09 and (b) with respect to the Obligations of the Designated Borrowers and with respect to the Obligations of Guarantors in respect of Cash Management Agreements and Hedge Agreements, the Company.
“Guaranty” means the Guaranty made by the Guarantors in favor of the Administrative Agent and the Lenders, substantially in the form of Exhibit D.
“Hazardous Materials”  means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.
“Headquarters Building” means that certain real property located in Santa Barbara County, California comprising industrial and office buildings totaling, as of the Effective Date, approximately 187,185 square feet and other related improvements thereon and owned by the Real Estate Subsidiary.
“Hedge Agreement” means any Swap Agreement not prohibited by Section 6.05 that is entered into by and between the Company or any Subsidiary and any Hedge Bank.
“Hedge Bank” means any Person that, at the time it enters into a Hedge Agreement, is a Lender or an Affiliate of a Lender (or was, at the time it entered into a Hedge Agreement, a lender or an Affiliate of a lender under the Existing Credit Agreement), in its capacity as a party to such Hedge Agreement.
“HMRC DT Treaty Passport Scheme” means the Board of H.M. Revenue and Customs Double Taxation Treaty Passport scheme. 
“HM Revenue & Customs” means the Board of H.M. Revenue and Customs.
“Impacted EURIBOR Rate Interest Period” has the meaning assigned to such term in the definition of “EURIBOR Rate.”
“Increase Effective Date” has the meaning set forth in Section 2.19(c).
“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person (excluding 
20
			
	NAI-1534317048v16

accounts payable incurred in the ordinary course of business and not overdue more than 90 days unless subject to a good faith dispute), (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding (i) accounts payable incurred in the ordinary course of business and not overdue more than 90 days unless subject to a good faith dispute and (ii) for the avoidance of doubt, obligations in respect of employee deferred compensation plans entered into in the ordinary course of business), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty and (i) all obligations, contingent or otherwise, of such Person in respect of bankers' acceptances.  The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person's ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor.
“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document or Letter of Credit and (b) Other Taxes.
“Indemnitee” has the meaning assigned to it in Section 9.03(b).
“Ineligible Assignee” has the meaning set forth in Section 9.04(b).
“Information Memorandum” means the Confidential Information Memorandum dated November 28, 2022 relating to the Company and the Transactions.
“Interest Election Request” means a request by a Borrower to convert or continue a Borrowing in accordance with Section 2.07.
“Interest Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and December, (b) with respect to any RFR Loan, each date that is on the numerically corresponding day in each calendar month that is three months after the Borrowing of such Loan (or, if there is no such numerically corresponding day in such month, then the last day of such month) and (c) with respect to any Term Benchmark Loan or CDOR Rate Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Term Benchmark Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period.
“Interest Period” means with respect to (a) any Term Benchmark Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, three or six months thereafter, as the relevant Borrower may elect, and (b) any CDOR Rate Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one or three months thereafter, as the relevant Borrower may elect, in each case, subject to the availability for the Benchmark applicable to the relevant Loan or Commitment for any Agreed Currency; provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless, in the case of a Term Benchmark Borrowing only, such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, (ii) any Interest Period pertaining to a Term Benchmark Borrowing that commences on the last 
21
			
	NAI-1534317048v16

Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period and (iii) no tenor that has been removed from this definition pursuant to Section 2.13(f) shall be available for specification in such Borrowing Request or Interest Election Request.  For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.
“IRS” means the United States Internal Revenue Service.
“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.
“Issuing Bank” means each Lender having an LC Allocation greater than $0.00 at such time, in each case in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.05(i).  The Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate; provided, however, that no arrangement of a type described in this sentence shall be permitted if, immediately after giving effect thereto, amounts would become payable by any Borrower under Section 2.12 or 2.16 that are in excess of those that would be payable under such Section if such arrangement were not implemented and, provided, further, that the fees payable to any such Affiliate shall be subject to the second sentence of Section 2.09(b).  At any time there is more than one Issuing Bank, all singular references to the Issuing Bank shall mean any Issuing Bank, either Issuing Bank, each Issuing Bank, the Issuing Bank that has issued the applicable Letter of Credit, or both (or all) Issuing Banks, as the context may require.
“LC Allocation” has the meaning assigned to such term in the definition of “LC Sublimit”.
“LC Disbursement” means a payment made by the Issuing Bank pursuant to a Letter of Credit.
“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the applicable Borrower at such time.  The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time.
“LC Sublimit” means $25,000,000; provided, that, as of the Effective Date Citibank, N.A.’s allocation of the LC Sublimit is $20,000,000 and Comerica Bank’s allocation of the LC Sublimit is $5,000,000 (such allocated amount as to such Issuing Bank at such time, its “LC Allocation”), which such Issuing Bank’s LC Allocation may be decreased or increased (up to the LC Sublimit) without the need for an amendment to this Agreement with the written consent of the applicable Issuing Bank, the Company and the Administrative Agent.
“Lender Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.
22
			
	NAI-1534317048v16

“Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.
“Letter of Credit” means any letter of credit issued pursuant to this Agreement.  Letters of Credit may be issued in dollars or in an Approved Currency.
“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset.
“Loan Documents” means, collectively, this Agreement, the Fee Letter, the Guaranty, each promissory note delivered pursuant to Section 2.09(e), and all other agreements and certificates executed and delivered to, or in favor of, the Administrative Agent, any other Credit Party, any Cash Management Bank or any Hedge Bank.  Any reference in the Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to the Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative.
“Loan Parties” means the Borrowers and the Guarantors.
“Loans” means the loans made by the Lenders to the Borrowers pursuant to this Agreement.
“Local Time” means, with respect to any extensions of credit hereunder denominated in dollars, New York, New York time, with respect to any extensions of credit hereunder denominated in Sterling or Euro, London time, with respect to any extensions of credit hereunder denominated in Canadian Dollars, Toronto, Ontario time, and with respect to any extensions of credit denominated in any other Approved Currency, the local time in the place of settlement for such Approved Currency as may be determined by the Administrative Agent or the Issuing Bank, as the case may be, to be necessary for timely settlement on the relevant date in accordance with normal banking procedures in the place of payment.
“Material Adverse Effect” means a material adverse effect on (a) the business, assets, property or financial condition of the Company and its Subsidiaries taken as a whole, or (b) the validity or enforceability of any of the Loan Documents or the rights or remedies of the Administrative Agent and the Lenders hereunder or thereunder.
“Material Indebtedness” means Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or more Swap Agreements, of any one or more of the Company and its Subsidiaries in an aggregate principal amount exceeding $50,000,000.  For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Company or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Company or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time.
“Maturity Date” means the fifth anniversary of the Effective Date or, solely with respect to those Lenders who agree to an Extension as set forth in Section 2.22, such later date as may be agreed pursuant to Section 2.22.
“Maximum Rate” has the meaning set forth in Section 9.14.
23
			
	NAI-1534317048v16

“Moody's” means Moody's Investors Service, Inc.
“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.
“Non-Extension Notice Date” has the meaning set forth in Section 2.05(c).
“Notice of Illegality” has the meaning set forth in Section 2.21.
“NYFRB” means the Federal Reserve Bank of New York.
“NYFRB’s Website” means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.
“NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“Obligations” means all advances to, and debts, liabilities and obligations of any Loan Party arising under any Loan Document or otherwise with respect to any Loan, Letter of Credit, Cash Management Agreement or Hedge Agreement, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.
“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury.
“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Taxes (other than a connection arising from such Recipient having executed, delivered, enforced, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, sold or assigned an interest in, or engaged in any other transaction pursuant to any Loan Document or Letter of Credit).
“Other Taxes” means any present or future stamp, documentary, intangible, recording, filing or similar other excise or property Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement  or registration of, or from the registration, receipt or perfection of a security interest under, or otherwise with respect to any Loan Document or Letter of Credit, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment under Section 2.18(b)).
“Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight Term Benchmark borrowings denominated in Dollars by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the NYFRB’s Website from time to time, and 
24
			
	NAI-1534317048v16

published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.
“Overnight Rate” means, for any day, (a) with respect to any amount denominated in Dollars, the NYFRB Rate and (b) with respect to any amount denominated in an Alternative Currency, an overnight rate determined by the Administrative Agent or the Issuing Bank, as the case may be, in accordance with banking industry rules on interbank compensation.
“Participant” has the meaning set forth in Section 9.04(c).
“Participant Register” has the meaning set forth in Section 9.04(c).
“Participating Member State” means any member state of the European Union that has the Euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.
“Patriot Act” has the meaning set forth in Section 9.16.
“Payment” has the meaning assigned to it in Section 8.06(c).
“Payment Notice” has the meaning assigned to it in Section 8.06(c).
“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.
“Permitted Acquisitions” means Acquisitions (whether by purchase, merger, amalgamation, consolidation or otherwise) completed after the Effective Date so long as after giving effect thereto (and to any Indebtedness incurred in connection therewith) (i) the Total Net Leverage Ratio would not exceed 3.50 to 1.00 on a pro forma basis and (ii) no Event of Default shall have occurred and be continuing; provided that in the case of any such Acquisition whose consummation is not conditioned on the availability of, or on obtaining, third party financing, the foregoing condition set forth in this clause (ii) shall not be required to be satisfied so long as (x) no Event of Default shall have occurred and be continuing on the date of execution of the definitive agreements for such Acquisition, (y) no Event of Default described in Section 7.01(a), (b), (h) or (i) shall have occurred and be continuing after giving effect to the consummation of such Acquisition and (z) such Acquisition shall have been consummated within 90 days of the date of execution of the definitive agreements for such Acquisition.
“Permitted Encumbrances” means:
(a)    Liens imposed by law for taxes that are not delinquent for a period of more than 60 days or are being contested in compliance with Section 5.04;
(b)     carriers', warehousemen's, mechanics', materialmen's, repairmen's and other Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 60 days or are being contested in compliance with Section 5.04;
(c)    pledges and deposits made in the ordinary course of business (i) in compliance with workers' compensation, unemployment insurance and other social security laws or regulations; (ii) pledges and deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations of a like nature or (iii) securing liability for 
25
			
	NAI-1534317048v16

reimbursement or indemnification obligations of insurance carriers providing property, casualty or liability insurance to the Company or any of its Subsidiaries;
(d)    Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by the Company or any Subsidiary in the ordinary course of business;
(e)    judgment liens in respect of judgments that do not constitute an Event of Default under Section 7.01(k);
(f)    easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or materially interfere with the ordinary conduct of business of the Company or any Subsidiary;
(g)     liens arising by virtue of any statutory or common law provision relating to banker’s liens, rights of setoff or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution;
(h)     possessory Liens in favor of brokers and dealers arising in connection with the acquisition or disposition of Permitted Investments;
(i)    statutory Liens of landlords;
(j)    Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods;
(k)    any interest or title of a lessor, sublessor, licensor or sublicensor under any leases, subleases, licenses or sublicenses entered into by the Company or any Subsidiary as lessee, sublessee, sublessor, licensor or sublicensor in the ordinary course of business;
(l)    Liens that are contractual rights of set-off relating to purchase orders and other agreements entered into with customers of the Company or any of its Subsidiaries in the ordinary course of business; and
(m)    any security interest or set-off arising under Clause 24 or 25 of the general banking conditions (algemene bankvoorwaarden) of any member of the Dutch Bankers' Association (Nederlandse Vereniging van Banken) or any foreign equivalent thereof;
provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness.
“Permitted Investments” means:
(a)    direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States), Canada (or any province of Canada), or any other governmental authority in which the Company or its Subsidiaries do business, in each case maturing within thirty-six months from the date of acquisition thereof;
26
			
	NAI-1534317048v16

(b)    investments in commercial paper maturing within 270 days from the date of acquisition thereof and having, at such date of acquisition, a rating not less than A2 from S&P or not less than P2 from Moody’s;
(c)     investments in certificates of deposit, banker's acceptances and time deposits maturing within thirty-six months from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United States, any State thereof, the European Union or any member state thereof, Canada, the United Kingdom, Switzerland, Ireland, Bermuda, Vietnam, Japan, Macau, Luxembourg, China, Hong Kong or Singapore, in each case which has a combined capital and surplus and undivided profits of not less than the U.S. Dollar Equivalent of $500,000,000 and provided that the commercial paper of any such commercial bank must have a rating not less than A1 from S&P or not less than P1 from Moody’s;
(d)     cash held by the Company and its Subsidiaries in the ordinary course of business;
(e)    fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above;
(f)     money market funds that (i) comply with the criteria set forth in Securities and Exchange Commission Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA by S&P or Aaa by Moody’s and (iii) have portfolio assets of at least $1,000,000,000; and
(g)    other investments made in accordance with the Company’s investment policy as in effect on the Effective Date or the proposed investment policy to become effective within a reasonable period of time after the Effective Date, in each case in the form previously provided to the Administrative Agent prior to the Effective Date, as the same may be amended from time to time in the Company’s reasonable business judgment as long as such changes do not permit the Company to make materially riskier investments than those permitted before giving effect to such changes and are not otherwise materially adverse to the Lenders.
“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.
“Plan”  means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Company or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA, or a similar plan subject to the provisions of Canadian provincial or federal pension standards legislation.
“Platform” means Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system.
“Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative 
27
			
	NAI-1534317048v16

Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.
“Priority Debt” means, without duplication, (a) any Indebtedness of any Subsidiary, (b) any Indebtedness of the Company guaranteed by any Subsidiary and (c) any Indebtedness of the Company or any Subsidiary that is secured by a lien on any assets of the Company or any Subsidiary, in each case, other than (i) Loans hereunder, (ii) Indebtedness of the Company to any Subsidiary or of any Subsidiary to the Company or another Subsidiary and (iii) Indebtedness permitted under Section 6.01(k).
“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.
“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).
“QFC Credit Support” has the meaning assigned to it in Section 9.18.
“Real Estate Subsidiary” means Deckers Cabrillo, LLC, a California limited liability company and a wholly-owned Subsidiary of the Company.
“Recipient” means, as applicable, (a) the Administrative Agent, (b) any Lender and (c) the Issuing Bank.
“Reference Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the Term SOFR Rate, 5:00 a.m., New York City time on the day that is two U.S. Government Securities Business Days preceding the date of such setting, (2) if such Benchmark is EURIBOR Rate, 11:00 a.m. Brussels time two TARGET Days preceding the date of such setting, (3) if the RFR for such Benchmark is SONIA, then four (4) Business Days prior to such setting or (4) if such Benchmark is none of the Term SOFR Rate, the EURIBOR Rate or SONIA, the time determined by the Administrative Agent in its reasonable discretion.
“Register” has the meaning set forth in Section 9.04.
“Related Parties” means, with respect to any specified Person, such Person's Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person's Affiliates.
“Relevant Governmental Body” means (i) with respect to a Benchmark Replacement in respect of Loans denominated in Dollars, the Federal Reserve Board and/or the NYFRB, the CME Term SOFR Administrator, as applicable or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto, (ii) with respect to a Benchmark Replacement in respect of Loans denominated in Sterling, the Bank of England, or a committee officially endorsed or convened by the Bank of England or, in each case, any successor thereto, (iii) with respect to a Benchmark Replacement in respect of Loans denominated in Euros, the European Central Bank, or a committee officially endorsed or convened by the European Central Bank or, in each case, any successor thereto, and (iv) with respect to a Benchmark Replacement in respect of Loans denominated in any other currency, (a) the central bank for the currency in which such Benchmark Replacement is denominated or any central bank or other supervisor which is responsible for supervising either (1) such Benchmark Replacement or (2) the administrator of such Benchmark Replacement or (b) any working group or committee officially endorsed or convened by (1) the central bank for the currency in which such Benchmark Replacement is denominated, (2) any central bank or other supervisor that is responsible for supervising either (A) such Benchmark Replacement or 
28
			
	NAI-1534317048v16

(B) the administrator of such Benchmark Replacement, (3) a group of those central banks or other supervisors or (4) the Financial Stability Board or any part thereof.
“Relevant Rate” means (i) with respect to any Term Benchmark Borrowing denominated in Dollars, the Term SOFR Rate, (ii) with respect to any Term Benchmark Borrowing denominated in Euros, the EURIBOR Rate, (iii) with respect to any Borrowing denominated in Sterling, Daily Simple RFR or (iv) with respect to any Borrowing denominated in Canadian Dollars, the CDOR Rate, as applicable.
“Relevant Screen Rate” means (i) with respect to any Term Benchmark Borrowing denominated in Dollars, the Term SOFR Reference Rate, (ii) with respect to any Term Benchmark Borrowing denominated in Euros, the EURIBOR Screen Rate or (iii) with respect to any Borrowing denominated in Canadian Dollars, the CDOR Rate.
“Required Lenders” means, (i) at any time that there are three or more Lenders, at least three Lenders having Revolving Credit Exposures and unused Commitments representing more than 50% of the sum of the total Revolving Credit Exposures and unused Commitments at such time, and (ii) at any time that there are less than three Lenders, all Lenders; provided that the Revolving Credit Exposure and unused commitment of any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.
“Responsible Officer” means, with respect to any Borrower, the president, a Financial Officer or other executive officer of such Borrower.
“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.
“Restricted” means, when used in reference to cash or cash equivalents of any Person, that such cash or cash equivalents (a) appear (or would be required to appear) as “restricted” on a consolidated balance sheet of such Person prepared in conformity with GAAP (unless such classification results solely from any Lien referred to in clause (b) below) or (b) are controlled by or subject to any Lien or other preferential arrangement in favor of any creditor, other than Liens created under the Loan Documents.
“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in the Company or any Subsidiary, or any payment (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 in the Company or any option, warrant or other right to acquire any such Equity Interests in the Company.
“Revaluation Date” shall mean (a) with respect to any Loan denominated in any Approved Currency, each of the following:  (i) the date of the Borrowing of such Loan and (ii) (A) with respect to any Term Benchmark Loan, each date of a conversion into or continuation of such Loan pursuant to the terms of this Agreement and (B) with respect to any RFR Loan, each date that is on the numerically corresponding day in each calendar month that is three months after the Borrowing of such Loan (or, if there is no such numerically corresponding day in such month, then the last day of such month); (b) with respect to any Letter of Credit denominated in an Approved Currency, each of the following:  (i) the date on which such Letter of Credit is issued, (ii) the first Business Day of each calendar month and (iii) the date of any amendment of such Letter of Credit that has the effect of increasing the face amount thereof; and (c) any additional date as the Administrative Agent may determine at any time when an Event of Default exists.
29
			
	NAI-1534317048v16

“Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender's Loans and its LC Exposure at such time.
“RFR” means, for any RFR Loan denominated in Sterling, SONIA.
“RFR Administrator” means the SONIA Administrator.
“RFR Borrowing” means, as to any Borrowing, the RFR Loans comprising such Borrowing.
“RFR Business Day” means, for any Loan denominated in (a) Sterling, any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which banks are closed for general business in London.
“RFR Interest Day” has the meaning specified in the definition of “Daily Simple RFR”.
“RFR Loan” means a Loan that bears interest at a rate based on Daily Simple RFR.
“S&P” means Standard & Poor's.
“Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or target of any comprehensive, country-wide Sanctions (at the date of this Agreement, the so-called Donetsk People’s Republic, the so-called Luhansk People’s Republic, the Crimea region of Ukraine, Cuba, Iran, North Korea, Sudan and Syria).
“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations Security Council, the European Union or any European Union member state, the United Kingdom, His Majesty’s Treasury of the United Kingdom, the Monetary Authority of Singapore or other relevant sanctions authority of any of the foregoing, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b) or (d) any Person otherwise the subject of Sanctions.
“Sanctions” means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union, any European Union member state, the United Kingdom, His Majesty’s Treasury of the United Kingdom, the government of Canada (including, without limitation, Foreign Affairs, Trade and Development Canada and Public Safety Canada), the Monetary Authority of Singapore or other relevant sanctions authority of any of the foregoing.
“SEC” means the Securities and Exchange Commission of the United States of America.
“Service of Process Agent” has the meaning set forth in Section 9.09(d).
30
			
	NAI-1534317048v16

“Sheepskin Arrangements” means arrangements entered into in the ordinary course of business by the Company and/or its subsidiaries for the direct or indirect purchase of sheepskin or sheepskin alternatives, including without limitation any deposits related thereto.
“Significant Subsidiary” means each Subsidiary (including such Subsidiary’s interest in its direct and indirect Subsidiaries) of the Company that:
(a)    accounted for at least 5% of consolidated revenues of the Company and its Subsidiaries or 5% of Consolidated EBITDA of the Company and its Subsidiaries, in each case for the four fiscal quarters of the Company ending on the last day of the last fiscal quarter of the Company immediately preceding the date as of which any such determination is made; or
(b)    has total assets which represent at least 5% of the consolidated assets of the Company and its Subsidiaries as of the last day of the last fiscal quarter of the Company immediately preceding the date as of which such determination is made;
provided, that in the event that the Subsidiaries of the Company that would not otherwise be Significant Subsidiaries pursuant to clause (a) or clause (b) above either:
(i)    accounted for at least 10% of consolidated revenues of the Company and its Subsidiaries or 10% of Consolidated EBITDA of the Company and its Subsidiaries, in each case in the aggregate for the four fiscal quarters of the Company ending on the last day of the last fiscal quarter of the Company immediately preceding the date as of which any such determination is made; or
(ii)    have total assets which represent at least 10% of the consolidated assets of the Company and its Subsidiaries in the aggregate as of the last day of the last fiscal quarter of the Company immediately preceding the date as of which such determination is made,
then the Company shall designate one or more of such Subsidiaries to be Significant Subsidiaries, notwithstanding that such Subsidiaries would not be Significant Subsidiaries pursuant to clause (a) or clause (b) above, such that after giving effect to such designation, clauses (i) and (ii) above would not apply to the Subsidiaries of the Company that are not Significant Subsidiaries.
“SLL Principles” has the meaning specified in Section 2.23.
“SOFR” means a rate per annum equal to the secured overnight financing rate as administered by the SOFR Administrator.
“SOFR Administrator” means the NYFRB (or a successor administrator of SOFR).
“SOFR Administrator’s Website” means the NYFRB’s website, currently at http://www.newyorkfed.org, or any successor source for SOFR identified as such by the SOFR Administrator from time to time.
“SOFR Rate Day” has the meaning assigned to such term in the definition of “Daily Simple SOFR.”
“Solvent” and “Solvency” mean, with respect to any Person on any date of determination, that on such date (a) the fair value of the property of such Person and its Subsidiaries, on a consolidated basis, is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair saleable value of the assets of such 
31
			
	NAI-1534317048v16

Person and its Subsidiaries, on a consolidated basis, is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts or liabilities as they mature, (d) such Person and its Subsidiaries, on a consolidated basis, is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute an unreasonably small capital, and (e) such Person and its Subsidiaries, on a consolidated basis, are able to pay their debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business. The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.
“SONIA” means, with respect to any Business Day, a rate per annum equal to the Sterling Overnight Index Average for such Business Day published by the SONIA Administrator on the SONIA Administrator’s Website on the immediately succeeding Business Day.
“SONIA Administrator” means the Bank of England (or any successor administrator of the Sterling Overnight Index Average).
“SONIA Administrator’s Website” means the Bank of England’s website, currently at http://www.bankofengland.co.uk, or any successor source for the Sterling Overnight Index Average identified as such by the SONIA Administrator from time to time.
“Specified Currency” has the meaning set forth in Section 9.20.
“Specified Leveraged Acquisition” means a Permitted Acquisition having aggregate consideration of not less than $100,000,000.
“Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Federal Reserve Board to which the Administrative Agent is subject, with respect to the Adjusted EURIBOR Rate for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D) or any other reserve ratio or analogous requirement of any central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of the Loans.  Such reserve percentages shall include those imposed pursuant to such Regulation D.  Term Benchmark Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation.  The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.
“Sterling” or "£" means the lawful currency of the United Kingdom.
“subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent's consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) 
32
			
	NAI-1534317048v16

that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.
“Subsidiary” means any subsidiary of the Company.
“Supported QFC” has the meaning assigned to it in Section 9.18.
“Sustainability Assurance Provider” has the meaning set forth in Section 2.23
“Sustainability Structuring Agents” means Citibank, N.A. and HSBC Bank USA, N.A., in their capacities as co-sustainability coordinators for the purposes specified in Section 2.23.
“Sustainability Table” means specified key performance indicators with respect to certain environmental, social and governance targets of the Company and its Subsidiaries, which shall be confirmed by the Company and its counsel as being consistent with the SLL Principles.
“Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Company or the Subsidiaries shall be a Swap Agreement.
“Syndication Agent” means, Comerica Bank.
“TARGET Day” means any day on which TARGET2 (or, if such payment system ceases to be operative, such other payment system, if any, determined by the Administrative Agent in its sole discretion to be a suitable replacement) is open for the settlement of payments in Euro.
“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform and which was launched on November 19, 2007.
“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), value added taxes, or any other goods and services, use or sales taxes, assessments, fees or other charges  imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
“Term Benchmark” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted Term SOFR Rate or the Adjusted EURIBOR Rate.
“Term SOFR Determination Day” has the meaning assigned to such term in the definition of “Term SOFR Reference Rate.”
“Term SOFR Rate” means, with respect to any Term Benchmark Borrowing denominated in Dollars and for any tenor comparable to the applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m., New York City time, two U.S. Government Securities Business Days prior to the commencement of such tenor comparable to the applicable Interest Period, as such rate is published by the CME Term SOFR Administrator.
33
			
	NAI-1534317048v16

“Term SOFR Reference Rate” means, for any day and time (such day, the “Term SOFR Determination Day”), with respect to any Term Benchmark Borrowing denominated in Dollars and for any tenor comparable to the applicable Interest Period, the rate per annum determined by the Administrative Agent as the forward-looking term rate based on SOFR.  If by 5:00 pm (New York City time) on such Term SOFR Determination Day, the “Term SOFR Reference Rate” for the applicable tenor has not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Rate has not occurred, then the Term SOFR Reference Rate for such Term SOFR Determination Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding Business Day is not more than five (5) Business Days prior to such Term SOFR Determination Day.
“Total Net Leverage Ratio” means, as of the last day of any fiscal quarter of the Company, the ratio of (i) Consolidated Total Debt on such date less Unrestricted Cash to (ii) Consolidated EBITDA of the Company and its Subsidiaries for the period of four fiscal quarters ending on such date.
“Total Revolving Credit Exposure” means, the sum of the outstanding principal amount of all Lenders’ Loans and their LC Exposure at such time.
“Transactions” means the execution, delivery and performance by the Borrowers of this Agreement, the borrowing of Loans, the use of the proceeds thereof and the issuance of Letters of Credit hereunder.
“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted Term SOFR Rate, the CDOR Rate, the Adjusted EURIBOR Rate, or the Alternate Base Rate or Daily Simple RFR.
“UK Borrower” means Deckers Europe, Deckers UK and any other Borrower (i) that is incorporated in England and Wales or (ii) payments from which under this Agreement or any other Loan Document are subject to withholding Taxes imposed by the laws of the United Kingdom.
“UK Financial Institutions” 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” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.
“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.
“United States” means the United States of America.
“Unrestricted Cash” means, as of any date, the aggregate amount of cash and cash equivalents owned on such date by the Company, its Domestic Subsidiaries and any Designated Borrower; provided that such cash and cash equivalents are not Restricted.
34
			
	NAI-1534317048v16

“U.S. Dollar Equivalent” means, for any amount, at the time of determination thereof, (a) if such amount is expressed in Dollars, such amount, (b) if such amount is expressed in an Approved Currency, the equivalent of such amount in Dollars determined by using the rate of exchange for the purchase of Dollars with the Approved Currency last provided (either by publication or otherwise provided to the Administrative Agent) by Reuters on the Business Day (New York City time) immediately preceding the date of determination or if such service ceases to be available or ceases to provide a rate of exchange for the purchase of Dollars with the Alternative Currency, as provided by such other publicly available information service which provides that rate of exchange at such time in place of Reuters chosen by the Administrative Agent in its sole discretion (or if such service ceases to be available or ceases to provide such rate of exchange, the equivalent of such amount in Dollars as determined by the Administrative Agent using any method of determination it deems appropriate in its sole discretion) and (c) if such amount is denominated in any other currency, the equivalent of such amount in Dollars as determined by the Administrative Agent using any method of determination it deems appropriate in its sole discretion.
“U.S. Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.
“U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code.
“U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section 2.16(f)(ii)(B)(3).
“VAT” means (a) any Taxes imposed under the Value Added Tax Act 1994 and any regulations in respect thereof; (b) any Taxes imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and (c) any other Taxes of a similar nature, whether imposed in a member state of the European Union or the United Kingdom in substitution for, or levied in addition to, such Taxes referred to in paragraph (a) above, or imposed elsewhere.
“Withdrawal Event” means the exit of any member state from the European Union (including for the avoidance of doubt the exit of the United Kingdom from the European Union).
“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.
“Withholding Agent” means each Borrower and the Administrative Agent.
“Write-Down and Conversion Powers” means (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom,  any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution  or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised 
35
			
	NAI-1534317048v16

under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.
SECTION 1.0b  Pro Forma Calculations.  The financial covenant in Section 6.10, and any pro forma calculations to be made pursuant to any other provision of this Agreement, shall be calculated on a pro forma basis in good faith to give effect to Permitted Acquisitions and dispositions permitted hereunder of business units, lines of business or divisions.
SECTION 1.0c  Terms Generally.  The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.  The word “will” shall be construed to have the same meaning and effect as the word “shall”.  Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person's successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference to any law, rule or regulation herein shall, unless otherwise specified, refer to such law, rule or regulation as amended, modified or supplemented from time to time, (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and (g) the term “wholly-owned” when used in reference to any Subsidiary that is not a Domestic Subsidiary shall be construed to mean “wholly-owned, subject to any directors’ qualifying shares or shares required to be held by local Persons under applicable law”.
SECTION 1.0d  Accounting Terms; GAAP.  Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Company notifies the Administrative Agent that the Company requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Company that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until  such notice shall have been withdrawn or such provision amended in accordance herewith.  Notwithstanding any other provision contained herein, (i) all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Financial Accounting Standards Board Accounting Standards Codification 825 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Company or any Subsidiary at “fair value”, as defined therein and (ii) all terms of an accounting or financial nature used herein or in any Loan Document shall be construed, and all computations of amounts and ratios referred to herein and therein shall be made, without giving effect to the Financial Accounting Standards Board Accounting Standards Codification 842 (or any other Accounting Standards Codification having a similar result or effect) (and related interpretations) to the extent any lease (or any similar arrangement conveying the right to use) would be required to be treated as a finance lease 
36
			
	NAI-1534317048v16

or Capital Lease Obligation thereunder where such lease (or similar arrangement) would have been treated as an operating lease under GAAP as in effect immediately prior to the effectiveness of the Financing Accounting Standards Board Accounting Standards Codification 842 (or such other Accounting Standards Codification having a similar result or effect).
SECTION 1.0e  Exchange Rates; Currency Equivalents.  (a) The Administrative Agent or the Issuing Bank, as applicable, shall determine the U.S. Dollar Equivalent amounts of Term Benchmark Borrowings or Letter of Credit extensions denominated in Approved Currencies.  Such U.S. Dollar Equivalent shall become effective as of such Revaluation Date and shall be the U.S. Dollar Equivalent of such amounts until the next Revaluation Date to occur.  Except for purposes of financial statements delivered by the Borrowers hereunder or calculating the financial covenant hereunder or except as otherwise provided herein, the applicable amount of any Agreed Currency (other than Dollars) for purposes of the Loan Documents shall be such U.S. Dollar Equivalent amount as so determined by the Administrative Agent or the Issuing Bank, as applicable.
SECTION 1.0f  Interest Rates; Benchmark Notification.  The interest rate on a Loan denominated in Dollars or an Approved Currency may be derived from an interest rate benchmark that may be discontinued or is, or may in the future become, the subject of regulatory reform.  Upon the occurrence of a Benchmark Transition Event, Section 2.13(b) provides a mechanism for determining an alternative rate of interest.  The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission, performance or any other matter related to any interest rate used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity as did any existing interest rate prior to its discontinuance or unavailability.  The Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any interest rate used in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower.  The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrowers, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate(or component thereof) provided by any such information source or service.
SECTION 1.0g  Divisions.  For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders of its Equity Interests at such time.
ARTICLE 2

THE CREDITS
SECTION 1.0a  Commitments.  Subject to the terms and conditions set forth herein, each Lender agrees to make Loans to the Borrowers in Dollars or in one or more 
37
			
	NAI-1534317048v16

Approved Currencies from time to time during the Availability Period in an aggregate principal amount that will not result (at the time of such Borrowing and after giving effect to any application of proceeds of such Borrowing pursuant to Section 2.09) in (a) such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment, (b) the sum of the Total Revolving Credit Exposures exceeding the total Commitments or (c) the Revolving Credit Exposures denominated in Approved Currencies exceeding the Approved Currency Sublimit.  Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may severally borrow, prepay and reborrow Loans.  
SECTION 1.0b  Loans and Borrowings.  (a) Each Loan shall be made as part of a Borrowing consisting of Loans made by the Lenders ratably in accordance with their respective Commitments.  The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that no Lender shall be responsible for any other Lender's failure to make Loans as required; provided further, no Lender shall be obligated to honor a Borrowing requested by Deckers Singapore until each Lender confirms in writing to the Borrowers and the Administrative Agent that all “know your customer” requirements of such Lender have been satisfied with respect to Deckers Singapore.

(i)Subject to Section 2.13, each Borrowing shall be comprised (A) in the case of Borrowings in Dollars, entirely of ABR Loans or Term Benchmark Loans and (B) in the case of Borrowings in any other Agreed Currency, entirely of CDOR Rate Loans, Term Benchmark Loans or RFR Loans, as applicable, in each case of the same Agreed Currency, as the applicable Borrower may request in accordance herewith; provided, that each Borrowing denominated in an Approved Currency (other than Canadian Dollars and Sterling) shall be comprised of Term Benchmark Loans, each Borrowing denominated in Canadian Dollars shall be comprised of CDOR Rate Loans and each Borrowing denominated in Sterling shall be comprised of RFR Loans.  Each Lender at its option may make any Term Benchmark Loan or CDOR Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the applicable Borrower to repay such Loan in accordance with the terms of this Agreement; and provided, further, that no option may be exercised by any Lender if, immediately after giving effect thereto, amounts would become payable by a Borrower under Section 2.14 or 2.16 that are in excess of those that would be payable under such Section if such option were not exercised; and provided further, that, notwithstanding anything to the contrary in this Agreement, each Borrowing to be made by Deckers Hong Kong or any other Designated Borrower organized under the laws of Hong Kong shall be made to Deckers Hong Kong or such other Designated Borrower, as the case may be, at an account located in London.
(ii)At the commencement of each Interest Period for any Term Benchmark Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of the U.S. Dollar Equivalent of $100,000 (or a reasonably similar amount in an Approved Currency) and not less than the U.S. Dollar Equivalent of $1,000,000 (or a reasonably similar amount in an Approved Currency).  At the time that each ABR Borrowing, CDOR Rate Borrowing and/or RFR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of the U.S. Dollar Equivalent of $100,000 and not less than $500,000; provided that an ABR Borrowing, a CDOR Rate Borrowing or a RFR Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.05(e).  Borrowings of more than one Type may be outstanding at the same time; provided that there shall not at any time be more than a total of fifteen (15) Term Benchmark Borrowings or RFR Borrowings outstanding.
38
			
	NAI-1534317048v16

(iii)Notwithstanding any other provision of this Agreement, no Borrower shall be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.
SECTION 1.0c  Requests for Borrowings.  To request a Borrowing, the applicable Borrower shall notify the Administrative Agent of such request by submitting a Borrowing Request (a)(i) in the case of a Term Benchmark Borrowing denominated in Dollars, not later than 1:00 p.m., Local Time, three (3) Business Days before the date of the proposed Borrowing, (ii) in the case of a Term Benchmark Borrowing denominated in Euros, not later than 1:00 p.m., Local Time, four (4) Business Days before the date of the proposed Borrowing and (iii) in the case of an RFR Borrowing denominated in Sterling, not later than 11:00 a.m., New York City time, three (3) Business Days before the date of the proposed Borrowing or (b) in the case of a CDOR Rate Borrowing, not later than 11:00 a.m., Local Time, two (2) Business Days before the date of the proposed Borrowing and (c) in the case of an ABR Borrowing, not later than 1:00 p.m., Local Time, on the day of the proposed Borrowing; provided that any such notice of an ABR Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.05(e) may be given not later than 1:00 p.m., Local Time, on the date of the proposed Borrowing.  Each such Borrowing Request shall be irrevocable and shall be signed (which signature may be an electronic signature) by a Responsible Officer of the applicable Borrower.  Each such Borrowing Request shall specify the following information in compliance with Section 2.02:
(1)the Agreed Currency and aggregate amount of the requested Borrowing;
(2)the date of such Borrowing, which shall be a Business Day;
(3)whether such Borrowing is to be an ABR Borrowing, a CDOR Rate Borrowing, a Term Benchmark Borrowing or an RFR Borrowing;
(4)in the case of a Term Benchmark Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”;
(5)in the case of a Term Benchmark Borrowing, whether such Borrowing shall be made in dollars or in an Approved Currency (and if in an Approved Currency, the applicable currency); and
(6)the location and number of the applicable Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.06.
If no election as to the currency of a Borrowing is specified, then the requested Borrowing shall be made in Dollars.  If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing made in Dollars.  If no Interest Period is specified with respect to any requested Term Benchmark Borrowing or a CDOR Borrowing, then the applicable Borrower shall be deemed to have selected an Interest Period of one month's duration.  Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender's Loan to be made as part of the requested Borrowing.
SECTION 1.0d  [Reserved].  
39
			
	NAI-1534317048v16

SECTION 1.0e  Letters of Credit.  (a) General.  Subject to the terms and conditions set forth herein, any Borrower may, as the applicant thereof for the support of its or its subsidiaries’ obligations, request the issuance of, and the Issuing Bank shall (subject to the terms and conditions hereof) issue, Letters of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), in an amount up to the applicable Issuing Bank’s LC Allocation, denominated in dollars or, to the extent the Issuing Bank then issues letters of credit in any Approved Currency, in such Approved Currency, in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time during the Availability Period.  In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the applicable Borrower to, or entered into by the applicable Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. Notwithstanding anything herein to the contrary, the Issuing Bank shall have no obligation hereunder to issue, and shall not issue, any Letter of Credit the proceeds of which would be made available to any Person (i) to fund any activity or business of or with any Sanctioned Person, or in any Sanctioned Country or (ii) in any manner that would result in a violation of any Sanctions by any party to this Agreement.
(i)Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions.  To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the applicable Borrower shall hand deliver (or transmit by electronic communication, if arrangements for doing so have been approved by the Issuing Bank) to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension but in any event no less than two (2) Business Days prior to such date in the case of a Letter of Credit denominated in dollars and no less than four (4) Business Days prior to such date in the case of a Letter of Credit denominated in an Approved Currency) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, whether such Letter of Credit is to be denominated in dollars or in an Approved Currency (and if in an Approved Currency, the applicable currency), the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit.  If requested by the Issuing Bank, the applicable Borrower also shall submit a letter of credit application on the Issuing Bank’s standard form in connection with any request for a Letter of Credit.  A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Company shall be deemed to represent and warrant that), at the time of such issuance, amendment, renewal or extension and after giving effect thereto, (i) the LC Exposure shall not exceed the LC Sublimit, (ii) no Lender’s Revolving Credit Exposure shall exceed its Commitment, (iii) the Total Revolving Credit Exposure shall not exceed the total Commitments, (iv) the Revolving Credit Exposures denominated in Approved Currencies shall not exceed the Approved Currency Sublimit, and (v) the aggregate face amount of all Letters of Credit issued by the applicable Issuing Bank would not exceed such Issuing Bank’s LC Allocation.
(ii)Expiration Date.  Each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and (ii) the date that is five (5) Business Days prior to the Maturity Date; provided, that if the applicable Borrower so requests in any notice requesting the issuance of a Letter of Credit, Issuing Bank shall issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided, further that any such Auto-Extension Letter of Credit must permit the Issuing Bank to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior 
40
			
	NAI-1534317048v16

notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued.  Unless otherwise directed by the Issuing Bank, the applicable Borrower shall not be required to make a specific request to the Issuing Bank for any such extension.  Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the Issuing Bank to permit the extension of such Letter of Credit at any time to an expiry date not later than the date that is five Business Days prior to the Maturity Date; provided, however, that the Issuing Bank shall not permit any such extension if (A) the Issuing Bank has determined that it would not be permitted, or would have no obligation at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof, (B) it has received notice (which may be by telephone or in writing) on or before the day that is five Business Days before the Non-Extension Notice Date (1) from the Administrative Agent that the Required Lenders have elected not to permit such extension or (2) from the Administrative Agent, any Lender or the Company that one or more of the applicable conditions specified in Section 4.02 is not then satisfied, and in each such case directing the Issuing Bank not to permit such extension or (C) such Auto-Extension Letter of Credit is an Existing Letter of Credit.
(iii)Participations.  By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Lender, and each Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Lender's Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit.  In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Lender's Applicable Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the applicable Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the applicable Borrower for any reason.  Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.
(iv)Reimbursement.  If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Company shall reimburse such LC Disbursement by paying to the Issuing Bank an amount equal to such LC Disbursement not later than 2:00 p.m., Local Time, on the date that such LC Disbursement is made, if the Company shall have received notice of such LC Disbursement prior to 10:00 a.m., Local Time, on such date, or, if such notice has not been received by the Company prior to such time on such date, then not later than 2:00 p.m., Local Time, on the following Business Day.  In the case of a Letter of Credit denominated in dollars, the applicable Borrower (or the Company) shall reimburse the Issuing Bank in dollars unless the Company shall have requested that such payment be financed with an ABR Borrowing.  In the case of a Letter of Credit denominated in any Approved Currency, the applicable Borrower shall reimburse the Issuing Bank in such currency, unless (A) the applicable Borrower shall have notified the Issuing Bank promptly following receipt of the notice of drawing that such Borrower (or the Company) will reimburse the Issuing Bank in dollars or (B) the Company shall have requested that such payment be financed with an ABR Borrowing.  In the case of any such reimbursement in dollars of a drawing under a Letter of Credit denominated in any Approved Currency, the Issuing Bank shall notify the applicable Borrower of the U.S. Dollar Equivalent of the amount of the drawing promptly following the determination thereof.  If the applicable Borrower fails to make such payment when due (either through payment or through a Borrowing), the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the payment then due from the applicable Borrower in respect thereof (which in 
41
			
	NAI-1534317048v16

the case of any payment in any Approved Currency shall be, with respect to each Lender, the U.S. Dollar Equivalent thereof) and such Lender's Applicable Percentage thereof.  Promptly following receipt of such notice, each Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the applicable Borrower (which in the case of any payment in any Approved Currency shall be the U.S. Dollar Equivalent thereof), in the same manner as provided in Section 2.06 with respect to Loans made by such Lender (and Section 2.06 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Lenders.  Promptly following receipt by the Administrative Agent of any payment from the applicable Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank as their interests may appear.  Any payment made by a Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other than the funding of ABR Loans as contemplated above) shall not constitute a Loan and shall not relieve the applicable Borrower of its obligation to reimburse such LC Disbursement.  In the event that (A) a drawing denominated in any Approved Currency is to be reimbursed in dollars and (B) the dollar amount paid by any Borrower, including pursuant to an ABR Borrowing, shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in such Approved Currency equal to the drawing, the applicable Borrower agrees, as a separate and independent obligation, to indemnify the Issuing Bank for the loss resulting from its inability on that date to purchase such Approved Currency in the full amount of the drawing.
(v)Obligations Absolute.  Each Borrower’s several obligation to reimburse LC Disbursements applicable to it as provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, (iv) any adverse change in the relevant exchange rates or in the availability of any Approved Currency to the applicable Borrower or in the relevant currency markets generally or (v) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the applicable Borrower's obligations hereunder.  Neither the Administrative Agent, the Lenders nor the Issuing Bank, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to the applicable Borrower to the extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by the applicable Borrower to the extent permitted by applicable law) suffered by the applicable Borrower that are caused by the Issuing Bank's failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof.  The parties hereto expressly agree that, in the absence of gross negligence, bad faith or willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such determination.  In furtherance of the foregoing and without limiting the generality thereof, the 
42
			
	NAI-1534317048v16

parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.
(vi)Disbursement Procedures.  The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit.  The Issuing Bank shall promptly notify the Administrative Agent, the Company and the applicable Borrower by telephone (confirmed by electronic transmission) of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the applicable Borrower of its obligation to reimburse the Issuing Bank and the Lenders with respect to any such LC Disbursement.
(vii)Interim Interest.  If the Issuing Bank shall make any LC Disbursement, then, unless the applicable Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the applicable Borrower reimburses such LC Disbursement, at the rate per annum then applicable to ABR Loans; provided that, if the applicable Borrower or the Company fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.12(d) shall apply.  Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph (e) of this Section to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment.
(viii)Replacement of the Issuing Bank.  (A) The Issuing Bank may be replaced at any time by written agreement among the Company, the Administrative Agent (not to be unreasonably withheld or delayed), the replaced Issuing Bank (not to be unreasonably withheld or delayed) and the successor Issuing Bank.  The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Bank.  At the time any such replacement shall become effective, the Company or the applicable Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.11(b).  From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require.  After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.
(B)    Subject to the appointment and acceptance of a successor Issuing Bank, the Issuing Bank may resign as the Issuing Bank at any time upon thirty days’ prior written notice to the Administrative Agent, the Company and the Lenders, in which case, the Issuing Bank shall be replaced in accordance with Section 2.05(i)(A) above, except that only the consent of the Company, the successor Issuing Bank, the Administrative Agent and the Required Lenders shall be required to appoint the successor Issuing Bank; provided that in the event the Person that is the resigning Issuing Bank is also resigning as Administrative Agent at such time, its consent as Administrative Agent shall not be required (but the consent of any Person being appointed as successor Administrative Agent at such time shall be required (such consent not to be unreasonably withheld or delayed)).
43
			
	NAI-1534317048v16

(ix)Cash Collateralization.  If any Event of Default shall occur and be continuing, on the Business Day that the Company receives written notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Lenders with LC Exposure representing greater than 50% of the total LC Exposure) demanding the deposit of cash collateral pursuant to this paragraph, the Company or the applicable Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders, an amount in cash equal to the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Company described in Section 7.01(h) or (i).  Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Company or the applicable Borrower under this Agreement.  The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account.  Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Company’s risk and expense, such deposits shall not bear interest.  Interest or profits, if any, on such investments shall accumulate in such account.  Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Company or the applicable Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (subject to the consent of Lenders with LC Exposure representing greater than 50% of the total LC Exposure), be applied to satisfy other obligations of the Company or the applicable Borrower under this Agreement in accordance with Article VIII.  If the Company or another Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Company or such Borrower within three Business Days after all Events of Default have been cured or waived.
(x)Letters of Credit Issued for Account of Subsidiaries.  Notwithstanding that a Letter of Credit issued or outstanding hereunder supports any obligations of, or is for the account of, a Subsidiary, or states that a Subsidiary is the “account party,” “applicant,” “customer,” “instructing party,” or the like of or for such Letter of Credit, and without derogating from any rights of the Issuing Bank (whether arising by contract, at law, in equity or otherwise) against such Subsidiary in respect of such Letter of Credit, the Company (i) shall reimburse, indemnify and compensate the Issuing Bank hereunder for such Letter of Credit (including to reimburse any and all drawings thereunder) as if such Letter of Credit had been issued solely for the account of the Company and (ii) irrevocably waives any and all defenses that might otherwise be available to it as a guarantor or surety of any or all of the obligations of such subsidiary in respect of such Letter of Credit.  The Company hereby acknowledges that the issuance of such Letters of Credit for its subsidiaries inures to the benefit of the Company, and that the Company’s business derives substantial benefits from the businesses of such subsidiaries.
SECTION 1.0f  Funding of Borrowings.  (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof in the appropriate currency by wire transfer of immediately available funds by 2:00 p.m., Local Time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders.  The Administrative Agent will make such Loans available to the applicable Borrower by promptly crediting the amounts so received, in like funds in the applicable currency, to an account of the applicable Borrower maintained with the Administrative Agent and designated by such Borrower in the applicable Borrowing Request; provided that ABR Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.05(e) shall be remitted by the Administrative Agent to the Issuing Bank.
44
			
	NAI-1534317048v16

(i)Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender's share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the applicable Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the applicable Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the applicable Overnight Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of a Borrower, the interest rate applicable to ABR Loans, or in the case of Approved Currencies, in accordance with such market practice, in each case, as applicable.  If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender's Loan included in such Borrowing.
SECTION 1.0g  Interest Elections.  (a) Each Borrowing initially shall be of the Type and Agreed Currency specified in the applicable Borrowing Request and, in the case of a Term Benchmark Borrowing or a CDOR Rate Borrowing, shall have an initial Interest Period as specified in such Borrowing Request.  Thereafter, the applicable Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Term Benchmark Borrowing or a CDOR Rate Borrowing, may elect Interest Periods therefor, all as provided in this Section.  Each Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing.
(i)To make an election pursuant to this Section, the applicable Borrower shall notify the Administrative Agent of such election by the time that a Borrowing Request would be required under Section 2.02 if such Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election.  Each such Interest Election Request shall be irrevocable and shall be signed by a Responsible Officer of such Borrower.
(ii)Each Interest Election Request shall specify the following information in compliance with Section 2.02:
(1)the Agreed Currency and principal amount of Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);
(2)the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;
(3)whether the resulting Borrowing is to be an ABR Borrowing (in the case of Borrowings denominated in Dollars), a CDOR Rate Borrowing, a Term Benchmark Borrowing or a RFR Borrowing;
(4)in the case of a Term Benchmark Borrowing or CDOR Rate Borrowing, whether such Borrowing shall be made in dollars or in an Approved Currency (and if an Approved Currency, which currency); and
45
			
	NAI-1534317048v16

(5)if the resulting Borrowing is a Term Benchmark Borrowing or a CDOR Rate Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”.
If any such Interest Election Request requests a Term Benchmark Borrowing or CDOR Rate Borrowing but does not specify (x) an Interest Period, then the applicable Borrower shall be deemed to have selected an Interest Period of one month's duration or (y) the currency, then the applicable Borrower shall be deemed to have selected the same currency as the Borrowing being converted or continued.
(iii)Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender's portion of each resulting Borrowing.
(iv)If a Borrower fails to deliver a timely Interest Election Request with respect to a Term Benchmark Borrowing in Dollars, CDOR Rate Borrowing or a RFR Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing at the end of such Interest Period.  If the applicable Borrower fails to deliver a timely and complete Interest Election Request with respect to a Term Benchmark Borrowing in an Approved Currency prior to the end of the Interest Period therefor, then, unless such Term Benchmark Borrowing is repaid as provided herein, such Borrower shall be deemed to have selected that such Term Benchmark Borrowing shall automatically be continued as a Term Benchmark Borrowing in its original Agreed Currency with an Interest Period of one month at the end of such Interest Period.  Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Company, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to or (at the end of the applicable Interest Period) continued as a Term Benchmark Borrowing or CDOR Rate Borrowing, (ii) unless repaid, (x) each Term Benchmark Borrowing denominated in Dollars shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto and (y) each Term Benchmark Borrowing denominated in an Approved Currency shall bear interest at the Central Bank Rate for the applicable Agreed Currency plus the Applicable Rate; provided that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Agreed Currency cannot be determined, any outstanding affected Term Benchmark Loans denominated in any Agreed Currency other than Dollars shall either be (a) converted to an ABR Borrowing denominated in Dollars (in an amount equal to the U.S. Dollar Equivalent of such Alternative Currency) at the end of the Interest Period, as applicable, therefor or (b) prepaid at the end of the applicable Interest Period, as applicable, in full; provided that if no election is made by the applicable Borrower by the earlier of (x) the date that is three Business Days after receipt by such Borrower of such notice and (y) the last day of the current Interest Period for the applicable Term Benchmark Loan, such Borrower shall be deemed to have elected clause (A) above.
SECTION 1.0h  Termination and Reduction of Commitments.  (a) Unless previously terminated, the Commitments shall terminate on the Maturity Date.
(i)The Company may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 (or, if less, the remaining amount of the total Commitments) and (ii) the Company shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.10, the sum of the Revolving Credit Exposures would exceed the total Commitments.
46
			
	NAI-1534317048v16

(ii)The Company shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof.  Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof.  Each notice delivered by the Company pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Company may state that such notice is conditioned upon the effectiveness of other credit facilities or other receipt of funds, in which case such notice may be revoked or postponed by the Company (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied or expected to be satisfied on the proposed termination date.  Any termination or reduction of the Commitments shall be permanent.  Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
SECTION 1.0i  Repayment of Loans; Evidence of Debt.  (a) Each Borrower hereby severally (and not jointly) unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Loan made to such Borrower on the Maturity Date.
(i)Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of each Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.
(ii)The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from each Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender's share thereof.
(iii)The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the several obligations of the Borrowers to repay the Loans in accordance with the terms of this Agreement.
(iv)Any Lender may request that Loans made by it be evidenced by a promissory note.  In such event, each applicable Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent.  Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns).
SECTION 1.j  Prepayment of Loans.  (a) Each Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, without premium or penalty but subject to amounts payable pursuant to Section 2.15, subject to prior notice in accordance with paragraph (b) of this Section.
(v)The applicable Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy or electronic mail) of any prepayment hereunder (i) in the case of prepayment of a Term Benchmark Borrowing, a CDOR Rate Borrowing or a RFR Borrowing, 
47
			
	NAI-1534317048v16

not later than 1:00 p.m., Local Time, two Business Days before the date of prepayment or (ii) in the case of prepayment of an ABR Borrowing, not later than 1:00 p.m., Local Time, one Business Day before the date of prepayment.  Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.08, then such notice of prepayment may be revoked or postponed if such notice of termination is revoked or postponed in accordance with Section 2.08.  Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof.   Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02.  Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing.  Prepayments shall be accompanied by accrued interest to the extent required by Section 2.12 and any break funding payments required by Section 2.15.
(vi)If the Administrative Agent notifies the Company at any time that the Total Revolving Credit Exposure (that has not been cash collateralized by the Company or another Borrower) exceeds an amount equal to 105% of the total Commitments then in effect, then, within three (3) Business Days after receipt of such notice, the Company or another Borrower shall prepay Loans and/or cash collateralize the LC Exposure in an aggregate amount sufficient to cause the Total Revolving Credit Exposure to be less than or equal to the total Commitments then in effect.
(vii)If the Administrative Agent notifies the Company at any time that the LC Exposure (that has not been cash collateralized by the Company or another Borrower) exceeds an amount equal to 105% of the LC Sublimit, then, within three Business Days after receipt of such notice, the Company or another Borrower shall cash collateralize the LC Exposure in an aggregate amount sufficient to cause the LC Exposure to be less than or equal to the LC Sublimit.
(viii)If the Administrative Agent notifies the Company at any time that the portion of the Total Revolving Credit Exposure denominated in Approved Currencies (that has not been cash collateralized by the Company or another Borrower) exceeds an amount equal to 105% of the Approved Currency Sublimit then in effect, then, within three Business Days after receipt of such notice, the Company or another Borrower shall prepay Loans denominated in Approved Currencies and/or cash collateralize the portion of the LC Exposure that is denominated in Approved Currencies in an aggregate amount sufficient to cause portion of the Total Revolving Credit Exposure denominated in Approved Currencies to be less than or equal to the Approved Currency Sublimit then in effect.
SECTION 1.k  Fees.  (a) The Company agrees to pay to the Administrative Agent for the account of each Lender a commitment fee, in dollars, which shall accrue at the rate under the heading “Commitment Fee Rate” in the definition of Applicable Rate on the actual daily amount by which (i) such Lender’s Commitment exceeds (ii) such Lender’s Revolving Credit Exposure, subject to adjustment as provided in Section 2.20, during the period from and including the Effective Date to but excluding the date on which such Commitment terminates.  Accrued commitment fees shall be payable in arrears on the fifth Business Day following the last day of March, June, September and December of each year and on the date on which the Commitments terminate, commencing on the first such date to occur after the Effective Date.  All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).
(ix)The Company agrees to pay (i) to the Administrative Agent for the account of each Lender a participation fee in dollars with respect to its participations in Letters of Credit, 
48
			
	NAI-1534317048v16

which shall accrue at the same Applicable Rate used to determine the interest rate applicable to Term Benchmark Loans on the average daily amount of such Lender's LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender's Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) to the Issuing Bank a fronting fee in dollars, which shall accrue at the rate or rates per annum separately agreed upon between the Company and the Issuing Bank in the Fee Letter or otherwise in writing on the average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any LC Exposure, as well as the Issuing Bank’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder.  Unless otherwise specified above, participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable on the fifth Business Day following such last day, commencing on the first such date to occur after the Effective Date; provided that all such accrued but unpaid fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand.  Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within 30 days after written demand by the Issuing Bank.  All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).
(x)The Company agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Company and the Administrative Agent in the Fee Letter.
(xi)All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and participation fees, to the Lenders.  Fees paid shall not be refundable under any circumstances (other than in the case, and to the extent, of any overpayment thereof by the Company).
SECTION 1.l  Interest.  (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(xii)The Loans comprising each Term Benchmark Borrowing shall bear interest in the case of a Term Benchmark Loan, at the Adjusted Term SOFR Rate, or the Adjusted EURIBOR Rate, as applicable, for the Interest Period in effect for such Borrowing plus the Applicable Rate. The Loans comprising each CDOR Rate Borrowing shall bear interest in the case of a CDOR Rate Loan, at the CDOR Rate for the Interest Period in effect for such Borrowing.
(xiii)Each RFR Loan shall bear interest at a rate per annum equal to the applicable Daily Simple RFR plus the Applicable Rate.
(xiv)Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by any Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section.
49
			
	NAI-1534317048v16

(xv)Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (d) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Term Benchmark Loan or CDOR Rate Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(xvi)All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed (i) by reference to Daily Simple RFR with respect to Sterling or the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate, (ii) with respect to CDOR Rate Loans and (iii) with respect to Loans denominated in Sterling, shall each be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day).  All interest hereunder on any Loan shall be computed on a daily basis based upon the outstanding principal amount of such Loan as of the applicable date of determination.  The applicable Alternate Base Rate, Adjusted Term SOFR Rate, Term SOFR Rate, Adjusted EURIBOR Rate, EURIBOR Rate or Daily Simple RFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
(xvii)If, as a result of any restatement of or other adjustment to the financial statements of the Company or for any other reason, any Borrower or the Lenders determine that (i) the Total Net Leverage Ratio as calculated by the Company as of any applicable date was inaccurate and (ii) a proper calculation of the Total Net Leverage Ratio would have resulted in higher pricing for any resulting period, the applicable Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to such Borrower under the Bankruptcy Code of the United States, automatically and without further action by the Administrative Agent or any Lender), an amount equal to the excess of the amount of interest and fees that should have been paid by such Borrower for such period over the amount of interest and fees actually paid for such period by such Borrower.
(xviii)The rates of interest under this Agreement are nominal rates, and not effective rates or yields.  Unless otherwise stated, wherever in this Agreement reference is made to a rate of interest “per annum” or a similar expression is used, such interest shall be calculated on the basis of a year of 360, 365 or 366 days, as the case may be as set forth herein, for the actual number of days occurring in the period for which any such interest is payable.  For the purposes of the Interest Act (Canada) and disclosure thereunder, whenever any interest to be paid hereunder or in connection herewith is to be calculated on the basis of a 360, 365 or 366-day year, as the case may be as set forth herein, the yearly rate of interest to which the rate used in such calculation is equivalent is the rate so used multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by 360, 365 or 366 days, as the case may be as set forth herein.
(xix)Each Canadian Loan Party acknowledges and confirms that:
(i)clause (h) above satisfies the requirements of Section 4 of the Interest Act (Canada) to the extent it applies to the expression or statement of any interest payable under any Loan Document; and
50
			
	NAI-1534317048v16

(ii)such Canadian Loan Party is able to calculate the yearly rate or percentage of interest payable under any Loan Document based upon the methodology set out in clause (h) above.
(xx)Each Canadian Loan Party agrees not to plead or assert, whether by way of defense or otherwise, in any proceeding relating to the Loan Documents, that the interest payable thereunder and the calculation thereof has not been adequately disclosed to such Canadian Loan Party, whether pursuant to Section 4 of the Interest Act (Canada) or any other applicable law or legal principle.  Notwithstanding anything to the contrary contained in this Agreement, if the amount of interest payable under any Loan Document is reduced by virtue of the application of Section 4 of the Interest Act (Canada), then the Borrowers shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders, promptly on demand by the Administrative Agent (or, if an Event of Default shall have occurred and be continuing, automatically and without further action by the Administrative Agent), an amount equal to the amount of such reduction.
SECTION 1.m  Alternate Rate of Interest; Illegality.  
(xxi)Subject to clauses (b), (c), (d), (e) and (f) of this Section 2.13, if:
(1)the Administrative Agent reasonably determines (which determination shall be conclusive absent manifest error) (A) prior to the commencement of any Interest Period for a Term Benchmark Borrowing or a CDOR Rate Borrowing, that adequate and reasonable means do not exist for ascertaining the Adjusted Term SOFR Rate, the Term SOFR Rate, the Adjusted EURIBOR Rate, the EURIBOR Rate or the CDOR Rate (including because the Relevant Screen Rate is not available or published on a current basis), for the applicable Agreed Currency and such Interest Period or (B) at any time, that adequate and reasonable means do not exist for ascertaining Daily Simple RFR or the RFR for the applicable Agreed Currency; or
(2)the Required Lenders give written notice to the Administrative Agent that (A) prior to the commencement of any Interest Period for a Term Benchmark Borrowing or a CDOR Rate Borrowing, the Adjusted Term SOFR Rate, the Term SOFR Rate, the Adjusted EURIBOR Rate, the EURIBOR Rate or the CDOR Rate for the applicable Agreed Currency and such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for the applicable Agreed Currency and such Interest Period or (B) at any time, Daily Simple RFR or the RFR for the applicable Agreed Currency will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for the applicable Agreed Currency;
then the Administrative Agent shall give notice thereof to the Company and the Lenders by telephone or electronic mail as promptly as practicable thereafter and, until (x) the Administrative Agent notifies the Company and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the applicable Borrower delivers a new Interest Election Request in accordance with the terms of Section 2.06 or a new Borrowing Request in accordance with the terms of Section 2.03, (A) for Loans denominated in Dollars, any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Term Benchmark Borrowing and any Borrowing Request that requests a Term Benchmark Borrowing shall instead be deemed to be an Interest Election Request or a Borrowing Request, as applicable, for an ABR Borrowing and (B) for Loans denominated in an Approved Currency, any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Term Benchmark 
51
			
	NAI-1534317048v16

Borrowing or a CDOR Rate Borrowing and any Borrowing Request that requests a Term Benchmark Borrowing, a CDOR Rate Borrowing or an RFR Borrowing, in each case, for the relevant Benchmark, shall be ineffective; provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then all other Types of Borrowings shall be permitted.
Furthermore, if any Term Benchmark Loan, or a CDOR Rate Loan or RFR Loan in any Agreed Currency is outstanding on the date of the Company’s receipt of the notice from the Administrative Agent referred to in this Section 2.13(a) with respect to a Relevant Rate applicable to such Term Benchmark Loan, CDOR Rate Loan or RFR Loan, then until (x) the Administrative Agent notifies the Company and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the applicable Borrower delivers a new Interest Election Request in accordance with the terms of Section 2.06 or a new Borrowing Request in accordance with the terms of Section 2.03, (A) for Loans denominated in Dollars, any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), be converted by the Administrative Agent to, and shall constitute, an ABR Loan on such day, and (B) for Loans denominated in an Approved Currency, (1) any Term Benchmark Loan or CDOR Rate Loan shall, on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day) bear interest at the Central Bank Rate for the applicable Approved Currency plus the Applicable Rate; provided that, if the Administrative Agent reasonably determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Approved Currency cannot be determined, any outstanding affected Term Benchmark Loans or CDOR Rate Loans denominated in any Approved Currency shall, at the applicable Borrower’s election prior to such day:  (A) be prepaid by the applicable Borrower on such day or (B) solely for the purpose of calculating the interest rate applicable to such Term Benchmark Loan or CDOR Rate Loan, such Term Benchmark Loan or CDOR Rate Loan denominated in any Approved Currency shall be deemed to be a Term Benchmark Loan denominated in Dollars and shall accrue interest at the same interest rate applicable to Term Benchmark Loans denominated in Dollars at such time and (2) any RFR Loan shall bear interest at the Central Bank Rate for the applicable Approved Currency plus the Applicable Rate; provided that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Approved Currency cannot be determined, any outstanding affected RFR Loans denominated in any Approved Currency, at the applicable Borrower’s election, shall either (A) be converted into ABR Loans denominated in Dollars (in an amount equal to the Dollar Equivalent of such Approved Currency) immediately or (B) be prepaid in full immediately.
(xxii)Notwithstanding anything to the contrary herein or in any other Loan Document (and any Swap Agreement shall be deemed not to be a “Loan Document” for purposes of this Section 2.13), if a Benchmark 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 (x) if a Benchmark Replacement is determined in accordance with clause (1) of the definition of “Benchmark Replacement” with respect to Dollars for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (2) of the definition of “Benchmark Replacement” with respect to any Agreed Currency 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 
52
			
	NAI-1534317048v16

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 Required Lenders of each affected Class.  If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a quarterly basis.
(xxiii)In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.
(xxiv)The Administrative Agent will promptly notify the Company and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (e) below and (v) the commencement or conclusion of any Benchmark Unavailability Period.  Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.13, 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 2.13.
(xxv)Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Rate, the EURIBOR Rate or the CDOR Rate) and either (a) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (b) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (a) is subsequently displayed on a screen or information service for a Benchmark (including a 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.
(xxvi)Upon the Company’s receipt of notice of the commencement of a Benchmark Unavailability Period, the applicable Borrower may revoke any request for a Term Benchmark Borrowing, CDOR Rate Borrowing or RFR Borrowing of, conversion to or continuation of Term Benchmark Loans or CDOR Rate Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, either (x) the applicable Borrower will be deemed to have converted any request for a Term Benchmark Borrowing denominated in Dollars into a request for a Borrowing of or conversion to an ABR Borrowing or (y) any Term Benchmark Borrowing, CDOR Rate Borrowing or RFR Borrowing denominated in an Approved Currency shall be ineffective.  During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Alternate Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Alternate Base Rate.  Furthermore, if any Term 
53
			
	NAI-1534317048v16

Benchmark Loan, CDOR Rate Loan or RFR Loan in any Agreed Currency is outstanding on the date of the applicable Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period with respect to a Relevant Rate applicable to such Term Benchmark Loan, CDOR Rate Loan or RFR Loan, then until such time as a Benchmark Replacement for such Agreed Currency is implemented pursuant to this Section 2.13, (A) for Loans denominated in Dollars any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), be converted by the Administrative Agent to, and shall constitute, an ABR Loan on such day and (B) for Loans denominated in an Approved Currency, (1) any Term Benchmark Loan or CDOR Rate Loan shall, on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day) bear interest at the Central Bank Rate for the applicable Approved Currency plus the Applicable Rate; provided that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Approved Currency cannot be determined, any outstanding affected Term Benchmark Loans or CDOR Rate Loans denominated in any Approved Currency shall, at the applicable Borrower’s election prior to such day:  (a) be prepaid by the applicable Borrower on such day or (b) solely for the purpose of calculating the interest rate applicable to such Term Benchmark Loan or CDOR Rate Loan, such Term Benchmark Loan or CDOR Loans denominated in any Approved Currency shall be deemed to be a Term Benchmark Loan denominated in Dollars and shall accrue interest at the same interest rate applicable to Term Benchmark Loans denominated in Dollars at such time and (2) any RFR Loan shall bear interest at the Central Bank Rate for the applicable Approved Currency plus the Applicable Rate; provided that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Approved Currency cannot be determined, any outstanding affected RFR Loans denominated in any Approved Currency, at the applicable Borrower’s election, shall either (A) be converted into ABR Loans denominated in Dollars (in an amount equal to the Dollar Equivalent of such Approved Currency) immediately or (B) be prepaid in full immediately.
(xxvii)If, in any applicable jurisdiction, the Administrative Agent, any Issuing Bank or any Lender determines that any law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for the Administrative Agent, any Issuing Bank or any Lender to (i) perform any of its obligations hereunder or under any other Loan Document, (ii) to fund or maintain its participation in any Loan or (iii) issue, make, maintain, fund or charge interest with respect to any Loan or issuance of a Letter of Credit to any Designated Borrower who is organized under the laws of a jurisdiction other than the United States, a State thereof or the District of Columbia such Person shall promptly notify the Administrative Agent, then, upon the Administrative Agent notifying the Company, and until such notice by such Person is revoked, any obligation of such Person to issue, make, maintain, fund or charge interest with respect to any such Credit Extension shall be suspended, and to the extent required by applicable law, cancelled.
SECTION 1.n  Increased Costs.  (a) If any Change in Law shall:
(1)impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted Term SOFR Rate or Adjusted EURIBOR Rate, as applicable) or the Issuing Bank;
(2)impose on any Lender or the Issuing Bank or the applicable offshore interbank market or the applicable Agreed Currency any other condition, 
54
			
	NAI-1534317048v16

cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; or
(3)subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (g) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;
and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, continuing, converting or maintaining any Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender or the Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender, the Issuing Bank or such other Recipient hereunder (whether of principal, interest or otherwise), then the Company or the applicable Borrower will pay to such Lender, the Issuing Bank or such other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, the Issuing Bank or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered.
(xxviii)If any Lender or the Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender's or the Issuing Bank’s capital or on the capital of such Lender's or the Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such Lender's or the Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender's or the Issuing Bank's policies and the policies of such Lender's or the Issuing Bank’s holding company with respect to capital adequacy and liquidity), then from time to time the Company or the applicable Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such Lender's or the Issuing Bank’s holding company for any such reduction suffered.
(xxix)A certificate of a Lender or the Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section (containing a reasonably detailed explanation of the basis on which such amount or amounts were calculated and explaining the Change in Law by reason of which it has become entitled to be so compensated) shall be delivered to the Company and shall be conclusive absent manifest error.  The Company or the applicable Borrower shall pay such Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof.
(xxx)Failure or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's or the Issuing Bank’s right to demand such compensation; provided that no Borrower shall be required to compensate a Lender or the Issuing Bank pursuant to this Section for any increased costs or reductions incurred more than 270 days prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Company of the Change in Law giving rise to such increased costs or reductions and of such Lender's or the Issuing Bank's intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof.
55
			
	NAI-1534317048v16

(xxxi)Notwithstanding any other provision to the contrary, this Section 2.14 shall have no application with respect to any Indemnified Taxes, Other Taxes or any Excluded Taxes, which matters, for the avoidance of doubt, shall be dealt with exclusively under Section 2.16.
SECTION 1.o  Break Funding Payments.  (a) With respect to Loans that are not RFR Loans, in the event of (i) the payment of any principal of any Term Benchmark Loan or CDOR Rate Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default or an optional or mandatory prepayment of Loans), (ii) the conversion of any Term Benchmark Loan or CDOR Rate Loan other than on the last day of the Interest Period applicable thereto, (iii) the failure to borrow, convert, continue or prepay any Term Benchmark Loan or CDOR Rate Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.10(b) and is revoked in accordance therewith), or (iv) the assignment of any Term Benchmark Loan or CDOR Rate Loan other than on the last day of the Interest Period applicable thereto as a result of a request by a Borrower pursuant to Section 2.18 or (v) the failure by the applicable Borrower to make any payment of any Loan or drawing under any Letter of Credit (or interest due thereof) denominated in an Approved Currency on its scheduled due date or any payment thereof in a different currency, then, in any such event, the applicable Borrower shall compensate each Lender for the loss, cost and expense attributable to such event, including any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained but excluding any loss of anticipated profits.  A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Company and shall be conclusive absent manifest error.  The applicable Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.
(b)    With respect to RFR Loans, in the event of (i) the payment of any principal of any RFR Loan other than on the Interest Payment Date applicable thereto (including as a result of an Event of Default or an optional or mandatory prepayment of Loans), (ii) the failure to borrow or prepay any RFR Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.10(b) and is revoked in accordance therewith), (iii) the assignment of any RFR Loan other than on the Interest Payment Date applicable thereto as a result of a request by the applicable Borrower pursuant to Section 2.18 or (iv) the failure by the applicable Borrower to make any payment of any Loan or drawing under any Letter of Credit (or interest due thereof) denominated in an Alternative Currency on its scheduled due date or any payment thereof in a different currency, then, in any such event, the applicable Borrower shall compensate each Lender for the loss, cost and expense attributable to such event.  A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrowers and shall be conclusive absent manifest error.  The applicable Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.
SECTION 1.p  Withholding of Taxes; Gross-Up.  (a) Payments Free of Taxes.  Any and all payments by or on account of any obligation of any Loan Party under any Loan Document or Letter of Credit shall be made without deduction or withholding for any Taxes, except as required by applicable law.  If any applicable law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.16) the 
56
			
	NAI-1534317048v16

applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.
(xxxii)Payment of Other Taxes by each Borrower.  Each Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law or, at the option of the Administrative Agent or any Lender, timely reimburse the Administrative Agent or such Lender for, any Other Taxes.
(xxxiii)Evidence of Payment.  As soon as practicable after the written request by the Administrative Agent to the Company, the Company shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by the Governmental Authority to which the Company or a Borrower has paid Taxes that evidences such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.
(xxxiv)Indemnification by the Borrowers.  Each applicable Borrower shall severally indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.16) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient (other than those compensated for by an increased payment under Section 2.16(a)) and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to the Company by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.
(xxxv)Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender's failure to comply with the provisions of Section 9.04(c) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document or Letter of Credit, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Administrative Agent to setoff and apply any and all amounts at any time owing to such Lender under any Loan Document or Letter of Credit or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (e).
(xxxvi)Status of Lenders.  
(1)Subject to Section 2.16(g), any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document or Letter of Credit shall deliver to the Borrowers and the Administrative Agent, at the time or times reasonably requested by the Borrowers or the Administrative Agent, such properly completed and executed documentation reasonably requested by any Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by 
57
			
	NAI-1534317048v16

any Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by any Borrower or the Administrative Agent as will enable such Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.16(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.
(2)Without limiting the generality of the foregoing:
(i)any Lender that is a U.S. Person shall deliver to the Borrowers 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 Borrowers or the Administrative Agent), an executed copy of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;
(ii)any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrowers 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 any Borrower or the Administrative Agent), whichever of the following is applicable:
(1)    in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document or Letter of Credit, an executed copy of IRS Form W-8BEN-E or IRS Form W-8BEN 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 or Letter of Credit, IRS Form W-8BEN-E or IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty;
(2)    in the case of a Foreign Lender claiming that its extension of credit will generate U.S. effectively connected income, an executed copy of IRS Form W-8ECI;
(3)    in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit E to the effect that such Foreign Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of the Company within the meaning of Section 881(c)(3)(B) of the Code, or a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code (a 
58
			
	NAI-1534317048v16

“U.S. Tax Compliance Certificate”) and (y) an executed copy of IRS Form W-8BEN-E or IRS Form W-8BEN; or
(4)    to the extent a Foreign Lender is not the beneficial owner, an executed copy of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN-E or IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit E, 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 E on behalf of each such direct and indirect partner;
(iii)any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrowers 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 Borrowers or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. Federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrowers or the Administrative Agent to determine the withholding or deduction required to be made; and
(iv)if a payment made to a Lender under any Loan Document or Letter of Credit 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 Borrowers and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by any 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 any Borrower or the Administrative Agent as may be necessary for the Borrowers 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.
(v)in the case of a Foreign Lender that is not the Beneficial Owner of payments made under this Agreement (including a partnership or a participating Lender) (1) an IRS Form W-8IMY on behalf of itself and (2) the relevant forms prescribed in clauses (A), (B), (C), (D) and (F) of this paragraph (f)(ii) that would be required of each such Beneficial Owner or partner of such partnership if such beneficial owner or partner were a Lender; provided, however, that if the Lender is a partnership and one or more of its partners are claiming the exemption for portfolio interest under 
59
			
	NAI-1534317048v16

Section 881(c) of the Code, such Lender may provide a U.S. Tax Compliance Certificate on behalf of such partners; or
(vi)any other form prescribed by law as a basis for claiming exemption from, or a reduction of, withholding Tax together with such supplementary documentation necessary to enable the Borrowers or the Administrative Agent to determine the amount of Tax (if any) required by law to be withheld.
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 Borrowers and the Administrative Agent in writing of its legal inability to do so.
(xxxvii)Additional United Kingdom Withholding Tax Matters. 
(1)Subject to (ii) below, each Lender and each UK Borrower which makes a payment to such Lender shall cooperate in completing  any procedural formalities necessary for such UK Borrower to obtain authorization to make such payment without withholding or deduction for Taxes imposed under the laws of the United Kingdom.
(2)(A)    A Lender on the Effective Date that (x) holds a passport under the HMRC DT Treaty Passport scheme and (y) wishes such scheme to apply to this Agreement, shall provide its scheme reference number and its jurisdiction of tax residence to each UK Borrower and the Administrative Agent; and
(B)    a Lender which becomes a Lender hereunder after the day on which this Agreement closes that (x) holds a passport under the HMRC DT Treaty Passport scheme and (y) wishes such scheme to apply to this Agreement, shall provide its scheme reference number and its jurisdiction of tax residence to each UK Borrower and the Administrative Agent, and
(C)    Upon satisfying either clause (A) or (B) above, such Lender shall have satisfied its obligations under paragraph (g)(i) above and under Section 2.16(f)(i).
(3)If a Lender has confirmed its scheme reference number and its jurisdiction of tax residence in accordance with paragraph (g)(ii) above, the UK Borrower(s) shall make a Borrower DTTP filing with respect to such Lender, and shall promptly provide such Lender with a copy of such filing; provided that, if each UK Borrower making a payment to such Lender has made a Borrower DTTP Filing in respect of such Lender but (1) such Borrower DTTP Filing has been rejected by HM Revenue & Customs or (2) HM Revenue & Customs has not given such UK Borrower authority to make payments to such Lender without a deduction for tax within 60 days of the date of such Borrower DTTP Filing, and in each case, such UK Borrower has notified that Lender in writing of either (1) or (2), then such Lender and such UK Borrower shall co-operate in completing any additional procedural formalities necessary for such UK Borrower to obtain authorization to make that payment without withholding or deduction for Taxes imposed under the laws of the United Kingdom.
60
			
	NAI-1534317048v16

(4)If a Lender has not confirmed its scheme reference number and jurisdiction of tax residence in accordance with paragraph (g)(ii) above, no UK Borrower shall make a Borrower DTTP Filing or file any other form relating to the HMRC DT Treaty Passport scheme in respect of that Lender's Commitment(s) or its participation in any Loan unless the Lender otherwise agrees.
(5)Each UK Borrower shall, promptly on making a Borrower DTTP Filing, deliver a copy of such Borrower DTTP Filing to the Administrative Agent for delivery to the relevant Lender.
(6)Each Lender shall notify the Borrowers and Administrative Agent if it determines in its sole discretion that it is ceases to be entitled to claim the benefits of an income tax treaty to which the United Kingdom is a party with respect to payments made by any U.K. Borrower hereunder.
(xxxviii)Treatment of Certain Refunds. If any party determines, in its reasonable discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.16 (including additional amounts paid pursuant to this Section 2.16), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid to such indemnified party pursuant to the previous sentence (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything herein to the contrary in this Section 2.16(h), in no event will any indemnified party be required to pay any amount to any indemnifying party pursuant to this Section 2.16(h) if such payment would place such indemnified party in a less favorable position (on a net after-Tax basis) than such 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 giving rise to such Tax had never been paid.  This Section 2.16(h) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes which it deems confidential) to the indemnifying party or any other Person.
(xxxix)Defined Terms.  For purposes of this Section 2.16, the term “Lender” includes the Issuing Bank and the term “applicable law” includes FATCA.
(xl)[Reserved]. 
(xli)VAT. 
(1)All amounts expressed to be payable under any Loan Document or Letter of Credit by any Loan Party to any Recipient which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, if VAT is or becomes chargeable on any supply made  by any Recipient to any Loan Party under a Loan Document or Letter of Credit and such Recipient is required to account to the relevant Governmental Authority for the VAT, that Loan Party must pay to such Recipient (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of the VAT upon receipt of any appropriate VAT invoice.
61
			
	NAI-1534317048v16

(2)If VAT is or becomes chargeable on any supply made by a Recipient to any other Loan Party under a Loan Document or Letter of Credit, and any party hereto other than the Loan Party (the “Relevant Party”) is required by the terms of a Loan Document or Letter of Credit to pay an amount equal to the consideration for that supply to the Recipient (rather than being required to reimburse or indemnify the Loan Party in respect of that consideration):
(i)(where the Recipient is the person required to account to the relevant tax authority for the VAT), the Relevant Party must also pay to the Recipient (at the same time as paying that amount) an additional amount equal to the amount of the VAT. The Loan Party must (where this paragraph (a) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Loan Party receives from the relevant tax authority which the Loan Party reasonably determines relates to the VAT payable on that supply; and
(ii)(where the Loan Party is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following demand from the Loan Party, pay to the Loan Party an amount equal to the VAT chargeable on that supply but only to the extent that the Loan Party reasonable determines that it is not entitled to credit or repayment form the relevant tax authority in respect of that VAT.
(3)Where a Loan Document or Letter of Credit requires any Loan Party to reimburse or indemnify a Recipient for any cost or expense, that Loan Party shall reimburse or indemnify (as the case may be) such Recipient for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such Recipient reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant Governmental Authority.
(4)Any reference in this Section to any party shall, at any time when such party is treated as a member of a group or unity (or fiscal unity) for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the person who is treated at that time as making the supply, or (as appropriate) receiving the supply, under the grouping rules (provided for in Article 11 of Council Directive 2006/112/EC or as implemented by the relevant member state of the European Union or any other similar provision in any jurisdiction which is not a member state of the European Union) so that a reference to a party shall be construed as a reference to that party or the relevant group or unity (or fiscal unity) of which that party is a member for VAT purposes at the relevant time or the relevant representative member (or head) of that group or unity (or fiscal unity) at the relevant time (as the case may be).
(xlii)Survival.  Each party's obligations under this Section 2.16 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document or Letter of Credit.
SECTION 1.q  Payments Generally; Pro Rata Treatment; Sharing of Set-offs.   (a) (i) Except with respect to principal of and interest on Loans denominated in an Approved Currency, each Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.14, 2.15 or 2.16, or otherwise) in Dollars prior to 2:00 p.m., Local Time, or such other 
62
			
	NAI-1534317048v16

time as may be expressly provided herein, on the date when due, and (ii) all payments with respect to principal and interest on Loans denominated in an Approved Currency shall be made in such Alternative Currency not later than the Applicable Time specified by the Administrative Agent on the dates specified herein, in each case, in immediately available funds and in the appropriate currency, without setoff or counterclaim.  Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon.  All such payments shall be made to the Administrative Agent at its offices as it may designate from time to time by notice to the Borrowers, except payments to be made directly to the Issuing Bank as expressly provided herein and except that payments pursuant to Sections 2.14, 2.15, 2.16 and 9.03 shall be made directly to the Persons entitled thereto.  The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof.  If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension.  Without limiting the generality of the foregoing, the Administrative Agent may require that any payments due under this Agreement be made in the United States.  If, for any reason, the applicable Borrower is prohibited by any Law from making any required payment hereunder in an Alternative Currency, such Borrower shall make such payment in Dollars in the U.S. Dollar Equivalent of the Approved Currency payment amount.
(xliii)If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties.
(xliv)If any Lender shall, by exercising any right of set off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or participations in LC Disbursements resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and participations in LC Disbursements and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans and participations in LC Disbursements of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and participations in LC Disbursements; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrowers pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements to any assignee or participant, other than to the Company or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply) and (iii) the provisions of this paragraph shall not apply to any payments made to those Lenders who choose not to extend the Maturity Date of their Loans or Commitments pursuant to Section 2.22 hereof on such non-extended Maturity Date except to the extent any such non-extending Lender receives payment of a greater proportion of the aggregate amount of its Loans and participations in LC Disbursements and accrued interest thereon than the proportion received by any other such non-extending Lender, in which case such Lender shall purchase participations as described above solely from other such non-extending Lenders to the 
63
			
	NAI-1534317048v16

extent necessary so that the benefit of all such payments made on such date shall be shared by such non-extending Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and participations in LC Disbursements.  Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Borrower in the amount of such participation.
(xlv)Unless the Administrative Agent shall have received notice from the applicable Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that such Borrower will not make such payment, the Administrative Agent may assume that such Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due.  In such event, if the applicable Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
(xlvi)If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(d) or (e), 2.06(b), 2.17(d) or 9.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender's obligations under such Sections until all such unsatisfied obligations are fully paid, and/or (ii) hold such amounts in a segregated account over which the Administrative Agent shall have exclusive control as cash collateral for, and application to, any future funding obligations of such Lender under any such Section, in the case of each of clause (i) and (ii) above, in any order as determined by the Administrative Agent at the applicable Overnight Rate.
SECTION 1.r  Mitigation Obligations; Replacement of Lenders.  (a) If any Lender requests compensation under Section 2.14, or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.14 or 2.16, 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 Company hereby agrees to pay all reasonable and documented out-of-pocket costs and expenses incurred by any Lender in connection with any such designation or assignment.
(xlvii)If:
(1)any Lender requests compensation under Section 2.14;
(2)any Borrower is required to pay any Indemnified Taxes or additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16;
(3)any Lender is a Defaulting Lender;
64
			
	NAI-1534317048v16

(4)any Lender does not approve of an additional Approved Currency pursuant to the Borrowers’ request that such currency be added within 20 Business Days of such Lender’s receipt of such request and the Required Lenders have approved the addition of such currency; 
(5)a Lender delivers a Notice of Illegality in accordance with Section 2.21, a period of at least 15 Business Days shall have passed since the Administrative Agent shall have posted such Election to Participate to the Lenders and the Administrative Agent has not received Notices of Illegality from the Required Lenders; or
(6)a Lender delivers a notice pursuant to Section 2.13(e);
then the Company may, at its sole expense, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights (other than its existing rights to payments pursuant to Sections 2.14 or 2.16) and obligations under the Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (A) the Company shall have received the prior written consent of the Issuing Bank and, unless the Commitment is being assigned to a Lender, an Affiliate of a Lender or an Approved Fund, the Administrative Agent, in each case such consent not to be unreasonably withheld or delayed, (B) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Company (in the case of all other amounts), (C) in the case of any such assignment resulting from a claim for compensation under Section 2.14 or payments required to be made pursuant to Section 2.16, such assignment will result in a reduction in such compensation or payments, (D) in the case of any such assignment resulting from a Lender not approving an additional Approved Currency, each relevant assignee shall have agreed to approve such currency and (E) in the case of any such assignment resulting from a Lender delivering a Notice of Illegality or a notice pursuant to Section 2.13(d), each relevant assignee (x) shall have confirmed that it would not be unlawful under U.S. Federal or applicable state or foreign law for such Lender to make Loans or otherwise extend credit to or do business with the relevant proposed or existing Designated Borrower, as the case may be, or, as the case may be in connection with a Notice of Illegality, that it has sufficient operational capabilities to permit it to make Loans or otherwise extend credit with the relevant proposed Designated Borrower and (y) shall not be a Lender that has delivered a Notice of Illegality or a notice pursuant to Section 2.13(e) with respect to such proposed or existing Designated Borrower, as the case may be; provided further that, for the avoidance of doubt, any Lender being replaced under this Section shall not be required to make any effort with respect to finding a replacement Lender or otherwise obtaining a replacement Commitment.  A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Company to require such assignment and delegation cease to apply.  Each party hereto agrees that an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Borrowers, the Administrative Agent and the assignee (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and such parties are participants), and the Lender required to make such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to and be bound by the terms thereof; provided that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably 
65
			
	NAI-1534317048v16

requested by the applicable Lender, provided that any such documents shall be without recourse to or warranty by the parties thereto.
SECTION 1.s  Increase in Commitments.  
(xlviii)Request for Increase.  Provided there exists no Event of Default, upon notice to the Administrative Agent (which shall promptly notify the Lenders), the Company may from time to time request an increase in the Commitments by an amount (for all such increases) not exceeding an aggregate amount equal to (x) $300,000,000 plus (y) an additional amount provided that at the time of the incurrence of the applicable Commitments, assuming full utilization thereof and after giving effect to the use of proceeds thereof, the Total Net Leverage Ratio shall be less than 3.50 to 1.00 ; provided that (i) any such increase shall be in a minimum amount of $10,000,000 and (ii) the Company may make a maximum of five such increases.
(xlix)Increasing and Additional Lenders.  The Company may, in consultation with the Administrative Agent, designate any Lender party to this Agreement (with the consent of such Lender, which may be given or withheld in its sole discretion) or another Person (which may be, but need not be, an existing Lender) which is not an Ineligible Assignee (subject to the consent of the Administrative Agent and the Issuing Bank (such consents not to be unreasonably withheld or delayed) if such Person is not a Lender, an Affiliate of a Lender or an Approved Fund) and which at the time agrees in its sole discretion to (i) in the case of any such designated Lender that is an existing Lender, increase its Commitment, and (ii) in the case of any other such Person (an “Additional Lender”), become a party to this Agreement pursuant to a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent and its counsel.
(l)Effective Date and Allocations.  If the Commitments are increased in accordance with this Section, the Company shall determine the effective date (the “Increase Effective Date”) and the final allocation of such increase in consultation with the Administrative Agent.  The Administrative Agent shall promptly notify the Lenders of the final allocation of such increase and the Increase Effective Date.
(li)Conditions to Effectiveness of Increase.  As a condition precedent to such increase, the Company shall deliver to the Administrative Agent a certificate of each Borrower and each Guarantor dated as of the Increase Effective Date (in sufficient copies for each Lender) signed by an authorized officer of such Loan Party (x) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such increase, and (y) in the case of the Company, certifying that, before and after giving effect to such increase, the representations and warranties contained in Article V and the other Loan Documents are true and correct in all material respects on and as of the Increase Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date.
(lii)Adjustment of Loans.  Each Lender that is acquiring a Commitment on the Increase Effective Date pursuant to this Section 2.19 shall make a Loan, the proceeds of which will be used to prepay the Loans of the other Lenders immediately prior to such Increase Effective Date so that, after giving effect thereto, the outstanding Loans are held by the Lenders on a pro rata basis based on their Commitments after giving effect to such Increase Effective Date.
(liii)Terms of the Commitments on the Increase Effective Date.  The terms and provisions of any Commitments established on an Increase Effective Date shall be identical to the Commitments outstanding immediately prior to the Increase Effective Date (it being understood that the pricing, interest rate margins and undrawn fees may be increased for all of 
66
			
	NAI-1534317048v16

the Lenders, but additional upfront or similar fees may be payable to the Lenders participating in the additional Commitments established on an Increase Effective Date without any requirement to pay such amounts to any existing Lender).
(liv)Conflicting Provisions.  This Section shall supersede any provisions in Section 2.17 or 9.02 to the contrary.
SECTION 1.t  Defaulting Lenders.  Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:
(lv)fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 2.11(a);
(lvi)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 7.02 or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 9.08 shall be applied at such time or times as may be determined by the Administrative Agent as follows:  first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Issuing Bank hereunder; third, to cash collateralize the Issuing Bank’s LC Exposure with respect to such Defaulting Lender in accordance with this Section; fourth, as the Company may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Company, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) cash collateralize the Issuing Bank’s future LC Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with this Section; sixth, to the payment of any amounts owing to the Lenders or the Issuing Bank as a result of any judgment of a court of competent jurisdiction obtained by any Lender or the Issuing Bank against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement or under any other Loan Document; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the applicable Borrower against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement or under any other Loan Document; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or LC Disbursements in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and LC Disbursements owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or LC Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in the Borrowers’ obligations corresponding to such Defaulting Lender’s LC Exposure are held by the Lenders pro rata in accordance with the Commitments without giving effect to clause (d) below.  Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto;
67
			
	NAI-1534317048v16

(lvii)the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether all Lenders or the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 9.02), provided that (i) the Commitment of any Defaulting Lender may not be increased or extended, the maturity of any of its Loans may not be extended, the rate of interest on any of its Loans may not be reduced and the principal amount of any of its Loans may not be forgiven, in each case without the consent of such Defaulting Lender and (ii) this clause (c) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification that disproportionately disadvantages such Defaulting Lender compared to non-Defaulting Lenders;
(lviii)if any LC Exposure exists at the time a Lender becomes a Defaulting Lender then:
(1)all or any part of the LC Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Percentages but only (x) to the extent that such reallocation does not, as to any non-Defaulting Lender, cause such non-Defaulting Lender’s Revolving Credit Exposure to exceed its Commitment and (y) if the conditions set forth in Section 4.02 are satisfied at such time;
(2)if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Company or the applicable Borrower shall within one Business Day following notice by the Administrative Agent cash collateralize for the benefit of the Issuing Bank only such Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.05(j) for so long as such LC Exposure is outstanding;
(3)if a Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Company shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.11(b)) with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;
(4)if the LC Exposure of the non-Defaulting Lenders are reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Section 2.11(a) and (b) shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages; or
(5)if all or any portion of any Defaulting Lender’s LC Exposure are neither cash collateralized nor reallocated pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Bank or any Lender hereunder, all letter of credit fees payable under Section 2.11(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the Issuing Bank until such LC Exposure are cash collateralized and/or reallocated; and
(lix)so long as any Lender is a Defaulting Lender, the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by one or more of the Borrowers in accordance with Section 2.20(d), and LC Exposure related to any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.20(d)(i) (and Defaulting Lenders shall not participate therein).
68
			
	NAI-1534317048v16

In the event that the Administrative Agent, the Company and the Issuing Bank each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage.
SECTION 1.u  Designated Borrowers.  
(a)The Company may at any time and from time to time elect that any wholly-owned Subsidiary become a Borrower eligible to borrow Loans by delivering to the Administrative Agent an Election to Participate with respect to such Subsidiary; provided that any such Election to Participate shall be rendered null and void if the Administrative Agent shall have received from any Lender, within 15 Business Days after the Administrative Agent has posted such Election to Participate to the Lenders, written notice (a “Notice of Illegality”) to the effect that (x) it shall be unlawful under U.S. Federal or applicable state or foreign law or regulation for such Lender to make Loans or otherwise extend credit to or do business with such Subsidiary as provided herein or (y) other than in the case of an Election to Participate delivered with respect to a Subsidiary organized under the laws of the United Kingdom, the Netherlands, Canada, Hong Kong or Singapore, such Lender does not have operational capabilities allowing it to make Loans to a Person organized under the laws of such Subsidiary’s jurisdiction of organization.  Each Election to Participate shall become effective, and the applicable Subsidiary shall become a Designated Borrower hereunder, on the date that (i) any Lender, if any, that has delivered a Notice of Illegality has withdrawn such notice (it being understood and agreed that no such Notice of Illegality described in clause (y) of the foregoing sentence may be issued by any Lender with respect to a Subsidiary organized under the laws of the United Kingdom, the Netherlands, Canada, Hong Kong or Singapore) or ceased to be a Lender hereunder, (ii) the Administrative Agent (or in the case of clause (E) below, the applicable Lender) shall have received (A) favorable written opinions (addressed to the Administrative Agent and the Lenders) of counsel for such Designated Borrower in each relevant jurisdiction as the Administrative Agent or the Required Lenders may reasonably request, each of which legal opinions shall be reasonably satisfactory to the Administrative Agent, (B) a certificate of such Designated Borrower, dated the date of delivery thereof and executed by its Secretary or Assistant Secretary or a duly authorized officer (which shall be, in the case of a Subsidiary incorporated in England and Wales, a director) serving a similar function, which shall (I) certify the resolutions of its board of directors, members or other body authorizing the execution, delivery and performance of the Loan Documents to which it is a party, (II) identify by name and title and bear the signatures of the officers of such Designated Borrower authorized to sign the Loan Documents to which it is a party, and (III) contain appropriate attachments, including the certificate or articles of incorporation, association or organization or similar constituent documents of such Designated Borrower certified, to the extent applicable and customary in the relevant jurisdiction without undue burden or expense, by the relevant authority of the jurisdiction of organization of such Designated Borrower and a true and correct copy of its bylaws or operating, management or partnership agreement or similar constituent documents, (C) a long form good standing certificate for such Designated Borrower from its jurisdiction of organization, if applicable, (D) evidence that such Designated Borrower shall have appointed either the Company or an agent located in New York City to receive on its behalf service of the summons and complaint and any other process which may be served in any action or proceeding brought in any New York State court or United States federal court sitting in New York City and (E) all documentation and other information about such Designated Borrower required under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, that has been reasonably requested by the Administrative Agent or any Lender at least five Business Days 
69
			
	NAI-1534317048v16

prior to such date; provided that such effective date shall be at least 20 Business Days after the Administrative Agent’s receipt of such Election to Participate.
(lx)The eligibility of any Designated Borrower to borrow hereunder shall terminate when the Administrative Agent receives an Election to Terminate from the Company with respect to such Subsidiary. Each Election to Participate delivered to the Administrative Agent shall be duly executed on behalf of the relevant Subsidiary and the Company, and each Election to Terminate delivered to the Administrative Agent shall be duly executed on behalf of the Company, in such number of copies as the Administrative Agent may request. The delivery of an Election to Terminate shall not affect any obligation of the relevant Subsidiary theretofore incurred.  The Administrative Agent shall promptly give notice to the Lenders of its receipt of any Election to Participate or Election to Terminate.
(lxi)Any election, notice or other action that may be given or taken by a Designated Borrower hereunder may be given or taken by the Company on behalf of such Designated Borrower, and the Administrative Agent and the Lenders shall be entitled to rely thereon, conclusively, without inquiry, and such election, notice or other action shall be binding upon such Designated Borrower.  Each Designated Borrower hereby consents to the foregoing, and assumes all responsibility for elections, notices or actions hereunder given or taken on its behalf by the Company.
(lxii)The Company shall be liable for all Obligations of the Designated Borrowers.  The Obligations of all Designated Borrowers that are Foreign Subsidiaries or FSHCOs shall be several in nature (and not joint).
(lxiii)This Agreement and the other Loan Documents may be amended in connection with the addition of a Designated Borrower if any such amendment is agreed by the Borrowers and the Administrative Agent (which is hereby irrevocably authorized by the Lenders and the Issuing Bank to enter into any such amendment, at the option and discretion of the Administrative Agent) and such amendment addresses any necessary or desirable technical changes to this Agreement or any necessary or desirable legal changes to this Agreement resulting from the jurisdiction of, or laws applicable to, the Designated Borrower, in each case that are not adverse in any material respect to the Lenders.  This Section shall supersede any provisions in Section 2.17 or 9.02 to the contrary. 
SECTION 1.v  Extensions of Maturity.  
(lxiv)The Company may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity date of all or a portion of the Commitments to the extended maturity date specified in such notice. Such notice shall (i) set forth the amount of the Commitments that will be subject to the Extension (which shall be in minimum increments of $10,000,000 and a minimum amount of $50,000,000) and (ii) set forth the date on which such Extension is requested to become effective (which shall be not less than ten (10) Business Days nor more than sixty (60) days after the date of such Extension notice).  Each Lender shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent and the Company. If the aggregate principal amount of Commitments in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Commitments subject to the Extension Offer as set forth in the Extension notice, then the Commitments shall be extended ratably up to such maximum amount based on the respective principal amounts with respect to which such Lenders have accepted such Extension Offer.
70
			
	NAI-1534317048v16

(lxv)The following shall be conditions precedent to the effectiveness of any Extension: (i) no Event of Default shall have occurred and be continuing immediately prior to and immediately after giving effect to such Extension, (ii) the representations and warranties set forth in Article III and in each other Loan Document shall be deemed to be made and shall be true and correct in all material respects on and as of the effective date of such Extension (other than (i) such representations as are made as of a specific earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date and (ii) such representations that are qualified by materiality or as to Material Adverse Effect in the text thereof, in which case such representations and warranties shall be true and correct in all respects), (iii) the terms of such extended Commitments shall comply with paragraph (c) of this Section, (iv) the Issuing Bank shall have consented to any Extension (such consent not to be unreasonably withheld or delayed) and (iv) the aggregate amount of the extended Commitments shall be at least $50,000,000.
(lxvi)The terms of an Extension shall be identical to all other Commitments hereunder; provided that (i) the final maturity date of any extended Commitment shall be as agreed among the Company and the Lenders extending their Commitments but in no event earlier than the Maturity Date, (ii) the pricing, interest rate margins, interest rate floors and any fees payable with respect to any extended Commitments may be different than those Commitments that are not being extended, (iii) any upfront or similar fees payable to Lenders extending their Commitments need not be shared with Lenders that are not extending their Commitments and (iv) the terms of an Extension may provide for additional terms different than the terms of any other Commitments hereunder solely to the extent that (other than with respect to items (i), (ii) and (iii) above) any such terms do not apply until after the Maturity Date and the repayment in full of all Obligations (other than (x) any contingent indemnification obligation or similar contingent obligation not yet due and payable, (y) obligations and liabilities under Cash Management Agreements and Hedge Agreements and (z) any Obligations in respect of participations in Letters of Credit that are reallocated to those Commitments that are being extended) corresponding to Commitments that have not been so extended.
(lxvii)In connection with any Extension, the Borrowers, the Administrative Agent and each applicable extending Lender shall execute and deliver to the Administrative Agent an amendment to this Agreement and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Extension. Any amendment of this Agreement in respect of the Extension may, without the consent of any other Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrowers, to implement the terms of any such Extension, including any amendments necessary to establish extended Commitments as a new class or tranche of Commitments such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Borrowers in connection with the establishment of such new class or tranche (including to preserve the pro rata treatment of the extended and non-extended classes or tranches, to permit the non-pro rata payment of principal, interest and fees to the non-extending class on or prior to the Maturity Date, to permit the non-pro rata payment of fees, interest and other amounts to the extending class as set forth in Section 2.22(c), and to provide for the reallocation of Revolving Credit Exposure upon the expiration or termination of the commitments under any class or tranche), in each case on terms consistent with this section.
(lxviii)This Section shall supersede any provisions in Section 2.17 or 9.02 to the contrary.
71
			
	NAI-1534317048v16

SECTION 1.w  Sustainability Adjustments.  
(lxix)The parties hereto acknowledge that the Sustainability Targets have not been determined and agreed as of the date of this Agreement and that Schedule 2.23 therefore has been intentionally left blank.  The Company may, at any time following the Effective Date, submit a request in writing to the Administrative Agent that this Agreement be amended to include the Sustainability Targets and other related provisions (including without limitation those provisions described in this Section 2.23), to be mutually agreed among the parties hereto in accordance with this Section 2.23 and Section 9.02 (such amendment, the “ESG Amendment”).  Such request shall be accompanied by the proposed Sustainability Targets as prepared by the Company in consultation with the Sustainability Structuring Agents and devised with assistance from the Sustainability Assurance Provider (defined below), which shall be included as Schedule 2.23 (the “Sustainability Table”). The proposed ESG Amendment shall also include the ESG Pricing Provisions (defined below) and identify a sustainability assurance provider, provided that any such sustainability assurance provider shall be a qualified external reviewer, independent of the Company and its Subsidiaries, with relevant expertise, such as an auditor, environmental consultant and/or independent ratings agency of recognized national standing (the “Sustainability Assurance Provider”).
(lxx)The Administrative Agent, the Sustainability Structuring Agents and the Company shall in good faith enter into discussions to reach an agreement in respect of the proposed Sustainability Targets and Sustainability Assurance Provider, and any proposed incentives and penalties for compliance and noncompliance, respectively, with the Sustainability Targets, including any adjustments to the Applicable Rate (and/or Commitment Fee Rate therein) (such provisions, collectively, the “ESG Pricing Provisions”); provided that the amount of any such adjustments made pursuant to an ESG Amendment shall not result in a decrease or an increase of more than (a) 0.01% per annum in the Commitment Fee Rate set forth in the definition of “Applicable Rate” and/or (b) 0.05% per annum in the “Applicable Rate” for any Loan during any calendar year, which pricing adjustments shall be applied in accordance with the terms as further described in the ESG Pricing Provisions; provided further that (i) in no event shall the Applicable Rate or the Commitment Fee Rate be less than 0.00% at any time and (ii) for the avoidance of doubt, such pricing adjustments shall not be cumulative year-over-year, and each applicable adjustment shall only apply until the date on which the next adjustment is due to take place.   The Company agrees and confirms that the ESG Pricing Provisions shall follow the Sustainability Linked Loan Principles, as published in May 2021, and as may be updated, revised or amended from time to time by the Loan Market Association and the Loan Syndications & Trading Association (the “SLL Principles”).
(lxxi)An ESG Amendment (including the ESG Pricing Provisions) will become effective after the Administrative Agent shall have posted such proposed amendment to all Lenders and received written consent to such ESG Amendment from Lenders comprising the Required Lenders. 
(lxxii)Following the effectiveness of the ESG Amendment, any amendment or other modification to the ESG Pricing Provisions which does not have the effect of reducing the Applicable Rate or the Commitment Fee Rate to a level not otherwise permitted by this Section 2.23 shall be subject only to the consent of the Required Lenders.
ARTICLE 3

REPRESENTATIONS AND WARRANTIES
Each Borrower represents and warrants to the Lenders that:
72
			
	NAI-1534317048v16

SECTION 1.0a  Organization; Powers.  Each of the Company and its Subsidiaries is duly organized (or, as applicable, incorporated), validly existing and in good standing under the laws of the jurisdiction of its organization (or, as applicable, incorporation), has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required.  
SECTION 1.0b  Authorization; Enforceability.  The Transactions are within each Loan Party’s corporate or other organizational powers and have been duly authorized by all necessary corporate or other organizational and, if required, stockholder action.  Each Loan Document has been duly executed and delivered by each of the Loan Parties which is a party thereto and constitutes a legal, valid and binding obligation of each such Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent transfer or conveyance, reorganization, moratorium or other laws affecting creditors' rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
SECTION 1.0c  Governmental Approvals; No Conflicts.  The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (b) will not violate any applicable law or regulation or the charter, by-laws, constitution or other organizational documents of the Company or any of its Subsidiaries or any order of any Governmental Authority, (c) except where such violation or default, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, will not violate or result in a default under any indenture, agreement or other instrument binding upon the Company or any of its Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the Company or any of its Subsidiaries, and (d) will not result in the creation or imposition of, or the requirement to create, any Lien on any asset of the Company or any of its Subsidiaries.
SECTION 1.0d  Financial Condition; No Material Adverse Change.   (a) The Company has heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders equity and cash flows (i) as of and for the fiscal year ended March 31, 2022, reported on by KPMG LLP, independent public accountants, and (ii) as of and for the fiscal quarters and the portion of the fiscal year ended June 30, 2022 and September 30, 2022, certified by its chief financial officer.  Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Company and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (ii) above. 
(i)Since March 31, 2022, there has been no material adverse change in the business, assets, property or financial condition of the Company and its Subsidiaries, taken as a whole.
SECTION 1.0e  Properties.  (a) Each of the Company and its Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.
(i)Each of the Company and its Subsidiaries owns, or is licensed to use, all trademarks, trade names, copyrights, patents and other intellectual property material to its business as currently conducted, except where the failure to so own or so license, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, and the 
73
			
	NAI-1534317048v16

use thereof by the Company and its Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.
SECTION 1.0f  Litigation and Environmental Matters.  (a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrowers, threatened against or affecting the Company or any of its Subsidiaries as to which there is a reasonable possibility of an adverse determination and that could reasonably be expected, individually or in the aggregate, to result in (i) a Material Adverse Effect (other than the Disclosed Matters) or (ii) a material adverse effect on the validity or enforceability of the Loan Documents or the rights or remedies of the Administrative Agent and the Lenders hereunder or thereunder.
(i)Except for the Disclosed Matters and except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, neither the Company nor any of its Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental Liability.
(ii)Since the date of this Agreement, there has been no change in the status of the Disclosed Matters that, individually or in the aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse Effect.
SECTION 1.0g  Compliance with Laws and Agreements.  Each of the Company and its Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.  No Default has occurred and is continuing.
SECTION 1.0h  Investment Company Status.  Neither the Company nor any of its Subsidiaries is an “investment company” as defined in the Investment Company Act of 1940 and, in the case of a UK Borrower, is not required to be authorized to carry on any registered activity under the Financial Services and Markets Act of 2000 (UK).
SECTION 1.0i  Taxes.  Each of the Company and its Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which the Company or such Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect.  
SECTION 1.j  ERISA.  No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect.  The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of such Plan such that any requisite funding of such Plan could reasonably be expected to result in a Material Adverse Effect, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the 
74
			
	NAI-1534317048v16

most recent financial statements reflecting such amounts, exceed the fair market value of the assets of all such underfunded Plans such that any requisite funding of all such Plans could reasonably be expected to result in a Material Adverse Effect.
SECTION 1.k  Disclosure.  (a) As of the Effective Date, the Company has disclosed to the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect.  Neither the Information Memorandum nor any of the other reports, financial statements, certificates or other information furnished by or on behalf of the Company to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished) taken as a whole with all such other written statements, written information, documents and certificates contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading; provided that (i) with respect to projected financial information, the Company represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time and (ii) the Company makes no representation hereunder with respect to any information of a general market or industry specific nature.
(b)    As of the Effective Date, to the best knowledge of the Company, the information included in the Beneficial Ownership Certification provided on or prior to the Effective Date to any Lender in connection with this Agreement is true and correct.
SECTION 1.l  Anti-Corruption Laws and Sanctions.  (a) The Company has implemented and maintains in effect policies and procedures designed to ensure compliance by the Company, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Company, its Subsidiaries and their respective officers and employees and to the knowledge of the Borrowers their directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects and are not knowingly engaged in any activity that would reasonably be expected to result in any Borrower or any Subsidiary being designated as a Sanctioned Person.  None of (a) the Company, any Subsidiary or any of their respective directors, officers or employees, or (b) to the knowledge of the Company, any agent of the Company or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person.   
    (b)    No Borrowing or Letter of Credit, use of proceeds or other transaction contemplated by this Agreement will violate any Anti-Corruption Law or applicable Sanctions.
(c) The representations and warranties given in Section 3.12(a) shall only be given or deemed to be given by and apply to any Loan Party to the extent that giving of and complying with such representations and warranties does not result in a violation of or conflict with or does not expose any Loan Party to any liability under the Council Regulation (EC) 2271/96 or any similar anti-boycott laws or regulations.
SECTION 1.m  Patriot Act.  No Loan Party is an “enemy” or an “ally of the enemy” within the meaning of Section 2 of the Trading with the Enemy Act of the United States of America (50 U.S.C. App. §§ 1 et seq.), as amended or any enabling legislation or executive order relating thereto.  No Loan Party is in violation of (a) the Trading with the Enemy Act, as amended, (b) any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or (c) the Patriot Act.  None of the Loan Parties (i) is a blocked 
75
			
	NAI-1534317048v16

person described in section 1 of the Anti-Terrorism Order or (ii) to the best of its knowledge, engages in any dealings or transactions, or is otherwise associated, with any such blocked person.
SECTION 1.n  Canadian Defined Benefit Plans.  No Loan Party has sponsored, maintained, contributed to, or otherwise incurred liability under any Canadian Defined Benefit Plan, other than to the extent that doing so could not reasonably be expected to result in a Material Adverse Effect.
SECTION 1.o  Affected Financial Institutions.  No Loan Party is an Affected Financial Institution.
    SECTION 3.16  Solvency. On the Effective Date, the Company and its Subsidiaries taken as a whole are Solvent.
ARTICLE 4

CONDITIONS
SECTION 1.0a  Effective Date.  The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02):
(a)The Administrative Agent (or its counsel) shall have received from each party to each of this Agreement and the Guaranty either (i) a counterpart of such Loan Document, signed on behalf of such party or (ii) written evidence reasonably satisfactory to the Administrative Agent (which may include electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart of such Loan Document.
(b)The Administrative Agent shall have received reasonably satisfactory evidence that all amounts outstanding under the Existing Credit Agreement, shall have been repaid in full (or will be repaid on the Effective Date) and that all liens granted by the Company and its Subsidiaries to secure the obligations of the borrowers under such agreement, if any, shall have been released.
(c)The Administrative Agent shall have received favorable written opinions (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of  counsel for the Company and the Guarantors, and counsel to each Effective Date Subsidiary Borrower, covering such matters relating to such Loan Parties, the Loan Documents or the Transactions as the Required Lenders shall reasonably request.  The Company, the Guarantors and each Effective Date Subsidiary Borrower hereby requests its respective counsel to deliver such opinions.
(d)The Administrative Agent shall have received (i) a certificate of the Company, any Effective Date Subsidiary Borrower that is a Domestic Subsidiary and each Guarantor, dated the Effective Date and executed by its Secretary, Assistant Secretary or a director, which shall (A) certify the resolutions of its Board of Directors, members and/or other body authorizing the execution, delivery and performance of the Loan Documents to which it is a party, (B) identify by name and title and bear the signatures of the Financial Officers and any other officers of such Loan Party authorized to sign the Loan Documents to which it is a party, and (C) contain appropriate attachments, including the certificate or articles of incorporation, association or organization of each applicable Loan Party certified by an authorised signatory or the 
76
			
	NAI-1534317048v16

relevant authority of the jurisdiction of organization or incorporation of such Loan Party and a true and correct copy of its constitution, bylaws or operating, management or partnership agreement, (ii) a long form good standing certificate for each applicable Loan Party from its jurisdiction of organization or incorporation, if applicable, and (iii) in respect of each Effective Date Subsidiary Borrower (other than any Domestic Subsidiary), documentation regarding the foregoing as is usual and customary in the jurisdiction of organization or incorporation of each such Effective Date Subsidiary Borrower, in each case as may be reasonably acceptable to the Administrative Agent.
(e)The Administrative Agent shall have received a certificate, dated the Effective Date and signed by the President, a Vice President or a Financial Officer of the Company, confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02 and confirming that, after giving effect to the Effective Date and any Borrowing expected to be made on such date, the Company will be in compliance with Section 6.10 on a pro forma basis.
(f)The Administrative Agent shall have received any promissory notes requested by a Lender pursuant to Section 2.09(e) payable to each such requesting Lender, if such Lender has requested any such promissory notes at least five (5) Business Days prior to the Effective Date.
(g)The Administrative Agent shall have received the results of a recent lien search in the jurisdiction of organization (or, as applicable, incorporation) of the Company and each Guarantor, and such search shall reveal no liens on any of the assets of such Loan Parties except for liens permitted by Section 6.02 or discharged on or prior to the Effective Date pursuant to a pay-off letter or other documentation satisfactory to the Administrative Agent.
(h)(i) The Administrative Agent shall have received, at least five days prior to the Effective Date, all documentation and other information regarding the Borrowers requested in connection with applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, to the extent requested in writing of the Borrowers at least 10 days prior to the Effective Date and (ii) to the extent any Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, at least five days prior to the Effective Date, any Lender that has requested, in a written notice to the Borrowers at least 10 days prior to the Effective Date, a Beneficial Ownership Certification in relation to such Borrower shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature page to this Agreement, the condition set forth in this clause (ii) shall be deemed to be satisfied).
(i)The Administrative Agent shall have received such documents, and completed such other reviews, including, without limitation, material leases and contracts, litigation and taxes, as the Administrative Agent or its counsel shall reasonably deem necessary.
(j)The Administrative Agent shall have received all fees and other amounts due and payable to the Administrative Agent or any Lender on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out of pocket expenses required to be reimbursed or paid by the Company hereunder.
The Administrative Agent shall notify the Company and the Lenders of the Effective Date, and such notice shall be conclusive and binding.
77
			
	NAI-1534317048v16

SECTION 1.0b  Each Credit Event.  The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of the Issuing Bank to issue, amend, increase, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions:
(a)The representations and warranties of the Loan Parties set forth in this Agreement and each other Loan Document shall be true and correct in all material respects on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable (other than (i) such representations as are made as of a specific earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date and (ii) such representations that are qualified by materiality or as to Material Adverse Effect in the text thereof, in which case such representations and warranties shall be true and correct in all respects).
(b)At the time of and immediately after giving effect to such Borrowing or the issuance, amendment, increase, renewal or extension of such Letter of Credit, as applicable, no Default shall have occurred and be continuing.
Each Borrowing and each issuance, amendment, increase, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Company on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section.
ARTICLE 5

AFFIRMATIVE COVENANTS
Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full and all Letters of Credit shall have expired or terminated, in each case, without any pending draw, or been cash collateralized or backstopped in a manner reasonably acceptable to the Issuing Bank, and all LC Disbursements shall have been reimbursed, each Borrower covenants and agrees with the Lenders that:
SECTION 1.0a  Financial Statements; Ratings Change and Other Information.  The Company will furnish to each Lender through the Administrative Agent:
(a)within 90 days after the end of each fiscal year of the Company (commencing with the fiscal year ending on or around March 31, 2023), its audited consolidated balance sheet and related statements of operations, stockholders' equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by KPMG LLP or other independent public accountants of recognized national standing (without a “going concern” or like qualification, commentary or exception arising out of the scope of the audit (other than such a qualification, commentary or exception that is solely with respect to, or resulting solely from, the upcoming maturity date of any of the Loans hereunder being scheduled to occur within twelve months from the time such report is delivered), and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Company and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;
(b)within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the Company (commencing with the fiscal quarter ending December 31, 
78
			
	NAI-1534317048v16

2022), its consolidated balance sheet and related statements of operations, stockholders' equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Company and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes;
(c)within 90 days after the end of each fiscal year of the Company, and within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the Company, a certificate (a “Compliance Certificate”) in substantially the form of Exhibit C of a Financial Officer of the Company (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with Section 6.10 and (iii) stating whether any change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in Section 3.04 which has had an effect on such financial statements and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate;
(d)promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by the Company or any Subsidiary with the SEC, or any Governmental Authority succeeding to any or all of the functions of said Commission, or with any national securities exchange, or distributed by the Company to its shareholders generally, as the case may be;
(e)within 90 days after the end of each fiscal year of the Company (commencing with the fiscal year ending on or around March 31, 2023), an annual business plan and budget of the Company and its Subsidiaries on a consolidated basis, including forecasts prepared by management of the Company, in form and substance reasonably satisfactory to the Administrative Agent, of consolidated balance sheets and statements of income or operations and cash flows of the Company and its Subsidiaries for the immediately following fiscal year (including the fiscal year in which the Maturity Date occurs); and
(f)promptly following any request therefor, (x) such other information regarding the operations, business affairs and financial condition of the Company or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender (through the Administrative Agent) may reasonably request, (y) information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation, and (z) such other information regarding sustainability matters and practices of the Company or any Subsidiary (including with respect to corporate governance, environmental, social and employee matters, respect for human rights, anti-corruption and anti-bribery) as the Administrative Agent or any Lender may reasonably request for purposes of compliance with any legal or regulatory requirement applicable to it; provided, however that the Borrowers shall not be obligated to provide information (i) that constitutes non-financial trade secrets or non-financial proprietary information that is not reasonably related to the actual or projected financial results or results of operations of the Company and its Subsidiaries, (ii) the disclosure of which would adversely affect 
79
			
	NAI-1534317048v16

the attorney-client privilege between any Borrower and its counsel or (iii) the disclosure of which is prohibited by law or any binding, arm’s-length agreement with a third party. 
Documents required to be delivered pursuant to Section 5.01(a), (b) or (d) or pursuant to Section 5.02(c) (in each case, to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date (i) on which such materials are publicly available as posted on the Electronic Data Gathering, Analysis and Retrieval system (EDGAR); or (ii) on which such documents are posted on the Company’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether made available by the Administrative Agent); provided that:  (A) upon written request by the Administrative Agent (or any Lender through the Administrative Agent) to the Company, the Company shall deliver paper copies of such documents to the Administrative Agent or such Lender until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (B) upon written request by the Administrative Agent (or any Lender through the Administrative Agent) to the Company, the Company shall provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents.  The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Company with any such request by a Lender for delivery, and each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such document to it and maintaining its copies of such documents.
SECTION 1.0b  Notices of Material Events.  The Company will furnish to the Administrative Agent prompt written notice of the following:
(a)the occurrence of any Default;
(b)the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting any Borrower or any Affiliate thereof that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect;
(c)any change in the information provided in the Beneficial Ownership Certification delivered to a Lender that would result in a change to the list of beneficial owners identified in such certification that own, directly or indirectly, 10% or more of the applicable entity’s equity interests; and
(d)any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect.
Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of the Company setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.
SECTION 1.0c  Existence; Conduct of Business.  Each Borrower will, and will cause each of its subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business (other than the case of the foregoing requirements insofar as they relate to the legal existence of the Loan Parties), to the extent that failure to do so could not reasonably be expected to result in a Material Adverse 
80
			
	NAI-1534317048v16

Effect; provided that the foregoing shall not prohibit any merger, consolidation, liquidation, dissolution or share capital reduction permitted under Section 6.03.
SECTION 1.0d  Payment of Obligations.  Each Borrower will, and will cause each of its subsidiaries to, pay its obligations, including Tax liabilities, that, if not paid, could reasonably be expected to result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Company or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP (or, in relation to any Foreign Subsidiary, generally accepted accounting principles in its jurisdiction of organization or incorporation) and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect.
SECTION 1.0e  Maintenance of Properties; Insurance.  Except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect, each Borrower will, and will cause each of its subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and (b) maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations; provided that the foregoing provisions shall not restrict the ability of any Borrower or its subsidiaries to self-insure in commercially reasonable amounts.
SECTION 1.0f  Books and Records; Inspection Rights.  Each Borrower will, and will cause each of its subsidiaries to, keep proper books of record and account in which entries in conformity in all material respects with all applicable laws, rules and regulations of any Governmental Authority are made of all dealings and transactions in relation to its business and activities.  Each Borrower will, and will cause each of its subsidiaries to, permit any representatives designated by the Administrative Agent, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records (other than (i) materials protected by the attorney-client privilege, (ii) materials which such Borrower or such subsidiary, as applicable, may not disclose without violation of a confidentiality obligation binding upon it or the disclosure of which is prohibited by law or (iii) information that constitutes non-financial trade secrets or non-financial proprietary information that is not reasonably related to the actual or projected financial results or results of operations of the Company and its subsidiaries), and to discuss its affairs, finances and condition with its officers and independent accountants so long as such Borrower is afforded an opportunity to be present, all at such reasonable business hours and times and as often as reasonably requested and at the expense of such Borrower; provided, that unless an Event of Default is then in effect the Administrative Agent shall be limited to two such on-site inspections for the Company and its subsidiaries in the aggregate in any year and only one such inspection shall be at the Company’s expense.
SECTION 1.0g  Compliance with Laws.  Each Borrower will, and will cause each of its subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.  Each Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by such Borrower, its subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.  Each Borrower will not request any Borrowing or Letter of Credit, and each Borrower shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to 
81
			
	NAI-1534317048v16

any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Jurisdiction, or (C) in any manner that would result in the violation of  any Sanctions applicable to any party hereto.
SECTION 1.0h  Use of Proceeds and Letters of Credit.  The proceeds of the Loans will be used by the Borrowers only for working capital and general corporate purposes, and the proceeds of the Letters of Credit will be used for working capital and general corporate purposes of the Company or any applicable Subsidiary, in each case including Permitted Acquisitions and share repurchases.  No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X.
SECTION 1.0i  Covenant to Guarantee Obligations.  (a) Upon the formation or acquisition of any new direct or indirect wholly-owned Domestic Subsidiary by any Borrower or any Guarantor, if such new direct or indirect wholly-owned Domestic Subsidiary is a Significant Subsidiary, and upon any existing wholly-owned Domestic Subsidiary being designated or determined to be a wholly-owned Significant Subsidiary, then the Company shall (subject to the last paragraph of this Section 5.09), at the Company’s expense:
(1)within 60 days (or such later date as the Administrative Agent may agree in its discretion) after such formation, acquisition, designation or determination, cause such Subsidiary, and cause each direct and indirect parent of such Subsidiary (if it has not already done so), to duly execute and deliver to the Administrative Agent a supplement to the Guaranty, in form and substance reasonably satisfactory to the Administrative Agent, guaranteeing the other Loan Parties’ obligations under the Loan Documents,
(2)within 60 days (or such later date as the Administrative Agent may agree in its discretion) after such formation, acquisition, designation or determination, deliver to the Administrative Agent, upon the reasonable request of the Administrative Agent in its sole discretion, a signed copy of a favorable opinion, addressed to the Administrative Agent and the Lenders, of counsel for the Loan Parties reasonably acceptable to the Administrative Agent as to such matters relating to such Subsidiary as the Administrative Agent may reasonably request, and 
(3)promptly after such formation acquisition or determination, in the case of any such Subsidiary that is a FSHCO, deliver to the Administrative Agent a certificate of a Financial Officer of the Company to the effect that such Subsidiary is a FSHCO.
(i)At any time upon the reasonable request of the Administrative Agent, promptly execute and deliver any and all further instruments and documents and take all such other action as the Administrative Agent may reasonably deem necessary or desirable in obtaining the full benefits of such guaranties.
Notwithstanding anything to the contrary in this Agreement or any other Loan Document, in no event shall any (x) Foreign Subsidiary, (y) FSHCO or (z) Excluded Subsidiary be required to become a Guarantor, nor shall any security interest be required to be granted with respect to any assets (including Equity Interests) of any such Person pursuant to the Loan Documents; provided that in the case of an Excluded Subsidiary, such Excluded Subsidiary shall become a Guarantor as required hereunder and under the other Loan Documents to the extent 
82
			
	NAI-1534317048v16

that any such Guarantee would not be prohibited by the terms of the applicable law or contract or would not require the applicable governmental consent, approval, license or authorization.
SECTION 1.j  DAC 6.  Each Loan Party shall supply to the Administrative Agent (in sufficient copies for all the Lenders if the Administrative Agent so requests): (a) promptly upon the making of such analysis or the obtaining of such advice, an analysis made or advice obtained on whether the transaction contemplated by the Loan Documents contains a hallmark as set out in Annex IV of DAC6; and (b) promptly upon the making of such reporting and to the extent permitted by applicable law and regulation, any reporting made by any Governmental Authority by or on behalf of a Loan Party or any of its Subsidiaries or by any adviser to such Person in relation to DAC 6 or any law or regulation which implements DAC 6 and any unique identification number issued by any Governmental Authority to which any such report has been made (if available).
ARTICLE 6

NEGATIVE COVENANTS
Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full and all Letters of Credit have expired or terminated, in each case, without any pending draw, or been cash collateralized or backstopped in a manner reasonably acceptable to the Issuing Bank, and all LC Disbursements shall have been reimbursed, each Borrower covenants and agrees with the Lenders that:
SECTION 1.0a  Indebtedness.  Each Borrower will not, and will not permit any of its subsidiaries to, create, incur, assume or permit to exist any Indebtedness, except:
(a)Indebtedness created under the Loan Documents;
(b)Indebtedness existing on the date hereof and set forth in Schedule 6.01 and extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof (other than in respect of accrued interest and fees) or shorten the final maturity or weighted average life to maturity thereof;
(c)intercompany Indebtedness owing (i) by a Loan Party to another Loan Party, (ii) by a non-Loan Party to any other non-Loan Party, (iii) by a Loan Party to a non-Loan Party so long as such Indebtedness shall be subordinated to the Obligations on subordination terms reasonably acceptable to the Administrative Agent, and (iv) by a non-Loan Party to a Loan Party; provided, in each case, that any such Indebtedness (x) shall not be prohibited by Section 6.04 and (y) owing by the Company or any Guarantor to any Designated Borrower shall be subordinated to the Obligations on subordination terms reasonably acceptable to the Administrative Agent;
(d)Guarantees (i) by any Loan Party of Indebtedness or other obligations of the Company or any Guarantor, (ii) by any Loan Party of Indebtedness or other obligations of any of the Company’s Subsidiaries, so long as such Guarantee shall not be prohibited by Section 6.04, and (iii) by any Subsidiary that is not a Loan Party of Indebtedness or other obligations of the Company or any of its Subsidiaries;
(e)Indebtedness consisting of customs duty deferment bonds in the ordinary course of business;
83
			
	NAI-1534317048v16

(f)Indebtedness of the Company or any Subsidiary as an account party in respect of trade letters of credit; 
(g)Trade debt incurred in the ordinary course of business;
(h)other unsecured Indebtedness of the Company; provided that (i) both before and after giving effect to the incurrence of any such Indebtedness, the Company would be in compliance with Section 6.10 on a pro forma basis, (ii) such Indebtedness shall have a maturity date after, and no scheduled principal payments prior to, the Maturity Date; provided that this clause (ii) shall not apply to such Indebtedness in a principal amount up to the greater of (x) $94,000,000 and (y) 15.0% of Consolidated EBITDA for the period of four fiscal quarters of the Company most recently ended for which financial statements have been or are required to have been delivered pursuant to Section 5.01 as of the date of incurrence of such Indebtedness, and (iii) the documentation governing such Indebtedness does not have any covenants or other provisions materially more restrictive taken as a whole than those contained in the Loan Documents (except to the extent such terms are (x) conformed (or added) in the Loan Documents for the benefit of the Lenders pursuant to an amendment hereto or thereto (which amendment shall be in form reasonably acceptable to the Administrative Agent) or (y) applicable solely to periods after the latest final Maturity Date existing at the time of such incurrence);
(i)operating lease guarantees entered into in the ordinary course of business;
(j)Guarantees by the Company or Indebtedness of the Company related to Sheepskin Arrangements; provided that the tenor of the Company’s obligations thereunder shall not exceed 36 months for any such purchases except for obligations in an amount not to exceed $100,000,000 at any time outstanding which may have tenors of longer than 36 months;
(k)Indebtedness of the Real Estate Subsidiary and Guaranteed by the Company related to any mortgage financing transaction with respect to the Headquarters Building entered into after the Effective Date; provided that (A) the aggregate principal amount of such Indebtedness shall not exceed 80% of the fair market value of the Headquarters Building determined in connection with such financing, (B) the terms of such Indebtedness shall not include covenants or other restrictions on the activities of the Company that are more restrictive or onerous in any material respect than the corresponding covenants set forth in this Agreement, (C) so long as such Indebtedness is Guaranteed by the Company, such Indebtedness shall not have a maturity date earlier than the date that is one year after the Maturity Date and (D) so long as such Indebtedness is outstanding, the Real Estate Subsidiary does not have any material revenues other than lease-related payments by the Company with respect to the Headquarters Building in connection with such Indebtedness permitted under this clause (k) (such lease payments not to be materially greater than the lease payments in effect as of the Effective Date other than reasonably proportional increases in the amount thereof in connection with increases in the amount of Indebtedness permitted under this clause (k)) or own any material assets other than the Headquarters Building, the land on which the Headquarters Building sits, related fixtures, related office equipment, related furnishings and de minimis cash balances (other than cash balances in connection with related mortgage payments);
(l)Priority Debt in aggregate outstanding principal amount not to exceed 15.0% of Consolidated Tangible Net Assets at the time any such Priority Debt is incurred;
84
			
	NAI-1534317048v16

(m)any Indebtedness incurred by Deckers Benelux arising as a result of a fiscal unity (fiscale eenheid); and
(n)any Indebtedness incurred in the ordinary course of business under any agreement to provide cash management services, including treasury, depository, overdraft, credit or debit card, stored value card, purchase card, pooling, netting, electronic funds transfer and other cash management arrangements.
For purposes of determining compliance with this Section 6.01, in the event that an item of Indebtedness meets the criteria of more than one of the categories of Indebtedness described in clauses (a) through (n) above, the Company shall, in its sole discretion, classify and reclassify or later divide, classify or reclassify all or a portion of such item of Indebtedness (or any portion thereof) in a manner that complies with this Section 6.01 and will only be required to include the amount and type of such Indebtedness in one or more of the above clauses; provided that all Indebtedness outstanding under the Loan Documents will be deemed to have been incurred in reliance only on the exception set forth in Section 6.01(a).  The accrual of interest, the accretion of accreted value and the payment of interest in the form of additional Indebtedness shall not be deemed to be an incurrence of Indebtedness for purposes of this Section 6.01.
SECTION 1.0b  Liens.  Each Borrower will not, and will not permit any of its subsidiaries to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except:
(a)Permitted Encumbrances;
(b)any Lien on any property or asset of the Company or any Subsidiary existing on the date hereof and set forth in Schedule 6.02 and any renewals, replacements, refinancings or extensions thereof; provided that (i) such Lien shall not apply to any other property or asset of the Company or any Subsidiary other than (A) the property covered by such Lien on the date hereof, (B) the proceeds and products thereof and (C) after-acquired property that is affixed or incorporated into the property covered by such Lien, or that is subject to a Lien securing obligations that require or include a pledge of after-acquired property and (ii) such Lien shall secure only those obligations which it secures on the date hereof and extensions, renewals and replacements thereof that do not increase the outstanding amount of the obligations secured thereby;
(c)[Reserved];
(d)Liens solely constituting the right of any other Person to a share of any licensing royalties (pursuant to a licensing agreement or other related agreement entered into by the Company or any of its Subsidiaries with such Person in the ordinary course of the Company’s or such Subsidiary’s business) otherwise payable to the Company or any of its Subsidiaries, provided that such right shall have been conveyed to such Person for consideration received by the Company or such Subsidiary on an arm's-length basis;
(e)Liens on the assets of the Real Estate Subsidiary (including the Headquarters Building) and securing Indebtedness permitted by clause (k) of Section 6.01;
(f)Liens securing Priority Debt permitted by clause (l) of Section 6.01;
(g)leases, franchises, grants, subleases, licenses, sublicenses, covenants not to sue, releases, consents and other forms of license (including intellectual property rights) 
85
			
	NAI-1534317048v16

granted to others in the ordinary course of business which do not materially interfere with the ordinary conduct of the business of the Company and its Subsidiaries and do not secure any Indebtedness; and
(h)any Liens incurred by Deckers Benelux arising as a result of a fiscal unity (fiscale eenheid).
SECTION 1.0c  Fundamental Changes.  (a) Each Borrower will not, and will not permit any of its subsidiaries to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of related transactions and whether effected pursuant to a division or otherwise) all or any substantial part of its assets (including in a sale and leaseback transaction), or all or substantially all of the stock of any of its Subsidiaries (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and be continuing (i) any Person may merge into a Borrower in a transaction in which such Borrower is the surviving corporation, (ii) any Person may merge into any Subsidiary in a transaction in which the surviving entity is a Subsidiary (provided that any such merger involving a Person that is not a wholly owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted by Section 6.04), (iii) any Subsidiary may sell, transfer, lease or otherwise dispose of a substantial part of its assets to the Company or to another Subsidiary (provided that (x) in the case of any such sale, transfer, lease or other disposition by a Guarantor, the counterparty to such transaction shall be a Borrower or another Guarantor, (y) in the case of any such sale, transfer, lease or other disposition by a Designated Borrower (other than as set forth in clause (z)), the counterparty to such transaction shall be a Borrower or a Guarantor and (z) solely in the case of a sale, transfer, lease or other disposition by Deckers Hong Kong of all or substantially all of the intellectual property rights owned by it pursuant to the transaction to occur prior to the end of calendar year 2022 and disclosed to the Lenders prior to the Effective Date, up to 15% of the value of its owned intellectual property rights at the time of sale, transfer or other disposition (based on the most recent third party valuation analysis of such intellectual property rights received prior to the Effective Date) may be held by a non-Loan Party Subsidiary of the Company), and (iv) any Subsidiary may liquidate, dissolve or reduce its share capital if the Company determines in good faith that such liquidation, dissolution or reduction in share capital is in the best interests of the Company and is not materially disadvantageous to the Lenders; provided, that any liquidation or dissolution by a Designated Borrower shall be subject to the prior repayment in full of all Obligations of such Designated Borrower (other than any contingent indemnification obligation or similar contingent obligation not yet due and payable) or re-allocation of such Obligations to another Borrower pursuant to documentation reasonably acceptable to the Administrative Agent.
(i)Each Borrower will not, and will not permit any of its subsidiaries to, engage to any material extent in any business other than businesses of the type conducted by the Company and its Subsidiaries on the date of execution of this Agreement and businesses reasonably related thereto.
SECTION 1.0d  Investments, Loans, Advances, Guarantees and Acquisitions.  Each Borrower will not, and will not permit any of its subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a wholly owned Subsidiary prior to such merger) any capital stock, evidences of Indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit, except:
86
			
	NAI-1534317048v16

(a)Permitted Investments;
(b)loans, advances or Guarantees by the Company or any Subsidiary to the Company or any Loan Party, and purchases or other acquisitions by the Company or any Guarantor of the capital stock of any Guarantor;
(c)loans and advances by any Loan Party to any Foreign Subsidiary (or any Domestic Subsidiary that is not a Guarantor), purchases or other acquisitions by any Loan Party of the capital stock of any Foreign Subsidiary (or any Domestic Subsidiary that is not a Guarantor) and Guarantees by any Loan Party of Indebtedness or other obligations of any Foreign Subsidiary (or any Domestic Subsidiary that is not a Guarantor); provided that both before and after giving effect to any such loan, advance, purchase, acquisition or Guarantee the Total Net Leverage Ratio would not exceed on a pro forma basis as of the last day of the most recently-ended fiscal quarter for which financial statements are available (A) 3.50 to 1.00, in the case of the fiscal quarters ending June 30, March 31 and December 31 of any fiscal year, and (B) 3.75 to 1.00, in the case of the fiscal quarter ending September 30 of any fiscal year; 
(d)(i) loans and advances by any non-Loan Party to the Company or any Subsidiary of the Company, (ii) purchases or other acquisitions by any non-Loan Party of the capital stock of any non-Loan Party or of a Designated Borrower, (iii) Guarantees by any non-Loan Party of the Indebtedness or other obligations of any non-Loan Party or of a Designated Borrower and (iv) loans and advances by any Foreign Subsidiary located in China to any banking institution located in China, so long as (x) such banking institution makes a loan in such amount to any other Foreign Subsidiary located in China and (y) such banking institution is required to repay such loan or advance to the Foreign Subsidiary making such loan or advance using the proceeds of any payment received by such banking institution from such other recipient Foreign Subsidiary located in China;
(e)Guarantees constituting Indebtedness permitted by clause (k) of Section 6.01;
(f)[Reserved];
(g)Permitted Acquisitions;
(h)to the extent permitted by Governmental Authorities, loans and advances made by the Company and its Subsidiaries to their respective officers and employees in the ordinary course of business so long as the aggregate outstanding principal amount thereof does not exceed $5,000,000 at any time;
(i)Investments (including debt obligations) received in connection with (i) the bankruptcy or reorganization of suppliers and customers and in good faith settlement of delinquent obligations of, and other disputes with, customers and suppliers arising in the ordinary course of business and (ii) the disposition of assets permitted under Section 6.03;
(j)existing Investments described in Schedule 6.04 hereto;
(k)[Reserved]; 
(l)investments, loans and advances in an aggregate amount (determined without regard to any write down or write offs of such investments, loans and advances) not to exceed as of the time of making of such investment, loan or advance the Available 
87
			
	NAI-1534317048v16

Basket at such time; provided that, both immediately prior to and after giving effect to the making thereof (i) no Event of Default shall have occurred and be continuing or would result therefrom and (ii) the Company is in compliance with Section 6.10 on a pro forma basis; 
(m)Sheepskin Arrangements;
(n)other investments, loans, advances or Guarantees not to exceed $50,000,000 in the aggregate after the Effective Date so long as both before and after giving effect to any such transaction the Company would be in compliance with Section 6.10 on a pro forma basis; and
(o)other investments, loans, advances and Guarantees so long as both before and after giving effect thereto, (i) no Event of Default has occurred and is continuing, (ii) the Company would be in compliance with Section 6.10 on a pro forma basis and (iii) the Total Net Leverage Ratio would not exceed 3.50 to 1.00 on a pro forma basis.
SECTION 1.0e  Swap Agreements.  Each Borrower will not, and will not permit any of its subsidiaries to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which the Company or any Subsidiary has actual exposure (other than those in respect of Equity Interests of the Company or any of its Subsidiaries), and (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of the Company or any Subsidiary.
SECTION 1.0f  Restricted Payments.  Each Borrower will not, and will not permit any of its subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except (a) the Company may declare and pay dividends with respect to its Equity Interests payable solely in additional shares of its common stock, (b) Subsidiaries may declare and pay dividends ratably with respect to their Equity Interests, (c) the Company may make Restricted Payments pursuant to and in accordance with share based compensation plans or other benefit plans for management or employees of the Company and its Subsidiaries, (d) the Company may make or declare any other Restricted Payments so long as both before and after giving effect to the making and/or declaration of any such Restricted Payment, (i) no Event of Default has occurred and is continuing, (ii) the Company would be in compliance with Section 6.10 on a pro forma basis and (iii) the Total Net Leverage Ratio would not exceed 3.50 to 1.00 on a pro forma basis and (e) the Company may make Restricted Payments in an aggregate amount not to exceed as of the time of making of such investment, loan or advance the Available Basket at such time; provided that after giving effect thereto, (A) the Company is in compliance with Section 6.10 on a pro forma basis and (B) no Event of Default shall have occurred and be continuing or would result therefrom.
SECTION 1.0g  Transactions with Affiliates.  Each Borrower will not, and will not permit any of its subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) in the ordinary course of business at prices and on terms and conditions not less favorable to the Company or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among the Company and its Subsidiaries not involving any other Affiliate and (c) transactions permitted under Sections 6.01, 6.02, 6.03, 6.04 or 6.06.
SECTION 1.0h  Restrictive Agreements.  Each Borrower will not, and will not permit any of its subsidiaries to, directly or indirectly, enter into, incur or permit to exist any 
88
			
	NAI-1534317048v16

agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Company or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to any shares of its capital stock or to make or repay loans or advances to the Company or any other Subsidiary or to Guarantee Indebtedness of the Company or any other Subsidiary; provided that (i) the foregoing shall not apply to restrictions and conditions imposed by law or by this Agreement, (ii) the foregoing shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 6.08 (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition), (iii) clause (b) of the foregoing shall not apply to prohibitions and restrictions contained in the documents governing the Indebtedness permitted by Section 6.01(k), if any, entered into after the Effective Date so long as the applicable prohibitions or restrictions contained in the documents governing such Indebtedness are not more restrictive or onerous in any material respect than the restrictions set forth in Section 6.06, (iv) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder, (v) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to (x) secured Indebtedness permitted under this Agreement, if such restrictions or conditions apply only to the property or assets securing such Indebtedness or, in the case of the Real Estate Subsidiary, all of the assets of the Real Estate Subsidiary, or (y) Indebtedness of any Foreign Subsidiary permitted hereunder, if such restrictions or conditions apply only to property or assets not held or owned by Deckers Outdoor Corporation or any Domestic Subsidiary of Deckers Outdoor Corporation, or (z) merchant services agreements permitted hereunder and entered into in the ordinary course of business if such restrictions or conditions apply only to the accounts receivable, reserves or credit balances subject thereto, (vi) clause (a) of the foregoing shall not apply to customary provisions in leases restricting the assignment thereof and (vii) the foregoing shall not apply to Indebtedness incurred under Section 6.01(h) or under Section 6.01(l) as long as any such provisions are not materially more restrictive taken as a whole than those contained in the Loan Documents.
SECTION 1.0i  Accounting Changes.  Each Borrower will not, and will not permit any of its subsidiaries to, make any change in accounting policies or reporting practices including any change in fiscal year, except as required or permitted by GAAP (or, in relation to any Foreign Subsidiary, generally accepted accounting principles in its jurisdiction of incorporation).
SECTION 1.j  Financial Covenant.  The Company shall not permit the Total Net Leverage Ratio to be greater than 3.75 to 1.00 as of the last day of any fiscal quarter of the Company; provided that after the consummation or making of any Specified Leveraged Acquisition, such maximum Total Net Leverage Ratio shall be increased to 4.00 to 1.00 solely for the last day of the fiscal quarter in which such Specified Leveraged Acquisition is consummated or made and for the last day of the next three succeeding fiscal quarters.
SECTION 1.k  Prepayments, Etc., of Indebtedness.  
(i)Each Borrower will not, and will not permit any of its subsidiaries to, prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner any Indebtedness that is subordinated in right of payment to the Loans hereunder, provided that the Company and its subsidiaries shall be permitted to make such prepayments (1) so long as both before and after giving effect thereto, (i) no Event of Default has occurred and is continuing, (ii) the Company would be in compliance with Section 6.10 on a pro forma basis and (iii) the Total Net Leverage Ratio would not exceed 3.50 to 1.00 on a pro forma basis or (2) in an aggregate amount not to exceed as of the time of making of such prepayment the Available Basket at such time; provided that, in the case of this clause (2), after giving effect thereto, (i) the 
89
			
	NAI-1534317048v16

Company is in compliance with Section 6.10 on a pro forma basis and (ii) no Event of Default shall have occurred and be continuing or would result therefrom.
(ii)Each Borrower will not, and will not permit any of its subsidiaries to, amend, modify or change in any manner any term or condition of any Indebtedness set forth in Schedule 6.01 in a manner that would increase the outstanding principal amount thereof or shorten the final maturity or weighted average life to maturity thereof or is otherwise materially adverse to the Lenders, except for any extensions, renewals and replacements thereof permitted by Section 6.01(b).
SECTION 1.l  Canadian Defined Benefit Plans.  No Loan Party shall sponsor, maintain, contribute to or otherwise incur liability under any Canadian Defined Benefit Plan unless doing so could not reasonably be expected to result in a Material Adverse Effect.
SECTION 1.m  United Kingdom Pensions Act.  No Loan Party (and none of its Affiliates or Subsidiaries) shall be an employer (for the purposes of sections 38 to 51 of the United Kingdom Pensions Act 2004) of an occupational pension scheme which is not a money purchase scheme (both terms as defined in the United Kingdom Pension Schemes Act 1993) or “connected” with or an “associate” of (as those terms are used in sections 38 or 43 of the United Kingdom Pensions Act 2004) such an employer, in each case, except as could not reasonably be expected to result in a Material Adverse Effect.
    SECTION 6.14  Section 102(b)(2) of the General Corporation Law of the State of Delaware.  To the extent that the Borrowers are legally permitted to do so, the Borrowers agree not to initiate any action in reliance upon, or support any arrangement or compromise under, Section 102(b)(2) of the General Corporation Law of the State of Delaware or any other Law related thereto.

ARTICLE 7

EVENTS OF DEFAULT
SECTION 1.0a  Events of Default.  If any of the following events (“Events of Default”) shall occur:
(a)any Borrower shall fail to pay (i) any principal of any Loan when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise or (ii) any reimbursement obligation in respect of any LC Disbursement when and as the same shall become due and payable and, in the case of such reimbursement obligation, such failure shall continue unremedied for a period of three Business Days;
(b)any Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement or any other Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five Business Days;
(c)any representation or warranty made or deemed made by or on behalf of the Company or any Subsidiary in or in connection with this Agreement or any amendment or modification hereof or waiver hereunder, or, subject to the proviso in Section 3.11 of this Agreement, in any report, certificate, financial statement or other 
90
			
	NAI-1534317048v16

document furnished pursuant to or in connection with this Agreement or any amendment or modification hereof or waiver hereunder, shall prove to have been incorrect in any material respect when made or deemed made;
(d)any Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02(a), 5.03 (with respect to such Borrower’s existence) or 5.08 or in Article VI;
(e)any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in clause (a), (b) or (d) of this Article) or any other Loan Document, and such failure shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent or the Required Lenders to the Borrowers;
(f)any Borrower or any Significant Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable, and such failure shall continue unremedied beyond the period (without giving effect to any extensions, waivers, amendments or other modifications of or to such period) of grace, if any, provided in such the instrument or agreement under which such Material Indebtedness was created;
(g)any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness;
(h)an involuntary proceeding shall be commenced or an involuntary petition shall be filed or, in the case of a UK Borrower or a Significant Subsidiary incorporated in England and Wales or any Borrower incorporated in Singapore, any corporate action, legal proceedings or other procedure or step is taken, seeking (i) liquidation, reorganization, winding-up, dissolution, judicial management, administration, or other relief in respect of any Borrower or any Significant Subsidiary or its debts, or of a substantial part of its assets, under any Debtor Relief Law now or hereafter in effect or (ii) the appointment of a receiver, receiver and manager, liquidator, judicial manager, monitor, interim receiver, manager, administrator, administrative receiver, compulsory manager, trustee, custodian, sequestrator, conservator or similar official for any Borrower or any Significant Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days  (or, in the case of a UK Borrower, 28 days) or an order or decree approving or ordering any of the foregoing shall be entered;
(i)any Borrower or any Significant Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, winding-up, dissolution, judicial management, reorganization, administration, suspension of payments, moratorium of any indebtedness or other relief under any Debtor Relief Law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, receiver and manager, liquidator, monitor, interim receiver, manager, administrator, administrative receiver, 
91
			
	NAI-1534317048v16

compulsory manager, judicial manager, trustee, custodian, sequestrator, conservator or similar official for any Borrower or any Significant Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors, or (vi) take any action for the purpose of effecting any of the foregoing;
(j)any Borrower or any Significant Subsidiary shall become unable, admit in writing its inability or fail generally to pay its debts as they become due;
(k)one or more judgments for the payment of money in an aggregate amount (not paid or covered by insurance) in excess of $50,000,000 shall be rendered against any Borrower, any Significant Subsidiary or any combination thereof and the same shall remain undischarged for a period of 30 consecutive days from the entry thereof during which execution shall not be effectively stayed or bonded, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of any Borrower or any Significant Subsidiary to enforce any such judgment;
(l)an ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect;
(m)any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full (subject to Section 8.02) of all the Obligations, shall cease to be in full force and effect; or any Loan Party shall contest, or support any other Person in contesting, in any manner the validity or enforceability of any provision of any Loan Document; or any Loan Party shall deny that it has any or further liability or obligation under any Loan Document, or shall purport to revoke, terminate or rescind any provision of any Loan Document; in each case other than in accordance with the Loan Documents; or
(n)a Change in Control shall occur.
then, and in every such event (other than an event with respect to any Loan Party described in clause (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrowers, take either or both of the following actions, at the same or different times:  (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers, and the Company shall cash collateralize the LC Exposure in accordance with Section 2.05(j); and in case of any event with respect to any Loan Party described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other Obligations accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers, and the Company shall automatically be required to cash collateralize the LC Exposure in accordance with Section 2.05(j).
SECTION 1.0b  Application of Payments.  After the exercise of remedies provided for in this Article (or after the Loans have automatically become immediately due and payable and the LC Exposure have automatically been required to be cash collateralized as 
92
			
	NAI-1534317048v16

described above), any amounts received on account of the Obligations shall be applied by the Administrative Agent in the following order:
(i)First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including reasonable fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Sections 2.14, 2.15 and 2.16) payable to the Administrative Agent in its capacity as such;
(ii)Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and letter of credit fees payable under Section 2.11(b)(i)) payable to the Lenders and the Issuing Bank (including fees, charges and disbursements of counsel to the respective Lenders and the Issuing Bank and amounts payable under Sections 2.14, 2.15 and 2.16), ratably among them in proportion to the respective amounts described in this clause Second payable to them;
(iii)Third, to payment of that portion of the Obligations constituting accrued and unpaid letter of credit fees payable under Section 2.11(b)(i) and interest on the Loans, LC Exposure and other Obligations, ratably among the Lenders and the Issuing Bank in proportion to the respective amounts described in this clause Third payable to them;
(iv)Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans, LC Exposure and amounts owing under Hedge Agreements and Cash Management Agreements, ratably among the Lenders, the Issuing Bank, the Hedge Banks and the Cash Management Banks in proportion to the respective amounts described in this clause Fourth held by them;
(v)Fifth, to the Administrative Agent for the account of the Issuing Bank, to cash collateralize that portion of LC Exposure comprised of the aggregate undrawn amount of Letters of Credit in accordance with Section 2.05(j); and
(vi)Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrowers or as otherwise required by law.
Subject to Section 2.05(j) amounts used to cash collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fifth above shall be applied to satisfy drawings under such Letters of Credit as they occur.  Subject to Section 2.05(j), if any amount remains on deposit as cash collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above.
Notwithstanding the foregoing, Obligations arising under Hedge Agreements and Cash Management Agreements shall be excluded from the application described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the applicable Hedge Bank or Cash Management Bank, as the case may be.  Each Hedge Bank or Cash Management Bank not a party to the Credit Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Article VIII hereof for itself and its Affiliates as if a “Lender” party hereto.
ARTICLE 8

THE ADMINISTRATIVE AGENT
93
			
	NAI-1534317048v16

SECTION 1.0a  Authorization and Action. 
(i)Each Lender and the Issuing Bank hereby irrevocably appoints the entity named as Administrative Agent in the heading of this Agreement and its successors and assigns to serve as the administrative agent under the Loan Documents and each Lender and the Issuing Bank authorizes the Administrative Agent to take such actions as agent on its behalf and to exercise such powers under this Agreement and the other Loan Documents as are delegated to the Administrative Agent under such agreements and to exercise such powers as are reasonably incidental thereto. Without limiting the foregoing, each Lender and the Issuing Bank hereby authorizes the Administrative Agent to execute and deliver, and to perform its obligations under, each of the Loan Documents to which the Administrative Agent is a party, to exercise all rights, powers and remedies that the Administrative Agent may have under such Loan Documents.
(ii)As to any matters not expressly provided for herein and in the other Loan Documents (including enforcement or collection), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, pursuant to the terms in the Loan Documents), and, unless and until revoked in writing, such instructions shall be binding upon each Lender and the Issuing Bank; provided, however, that the Administrative Agent shall not be required to take any action that (i) the Administrative Agent in good faith believes exposes it to liability unless the Administrative Agent receives an indemnification satisfactory to it from the Lenders and the Issuing Bank with respect to such action or (ii) is contrary to this Agreement or any other Loan Document or applicable law, including any action that may be in violation of the automatic stay under any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors; provided, further, that the Administrative Agent may seek clarification or direction from the Required Lenders prior to the exercise of any such instructed action and may refrain from acting until such clarification or direction has been provided. Except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Borrower, any Subsidiary or any Affiliate of any of the foregoing that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity. Nothing in this Agreement shall require the Administrative Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.
(iii)In performing its functions and duties hereunder and under the other Loan Documents, the Administrative Agent is acting solely on behalf of the Lenders and the Issuing Bank (except in limited circumstances expressly provided for herein relating to the maintenance of the Register), and its duties are entirely mechanical and administrative in nature. Without limiting the generality of the foregoing:
(1)the Administrative Agent does not assume and shall not be deemed to have assumed any obligation or duty or any other relationship as the agent, fiduciary or trustee of or for any Lender, the Issuing Bank other than as expressly set forth herein and in the other Loan Documents, regardless of whether a Default or an Event of Default has occurred and is continuing (and it is understood and agreed that the use of the term “agent” (or any similar term) herein or in any other Loan Document with reference to the Administrative Agent is not intended to connote any fiduciary duty or other implied (or express) obligations arising under 
94
			
	NAI-1534317048v16

agency doctrine of any applicable law, and that such term is used as a matter of market custom and is intended to create or reflect only an administrative relationship between contracting parties); additionally, each Lender agrees that it will not assert any claim against the Administrative Agent based on an alleged breach of fiduciary duty by the Administrative Agent in connection with this Agreement and the transactions contemplated hereby;
(2)to the extent that English law is applicable to the duties of the Administrative Agent under any of the Loan Documents, Section 1 of the Trustee Act 2000 of the United Kingdom shall not apply to the duties of the Administrative Agent in relation to the trusts constituted by that Loan Document; where there are inconsistencies between the Trustee Act 1925 or the Trustee Act 2000 of the United Kingdom and the provisions of this Agreement or such Loan Document, the provisions of this Agreement shall, to the extent permitted by applicable law, prevail and, in the case of any inconsistency with the Trustee Act 2000 of the United Kingdom, the provisions of this Agreement shall constitute a restriction or exclusion for the purposes of that Act; and
(3)nothing in this Agreement or any Loan Document shall require the Administrative Agent to account to any Lender for any sum or the profit element of any sum received by the Administrative Agent for its own account;
(iv)The Administrative Agent may perform any of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent.  The Administrative Agent and any such sub-agent may perform any of their respective duties and exercise their respective rights and powers through their respective Related Parties.  The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities pursuant to this Agreement.  The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agent except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agent.
(v)Neither the Syndication Agent nor any Arranger shall have obligations or duties whatsoever in such capacity under this Agreement or any other Loan Document and shall incur no liability hereunder or thereunder in such capacity, but all such persons shall have the benefit of the indemnities provided for hereunder.
(vi)In case of the pendency of any proceeding with respect to any Loan Party under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, the Administrative Agent (irrespective of whether the principal of any Loan or any Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on any Borrower) shall be entitled and empowered on behalf of the Lenders (but not obligated) by intervention in such proceeding or otherwise:
(1)to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, LC Disbursements and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Bank and the Administrative Agent (including any claim under Sections 2.11, 2.12, 2.14, 2.16 and 9.03) allowed in such judicial proceeding; and
95
			
	NAI-1534317048v16

(2)to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 
and any custodian, receiver, assignee, trustee, liquidator, sequestrator, judicial manager or other similar official in any such proceeding is hereby authorized by each Lender and the Issuing Bank to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders and the Issuing Bank, to pay to the Administrative Agent any amount due to it, in its capacity as the Administrative Agent, under the Loan Documents (including under Section 9.03).  Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or the Issuing Bank any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or the Issuing Bank or to authorize the Administrative Agent to vote in respect of the claim of any Lender or the Issuing Bank in any such proceeding.
(vii)The provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Bank, and, except solely to the extent of the Borrowers’ rights to consent pursuant to and subject to the conditions set forth in this Article, none of the Borrowers or any Subsidiary, or any of their respective Affiliates, shall have any rights as a third party beneficiary under any such provisions. Each Credit Party, whether or not a party hereto, will be deemed, by its acceptance of the benefits of the Guarantees of the Obligations provided under the Loan Documents, to have agreed to the provisions of this Article.
SECTION 1.0b  Administrative Agent’s Reliance, Indemnification, Etc.  
(i)Neither the Administrative Agent nor any of its Related Parties shall be (i) liable for any action taken or omitted to be taken by it under or in connection with this Agreement or the other Loan Documents (x) with the consent of or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith to be necessary, under the circumstances as provided in the Loan Documents) or (y) in the absence of its own gross negligence or willful misconduct (such absence to be presumed unless otherwise determined by a court of competent jurisdiction by a final and nonappealable judgment) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party to perform its obligations hereunder or thereunder.
(ii)The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof (stating that it is a “notice of default”) is given to the Administrative Agent by any Borrower, a Lender or an Issuing Bank, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document or the occurrence of any Default, (iv) the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent or satisfaction of any condition that expressly refers to the matters described therein being acceptable or satisfactory to the Administrative Agent. 
96
			
	NAI-1534317048v16

Notwithstanding anything herein to the contrary, the Administrative Agent shall not be liable for, or be responsible for any loss, cost or expense suffered by any Borrower, any Subsidiary, any Lender or the Issuing Bank as a result of, any determination of the Revolving Credit Exposure, any of the component amounts thereof or any portion thereof attributable to each Lender or the Issuing Bank, or any exchange rate or U.S. Dollar Equivalent.
(iii)Without limiting the foregoing, the Administrative Agent (i) may treat the payee of any promissory note as its holder until such promissory note has been assigned in accordance with Section 9.04, (ii) may rely on the Register to the extent set forth in Section 9.04(b), (iii) may consult with legal counsel (including counsel to the Company), independent public accountants and other experts selected by it, and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts, (iv) makes no warranty or representation to any Lender or the Issuing Bank and shall not be responsible to any Lender or the Issuing Bank for any statements, warranties or representations made by or on behalf of any Loan Party in connection with this Agreement or any other Loan Document, (v) in determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the Issuing Bank, may presume that such condition is satisfactory to such Lender or the Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or the Issuing Bank sufficiently in advance of the making of such Loan or the issuance of such Letter of Credit and (vi) shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon, any notice, consent, certificate or other instrument or writing (which writing may be a fax, any electronic message, Internet or intranet website posting or other distribution) or any statement made to it orally or by telephone and believed by it to be genuine and signed or sent or otherwise authenticated by the proper party or parties (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker thereof).
SECTION 1.0c  Posting of Communications.  
(i)Each Borrower agrees that the Administrative Agent may, but shall not be obligated to, make any Communications available to the Lenders and the Issuing Bank by posting the Communications on IntraLinksTM, DebtDomain, SyndTrak, ClearPar or any other electronic platform chosen by the Administrative Agent to be its electronic transmission system (the “Approved Electronic Platform”).
(ii)Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user ID/password authorization system) and the Approved Electronic Platform is secured through a per-deal authorization method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders, the Issuing Bank and the Borrowers acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are added to the Approved Electronic Platform, and that there are confidentiality and other risks associated with such distribution. Each of the Lenders, the Issuing Bank and the Borrowers hereby approves distribution of the Communications through the Approved Electronic Platform and understands and assumes the risks of such distribution.
(iii)THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”. THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE 
97
			
	NAI-1534317048v16

APPROVED ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY ARRANGER OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE PARTIES”) HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER, THE ISSUING BANK OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM.
“Communications” means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or the Issuing Bank by means of electronic communications pursuant to this Section, including through an Approved Electronic Platform.
(iv)Each Lender and the Issuing Bank agrees that notice to it (as provided in the next sentence) specifying that Communications have been posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents. Each Lender and the Issuing Bank agrees (i) to notify the Administrative Agent in writing (which could be in the form of electronic communication) from time to time of such Lender’s or the Issuing Bank’s (as applicable) email address to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such email address.
(v)Each of the Lenders, the Issuing Bank and the Borrowers agrees that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative Agent’s generally applicable document retention procedures and policies.
(vi)Nothing herein shall prejudice the right of the Administrative Agent, any Lender or the Issuing Bank to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document.
SECTION 1.0d  The Administrative Agent Individually.  With respect to its Commitment, Loans, LC Exposure and Letters of Credit, the Person serving as the Administrative Agent shall have and may exercise the same rights and powers hereunder and is subject to the same obligations and liabilities as and to the extent set forth herein for any other Lender. The terms “Issuing Bank”, “Lenders”, “Required Lenders” and any similar terms shall, unless the context clearly otherwise indicates, include the Administrative Agent in its individual capacity as a Lender, Issuing Bank or as one of the Required Lenders, as applicable. The Person serving as the Administrative Agent and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking, trust or other business with, the Borrowers, any Subsidiary or any Affiliate of any of the foregoing as if such Person was not acting as the Administrative Agent and without any duty to account therefor to the Lenders or the Issuing Bank.
98
			
	NAI-1534317048v16

SECTION 1.0e  Successor Administrative Agent. 
(i)The Administrative Agent may resign at any time by giving 30 days’ prior written notice thereof to the Lenders, the Issuing Bank and the Company, whether or not a successor Administrative Agent has been appointed. Upon any such resignation, the Required Lenders shall have the right to appoint a successor Administrative Agent. If no successor Administrative Agent shall have been so appointed by the Required Lenders, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent’s giving of notice of resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent, which shall be a bank with an office in New York, New York or an Affiliate of any such bank. In either case, such appointment shall be subject to the prior written approval of the Company (which approval may not be unreasonably withheld and shall not be required while an Event of Default has occurred and is continuing). Upon the acceptance of any appointment as Administrative Agent by a successor Administrative Agent, such successor Administrative Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring Administrative Agent. Upon the acceptance of appointment as Administrative Agent by a successor Administrative Agent, the retiring Administrative Agent shall be discharged from its duties and obligations under this Agreement and the other Loan Documents. Prior to any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the retiring Administrative Agent shall take such action as may be reasonably necessary to assign to the successor Administrative Agent its rights as Administrative Agent under the Loan Documents.
(ii)Notwithstanding paragraph (a) of this Section, in the event no successor Administrative Agent shall have been so appointed and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its intent to resign, the retiring Administrative Agent may give notice of the effectiveness of its resignation to the Lenders, the Issuing Bank and the Borrowers, whereupon, on the date of effectiveness of such resignation stated in such notice, (i) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (ii) the Required Lenders shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent; provided that (A) all payments required to be made hereunder or under any other Loan Document to the Administrative Agent for the account of any Person other than the Administrative Agent shall be made directly to such Person and (B) all notices and other communications required or contemplated to be given or made to the Administrative Agent shall directly be given or made to each Lender and the Issuing Bank. Following the effectiveness of the Administrative Agent’s resignation from its capacity as such, the provisions of this Article and Section 9.03, as well as any exculpatory, reimbursement and indemnification provisions set forth in any other Loan Document, shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent.
SECTION 1.0f  Acknowledgements of Lenders and Issuing Bank.  
(i)Each Lender represents that it is engaged in making, acquiring or holding commercial loans in the ordinary course of its business and that it has, independently and without reliance upon the Administrative Agent, any Sustainability Structuring Agent, any Arranger or any other Lender, or any of the Related Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder.  Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Sustainability Structuring Agent, any Arranger or any other Lender, or any of the Related Parties of any of the foregoing, and based on such documents and 
99
			
	NAI-1534317048v16

information (which may contain material, non-public information within the meaning of the United States securities laws concerning the Company and its Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.
(ii)Each Lender, by delivering its signature page to this Agreement on the Effective Date, or delivering its signature page to an Assignment and Assumption or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Effective Date.
(iii)(i) Each Lender  hereby agrees that (x) 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 (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”) were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB 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 (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, 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 Payments received, including without limitation any defense based on “discharge for value” or any similar doctrine.  A notice of the Administrative Agent to any Lender under this Section 8.06(c) shall be conclusive, absent manifest error.
(1)Each Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, 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 Payment (a “Payment Notice”) or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment.  Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may 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 Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.
100
			
	NAI-1534317048v16

(iii)    Each Borrower and each other Loan Party hereby agrees that (x) in the event an erroneous Payment (or portion thereof) are not recovered from any Lender that has received such 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 (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by any Borrower or any other Loan Party.
(iv)    Each party’s obligations under this Section 8.06(c) 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 Obligations under any Loan Document.
SECTION 1.0g  Certain ERISA Matters.  
(i)Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrowers or any other Loan Party, that at least one of the following is and will be true:
(1)such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments or this Agreement,
(2)the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, 
(3)(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or
101
			
	NAI-1534317048v16

(4)such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.
(ii)In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has not provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrowers or any other Loan Party, that none of the Administrative Agent or any Arranger is a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).
SECTION 1.0h  Cash Management Agreements and Hedge Agreements.  Except as otherwise expressly set forth herein, no Cash Management Bank or Hedge Bank that obtains the benefits of the remedies or the waterfall of Section 7.02 or the Guaranty by virtue of the provisions hereof or of the Guaranty shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article VIII to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Obligations arising under Cash Management Agreements and Hedge Agreements unless the Administrative Agent has received written notice of such Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be.
ARTICLE 9

MISCELLANEOUS
SECTION 1.0a  Notices.  (a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided for herein or under the other Loan Documents shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by electronic mail, as follows:
(1)if to any Borrower, c/o the Company at 250 Coromar Drive, Goleta, CA  93117 Attn:  Chief Financial Officer, with copies to each of the following: Chief Administrative Officer, Legal Department and Treasury Group (Email: steve.fasching@deckers.com; tom.garcia@deckers.com; chris.greco@deckers.com; treasurygroup@deckers.com); 

(2)if to the Administrative Agent, to Citibank, N.A., 388 Greenwich Street, New York, NY 10013, Attention Jonathan Wronski (Email: jonathan.wronski@citi.com); with a copy to Citibank, N.A., 6460 Las Colinas Blvd, MS CC1-40, Irving, TX 75039, Attention: Natasha A. Howell (Email:Natasha.A.Howell@citi.com);
102
			
	NAI-1534317048v16

(3)if to any other Lender or Issuing Bank, to it at its address set forth in its Administrative Questionnaire.
Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient).  Notices delivered through Approved Electronic Platforms, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).
(i)Notices and other communications to the Lenders hereunder and under the other Loan Documents may be delivered or furnished by using Approved Electronic Platforms pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender.  The Administrative Agent or any Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.
Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.
(ii)Any party hereto may change its address or e-mail address for notices and other communications hereunder by notice to the other parties hereto. 
SECTION 1.0b  Waivers; Amendments.  (a)  No failure or delay by the Administrative Agent, the Issuing Bank or any Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power.  The rights and remedies of the Administrative Agent, the Issuing Bank and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have.  No waiver of any provision of this Agreement or consent to any departure by any Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time.
(i)Subject to Section 2.13(b), Section 2.19(g), Section 2.21(e), Section 2.22(e) and Section 2.23 above and Section 9.02(c) below, neither this Agreement, any other Loan Document nor any provision hereof or thereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrowers and the Required Lenders or 
103
			
	NAI-1534317048v16

by the Borrowers and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby, (iv) change Section 2.08(c) or 2.17(b) or (c) in a manner that would alter the ratable reduction of Commitments or the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) change the payment waterfall provisions of Section 7.02 without the written consent of each Lender, (vi) change any of the provisions of this Section or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the  written consent of each Lender, (vii) release all or substantially all of the value of the Guaranty (other than in a transaction permitted under Section 6.03), without the written consent of each Lender, (viii) amend the definition of “Approved Currency” in order to add any additional currency thereto or to otherwise provide any Borrower with the ability to obtain Loans or Letters of Credit in any additional currencies, in each case without the written consent of each Lender and the Issuing Bank, or (ix) contractually subordinate with respect to payment any Obligations, without the written consent of each Lender; provided further that (x) no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent or the Issuing Bank hereunder or under any other Loan Document (including, in the case of the Issuing Bank, any Letter of Credit, letter of credit application or other agreement relating to such Issuing Bank’s LC Exposure) without the prior written consent of the Administrative Agent or the Issuing Bank, as the case may be and (y) the Fee Letter, each Cash Management Agreement and each Hedge Agreement may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto.  Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except as set forth in Section 2.20(b).
(ii)If the Administrative Agent and the Company acting together identify any ambiguity, omission, mistake, typographical error or other defect in any provision of this Agreement or any other Loan Document, then the Administrative Agent and the Company shall be permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error or other defect, and such amendment shall become effective without any further action or consent of any other party to this Agreement.
(iii)If, in connection with any proposed waiver, amendment or modification of any of the provisions of this Agreement as contemplated by clauses (i) through (viii) of Section 9.02(b), the consent of the Required Lenders is obtained but the consent of one or more of such other Lenders whose consent is required is not obtained, then the Company may, at its sole expense, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment) and shall grant its consent to the proposed waiver, amendment or modification; provided, that (i) the Company shall have received the prior written consent of the Administrative Agent (and if a Commitment is being assigned, the Issuing Bank), which consent shall not unreasonably be withheld or delayed, and (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Company (in the case of all other 
104
			
	NAI-1534317048v16

amounts); provided that, for the avoidance of doubt, any Lender being replaced under this Section shall not be required to make any effort with respect to finding a replacement Lender or otherwise obtaining a replacement Commitment.
SECTION 1.0c  Expenses; Indemnity; Damage Waiver.  (a) The Company shall pay (i) all reasonable and documented out of pocket expenses incurred by the Administrative Agent, each Sustainability Structuring Agent and their respective Affiliates, including the reasonable fees, charges and disbursements of one external counsel for the Administrative Agent and one local counsel in each reasonably necessary jurisdiction, in connection with the syndication of the credit facilities provided for herein, the preparation and administration of the Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Administrative Agent, the Issuing Bank or any Lender, including the fees, charges and disbursements of any counsel for the Administrative Agent, the Issuing Bank or any Lender, in connection with the enforcement or protection of its rights in connection with the Loan Documents, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during  any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.
(i)The Company shall indemnify the Administrative Agent, each Sustainability Structuring Agent, the Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the reasonable fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of 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 the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Company or any of its Subsidiaries, or any Environmental Liability related in any way to the Company 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 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 nonappealable judgment to have resulted from the gross negligence, bad faith or willful misconduct of such Indemnitee or (y) arise out of any claim, litigation, investigation or proceeding that does not involve an act or omission by any Borrower or any of their respective Affiliates and that is brought by another Indemnitee against such Indemnitee (other than any such claim, litigation, investigation or proceeding brought against the Administrative Agent (in its capacity as such) by any other Indemnitee).  This Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that represent losses or damages arising from any non-Tax claim.
(ii)Each Lender severally agrees to pay any amount required to be paid by the Company under paragraph (a) or (b) of this Section 9.03 to the Administrative Agent and the Issuing Bank, and each Related Party of any of the foregoing Persons (each, an “Agent Indemnitee”) (to the extent not reimbursed by the Borrowers and without limiting the obligation 
105
			
	NAI-1534317048v16

of any Borrower to do so), ratably according to their respective Applicable Percentage in effect on the date on which indemnification is sought under this Section (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such Applicable Percentage immediately prior to such date), from and against any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against such Agent Indemnitee in any way relating to or arising out of the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent Indemnitee under or in connection with any of the foregoing; 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 such Agent Indemnitee in its capacity as such; provided further that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from such Agent Indemnitee’s gross negligence or willful misconduct.  The agreements in this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.
(iii)To the extent permitted by applicable law none of the Company or any of its Subsidiaries shall, nor shall any Indemnitee assert, and each such Person party hereto hereby waives, any claim against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; provided that, nothing in this clause (d) shall relieve the Company or any of its Subsidiaries of any obligation such party may have to indemnify an Indemnitee against special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party.
(iv)All amounts due under this Section shall be payable promptly after written demand therefor.
SECTION 1.0d  Successors and Assigns.  (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that (i) the Borrowers may not assign or otherwise transfer any of their respective rights or obligations hereunder (other than as set forth in Section 6.03 hereunder with respect to assignments of obligations of Designated Borrowers to another Borrower) without the prior written consent of each Lender (and any attempted assignment or transfer by a Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section.  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b)(i)    Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Persons (other than an Ineligible Assignee) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment, participations in Letters of Credit and the Loans at the time owing to it) with the prior written 
106
			
	NAI-1534317048v16

consent (such consent not to be unreasonably withheld, it being understood and agreed that it shall be reasonable for the Company to withhold consent for an assignment to an assignee if such assignee is a Foreign Lender which would require the Borrowers to withhold amounts in respect of interest payments to such Foreign Lender) of:
(A)    Company, provided that no consent of the Company shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee, and provided further that the Company shall be deemed to have consented to an assignment unless it shall have objected thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof;
(B)    the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment of any Commitment to an assignee that is a Lender, an Affiliate of a Lender or an Approved Fund; and
(C)    the Issuing Bank.
As used herein, “Ineligible Assignee” means any Person that is a (a) natural person, (b) Defaulting Lender or its Lender Parent, (c) Borrower or an Affiliate of a Borrower or (d) holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof; provided that, such holding company, investment vehicle or trust shall not constitute an Ineligible Assignee if it (x) has not been established for the primary purpose of acquiring any Loans or Commitments, (y) is managed by a professional advisor, who is not such natural person or a relative thereof, having significant experience in the business of making or purchasing commercial loans, and (z) has assets greater than $25,000,000 and a significant part of its activities consist of making or purchasing commercial loans and similar extensions of credit in the ordinary course of its business; provided that upon the occurrence of an Event of Default, any Person (other than a Lender) shall be an Ineligible Assignee if after giving effect to any proposed assignment to such Person, such Person would hold more than 25% of the then outstanding Revolving Credit Exposure or Commitments, as the case may be.
(ii)    Assignments shall be subject to the following additional conditions:
(A)    except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Company and the Administrative Agent otherwise consent, provided that no such consent of the Company shall be required if an Event of Default has occurred and is continuing;
(B)    each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement, provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender’s rights and obligations in respect of its Commitments and Loans;
(C)    the parties to each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and Assumption or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and the parties to the 
107
			
	NAI-1534317048v16

Assignment and Assumption are participants, together with a processing and recordation fee of $3,500 payable by the assignor or the assignee;
(D)    the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrowers, the Loan Parties and their related parties or their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws; and
(E)    an assignment may, with respect to a Borrower incorporated in the Netherlands, only be made to a person who is a Professional Lender. For the purpose of this paragraph (E), “Professional Lender” means any person who does not form part of the public within the meaning of the Capital Requirements Regulation (EU) No. 575/2013.
For the purposes of this Section 9.04(b), the term “Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.
(iii)    Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.14, 2.15, 2.16 and 9.03); provided however, that no such assignment or transfer shall be deemed to be a waiver of any rights which a Borrower, the Administrative Agent or any other Lender shall have against such Lender.  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section.
(iv)    The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrowers, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount (and stated interest) of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive, and the Borrowers, the Administrative Agent, the Issuing Bank and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be available for inspection by the Borrowers, the Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice.
(v)    Upon its receipt of (x) a duly completed Assignment and Assumption executed by an assigning Lender and an assignee or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and the parties to the Assignment and 
108
			
	NAI-1534317048v16

Assumption are participants, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section 2.05(d) or (e), 2.06(b), 2.17(d) or 9.03(c), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon.  No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.
(c)    Any Lender may, without the consent of, or notice to, the Borrowers, the Administrative Agent or the Issuing Bank, sell participations to one or more banks or other entities (a “Participant”), other than an Ineligible Assignee, in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged; (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations; and (C) the Borrowers, the Administrative Agent, the Issuing Bank and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.  Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant.  Each of the Borrowers agrees that each Participant shall be entitled to the benefits of Sections 2.14, 2.15 and 2.16 (subject to the requirements and limitations therein, including the requirements under Sections 2.16(f) and (g) (it being understood that the documentation required under Section 2.16(f) shall be delivered to the participating Lender and the information and documentation required under Section 2.16(g) will be delivered to the Borrowers and the Administrative Agent) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Section 2.18 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Section 2.14 or 2.16, 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 Company’s request and expense, to use reasonable efforts to cooperate with the Company to effectuate the provisions of Section 2.18(b) with respect to any Participant.  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.17(c) as though it were a Lender.  Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under 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 
109
			
	NAI-1534317048v16

Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.
(d)  Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
SECTION 1.0e  Survival.  All covenants, agreements, representations and warranties made by the Loan Parties herein, in each other Loan Document and in the certificates or other instruments  delivered in connection with or pursuant to this Agreement or any other Loan Documents shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, the Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as any Obligations are outstanding and so long as the Commitments have not expired or terminated.  The provisions of Sections 2.14, 2.15, 2.16 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or thereof.
SECTION 1.0f  Counterparts; Integration; Effectiveness; Electronic Execution.  This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.  Delivery of an executed counterpart of a signature page of this Agreement by emailed pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement.  The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any  document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that nothing herein shall require the Administrative Agent to accept electronic signatures in any form or format without its prior written consent.
110
			
	NAI-1534317048v16

SECTION 1.0g  Severability.  Any provision of this Agreement or any other Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof or thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.
SECTION 1.0h  Right of Setoff.  If an Event of Default shall have occurred and be continuing and the Obligations shall have been accelerated, each Lender, the Issuing Bank, and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held, and other obligations at any time owing, by such Lender, the Issuing Bank or any such Affiliate, to or for the credit or the account of any Borrower against any and all of the obligations of such Borrower now or hereafter existing under this Agreement or any other Loan Document to such Lender or the Issuing Bank or their respective Affiliates, irrespective of whether or not such Lender, Issuing Bank or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of such Borrower may be contingent or unmatured or are owed to a branch office or Affiliate of such Lender or the Issuing Bank different from the branch office or Affiliate holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.20 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Bank, and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.  The rights of each Lender, the Issuing Bank and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, the Issuing Bank or their respective Affiliates may have.  Each Lender and the Issuing Bank agrees to notify the Borrowers and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application.
SECTION 1.0i  Governing Law; Jurisdiction; Consent to Service of Process.  (a) This Agreement and the other Loan Documents shall be construed in accordance with and governed by the law of the State of New York.
(i)Each party to this Agreement hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County, Borough of Manhattan and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court.  Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Agreement or any other Loan Document shall affect any right that the Secured Parties may otherwise have to bring any action or proceeding relating to this Agreement against any Borrower or its properties in the courts of any jurisdiction.
(ii)Each party to this Agreement hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or 
111
			
	NAI-1534317048v16

hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section.  Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.  Each Loan Party irrevocably waives, to the fullest extent permitted by applicable law, with respect to itself and its revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from suit, jurisdiction of any court, attachment of its assets (whether before or after judgment), and execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled in any proceedings in the courts of any jurisdiction (and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any immunity in any such proceedings).
(iii)Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.  Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.  Each Designated Borrower hereby irrevocably appoints the Company as its true and lawful attorney-in-fact (the “Service of Process Agent”) in its name, place and stead to accept service of any and all writs, summons and other legal process and any such enforcement proceeding brought in the State of New York of any enforcement proceeding may be made upon such Service of Process Agent and that it will take such action as necessary to continue such appointment in full force and effect or to appoint another such Service of Process Agent satisfactory to the Administrative Agent for service of process.  The Company hereby irrevocably accepts such appointment and agrees to serve in the capacity of Service of Process Agent.
SECTION 1.j  WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
SECTION 1.k  Headings.  Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.
SECTION 1.l  Confidentiality.  Each of the Administrative Agent, the Issuing Bank and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (i) to its and its Affiliates' directors, officers, employees and agents, including accountants, legal counsel and other advisors, in each case who have a need to know such Information in accordance with customary banking practices (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), (ii) to the extent requested by any Governmental Authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (iii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (iv) to any other party to this Agreement, (v) in connection with the exercise of any remedies hereunder or any suit, 
112
			
	NAI-1534317048v16

action or proceeding relating to this Agreement or the other Loan Documents or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement containing provisions substantially the same as those of this Section, to (A) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (B)  any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to any Borrower and its obligations, (vii) on a confidential basis to (1) any rating agency in connection with rating the Company or its Subsidiaries or the credit facilities provided for herein or (2) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of identification numbers with respect to the credit facilities provided for herein, (viii) with the consent of any Borrower or (ix) to the extent such Information (A) becomes publicly available other than as a result of a breach of this Section or (B) becomes available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis from a source other than a Borrower.  For the purposes of this Section, “Information” means all information received from the Borrowers relating to any Loan Party or its business, other than any such information that is available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by the Borrowers; provided that, in the case of information received from the Borrowers after the date hereof, such information is clearly identified at the time of delivery as confidential.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.
SECTION 1.m  Material Non-Public Information.  
(a)    EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12 FURNISHED TO IT PURSUANT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWERS AND THEIR RESPECTIVE RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.
(b)    ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWERS OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT ANY BORROWER, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES.  ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWERS AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.
SECTION 1.n  Interest Rate Limitation.  Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (including without limitation the Criminal Code (Canada)) (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, 
113
			
	NAI-1534317048v16

received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the NYFRB Rate to the date of repayment, shall have been received by such Lender.
SECTION 1.o  No Fiduciary Duty, etc.  The Borrowers acknowledge and agree, and acknowledge their subsidiaries’ understanding, that no Credit Party will have any obligations except those obligations expressly set forth herein and in the other Loan Documents and each Credit Party is acting solely in the capacity of an arm’s length contractual counterparty to the Borrowers with respect to the Loan Documents and the transaction contemplated therein and not as a financial advisor or a fiduciary to, or an agent of, the Borrowers or any other person.  The Borrowers agree that they will not assert any claim against any Credit Party based on an alleged breach of fiduciary duty by such Credit Party in connection with this Agreement and the transactions contemplated hereby.  Additionally, the Borrowers acknowledge and agree that no Credit Party is advising the Borrowers as to any legal, tax, investment, accounting, regulatory or any other matters in any jurisdiction.  The Borrowers shall consult with their own advisors concerning such matters and shall be responsible for making their own independent investigation and appraisal of the transactions contemplated hereby, and the Credit Parties shall have no responsibility or liability to the Borrowers with respect thereto.
The Borrowers further acknowledge and agree, and acknowledge their subsidiaries’ understanding, that each Credit Party, together with its Affiliates, is a full service securities or banking firm engaged in securities trading and brokerage activities as well as providing investment banking and other financial services.  In the ordinary course of business, any Credit Party may provide investment banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of, the Borrowers and other companies with which the Borrowers may have commercial or other relationships.  With respect to any securities and/or financial instruments so held by any Credit Party or any of its customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion.
In addition, the Borrowers acknowledge and agree, and acknowledge their subsidiaries’ understanding, that each Credit Party and its affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which the Borrowers may have conflicting interests regarding the transactions described herein and otherwise.  No Credit Party will use confidential information obtained from the Borrowers by virtue of the transactions contemplated by the Loan Documents or its other relationships with the Borrowers in connection with the performance by such Credit Party of services for other companies, and no Credit Party will furnish any such information to other companies.  The Borrowers also acknowledge that no Credit Party has any obligation to use in connection with the transactions contemplated by the Loan Documents, or to furnish to the Borrowers, confidential information obtained from other companies.
SECTION 1.p  USA PATRIOT Act.  Each Lender that is subject to the requirements of the USA PATRIOT Act of 2001 (the “Patriot Act”) hereby notifies the Borrowers that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrowers, which information includes the name and address of the Borrowers and other information that will allow such Lender to identify the Borrowers in accordance with the Patriot Act.
114
			
	NAI-1534317048v16

SECTION 1.q  Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(iv)the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and
(v)the effects of any Bail-In Action on any such liability, including, if applicable:
(1)a reduction in full or in part or cancellation of any such liability;
(2)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(3)the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.
SECTION 1.r  Acknowledgement Regarding Any Supported QFCs.  To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC a “Supported QFC”), the parties 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):
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 
115
			
	NAI-1534317048v16

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.
SECTION 1.s  Anti-Money Laundering.  Each Loan Party acknowledges that, pursuant to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) and other applicable anti-money laundering, anti-terrorist financing, government sanction and “know your client” Laws, whether within Canada or elsewhere (collectively, including any guidelines or orders thereunder, “AML Legislation”), the Lenders and the Administrative Agent may be required to obtain, verify and record information regarding each Loan Party, their respective directors, authorized signing officers, direct or indirect shareholders or other Persons in control of any Loan Party, and the transactions contemplated hereby. Each Loan Party shall promptly provide all such information, including supporting documentation and other evidence, as may be reasonably requested by any Lender or the Administrative Agent, or any prospective assign or participant of a Lender or the Administrative Agent, in order to comply with any applicable AML Legislation, whether now or hereafter in existence.
SECTION 1.t  Judgment Currency.  If for the purposes of obtaining judgment in any court it is necessary to convert a sum due from any Borrower hereunder in the currency expressed to be payable herein (the “Specified Currency”) into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the Specified Currency with such other currency at the Administrative Agent’s New York office on the Business Day preceding that on which final judgment is given.  The obligations of each Borrower in respect of any sum due to any Lender, the Issuing Bank or the Administrative Agent hereunder shall, notwithstanding any judgment in a currency other than the Specified Currency, be discharged only to the extent that on the Business Day following receipt by such Lender, the Issuing Bank or the Administrative Agent (as the case may be) of any sum adjudged to be so due in such other currency such Lender or the Administrative Agent (as the case may be) may in accordance with normal banking procedures purchase the Specified Currency with such other currency.  If the amount of the Specified Currency so purchased is less than the sum originally due to such Lender, the Issuing Bank or the Administrative Agent, as the case may be, in the Specified Currency, the applicable Borrower agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify such Lender, the Issuing Bank or the Administrative Agent, as the case may be, against such loss.  If the amount of the Specified Currency so purchased is greater than the sum originally due to such Lender, the Issuing Bank or the Administrative Agent, as the case may be, in the Specified Currency, the applicable Lender, the Issuing Bank or the Administrative Agent, as the case may be, agrees to return the amount of any such excess to the applicable Borrower (or to any other Person who may be entitled thereto under applicable law). This indemnity shall constitute an obligation separate and independent from the other obligations contained in this Agreement and the other Loan Documents, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by the Administrative Agent from time to time and shall continue in full force and effect notwithstanding any judgment or order for a liquidated sum in respect of an amount due under this Agreement or any other Loan Document or under any judgment or order.
[rest of page intentionally left blank]

116
			
	NAI-1534317048v16

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.
DECKERS OUTDOOR CORPORATION, as the Company

By /s/ Steven J. Fasching              
Name: Steven J. Fasching
Title: Chief Financial Officer

DECKERS EUROPE LIMITED, as a Designated Borrower

By /s/ Alex Henderson                  
Name: Alex Henderson
Title: Director

DECKERS UK LTD, as a Designated Borrower

By /s/ Alex Henderson                  
Name: Alex Henderson
Title: Director

DECKERS BENELUX B.V., as a Designated Borrower

By /s/ Alex Henderson                  
Name: Alex Henderson
Title: Director A

By /s/ Paul Bollen                         
Name: Paul Bollen
Title: Director B

DECKERS OUTDOOR CANADA ULC, as a Designated Borrower

By /s/ Alex Henderson                  
Name: Alex Henderson
Title: Director

[Signature Page to Credit Agreement]
			
	NAI-1534317048v16

DECKERS OUTDOOR INTERNATIONAL LIMITED, as a Designated Borrower

By /s/ Andrew Pitter                    
Name: Andrew Pitter
Title: Director

DECKERS COROMAR, LLC, as a Designated Borrower

By /s/ Steven J. Fasching              
Name: Steven J. Fasching
Title: President

DBRANDS SGP PTE. LTD., as a Designated Borrower

By /s/ Andrew Pitter                     
Name: Andrew Pitter
Title: Director

[Signature Page to Credit Agreement]
			
	NAI-1534317048v16

CITIBANK, N.A., as a Lender, as an Issuing Bank and as Administrative Agent

By /s/ Jonathan Eng                      
Name: Jonathan Eng
Title: Director

[Signature Page to Credit Agreement]
			
	NAI-1534317048v16

Comerica Bank, as a Lender

By /s/ Anita Chan                       
Name: Anita Chan
Title: Vice President

[Signature Page to Credit Agreement]
			
	NAI-1534317048v16

HSBC Bank USA N.A., as a Lender

By /s/ Kevin Toda                       
Name: Kevin Toda
Title: Senior Vice President

[Signature Page to Credit Agreement]
			
	NAI-1534317048v16

BANK OF AMERICA, N.A., as a Lender

By /s/ David Barney                        
Name: David Barney
Title: Senior Vice President

[Signature Page to Credit Agreement]
			
	NAI-1534317048v16

Wells Fargo Bank, N.A., as a Lender

By /s/ Michael Bruggeman                 
Name: Michael Bruggeman
Title: Vice President

[Signature Page to Credit Agreement]
			
	NAI-1534317048v16

Bank of the West, as a Lender

By /s/ Tom Mortensen                     
Name: Tom Mortensen
Title: Vice President

[Signature Page to Credit Agreement]
			
	NAI-1534317048v16

The Huntington National Bank, as a Lender

By /s/ Mike Kelly                         
Name: Mike Kelly
Title: V.P.

[Signature Page to Credit Agreement]
			
	NAI-1534317048v16agco-arcreditagreementxf

EXECUTION COPY  \\4157-1107-4114  v16  AMENDED AND RESTATED CREDIT AGREEMENT  dated as of December 19, 2022  by and among  AGCO CORPORATION  and  CERTAIN SUBSIDIARIES NAMED HEREIN,  as Borrowers,  THE LENDERS NAMED HEREIN,  as Lenders,  and  COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,  as Administrative Agent  ________________________________________________________________  JPMORGAN CHASE BANK, N.A.,   as Syndication Agent,  MUFG BANK, LTD., TRUIST BANK, COMPEER FINANCIAL, PCA, BNP PARIBAS,  NEW YORK BRANCH, BANK OF THE WEST, PNC BANK NATIONAL  ASSOCIATION, TD BANK, N.A., BANK OF AMERICA, N.A., FARM CREDIT BANK  OF TEXAS, AND HSBC BANK USA, NATIONAL ASSOCIATION  as Co-Documentation Agents,  COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, JPMORGAN CHASE  BANK, N.A., MUFG BANK, LTD., TRUIST SECURITIES, INC., BNP PARIBAS, NEW  YORK BRANCH, BANK OF THE WEST, PNC BANK NATIONAL ASSOCIATION, TD  BANK, N.A., AND BANK OF AMERICA, N.A.  as Joint Lead Arrangers,  and  COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, JPMORGAN CHASE  BANK, N.A., MUFG BANK, LTD., TRUIST BANK, BNP PARIBAS, NEW YORK  BRANCH,   as Joint Bookrunners  

 

TABLE OF CONTENTS  Page  i  \\4157-1107-4114  v16  ARTICLE 1 ACCOUNTING TERMS ....................................................................................... 5 1.1. Certain Defined Terms .................................................................................................... 5 1.2. Computation of Time Periods ....................................................................................... 46 1.3. Accounting Terms; Applicable Margin Ratings ........................................................... 46 1.4. Currency Equivalents .................................................................................................... 46 1.5. Construction .................................................................................................................. 47 1.6. Dutch Terms .................................................................................................................. 47 1.7. Divisions ........................................................................................................................ 48 ARTICLE 2 AMOUNTS AND TERMS OF THE LOANS AND THE LETTERS OF  CREDIT ................................................................................................................. 48 2.1. Credit Facilities ............................................................................................................. 48 2.2. Making the Loans. ......................................................................................................... 50 2.3. Reduction of the Commitments ..................................................................................... 54 2.4. Repayments. .................................................................................................................. 54 2.5. Interest. .......................................................................................................................... 56 2.6. Fees. ............................................................................................................................... 57 2.7. Conversion and Designation of Interest Periods. .......................................................... 58 2.8. Payments and Computations. ........................................................................................ 59 2.9. Sharing of Payments, Etc .............................................................................................. 61 2.10. Letters of Credit ............................................................................................................ 62 2.11. Defaulting Lenders ........................................................................................................ 66 2.12. Borrower Liability ......................................................................................................... 70 2.13. Designated Borrowers. .................................................................................................. 70 2.14. Incremental Facilities .................................................................................................... 72 2.15. Extension of Maturity Date. .......................................................................................... 74 ARTICLE 3 CONDITIONS PRECEDENT ............................................................................. 76 3.1. Conditions Precedent to Agreement Date ..................................................................... 76 3.2. Conditions Precedent to Each Borrowing and Issuance ................................................ 78 3.3. Determinations Under Section 3.1 ................................................................................ 78 ARTICLE 4 REPRESENTATIONS AND WARRANTIES ................................................... 79 4.1. Representations and Warranties of the Borrowers ........................................................ 79 4.2. Survival of Representations and Warranties, Etc .......................................................... 83 ARTICLE 5 AFFIRMATIVE COVENANTS ......................................................................... 84 5.1. Reporting Requirements ................................................................................................ 84 5.2. Notices ........................................................................................................................... 85 5.3. Compliance with Laws, Etc .......................................................................................... 85 5.4. Preservation of Existence, Etc ....................................................................................... 86 5.5. Payment of Taxes and Claims ....................................................................................... 86 5.6. Maintenance of Insurance ............................................................................................. 86 5.7. Visitation Rights ............................................................................................................ 86 5.8. Accounting Methods ..................................................................................................... 86 5.9. Maintenance of Properties, Etc ..................................................................................... 87 

 

TABLE OF CONTENTS  (continued) Page  ii  \\4157-1107-4114  v16  5.10. Further Assurances ........................................................................................................ 87 5.11. Additional Domestic Subsidiaries ................................................................................. 87 5.12. Use of Proceeds ............................................................................................................. 87 ARTICLE 6 NEGATIVE COVENANTS ................................................................................. 87 6.1. Indebtedness .................................................................................................................. 88 6.2. Liens, Etc ....................................................................................................................... 88 6.3. Restricted Payments ...................................................................................................... 88 6.4. Fundamental Changes, Etc ............................................................................................ 89 6.5. Sales of Assets ............................................................................................................... 89 6.6. Affiliate Transactions .................................................................................................... 90 6.7. Amendments .................................................................................................................. 90 6.8. Restrictions on Subsidiaries .......................................................................................... 90 6.9. Reserved. ....................................................................................................................... 91 6.10. Financial Covenants. ..................................................................................................... 91 6.11. Anti-Terrorism Laws ..................................................................................................... 91 ARTICLE 7 EVENTS OF DEFAULT ...................................................................................... 91 7.1. Events of Default ........................................................................................................... 91 7.2. Remedies ....................................................................................................................... 94 7.3. Actions in Respect of the Letters of Credit ................................................................... 95 7.4. Application of Payments ............................................................................................... 95 ARTICLE 8 THE ADMINISTRATIVE AGENT .................................................................... 96 8.1. Authorization and Action .............................................................................................. 96 8.2. Administrative Agent's Reliance, Etc ............................................................................ 97 8.3. Administrative Agent, in its Individual Capacity and Affiliates ................................... 99 8.4. Lender Credit Decision ................................................................................................. 99 8.5. Notice of Default or Event of Default ......................................................................... 100 8.6. Indemnification ........................................................................................................... 100 8.7. Successor Administrative Agent ................................................................................. 101 8.8. Administrative Agent May File Proofs of Claim ........................................................ 101 8.9. Release of Guaranties .................................................................................................. 101 8.10. Other Agent Titles ....................................................................................................... 102 8.11. Erroneous Payments .................................................................................................... 102 ARTICLE 9 MISCELLANEOUS ........................................................................................... 105 9.1. Amendments, Etc ........................................................................................................ 105 9.2. Notices, Etc ................................................................................................................. 106 9.3. No Waiver ................................................................................................................... 109 9.4. Costs and Expenses. .................................................................................................... 109 9.5. Right of Set-off ............................................................................................................ 110 9.6. Assignments and Participations. ................................................................................. 111 9.7. Marshalling; Payments Set Aside ............................................................................... 116 9.8. Patriot Act ................................................................................................................... 117 

 

TABLE OF CONTENTS  (continued) Page  iii  \\4157-1107-4114  v16  ARTICLE 10 INCREASED COSTS, TAXES, ETC. ............................................................ 117 10.1. Increased Costs, Alternate Rate of Interest, Illegality, Benchmark Replacement Setting. 117 10.2. Breakage Costs ............................................................................................................ 123 10.3. Judgment Currency ..................................................................................................... 124 10.4. Taxes ........................................................................................................................... 124 10.5. Mitigation; Replacement of a Lender .......................................................................... 128 ARTICLE 11 JURISDICTION ............................................................................................... 130 11.1. Consent to Jurisdiction ................................................................................................ 130 11.2. Governing Law ............................................................................................................ 131 11.3. Counterparts; Integration; Effectiveness; Electronic Execution ................................. 131 11.4. No Liability of the Issuing Banks ............................................................................... 131 11.5. Waiver of Jury Trial .................................................................................................... 132 11.6. Acknowledgement and Consent to Bail-In of Affected Financial Institutions ........... 132 11.7. Certain ERISA Matters ............................................................................................... 133 ARTICLE 12 CONFIDENTIALITY ...................................................................................... 134 ARTICLE 13 ACKNOWLEDGEMENT REGARDING ANY  SUPPORTED QFCS ......................................................................................... 135 SCHEDULES AND EXHIBITS  Schedule G  Guarantors  Schedule 4.1(b) Subsidiaries; Material Subsidiaries  Schedule 4.1(t) Sanctions Disclosure  Schedule 6.1  Existing Indebtedness  Schedule 9.6  Voting Participants  Exhibit A Form of Assignment and Assumption  Exhibit B Form of Notice of Borrowing   Exhibit C Form of Designated Borrower Request and Assumption Agreement  Exhibit D From of Designated Borrower Notice  Exhibit E Form of Notice of Incremental Facility  

 

4  \\4157-1107-4114  v16  CREDIT AGREEMENT  This AMENDED AND RESTATED CREDIT AGREEMENT, dated as of  December 19, 2022, by and among AGCO CORPORATION, a Delaware corporation  ("AGCO"), AGCO INTERNATIONAL HOLDINGS B.V., a Dutch company, having  its corporate seat in Grubbenvorst, the Kingdom of the Netherlands ("AGCO BV"; and  together with AGCO, each are referred to herein collectively as the "Initial Borrowers"  and individually as an "Initial Borrower"); the Lenders party hereto; and  COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as Administrative  Agent.  WITNESSETH:  WHEREAS, the Initial Borrowers, the Prior Lenders, and the Administrative  Agent are party to the Credit Agreement, dated as of October 17, 2018 (the "Prior Credit  Agreement");  WHEREAS, immediately prior to the effectiveness of this Agreement the  Borrowers repaid all outstanding loans under the Prior Credit Agreement;  WHEREAS, Standard Chartered Bank acknowledged and agreed in the Payoff  Letter that it was released as party to the Prior Credit Agreement immediately prior to the  effectiveness of this Agreement;   WHEREAS, at the request of AGCO and each other Initial Borrower, the  Administrative Agent, the Issuing Banks and the Lenders have agreed to extend the credit  provided for hereunder;    WHEREAS, AGCO and each other Initial Borrower operate related businesses,  each being integral to the other;    WHEREAS, AGCO and each other Initial Borrower acknowledge that the credit  facility provided hereby is and will be of direct interest, benefit and advantage to each of  them, and will enable them to achieve synergy and economies of scale;    WHEREAS, the Initial Borrowers, the Prior Lenders, and the Administrative  Agent desire to amend and restate the Prior Credit Agreement on the terms set forth  herein;   WHEREAS, the New Lenders desire to become party to this Agreement as  Lenders;  WHEREAS, the Initial Borrowers, the Prior Lenders, and the Administrative  Agent agree that, by their signature to this Agreement, the New Lenders shall become  party to this Agreement as Lenders; and  NOW, THEREFORE, in consideration of the foregoing and other good and  valuable consideration, (x) the New Lenders agree that they are Lenders hereunder and  

 

5  \\4157-1107-4114  v16  agree as follows and (y) the parties to the Prior Credit Agreement hereby agree that the  New Lenders shall become party to this Agreement as Lenders and that the Prior Credit  Agreement is hereby amended and restated to read as follows (including, for the  avoidance of doubt, that the New Lenders shall be party hereto as Lenders):  ARTICLE 1  ACCOUNTING TERMS  1.1. Certain Defined Terms.  As used in this Agreement, the following terms  shall have the following meanings (such meanings to be equally applicable to both the  singular and plural forms of the terms defined):  "Additional Commitment Lender" has the meaning set forth in Section 2.15.  "Additional Lender" has the meaning specified in Section 2.14(d).  "Adjusted Unused Revolving Loan Commitment" means, as of any date of  determination,  (a) with respect to any Multicurrency Revolving Tranche Loan  Lender, such Multicurrency Revolving Tranche Loan Lender's Multicurrency Revolving  Tranche Loan Commitment, minus the Equivalent Amount in U.S. Dollars of the sum of:  (i) the aggregate principal amount of all Multicurrency  Revolving Tranche Loans made by such Multicurrency Revolving Tranche Loan Lender  (excluding, for the avoidance of doubt, any Swing Line Loans then outstanding), and   (ii) the sum of such Multicurrency Revolving Tranche Loan  Lender's Pro Rata Share of (x) the aggregate Available Amount of all Letters of Credit  issued for the account of any Borrower and outstanding on such date, and (y) the  aggregate principal amount of all Letter of Credit Advances outstanding on such date in  respect of Letters of Credit issued for the account of any Borrower; and  (b) with respect to any USD Revolving Tranche Loan Lender,   (i) such USD Revolving Tranche Loan Lender's USD  Revolving Tranche Loan Commitment, minus (ii) the aggregate principal amount of all outstanding USD  Revolving Tranche Loans made by such USD Revolving Tranche Loan Lender.  "Administrative Agent" means Rabobank in its capacity as administrative agent  for the Lenders under this Agreement and the other Loan Documents and its successors in  such capacity.  "Administrative Agent's Account" means:  

 

6  \\4157-1107-4114  v16  (a) for U.S. Dollars, the account of the Administrative Agent with  JPMorgan Chase Bank N.A., ABA # 021000021, For the Account of: Rabobank, New  York Branch, Account No. 400-212307, For Further Credit to: AGCO Corporation,  Reference:  Loan Synd./ CIF#7758, Attention: Agency; or  (b) for Euros, the account of the Administrative Agent maintained  with Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., "Rabobank Nederland",  Utrecht Branch, The Netherlands, Swift # RABONL2U, For the Account of:  Rabobank,  New York Branch (RABOUS33), Account No. 390817333, IBAN:  NL21RABO0390817333 Reference:  AGCO Corporation.  "Administrative Questionnaire" means an Administrative Questionnaire  delivered by each Lender in a form supplied by Administrative Agent.  "Affected Financial Institution" means (a) any EEA Financial Institution or (b)  any UK Financial Institution.  "Affected Lender" has the meaning specified in Section 10.5.  "Affiliate" means, as to any Person, any other Person that, directly or indirectly,  controls, is controlled by or is under common control with such Person or is a director,  officer or partner of such Person.  For purposes of this definition, the term "control"  (including the terms "controlling," "controlled by" and "under common control with") of  a Person means the power, directly or indirectly, to direct or cause the direction of the  management and policies of such Person, whether through the ownership of Equity  Interests, by contract or otherwise.  "AGCO" has the meaning specified in the introductory paragraph of this  Agreement.  "AGCO BV" has the meaning specified in the introductory paragraph of this  Agreement.  "AGCO-Distribution" means, AGCO-RM (Distribution) Holding BV, a Besloten  Vennootschap organized under the laws of the Kingdom of the Netherlands.  "AGCO-Manufacturing" means, AGCO-RM (Manufacturing) Holding BV, a  Besloten Vennootschap organized under the laws of the Kingdom of the Netherlands.  "Agreed Alternative Currency" means any currency (except U.S. Dollars and  Euros) provided (a) AGCO requests, by notice to the Administrative Agent, that such  currency be included as an Agreed Alternative Currency for purposes of this Agreement,  (b) such currency is freely transferable and is freely convertible into U.S. Dollars in the  London foreign exchange market, (c) deposits in such currency are customarily offered to  banks in the London interbank market and (d) every Lender, by notice to the  Administrative Agent, approves the inclusion of such currency as an additional Agreed  Alternative Currency for purposes hereof.  The Lender's approval of any currency as an  

 

7  \\4157-1107-4114  v16  Agreed Alternative Currency may be limited to a specified maximum US$ Equivalent  Amount or a specified period of time or both.   "Agreed Alternative Currency Loan" means a Loan denominated in an Agreed  Alternative Currency.   "Agreement" means this Credit Agreement, as modified, supplemented, amended,  restated (including any amendment and restatement hereof), extended or renewed from  time to time.  "Agreement Date" means the date on which the conditions set forth in Sections  3.1 and 3.2 are satisfied (or waived in accordance with this Agreement).  "Anti-Corruption Laws" means the laws, rules, and regulations of the  jurisdictions applicable to any Loan Party or its Subsidiaries from time to time  concerning or relating to bribery or corruption, including the U.S. Foreign Corrupt  Practices Act of 1977, as amended.  "Anti-Terrorism Laws" means any laws, regulations or orders of any  Governmental Authority of the United States, United Kingdom, European Union, or the  Kingdom of the Netherlands relating to terrorism financing, embargoes or other  sanctions, or money laundering, including, but not limited to, the International  Emergency Economic Powers Act (50 U.S.C. § 1701 et seq.), the Trading With the  Enemy Act (50 U.S.C. § 5 et seq.), the International Security Development and  Cooperation Act (22 U.S.C. § 2349aa-9 et seq.), the Executive Order No. 13224 on  Terrorist Financing, effective September 24, 2001, the Uniting and Strengthening  America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism  Act of 2001, Public Law 107-56 (the "USA Patriot Act"), and any rules or regulations  promulgated pursuant to or under the authority of any of the foregoing.  "Applicable Accounting Standards" means, as of the date of this Agreement,  GAAP; provided, however, that AGCO may, upon not less than sixty (60) days prior  written notice to the Administrative Agent, change to IFRS; provided, however, (a) such  notice of its change to IFRS shall be accompanied by a description in reasonable detail of  any material variation between the application of accounting principles under GAAP and  the application of accounting principles under IFRS in calculating the financial covenants  under Section 6.10 hereof and the reasonable estimates of the difference between such  calculations arising as a consequence thereof, and (b) if such change is deemed by the  Administrative Agent to be material or detrimental to the Lenders, such change shall not  be effective for purposes of calculating the financial covenants hereunder until AGCO  and the Required Lenders have agreed upon amendments to the financial covenants  contained herein to reflect any change in such basis.  "Applicable Law" means, in respect of any Person, all provisions of constitutions,  treaties, laws, statutes, rules, regulations, guidelines, permits and orders of a  Governmental Authority applicable to such Person, and all orders and decrees of all  

 

8  \\4157-1107-4114  v16  courts and arbitrators in proceedings or actions to which the Person in question is a party  or by which it is bound.  "Applicable Margin" means, as of any date of determination, the per annum  interest rate margin from time to time in effect and payable, set forth in the table below  with respect to the Revolving Loans and Unused Revolver Fee, which in each case  corresponds to the ratings level (the "Ratings Level") determined by reference to the  Ratings on such date, subject to the terms below:  REVOLVING LOANS AND UNUSED REVOLVER FEE  Level Ratings  Applicable  Margin for  Non-Base  Rate Loans  Applicable  Margin  for Base  Rate  Loans  Applicable  Margin for  Unused  Revolver Fee  I BBB+ / Baa1  (or better) 0.875% 0.00% 0.100%  II BBB / Baa2 1.125% 0.125% 0.125% III BBB- / Baa3 1.250% 0.250% 0.150% IV BB+ / Ba1 1.625% 0.625% 0.200% V BB / Ba2  (or worse or  unrated) 1.875% 0.875% 0.300%  For purposes of the foregoing, (a) (i) if the applicable Ratings established by Moody's  and S&P are at different Ratings Levels but correspond to consecutive Ratings Levels,  then the Ratings Level will be based on the higher (with the Rating for Level I being the  highest and Level V being the lowest) applicable Rating (e.g., if Moody's applicable  Rating corresponds to Level I and S&P's applicable Rating corresponds to Level II, then  the Ratings Level will be Level I), and (ii) if the applicable Ratings established by  Moody's and S&P are more than one Ratings Level apart, then the Ratings Level will be  based on the Rating which is one level below the higher of the two Ratings (e.g., if  Moody's and S&P's applicable Ratings correspond to Levels I and IV, respectively, then  the Ratings Level will be Level II), (b) in the event that either S&P or Moody's (but not  both) shall no longer issue a Rating, the Ratings Level shall be determined by the  remaining Rating, and (c) in the event that neither S&P nor Moody's issues a Rating,  unless and until the date, if any, that AGCO and the Required Lenders agree on a  different arrangement, the existing Ratings Level shall continue in effect for the 30-day  period immediately following such event, and subsequent to such period the Ratings  Level shall be Level V.  Each change in the Applicable Margin resulting from a publicly  announced change in the Ratings Level 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 such change.  Notwithstanding the foregoing, (a)  the Applicable Margin shall be at Level V at the election of the Administrative Agent or  

 

9  \\4157-1107-4114  v16  the Required Lenders, upon the occurrence and during the continuation of any Event of  Default (whether or not the Default Rate of interest shall then be in effect) and (b) the  Applicable Margin for Incremental Term Loans shall be the interest rate margin per  annum governing such Tranche of Incremental Term Loans as set forth in the related  Notice of Incremental Facility, subject to Section 2.14 hereof.  This provision shall not  limit the rights of the Administrative Agent and the Lenders with respect to Section  2.5(c) and Article 7.  "Applicant Borrower" has the meaning specified in Section 2.13.  "Approved 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 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, accepted by the Administrative Agent, and in  accordance with Section 9.6 and in substantially the form of Exhibit A hereto.  "Authorized Financial Officer" of a Person means the Chief Financial Officer,  the Treasurer, the Assistant Treasurer, the Controller or such other senior officer of such  Person holding an equivalent position.  "Available Amount" of any Letter of Credit means, at any time, the maximum  amount available to be drawn under such Letter of Credit at such time (assuming  compliance at such time with all conditions to drawing).  "Available Tenor" means, as of any date of determination and with respect to the  then-current Benchmark, as applicable, (x) if such Benchmark is a term rate, any tenor  for such Benchmark (or component thereof) that is or may be used for determining the  length of an interest period pursuant to this Agreement or (y) otherwise, any payment  period for interest calculated with reference to such Benchmark (or component thereof)  that is or may be used for determining any frequency of making payments of interest  calculated with reference to such Benchmark, in each case, 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 Section 10.1(h)(iii)(E).  "Bail-In Action" means the exercise of any Write-Down and Conversion Powers  by the applicable Resolution Authority in respect of any liability of an Affected Financial  Institution.  "Bail-In Legislation" means, (a) with respect to any EEA Member Country  implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the  Council of the European Union, the implementing law, regulation, rule or requirement for  such EEA Member Country from time to time which is described in the EU Bail-In  Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United  Kingdom Banking Act 2009 (as amended from time to time) and any other law,  

 

10  \\4157-1107-4114  v16  regulation or rule applicable in the United Kingdom relating to the resolution of unsound  or failing banks, investment firms or other financial institutions or their affiliates (other  than through liquidation, administration or other insolvency proceedings).  "Bankruptcy Code" means the Bankruptcy Code in Title 11 of the United States  Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit  of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or  similar debtor relief laws of any state or political subdivision thereof from time to time in  effect.  "Base Rate" means, at any time, (a) with respect to any Loans denominated in  Offshore Currency, the Rabobank Cost of Funds Rate, and (b) with respect to any Loans  denominated in U.S. Dollars, the highest of (i) the Prime Rate at such time, (ii) 1/2 of 1%  in excess of the Federal Funds Effective Rate at such time, and (iii) Term SOFR for a  one-month tenor in effect at such time plus 1.0%; provided that in no event shall the  Base Rate as so determined be less than 1.0%.  For the purposes of this definition, Term  SOFR shall be determined using Term SOFR as otherwise determined by Administrative  Agent in accordance with the definition of Term SOFR, except that (x) if a given day is a  U.S. Government Securities Business Day, such determination shall be made on such day  (rather than two Business Days prior to the commencement of an Interest Period) or (y) if  a given day is not a Business Day, Term SOFR for such day shall be the rate determined  by Administrative Agent pursuant to preceding clause (x) for the most recent Business  Day preceding such day.  Any change in the Base Rate due to a change in the Rabobank  Cost of Funds Rate, the Prime Rate, the Federal Funds Effective Rate or such Term  SOFR shall be effective as of the opening of business on the day of such change in the  Rabobank Cost of Funds Rate, the Prime Rate, the Federal Funds Effective Rate or such  Term SOFR, respectively.  If the Base Rate is being used as an alternate rate of interest  pursuant to Section 10.1(e) or Section 10.1(f), then the Base Rate shall be determined  without reference to clause  (iii) above.   "Base Rate Loan" means any USD Loan (or, solely to the extent required by  Section 10.1(f)(ii), any Offshore Currency Loan) hereunder that bears interest based on  the Base Rate plus the Applicable Margin in effect from time to time with respect to the  Loans accruing at the Base Rate.  "Base Rate Term SOFR Determination Day" has the meaning specified in the  definition of "Term SOFR".  "Benchmark" means, initially, with respect to (x) SOFR Loans, the Term SOFR  Reference Rate and (y) Offshore Currency Loans, the Non-Base Rate Benchmark  applicable thereto; provided that if a Benchmark Transition Event has occurred with  respect to 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 Section 10.1(h).   "Benchmark Replacement" means with respect to any Benchmark Transition  Event, the sum of: (a) the alternate benchmark rate that has been selected by  

 

11  \\4157-1107-4114  v16  Administrative Agent and Borrowers 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 to the then-current  Benchmark for Dollar-denominated (or, in the case of an Offshore Currency, the  applicable Offshore Currency) syndicated credit facilities and (b) the related Benchmark  Replacement Adjustment; provided that, if such Benchmark Replacement as so  determined would be less than the Floor, such Benchmark Replacement will be deemed  to be the Floor for the purposes of this Agreement and the other Loan Documents.    "Benchmark Replacement Adjustment" means, with respect to any replacement  of the then-current Benchmark with an Unadjusted 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 Administrative  Agent and the Borrowers 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 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 Dollar- denominated (or, in the case of an Offshore Currency, the applicable Offshore Currency)  syndicated credit facilities.  "Benchmark Replacement Date" means the earliest to occur of the following  events with respect to the then-current Benchmark:  (a) in the case of clause (a) or (b) of the definition of "Benchmark  Transition Event", the later of (A) the date of the public statement or publication  of information referenced therein and (B) the date on which the administrator of  such Benchmark (or the published component used in the calculation thereof)  permanently or indefinitely ceases to provide all Available Tenors of such  Benchmark (or such component thereof); or  (b) in the case of clause (c) of the definition of "Benchmark Transition  Event", the first date on which such Benchmark (or the published component used  in the calculation thereof) has been determined and announced by or on behalf of  the administrator of such Benchmark (or such component thereof) or the  regulatory supervisor for the administrator of such Benchmark (or such  component thereof) to be non-representative or non-compliant with or non- aligned with the International Organization of Securities Commissions (IOSCO)  Principles for Financial Benchmarks; provided that such non-representativeness,  non-compliance or non-alignment will be determined by reference to the most  recent statement or publication referenced in such clause (c) and even if any  Available Tenor of such Benchmark (or such component thereof) continues to be  provided on such date.  

 

12  \\4157-1107-4114  v16  For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed  to have occurred in the case of clause (a) or (b) 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:  (a) 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);  (b) a public statement or publication of information by the regulatory  supervisor for the administrator of such Benchmark (or the published component  used in the calculation thereof), the Federal Reserve Board, the 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  (c) 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) or the regulatory supervisor for the administrator of such  Benchmark (or such component thereof) announcing that all Available Tenors of  such Benchmark (or such component thereof) are not, or as of a specified future  date will not be, representative or in compliance with or aligned with the  International Organization of Securities Commissions (IOSCO) Principles for  Financial Benchmarks.  For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to  have occurred with respect to any Benchmark if a public statement or publication of  information set forth above has occurred with respect to each then-current Available  Tenor of such Benchmark (or the published component used in the calculation thereof).  "Benchmark Transition Start Date" means, in the case of a Benchmark  Transition Event, the earlier of (a) the applicable Benchmark Replacement Date and (b) if  

 

13  \\4157-1107-4114  v16  such Benchmark Transition Event is a public statement or publication of information of a  prospective event, the 90th day prior to the expected date of such event as of such public  statement or publication of information (or if the expected date of such prospective event  is fewer than 90 days after such statement or publication, the date of such statement or  publication).  "Benchmark Unavailability Period" means, the period (if any) (a) beginning at  the time that a Benchmark Replacement Date has occurred if, at such time, no  Benchmark Replacement has replaced the then-current Benchmark for all purposes  hereunder and under any Loan Document in accordance with Section 10.1(h) and (b)  ending at the time that a Benchmark Replacement has replaced the then-current  Benchmark for all purposes hereunder and under any Loan Document in accordance with  Section 10.1(h).  "Beneficial Ownership Certification" means a certification regarding beneficial  ownership as required by the Beneficial Ownership Regulation.  "Beneficial Ownership Regulation" means 31 C.F.R. § 1010.230.  "Benefit Plan" means any of (a) an "employee benefit plan" (as defined in  ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in Section 4975 of the  Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or  otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any  such "employee benefit plan" or "plan".  "Board" means the Board of Governors of the Federal Reserve System of the  United States of America.  "Board of Directors" means (a) with respect to a corporation, the board of  directors of such corporation or a duly authorized committee of the board of directors, (b)  with respect to a partnership, the board of directors or similar body of the general partner  (or, if more than one general partner, the managing general partner) of such partnership,  and (c) with respect to a limited liability company, any managing or other authorized  committee of such limited liability company or any board of directors or similar body of  any managing member.  "Borrower" and "Borrowers" means each of the Initial Borrowers and, if the  conditions of Section 2.13 are satisfied, any other Designated Borrower.  "Borrower's Account" means the account of the Borrower requesting such a  Borrowing, as specified in such Borrower's Notice of Borrowing.  "Borrowing" means (a) Loans of the same Class and Type made, converted or  continued on the same date, and in the case of Non-Base Rate Loans, having the same  Interest Period, or (b) a Swing Line Loan.  "Borrowing Subsidiary" and "Borrowing Subsidiaries" means each of the  Borrowers other than AGCO.  

 

14  \\4157-1107-4114  v16  "Business Day" means any day that is not a Saturday, Sunday or other day on  which commercial banks in New York City or Atlanta, Georgia are authorized or  required by law to remain closed but in no event shall include a day on which the  Securities Industry and Financial Markets Association recommends that the fixed income  departments of its members be closed for the entire day for purposes of trading in United  States government securities.  "Capitalized Leases" means all leases that have been or should be, in accordance  with Applicable Accounting Standards, recorded as capitalized leases on a balance sheet  of the lessee, excluding operating leases.  "Cash Collateral" shall have a meaning correlative to the foregoing and shall  include the proceeds of such cash collateral and other credit support.  "Cash Collateralize" and "Cash Collateralized" means, to pledge and deposit  with or deliver to the Administrative Agent, for the benefit of one or more of the Issuing  Banks or Lenders, as collateral for L/C Obligations or obligations of Lenders to fund  participations in respect of L/C Obligations, cash or deposit account balances or, if the  Administrative Agent and each applicable Issuing Bank shall agree in their sole  discretion, other credit support, in each case pursuant to documentation in form and  substance satisfactory to the Administrative Agent and each applicable Issuing Bank.    "Cash Equivalents" means, for any Person, any of the following, to the extent  owned by such Person free and clear of all Liens, other than Permitted Liens and having a  maturity of not greater than one (1) year from the date of acquisition:  (a) readily  marketable direct obligations of the government of the United States or any agency or  instrumentality thereof or obligations unconditionally guaranteed by the full faith and  credit of the government of the United States, (b) readily marketable direct obligations  denominated in U.S. Dollars of any other sovereign government or any agency or  instrumentality thereof which are unconditionally guaranteed by the full faith and credit  of such government and which have a rating equivalent to at least "Prime-1" (or the then  equivalent grade) by Moody's or "A-1" (or the then equivalent grade) by S&P, (c) insured  certificates of deposit of, time deposits, or bankers' acceptances with any commercial  bank that issues (or the parent of which issues) commercial paper rated as described in  clause (d) below, is organized under the laws of the United States or any state thereof or  is a foreign bank or branch or agency thereof acceptable to the Administrative Agent and,  in any case, has combined capital and surplus of at least US$1,000,000,000 (or the  foreign currency equivalent thereof) or (d) commercial paper issued by any corporation  organized under the laws of any state of the United States or any commercial bank  organized under the laws of the United States or any state thereof or any foreign bank, in  each case rated at least "Prime-1" (or the then equivalent grade) by Moody's or "A-1" (or  the then equivalent grade) by S&P.  "CERCLA" means the Comprehensive Environmental Response, Compensation  and Liability Act of 1980.  

 

15  \\4157-1107-4114  v16  "Change in Law" means the occurrence, after the date of this Agreement, of any  of the following:  (a) the adoption or taking effect of any law, rule, regulation or treaty,  (b) any change in any law, rule, regulation or treaty or in the administration,  interpretation, implementation or application thereof by any Governmental Authority or  (c) the making or issuance of any request, rule, guideline or directive (whether or not  having the force of law) by any Governmental Authority; provided that notwithstanding  anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer  Protection Act and all requests, rules, guidelines or directives thereunder or issued in  connection therewith and (y) all requests, rules, guidelines or directives promulgated by  the Bank for International Settlements, the Basel Committee on Banking Supervision (or  any successor or similar authority) or the United States or foreign regulatory 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 at any time, the occurrence of any of the following:   (a) any Person or two or more Persons (including any "group" as that term is used in  Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934) acting in concert  shall have acquired beneficial ownership (within the meaning of Rule 13d-3 of the  Securities and Exchange Commission under the Securities Exchange Act of 1934),  directly or indirectly, of voting Equity Interests in AGCO (or other securities convertible  into such voting Equity Interests) representing thirty-five percent (35%) or more of the  combined voting power of all voting Equity Interests in AGCO; or (b) a majority of the  members of the Board of Directors of AGCO shall cease to be composed of individuals  (i) who were members of that Board of Directors of AGCO on the Agreement Date or (ii)  whose election to the Board of Directors of AGCO, or whose nomination for election by  AGCO's stockholders, was approved by a vote of at least two-thirds of the members of  the Board of Directors of AGCO who were either directors on the Agreement Date or  whose election or nomination for election was previously so approved.  "Class", when used in reference to any Loan or Borrowing, refers to whether such  Loan, or the Loans comprising such Borrowing, are Multicurrency Revolving Tranche  Loans or USD Revolving Tranche Loans, a given Tranche of Incremental Term Loans or  Swing Line Loans and, when used in reference to any Commitment, refers to whether  such Commitment is a Multicurrency Revolving Tranche Loan Commitment, USD  Revolving Tranche Loan Commitment, or Incremental Term Loan Commitment.  "Commitment" means a Revolving Loan Commitment, Incremental Term Loan  Commitment, or any combination thereof (as the context requires).  "Communications" has the meaning specified in Section 9.2(a).  "Computation Date" means the date on which the Equivalent Amount of any  Offshore Currency Loan is determined.  "Conforming Changes" means, with respect to either the use or administration of  Non-Base Rate Benchmark or the use, administration, adoption or implementation of any  Benchmark Replacement, any technical, administrative or operational changes (including  

 

16  \\4157-1107-4114  v16  changes to the definition of "Base Rate," the definition of "Business Day," the definition  of "U.S. Government Securities Business Day," the definition of "Interest Period" or any  similar or analogous definition (or the addition of a concept of "interest period"), timing  and frequency of determining rates and making payments of interest, timing of borrowing  requests or prepayment, conversion or continuation notices, the applicability and length  of lookback periods, the applicability of Section 10.2 and other technical, administrative  or operational matters) that the Administrative Agent decides may be appropriate to  reflect the adoption and implementation of any such rate or to permit the use and  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 any such rate 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).  "Consolidated" refers to the consolidation of accounts in accordance with  Applicable Accounting Standards, except that, in the case of AGCO, notwithstanding  Applicable Accounting Standards, "Consolidated" shall refer to the consolidation of  accounts of AGCO and its Subsidiaries, with any Finance Company being accounted for  on an equity basis of accounting.  "Consolidated EBITDA" means, for any period, Consolidated Net Income for  such period, plus (a) without duplication and to the extent reflected as a charge in the  statement of such Consolidated Net Income for such period, the sum of (i) Consolidated  Net Interest Expense for such period, (ii) amounts in respect of taxes imposed on or  measured by income or excess profits (other than income taxes (either positive or  negative) attributable to extraordinary and non-recurring gains or losses on sales of  assets, to the extent such gains or losses are not included in the definition of Consolidated  Net Income), (iii) depreciation and amortization expense, (iv) extraordinary or non- recurring cash expenses, and (v) all other non-cash items reducing Consolidated Net  Income (other than items that will require cash payments and for which an accrual or  reserve is, or is required by Applicable Accounting Standards to be, made), minus (a) all  non-cash items or extraordinary or non-recurring gains increasing Consolidated Net  Income for such period, all as determined in accordance with Applicable Accounting  Standards.  "Consolidated Interest Expense" means, for any period, the interest expense of  AGCO and its Subsidiaries calculated on a consolidated basis for such period with  respect to all outstanding Indebtedness of AGCO and its Subsidiaries allocable to such  period in accordance with Applicable Accounting Standards (including, without  limitation, interest expense under Capitalized Leases that is treated as interest in  accordance with Applicable Accounting Standards, all commissions, discounts and other  fees and charges owed with respect to letters of credit and bankers' acceptance financing  and net costs under all interest rate swap agreements, interest rate cap agreements,  interest rate collar agreements and interest rate insurance to the extent such net costs are  allocable to such period in accordance with Applicable Accounting Standards).   

 

17  \\4157-1107-4114  v16  "Consolidated Interest Income" means, for any period, the sum of all amounts  that would be included, for purposes of determining Consolidated Net Income, as income  of AGCO and its Subsidiaries for such period in respect of interest payments by third  parties to AGCO and its Subsidiaries.  "Consolidated Net Income" means, for any period, the net income (or deficit) of  AGCO and its Subsidiaries for such period (taken as a cumulative whole), after deducting  all operating expenses, provisions for all taxes and reserves (including reserves for  deferred income taxes) and all other proper deductions, after eliminating all intercompany  transactions and after deducting portions of income properly attributable to minority  interests, if any, in the stock and surplus of Subsidiaries, provided that there shall be  excluded for purposes of calculating Consolidated Net Income:  (a) the income (or  deficit) of any Person (other than a Subsidiary) in which AGCO or any Subsidiary has an  ownership interest, except to the extent that any such income has been actually received  by AGCO or such Subsidiary in the form of cash dividends or similar distributions; (b)  the undistributed earnings of any Subsidiary to the extent that the declaration or payment  of dividends or similar distributions by such Subsidiary is not at the time permitted by the  terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or  governmental regulation applicable to such Subsidiary; (c) any aggregate net gain or  aggregate net loss during such period arising from the sale, exchange or other disposition  of capital assets (such term to include all fixed assets, whether tangible or intangible, all  Inventory sold in conjunction with the disposition of fixed assets, and all securities); (d)  any write-up of any asset, or any write-down of any asset other than Receivables or  Inventory; (e) any net gain from the collection of the proceeds of life insurance policies;  (f) any gain or loss arising from the acquisition of any securities, or the extinguishment,  under Applicable Accounting Standards, of any Indebtedness, of AGCO or any  Subsidiary; and (g) any net income or gain or any net loss during such period from any  change in accounting, from any discontinued operations or the disposition thereof, from  any extraordinary events or from any prior period adjustments.  "Consolidated Net Interest Expense" means, for any period, (a) Consolidated  Interest Expense for such period, minus (b) Consolidated Interest Income for such period.  "Consolidated Net Tangible Assets" means the total assets of AGCO and its  Subsidiaries on a Consolidated basis after deducting therefrom (a) all current liabilities  (except for indebtedness payable by its terms more than one year from the date of  incurrence thereof or renewable or extendible at the option of the obligor for a period  ending more than one year after such date of incurrence) and (b) all goodwill, trade  names, trademarks, franchises, patents, unamortized debt discount and expense,  organization and developmental expenses and other like segregated intangibles, all as  computed in accordance with Applicable Accounting Standards; provided, that any items  constituting deferred income taxes, deferred investment tax credit or other similar items  shall not be taken into account as a liability or as a deduction from or adjustment to total  assets.  

 

18  \\4157-1107-4114  v16  "Continuation", "Continue" and "Continued" each refer to a continuation of a  Non-Base Rate Loan at the end of its Interest Period into a Non-Base Rate Loan with a  new Interest Period pursuant to Section 2.7.  "Conversion", "Convert" and "Converted" each refer to a conversion of Loans of  one Type into Loans of the other Type pursuant to Section 2.7.  "Currency Exchange Excess" has the meaning specified in Section 2.4.  "DCC" means Dutch Civil Code (Burgerlijk Wetboek).  "Debtor Relief Laws" means the Bankruptcy Code and any other laws relating to  the liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors,  moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor  relief laws in any other country or jurisdiction (including, without limitation, the United  Kingdom Insolvency Act of 1986), as the same may now or hereafter be amended, and  including any successor bankruptcy, insolvency, receivership or similar debtor relief laws  now or hereafter in effect.  "Default" means any of the events specified in Section 7.1 regardless of whether  there shall have occurred any passage of time or giving of notice (or both) that would be  necessary in order to constitute such event an Event of Default.  "Default Rate" means a simple per annum interest rate equal to, (a) with respect  to outstanding principal, the sum of (i) the Base Rate or Non-Base Rate Benchmark, as  applicable, plus (ii) the highest Applicable Margin, plus (iii) two percent (2%), and (b)  with respect to all other Obligations, the sum of (i) the Base Rate, plus (ii) the highest  Applicable Margin, plus (iii) two percent (2%).  "Defaulting Lender" means, subject to Section 2.11(f), 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 Borrowers in writing that such failure is the result of such  Lender's good faith reasonable 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, any Issuing Bank, the Swing Line Bank or any other Lender any  other amount required to be paid by it hereunder (including in respect of its participation  in Letters of Credit or Swing Line Loans) within two Business Days of the date when  due, (b) has notified the Borrowers, the Administrative Agent, any Issuing Bank or the  Swing Line Bank in writing that it does not intend to comply with its funding obligations  hereunder, or has made a public statement to that effect (unless such writing or public  statement relates to such Lender's obligation to fund a Loan hereunder and states that  such position is based on such Lender's good faith reasonable 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  

 

19  \\4157-1107-4114  v16  Administrative Agent or the Borrowers, to confirm in writing to the Administrative  Agent and the Borrowers 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 Borrowers), or (d) has, or has a direct or indirect parent company that has, (i) become  the subject of a proceeding under any Debtor Relief Laws, (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 a Governmental Authority so long as such ownership interest  does not result in or provide such Lender with immunity from the jurisdiction of courts  within the United States or from the enforcement of judgments or writs of attachment on  its assets or permit such Lender (or such Governmental Authority) to reject, repudiate,  disavow or disaffirm any contracts or agreements made with such Lender.  Any  determination by the Administrative Agent that a Lender is a Defaulting Lender under  any one or more of clauses (a) through (d) above shall be conclusive and binding absent  manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to  Section 2.11(f)) upon delivery of written notice of such determination to AGCO, each  Issuing Bank, the Swing Line Bank and each Lender.  "Designated Borrower" has the meaning specified in Section 2.13.  "Designated Borrower Notice" has the meaning specified in Section 2.13.  "Designated Borrower Request and Assumption Agreement" has the meaning  specified in Section 2.13.  "Domestic Borrower" means AGCO and any other Borrower that is a Domestic  Subsidiary.   "Domestic Subsidiary" means a Subsidiary of AGCO that is organized or formed  under the laws of the United States or any jurisdiction thereof.  "EEA Financial Institution" means (a) any credit institution or investment firm  established in any EEA Member Country which is subject to the supervision of an EEA  Resolution Authority, (b) any entity established in an EEA Member Country which is a  parent of an institution described in clause (a) of this definition, or (c) any financial  institution established in an EEA Member Country which is a subsidiary of an institution  described in 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.  

 

20  \\4157-1107-4114  v16  "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 any Person other than (a) any Borrower or any  Affiliate or Subsidiary of a Borrower, (b) a natural person, or (c) any Defaulting Lender  or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would  constitute any of the foregoing Persons described in this clause (c).  "EMU Legislation" means the legislative measures of the European Council for  the introduction of, changeover to or operation of a single or unified European currency.   "Environmental Action" means any administrative, regulatory, or judicial action,  suit, demand, demand letter, claim, notice of non-compliance or violation, investigation,  proceeding, consent order or consent agreement relating in any way to any  Environmental Law (including any permit, approval, license, or other authorization  required under any Environmental Law) including, without limitation (a) any claim by  any governmental or regulatory authority for enforcement, cleanup, removal, response,  remedial or other actions or damages pursuant to any Environmental Law, and (b) any  claim by any third party seeking damages, contribution, indemnification, cost recovery,  compensation or injunctive relief resulting from Hazardous Materials or arising from  alleged injury or threat of injury to the environment or, to public health and welfare in  respect of Hazardous Materials.  "Environmental Law" means, with respect to any property or Person, any federal,  state, provincial, local or foreign law, rule, regulation, order, writ, judgment, injunction,  decree, determination or award applicable to such property or Person relating to the  environment, public health and welfare in respect of Hazardous Materials, including,  without limitation, to the extent applicable to such property or Person, CERCLA, the  Resource Conservation and Recovery Act, the Hazardous Materials Transportation Act,  the Clean Water Act, the Toxic Substances Control Act, the Clean Air Act, the Safe  Drinking Water Act, the Atomic Energy Act, the Federal Insecticide, Fungicide and  Rodenticide Act and the Occupational Safety and Health Act, as any of the foregoing  may be from time to time amended, supplemented or otherwise modified.  "Equity Interests" means shares of the capital stock (including common and  preferred shares), partnership interests, membership interest in a limited liability  company, beneficial interests in a trust or other equity interests in a Person.  "Equivalent Amount" means (a) whenever this Agreement requires or permits a  determination on any date of the equivalent in U.S. Dollars of an amount expressed in an  Offshore Currency, the equivalent amount in U.S. Dollars of such amount expressed in an  Offshore Currency as determined by the Administrative Agent on such date on the basis  of the Spot Rate for the purchase of U.S. Dollars with such Offshore Currency on the  relevant Computation Date provided for hereunder; or (b) whenever this Agreement  requires or permits a determination on any date of the equivalent amount in an Offshore  

 

21  \\4157-1107-4114  v16  Currency of such amount expressed in U.S. Dollars, the equivalent amount in such  Offshore Currency of such amount expressed in U.S. Dollars as determined by the  Administrative Agent on such date on the basis of the Spot Rate for the purchase of such  Offshore Currency with U.S. Dollars on the relevant Computation Date provided for  hereunder.  "ERISA" means the Employee Retirement Income Security Act of 1974, as  amended, supplemented or otherwise modified from time to time, and the regulations  promulgated and rulings issued thereunder.  "ERISA Affiliate" of any Person means any other Person that for purposes of  Title IV of ERISA is a member of such Person's controlled group, or under common  control with such Person, within the meaning of Section 414 of the Internal Revenue  Code.  "ERISA Event" with respect to any Person means:  (a) either (i) the occurrence of a reportable event, within the meaning  of Section 4043 of ERISA, with respect to any Plan for which such Person or any of its  ERISA Affiliates is the plan administrator or the contributing sponsor, as defined in  Section 4001(a)(13) of ERISA unless the thirty (30)-day notice requirement with respect  to such event has been waived by the PBGC, or (ii) the requirements of subsection (b) of  Section 4043 of ERISA (without regard to subsection (2) of such Section) are met with  respect to a contributing sponsor, as defined in Section 4001(a)(13) of ERISA, of a Plan,  and an event described in paragraph (9), (10), (11), (12) or (13) of Section 4043(c) of  ERISA is reasonably expected to occur with respect to such Plan within the following  thirty (30) days;  (b) the provision by the administrator of any Plan of such Person or  any of its ERISA Affiliates of a notice of intent to terminate such Plan, pursuant to  Section 4041(a)(2) of ERISA (including any such notice with respect to a plan  amendment referred to in Section 4041(e) of ERISA);  (c) the cessation of operations at a facility of such Person or any of its  ERISA Affiliates in the circumstances described in Section 4062(e) of ERISA;  (d) the withdrawal by such Person or any of its ERISA Affiliates from  a Multiple Employer Plan during a plan year for which it was a substantial employer, as  defined in Section 4001(a)(2) of ERISA;  (e) the failure by such Person or any of its ERISA Affiliates to make a  payment to a Plan required under Section 303(k) of ERISA or Internal Revenue Code  Section 430(k);  (f) a Plan subject to Title IV or ERISA is in "at risk status" within the  meaning of Internal Revenue Code Section 430(i), or a Multiemployer Plan is in  "endangered status" or "critical status" within the meaning of Internal Revenue Code  Section 432(b); or  

 

22  \\4157-1107-4114  v16  (g) the institution by the PBGC of proceedings to terminate a Plan of  such Person or any of its ERISA Affiliates, pursuant to Section 4042 of ERISA, or the  occurrence of any event or condition described in Section 4042 of ERISA that could  constitute grounds for the termination of, or the appointment of a trustee to administer,  such Plan.  "Erroneous Payment" has meaning set forth in Section 8.11(a).   "Erroneous Payment Deficiency Assignment" has meaning set forth in Section  8.11(d).  "Erroneous Payment Impacted Class" has meaning set forth in Section 8.11(d).  "Erroneous Payment Return Deficiency" has meaning set forth in Section  8.11(d).  "Erroneous Payment Subrogation Rights" has meaning set forth in Section  8.11(d).  "EU Bail-In Legislation Schedule" means the EU Bail-In Legislation Schedule  published by the Loan Market Association (or any successor Person), as in effect from  time to time.  "Euro Loan" means a Loan denominated in Euros.  "European Term Loan Credit Agreement" means that certain Credit Agreement  dated April 26, 2016, by and among, AGCO International GmbH, as borrower, AGCO  and Coöperatieve Rabobank U.A., Antwerp Branch, as administrative agent for the  lenders.  "Euros" and the designation "€" each mean the lawful currency of the  "participating member states" (as described in the EMU Legislation) introduced in  accordance with the EMU Legislation.  "Event of Default" has the meaning specified in Section 7.1.  "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), and 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 lending office located in, the jurisdiction imposing such Tax (or any political  subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender,  U.S. federal withholding Taxes imposed on amounts payable to or for the account of such  Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law  in effect on the date on which (x) such Lender acquires such interest in the Loan or  Commitment (other than pursuant to an assignment request by the Borrower under  Section 10.5) or (y) such Lender changes its lending office, except in each case to the  

 

23  \\4157-1107-4114  v16  extent that, pursuant to Section 10.4, 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 10.4(e), and (d) any U.S. federal  withholding Taxes imposed under FATCA.  "Existing Maturity Date" has the meaning set forth in Section 2.15.  "Extended Maturity Date" has the meaning assigned to such term in Section  2.15(a).  "Extending Lender" has the meaning assigned to such term in Section 2.15(b).  "Extension Date" means the date upon which the conditions precedent to the  effectiveness of an extension of the Maturity Date set forth in Section 2.15(f) have been  satisfied.  "Farm Credit Bank" means a lending institution organized and existing pursuant  to the provisions of the Farm Credit Act of 1971 and under the regulation of the Farm  Credit Administration.  "FATCA" means Sections 1471 through 1474 of the Internal Revenue 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 Internal Revenue Code and any intergovernmental agreement  between the United States and another jurisdiction implementing the foregoing (or any  law, regulations or other official administrative interpretation implementing such  intergovernmental agreement).  "Federal Funds Effective Rate" means, for any day, the greater of (a) the  weighted average of the rates on overnight federal funds transactions with members of  the Federal Reserve System, as published on the next succeeding Business Day by the  Federal Reserve Bank of New York, or, if such rate is not so published for any day that is  a Business Day, the average of the quotations for such day for such transactions received  by Administrative Agent from three federal funds brokers of recognized standing selected  by it, and (b) 0%.  "Federal Reserve Bank of New York's Website" means the website of the Federal  Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.   "Fee Letter" means the fee letter, dated as of the date hereof, from Rabobank to  AGCO.  "Finance Company" means any of AGCO Finance LLC, AGCO Finance Canada,  Ltd., Agricredit Ltd., Agricredit Ltd. Ireland, Agricredit S.N.C., Agricredit GmbH,  Agricredit do Brasil, Ltda. and any other Person (a) not a Subsidiary of AGCO, (b) in  

 

24  \\4157-1107-4114  v16  whom AGCO or its Subsidiaries holds an Investment, and (c) which is engaged primarily  in the business of providing retail financing to purchasers of agricultural equipment.  "Fiscal Quarter" means each three (3) month period beginning on the first day of  each of the following months: January, April, July and October.  "Fiscal Year" means a year commencing on January 1 and ending on December  31.  "Floor" means a rate of interest equal to 0%.  "Foreign Government Scheme or Arrangement" has the meaning specified in  Section 4.1(l).  "Foreign Plan" has the meaning specified in Section 4.1(l).  "Foreign Subsidiary" means a Subsidiary of AGCO not organized under the laws  of the United States or any jurisdiction thereof.  "Fronting Exposure" means, at any time any Revolving Loan Lender is a  Defaulting Lender, (a) with respect to any Issuing Bank, such Defaulting Lender's Pro  Rata Share of the outstanding L/C Obligations with respect to Letters of Credit issued by  such Issuing Bank other than L/C Obligations as to which such Defaulting Lender's  participation obligation has been reallocated to other Lenders or Cash Collateralized in  accordance with the terms hereof, and (b) with respect to the Swing Line Bank, such  Defaulting Lender's Pro Rata Share of outstanding Swing Line Loans made by the Swing  Line Bank other than Swing Line Loans as to which such Defaulting Lender's  participation obligation has been reallocated to other Lenders.  "Funded Debt" means without double-counting, with respect to AGCO on a  Consolidated basis, as of any date of determination, all obligations of the type described  in clauses (a) through (d) of the definition of "Indebtedness" set forth in Article 1 and any  Guaranty of any of the foregoing for which a demand for payment has been received, and  specifically including, without limitation, the amount of Outstandings hereunder.  "GAAP" means generally accepted accounting principles in the United States of  America as in effect from time to time as set forth in the opinions and pronouncements of  the Accounting Principles Board and the American Institute of Certified Public Accounts  and the statements and pronouncements of the Financial Accounting Standards Board  which are applicable to the circumstances as of the date of determination consistently  applied.  "Governmental Authority" means the government of the United States of  America or any other nation or supra-national body, or of any political subdivision  thereof, whether state, provincial or local, and any agency, authority, instrumentality,  regulatory body, court, central bank or other entity exercising executive, legislative,  judicial, taxing, regulatory or administrative powers or functions of or pertaining to  

 

25  \\4157-1107-4114  v16  government (including any supra-national bodies such as the European Union or the  European Central Bank).  "Guarantors" means (a) each Domestic Subsidiary of AGCO that is a Material  Subsidiary on the Prior Agreement Date and each of the other Persons listed under the  heading of "Guarantor" on Schedule G hereof, and (b) each other Person that delivers a  Guaranty Agreement at any time thereafter in compliance with Section 2.13(a) or 5.11.  "Guaranty" or "Guaranteed," as applied to any Indebtedness, lease or other  obligations (each a "primary obligation"), means and includes (a) any guaranty, direct or  indirect, in any manner, of any part or all of such primary obligation, and (b) any  agreement, direct or indirect, contingent or otherwise, the practical effect of which is to  assure in any way the payment or performance (or payment of damages in the event of  non-performance) of any part or all of such primary obligation, including, without  limiting the foregoing, any reimbursement obligations as to amounts drawn down by  beneficiaries of outstanding letters of credit, and any obligation of such Person (the  "primary obligor"), whether or not contingent, (i) to purchase any such primary  obligation or any property or asset constituting direct or indirect security therefor, (ii) to  advance or supply funds (1) for the purchase or payment of such primary obligation or  (2) to maintain working capital, equity capital or the net worth, cash flow, solvency or  other balance sheet or income statement condition of any other Person, (c) to purchase  property, assets, securities or services primarily for the purpose of assuring the owner or  holder of any primary obligation of the ability of the primary obligor with respect to such  primary obligation to make payment thereof or (d) otherwise to assure or hold harmless  the owner or holder of such primary obligation against loss in respect thereof; provided,  however, "Guaranty" shall not include non-binding comfort letters limited to corporate  intent or policies.  "Guaranty Agreements" means the guaranty agreements, guaranty and indemnity  deeds, and other similar agreements delivered on the Agreement Date by each of the  Persons listed under the heading of "Guarantor" on Schedule G hereto, guaranteeing or  providing an indemnity for the obligations described on Schedule G hereto, and any other  agreement delivered after the Agreement Date (including by way of supplement or  amendment to any guaranty or indemnity agreement) by any Person providing an  indemnity or guaranty of all or any part of the Obligations, in each case as amended,  supplemented or modified from time to time in accordance with its terms.  "Hazardous Materials" means any pollutants, contaminants, toxic or hazardous  substances, materials, wastes, constituents, compounds, chemicals, natural or manmade  elements or forces (including, without limitation, petroleum or any by-products or  fractions thereof, any form of natural gas, lead, asbestos and asbestos-containing  materials building construction materials and debris, polychlorinated biphenyls and  polychlorinated biphenyls-containing equipment, radon and other radioactive elements,  ionizing radiation, electromagnetic field radiation and other non-ionizing radiation, sonic  forces and other natural forces, infectious, carcinogenic, mutagenic, or etiologic agents,  pesticides, defoliants, explosives, flammables, corrosives and urea formaldehyde foam  

 

26  \\4157-1107-4114  v16  insulation) that are regulated by, or may now or in the future form the basis of liability  under, any Environmental Laws.  "Hedging Obligations" means obligations under any agreement with respect to  any cap, swap, collar, forward, listed future or derivative transaction or option or similar  agreement involving, or settled by reference to, one or more interest rates, currency  exchange rates, or commodity prices, and designed to provide protection against  fluctuations in interest rates, currency exchange rates or commodity prices, whether or  not any such transaction is governed by or subject to any master agreement.  "IFRS" means the International Financial Reporting Standards, as promulgated  by the International Accounting Standards Board.  "Incremental Revolving Commitment" has the meaning assigned to such term in  Section 2.14(a).  "Incremental Term Loan" has the meaning specified in Section 2.14(a).  "Incremental Term Loan Borrowing" means a borrowing consisting of  simultaneous Incremental Term Loans of the same Tranche made to a Borrower.  "Incremental Term Loan Commitment" means at any time, with respect to each  Lender, for any Tranche of Incremental Term Loans, the initial amount of the  Incremental Term Loan such Lender funds for each such Tranche, pursuant to and in  accordance with Section 2.14.   "Incremental Term Loan Lender" means any Lender that has outstanding  Incremental Term Loans.  "Indebtedness" means, with respect to any Person on any date of determination  (without duplication):  (a) the principal of and premium (if any) in respect of (i)  indebtedness of such Person for money borrowed and (ii) indebtedness evidenced by  notes, debentures, bonds or other similar instruments for the payment of which such  Person is responsible or liable; (b) all obligations under Capitalized Leases of such  Person; (c) all obligations of such Person issued or assumed as the deferred purchase  price of property or services, all conditional sale obligations of such Person and all  obligations of such Person under any title retention agreement (excluding trade accounts  payable and accrued liabilities arising in the ordinary course of business but only if and  so long as such accounts are payable on trade terms customary in the industry); (d) all  obligations of such Person for the reimbursement of any obligor on any letter of credit,  banker's acceptance or similar credit transaction (other than obligations with respect to  letters of credit securing obligations (other than obligations described in (a) through (c)  above) entered into in the ordinary course of business of such Person to the extent such  letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is  reimbursed no later than the tenth Business Day following receipt by such Person of a  demand for reimbursement following payment on the letter of credit); (e) the amount of  all obligations of such Person with respect to the redemption, repayment or other  repurchase of the Equity Interests in such Person; (f) all obligations of the type referred to  

 

27  \\4157-1107-4114  v16  in clauses (a) through (e) above of other Persons and all dividends of other Persons for  the payment of which, in either case, such Person is responsible or liable, directly or  indirectly, as obligor, guarantor or otherwise, including by means of any Guaranty; and  (g) all obligations of the type referred to in clauses (a) through (f) above of other Persons  secured by any Lien on any property or asset of such Person (whether or not such  obligation is assumed by such Person), the amount of such obligation being deemed to be  the lesser of the value of such property or assets or the amount of the obligation so  secured.  The amount of Indebtedness of any Person at any date shall be the outstanding  balance at such date of all unconditional obligations as described above and the  maximum liability, upon the occurrence of the contingency giving rise to the obligation,  of any contingent obligations as described above at such date; provided, however, that  Indebtedness under New Market Tax Credit Transactions shall be calculated on a basis  that is net of the principal amount plus capitalized interest of any leverage loan made by  AGCO or any of its Subsidiaries in such New Market Tax Credit Transaction.  For  purposes of this Agreement, Indebtedness, with respect to any Person as of any date,  means the actual amount of Indebtedness then outstanding with respect to which such  Person is then liable without deduction for any discount therefrom as may be reflected on  such Person's financial statements to reflect the value of any warrants or other equity  securities that may be issued together with such Indebtedness.  Notwithstanding the  foregoing, for all purposes other than the definition of "Permitted Liens" and Section 6.2  of this Agreement, Indebtedness shall not include (a) obligations incurred in connection  with Tax Incentive Transactions or (b) the factoring of Receivables permitted hereunder,  provided that the Receivables subject to such factoring arrangement are not required  under Applicable Accounting Standards to be included on the Consolidated balance sheet  of AGCO and its Subsidiaries.  "Indemnified Party" has the meaning specified in Section 9.4.  "Indemnified Taxes" means (a) Taxes, other than Excluded Taxes, imposed on or  with respect to any payment made by or on account of any obligation of any Loan Party  under any Loan Document and (b) to the extent not otherwise described in (a), Other  Taxes.  "Initial Borrower" and "Initial Borrowers" have the respective meanings  specified in the introductory paragraph of this Agreement.  "Insufficiency" means, with respect to any Plan, the amount, if any, of its  unfunded benefit liabilities, as defined in Section 4001(a)(18) of ERISA.  "Interest Coverage Ratio" means, on any date of determination, the ratio of  (a) Consolidated EBITDA for the most recent Fiscal Quarter of AGCO for which  financial statements have been delivered to the Administrative Agent pursuant to Section  5.1(a) or (b) and for the three complete Fiscal Quarters of AGCO immediately preceding  such Fiscal Quarter to (b) Consolidated Interest Expense for the most recent Fiscal  Quarter of AGCO for which financial statements have been delivered to the  Administrative Agent pursuant to Section 5.1(a) or (b) and for the three complete Fiscal  Quarters of AGCO immediately preceding such Fiscal Quarter.  

 

28  \\4157-1107-4114  v16  "Interest Period" means, as to any Non-Base Rate Loan or Borrowing that is a  Non-Base Rate Loan, the period commencing on the date thereof and ending on the  numerically corresponding day in the calendar month that is one, three, or six months  thereafter (in each case, subject to the availability thereof), as specified in the applicable  Notice of Borrowing or notice of Conversion or Continuation; provided that (a) if any  Interest Period would end on a day other than a Business Day, such Interest Period shall  be extended to the next succeeding Business Day unless such next succeeding Business  Day would fall in the next calendar month, in which case such Interest Period shall end  on the next preceding Business Day, (b) any Interest Period that commences on the last  Business Day of a calendar month (or on a day for which there is no numerically  corresponding day in the last calendar month of such Interest Period) shall end on the last  Business Day of the last calendar month of such Interest Period, (c) no Interest Period  shall extend beyond any maturity date applicable to such Class of Loans and (d) no tenor  that has been removed from this definition pursuant to Section 10.1(h)(iii)(D) shall be  available for specification in such Notice of Borrowing or notice of Conversion or  Continuation.  For purposes hereof, the date of a Loan or Borrowing initially shall be the  date on which such Loan or Borrowing is made and thereafter shall be the effective date  of the most recent conversion or continuation of such Loan or Borrowing.  "Internal Revenue Code" means the Internal Revenue Code of 1986, as amended  from time to time, and the regulations promulgated and rulings issued thereunder.  "Inventory" means, with respect to any Person, all "inventory" as that term is  defined in the Uniform Commercial Code, including, without limitation, all goods,  merchandise and other personal property owned and held for sale in the ordinary course  of its business, and all raw materials, work or goods in process, materials and supplies of  every nature which contribute to the finished products of such Person.  "Investment" by any Person in any other Person means any direct or indirect  advance, loan (other than advances to wholesale or retail customers in the ordinary course  of business that are recorded as Receivables on the balance sheet of such Person) or other  extensions of credit (including by way of Guaranty or similar arrangement) or capital  contributions to (by means of any transfer of cash or other property to others or any  payment for property or services for the account or use of others), or any purchase or  acquisition of Equity Interests, Indebtedness or other similar instruments issued by such  Person.  "IRS" means the United States Internal Revenue Service.  "Issuing Bank" means (a) Rabobank, in its capacity as an issuer of Letters of  Credit hereunder, and its successors in such capacity as provided in Section 9.6, and (b)  any other Multicurrency Revolving Tranche Loan Lender hereunder, which, at the  request of AGCO, agrees and in such Multicurrency Revolving Tranche Loan Lender's  sole discretion, issues one or more Letters of Credit hereunder for the accounts of one or  more of the Borrowers; provided that with respect to each such Multicurrency Revolving  Tranche Loan Lender described in this clause (b), such Multicurrency Revolving Tranche  Loan Lender shall be deemed to be an "Issuing Bank" hereunder for all purposes but  

 

29  \\4157-1107-4114  v16  solely with respect to the Letters of Credit issued by such Multicurrency Revolving  Tranche Loan Lender hereunder and the L/C Obligations arising thereunder.  "L/C Cash Collateral Account" has the meaning specified in Section 7.3.  "L/C Obligations" any time, an amount equal to the sum of (a) the aggregate  principal Available Amount of all Letters of Credit denominated in U.S. Dollars and the  Equivalent Amount of the Available Amount of all Letters of Credit denominated in  Offshore Currencies, in either case outstanding on such date of determination, and (b) the  aggregate amount of all Letter of Credit Advances in U.S. Dollars and the Equivalent  Amount of all Letter of Credit Advances in Offshore Currencies, in either case on  outstanding on such date of determination and that have not then been reimbursed.  "L/C Related Documents" has the meaning specified in Section 2.10(d).  "Lender Decision Date" has the meaning set forth in Section 2.15.  "Lenders" means each of the Persons identified on the signature pages as a  "Multicurrency Revolving Tranche Loan Lender", or a "USD Revolving Tranche Loan  Lender", the New Lenders, and any Additional Lenders in connection with an  Incremental Term Loan.  Unless the context requires otherwise, the term "Lenders"  includes the Swing Line Bank.  "Letter of Credit" has the meaning specified in Section 2.10; provided, however,  no letter of credit issued by an Issuing Bank (other than a Person that is also the  Administrative Agent) shall be deemed a "Letter of Credit" for purposes of this  Agreement unless and until the Administrative Agent shall have received written notice  thereof from such Issuing Bank as required pursuant to Section 2.10(b)(i).  "Letter of Credit Advance" means an advance made by an Issuing Bank pursuant  to Section 2.10(c).  "Letter of Credit Agreement" has the meaning specified in Section 2.10(b).  "Letter of Credit Commitment" means the obligation of Rabobank, in its capacity  as an issuer of Letters of Credit hereunder, and its successors in such capacity as provided  in Section 9.6, to issue Letters of Credit hereunder; provided such obligations shall not  exceed in the aggregate the amount of the Letter of Credit Subfacility.  "Letter of Credit Subfacility" means the aggregate Available Amounts of Letters  of Credit the Issuing Banks may issue pursuant to Section 2.10, which shall not exceed  US$50,000,000.  "Lien" means, with respect to any property, any mortgage, lien, pledge,  assignment by way of security, charge, hypothec, security interest, title retention  agreement, levy, execution, seizure, attachment, garnishment, or other encumbrance of  any kind in respect of such property, whether or not choate, vested, or perfected.  

 

30  \\4157-1107-4114  v16  "Loan" or "Loans" means, as applicable, a Revolving Loan, an Incremental Term  Loan, a Swing Line Loan or a Letter of Credit Advance.  "Loan Documents" means this Agreement, the Guaranty Agreements, all L/C  Related Documents, the Fee Letter, each Notice of Borrowing, each Notice of Issuance,  each Designated Borrower Request and Assumption Agreement, each Notice of  Incremental Facility, and all other documents, instruments, certificates, and agreements  executed or delivered by AGCO or its Subsidiaries in connection with or pursuant to this  Agreement.  "Loan Parties" means the Borrowers and the Guarantors.  "Margin Stock" has the meaning specified in Regulation U.  "Material Acquisition" means the purchase of property or assets, or acquisition of  Equity Interests, in each case by AGCO or any Subsidiary in any transaction, that  involves consideration equal to or in excess of $300,000,000 for such transaction.  "Material Adverse Effect" means, as of any date of determination, a material  adverse effect on (a) the business, financial condition, assets, liabilities, or operations of  AGCO and its Subsidiaries, taken as a whole, (b) the material rights and remedies of the  Administrative Agent or any Lender under any Loan Document, or (c) the ability of  AGCO and the other Loan Parties, taken as a whole, to perform their payment obligations  under the Loan Documents.  "Material Subsidiary" means, as of any time of determination, any direct or  indirect Subsidiary of AGCO that meets any of the following conditions (including as a  result of any acquisition, Investment, merger, reorganization, transfer of assets, or other  change in circumstances):  (a) AGCO's and its other Subsidiaries' proportionate share of the total  assets, in the aggregate (after intercompany eliminations), of such Subsidiary (and its  Subsidiaries) exceeds ten percent (10%) of the total assets of AGCO and its Subsidiaries  Consolidated as of the end of the most recently completed Fiscal Quarter; or  (b) AGCO's and its other Subsidiaries' equity in the income from  continuing operations, in the aggregate, before income taxes, extraordinary items and  cumulative effect of a change in accounting principles of such Subsidiary (and its  Subsidiaries) exceeds ten percent (10%) of such income of AGCO and its Subsidiaries  Consolidated for the most recently completed Fiscal Year.  "Maturity Date" means the fifth anniversary of the Agreement Date, subject to  extension in accordance with Section 2.15.  "Minimum Collateral Amount" means, at any time, (a) with respect to Cash  Collateral consisting of cash or deposit account balances, an amount equal to 105% of the  Fronting Exposure of all Issuing Banks with respect to Letters of Credit outstanding at  

 

31  \\4157-1107-4114  v16  such time, and (b) otherwise, an amount determined by the Administrative Agent and the  Issuing Banks in their sole discretion.  "Moody's" means Moody's Investors Service, Inc. and it successors.  "Multicurrency Revolving Tranche Loan" has the meaning specified in Section  2.1(b).  "Multicurrency Revolving Tranche Loan Borrowing" means (a) Multicurrency  Revolving Tranche Loans of the same Class and Type made, converted or continued on  the same date, and in the case of Non-Base Rate Loans, having the same Interest Period,  or (b) a Swing Line Loan.  "Multicurrency Revolving Tranche Loan Commitment" means at any time, with  respect to each Multicurrency Revolving Tranche Loan Lender, the commitment, if any,  of such Multicurrency Revolving Tranche Loan Lender to make Multicurrency  Revolving Tranche Loans and to acquire participations in Letters of Credit and Swing  Line Loans hereunder, expressed as an amount representing the maximum aggregate  amount of such Multicurrency Revolving Tranche Loan Lender's Multicurrency  Revolving Tranche Loan Exposure at such time hereunder, as such commitment may be  (a) reduced from time to time pursuant to Section 2.3, and (b) reduced or increased from  time to time pursuant to assignments by or to such Multicurrency Revolving Tranche  Loan Lender pursuant to Section 9.6.  The initial amount of each Multicurrency  Revolving Tranche Loan Lender's Multicurrency Revolving Tranche Loan Commitment  is set forth below its name on its signature page hereto or, if such Lender has entered into  one or more Assignments and Assumptions, set forth for such Lender in the Register  maintained by the Administrative Agent pursuant to Section 9.6(d).  The initial aggregate  amount of all Multicurrency Revolving Tranche Loan Lenders' Multicurrency Revolving  Tranche Loan Commitments is $925,000,000 and, for the avoidance of doubt, the amount  of each USD Revolving Tranche Loan Lenders' Multicurrency Revolving Tranche Loan  Commitment is $0.  "Multicurrency Revolving Tranche Loan Exposure" means, as to any  Multicurrency Revolving Tranche Loan Lender at any time, the aggregate principal  amount at such time of its outstanding Multicurrency Revolving Tranche Loans.  "Multicurrency Revolving Tranche Loan Lenders" means each Person identified  on the signature pages hereto as a "Multicurrency Revolving Tranche Loan Lender".   Unless the context requires otherwise, the term "USD Revolving Tranche Loan Lenders"  includes the Swing Line Bank.  "Multicurrency Revolving Tranche Loan Outstandings" means, on any date of  determination, the sum of:  (a) the aggregate principal amount of all Swing Line Loans made to  AGCO;  

 

32  \\4157-1107-4114  v16  (b) the aggregate principal amount of all outstanding Multicurrency Revolving Tranche Loans; and  (c) the outstanding L/C Obligations.  "Multiemployer Plan" of any Person means a multiemployer plan, as defined in  Section 4001(a)(3) of ERISA, that is subject to ERISA and to which such Person or any  of its ERISA Affiliates is making or accruing an obligation to make contributions, or has  within any of the preceding five (5) plan years made or accrued an obligation to make  contributions.  "Multiple Employer Plan" of any Person means a single employer plan, as  defined in Section 4001(a)(15) of ERISA, that is subject to ERISA and (a) is maintained  for employees of such Person or any of its ERISA Affiliates and at least one Person other  than such Person and its ERISA Affiliates or (b) was so maintained and in respect of  which such Person or any of its ERISA Affiliates could have liability under Section 4064  or 4069 of ERISA in the event such plan has been or were to be terminated.  "Net Leverage Ratio" means, at any date of determination, the ratio of (a) the  average of the amounts, calculated as of the last day of each Fiscal Quarter for the four  Fiscal Quarter period then ended, equal to (i) the principal amount of Funded Debt  outstanding as of the last day of such Fiscal Quarter minus (ii) the total amount of Cash  Equivalents on the Consolidated books of AGCO as of the last day of such Fiscal  Quarter, to (b) Consolidated EBITDA for the four Fiscal Quarter period most recently  ended for which financial statements have been delivered to the Administrative Agent  pursuant to Sections 5.1(a) and (b).  "New Lenders" means, collectively, (i) American AgCredit, PCA, (ii) Bank of  America, N.A., (iii) BNP Paribas, New York Branch, (iv) Farm Credit Mid-America,  PCA, (v) Farm Credit Bank of Texas, and (vi) Horizon Farm Credit, ACA.   "New Market Tax Credit Transactions" means a transaction using "new market  tax credits" provided by Section 45D of the Internal Revenue Code, in which (a) a  wholly-owned Domestic Subsidiary of AGCO receives two loans from a qualified  "community development entity" (the "NMTC Lender") owned 99.99% by a third-party  tax credit investor (the "NMTC Investor") consisting of (i) an "A Loan" which is  indirectly funded by a loan made by AGCO to the NMTC Investor (the "Leverage  Loan") and (ii) a "B Loan" funded indirectly by a capital contribution from the NMTC  Investor's parent, the proceeds of each of which are used to finance or refinance the costs  incurred by such Domestic Subsidiary in connection with the expansion of certain  manufacturing and warehouse facilities of such Domestic Subsidiary, (b) such loans are  secured by substantially all of the assets of such Domestic Subsidiary, (c) payments on  the A Loan and the B Loan are sufficient to provide all debt service on the Leverage  Loan, and (d) the principal amount of the B Loan is expected to be forgiven at the end of  the seven-year "new markets tax credit" compliance period under the Internal Revenue  Code if the NMTC Investor exercises its put right requiring AGCO to buy its ownership  interest in the NMTC Lender for $1,000. 

 

33  \\4157-1107-4114  v16  "Non-Base Rate Benchmark" means with respect to (x) Agreed Alternative  Currency Loans, the benchmark described in clause (b) of the definition of Offshore  Currency Benchmark Rate, (y) Euro Loans, the benchmark described in clause (a) of the  definition of Offshore Currency Benchmark Rate, and (z) USD Loans, Term SOFR.   "Non-Base Rate Loan" means a Loan that does not bear interest based on the  Base Rate and shall include, for the avoidance of doubt, Agreed Alternative Currency  Loans, Euro Loans, and SOFR Loans.   "Non-Consenting Lender" means any Lender that does not approve any consent,  waiver or amendment that (a) requires the approval of all affected Lenders in accordance  with the terms of Section 9.1 and (b) has been approved by the Required Lenders.  "Non-Defaulting Lender" means, at any time, each Lender that is not a  Defaulting Lender at such time.  "Non-Extending Lender" has the meaning set forth in Section 2.15.  "Non-Material Domestic Subsidiary" means any Domestic Subsidiary that is not  a Material Subsidiary.  "Notice of Borrowing" has the meaning specified in Section 2.2(a).  "Notice of Incremental Facility" has the meaning specified in Section 2.14(a).  "Notice of Issuance" has the meaning specified in Section 2.10(b).  "Obligations" means, (a) all payment and performance obligations of the  Borrowers to the Lenders, the Issuing Banks, and the Administrative Agent under this  Agreement and the other Loan Documents (including all Revolving Loans, Incremental  Term Loans, Swing Line Loans and obligations under Letters of Credit and including any  interest, fees and expenses that, but for the provisions of Debtor Relief Laws, would have  accrued), as they may be amended from time to time, or as a result of making the Loans  or issuing the Letters of Credit, and (b) the obligation to pay an amount equal to the  amount of any and all damages which the Issuing Banks, the Lenders and the  Administrative Agent, or any of them, may suffer by reason of a breach by any Loan  Party of any obligation, covenant, or undertaking with respect to this Agreement or any  other Loan Document.  "Offshore Currency" means (a) Euros, and (b) any Agreed Alternative Currency.  "Offshore Currency Benchmark Rate" means:  (a) in the case of Loans denominated in Euros, either (i) the rate per  annum for deposits in Euros that appears on Reuters Page EURIBOR-01 (or any  successor page), or (ii) if a rate cannot be determined pursuant to clause (i) above, a rate  per annum equal to the average of the rate per annum at which deposits in Euros are  available to Administrative Agent as determined by Administrative Agent in London,  

 

34  \\4157-1107-4114  v16  England to prime banks in the interbank market, in either case at 11:00 a.m., Brussels  time, 2 Business Days prior to the commencement of such Interest Period and for a  period equal to such Interest Period; and  (b) in the case of Loans denominated in an Agreed Alternative  Currency, such benchmark as may be agreed to by the Borrowers and the Multicurrency  Revolving Tranche Loan Lenders from time to time (or such other rate of interest as the  Borrowers and Multicurrency Revolving Tranche Loan Lenders shall agree);  provided that in no event shall the Offshore Currency Benchmark Rate for any currency  be less than zero.   "Offshore Currency Loan" means any Loan denominated in an Offshore  Currency.  "Original Currency" has the meaning specified in Section 10.3.  "Other Connection Taxes" means, with respect to any Recipient, Taxes imposed  as a result of a present or former connection between such Recipient and the jurisdiction  imposing such Tax (other than connections arising from such Recipient having executed,  delivered, become a party to, performed its obligations under, received payments under,  received or perfected a security interest under, engaged in any other transaction pursuant  to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan  Document).  "Other Currency" has the meaning specified in Section 10.3.  "Other Taxes" means all present or future stamp, court or documentary,  intangible, recording, filing or similar Taxes that arise from any payment made 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 10.5).  "Outstandings" means, on any date of determination:  (a) the aggregate principal amount of all Swing Line Loans made to  AGCO, plus the aggregate outstanding principal amount of any Incremental Term Loans  in U.S. Dollars and of the Equivalent Amount in U.S. Dollars of any Incremental Term  Loans in Offshore Currencies, plus the aggregate principal amount of all Revolving  Loans in U.S. Dollars and of the Equivalent Amount in U.S. Dollars of all Revolving  Loans in Offshore Currencies, in each case outstanding on such date of determination;  plus (b) the L/C Obligations outstanding on such date of determination.  "Participant" has the meaning specified in Section 9.6(h).  

 

35  \\4157-1107-4114  v16  "Participant Register" has the meaning specified in Section 9.6(i).  "Payment Recipient" has the meaning specified in Section 8.11(a).  "Payoff Letter" means the payoff letter, dated as of the date hereof, from  Rabobank, as administrative agent under the Prior Credit Agreement, and acknowledged  by the Borrowers.   "PBGC" means the Pension Benefit Guaranty Corporation.  "Periodic Term SOFR Determination Day" has the meaning specified in the  definition of "Term SOFR".  "Permitted Liens" means:  (a) Liens incurred in the ordinary course of business which do not  secure Indebtedness or Hedging Obligations and which do not materially impair the value  of, or materially interfere with the use of, in the ordinary course of business of AGCO  and its Subsidiaries, the property affected and which do not, individually or in the  aggregate, have a materially adverse effect on the business of AGCO or such Subsidiaries  affected thereby individually or of AGCO and its Subsidiaries on a Consolidated basis;  (b) Liens existing on the property of a Person immediately prior to it  being acquired by AGCO or any of its Subsidiaries, or any Lien existing on any property  acquired by AGCO or any of its Subsidiaries at the time such property is so acquired;  provided that (i) no such Lien shall secure Indebtedness or Hedging Obligations, (ii) no  such Lien shall have been created or assumed in contemplation of such Person becoming  a Subsidiary of AGCO or such acquisition of property, and (iii) each such Lien shall at all  times be confined solely to the item or items of property so acquired and the proceeds  thereof;  (c) Liens and rights of setoff of banks existing solely with respect to  cash, Cash Equivalents or investment property on deposit with such bank in one or more  accounts maintained by any Loan Party or any Subsidiary, in each case granted in the  ordinary course of business in favor of the bank or banks with which such accounts are  maintained;  (d) Liens on Receivables sold under any factoring arrangement  permitted hereunder;  (e) precautionary financing statements filed by lessors, or retained  interests in leased equipment by lessors, with respect to equipment leases under which  AGCO or a Subsidiary is lessee;  (f) Liens arising in connection with Tax Incentive Transactions;  (g) Liens securing Indebtedness permitted under Section 6.1(e) arising  in connection with New Market Tax Credit Transactions;   

 

36  \\4157-1107-4114  v16  (h) Liens securing reimbursement obligations with respect to letters of  credit that encumber documents of title and/or property shipped under such letters of  credit, to the extent incurred in the ordinary course of business;    (i) mandatory liens in favor of unsecured creditors attaching to  proceeds from the sale of property in a foreclosure or similar proceeding imposed by law  of any jurisdiction outside of the U.S. and which have not arisen to secure Indebtedness  and do not in the aggregate materially detract from the value of such property or assets;   (j) Liens on cash or deposits to secure Hedging Obligations entered  into in the ordinary course of business to hedge risks or reduce costs with respect to  interest rates, currency or commodity exposure, and not for speculative purposes;  (k) Liens granted by a Subsidiary (other than a Loan Party) to AGCO  or another Subsidiary securing Indebtedness of such Subsidiary (other than a Loan Party)  to AGCO or such other Subsidiary; and  (l) any other Liens that secure Indebtedness or other obligations in a  principal amount not in excess of 10% of AGCO's Consolidated Net Tangible Assets.  "Person" means an individual, partnership, corporation (including a business  trust), limited liability company, joint stock company, trust, unincorporated association,  joint venture or other entity, or a government or any political subdivision or agency  thereof.  "Plan" means a Single Employer Plan or a Multiple Employer Plan that is subject  to ERISA.  "Platform" has the meaning specified in Section 9.2(d).  "Prime Rate" means the rate of interest per annum published in the Wall Street  Journal as the U.S. dollar "prime rate" for such day and if the Wall Street Journal does  not publish such rate on such day then such rate as most recently published prior to such  day.  "Prior Agreement Date" means the "Agreement Date" as defined in the Prior  Credit Agreement.  "Prior Credit Agreement" has the meaning specified in the Recitals.  "Prior Lender" means each Person party to this Agreement as a Lender on the  Agreement Date other than the New Lenders.   "Pro Rata Share" means   (a) with respect to any Multicurrency Revolving Tranche Loan Lender  for purposes of any rights or obligations hereunder affecting or involving Multicurrency  Revolving Tranche Loan Lenders and not USD Revolving Tranche Loan Lenders or  

 

37  \\4157-1107-4114  v16  Incremental Term Loan Lenders (but including any reimbursement obligations in respect  of any indemnity claim arising out of an action or omission of the Swing Line Bank or  the Issuing Banks under this Agreement), the percentage (carried out to the ninth decimal  place) of the Total Multicurrency Revolving Tranche Loan Commitments represented by  such Multicurrency Revolving Tranche Loan Lender's Multicurrency Revolving Tranche  Loan Commitment;  (b) with respect to any USD Revolving Tranche Loan Lender for  purposes of any rights or obligations hereunder affecting or involving USD Revolving  Tranche Loan Lenders and not Multicurrency Revolving Tranche Loan Lenders or  Incremental Term Loan Lenders of the Total USD Revolving Tranche Loan  Commitments represented by such USD Revolving Tranche Loan Lender's USD  Revolving Tranche Loan Commitment  (c) with respect to any Incremental Term Loan Lender of any Class  for purposes of any rights or obligations hereunder affecting or involving Incremental  Term Loan Lenders of such Class and not Revolving Loan Lenders, the percentage  (carried out to the ninth decimal place) of the total Incremental Term Loans of such Class  represented by such Incremental Term Loan Lender's Incremental Term Loans of such  Class; and   (d) with respect to any Lender in respect of any rights or obligations  affecting or involving all Lenders (including any reimbursement obligations in respect of  any indemnity claim arising out of an action or omission of Administrative Agent under  this Agreement), the percentage (carried out to the ninth decimal place) of the total  Commitments or Loans, of all Classes hereunder represented by the aggregate amount of  such Lender's Commitments or Loans, as the case may be, of all Classes hereunder.  If  the Commitments of any Class have terminated or expired, the Pro Rata Share with  respect to such Class shall be determined based upon (i) in the case of the Incremental  Term Loan Lenders, the outstanding principal amount of the Incremental Term Loans of  such Class at such time, and (ii) in the case of the Revolving Loan Lenders, the  Revolving Loan Exposure of all such Revolving Loan Lenders at such time.  "PTE" means a prohibited transaction class exemption issued by the U.S.  Department of Labor, as any such exemption may be amended from time to time.  "Rabobank" means Coöperatieve Rabobank U.A., New York Branch, or any  successor thereto.  "Rabobank Cost of Funds Rate" means the per annum rate of interest disclosed  to AGCO from time to time by Rabobank London to be its "cost of funds" rate, as may be  changed at any time by Rabobank London in its sole discretion, with any change to be  effective as of the opening of business of Rabobank London on the day of such change;  provided that in no event shall the Rabobank Cost of Funds Rate be less than zero.  "Rabobank London" means Coöperatieve Rabobank U.A., trading as Rabobank  International, London Branch or any successor thereto.  

 

38  \\4157-1107-4114  v16  "Rating" means AGCO's long-term debt rating (on a senior unsecured non-credit- enhanced basis) as was most recently announced by S&P or Moody's, as applicable.  "Ratings Level" has the meaning assigned to such term in the definition of  "Applicable Margin".  "Receivables" means any right to payment for goods sold or leased or for services  rendered whether or not it has been earned by performance.  "Recipient" means the Administrative Agent, any Lender, the Swing Line Bank  or any Issuing Bank.  "Register" has the meaning specified in Section 9.6(f).  "Regulation U" means Regulation U of the Board of Governors of the Federal  Reserve System, as in effect from time to time.  "Related Parties" means, with respect to any Person, such Person's Affiliates and  the partners, directors, officers, employees, agents, trustees, administrators, managers,  advisors and representatives of such Person and of such Person's Affiliates.  "Relevant Currency Time" means, for any Borrowing in any currency, the local  time in the city where the Administrative Agent's Account for such currency is located.  "Relevant Governmental Body" means the Board or the Federal Reserve Bank of  New York, or a committee officially endorsed or convened by the Board or the Federal  Reserve Bank of New York, or any successor thereto.   "Replacement Lender" has the meaning specified in Section 10.5.  "Required Lenders" means, at any time, Lenders having Revolving Loan  Exposures, outstanding Incremental Term Loans and unused Commitments representing  more than 50% of the sum of the total Revolving Loan Exposures, total outstanding  Incremental Term Loans and unused Commitments at such time.  The Commitments of,  and the portion of the Revolving Loan Exposure and Incremental Term Loans held or  deemed held by, any Defaulting Lender shall be excluded for purposes of making a  determination of Required Lenders.  “Required Multicurrency Lenders” means, at any time, Lenders having  Multicurrency Revolving Tranche Loan Outstandings and unused Multicurrency  Revolving Tranche Loan Commitments representing more than 50% of the total  Multicurrency Revolving Tranche Loan Outstandings.  The Commitments of, and the  portion of the Multicurrency Revolving Tranche Loan Outstandings and Multicurrency  Revolving Tranche Loan Commitments held or deemed held by, any Defaulting Lender  shall be excluded for purposes of making a determination of Required Multicurrency  Lenders.  

 

39  \\4157-1107-4114  v16  “Required USD Lenders” means, at any time, Lenders having USD Revolving  Tranche Loan Exposure representing more than 50% of the total USD Revolving Tranche  Loan Exposure and unused USD Revolving Tranche Loan Commitments.  The  Commitments of, and the portion of the USD Revolving Tranche Loan Exposure and  USD Revolving Tranche Loan Commitments held or deemed held by, any Defaulting  Lender shall be excluded for purposes of making a determination of Required USD  Lenders.  "Resolution Authority" means an EEA Resolution Authority or, with respect to  any UK Financial Institution, a UK Resolution Authority.   "Responsible Employee" means the Executive Chairman, President, any  Authorized Financial Officer, General Counsel or any Associate or Assistant General  Counsel or Vice President of AGCO or any equivalent position of any Borrowing  Subsidiary; any other employee of any Borrower responsible for monitoring compliance  with this Agreement or any other Loan Document; and, with respect to matters relating to  ERISA, any individual who functions as the plan administrator under the applicable  pension plan.  "Restricted Payment" means (a) any direct or indirect distribution, dividend, or  other payment to any Person on account of any shares of Equity Interests in such Person  or (b) any payment (whether in cash, securities or other property), including any sinking  fund or similar deposit, on account of the purchase, redemption, or other acquisition or  retirement of any shares of Equity Interests in such Person; provided that payments of  principal and interest in respect of Indebtedness convertible into Equity Interests of  AGCO shall not constitute Restricted Payments.   "Revolving Loan Commitment" means, collectively, the Multicurrency  Revolving Tranche Loan Commitments and the USD Revolving Tranche Loan  Commitments.  "Revolving Loans" means, collectively, the Multicurrency Revolving Tranche  Loans and the USD Revolving Tranche Loans.  "Revolving Loan Exposure" means, collectively, the Multicurrency Revolving  Tranche Loan Exposure and the USD Revolving Tranche Loan Exposure.  "Revolving Loan Lenders" means, collectively, the Multicurrency Revolving  Tranche Loan Lenders and the USD Revolving Tranche Loan Lenders.  "Revolving Loan Outstandings" means, collectively, the Multicurrency  Revolving Tranche Loan Outstandings and the USD Revolving Tranche Loan Exposure.   "S&P" means Standard & Poor's Financial Services LLC, a division of S&P  Global Inc.  "Sanctioned Person" means a Person that is, or is owned or controlled by one or  more Persons that are: (a) the subject of any Sanctions, or (b) located, organized or  

 

40  \\4157-1107-4114  v16  resident in a country, region or territory that is, or whose government is, the subject of  Sanctions, currently being the Region of Crimea, the Donetsk People's Republic, the  Luhansk People's Republic, Cuba, Iran, North Korea, Russia, Syria and Venezuela.   "Sanctions" means any sanctions administered by or enforced by the U.S.  Department of the Treasury's Office of Foreign Assets Control, the U.S. Department of  State, the United Nations Security Council, the European Union, His Majesty's Treasury,  the Kingdom of the Netherlands, or other relevant sanctions authority.  "Single Employer Plan" of any Person means a single employer plan, as defined  in Section 4001(a)(15) of ERISA, that is subject to ERISA and (a) is maintained for  employees of such Person or any of its ERISA Affiliates and no Person other than such  Person and its ERISA Affiliates, or (b) was so maintained and in respect of which such  Person or any of its ERISA Affiliates could have liability under Section 4069 of ERISA  in the event such plan has been or were to be terminated.  "SOFR" means a rate equal to the secured overnight financing rate as  administered by the SOFR Administrator.  "SOFR Administrator" means the Federal Reserve Bank of New York (or a  successor administrator of the secured overnight financing rate).   "SOFR Loan" means a USD Loan that bears interest at a rate based on the Non- Base Rate Benchmark for USD Loans, other than pursuant to clause (c) of the definition  of "Base Rate".  "Solvent" means, with respect to any Person on a particular date, that on such date  (a) the fair value of the tangible and intangible property of such Person is greater than the  total amount of liabilities, including, without limitation, contingent liabilities, of such  Person, (b) the present fair salable value of the assets of such Person is not less than the  amount that will be required to pay the probable liability of such Person on its debts as  they become absolute and matured, (c) such Person does not intend to, and does not  believe that it will, incur debts or liabilities beyond such Person's ability to pay such  debts and liabilities as they mature and (d) such Person is not engaged in business or a  transaction, and is not about to engage in business or a transaction, for which such  Person's tangible and intangible property would constitute an unreasonably small capital.   The amount of contingent liabilities at any time shall be computed as the amount that, in  the light of all the facts and circumstances existing at such time, represents the amount  that can reasonably be expected to become an actual or matured liability; provided,  however, that with respect to any Person organized under the laws of the United  Kingdom, "Solvent" means that such Person is able to pay its debts as they fall due, is not  deemed unable to pay its debts as they fall due within the meaning of Section 123(1) of  the Insolvency Act of 1986 and that the value of its assets is greater than the value of its  liabilities, taking into account contingent and prospective liabilities.  "Spot Rate" for a currency means the rate quoted by the Administrative Agent as  the spot rate for the purchase by the Administrative Agent of such currency with another  

 

41  \\4157-1107-4114  v16  currency through its foreign exchange office at approximately 11:00 a.m. (New York,  New York time) on the date two (2) Business Days prior to the date as of which the  foreign exchange computation is made.  "Subsidiary" of any Person means a corporation, partnership, joint venture,  limited liability company or other entity of which a majority of the Equity Interests  having ordinary voting power for the election of the Board of Directors or other  governing body (other than Equity Interests having such power only by reason of the  happening of a contingency) are at the time beneficially owned, or the management of  which is otherwise controlled, directly, or indirectly through one or more intermediaries,  or both, by such Person.  Unless otherwise specified, all references herein to a  "Subsidiary" or to "Subsidiaries" shall refer to a Subsidiary or Subsidiaries of AGCO.  "Swing Line Bank" means any Lender hereunder, as designated by AGCO in  accordance with this Agreement with the written consent of the Administrative Agent,  acting hereunder as "Swing Line Bank" to make Swing Line Loans to AGCO.  The  initial Swing Line Bank shall be PNC Bank National Association.  "Swing Line Loan" means an advance made by the Swing Line Bank pursuant to  Section 2.1(b)(ii).  "Swing Line Sublimit" has the meaning specified in Section 2.1(b)(ii).  "Tax Incentive Transaction" means any revenue bond financing arrangement  (excluding a New Market Tax Credit Transaction) between any Person and a  development authority or other similar governmental authority or entity for the purpose  of providing a property tax abatement or other tax incentive to such Person whereby (a)  the governmental authority or entity issues notes, bonds or other indebtedness to finance  the acquisition of property that at such time is owned by AGCO or a Subsidiary, (b) the  property so transferred is leased back by AGCO or such Subsidiary, (c) the notes, bonds  or other Indebtedness issued to finance the acquisition are owned by AGCO or a  Subsidiary, (d) the rental payments on the lease and the debt service payments on the  bonds, notes, or other Indebtedness are substantially equal and (e) AGCO or such  Subsidiary has the option to prepay the notes, bonds or other Indebtedness, terminate its  lease and reacquire the property for nominal consideration at any time; provided that if at  any time any of the foregoing conditions shall cease to be satisfied, such transaction shall  cease to be a Tax Incentive Transaction.  "Taxes" means all present or future taxes, levies, imposts, deductions, charges or  withholdings (including backup withholding), assessments, fees and other charges and all  liabilities with respect thereto imposed by any Governmental Authority, including any  interest, additions to tax or penalties applicable thereto.  "Term SOFR" means,   (a) for any calculation with respect to a USD Loan, the Term SOFR  Reference Rate for a tenor comparable to the applicable Interest Period on the day  (such day, the "Periodic Term SOFR Determination Day") that is two (2) U.S.  

 

42  \\4157-1107-4114  v16  Government Securities Business Days prior to the first day of such Interest  Period, as such rate is published by the Term SOFR Administrator; provided,  however, that if as of 5:00 p.m. (New York City time) on any Periodic Term  SOFR Determination Day the Term SOFR Reference Rate for the applicable  tenor has not been published by the Term SOFR Administrator and a Benchmark  Replacement Date with respect to the Term SOFR Reference Rate has not  occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor  as published by the Term SOFR Administrator on the first preceding U.S.  Government Securities Business Day for which such Term SOFR Reference Rate  for such tenor was published by the Term SOFR Administrator so long as such  first preceding U.S. Government Securities Business Day is not more than three  (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR  Determination Day, and  (b) for any calculation with respect to a Base Rate Loan, on any day,  the Term SOFR Reference Rate for a tenor of one month on the day (such day,  the "Base Rate Term SOFR Determination Day") that is two (2) U.S. Government  Securities Business Days prior to such day, as such rate is published by the Term  SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City  time) on any Base Rate Term SOFR Determination Day the Term SOFR  Reference Rate for the applicable tenor has not been published by the Term SOFR  Administrator and a Benchmark Replacement Date with respect to the Term  SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR  Reference Rate for such tenor as published by the Term SOFR Administrator on  the first preceding U.S. Government Securities Business Day for which such  Term SOFR Reference Rate for such tenor was published by the Term SOFR  Administrator so long as such first preceding U.S. Government Securities  Business Day is not more than three (3) U.S. Government Securities Business  Days prior to such Base Rate Term SOFR Determination Day; provided, further,  that if Term SOFR determined as provided above (including pursuant to the  proviso under clause (a) or clause (b) above) shall ever be less than the Floor, then  Term SOFR shall be deemed to be the Floor  plus, in each of the foregoing clauses (a) and (b), 0.10% per annum.  "Term SOFR Administrator" means CME Group Benchmark Administration  Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected  by the Administrative Agent in its reasonable discretion).  "Term SOFR Reference Rate" means the forward-looking term rate based on  SOFR.   "Total Multicurrency Revolving Tranche Loan Commitment" means, at any  time, the aggregate amount of the Multicurrency Revolving Tranche Loan Commitments  of all Multicurrency Revolving Tranche Loan Lenders at such time.   

 

43  \\4157-1107-4114  v16  "Total Revolving Loan Commitments" means, at any time, the aggregate amount  of the Multicurrency Revolving Tranche Loan Commitments of all Multicurrency  Revolving Tranche Loan Lenders and USD Revolving Tranche Loan Commitments of all  USD Revolving Tranche Loan Lenders.  "Total USD Revolving Tranche Loan Commitment" means, at any time, the  aggregate amount of the USD Revolving Tranche Loan Commitments of all USD  Revolving Tranche Loan Lenders at such time.  "Tranche" means, with respect to any Incremental Term Loans, all Incremental  Term Loans made on the same date pursuant to the terms of the same Notice of  Incremental Facility.  "Transactions" means the execution, delivery and performance by each Loan  Party of this Agreement and the other Loan Documents to which such Loan Party is  intended to be a party and the consummation of the transactions contemplated thereby,  the borrowing of initial Loans on the Agreement Date, the use of the proceeds thereof,  and the payment of all fees and expenses to be paid on or prior to the Agreement Date  and owing in connection with the foregoing.  "Type" refers to the distinction between Loans that are Base Rate Loans and Non- Base Rate Loans.  "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" means the Bank of England or any other public  administrative authority having responsibility for the resolution of any UK Financial  Institution.  "Unadjusted Benchmark Replacement" means the applicable Benchmark  Replacement excluding the related Benchmark Replacement Adjustment.  "Unused Multicurrency Revolving Tranche Loan Commitment" means, with  respect to any Multicurrency Revolving Tranche Loan Lender at any time:  (a) its Multicurrency Revolving Tranche Loan Commitment; minus (b) the Equivalent Amount in U.S. Dollars as of such date of the sum  of:  (i) the aggregate principal amount of all Multicurrency  Revolving Tranche Loans made by it and outstanding on such date; and   

 

44  \\4157-1107-4114  v16  (ii) its Pro Rata Share of (x) the L/C Obligations, and (y)  the  aggregate principal amount of all Swing Line Loans outstanding on such  date.   "Unused Revolver Fee" has the meaning specified in Section 2.6(b).  "Unused Revolving Loan Commitment" means, with respect to any  Multicurrency Revolving Tranche Loan Lender or USD Revolving Tranche Loan Lender  at any time:  (c) its Revolving Loan Commitment; minus (d) the Equivalent Amount in U.S. Dollars as of such date of the sum  of:  (iii) the aggregate principal amount of all Revolving Loans  made by it and outstanding on such date; and   (iv) in the case of a Multicurrency Revolving Tranche Loan  Lender, its Pro Rata Share of (x) the L/C Obligations, and (y)  the  aggregate principal amount of all Swing Line Loans outstanding on such  date.   "Unused USD Revolving Tranche Loan Commitment" means, with respect to  any USD Revolving Tranche Loan Lender at any time, its USD Revolving Tranche Loan  Commitment minus the aggregate principal amount of all Multicurrency Revolving  Tranche Loans made by it and outstanding on such date.  "U.S. Dollars" or "US$" means lawful money of the United States of America.  "U.S. Government Securities Business Day" means any day except for (i) a  Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial  Markets Association recommends that the fixed income departments of its members be  closed for the entire day for purposes of trading in United States government securities.  "USA Patriot Act" has the meaning assigned to such term in the definition of  "Anti-Terrorism Laws".   “USD Loan” means a Loan denominated in U.S. Dollars.  "USD Revolving Tranche Loan" has the meaning specified in Section 2.1(a).  "USD Revolving Tranche Loan Borrowing" means USD Revolving Tranche  Loans of the same Class and Type made, converted or continued on the same date, and in  the case of Non-Base Rate Loans, having the same Interest Period.  "USD Revolving Tranche Loan Commitment" means at any time, with respect to  each USD Revolving Tranche Loan Lender, the commitment, if any, of such USD  

 

45  \\4157-1107-4114  v16  Revolving Tranche Loan Lender to make USD Revolving Tranche Loans and to acquire  participations in Letters of Credit and Swing Line Loans hereunder, expressed as an  amount representing the maximum aggregate amount of such USD Revolving Tranche  Loan Lender's USD Revolving Tranche Loan Exposure at such time hereunder, as such  commitment may be (a) reduced from time to time pursuant to Section 2.3, and (b)  reduced or increased from time to time pursuant to assignments by or to such USD  Revolving Tranche Loan Lender pursuant to Section 9.6.  The initial amount of each  USD Revolving Tranche Loan Lender's USD Revolving Tranche Loan Commitment is  set forth below its name on its signature page hereto or, if such Lender has entered into  one or more Assignments and Assumptions, set forth for such Lender in the Register  maintained by the Administrative Agent pursuant to Section 9.6(d).  The initial aggregate  amount of the USD Revolving Tranche Loan Lenders' USD Revolving Tranche Loan  Commitments is $325,000,000 and, for the avoidance of doubt, the amount of each  Multicurrency Revolving Tranche Loan Lenders' USD Revolving Tranche Loan  Commitment is $0.   "USD Revolving Tranche Loan Exposure" means, as to any USD Revolving  Tranche Loan Lender at any time, the aggregate principal amount at such time of its  outstanding USD Revolving Tranche Loans.  "USD Revolving Tranche Loan Lenders" means each Person identified on the  signature pages hereto as a "USD Revolving Tranche Loan Lender".    "Wholly Owned" means, as applied to any Subsidiary, a Subsidiary all the  outstanding shares (other than directors' qualifying shares, if required by law) of every  class of stock of which are at the time owned by AGCO and/or by one or more Wholly  Owned Subsidiaries.  "Withdrawal Liability" has the meaning specified in Part I of Subtitle E of Title  IV of ERISA.  "Withholding Agent" means any Loan Party and the Administrative Agent.  "Write-Down and Conversion Powers" means, (a) with respect to any EEA  Resolution Authority, the write-down and conversion powers of such EEA Resolution  Authority from time to time under the Bail-In Legislation for the applicable EEA  Member Country, which write-down and conversion powers are described in the EU  Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of  the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce,  modify or change the form of a liability of any UK Financial Institution or any contract or  instrument under which that liability arises, to convert all or part of that liability into  shares, securities or obligations of that person or any other person, to provide that any  such contract or instrument is to have effect as if a right had been exercised under it or to  suspend any obligation in respect of that liability or any of the powers under that Bail-In  Legislation that are related to or ancillary to any of those powers.  

 

46  \\4157-1107-4114  v16  1.2. Computation of Time Periods.  In this Agreement in the computation of  periods of time from a specified date to a later specified date, the word "from" means  "from and including" and the words "to" and "until" each mean "to but excluding."  1.3. Accounting Terms; Applicable Margin Ratings.  (a) Except as otherwise expressly provided herein, all accounting  terms used herein shall be interpreted, and all financial statements and certificates and  reports as to financial matters required to be delivered to the Administrative Agent  hereunder shall be prepared, in accordance with Applicable Accounting Standards.  All  calculations made for the purposes of determining compliance with this Agreement shall  (except as otherwise expressly provided herein) be made by application of Applicable  Accounting Standards applied on a basis consistent with those used in the preparation of  the annual or quarterly financial statements furnished to the Lenders pursuant to Sections  5.1(a) and (b) most recently prior to or concurrently with such calculations unless  (i) either (x) AGCO shall have objected to determining such compliance on such basis at  the time of delivery of such financial statements or (y) the Required Lenders shall so  object in writing within one hundred eighty (180) days after delivery of such financial  statements and (ii) AGCO and the Required Lenders have not agreed upon amendments  to the financial covenants contained herein to reflect any change in such basis, in which  event such calculations shall be made on a basis consistent with those used in the  preparation of the latest financial statements as to which such objection shall not have  been made.  Without limiting the foregoing, leases shall continue to be classified and  accounted for on a basis consistent with that reflected in the financial statements of  AGCO for the fiscal year ending December 31, 2017 for all purposes of this Agreement,  notwithstanding any change in GAAP relating thereto, unless the parties hereto shall  enter into a mutually acceptable amendment addressing such changes, as provided for  above.  (b) For the purposes of determining the Applicable Margin hereunder,  (i) if the rating system of Moody's or S&P shall change, or if either such rating agency  shall cease to be in the business of issuing corporate family ratings or shall not have in  effect a rating for AGCO, AGCO and the Lenders shall negotiate in good faith to amend  the definition of Applicable Margin set forth herein to reflect such changed rating system  or the unavailability of ratings from such rating agency and, pending the effectiveness of  any such amendment, the Applicable Margin shall be determined by reference to the  rating most recently in effect prior to such change or cessation, and (ii) if the ratings  established or deemed to have been established by Moody's and S&P for AGCO shall be  changed (other than as a result of a change in the rating system of Moody's or S&P), such  change shall be effective as of the date on which it is first announced by the applicable  rating agency.  1.4. Currency Equivalents.  For purposes of determining in any currency any  amount outstanding in another currency, the Equivalent Amount of such currency on the  date of any such determination shall be used.  If any reference to any Loans or other  amount herein would include amounts in U.S. Dollars and in one or more Offshore  Currencies or to an amount in U.S. Dollars that in fact is in one or more Offshore  

 

47  \\4157-1107-4114  v16  Currencies, such reference (whether or not it expressly so provides) shall be deemed to  refer, to the extent it includes an amount in any Offshore Currency, the Equivalent  Amount in U.S. Dollars of such amount at the time of determination.  1.5. Construction.  The words "hereof," "herein," "hereby," "hereunder," and  similar terms in this Agreement or any other Loan Document refer to this Agreement or  such other Loan Document, as the case may be, as a whole and not to any particular  provision of this Agreement or such other Loan Document, as the case may be.  Section,  subsection, clause, schedule, and exhibit references herein are to this Agreement unless  otherwise specified.  Any reference in this Agreement or in the other Loan Documents to  any agreement, instrument, or document shall include all alterations, amendments,  changes, extensions, modifications, renewals, replacements, substitutions, joinders, and  supplements, thereto and thereof, as applicable (subject to any restrictions on such  alterations, amendments, changes, extensions, modifications, renewals, replacements,  substitutions, joinders, and supplements set forth herein).  Any reference herein to the  repayment in full of the Obligations shall mean the repayment in full in cash of all  Obligations other than unaccrued contingent indemnification Obligations as to which no  claim or demand has been given to or made on any Loan Party.  Any reference herein to  any Person shall be construed to include such Person's successors and assigns.  All of the  schedules and exhibits attached to this Agreement shall be deemed incorporated herein by  reference.  The word "or" is not exclusive.   1.6. Dutch Terms.  In this Agreement, where it relates to AGCO BV or another  company that has its corporate seat in the Netherlands, a reference to:  (a) "the Netherlands" means the European part of the Kingdom of  The Netherlands and Dutch means in or of the Netherlands;  (b) a "security interest" or "security" includes any mortgage  (hypotheek), pledge (pandrecht), retention of title arrangement (eigendomsvoorbehoud),  right of retention (recht van retentie), and, in general, any right in rem (beperkt recht),  created for the purpose of granting security (goederenrechtelijk zekerheidsrecht);  (c) a "winding up", "administration" or "dissolution" includes a  bankruptcy (faillissement) or dissolution (ontbinding);  (d) any "step" or "procedure" taken in connection with insolvency  proceedings includes a Dutch entity having filed a notice under section 36 of the Tax  Collection Act of the Netherlands (Inv orderingswet 1990) or Section 60 of the Social  Insurance Financing Act of the Netherlands (Wet Financiering Sociale Verzekeringen) in  conjunction with Section 36 of the Tax Collection Act of the Netherlands  (Invorderingswet 1990);  (e) a "moratorium" includes surseance van betaling;  (f) unless a contrary indication appears, a "director", means a  managing director (bestuurder) and "Board of Directors" means its managing board  (bestuur);  

 

48  \\4157-1107-4114  v16  (g) a "trustee" or "liquidator" includes a curator or a beoogd curator;  (h) an "administrator" includes a bewindvoerder;  (i) an "attachment" includes a beslag;  (j) "negligence" means nalatigheid;  (k) "gross negligence" means grove nalatigheid;  (l) "willful misconduct" means bewuste roekeloosheid; and  (m) a "Subsidiary" includes a dochtermaatschappij as defined in the  DCC.  1.7. Divisions.  For all purposes under the Loan Documents, in connection  with any division or plan of division under Delaware law (or any comparable event under  a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person  becomes the asset, right, obligation or liability of a different Person, then it shall be  deemed to have been transferred from the original Person to the subsequent Person, and  (b) if any new Person comes into existence, such new Person shall be deemed to have  been organized on the first date of its existence by the holders of its Equity Interests at  such time.   ARTICLE 2  AMOUNTS AND TERMS OF THE LOANS  AND THE LETTERS OF CREDIT  2.1. Credit Facilities.  (a) USD Revolving Tranche Loans.  Each USD Revolving Tranche  Loan Lender severally agrees, on the terms and conditions hereinafter set forth, to make  advances (each a "USD Revolving Tranche Loan") to the Borrowers from time to time  on any Business Day during the period from the Agreement Date until the Maturity Date  in an amount for each such USD Revolving Tranche Loan not to exceed such USD  Revolving Tranche Loan Lender's Unused USD Revolving Tranche Loan Commitment  on such Business Day.  In no event shall the USD Revolving Tranche Loan Lenders be  obligated to make any USD Revolving Tranche Loan if, on the date of such USD  Revolving Tranche Loan and after giving effect thereto, the USD Revolving Tranche  Loan Exposure on such date would exceed the Total USD Revolving Tranche Loan  Commitments then in effect.  Each USD Revolving Tranche Loan Borrowing shall be in  U.S. Dollars in an aggregate amount of US$5,000,000 or an integral multiple of  US$1,000,000 in excess thereof (except for the USD Revolving Tranche Loan Borrowing  made on the Agreement Date) and shall consist of USD Revolving Tranche Loans made  by such USD Revolving Tranche Loan Lenders ratably according to their USD  Revolving Tranche Loan Commitments.  Within the limits of each USD Revolving  Tranche Loan Lender's Unused USD Revolving Tranche Loan Commitment in effect  

 

49  \\4157-1107-4114  v16  from time to time, the Borrowers may borrow under this Section 2.1(a), prepay pursuant  to Section 2.4 and reborrow under this Section 2.1(a).  (b) Multicurrency Revolving Facility.   (i) Multicurrency Revolving Tranche Loans.  Each  Multicurrency Revolving Tranche Loan Lender severally agrees, on the terms and  conditions hereinafter set forth, to make advances (each a "Multicurrency Revolving  Tranche Loan") to the Borrowers from time to time on any Business Day during the  period from the Agreement Date until the Maturity Date in an amount for each such  Multicurrency Revolving Tranche Loan not to exceed such Multicurrency Revolving  Tranche Loan Lender's Unused Multicurrency Revolving Tranche Loan Commitment on  such Business Day.  In no event shall the Multicurrency Revolving Tranche Loan  Lenders be obligated to make any Multicurrency Revolving Tranche Loan if, on the date  of such Multicurrency Revolving Tranche Loan and after giving effect thereto, the  Multicurrency Revolving Tranche Loan Outstandings on such date would exceed the  Total Multicurrency Revolving Tranche Loan Commitments then in effect.  Each  Multicurrency Revolving Tranche Loan Borrowing shall be in U.S. Dollars in, or the  Equivalent Amount in the requested Offshore Currency of, an aggregate amount of  US$5,000,000 or an integral multiple of US$1,000,000 in excess thereof (except for the  Multicurrency Revolving Tranche Loan Borrowing made on the Agreement Date) and  shall consist of Multicurrency Revolving Tranche Loans made by such Multicurrency  Revolving Tranche Loan Lenders ratably according to their Multicurrency Revolving  Tranche Loan Commitments.  The Equivalent Amount in U.S. Dollars of each  Multicurrency Revolving Tranche Loan shall be recalculated hereunder on each date on  which it shall be necessary to determine the Unused Multicurrency Revolving Tranche  Loan Commitment, or any or all Multicurrency Revolving Tranche Loans outstanding on  such date.  Within the limits of each Multicurrency Revolving Tranche Loan Lender's  Unused Multicurrency Revolving Tranche Loan Commitment in effect from time to time,  the Borrowers may borrow under this Section 2.1(b), prepay pursuant to Section 2.4 and  reborrow under this Section 2.1(b).  (ii) Swing Line Loans.  Subject to the terms and conditions  hereinafter set forth (including the conditions in Article 3), the Swing Line Bank, in its  individual capacity, may in its sole discretion make overnight loans in U.S. Dollars to  AGCO from time to time on any Business Day during the period from the Agreement  Date until the Maturity Date in an aggregate amount not to exceed at any time  outstanding US$40,000,000 (the "Swing Line Sublimit"); provided that after giving  effect to any such Borrowings, Multicurrency Revolving Tranche Loan Outstandings  shall not exceed the aggregate amount of Total Multicurrency Revolving Tranche Loan  Commitments then in effect.  As it is understood that the purpose for the Swing Line  Loan is to fund AGCO's operating account, the making of the Swing Line Loans and the  repayments to the Swing Line Bank may be made on a sweep basis requiring no formal  notification from AGCO.  The Swing Line Bank may at its discretion, upon three (3)  Business Days written notice to AGCO, choose to require written notification of Swing  Line Loans from AGCO, but is not required to do so.  No Swing Line Loan shall be used  for the purpose of funding the payment of principal of any other Swing Line Loan.  Each  

 

50  \\4157-1107-4114  v16  Swing Line Loan shall accrue interest at such rate as may be agreed to between the Swing  Line Bank and AGCO, and such interest shall be due and payable in arrears monthly or  more frequently as may be required by the Swing Line Bank, and on the Maturity Date.   Within the limits of the Swing Line Sublimit, AGCO may borrow under this Section  2.1(b)(ii), prepay the Swing Line Loans and reborrow under this Section 2.1(b)(ii).  (c) Release from Prior Credit Agreement.  Each party hereto agrees  that Standard Chartered Bank was released as a party from the Prior Credit Agreement  immediately prior to the effectiveness of this Agreement.  2.2. Making the Loans.  (a) Notices.  Except as otherwise provided in Section 2.10, each  Borrowing shall be made on notice, given not later than:  (i) 11:00 a.m. (New York, New York time) on the third  Business Day prior to the date of a proposed Borrowing, in the case of a Borrowing  consisting of SOFR Loans or Euro Loans;  (ii) 10:00 a.m. (New York, New York time) on the day of a  proposed Borrowing, in the case of a Borrowing consisting of Base Rate Loans in U.S.  Dollars if the aggregate principal amount thereof is less than US$100,000,000;   (iii) 10:00 a.m. (New York, New York time) on the Business  Day prior to the date of a proposed Borrowing, in the case of a Borrowing consisting of  Base Rate Loans in U.S. Dollars if the aggregate principal amount thereof is  US$100,000,000 or more; or  (iv) such time as the Multicurrency Revolving Tranche Loan  Lenders and the Borrowers shall agree in the case of Agreed Alternative Currency Loans;  by AGCO, on behalf of the Borrowers, to the Administrative Agent and Administrative  Agent shall give to each Lender prompt notice thereof; provided, however, in connection  with the Borrowing of the initial Loans hereunder, such Borrowing may be made by  giving notice by 11:00 a.m. (New York, New York time) on the Business Day of such  Borrowing if such Borrowing consists of Base Rate Loans made in U.S. Dollars.  Each  such notice of a Borrowing (a "Notice of Borrowing") shall be by electronic mail,  telecopier or telephone, confirmed immediately in writing, in substantially the form of  Exhibit B hereto, specifying therein the:  (A) requested date of such Borrowing (which shall be a  Business Day) and the name of the applicable Borrower for such Borrowing;  (B) requested Type of Loans comprising such Borrowing which  (1) may be a Base Rate Loan or a SOFR Loan if such Loan is a USD Loan and (2) shall  be a Non-Base Rate Loan if the requested currency for such Borrowing is an Offshore  Currency;  

 

51  \\4157-1107-4114  v16  (C) requested aggregate principal amount of such Borrowing;   (D) requested currency in which such Borrowing is to be made;  (E) in the case of a Borrowing consisting of Non-Base Rate  Loans, the requested Interest Period for each such Borrowing, including the expiration  date thereof;  (F) in the case of a Borrowing of Revolving Loans, whether  such Borrowing shall be Multicurrency Revolving Tranche Loan Borrowing or USD  Revolving Tranche Loan Borrowing; and  (G) Borrower's Account of such Borrower for such Borrowing  (which shall be with an institution located in the same country as the Administrative  Agent's Account for the requested currency of such Borrowing).  (b) Making of Loans by Lenders.  In the case of a proposed Borrowing  comprised of Non-Base Rate Loans, the Administrative Agent shall promptly (and in any  case no later than 11:00 a.m. (New York, New York time) on the second Business Day  before any Non-Base Rate Loan or 1:00 p.m. (New York, New York time) on the day of  any Base Rate Loan) notify each Lender of the applicable interest rate under Section  2.5(a).  Each Lender shall, before 11:00 a.m. (Relevant Currency Time) on the date of  any Borrowing consisting of Non-Base Rate Loans, or 3:00 p.m. (New York, New York  time) on the date of any Borrowing consisting of Base Rate Loans, make available for the  account of its lending office to the Administrative Agent at the Administrative Agent's  Account for Borrowings in the applicable currency, in same-day funds, such Lender's Pro  Rata Share of such Borrowing in accordance with the respective Commitment of such  Lender.  After the Administrative Agent's receipt of such funds and upon fulfillment of  the applicable conditions set forth in Article 3, the Administrative Agent will make such  funds available to the Borrowers by delivering such funds to the relevant Borrower's  Account in the applicable currency; provided that, in the case of any Borrowing, the  Administrative Agent shall first make a portion of such funds, equal to the aggregate  principal amount of any Letter of Credit Advances to the Borrowers made by the Issuing  Banks and outstanding on the date of such Borrowing, available for repayment of such  Letter of Credit Advances.  Receipt of such funds in the Borrower's Account shall be  deemed to have occurred when the Administrative Agent notifies AGCO, by telephone or  otherwise, of the Federal Reserve Bank reference number, CHIPS identification number  or similar number with respect to the delivery of such funds.     (c) Appointment of AGCO as Agent, Etc.  Each Notice of Borrowing  shall be irrevocable and binding on the Borrowers.  Each Borrower (other than AGCO)  (i) irrevocably and unconditionally designates, as its agent for purposes of delivering any  Notice of Borrowing or Notice of Issuance on behalf of the Borrowers, AGCO and any  officer or employee of AGCO, and (ii) acknowledges that (A) any such Notice of  Borrowing or Notice of Issuance at any time delivered by AGCO or any such officer or  employee shall be binding on each Borrower and (B) neither the Administrative Agent  nor any Lender shall have any duty to determine whether the delivery of any such Notice  

 

52  \\4157-1107-4114  v16  of Borrowing or Notice of Issuance by AGCO or any such officer or director was duly  authorized by each Borrower in any specific instance.  In the case of any Borrowing that  the related Notice of Borrowing specifies is to be comprised of Non-Base Rate Loans,  AGCO shall indemnify each Lender against any loss, cost or expense incurred by such  Lender as a result of any failure to fulfill on or before the date specified in such Notice of  Borrowing the applicable conditions set forth in Article 3, including without limitation  any loss (including loss of anticipated profits), cost or expense incurred by reason of the  liquidation or reemployment of deposits or other funds acquired by such Lender to fund  the Revolving Loan to be made by such Lender as part of such Borrowing when such  Revolving Loan, as a result of such failure, is not made on such date.  (d) Swing Line Loans.  (i) As it is understood that the purpose for the Swing Line  Loan is to fund AGCO's operating account, the Swing Line Loans and repayments to the  Swing Line Bank may be made on a sweep basis, requiring no formal notification from  AGCO.  The Swing Line Bank may at its discretion, upon three (3) Business Days'  written notice to AGCO, choose to require written notification of Swing Line Loans from  AGCO, but is not required to do so.  At any time the Swing Line Bank makes a Swing  Line Loan, each Multicurrency Revolving Tranche Loan Lender (other than the Swing  Line Bank) shall be deemed, without further action by any Person, to have purchased  from the Swing Line Bank an unfunded participation in any such Swing Line Loan in an  amount equal to such Multicurrency Revolving Tranche Loan Lender's Pro Rata Share  (calculated in accordance with Section 2.11(e)(iv) if any Lender is a Defaulting Lender)  of such Swing Line Loan and shall be obligated to fund such participation as a  Multicurrency Revolving Tranche Loan at such time and in the manner provided below.   Each such Multicurrency Revolving Tranche Loan Lender's obligation to participate in,  purchase and fund such participating interests shall be absolute, irrevocable and  unconditional and shall not be affected by any circumstance, including, without  limitation, (1) any set-off, counterclaim, recoupment, defense or other right which such  Lender or any other Person may have against the Swing Line Bank or any other Person  for any reason whatsoever; (2) the occurrence or continuance of a Default or an Event of  Default or the termination of the Multicurrency Revolving Tranche Loan Commitments;  (3) any adverse change in the condition (financial or otherwise) of AGCO or any other  Person; (4) any breach of this Agreement by any Borrower or any other Lender; or (5)  any other circumstance, happening or event whatsoever, whether or not similar to any of  the foregoing.  Each Borrower hereby consents to each such sale and assignment.  Each  Multicurrency Revolving Tranche Loan Lender agrees to fund its Pro Rata Share  (calculated in accordance with Section 2.11(e)(iv) if any Lender is a Defaulting Lender)  of an outstanding Swing Line Loan on (x) the Business Day on which demand therefor is  made by the Swing Line Bank, provided that such demand is made not later than 11:00  a.m. (New York City time) on such Business Day, or (y) the first Business Day next  succeeding such demand if such demand is made after such time.  Upon any such  assignment by the Swing Line Bank to any other Multicurrency Revolving Tranche Loan  Lender of a participation in a Swing Line Loan, the Swing Line Bank represents and  warrants to such other Multicurrency Revolving Tranche Loan Lender that it is the legal  and beneficial owner of such interest being assigned by it, but makes no other  

 

53  \\4157-1107-4114  v16  representation or warranty and assumes no responsibility with respect to such Swing Line  Loan, the Loan Documents or the Borrowers.  If and to the extent that any Multicurrency  Revolving Tranche Loan Lender shall not have so made the amount of such participation  in such Swing Line Loan available to the Administrative Agent, such Multicurrency  Revolving Tranche Loan Lender agrees to pay to the Administrative Agent forthwith on  demand such amount together with interest thereon, for each day from the date of request  by the Swing Line Bank until the date such amount is paid to the Administrative Agent,  at the Federal Funds Effective Rate.  If such Multicurrency Revolving Tranche Loan  Lender shall pay to the Administrative Agent such amount for the account of the Swing  Line Bank on any Business Day, such amount so paid in respect of principal shall  constitute a US$ Multicurrency Revolving Tranche Loan made by such Multicurrency  Revolving Tranche Loan Lender on such Business Day for purposes of this Agreement,  and the outstanding principal amount of the Swing Line Loan made by the Swing Line  Bank shall be reduced by such amount on such Business Day.  (ii) Unless the Swing Line Bank is the Administrative Agent,  the Swing Line Bank shall provide to the Administrative Agent, on Friday of each week  and on each date the Administrative Agent notifies the Swing Line Bank that any  Borrower has made a borrowing request or the Administrative Agent otherwise requests  the same, an accounting for the outstanding Swing Line Loans in form reasonably  satisfactory to the Administrative Agent.  At any time that the aggregate Unused  Multicurrency Revolving Tranche Loan Commitments are less than US$25,000,000, the  Swing Line Sublimit shall be reduced temporarily to such lesser amount; and  (iii) Unless a Default or an Event of Default then exists, the  Swing Line Bank shall give AGCO and the Administrative Agent at least seven (7) days'  prior written notice before exercising its discretion herein not to make Swing Line Loans.   AGCO must give ten (10) days' prior written notice to the Administrative Agent and the  then existing Swing Line Bank of any change in designation of the Swing Line Bank.   The replaced Swing Line Bank shall continue to be a "Swing Line Bank" for purposes of  repayment of any Swing Line Loans made prior to such replacement and outstanding  after such replacement.  (e) Presumption by Administrative Agent.  Unless Administrative  Agent shall have received notice from a Lender prior to the proposed date of any  Borrowing that such Lender will not make available to Administrative Agent such  Lender's share of such Borrowing, Administrative Agent may assume that such Lender  has made such share available on such date in accordance with paragraph (b) of this  Section and may, in reliance upon such assumption but without any obligation to do so,  make available to Borrowers a corresponding amount.  In such event, if a Lender has not  in fact made its share of the applicable Borrowing available to Administrative Agent,  then the applicable Lender on the one hand and the applicable Borrowers on the other  severally agree to pay to Administrative Agent forthwith on demand such corresponding  amount with interest thereon, for each day from and including the date such amount is  made available to any Borrower to but excluding the date of payment to Administrative  Agent, at (i) in the case of a payment to be made by such Lender, for the first three  Business Days the greater of the Federal Funds Effective Rate and a rate determined by  

 

54  \\4157-1107-4114  v16  Administrative Agent in accordance with banking industry rules on interbank  compensation and thereafter at the Base Rate (for such applicable currency) and (ii) in the  case of a payment to be made by a Borrower, the interest rate applicable to Base Rate  Loans (for such applicable currency).  If Borrowers and such Lender shall pay such  interest to Administrative Agent for the same or an overlapping period, Administrative  Agent shall promptly remit to the applicable Borrowers the amount of such interest paid  by such Borrowers for such period.  If such Lender pays its share of the applicable  Borrowing to Administrative Agent, then the amount so paid shall constitute such  Lender's Loan included in such Borrowing.  Any payment by Borrowers shall be without  prejudice to any claim such Borrowers may have against a Lender that shall have failed  to make such payment to Administrative Agent.  A notice of Administrative Agent to any  Lender or any Borrower with respect to any amount owing under this paragraph (e) shall  be conclusive, absent manifest error.  (f) Obligations of Lenders Several.  The obligations of the Lenders  hereunder to make Loans, to fund participations in Letters of Credit and Swing Line  Loans and to make payments pursuant to Section 8.6 are several and not joint.  The  failure of any Lender to make any Loan, to fund any such participation or to make any  payment under Section 8.6 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, to purchase its  participation or to make its payment under Section 8.6.  2.3. Reduction of the Commitments.  AGCO may, upon at least three (3)  Business Days' notice to the Administrative Agent, terminate in whole or reduce in part  the unused portions of the Unused Revolving Loan Commitments; provided that each  partial reduction:  (i) shall be in an aggregate amount of US$10,000,000 or an integral  multiple of US$5,000,000 in excess thereof; (ii) shall be made ratably among the Lenders  in accordance with their Revolving Loan Commitments; and (iii) shall be permanent and  irrevocable.  2.4. Repayments.  (a) Optional Prepayments.  The Borrowers may, upon at least three (3)  (or two (2) in the case of a Base Rate Loan) Business Days' notice to the Administrative  Agent, prepay pro rata among the Lenders of any Class the outstanding amount of any  Loans of such Class (other than any Swing Line Loans or Letter of Credit Advances  (resulting from a drawing under a Letter of Credit) not participated to any other Lender,  in which case, such prepayments shall not be made on a pro rata basis or require prior  notice) in whole or in part with accrued interest to the date of such prepayment on the  amount prepaid; provided, however, that in the event that any Lender receives payment  of the principal of any Non-Base Rate Loan other than on the last day of the Interest  Period relating to such Non-Base Rate Loan (whether due to prepayments made by any  Borrower, or due to acceleration of the Loans, or due to any other reason (except as set  forth in Section 2.11(f))), the applicable Borrowers shall pay to such Lender on demand  any amounts owing pursuant to Section 10.2.   Any prepayment of the Incremental Term  Loans pursuant to this Section 2.4(a) shall be in a minimum amount of US$10,000,000,  

 

55  \\4157-1107-4114  v16  and in an integral multiple of US$5,000,000 in excess thereof.  Any repayments of an  Incremental Term Loan may not be reborrowed.  (b) Mandatory Prepayments.  (i) On any date on which the Multicurrency Revolving  Tranche Loan Commitments or the USD Revolving Tranche Loan Commitments shall be  reduced pursuant to Section 2.3, if the Multicurrency Revolving Tranche Loan  Outstandings or the USD Revolving Tranche Loan Exposure on such date shall exceed  the Total Multicurrency Revolving Tranche Loan Commitment or Total USD Revolving  Tranche Loan Commitment, as the case may be, after giving effect to such reduction, the  Borrowers shall prepay the (x) Multicurrency Revolving Tranche Loans or the Letter of  Credit Advances or (y) USD Revolving Tranche Loans, as applicable, in the aggregate  principal amount equal to such excess, and shall pay on demand to the Multicurrency  Revolving Tranche Loan Lenders or USD Revolving Tranche Loan Lenders, as  applicable, any amounts owing under Section 10.2 as a result of such prepayment.  Each  such prepayment by a Borrower shall be applied ratably to such (x) Multicurrency  Revolving Tranche Loans or to such Letter of Credit Advances pursuant to draws on the  same Letter of Credit or (y) USD Revolving Tranche Loans, as applicable, issued for the  account of such Borrower, as AGCO shall designate at the time of such prepayment.  (ii) If, on the last Business Day of any calendar quarter, the  Multicurrency Revolving Tranche Loan Outstandings on such date shall exceed one  hundred five percent (105%) of the amount of the Total Multicurrency Revolving  Tranche Loan Commitments on such date (the "Currency Exchange Excess"), such  Borrowers shall prepay the Multicurrency Revolving Tranche Loans in such amount as  may be necessary to eliminate such excess (after giving effect to any payments pursuant  to clause (iii) below); provided, to the extent such prepayment would require the  repayment of a Non-Base Rate Loan prior to the end of the Interest Period applicable  thereto, AGCO may instead deliver same-day funds to the Administrative Agent for  deposit in such interest-bearing account as the Administrative Agent shall specify (the  "Borrower Cash Collateral Account"), in an amount equal to the Currency Exchange  Excess (net of any prepayment pursuant to this Section).  The Borrower Cash Collateral  Account shall be in the name and under the sole dominion and control of the  Administrative Agent.  The Administrative Agent shall have no obligation to invest any  amounts on deposit in the Borrower Cash Collateral Account.  AGCO grants to the  Administrative Agent, for its benefit and the benefit of the Lenders, a lien on and security  interest in the Borrower Cash Collateral Account and all amounts from time to time on  deposit therein as collateral security for the performance of AGCO's obligations under  this Agreement and the other Loan Documents.  The Administrative Agent shall have all  rights and remedies available to it under Applicable Law with respect to the Borrower  Cash Collateral Account and all amounts on deposit therein.  Promptly after any date on  which there shall occur a reduction in the amount of the Currency Exchange Excess, the  Administrative Agent will return to AGCO, free and clear of any Lien under this Section,  an amount equal to the excess of amounts then on deposit in the Borrower Cash  Collateral Account (including accrued interest) over the amount of the Currency  Exchange Excess as of the date of and after giving effect to such reduction.  

 

56  \\4157-1107-4114  v16  (iii) If, on the last Business Day of any calendar quarter, the  L/C Obligations on such date shall exceed the Letter of Credit Subfacility on such date,  AGCO shall deliver to the Administrative Agent for deposit in the L/C Cash Collateral  Account an amount sufficient to cause the aggregate amount on deposit in such L/C Cash  Collateral Account to equal the amount of such excess.   (iv) Each Borrower shall, within one (1) Business Day of the  making thereof by an Issuing Bank, repay to the Administrative Agent for the account of  such Issuing Bank the outstanding principal amount of each Letter of Credit Advance  made to such Borrower.  (v) Each Borrower shall pay the outstanding unpaid principal  balance of, and all accrued and unpaid interest on, the Revolving Loans and the Letter of  Credit Advances made to it on the earlier of (x) the Maturity Date or (y) the date the  Loans are accelerated in accordance with the terms and conditions of Article 7 of this  Agreement.  (c) Reserved.    (d) Interest on Principal Amounts Prepaid.  All prepayments under this  Section 2.4 shall be made together with accrued interest to the date of such prepayment  on the principal amount prepaid.  2.5. Interest.  (a) Ordinary Interest.  Each Borrower shall pay interest on the unpaid  principal amount of each Loan owing hereunder from the date of such Loan until such  principal amount shall be paid in full, at the following rates per annum:  (i) Base Rate Loan.  During such periods as such Loan is a  Base Rate Loan, at a rate per annum equal at all times to the Base Rate in effect from  time to time plus the Applicable Margin in effect for Base Rate Loans of such Class,  payable (x) in arrears quarterly on the last day of each calendar quarter during such  periods, (y) on the date on which such Base Rate Loan shall be paid in full, and (z) on the  Maturity Date.  (ii) Non-Base Rate Loans.  During such periods as such Loan  is a Non-Base Rate Loan, a rate per annum equal at all times during each Interest Period  for such Non-Base Rate Loan to the sum of (x) the applicable Non-Base Rate Benchmark  for such Interest Period for such Loan, plus (y) the Applicable Margin in effect for Non- Base Rate Loans from time to time, payable in arrears on (A) the last day of such Interest  Period, (B) if such Interest Period has a duration of more than three (3) months, also on  each day that occurs during such Interest Period every three (3) months from the first day  of such Interest Period, (C) on the date on which such Loan shall be paid in full and (D)  on the Maturity Date.  (b) Interest Rate Basis for Initial Loans and Loans in Offshore  Currencies.  Notwithstanding any provision in this Agreement to the contrary, Borrowers  

 

57  \\4157-1107-4114  v16  may not make any Borrowing of SOFR Loans or Offshore Currency Loans on the  Agreement Date unless Administrative Agent receives the applicable Notice of  Borrowing not later than 11:00 a.m., New York City time, three Business Days prior to  the Agreement Date, together with a funding indemnity letter from AGCO agreeing to  pay losses as described in Section 10.2, in form and substance acceptable to  Administrative Agent.  Offshore Currency Loans may not bear interest at a rate based on  the Base Rate other than as required by Section 10.1(f)(ii).  (c) Default Interest.  (i) Immediately upon the occurrence and during  the continuation of an Event of Default under Section 7.1(a) or 7.1(e), or at the election  of the Administrative Agent or the Required Lenders when any other Event of Default  has occurred and is continuing, in addition to all of the rights and remedies described in  this Agreement, the Borrowers shall pay interest on the outstanding principal balance of  the Loans at the Default Rate from the date of such Event of Default.  Interest at the  Default Rate shall be payable on the earlier of demand by the Administrative Agent or  Required Lenders or the Maturity Date, and shall accrue until the earlier of (i) waiver in  writing by Required Lenders of the applicable Event of Default, (ii) agreement by  Required Lenders to rescind the charging of interest at the Default Rate, or (iii) payment  in full of the Obligations.  Notwithstanding anything to the contrary in this Agreement,  any interest, fees or other amounts not paid by the Borrowers when due hereunder shall  accrue interest at the Default Rate applicable to the Base Rate Loans.  2.6. Fees.  (a) Administrative Agent.  The Borrowers agree to pay to the  Administrative Agent for its own account a fee separately agreed between the Borrowers  and the Administrative Agent and such other fees required by the Fee Letter on the dates  set forth therein.  (b) Unused Revolver Fee.    (i) The Borrowers shall pay to the Administrative Agent for  the account of the Lenders an unused commitment fee (the "Unused Revolver Fee") in  U.S. Dollars computed each day, on each Lender's Adjusted Unused Revolving Loan  Commitment, from the Agreement Date until the Maturity Date at a rate per annum equal  to the Applicable Margin for the Unused Revolver Fee in effect from time to time, which  fee shall be due and payable quarterly in arrears on the last day of each calendar quarter  (commencing with the first calendar quarter ending after the Agreement Date) and, if  then unpaid, on the Maturity Date.  (c) Letter of Credit Fee.  From and after the Agreement Date, each  Borrower shall pay to the Administrative Agent, for the account of the Multicurrency  Revolving Tranche Loan Lenders, a fee computed each day at a rate equal to the rate per  annum equal to the Applicable Margin on such day for Non-Base Rate Loans on the  Equivalent Amount of aggregate Available Amount of all Letters of Credit outstanding  and issued for such Borrowers' account, which fee shall be due and payable quarterly in  arrears on the last day of each calendar quarter (commencing with the first calendar  

 

58  \\4157-1107-4114  v16  quarter ending after the Agreement Date) and, if then unpaid, on the Maturity Date.  Each  such Multicurrency Revolving Tranche Loan Lender's fee shall be calculated by  allocating to such Multicurrency Revolving Tranche Loan Lender a portion of the total  fee determined ratably according to such Multicurrency Revolving Tranche Loan  Lender's Pro Rata Share of the Multicurrency Revolving Tranche Loan Commitments.  (d) Issuing Bank Fee.  From and after the Agreement Date, the  Borrowers agree to pay to each Issuing Bank a fee calculated at a rate per annum to be  agreed upon by Borrowers and such Issuing Bank on the face amount of each Letter of  Credit issued by such Issuing Bank which fee shall be due and payable quarterly in  arrears on the last day of each calendar quarter during which such Letter of Credit was  outstanding (commencing with the first calendar quarter ending after the Agreement  Date) and, if then unpaid, on the Maturity Date.  Additionally, the Borrowers agree to pay  to each Issuing Bank, for its own account, its customary fees for issuing, amending,  paying, negotiating or renewing any Letter of Credit issued by such Issuing Bank, which  fees shall be due and payable on the date of each such issuance, amendment, payment,  negotiation or renewal.  In the event of any inconsistency between the terms of this  Agreement and the terms of any letter of credit reimbursement agreements or  indemnification agreements between any Borrower and any Issuing Bank with respect to  the Letters of Credit issued hereunder, the terms of this Agreement shall control.  2.7. Conversion and Designation of Interest Periods.  (a) On any Business Day, upon notice given to the Administrative  Agent not later than 11:00 a.m. (New York, New York time) on the third Business Day  prior to the date of the proposed Conversion or Continuation and subject to the provisions  of Section 10.1 and so long as no Default or Event of Default has occurred and is  continuing, AGCO may Convert all or any portion of the Loans (but not Letter of Credit  Advances) in U.S. Dollars of one Type comprising the same Borrowing into Loans of  another Type, or Continue any Non-Base Rate Loan for an additional Interest Period;  provided, if (i) less than all Non-Base Rate Loans of any Class are Converted or  Continued, after such Conversion or Continuation, not less than the minimum amounts  specified in Section 2.1 (which minimums shall apply equally to any Incremental Term  Loan Borrowings Converted hereunder) shall Continue as Non-Base Rate Loans of such  Class; (ii) less than all Loans comprising part of the same Borrowing are Converted or  Continued, the portion of the Loans Converted or Continued must at least equal the  minimum aggregate principal amount of a Borrowing permitted under Section 2.1 (which  minimums shall apply equally to any Incremental Term Loan Borrowings Converted  hereunder) and all Lenders' Loans comprising the Borrowing to be Converted or  Continued in part shall be Converted or Continued ratably in accordance with their  applicable Pro Rata Shares; and (iii) each Conversion of less than all Loans comprising  part of the same Borrowing shall be deemed to be an additional Borrowing for purposes  of Section 2.7(d), and no such Conversion or Continuation of any Loans may result in  there being outstanding more separate Borrowings of Non-Base Rate Loans than  permitted under Section 2.7(d).  Each such notice of Conversion or Continuation shall,  within the restrictions specified above, specify (i) the date of such Conversion, or the last  date of the Interest Period of the Loans to be Continued, (ii) the Loans to be Converted or  

 

59  \\4157-1107-4114  v16  Continued, and (iii) if such Conversion is into Non-Base Rate Loans or a Continuation of  Non-Base Rate Loans, the duration and the expiration date of the new Interest Period  thereof.  Each notice of Conversion or Continuation shall be irrevocable and binding on  AGCO.  If a Borrower requests a Conversion to or Continuation of a Non-Base Rate  Loan but does not specify an Interest Period, then Borrowers shall be deemed to have  selected an Interest Period of one month's duration.  (b) On the date on which the aggregate unpaid principal amount of  Non-Base Rate Loan of any Class denominated in U.S. Dollars shall be reduced, by  payment or prepayment or otherwise, to less than US$5,000,000, such Loans shall  automatically Convert into Base Rate Loans.  (c) If a Borrower fails to deliver a timely and properly completed  notice of Conversion or Continuation with respect to a Non-Base Rate Loan (as set forth  in clause (a) above) prior to the end of the Interest Period applicable thereto, such  Borrower shall be automatically deemed to have requested that such Non-Base Rate Loan  Continue as a Non-Base Rate Loan with a one month Interest Period, subject to such  Borrower's right to repay such Non-Base Rate Loan, at the end of such original Interest  Period (which repayment shall be accompanied by any costs under Section 10.2),  (d) No Borrower shall request a Non-Base Rate Loan if, after giving  effect thereto, there would be, in aggregate, more than twenty (20) Borrowings of Non- Base Rate Loans outstanding.  2.8. Payments and Computations.  (a) Each Borrower shall make each payment hereunder free and clear  of any setoff or counterclaim, with such payment (other than repayment of a Swing Line  Loan) being paid not later than 11:00 a.m. (Relevant Currency Time) on the day when  due in the case of principal or interest on and other amounts relating to any Borrowing in  the currency in which such Borrowing was denominated and in any other case in U.S.  Dollars, to the Administrative Agent in same-day funds by deposit of such funds to the  Administrative Agent's Account for payments in the applicable currency.  The  Administrative Agent will promptly thereafter (and in any event, if received from a  Borrower by the time specified in the preceding two sentences, on the day of receipt)  cause like funds to be distributed (i) if such payment by a Borrower is in respect of  principal, interest, fees or any other Obligation then payable hereunder in a particular  currency, to the applicable Lenders for the account of their respective lending offices for  payments in such currency ratably in accordance with the amounts of such respective  Obligations in such currency then payable to such Lenders, and (ii) if such payment by a  Borrower is in respect of any Obligation then payable hereunder to one Lender, to such  Lender for the account of its lending office for payments in the applicable currency.   Upon its acceptance of an Assignment and Assumption and recording of the information  contained therein in the Register pursuant to Section 9.6(d), from and after the effective  date of such Assignment and Assumption, the Administrative Agent shall make all  payments hereunder in respect of the interest assigned hereby to the Lender assignee  hereunder, and the parties to such Assignment and Assumption shall make all appropriate  

 

60  \\4157-1107-4114  v16  adjustments in such payments for periods prior to such effective date directly between  themselves.  (b) If the Administrative Agent receives funds for application to the  Obligations under the Loan Documents under circumstances for which the Loan  Documents do not specify the Loans to which, or the manner in which, such funds are to  be applied, the Administrative Agent may, but shall not be obligated to, elect to distribute  such funds to each Lender ratably in accordance with such Lender's proportionate share  of the principal amount of all outstanding Loans and the Available Amount of all Letters  of Credit then outstanding, in repayment or prepayment of such of the outstanding Loans  or other Obligations owed to such Lender, and for application to such principal  installments, as the Administrative Agent shall direct.  (c) All computations of interest on Base Rate Loans accruing interest  at the Prime Rate, shall be made by the Administrative Agent on the basis of a year of  three hundred sixty-five (365) days (or three hundred sixty-six 366 days, as the case may  be) for the actual number of days (including the first day but excluding the last day)  occurring in the period for which such interest is payable.  All other computations of  interest, fees and Letter of Credit fees payable by any Borrower shall be made by the  Administrative Agent on the basis of a year of three hundred sixty (360) days, and in  each case shall be payable for the actual number of days (including the first day but  excluding the last day) occurring in the period for which such interest, fees or  commissions are payable.  Each determination by the Administrative Agent of an interest  rate, fee or commission hereunder shall be conclusive and binding for all purposes,  absent manifest error.  (d) Whenever any payment hereunder shall be stated to be due on a  day other than a Business Day, such payment shall be made on the next succeeding  Business Day, and such extension of time shall in such case be included in the  computation of payment of interest or commitment fee, as the case may be; provided that,  if such extension would cause payment of interest on or principal of a Non-Base Rate  Loan to be made in the next-following calendar month, such payment shall be made on  the next-preceding Business Day.  (e) Unless the Administrative Agent shall have received notice from  AGCO prior to the date on which any payment is due to the Lenders hereunder that the  Borrowers will not make such payment in full, the Administrative Agent may assume that  the Borrowers have made such payment in full to the Administrative Agent on such date  and the Administrative Agent may, in reliance upon such assumption, cause to be  distributed to each such Lender on such due date an amount equal to the amount then due  such Lender.  If and to the extent such Borrower shall not have so made such payment in  full to the Administrative Agent and the Administrative Agent makes available to a  Lender on such date a corresponding amount, such Lender shall repay to the  Administrative Agent forthwith on demand such amount distributed to such Lender  together with interest thereon, for each day from the date such amount is distributed to  such Lender until the date such Lender repays such amount to the Administrative Agent,  at the Federal Funds Effective Rate.  

 

61  \\4157-1107-4114  v16  2.9. Sharing of Payments, Etc.    (a) Except as otherwise provided in this Agreement, the  Administrative Agent agrees that promptly after its receipt of each payment from or on  behalf of any Borrower in respect of any Obligations hereunder, it shall distribute such  payment to the Lenders (other than any Lender that has consented in writing to waive its  pro rata share of any such payment) pro rata based upon their respective shares, if any, of  the Class of Obligations with respect to which such payment was received.   (b) If any Lender shall obtain at any time any payment (whether  voluntary, involuntary, through the exercise of any right of set-off, or otherwise)  distributed other than in accordance with the provisions of this Agreement (including the  application of funds arising from the existence of a Defaulting Lender):  (1) on account of  Obligations due and payable to such Lender hereunder at such time in excess of its  ratable share (according to the proportion of (i) the amount of such Obligations due and  payable to such Lender at such time to (ii) the aggregate amount of the Obligations due  and payable to all Lenders hereunder at such time) of payments on account of the  Obligations due and payable to all Lenders hereunder at such time obtained by all the  Lenders at such time; or (2) on account of Obligations owing (but not due and payable) to  such Lender hereunder at such time in excess of its ratable share (according to the  proportion of (iii) the amount of such Obligations owing to such Lender at such time to  (iv) the aggregate amount of the Obligations owing (but not due and payable) to all  Lenders hereunder at such time) of payments on account of the Obligations owing (but  not due and payable) to all Lenders hereunder at such time obtained by all the Lenders at  such time; such Lender shall forthwith purchase from the other Lenders such  participations in the Obligations due and payable or owing to them, as the case may be, as  shall be necessary to cause such purchasing Lender to share the excess payment ratably  with each of them; provided that if all or any portion of such excess payment is thereafter  recovered from such purchasing Lender, such purchase from each other Lender shall be  rescinded and such other Lender shall repay to the purchasing Lender the purchase price  to the extent of such other Lender's ratable share (according to the proportion of (x) the  purchase price paid to such Lender to (y) the aggregate purchase price paid to all  Lenders) of such recovery together with an amount equal to such Lender's ratable share  (according to the proportion of (A) the amount of such other Lender's required repayment  to (B) the total amount so recovered from the purchasing Lender) of any interest or other  amount paid or payable by the purchasing Lender in respect of the total amount so  recovered.  The Borrowers agree that any Lender so purchasing a participation from  another Lender pursuant to this Section may, to the fullest extent permitted by law,  exercise all its rights of payment (including the right of set-off) with respect to such  participation as fully as if such Lender were the direct creditor of such Borrower in the  amount of such participation.  (c) Notwithstanding anything to the contrary contained herein, the  provisions of clauses (a) and (b) above of this Section 2.9 shall be subject to the express  provisions of this Agreement which require, or permit, differing payments to be made to  Non-Defaulting Lenders as opposed to Defaulting Lenders.  

 

62  \\4157-1107-4114  v16  2.10. Letters of Credit.  (a) The Letter of Credit Subfacility.  Each Issuing Bank agrees, on the  terms and conditions hereinafter set forth, to issue letters of credit (the "Letters of  Credit") for the account of any Borrower or its Subsidiary from time to time on any  Business Day during the period from the Agreement Date until sixty (60) days before the  Maturity Date (i) in an aggregate Available Amount for such Letters of Credit not to  exceed at any time the amount of the Letter of Credit Subfacility, minus the aggregate  principal amount of all Letter of Credit Advances to any Borrower then outstanding and  (ii) in an Available Amount for each Letter of Credit issued for the account of a Borrower  or a Subsidiary of a Borrower not to exceed the aggregate Multicurrency Revolving  Tranche Loan Commitment Loans on such Business Day.  No Letter of Credit shall have  an expiration date (including all rights of a Borrower or the beneficiary to require  renewal) later than the earlier of five (5) days before the Maturity Date and one (1) year  after the date of issuance thereof; provided, however, that any Letter of Credit that  expires one (1) year after the date of its issuance may provide for the automatic renewal  of such Letter of Credit for additional one (1)-year periods so long as such Letter of  Credit, as renewed, shall have an expiration date not later than five (5) days before the  Maturity Date.  Notwithstanding the foregoing, a Letter of Credit may have an expiration  date later than five (5) days prior to the Maturity Date if the requesting Borrower  provides, at the time of the issuance of such Letter of Credit, Cash Collateral to the  Administrative Agent for the benefit of the Multicurrency Revolving Tranche Loan  Lenders in an amount equal to one hundred five percent (105%) of the face amount of  such Letter of Credit (it being acknowledged that the obligations of the Multicurrency  Revolving Tranche Loan Lenders to purchase participations in any such Letter of Credit  shall terminate on the Maturity Date to the extent of the Cash Collateral for such Letters  of Credit maintained by the Administrative Agent on such date).  Each Letter of Credit  issued by an Issuing Bank shall require that all draws thereon must be presented to such  Issuing Bank by the expiration date therefor, regardless of whether presented prior to  such date to any correspondent bank or other institution.  Within the limits of the Letter  of Credit Subfacility, and subject to the limits referred to above, the Borrowers may  request the issuance of Letters of Credit under this Section 2.10(a), repay any Letter of  Credit Advances resulting from drawings thereunder pursuant to Section 2.10(c) and  request the issuance of additional Letters of Credit under Section 2.10(b).   (b) Request for Issuance, Notices by Issuing Banks.  (i) Each Letter of Credit issued by an Issuing Bank shall be  issued upon notice, given not later than 11:00 a.m. (New York City time) on the third  Business Day prior to the date of the proposed issuance of such Letter of Credit, by a  Borrower to such Issuing Bank, which Issuing Bank shall give to the Administrative  Agent and each Lender prompt written notice thereof.  Each such notice of issuance of a  Letter of Credit (a "Notice of Issuance") shall be by electronic mail, telecopier or  telephone, confirmed immediately in writing, specifying therein (1) the requested date of  such issuance (which shall be a Business Day); (2) the requested Available Amount of  such Letter of Credit; (3) the requested expiration date of such Letter of Credit; (4) the  requested currency in which such Letter of Credit shall be denominated, which shall be  

 

63  \\4157-1107-4114  v16  U.S. Dollars or an Offshore Currency; provided that no Borrower shall make a request for  a Letter of Credit in any Agreed Alternative Currency unless it shall have previously  obtained the consent of each Revolving Loan Lender to the issuance of such Letter of  Credit in such currency; (5) the requested name and address of the beneficiary of such  Letter of Credit; and (6) the requested form of such Letter of Credit, and shall be  accompanied by such application and agreement for letter of credit (a "Letter of Credit  Agreement") as such Issuing Bank may specify to such Borrower for use in connection  with such requested Letter of Credit.  No letter of credit issued by a Lender that is not  also the Administrative Agent shall constitute a Letter of Credit issued pursuant to this  Agreement unless (and until) such Lender provides written notice of such Letter of Credit  to the Administrative Agent which notice shall include the information described in  clauses (1) through (5) of the immediately preceding sentence.  If (x) the requested form  of such Letter of Credit is acceptable to such Issuing Bank in its sole discretion, and (y) it  has not received notice of objection to such issuance from the Required Lenders, such  Issuing Bank will, upon fulfillment of the applicable conditions set forth in Article 3,  make such Letter of Credit available to the requesting Borrower at its office referred to in  Section 9.2 or as otherwise agreed with such Borrower in connection with such issuance.   In the event and to the extent that the provisions of any Letter of Credit Agreement shall  conflict with this Agreement, the provisions of this Agreement shall govern.  A Letter of  Credit shall be deemed to have been issued for the account of each Borrower delivering  the Notice of Issuance therefor.  No Issuing Bank shall be obligated to issue Letters of  Credit to any beneficiary subject to Sanctions.  (ii) In connection with any Letter of Credit issued hereunder  that contains a statement to the effect that such Letter of Credit is issued for the account  of any Person that is a Subsidiary of a Borrower (that is not also a Borrower), such  Borrower shall, notwithstanding such statement, be the actual account party for all  purposes of this Agreement for such Letter of Credit and such statement shall not affect  the applicable Borrower's reimbursement obligations hereunder with respect to such  Letter of Credit.  Notwithstanding anything to the contrary set forth in this Agreement, no  Issuing Bank shall be required to issue a Letter of Credit for the account of any  Subsidiary of a Borrower (that is not also a Borrower) unless such Issuing Bank receives  such documentation and other information regarding such Subsidiary required by bank  regulatory authorities under applicable "know-your-customer" and anti-money laundering  rules and regulations, including the USA Patriot Act, as may be requested by such Issuing  Bank.  (iii) Each Issuing Bank (other than such Person that is also the  Administrative Agent) shall furnish to the Administrative Agent such information or  written reports regarding the outstanding Letters of Credit issued by such Issuing Bank,  the respective Available Amounts with respect thereto, the currencies in which such  Letters of Credit were denominated, for whose account such Letters of Credit were issued  and any drawings that have been made under such Letters of Credit as the Administrative  Agent may reasonably request from time to time.  (iv) For all purposes hereunder, including the calculation of  Revolving Loan Outstandings, L/C Outstandings and Fronting Exposure, the  

 

64  \\4157-1107-4114  v16  Administrative Agent shall be entitled to treat each Letter of Credit issued by an Issuing  Bank (other than an Issuing Bank that is also the Administrative Agent) as outstanding  from the later of the date of issuance, or the date Administrative Agent received notice  thereof pursuant to the notice delivered by such Issuing Bank pursuant to Section  2.10(b)(i), unless and until the Administrative Agent shall have received written notice  from such Issuing Bank of the termination, expiration, reduction, amendment,  modification or replacement of such Letter of Credit; provided that any notice by an  Issuing Bank of the issuance, termination, expiration, reduction, amendment,  modification or replacement of a Letter of Credit pursuant to Section 2.10(b)(i) or this  Section 2.10(b)(iv) received by the Administrative Agent on a day that is not a Business  Day, or after 11:00 a.m. (New York City time) on a Business Day, shall be deemed to  have been given at the opening of business on the next Business Day.  (c) Drawing and Reimbursement.  (i) The payment by an Issuing Bank of a draft drawn under  any Letter of Credit for the account of a Borrower or its Subsidiary shall constitute for all  purposes of this Agreement the making by an Issuing Bank of a Letter of Credit Advance  to such Borrower, which shall accrue interest at the Base Rate plus the Applicable  Margin in effect for Base Rate Loans, in the amount and currency of such draft, and be  immediately due and payable in full by such Borrower not later than 2:00 p.m., New  York City time, on (1) the Business Day that AGCO receives notice of such payment by  the Issuing Bank, if such notice is received prior to 12:00 noon, New York City time, on  such Business Day, or (2) the Business Day immediately following the day that AGCO  receives such notice, if such notice is not received prior to such time; provided that  AGCO may, subject to the conditions to borrowing set forth herein, request in accordance  with Section 2.2 that such payment be financed with a Revolving Loan that is a Base  Rate Loan or Swing Line Loan in an equivalent amount and currency and, to the extent  so financed, such Borrower's obligation to repay the Letter of Credit Advance shall be  discharged and replaced by the resulting Revolving Loan that is a Base Rate Loan or  Swing Line Loan.  (ii) Upon the issuance of each Letter of Credit by an Issuing  Bank, each Multicurrency Revolving Tranche Loan Lender shall be deemed to have  purchased from such Issuing Bank a participation therein equal to its Pro Rata Share  (calculated in accordance with Section 2.11(e)(iv) if any Multicurrency Revolving  Tranche Loan Lender is a Defaulting Lender) of the Available Amount of such Letter of  Credit and, upon written demand by such Issuing Bank following a draw on such a Letter  of Credit, with a copy of such demand to the Administrative Agent, each Multicurrency  Revolving Tranche Loan Lender shall purchase from such Issuing Bank, directly and not  as a participation, and such Issuing Bank shall sell and assign to each such other  Multicurrency Revolving Tranche Loan Lender, such other Multicurrency Revolving  Tranche Loan Lender's Pro Rata Share (calculated in accordance with Section 2.11(e)(iv)  if any Multicurrency Revolving Tranche Loan Lender is a Defaulting Lender) of such  Letter of Credit Advance resulting from such draw as of the date of such purchase to the  extent not previously repaid by the applicable Borrower, by making available for the  account of its lending office to the Administrative Agent for the account of such Issuing  

 

65  \\4157-1107-4114  v16  Bank, by deposit to the Administrative Agent's Account, in same-day funds in the  currency in which such Letter of Credit was denominated, an amount equal to the portion  of the outstanding principal amount of such Letter of Credit Advance to be purchased by  such Multicurrency Revolving Tranche Loan Lender.  (iii) Each Borrower agrees to each participation, sale and  assignment pursuant to this subsection (c).  (iv) Each Multicurrency Revolving Tranche Loan Lender  agrees to purchase its Pro Rata Share (calculated in accordance with Section 2.11(e)(iv) if  any Multicurrency Revolving Tranche Loan Lender is a Defaulting Lender) of an  outstanding Letter of Credit Advance made by an Issuing Bank on (1) the Business Day  on which demand therefor is made by such Issuing Bank, provided notice of such  demand is given not later than 11:00 a.m. (New York, New York time) on such Business  Day, or (2) the first Business Day next succeeding such demand if notice of such demand  is given after such time.  Upon any such assignment by an Issuing Bank to any Multicurrency Revolving Tranche  Loan Lender of a portion of a Letter of Credit Advance made by such Issuing Bank, such  Issuing Bank shall be deemed to have represented and warranted to such Multicurrency  Revolving Tranche Loan Lender that such Issuing Bank is the legal and beneficial owner  of such interest being assigned by it, but makes no other representation or warranty and  assumes no responsibility with respect to such Letter of Credit Advance, the Loan  Documents or any Loan Party.  If and to the extent that any Multicurrency Revolving  Tranche Loan Lender shall not have so made the purchase price for its Pro Rata Share  (calculated in accordance with Section 2.11(e)(iv) if any Multicurrency Revolving  Tranche Loan Lender is a Defaulting Lender) of a Letter of Credit Advance available to  the Administrative Agent, such Multicurrency Revolving Tranche Loan Lender agrees to  pay to the Administrative Agent forthwith on demand such amount together with interest  thereon, for each day from the date of demand by such Issuing Bank until the date such  amount is paid to the Administrative Agent, at the Federal Funds Effective Rate.  If such  Multicurrency Revolving Tranche Loan Lender shall pay to the Administrative Agent  such amount for the account of such Issuing Bank on any Business Day, such amount so  paid in respect of principal shall constitute a Letter of Credit Advance made by such  Multicurrency Revolving Tranche Loan Lender on such Business Day for purposes of  this Agreement, and the outstanding principal amount of the Letter of Credit Advance  made by such Issuing Bank shall be reduced by such amount on such Business Day.  (d) Obligations Absolute.  The Obligations of the Borrowers under this  Agreement, any Letter of Credit Agreement and any other agreement or instrument  relating to any Letter of Credit issued by an Issuing Bank shall be unconditional and  irrevocable, and shall be paid strictly in accordance with the terms of this Agreement,  such Letter of Credit Agreement and such other agreement or instrument under all  circumstances, including without limitation the following circumstances:  (i) any lack of validity or enforceability of this Agreement,  any Letter of Credit Agreement, any Letter of Credit or any other agreement or  

 

66  \\4157-1107-4114  v16  instrument relating thereto (this Agreement and all of the other foregoing being,  collectively, the "L/C Related Documents");  (ii) any change in the time, manner or place of payment of, or  in any other term of, all or any of the Obligations of any Borrower in respect of any L/C  Related Document or any other amendment or waiver of or any consent to departure from  all or any of the L/C Related Documents;  (iii) the existence of any claim, set-off, defense or other right  that any Borrower may have at any time against any beneficiary or any transferee of a  Letter of Credit (or any Persons for whom any such beneficiary or any such transferee  may be acting), such Issuing Bank or any other Person, whether in connection with the  transactions contemplated by the L/C Related Documents or any unrelated transaction;  (iv) any statement or any other document presented under a  Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or  any statement therein being untrue or inaccurate in any respect;  (v) payment by such Issuing Bank under a Letter of Credit  against presentation of a draft or certificate that does not strictly comply with the terms of  such Letter of Credit; provided that this clause (v) shall not be deemed to be a waiver of  any claim that any Borrower might have against such Issuing Bank as a result of any such  payment that arises from the gross negligence or willful misconduct of such Issuing  Bank;  (vi) any release or amendment or waiver of or consent to  departure from any Guaranty Agreement; or  (vii) any other circumstance or happening whatsoever, whether  or not similar to any of the foregoing, including without limitation any other  circumstance that might otherwise constitute a defense available to, or a discharge of, any  Borrower or a Guarantor.  2.11. Defaulting Lenders.    (a) Cash Collateralization.  At any time that there shall exist a  Defaulting Lender, within one Business Day following the written request of the  Administrative Agent or any Issuing Bank (with a copy to the Administrative Agent),  AGCO shall Cash Collateralize the Issuing Banks' Fronting Exposure with respect to  such Defaulting Lender (determined after giving effect to Section 2.11(e)(iv) and any  Cash Collateral provided by such Defaulting Lender) in an amount not less than the  Minimum Collateral Amount.  (b) Grant of Security Interest.  AGCO, and to the extent any Cash  Collateral is provided by any Defaulting Lender, such Defaulting Lender, hereby grants  to the Administrative Agent, for the benefit of the Issuing Banks, and agrees to maintain,  a first priority security interest in all such Cash Collateral as security for the Defaulting  Lenders' obligation to fund participations in respect of L/C Obligations, to be applied  

 

67  \\4157-1107-4114  v16  pursuant to clause (c) below.  If at any time the Administrative Agent determines that  Cash Collateral is subject to any right or claim of any Person other than the  Administrative Agent and the Issuing Banks as herein provided, or that the total amount  of such Cash Collateral is less than the Minimum Collateral Amount, AGCO will,  promptly upon demand by the Administrative Agent, pay or provide to the  Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such  deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender).  (c) Application.  Notwithstanding anything to the contrary contained  in this Agreement, Cash Collateral provided under this Section 2.11 in respect of Letters  of Credit shall be applied to the satisfaction of the Defaulting Lender's obligation to fund  participations in respect of L/C Obligations (including, as to Cash Collateral provided by  a Defaulting Lender, any interest accrued on such obligation) for which the Cash  Collateral was so provided, prior to any other application of such property as may  otherwise be provided for herein.  (d) Termination of Requirement.  Cash Collateral (or the appropriate  portion thereof) provided to reduce any Issuing Bank's Fronting Exposure shall no longer  be required to be held as Cash Collateral pursuant to this Section 2.11 following (i) the  elimination of the applicable Fronting Exposure (including by the termination of  Defaulting Lender status of the applicable Lender), or (ii) the determination by the  Administrative Agent and each Issuing Bank that there exists excess Cash Collateral;  provided that, subject to this Section 2.11 the Person providing Cash Collateral and each  Issuing Bank may agree that Cash Collateral shall be held to support future anticipated  Fronting Exposure or other obligations.  (e) 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 (or a Defaulting Lender,  as applicable), to the extent permitted by Applicable Law:  (i) Waivers and Amendments.  If such Defaulting Lender is a  Defaulting Lender, such Defaulting Lender's right to approve or disapprove any  amendment, waiver or consent with respect to this Agreement shall be restricted as set  forth in the definition of Required Lenders.  (ii) Defaulting Lender Waterfall.  Any payment of principal,  interest, fees or other amounts received by the Administrative Agent for the account of  such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article  7 or otherwise) or received by the Administrative Agent from a Defaulting Lender  pursuant to Section 9.5 shall be applied at such time or times as may be determined by  the Administrative Agent as follows: FIRST, to the payment of any amounts owing by  such Defaulting Lender to the Administrative Agent hereunder; SECOND, to the  payment on a pro rata basis of any amounts owing by such Defaulting Lender to any  Issuing Bank or the Swing Line Bank hereunder; THIRD, to Cash Collateralize on a pro  rata basis the Issuing Banks' Fronting Exposure with respect to such Defaulting Lender in  accordance with Section 2.11(a); FOURTH, as AGCO may request (so long as no  

 

68  \\4157-1107-4114  v16  Default or Event of Default exists), to the funding of any Loan in respect of which such  Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as  determined by the Administrative Agent; FIFTH, if so determined by the Administrative  Agent and AGCO, to be held in a deposit account and released pro rata in order to (x)  satisfy such Defaulting Lender's potential future funding obligations with respect to  Loans under this Agreement and (y) Cash Collateralize on a pro rata basis the Issuing  Banks' future Fronting Exposure with respect to such Defaulting Lender with respect to  future Letters of Credit issued under this Agreement, in accordance with this Section  2.11; SIXTH, to the payment of any amounts owing to the Lenders, the Issuing Banks or  the Swing Line Bank as a result of any judgment of a court of competent jurisdiction  obtained by any Lender, any Issuing Bank or the Swing Line Bank against such  Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under  this Agreement; SEVENTH, so long as no Default or Event of Default exists, to the  payment of any amounts owing to the Borrowers as a result of any judgment of a court of  competent jurisdiction obtained by the Borrowers against such Defaulting Lender as a  result of such Defaulting Lender's breach of its obligations under this Agreement; and  EIGHTH, to such Defaulting Lender or as otherwise directed by a court of competent  jurisdiction; provided that if (x) such payment is a payment of the principal amount of  any Loans (including any Letter of Credit Advances) in respect of which such Defaulting  Lender has not fully funded its appropriate share, and (y) such Loans were made or the  related Letters of Credit were issued at a time when the conditions set forth in Section 3.2  were satisfied or waived, such payment shall be applied solely to pay the Loans  (including Letter of Credit Advances) of all Non-Defaulting Lenders on a pro rata basis  prior to being applied to the payment of any Loans (including any Letter of Credit  Advances) of such Defaulting Lender until such time as all Loans and funded and  unfunded participations in L/C Obligations and Swing Line Loans are held by the  Lenders pro rata in accordance with the Revolving Loan Commitments without giving  effect to Section 2.11(e)(iv).  Any payments, prepayments or other amounts paid or  payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a  Defaulting Lender or to post Cash Collateral pursuant to this Section 2.11(e)(ii) shall be  deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably  consents hereto.  (iii) Certain Fees.   (A) No Defaulting Lender shall be entitled to receive  any Unused Revolver Fee for any period during which that Lender is a Defaulting Lender  (and the Borrowers shall not be required to pay any such fee that otherwise would have  been required to have been paid to that Defaulting Lender).  (B) No Defaulting Lender shall be entitled to receive  the fees for Letters of Credit provided under Section 2.6(c) for any period during which  that Lender is a Defaulting Lender except to the extent allocable to its Pro Rata Share of  the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant  to this Section 2.11.  

 

69  \\4157-1107-4114  v16  (C) With respect to any Letter of Credit fee not required  to be paid to any Defaulting Lender pursuant to clause (B) above, the applicable  Borrowers shall (x) pay to each Non-Defaulting Lender that portion of any such fee  otherwise payable to such Defaulting Lender with respect to such Defaulting Lender's  participation in L/C Obligations or Swing Line Loans that has been reallocated to such  Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to each Issuing Bank and  the Swing Line Bank, as applicable, the amount of any such fee otherwise payable to  such Defaulting Lender to the extent allocable to such Issuing Bank's or the Swing Line  Bank's Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the  remaining amount of any such fee.  (iv) Reallocation of Participations to Reduce Fronting  Exposure.  All or any part of such Defaulting Lender's participation in L/C Obligations  and Swing Line Loans shall be reallocated among the Multicurrency Revolving Tranche  Loan Lenders that are Non-Defaulting Lenders in accordance with their respective Pro  Rata Share (calculated without regard to such Defaulting Lender's Revolving Loan  Commitment) but only to the extent that such reallocation does not cause the aggregate  Revolving Loan Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting  Lender's Revolving Loan Commitment.  Subject to Section 11.6, no reallocation  hereunder shall constitute a waiver or release of any claim of any party hereunder against  a Defaulting Lender arising from that Lender having become a Defaulting Lender,  including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting  Lender's increased exposure following such reallocation.  (v) Cash Collateral, Repayment of Swing Line Loans.  If the  reallocation described in clause (iv) above cannot, or can only partially, be effected, the  Borrowers shall, without prejudice to any right or remedy available to them hereunder or  under law, (x) first, prepay Swing Line Loans in an amount equal to the Swing Line  Bank's Fronting Exposure and (y) second, Cash Collateralize the Issuing Banks' Fronting  Exposure in accordance with the procedures set forth in this Section 2.11.  (f) Defaulting Lender Cure.  If AGCO, the Administrative Agent, the  Swing Line Bank and each Issuing Bank agree in writing that a Lender is no longer a  Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon  as of the effective date specified in such notice and subject to any conditions set forth  therein (which may include arrangements with respect to any Cash Collateral), that  Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of  the other Revolving Loan Lenders or take such other actions as the Administrative Agent  may determine to be necessary to cause the Loans and funded and unfunded  participations in Letters of Credit and Swing Line Loans to be held pro rata by the  Lenders in accordance with the Revolving Loan Commitments (without giving effect to  Section 2.11(e)(iv)), whereupon such Lender will cease to be a Defaulting Lender;  provided that (x) no adjustments will be made retroactively with respect to fees accrued  or payments made by or on behalf of the Borrowers while that Lender was a Defaulting  Lender, (y) such Lender that ceases to be a Defaulting Lender shall reimburse the other  Revolving Loan Lenders for any costs of the type described in Section 10.2 that may be  incurred by such Revolving Loan Lenders as a result of the purchase of Revolving Loans  

 

70  \\4157-1107-4114  v16  required hereunder, and (z) except to the extent otherwise expressly agreed by the  affected parties, no change hereunder from Defaulting Lender to Lender will constitute a  waiver or release of any claim of any party hereunder arising from that Lender's having  been a Defaulting Lender.  (g) New Swing Line Loans/Letters of Credit.  So long as any Lender is  a Defaulting Lender, (i) the Swing Line Bank shall not be required to fund any Swing  Line Loans unless it is satisfied that it will have no Fronting Exposure after giving effect  to such Swing Line Loan and (ii) no Issuing Bank shall be required to issue, extend,  renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting  Exposure after giving effect thereto.  2.12. Borrower Liability.  AGCO and each Domestic Subsidiary Borrower shall  be jointly and severally liable for all Loans and other liabilities hereunder or under any  other Loan Document by or of itself or any Borrowing Subsidiary.  No Foreign  Subsidiary Borrower shall have any liability for any Borrowing or other liabilities  hereunder or under any other Loan Documents by or of AGCO or any other Borrowing  Subsidiary (except as may otherwise be provided in any Guaranty Agreement of such  Foreign Subsidiary Borrower).  2.13. Designated Borrowers.  (a) After the Agreement Date, AGCO may at any time, upon not less  than sixty (60) days' notice from AGCO to the Administrative Agent (or such shorter  period as may be agreed by the Administrative Agent in its sole discretion), request that  any one or more Wholly Owned Subsidiaries of AGCO (an "Applicant Borrower") be  designated as a Designated Borrower to receive Revolving Loans or to have Letters of  Credit issued hereunder by delivering to the Administrative Agent (which shall deliver  counterparts thereof to each Lender) a duly executed notice and agreement in a form  acceptable to the Administrative Agent (which shall deliver counterparts thereof to each  Lender) a duly executed notice and agreement in substantially the form of Exhibit C (a  "Designated Borrower Request and Assumption Agreement"); provided, however,  AGCO shall not have any right to request that an Applicant Borrower become a  Designated Borrower hereunder if (i) such Applicant Borrower is not a Wholly Owned  Subsidiary of AGCO, (ii) such Applicant Borrower is not a Domestic Subsidiary of  AGCO, or (iii) any Default or Event of Default then exists or would be caused hereby.   The parties hereby acknowledge and agree that prior to any Applicant Borrower  becoming a Designated Borrower entitled to utilize the credit facilities provided for  herein, (1) the Administrative Agent and the Revolving Loan Lenders shall have received  all information, documents, and certificates required by the Administrative Agent and the  Lenders under "know-your-customer" and anti-money laundering rules and regulations,  including the USA Patriot Act (including a Beneficial Ownership Certification), and (2)  the Administrative Agent and the Lenders shall have received a Guaranty Agreement,  supporting resolutions, incumbency certificates, certified (if available) governing  documents and good standing certificates, opinions of counsel and any other document or  information reasonably requested by the Administrative Agent, each in form and  substance satisfactory to the Administrative Agent and the Required Lenders  

 

71  \\4157-1107-4114  v16  (collectively, the "Supporting Documents").  If the Administrative Agent agrees that an  Applicant Borrower shall have satisfied all of the requirements of this Section 2.13 and,  therefore, be entitled to become a Designated Borrower hereunder, then promptly  following receipt of (x) all Supporting Documents, (y) a certificate of an Authorized  Financial Officer of AGCO certifying that no Default or Event of Default then exists or  would result from the joinder of such Applicant Borrower as a Borrower hereunder and  (z) a reaffirmation by each Borrower and each Guarantor of its Guaranty Agreement (if  applicable), in form and substance satisfactory to the Administrative Agent, the  Administrative Agent shall send a notice in substantially the form of Exhibit D (a  "Designated Borrower Notice") to AGCO and the Revolving Loan Lenders specifying  the effective date upon which the Applicant Borrower shall constitute a Designated  Borrower for purposes thereof, whereupon each of the Revolving Loan Lenders agrees to  permit such Designated Borrower to receive Revolving Loans or to have Letters of Credit  issued hereunder, on the terms and conditions set forth herein, and each of the parties  agrees that such Designated Borrower otherwise shall be a Borrower for all purposes of  this Agreement; provided, that no Notice of Borrowing or Notice of Issuance maybe  submitted by or on behalf of such Designated Borrower until three (3) Business Days  after such effective date.  (b) The Obligations of the Domestic Borrowers shall be joint and  several in nature as more specifically described in Section 2.12.  The Obligations of each  Foreign Subsidiary Borrower shall be several in nature and not joint except as set forth in  any Guaranty Agreement executed by such Foreign Subsidiary Borrower.  No Foreign  Subsidiary Guarantor shall be required to guarantee the Obligations of AGCO or any  Domestic Subsidiary Borrower.  (c) Each Foreign Subsidiary Borrower and each Domestic Subsidiary  Borrower of AGCO that is or becomes a "Designated Borrower" pursuant to this Section  2.13 hereby irrevocably appoints AGCO as its agent for all purposes relevant to this  Agreement and each of the other Loan Documents, including (i) the giving and receipt of  notices, (ii) the execution and delivery of all documents, instruments and certificates  contemplated herein and all modifications hereto, and (iii)  in the case of the Domestic  Subsidiary Borrowers only, the receipt of the proceeds of any Loans made by the  Lenders, to any such Borrower hereunder.  Any acknowledgment, consent, direction,  certification or other action which might otherwise be valid or effective only if given or  taken by all Borrowers, or by each Borrower acting singly, shall be valid and effective if  given or taken only by AGCO, whether or not any such other Borrower joins therein.   Any notice, demand, consent, acknowledgement, direction, certification or other  communication delivered to AGCO in accordance with the terms of this Agreement shall  be deemed to have been delivered to each Borrower.  (d) Notwithstanding anything to the contrary herein, (i) no Persons  may become a Borrower except in accordance with this Section 2.13, (ii) each of the  Initial Borrowers consents to the addition of Designated Borrowers as "Borrowers"  hereunder from time to time in accordance with this Section 2.13, and (iii) only Wholly  Owned Subsidiaries of AGCO may become Designated Borrowers.  

 

72  \\4157-1107-4114  v16  2.14. Incremental Facilities.  (a) Following the Agreement Date, AGCO may from time to time  through the Maturity Date, propose that (a) term loans (or commitments therefor) in U.S.  Dollars or the Equivalent Amount in the requested Offshore Currency be made to it or  any of the other Borrowers in accordance with this Section (each, an "Incremental Term  Loan") or (b) the aggregate amount of Revolving Loan Commitments be increased (each  an "Incremental Revolving Commitment") by delivering a Notice of Incremental Facility  to the Administrative Agent substantially in the form of Exhibit E hereto (a "Notice of  Incremental Facility"), specifying (subject to the restrictions set forth in clause (b)  below) therein the (i) amount of the Tranche of Incremental Term Loans (or  commitments therefor) or Incremental Revolving Commitments requested (which  Tranche shall, unless otherwise approved by the Lenders making such Incremental Term  Loans (or commitments therefor) or providing such Incremental Revolving  Commitments, be in a minimum principal amount of $100,000,000 and integral multiples  of $50,000,000 in excess thereof (or in each case the Equivalent Amount in the requested  Offshore Currency)), (ii) requested closing date of such proposed Incremental Term  Loans (or commitments therefor) or Incremental Revolving Commitments (which shall  be at least 15 Business Days from the date of delivery of the Notice of Incremental  Facility), (iii) the interest rate to be applicable to all Incremental Term Loans in such  Tranche, and (iv) the amount of any upfront or closing fees to be paid by the Borrowers  to the Lenders funding such Tranche of Incremental Term Loans (or commitments  therefor) or providing such Incremental Revolving Commitments.  Each Notice of  Incremental Facility delivered by AGCO shall be binding upon all Loan Parties.  At the  time of delivery of the Notice of Incremental Facility, AGCO shall also deliver to the  Administrative Agent a certificate of a Responsible Employee of AGCO certifying (A)  that AGCO and its Subsidiaries are in compliance with the financial covenants set forth  in Section 6.10 hereof before and after giving effect to such Incremental Term Loan  Borrowing (or commitments therefor) or such Incremental Revolving Commitments (in  each case, as if fully drawn) on a pro forma basis as of the end of the most recent Fiscal  Quarter for which financial statements have been delivered to the Lenders, and (B) that  no Default or Event of Default then exists or would be caused thereby.  (b) Repayments of the principal of any Incremental Term Loans may  not be reborrowed.  Each Tranche of Incremental Term Loans shall bear interest at the  Base Rate or the Non-Base Rate Benchmark applicable thereto plus such Applicable  Margin as is set forth in the Notice of Incremental Facility related to such Incremental  Term Loans, provided, however, the final maturity date of any Tranche of Incremental  Term Loans shall be not earlier than the Maturity Date, and no Tranche of Incremental  Term Loans shall have any scheduled amortization or other required principal payments  that is greater than ten (10%) of the original principal amount thereof in any fiscal year.   All Incremental Term Loans shall for all purposes be Obligations hereunder and under  the Loan Documents.  Any Incremental Revolving Commitments shall be made on the  same terms and provisions (other than upfront fees) as apply to the existing Revolving  Loan Commitments, including with respect to maturity date, interest rate and prepayment  provisions, and such Incremental Revolving Commitments shall not constitute a credit  

 

73  \\4157-1107-4114  v16  facility separate and apart from the Revolving Loan Commitments set forth in Section  2.1.  (c) Administrative Agent shall deliver a copy of each Notice of  Incremental Facility to such Lenders or other Persons that qualify as an Eligible Assignee  as may be determined by Administrative Agent in its reasonable discretion with the  approval of AGCO or as may be specified by AGCO.  No Lender shall have any  obligation to fund any Incremental Term Loan or to make available any Incremental  Revolving Commitment, and any decision by a Lender to fund any Incremental Term  Loan or to make available any Incremental Revolving Commitment shall be made in its  sole discretion independently from any other Lender.  (d) If Administrative Agent receives commitments from Lenders  and/or from any other Person that (i) qualifies as an Eligible Assignee and is acceptable  to AGCO and Administrative Agent in its reasonable discretion, and (ii) has agreed to  become a Lender in respect of all or a portion of an Incremental Term Loan or an  Incremental Revolving Commitment (an "Additional Lender"), in excess of the requested  Incremental Term Loan or requested Incremental Revolving Commitment,  Administrative Agent shall have the right, in its discretion but with the consent of AGCO,  to reduce and reallocate (within the minimum and maximum amounts specified by each  such Lender or Additional Lender in its notice to Administrative Agent) the shares of the  Incremental Term Loan or Incremental Revolving Commitment of the Lenders or  Additional Lenders willing to fund such Incremental Term Loan or Incremental  Revolving Commitment so that the total committed Incremental Term Loan or  Incremental Revolving Commitment equals the requested Incremental Term Loan or  Incremental Revolving Commitment, as the case may be.  If Administrative Agent does  not receive commitments from Lenders (or Additional Lenders) in an amount sufficient  to fund the requested Incremental Term Loan or Incremental Revolving Commitment,  Administrative Agent shall so notify AGCO and the Notice of Incremental Facility shall  be deemed automatically rescinded; provided, AGCO may submit a replacement Notice  of Incremental Facility setting forth different terms for the requested Incremental Term  Loan Borrowing or Incremental Revolving Commitment.   (e) An agreement to fund Incremental Term Loans or to provide  Incremental Revolving Commitments pursuant to this Section shall become effective  upon the receipt by Administrative Agent of an agreement in form and substance  reasonably satisfactory to Administrative Agent and AGCO signed by each Loan Party,  by each Additional Lender and by each existing Lender who has agreed to fund such  Incremental Term Loans or to provide such Incremental Revolving Commitment, setting  forth the new Incremental Term Loans or Incremental Revolving Commitment of such  Lenders and setting forth the agreement of each Additional Lender to become a party to  this Agreement as a Lender and to be bound by all the terms and provisions hereof,  together with officer's certificates and ratification agreements executed by each Loan  Party and such evidence of appropriate corporate authorization on the part of each Loan  Party with respect to the requested Incremental Term Loans or Incremental Revolving  Commitments, any amendments to this Agreement and any other Loan Documents  reasonably requested by Administrative Agent in relation to the requested Incremental  

 

74  \\4157-1107-4114  v16  Term Loans or Incremental Revolving Commitment (which amendments to the Loan  Documents (other than this Agreement) Administrative Agent is hereby authorized to  execute on behalf of the Lenders), and such opinions of counsel for the Loan Parties with  respect to the requested Incremental Term Loans or Incremental Revolving Commitment  and other assurances and documents as Administrative Agent may reasonably request.  (f) If, after giving effect to any Incremental Revolving Commitment,  the outstanding Revolving Loans would not be held pro rata in accordance with the new  Revolving Loan Commitments, the Revolving Loan Lenders (including, without  limitation, any Additional Lenders) shall, on the effective date of the applicable  Incremental Revolving Commitment, make advances among themselves so that after  giving effect thereto the Revolving Loans will be held by the Revolving Loan Lenders  (including, without limitation, any Additional Lenders), on a pro rata basis in accordance  with their respective Revolving Loan Commitments hereunder (after giving effect to the  applicable Incremental Revolving Commitment).  Each Revolving Loan Lender agrees to  wire immediately available funds to the Administrative Agent in accordance with this  Agreement as may be required by the Administrative Agent in connection with the  foregoing.  2.15. Extension of Maturity Date.  (a) Request for Extension.  Borrowers may, by notice to  Administrative Agent (who shall promptly notify the Lenders) delivered at any time not  less than 60 days prior to the Maturity Date then in effect hereunder (the "Existing  Maturity Date") request that each Lender extend such Lender's Maturity Date to the date  (the "Extended Maturity Date") that is one year after the Existing Maturity Date then in  effect; provided such extension does not cause the tenor of any Lender's Commitment or  Loans to exceed five (5) years from the Extension Date upon which such extension  becomes effective.  Borrowers may only request two extensions pursuant to this Section  2.15.  (b) Lender Elections to Extend.  Each Lender, acting in its sole and  individual discretion, shall, by notice to the Administrative Agent given not later than the  date that is 15 Business Days after the date on which the Administrative Agent received  AGCO's extension request (the "Lender Decision Date"), advise the Administrative  Agent whether or not such Lender agrees to such extension with respect to its applicable  Commitment or Loans (each Lender that determines to so extend its Maturity Date with  respect to its applicable Commitment or Loans, an "Extending Lender").  Each Lender  that determines to extend its Maturity Date with respect to its applicable Commitment or  Loans shall notify the Administrative Agent of such fact promptly after such  determination (but in any event no later than the Lender Decision Date), and any Lender  that does not so advise the Administrative Agent on or before the Lender Decision Date  or determines to not extend its Maturity Date (a "Non-Extending Lender") with respect  to its applicable Commitment or Loans shall be deemed to be a Non-Extending Lender.   The election of any Lender to agree to such extension shall not obligate any other Lender  to so agree, and it is understood and agreed that no Lender shall have any obligation  

 

75  \\4157-1107-4114  v16  whatsoever to agree to any request made by AGCO for extension of the Maturity Date or  Existing Maturity Date.  (c) Notification by Administrative Agent.  The Administrative Agent  shall notify AGCO of each Lender's determination under this Section promptly after the  Administrative Agent's receipt thereof and, in any event, no later than the date that is 5  Business Days after the Lender Decision Date (or, if such date is not a Business Day, on  the next preceding Business Day).  (d) Additional Commitment Lenders.  AGCO shall have the right, but  shall not be obligated, on or before the Existing Maturity Date in accordance with the  procedures provided in Section 10.5(b) as if such Non-Extending Lender was an Affected  Lender thereunder, to replace each Non-Extending Lender with, and add as "Lenders"  under this Agreement in place thereof, one or more Eligible Assignees (each, an  "Additional Commitment Lender"), each of which Additional Commitment Lenders  shall have entered into an Assignment and Assumption (in accordance with and subject to  the restrictions contained in Section 9.6, with AGCO or such Additional Commitment  Lender obligated to pay any applicable processing or recordation fee) with such Non- Extending Lender, pursuant to which such Additional Commitment Lenders shall,  effective on or before the Existing Maturity Date for such Non-Extending Lender,  assume a Commitment and/or Loans (and, if any such Additional Commitment Lender is  already a Lender, its Commitment and/or Loans shall be in addition to such Lender's  Commitment and Loans hereunder on such date).  (e) Minimum Extension Requirement.  Subject to clause (f) of this  Section, if (and only if) the total of the Commitments and Incremental Term Loans of the  Lenders that have agreed to extend their Existing Maturity Date and the new or increased  Commitments and assumed Incremental Term Loans of any Additional Commitment  Lenders is more than 50% of the aggregate amount of the Commitments and Incremental  Term Loans (other than the Commitments and Incremental Term Loans of any Defaulting  Lenders) in effect immediately prior to the applicable Extension Date, then, effective as  of the applicable Extension Date, the Maturity Date of each Extending Lender and of  each Additional Commitment Lender shall be extended with respect to its applicable  Commitment or Loans to the Extended Maturity Date (except that, if such date is not a  Business Day, such Maturity Date as so extended shall be the next preceding Business  Day) and each Additional Commitment Lender shall thereupon become a "Lender" for all  purposes of this Agreement and shall be bound by the provisions of this Agreement as a  Lender hereunder and shall have the obligations of a Lender hereunder.  (f) Conditions to Effectiveness of Extensions.  The extension of the  Maturity Date pursuant to this Section shall not be effective with respect to any Lender  unless:  (i) no Default or Event of Default shall have occurred and be  continuing on the date of such extension and after giving effect thereto;  

 

76  \\4157-1107-4114  v16  (ii) the representations and warranties of each Loan Party set  forth in this Agreement and in the other Loan Documents to which it is a party, shall be  true and correct in all material respects (unless any such representation or warranty is  qualified as to materiality or Material Adverse Effect, in which case such representation  and warranty shall be true and correct in all respects) on and as of the applicable  Extension Date, both before and immediately after giving effect thereto, except to the  extent that such representations and warranties specifically refer to an earlier date, in  which case they shall be true and correct as of such earlier date; and  (iii) the Administrative Agent shall have received a certificate  from AGCO signed by an authorized officer of AGCO (A) certifying the accuracy of the  foregoing clauses (i) and (ii) and (B) certifying and attaching the resolutions adopted by  each Borrower approving or consenting to such extension.  (g) Maturity Date for Non-Extending Lenders.  On the Maturity Date  of each Non-Extending Lender, (i) the Commitment of each Non-Extending Lender shall  automatically terminate and (ii) Borrowers shall repay the outstanding Loans of such  Non-Extending Lender (and shall pay to such Non-Extending Lender all of the other  Obligations due and owing to it under this Agreement) and after giving effect thereto  shall prepay any Revolving Loans outstanding on such date (and pay any additional  amounts required pursuant to Section 10.2) to the extent necessary to keep outstanding  Revolving Loans ratable with any revised Pro Rata Shares of the respective Lenders  effective as of such date, and the Administrative Agent shall administer any necessary  reallocation of the Outstandings (without regard to any minimum borrowing, pro rata  borrowing and/or pro rata payment requirements contained elsewhere in this Agreement).  (h) Amendment.  In connection with any extension of the Maturity  Date, Borrowers, Administrative Agent and each extending Lender may make such  amendments to this Agreement as Administrative Agent determines to be reasonably  necessary to evidence the extension.  This Section shall supersede Sections 2.9 and 9.1.  ARTICLE 3  CONDITIONS PRECEDENT  3.1. Conditions Precedent to Agreement Date.  The effectiveness of this  Agreement and the obligation of each Lender to make the Loans hereunder and the  obligation of any Issuing Bank to issue the initial Letters of Credit, is subject to the  satisfaction of the following conditions precedent:  (a) The Administrative Agent shall have received a copy of the Deed  of Transfer of Shares showing that all shares in AGCO-Distribution owned by the  Borrowers and their Affiliates have been transferred to Persons not Affiliated with  Borrower;  (b) The Administrative Agent shall have received, on or before the  Agreement Date, the following, each dated such date (unless otherwise specified), in  form and substance satisfactory to the Administrative Agent (unless otherwise specified):  

 

77  \\4157-1107-4114  v16  (i) This Agreement, duly executed and delivered by the  Borrowers, the Administrative Agent and each Lender;  (ii) The Fee Letter, duly executed and delivered by the  Borrowers;  (iii) Each of the Guaranty Agreements duly executed by each  Person specified on Schedule G, each such Guaranty Agreement to be in form and  substance satisfactory to the Administrative Agent, and guaranteeing the obligations  specified in such Schedule;   (iv) Certified copies of the resolutions of the Board of Directors  of each Borrower and Guarantor approving the execution and delivery of the Loan  Document to which it is a party, and of all documents evidencing other necessary  corporate action and governmental approvals, if any, with respect to this Agreement and  the Loan Documents;  (v) Such documents and certificates as Administrative Agent  may reasonably request relating to the organization, existence and good standing (or the  equivalent in the applicable jurisdiction) of each Loan Party, the authorization of the  Transactions, the identity, authority and capacity of each Responsible Employee  authorized to act on behalf of a Loan Party in connection with the Loan Documents and  any other legal matters relating to the Loan Parties, this Agreement, the other Loan  Documents or the Transactions;  (vi) A Notice of Borrowing executed and delivered by AGCO  to Administrative Agent pursuant to Section 2.2(a) with respect to the initial funding of  the Loans to be made on the Agreement Date;    (vii) A favorable opinion of (A) Troutman Sanders LLP, counsel  to the Loan Parties and (B) De Brauw Blackstone Westbroek N.V. Dutch counsel to  AGCO BV; and  (viii) The Payoff Letter;   (c) The Borrowers shall have paid all amounts due to the  Administrative Agent and Lenders under the Prior Credit Agreement;  (d) The Administrative Agent and the Lenders shall have received (i)  all information, documents, and certificates required by the Administrative Agent and the  Lenders under "know-your-customer" and anti-money laundering rules and regulations,  including the USA Patriot Act and (ii) at least five days prior to the Agreement Date, a  Beneficial Ownership Certification from each Borrower that qualifies as a "legal entity  customer" under the Beneficial Ownership Regulation; and  (e) AGCO shall have paid all fees and expenses (including the fees  and expenses of counsel) of the Administrative Agent and Lenders that are due and  payable on the Agreement Date, in each case which have been invoiced at least two  

 

78  \\4157-1107-4114  v16  Business Days before the Agreement Date, and are in compliance with all terms of the  Fee Letter on or before the Agreement Date.  3.2. Conditions Precedent to Each Borrowing and Issuance.  The obligation of  each Lender to make a Loan (including initial Loans made on the Agreement Date but  excluding any Letter of Credit Advance), and the right of any Borrower to request the  issuance of Letters of Credit by an Issuing Bank, shall be subject to the further conditions  precedent that on the date of such Borrowing or issuance, the following statements shall  be true and any Notice of Borrowing or Notice of Issuance delivered to the  Administrative Agent hereunder shall certify that, as of the date of the Borrowing  requested thereunder:  (a) the representations and warranties contained in each Loan  Document will be correct on and as of the date of such Borrowing or issuance, before and  after giving effect to such Borrowing or issuance and to the application of the proceeds  therefrom, as though made on and as of such date, and request for the issuance of a Letter  of Credit by an Issuing Bank delivered to such Issuing Bank hereunder, in each case other  than as permitted by Section 4.2;  (b) no event shall have occurred and be continuing, or would result  from such Borrowing or issuance or from the application of the proceeds therefrom, that  constitutes or would constitute a Default or Event of Default;  (c) if the applicable Borrower is a Designated Borrower, then the  conditions of Section 2.13 to designate such Borrower as a Designated Borrower shall  have been met to the satisfaction of the Administrative Agent;  (d) Administrative Agent and, if applicable, such Issuing Bank or the  Swing Line Bank shall have received a Notice of Borrowing or Notice of Issuance, as  applicable, in accordance with the requirements of this Agreement.  (e) such Borrowing or issuance of a Letter of Credit is permitted under  Article 2.  3.3. Determinations Under Section 3.1.  For purposes of determining  compliance with the conditions specified in Sections 3.1 and 3.2, each Lender shall be  deemed to have consented to, approved or accepted or to be satisfied with each document  or other matter required thereunder to be consented to or approved by or acceptable or  satisfactory to the Lenders unless an officer of the Administrative Agent responsible for  the transactions contemplated by the Loan Documents shall have received notice from  such Lender prior to the initial Borrowing specifying its objection thereto and such  Lender shall not have made available to the Administrative Agent such Lender's ratable  portion of such Borrowing.  

 

79  \\4157-1107-4114  v16  ARTICLE 4  REPRESENTATIONS AND WARRANTIES  4.1. Representations and Warranties of the Borrowers.  In order to induce the  Administrative Agent, the Lenders and the Issuing Banks to enter into this Agreement  and to extend credit to each Borrower, each Borrower hereby agrees, represents, and  warrants as follows:   (a) Organization; Power.  Each Loan Party and each of its Material  Subsidiaries (i) is duly organized, validly existing and in good standing (if applicable)  under the laws of the jurisdiction of its organization, (ii) is duly qualified and in good  standing (if applicable) as a foreign corporation in each other jurisdiction in which it  owns or leases property or in which the conduct of its business requires it to so qualify or  be licensed except where the failure to so qualify or be licensed would not reasonably be  expected to result in a Material Adverse Effect, and (iii) has all requisite power and  authority to own or lease and operate its properties, to conduct its business as now being  conducted and as proposed to be conducted and to enter into and carry out the terms of  the Loan Documents to which it is a party.  (b) Subsidiaries.  Set forth on Schedule 4.1(b) is a complete and  accurate list of all Subsidiaries of AGCO as of the Agreement Date, showing (as to each  such Subsidiary) the jurisdiction of its incorporation or formation, the percentage of the  outstanding shares of each such class owned (directly or indirectly) by AGCO and  whether it is a Material Subsidiary.  All of the outstanding Equity Interests in all of the  Subsidiaries of AGCO owned by AGCO or any of its Subsidiaries has been validly  issued, is fully paid and non-assessable and is owned by AGCO or one or more of its  Subsidiaries free and clear of all Liens, except for Permitted Liens.  (c) Intentionally Omitted.   (d) Authorization; No Conflict.  The execution, delivery and  performance by each Loan Party of this Agreement each other Loan Document and each  L/C Related Document to which it is or is to be a party and the other transactions  contemplated hereby, are within such Loan Party's corporate or other similar powers,  have been duly authorized by all necessary corporate or other similar action, and do not  (i) contravene such Loan Party's charter or bylaws; (ii) violate any Applicable Law or any  order of any Governmental Authority; (iii) result in the breach of, or constitute a default  under, any material contract, loan agreement, indenture, mortgage, deed of trust, lease or  other instrument binding on or affecting any Loan Party, any of its Subsidiaries or any of  their properties; or (iv) result in or require the creation or imposition of any Lien upon or  with respect to any of the properties of any Loan Party or any of its Subsidiaries.  No  Loan Party or any of its Subsidiaries is in violation of any such Applicable Law or in  breach of any such contract, loan agreement, indenture, mortgage, deed of trust, lease or  other instrument, the violation or breach of which not reasonably be expected to result in  a Material Adverse Effect.  

 

80  \\4157-1107-4114  v16  (e) No Authorizations Needed.  Giving effect to the execution and  delivery of the Loan Documents and the making of the initial Loans hereunder, no  authorization or approval or other action by, and no notice to or filing with, any  Governmental Authority or regulatory body or any other third party is required for the  due execution, delivery or performance by any Loan Party of this Agreement, any other  Loan Document or any L/C Related Document to which it is or is to be a party, or for the  consummation of the transactions hereunder.   (f) Enforceability.  This Agreement, each other Loan Document and  each L/C Related Document have been (or, when delivered hereunder will have been),  duly executed and delivered by each Loan Party thereto.  This Agreement, each other  Loan Document and each L/C Related Document have been (or, when delivered  hereunder will be), the legal, valid and binding obligation of each Loan Party thereto,  enforceable against such Loan Party in accordance with its terms, except as may be  limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar  laws and principles of equity.  (g) Financial Statements.  Each of the (i) unaudited consolidated  balance sheets and related statements of income, stockholders' equity and cash flows of  AGCO and its Subsidiaries for the Fiscal Quarter ending September 30, 2022 and (ii)  audited consolidated balance sheets and related statements of income, stockholders'  equity and cash flows of AGCO and its Subsidiaries for the Fiscal Year ended December  31, 2021 furnished to the Administrative Agent pursuant to Section 3.1(c) fairly present  the consolidated financial condition and results of AGCO and its Subsidiaries as at such  date and the consolidated results of the operations of AGCO and its Subsidiaries and  AGCO and its Subsidiaries, respectively, for the period ended on such date, all in  accordance with Applicable Accounting Standards applied on a consistent basis, and  since December 31, 2021, there has been no event, occurrence or development that,  individually or in the aggregate, has had a Material Adverse Effect.  (h) Intentionally Omitted.   (i) Litigation.  There is no action, suit, investigation, litigation or  proceeding affecting AGCO or any of its Subsidiaries, including any Environmental  Action, pending or threatened before any court, governmental agency or arbitrator that  purport to affect the legality, validity or enforceability of this Agreement, any other Loan  Document or any L/C Related Document or the consummation of the transactions  contemplated thereby or hereby, or that individually or in the aggregate would reasonably  be expected to result in a Material Adverse Effect.  (j) Margin Stock.  Neither AGCO nor any of its Subsidiaries is  engaged principally, or as one of its important activities, in the business of purchasing or  carrying any Margin Stock, or extending credit for the purpose of purchasing or carrying  Margin Stock.  Neither the making of any extension of credit hereunder nor the use of the  proceeds thereof will violate the provisions of Regulation U.   (k) Reserved.  

 

81  \\4157-1107-4114  v16  (l) ERISA Matters.  No ERISA Event has occurred or is reasonably  expected to occur with respect to any Plan of any Loan Party or any of its ERISA  Affiliates that has resulted in or would reasonably be expected to result in a Material  Adverse Effect.  Schedule B (Actuarial Information) to the most recent annual report  (Form 5500 Series) that any Loan Party or any of its ERISA Affiliates is required to file  for any Plan, copies of which have been filed with the IRS, is complete and accurate and  fairly presents the funding status of such Plan, and since the date of such Schedule B  there has been no change in such funding status that would reasonably be expected to  result in a Material Adverse Effect.  Neither any Loan Party nor any of its ERISA  Affiliates has incurred or is reasonably expected to incur any Withdrawal Liability to any  Multiemployer Plan that would reasonably be expected to result in a Material Adverse  Effect.  Neither any Loan Party nor any of its ERISA Affiliates has been notified by the  sponsor of a Multiemployer Plan of any Loan Party or any of its ERISA Affiliates that  such Multiemployer Plan is in reorganization or has been terminated, within the meaning  of Title IV of ERISA, and to the knowledge of AGCO no such Multiemployer Plan is  reasonably expected to be in reorganization or to be terminated, within the meaning of  Title IV of ERISA, in either case which reorganization or termination would reasonably  be expected to result in a Material Adverse Effect.  With respect to each scheme or  arrangement mandated by a government other than the United States providing for post- employment benefits (a "Foreign Government Scheme or Arrangement") and with  respect to each employee benefit plan maintained or contributed to by any Loan Party or  any Subsidiary of any Loan Party that is not subject to United States law providing for  post-employment benefits (a "Foreign Plan"):  (i) all material employer and employee  contributions required by law or by the terms of any Foreign Government Scheme or  Arrangement or any Foreign Plan have been made, or, if applicable, accrued, in  accordance with normal accounting practices; (ii) the fair market value of the assets of  each funded Foreign Plan, the liability of each insurer for any Foreign Plan funded  through insurance or the book reserve established for any Foreign Plan, together with any  accrued contributions, is sufficient to procure or provide for the accrued benefit  obligations, as of the Agreement Date, with respect to all current and former participants  in such Foreign Plan according to the actuarial assumptions and valuations most recently  used to account for such obligations, in accordance with applicable generally accepted  accounting principles, and the liability of each Loan Party and each Subsidiary of a Loan  Party with respect to a Foreign Plan is reflected in accordance with normal accounting  practices on the financial statements of such Loan Party or such Subsidiary, as the case  may be; and (iii) each Foreign Plan required to be registered has been registered and has  been maintained in good standing with applicable regulatory authorities unless, in each  case, the failure to do so would not be reasonably be expected to result in a Material  Adverse Effect.  (m) Compliance with Laws; Environmental Matters.  Each of AGCO  and its Subsidiaries is in compliance in all respects with the requirements of all  Applicable Laws (including Environmental Laws) and all orders, writs, injunctions and  decrees applicable to it or to its properties (including any Environmental Action), except  in such instances in which (a) such requirement of Applicable Law or order, writ,  injunction or decree is being contested in good faith by appropriate proceedings diligently  

 

82  \\4157-1107-4114  v16  conducted or (b) the failure to comply therewith, either individually or in the aggregate,  would not reasonably be expected to result in Material Adverse Effect.   (n) Taxes.  Each of AGCO and each of its Subsidiaries has filed, has  caused to be filed or has been included in all federal and foreign income-tax returns, all  federal, provincial or state income-tax returns where a tax Lien could be imposed on any  assets of AGCO or any of its Subsidiaries and all other material income-tax and  governmental remittance returns required to be filed and has paid all taxes and other  amounts shown thereon to be due, together with applicable interest and penalties, except  for any taxes being contested in good faith by appropriate proceedings promptly initiated  and diligently pursued and for which reserves or other appropriate provisions required by  Applicable Accounting Standards have been established.  (o) Solvency.  AGCO is, and will be after giving effect to the  transactions contemplated hereby, individually and together with its Subsidiaries,  Solvent.  (p) Investment Company.  Neither AGCO nor any of its Subsidiaries  is an "investment company" or a company "controlled" by an "investment company", as  defined in, or subject to regulation under, the Investment Company Act of 1940, as  amended.  Neither the making of any Loans, nor the issuance of any Letters of Credit, nor  the application of the proceeds or repayment thereof by any Borrower, nor the  consummation of the other transactions contemplated hereby, will violate any provision  of the Investment Company Act of 1940, as amended, or any rule, regulation or order of  the Securities and Exchange Commission thereunder.  (q) Intellectual Property.  AGCO and its Subsidiaries own, or possess  the right to use, without conflict with the rights of any other Person, all trademarks,  service marks, trade names, copyrights, patents, patent rights, franchises, licenses and  other intellectual property rights that are reasonably necessary for the operation of their  respective businesses except to the extent failure to do so would reasonably be expected  to result in a Material Adverse Effect.  (r) Disclosures.  As of the Agreement Date, AGCO has disclosed to  the Lenders all material agreements, instruments and corporate or other restrictions to  which it or any of its Subsidiaries is subject.  The reports, financial statements,  certificates and other information furnished by or on behalf of AGCO or any Subsidiary  to the Administrative Agent or any Lender in connection with the negotiation of this  Agreement or delivered hereunder (as modified or supplemented by other information so  furnished), together with AGCO's annual report on Form 10-K and quarterly report on  Form 10-Q, in each case most recently filed by AGCO with the SEC, taken as a whole,  do not contain any material misstatement of fact or omit to state any material fact  necessary to make the statements therein, in the light of the circumstances under which  they were made, not misleading; provided that, with respect to projected financial  information, AGCO represents only that such information was prepared in good faith  based upon assumptions believed to be reasonable at the time.  The information included  in the Beneficial Ownership Certification is true and correct in all respects.    

 

83  \\4157-1107-4114  v16  (s) Employee Relations.  The Borrowers know of no pending,  threatened or contemplated strikes, work stoppage or other labor disputes involving  AGCO or any of its Subsidiaries' employees except where such strike, work stoppage or  other labor dispute would not reasonably be expected to result in a Material Adverse  Effect.  (t) Anti-Terrorism Laws; Sanctions.   (i) Except as described on Schedule 4.1(t) and except as  permitted by any applicable Anti-Terrorism Laws and Sanctions in connection with  AGCO, AGCO BV, or any of their respective Subsidiaries or Affiliates being located,  organized or resident in a jurisdiction that becomes the subject of Sanctions after the  Agreement Date, none of AGCO, AGCO BV or their respective Subsidiaries is a  Sanctioned Person, nor, to the best of a Borrower's knowledge, are any of its Affiliates.   (ii) With respect to any Person identified in Schedule 4.1(t),  based on the information available to AGCO and its Subsidiaries after due diligence  believed to be reasonable by AGCO (including, but not limited to, the information  described in Schedule 4.1(t)), AGCO, AGCO BV and their respective Subsidiaries, as  applicable, are in compliance with Applicable Laws and/or have obtained, and are in  compliance with, authorizations from the relevant Governmental Authority necessary to  continue conducting business or owning Equity Interests with each such Person.   (iii) Each of AGCO and AGCO BV and their employees is  subject to a Global Code of Conduct (the "Code of Conduct") which is in full force and  effect on the date hereof.  Among the commitments in the Code of Conduct is the  commitment that each of AGCO, AGCO BV and their respective Subsidiaries, and their  respective employees, comply with import and export control regulations, anti-boycott  requirements and trade embargoes in the sale of products and also is committed to  comply with Anti-Corruption Laws and Sanctions.  The Code of Conduct is applicable to  AGCO, AGCO BV and each of their respective Subsidiaries, including any use of the  proceeds of this Agreement.  (iv) On May 24, 2022, AGCO blocked its shares in AGCO- Manufacturing and reported such blocking to the United States Department of the  Treasury's Office of Foreign Assets Control.  AGCO's shares in AGCO- Manufacturing  remain blocked and, except as may hereafter be approved by the United States  Department of the Treasury's Office of Foreign Assets Control, AGCO has engaged in no  transactions in or with respect to such shares since May 24, 2022.   4.2. Survival of Representations and Warranties, Etc.  All representations and  warranties made under this Agreement shall be deemed to be made, at and as of the  Agreement Date (unless otherwise specified) and the date of each Loan which will  increase the principal amount of the Obligations outstanding, or upon the issuance of a  Letter of Credit hereunder, except (a) to the extent previously fulfilled in accordance with  the terms hereof, (b) to the extent subsequently inapplicable, (c) to the extent such  representation or warranty is limited to a specified date, and (d) as a result of changes  

 

84  \\4157-1107-4114  v16  permitted by the terms of this Agreement.  All representations and warranties made under  this Agreement shall survive, and not be waived by, the execution hereof by the Lenders,  the Administrative Agent and the Issuing Banks, any investigation or inquiry by any  Lender, Issuing Bank or the Administrative Agent, or the making of any Loan or the  issuance of any Letter of Credit under this Agreement.  ARTICLE 5  AFFIRMATIVE COVENANTS  Each Borrower covenants and agrees that, so long as any Loan shall remain  unpaid, any Letter of Credit shall be outstanding or any Lender shall have any  Commitment hereunder:  5.1. Reporting Requirements.  AGCO shall deliver to the Administrative  Agent:  (a) Quarterly Financials.  As soon as available and in any event within  forty-five (45) days (plus any extension period obtained by AGCO from the Securities  and Exchange Commission for the filing of an equivalent periodic report under Rule 12b- 25 of the General Rules and Regulations under the Securities Exchange Act of 1934)  after the end of each of the first three (3) Fiscal Quarters of each Fiscal Year of AGCO,  consolidated balance sheets of AGCO and its Subsidiaries, as of the end of such Fiscal  Quarter and consolidated statements of income and cash flows of AGCO and its  Subsidiaries, for the portion of the Fiscal Year then ended, setting forth in each case in  comparative form the corresponding figures for the corresponding period of the  preceding Fiscal Year, all in reasonable detail and duly certified (except as to the  omission of footnotes and subject to year-end audit adjustments) by an Authorized  Financial Officer of AGCO as having been prepared in accordance with Applicable  Accounting Standards.  (b) Annual Financials.  As soon as available and in any event within  ninety (90) days (plus any extension period obtained by AGCO from the Securities and  Exchange Commission for the filing of an equivalent periodic report under Rule 12b-25  of the General Rules and Regulations under the Securities Exchange Act of 1934) after  the end of each Fiscal Year of AGCO, a copy of the annual audit report for such year for  AGCO and its Subsidiaries, including therein consolidated balance sheets and  consolidated statements of income and cash flows of AGCO and its Subsidiaries for such  Fiscal Year, in each case reported on by KPMG LLC or other independent public  accountants of recognized national standing (without a "going concern" or like  qualification or exception) to the effect that such consolidated financial statements  present fairly in all material respects the financial condition and results of operations of  AGCO and its consolidated Subsidiaries on a consolidated basis in accordance with  Applicable Accounting Standards consistently applied.  (c) Compliance Certificate.  Concurrently with the delivery of the  quarterly or annual financial statements pursuant to (a) or (b) above:  

 

85  \\4157-1107-4114  v16  (i) a schedule in form satisfactory to the Administrative Agent  of the computations used by AGCO in determining, as of the end of such Fiscal Quarter  or Fiscal Year, compliance with the financial covenants contained in Section 6.10; and  (ii) a certificate of an Authorized Financial Officer of AGCO  stating that no Default has occurred and is continuing or, if a Default has occurred and is  continuing, a statement as to the nature thereof and the action that AGCO has taken and  proposes to take with respect thereto.  (d) Other Information.  Such other information respecting the  business, condition (financial or otherwise), operations, performance, taxes, properties or  prospects of any Loan Party or any of its Subsidiaries as the Administrative Agent may  reasonably request or any Lender may from time to time reasonably request through the  Administrative Agent.  5.2. Notices.  AGCO shall deliver to the Administrative Agent:  (a) Default Notice.  As soon as possible and in any event within two  (2) Business Days after a Responsible Employee shall know of the occurrence of each  Default, a statement of an Authorized Financial Officer of AGCO setting forth details of  such Default and the action that AGCO has taken and proposes to take with respect  thereto;  (b) Beneficial Ownership Certification.  As promptly as possible,  written notice of any change in the information provided in the Beneficial Ownership  Certification that would result in a change in any exemption indicated thereon;  (c) Rating Change.  Promptly after any Responsible Employee  becomes aware of the occurrence thereof, notice of any change in the Rating by S&P or  Moody's, or the placement by S&P or Moody's of AGCO on a "CreditWatch" or  "WatchList" or any similar list, in each case with negative implications, or the cessation  by S&P or Moody's of, or its intent to cease, issuing a Rating for AGCO; and  (d) Adverse Developments.  Promptly after any Responsible  Employee becomes aware of the occurrence thereof, notice of any other event or  condition (including the commencement of any actions, suits, investigations, litigation  and proceedings before any court or governmental department, commission, board,  bureau, agency or instrumentality, domestic or foreign) relating to the business, condition  (financial or otherwise), operations, performance, properties or prospects of AGCO and  its Subsidiaries that would reasonably be expected to result in a Material Adverse Effect.   5.3. Compliance with Laws, Etc.  AGCO shall comply, and shall cause each of  its Subsidiaries to comply, with all Applicable Laws (including Anti-Corruption Laws,  Anti-Terrorism Laws, Sanctions and Environmental Laws), except where the failure to so  comply would not reasonably be expected to result in a Material Adverse Effect.  AGCO  will maintain in effect its Code of Conduct (or an updated code of conduct applicable  globally) at all times.    

 

86  \\4157-1107-4114  v16  5.4. Preservation of Existence, Etc.  AGCO shall, and shall cause each of its  Subsidiaries to, do or cause to be done all things necessary to (a) preserve, renew and  keep in full force and effect (i) its legal existence, (ii) the rights, qualifications, licenses,  permits, privileges, franchises, governmental authorizations and intellectual property  rights material to the conduct of its business except where the failure to do so,  individually or in the aggregate, could not reasonably be expected to result in a Material  Adverse Effect and (b) maintain all requisite authority to conduct its business in each  jurisdiction in which its business is conducted except where the failure to do so,  individually or in the aggregate, could not reasonably be expected to result in a Material  Adverse Effect; provided that the foregoing clauses (a) and (b) shall not prohibit any  merger, consolidation, liquidation or dissolution permitted under Section 6.4.  5.5. Payment of Taxes and Claims.  AGCO shall, and shall cause each  Subsidiary to, pay and discharge all material federal, foreign, state and local taxes,  assessments, and governmental charges or levies imposed upon any of them or their  respective incomes or profits or upon any properties belonging to any of them prior to the  date on which penalties attach thereto; except that, no such tax, assessment, charge, levy,  or claim need be paid which is being contested in good faith by appropriate proceedings  and for which adequate reserves shall have been set aside on the appropriate books.  5.6. Maintenance of Insurance.  AGCO shall maintain, and cause each of its  Subsidiaries to maintain, insurance with responsible and reputable insurance companies  or associations in such amounts and covering such risks as is usually carried by  companies engaged in similar businesses and owning similar properties in the same  general areas in which AGCO or such Subsidiary operates, subject to customary self- insurance, deductibles and co-payment obligations.  5.7. Visitation Rights.  AGCO shall permit, and shall cause its Subsidiaries to  permit, representatives of the Administrative Agent and, if accompanied by the  representatives of the Administrative Agent, representatives of each Issuing Bank and  each Lender to (a) visit and inspect the properties of AGCO and its Subsidiaries during  normal business hours, (b) inspect and make extracts from and copies of AGCO's and its  Subsidiaries' books and records and (c) discuss with its respective principal officers,  directors and accountants its businesses, assets, liabilities, financial positions, results of  operations, and business prospects; provided, however, the Administrative Agent will use  reasonable efforts to coordinate with AGCO such visit and inspections to limit any  inconvenience to AGCO and its Subsidiaries and, prior to the occurrence of any Default  hereunder, the Administrative Agent shall give AGCO reasonable prior notice of any  such visit or inspection.  5.8. Accounting Methods.  AGCO shall maintain, and cause each of its  Subsidiaries to maintain, a system of accounting established and administered in  accordance with Applicable Accounting Standards, and will keep adequate records and  books of account in which complete entries will be made in accordance with such  accounting principles consistently applied and reflecting all transactions required to be  reflected by such accounting principles.  

 

87  \\4157-1107-4114  v16  5.9. Maintenance of Properties, Etc.  AGCO shall preserve, and shall cause  each of its Subsidiaries to maintain and preserve in the ordinary course of business in  good repair, working order, and condition, normal wear and tear, removal from service  for routine maintenance and repair and disposal of obsolete equipment excepted, all  properties used or useful in their respective businesses (whether owned or held under  lease), and from time to time make or cause to be made all needed and appropriate  repairs, renewals, replacements, additions, and improvements thereto, except in each case  where such failure to do so would not reasonably be expected to result in a Material  Adverse Effect.  5.10. Further Assurances.  Upon the reasonable request of the Administrative  Agent, AGCO shall promptly cure, or cause to be cured, defects in the execution and  delivery of the Loan Documents (including this Agreement), resulting from any act or  failure to act by any Loan Party or any employee or officer thereof.  AGCO at its expense  will promptly execute and deliver to the Administrative Agent and the Lenders, or cause  to be executed and delivered to the Administrative Agent and the Lenders, all such other  and further documents, agreements, and instruments in compliance with or  accomplishment of the covenants and agreements of AGCO and its Subsidiaries in the  Loan Documents, including this Agreement, or to correct any omissions in the Loan  Documents, or more fully to state the obligations set out herein or in any of the Loan  Documents, or to obtain any consents, all as may be necessary or appropriate in  connection therewith as may be reasonably requested by the Administrative Agent.  5.11. Additional Domestic Subsidiaries.  At any time after the Agreement Date,  in the event that AGCO or any Subsidiary of AGCO acquires or forms a new Domestic  Subsidiary of AGCO that is a Material Subsidiary or a Material Subsidiary results from  the division of a Subsidiary of AGCO or any Non-Material Domestic Subsidiary becomes  a Material Subsidiary, AGCO shall (a) cause such Domestic Subsidiary to provide to the  Administrative Agent, for the benefit of the Lenders, a Guaranty Agreement, in form and  substance satisfactory to the Administrative Agent, pursuant to which such Domestic  Subsidiary shall guaranty the Obligations under this Agreement and (b) provide to the  Administrative Agent, for the benefit of the Lenders, all other documentation, including  one or more opinions of counsel satisfactory to the Administrative Agent, which in its  reasonable opinion is appropriate with respect to the execution and delivery of the  Guaranty Agreement referred to above.   5.12. Use of Proceeds.  The proceeds of the Loans shall only be used to pay  transaction costs relating to the Transactions and for working capital needs and general  corporate purposes, in each case for the Borrowers and each Borrower's Subsidiaries.   ARTICLE 6  NEGATIVE COVENANTS  Each Borrower covenants and agrees that, so long as any Loan shall remain  unpaid, any Letter of Credit shall be outstanding or any Lender shall have any  Commitment hereunder:  

 

88  \\4157-1107-4114  v16  6.1. Indebtedness.  AGCO shall not create, assume, incur or otherwise become  or remain obligated in respect of, or permit to be outstanding, and shall not permit any of  its Subsidiaries to create, assume, incur or otherwise become or remain obligated in  respect of, or permit to be outstanding, any Indebtedness except:  (a) Indebtedness under this Agreement and the other Loan Documents;  (b) Indebtedness described on Schedule 6.1 hereto (including  Indebtedness under the European Term Loan Credit Agreement as of the Prior  Agreement Date);  (c) Unsecured Indebtedness incurred after the Prior Agreement Date  owing to the European Investment Bank in a principal amount not to exceed  €300,000,000;   (d) Intercompany Indebtedness among any of AGCO and the  Subsidiaries; provided, to the extent such Indebtedness is incurred by or an obligation of  AGCO or any other Loan Party, such Indebtedness, shall be unsecured and, upon the  occurrence of an Event of Default, subordinated to the Obligations;  (e) Indebtedness incurred in connection with a New Market Tax  Credit Transaction in an aggregate amount not to exceed $20,000,000;  (f) Indebtedness arising under a declaration of joint and several  liability used for the purpose of section 2:403 DCC (and any residual liability under such  declaration arising pursuant to section 2:404(2) DCC);  (g) Indebtedness arising as a result of two or more members of the  group being part of a fiscal unity (fiscale eenheid) for Dutch Tax purposes;  (h) Indebtedness under any Capitalized Leases in existence as of the  Prior Agreement Date; and  (i) Indebtedness incurred after the Prior Agreement Date so long as (i)  no Default exists or would result therefrom, (ii) AGCO determines after giving effect to  the incurrence of such Indebtedness that it is in pro forma compliance with the financial  covenants set forth in Section 6.10, and (iii) such Indebtedness shall be unsecured except  to the extent it is secured by a Permitted Lien.  6.2. Liens, Etc.  AGCO shall not create, incur, assume or suffer to exist, or  permit any of its Subsidiaries to create, incur, assume or suffer to exist, any Lien on or  with respect to any of its properties of any character, whether now owned or hereafter  acquired, except Permitted Liens.  6.3. Restricted Payments.  AGCO shall not, and shall not permit any of its  Subsidiaries to, directly or indirectly declare or make any Restricted Payment if at the  time of such Restricted Payment, after giving effect thereto, there shall exist a Default or  Event of Default; provided that (a) any Subsidiary of AGCO may make Restricted  

 

89  \\4157-1107-4114  v16  Payments to AGCO or any Subsidiary of AGCO and (b) to the extent any Subsidiary of  AGCO is treated for tax purposes as a limited liability company, partnership or other  "pass-through" entity, such Subsidiary may make Restricted Payments required by the  terms of its governing documents to be made during such period to the owners of Equity  Interests in such Subsidiary to pay the tax liability of such Persons as a result of their  ownership of Equity Interests in such Subsidiary for such period.  6.4. Fundamental Changes, Etc.  AGCO shall not, and shall not permit any of  its Subsidiaries to, merge into or consolidate with any Person, except that (a) AGCO may  merge into or consolidate with any other Subsidiary of AGCO or any other Person to  consummate an acquisition, so long as (i) no Default then exists hereunder or would be  caused thereby, and (ii) AGCO shall be the surviving Person of such merger or  consolidation, and (b) any Subsidiary of AGCO may merge into or consolidate with any  other Subsidiary of AGCO or any other Person to consummate an acquisition, so long as  (i) no Default then exists hereunder or would be caused thereby, (ii) except as set forth in  clause (iv) below, the Person surviving such merger or consolidation, shall be a  Subsidiary of AGCO, (iii) if a Loan Party is a party to such merger or consolidation and  the surviving Person of any such merger or consolidation is not a Loan Party, AGCO  shall provide five (5) Business Days prior written notice to the Administrative Agent and  the surviving Person shall assume, in a manner reasonably satisfactory to the  Administrative Agent, the obligations of such Loan Party under the Loan Documents to  which such Loan Party was a party, provided that, if a Borrower is a party to such merger  or consolidation and the surviving Person of any such merger or consolidation is not a  Borrower, such surviving Person shall not become a Borrower hereunder except as  provided in Section 2.13, and (iv) if the Person surviving such merger or consolidation is  not a Subsidiary of AGCO, such merger or consolidation is permitted by Section 6.5.   AGCO shall not liquidate or dissolve itself or otherwise wind up its business, and AGCO  shall not permit any other Borrower to liquidate or dissolve itself or otherwise wind up its  business, unless all Loans outstanding to such Borrower have been paid in full.    6.5. Sales of Assets.  AGCO shall not sell, lease, transfer or otherwise dispose  of, or permit any of its Subsidiaries to sell, lease, transfer or otherwise dispose of, any  assets, except:  (a) sales of Inventory in the ordinary course of its business;  (b) sale or disposition of obsolete, worn-out or surplus equipment in  the ordinary course of business;  (c) so long as no Default has occurred and is then continuing, the sale  of fixed assets in connection with Tax Incentive Transactions or New Market Tax Credit  Transactions;  (d) transfers of assets among AGCO and its Subsidiaries in  compliance with Section 6.6;  

 

90  \\4157-1107-4114  v16  (e) sales of Receivables in connection with factoring arrangements in  the ordinary course of business; and  (f) so long as no Default has occurred and is then continuing, the sale  of any other assets by AGCO or any Subsidiary (i) in an aggregate amount during any  Fiscal Year of AGCO not exceeding 10% of the Consolidated Net Tangible Assets of  AGCO as of the last day of such Fiscal Year and (ii) in an aggregate amount during the  term of this Agreement not exceeding 20% of the Consolidated Net Tangible Assets of  AGCO at any time.   6.6. Affiliate Transactions.  AGCO shall not, and shall not permit any of its  Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase,  lease or otherwise acquire any property or assets from, or otherwise engage in any other  transactions with, any of its Affiliates, on terms and conditions less favorable to AGCO  or such Subsidiary than those that could be obtained on an arm's-length basis with a  Person that is not such an Affiliate, except (a) transactions to the extent between or  among AGCO and its Subsidiaries, (b) Restricted Payments permitted by Section 6.3, (c)  increases in compensation and benefits for officers and employees of AGCO and its  Subsidiaries which are customary in the industry or consistent with the past business  practice of AGCO, or payment of customary directors' fees and indemnities, and (d)  transactions entered into in good faith and for legitimate business purposes with any  Person that is an Affiliate by reason of the ownership by AGCO or any of its Subsidiaries  of Equity Interests of such Person.  6.7. Amendments.  AGCO shall not, and shall not permit any Subsidiary to,  amend, its charter, bylaws or similar constituent documents that would reasonably be  expected to result in a Material Adverse Effect.  6.8. Restrictions on Subsidiaries.  AGCO shall not permit any Subsidiary of  AGCO to enter into, incur or permit to exist any agreement or other arrangement that  prohibits, restricts or limits (a) the amount of dividends or other distributions with respect  to any of its Equity Interests that may be paid by such Subsidiary to AGCO or another  Subsidiary of AGCO, (b) the amount of loans that may be made by such Subsidiary to  AGCO or another Subsidiary of AGCO, (c) the amount of payments by such Subsidiary  on Indebtedness owing by such Subsidiary of AGCO to AGCO or another Subsidiary, or  (d) the ability of such Subsidiary to transfer any of its properties or assets to AGCO,  other than (i) restrictions imposed under an agreement for the sale of all of the Equity  Interests in a Subsidiary or for the sale of a substantial part of the assets of such  Subsidiary, in either case to the extent permitted hereunder and pending the  consummation of such sale, (ii) restrictions set forth in the instruments, documents and  agreements governing the Indebtedness described on Schedule 6.1 hereto as of the Prior  Agreement Date and any similar restrictions set forth in documents governing other  Indebtedness permitted under Section 6.1, (iii) restrictions imposed by Applicable Law or  any of the Loan Documents, (iv) restrictions in any agreement with another Person  relating to a joint venture conducted through a Subsidiary of AGCO in which such Person  is a minority stockholder requiring the consent of such Person to the payment of  dividends, (v) with respect to restrictions of the type described in clause (d) above,  

 

91  \\4157-1107-4114  v16  restrictions under agreements governing Indebtedness secured by a Lien not otherwise  prohibited hereunder that limit the right of the debtor to dispose of the assets securing  such Indebtedness, (vi) customary provisions contained in leases, licenses and other  similar agreements entered into in the ordinary course of business that impose restrictions  of the type described in clause (d) above on the property subject to such lease, (vii)  customary anti-assignment provisions contained in agreements entered into in the  ordinary course of business, (viii) customary subordination of subrogation, contribution  and similar claims contained in guaranties permitted hereunder, (ix) restrictions on the  transfer, lease, or license of any property or asset of any Loan Party in effect on the  Agreement Date that were entered into in the ordinary course of business, and (x)  encumbrances or restrictions existing with respect to any Person or the property or assets  of such Person acquired by AGCO or any Subsidiary of AGCO, provided that such  encumbrances and restrictions were in existence immediately prior to such acquisition  (and not created in contemplation thereof) and are not applicable to any Person or the  property or assets of any Person other than such acquired Person or the property or assets  of such acquired Person.  6.9. Reserved.  6.10. Financial Covenants.  (a) Net Leverage Ratio.  AGCO shall not allow, as of the end of each  Fiscal Quarter of AGCO, the Net Leverage Ratio to exceed 3.00 to 1.00; provided that,  notwithstanding the foregoing, for the four Fiscal Quarters ended immediately following  closing of a Material Acquisition (including the Fiscal Quarter in which such Material  Acquisition occurs), the Net Leverage Ratio shall not exceed 3.50 to 1.00.  (b) Interest Coverage Ratio.  AGCO shall maintain, as of the end of  each Fiscal Quarter of AGCO, an Interest Coverage Ratio of not less than 3.00 to 1.00.   6.11. Anti-Terrorism Laws.  Neither the Borrower nor any of its Subsidiaries  will directly or to its knowledge indirectly use the proceeds of the Loans or the Letters of  Credit in violation of any Sanctions, Anti-Terrorism Laws or any Anti-Corruption Laws  by any Person (including any Person participating in the Loans or Letters of Credit,  whether as Administrative Agent, Issuing Bank, Lender, arranger, underwriter, advisor,  investor, or otherwise),  ARTICLE 7  EVENTS OF DEFAULT  7.1. Events of Default.  Each of the following shall constitute an Event of  Default (an "Event of Default"), whatever the reason for such event and whether it shall  be voluntary or involuntary or be effected by operation of law or pursuant to any  judgment or order of any court or any order, rule, or regulation of any governmental or  non-governmental body:  (a) (i) any Borrower shall fail to pay (x) any principal or face amount  of any Loan on the date when the same becomes due and payable, or (y) any interest or  

 

92  \\4157-1107-4114  v16  fees due hereunder within three (3) Business Days after the date when the same becomes  due and payable, or (ii) any Loan Party shall fail to make any other payment under any  Loan Document, in any case within five (5) Business Days after the date when the same  becomes due and payable; or  (b) any representation or warranty made by any Loan Party under or in  connection with any Loan Document or in any report, certificate, financial statement or  other document furnished pursuant to or in connection with this Agreement or any other  Loan Document shall prove to have been incorrect in any material respect when made or  deemed made; or  (c) (i) any Borrower shall fail to perform any term, covenant or  agreement contained in Section 5.1(a), (b), or (c), if such failure shall remain unremedied  for ten (10) days after written notice thereof having been given to AGCO; (ii) any  Borrower shall fail to perform, observe or comply with any other term, covenant or  agreement contained in Article 6; or (iii) any Borrower or any other Loan Party shall fail  to perform any other term, covenant or agreement contained in this Agreement or any  other Loan Document not referenced elsewhere in this Section 7.1 if such failure shall  remain unremedied for thirty (30) days after written notice thereof having been given to  AGCO; or  (d) AGCO, any Material Subsidiary or any Borrower shall fail to pay  any principal of, premium or interest on or any other amount payable in respect of any  Indebtedness, if such Indebtedness is outstanding in a principal or notional amount of at  least US$50,000,000 in the aggregate (but excluding (i) Indebtedness outstanding  hereunder and (ii) Indebtedness solely between or among AGCO and its Subsidiaries),  when the same becomes due and payable (whether by scheduled maturity, required  prepayment, acceleration, demand or otherwise), and such failure shall continue after the  applicable grace period, if any, specified in the agreement or instrument relating to such  Indebtedness; or any other event shall occur or condition shall exist under any agreement  or instrument relating to any such Indebtedness and shall continue after the applicable  grace period, if any, specified in such agreement or instrument, if the effect of such event  or condition is to accelerate, or to permit the acceleration of, the maturity of such  Indebtedness or otherwise to cause, or to permit the holder thereof to cause, such  Indebtedness to mature; or any such Indebtedness shall be declared to be due and payable  or required to be prepaid or redeemed (other than by a regularly scheduled required  prepayment or redemption), purchased or defeased, or an offer to prepay, redeem,  purchase or defease such Indebtedness shall be required to be made, in each case prior to  the stated maturity thereof; or  (e) AGCO, any Material Subsidiary or any Borrower shall generally  not pay its debts as such debts become due, shall suspend or threaten to suspend making  payment whether of principal or interest with respect to any class of its debts or shall  admit in writing its insolvency or its inability to pay its debts generally, or shall make a  general assignment for the benefit of creditors; or any proceeding shall be instituted by or  against AGCO, any Material Subsidiary or any Borrower seeking, or seeking the  administration, to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding  

 

93  \\4157-1107-4114  v16  up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its  debts under any law relating to bankruptcy, insolvency or reorganization or relief of  debtors, or seeking the entry of an order for relief or the appointment of a receiver,  administrator, receiver and manager, trustee, or other similar official for it or for any  substantial part of its property (including, without limitation, any proceeding under the  Bankruptcy Code or any similar law in any other jurisdiction) and, in the case of any such  proceeding instituted against it (but not instituted by it) that is being diligently contested  by it in good faith, either such proceeding shall remain undismissed or unstayed for a  period of sixty (60) days or any of the actions sought in such proceeding (including  without limitation the entry of an order for relief against, or the appointment of a  receiver, administrator, receiver and manager, trustee, custodian or other similar official  for, it or any substantial part of its property) shall occur; or AGCO, any Material  Subsidiary or any Borrower shall take any action to authorize any of the actions set forth  above in this subsection, or an encumbrancer takes possession of, or a trustee or  administrator or other receiver or similar officer is appointed in respect of, all or any part  of the business or assets of AGCO, any Material Subsidiary, or any Borrower or distress  or any form of execution is levied or enforced upon or sued out against any such assets  and is not discharged within seven days of being levied, enforced or sued out, or any Lien  that may for the time being affect any of its assets becomes enforceable, or anything  analogous to any of the events specified in this subsection occurs under the laws of any  applicable jurisdictions; or  (f) any judgment or order for the payment of money in excess of  US$50,000,000 (other than any such judgment for a monetary amount insured against by  a reputable insurer that shall have admitted liability therefor), individually or in the  aggregate, shall be rendered against AGCO or any Material Subsidiary, or a warrant of  attachment or execution or similar process shall be issued or levied against property of  AGCO or any Material Subsidiary pursuant to a judgment which, together with all other  such property of AGCO or any Material Subsidiary subject to other such process, exceeds  in value US$50,000,000 in the aggregate, and either (i) enforcement proceedings shall  have been commenced by any creditor upon such judgment, decree or order, or (ii) there  is a period of thirty (30) consecutive days following entry of such judgment or order  during which a stay of enforcement of such judgment or order, by reason of a pending  appeal or otherwise, is not in effect; or  (g) any non-monetary judgment or order shall be rendered against  AGCO or any Subsidiary that would reasonably be expected to result in a Material  Adverse Effect, and within thirty (30) days after the entry or issue thereof, such judgment  or order shall not have been vacated, rescinded or stayed pending appeal or otherwise; or  (h) any material portion of any Loan Document shall at any time and  for any reason be declared to be null and void, or a proceeding shall be commenced by  any Loan Party or any of its respective Affiliates, or by any governmental authority  having jurisdiction over any Loan Party or any of its Affiliates, seeking to establish the  invalidity or unenforceability thereof (exclusive of questions of interpretation of any  provision thereof), or any material provision of any Loan Document shall for any reason  

 

94  \\4157-1107-4114  v16  cease to be valid and binding on or enforceable against any Loan Party to it, or any such  Loan Party shall so state in writing; or  (i) a Change of Control shall occur; or  (j) (i) any ERISA Event shall have occurred with respect to a Plan of  any Loan Party or any ERISA Affiliate as a result of an Insufficiency thereunder, and any  Loan Party shall fail to make any payment in excess of US$50,000,000 as and when  required to be made under ERISA as a result of such Insufficiency, or any such  Insufficiency shall have occurred and then exist that would reasonably be expected to  result in a Material Adverse Effect; or (ii) any Loan Party or any ERISA Affiliate shall  have been notified by the sponsor of a Multiemployer Plan of such Loan Party or any  ERISA Affiliate that it has incurred Withdrawal Liability to such Multiemployer Plan in  an amount that, when aggregated with all other amounts required to be paid to  Multiemployer Plans by the Loan Parties and their ERISA Affiliates as Withdrawal  Liability (determined as of the date of such notification), exceeds US$50,000,000 or  would otherwise reasonably be expected to result in a Material Adverse Effect; or (iii)  any Loan Party or any ERISA Affiliate shall have been notified by the sponsor of a  Multiemployer Plan that such Multiemployer Plan is in reorganization or is being  terminated, within the meaning of Title IV of ERISA, and as a result of such  reorganization or termination the aggregate annual contributions of such Loan Party and  their ERISA Affiliates to all Multiemployer Plans that are then in reorganization or being  terminated have been or will be increased over the amounts contributed to such  Multiemployer Plans for the plan years of such Multiemployer Plans immediately  preceding the plan years in which such reorganization or termination occurs by an  amount exceeding US$50,000,000 or which would otherwise reasonably be expected to  result in a Material Adverse Effect.  7.2. Remedies.  If an Event of Default shall have occurred and until such Event  of Default is waived in writing by the Required Lenders, or all of the Lenders as may be  required by Section 9.1, the Administrative Agent:  (a) may, and shall at the request of the Required Lenders, by notice to  AGCO, declare the obligation of each Lender to make Loans and of the Issuing Banks to  issue Letters of Credit and the Swing Line Bank to make Swing Line Loans to be  terminated, whereupon the same shall forthwith terminate;   (b) may, and shall at the request of the Required Lenders (i) by notice  to AGCO, declare the Loans, all interest thereon and all other amounts payable under this  Agreement and the other Loan Documents to be forthwith due and payable, whereupon  the Loans, all such interest and all such amounts shall become and be forthwith due and  payable, without presentment, demand, protest or further notice of any kind, all of which  are hereby expressly waived by the Borrowers, and (ii) by notice to each party required  under the terms of any agreement in support of which a Letter of Credit is issued, request  that all Obligations under such agreement be declared to be due and payable; provided  that in the event of an actual or deemed entry of an order for relief or any assignment,  proposal or the giving of notice of intention to make a proposal with respect to any  

 

95  \\4157-1107-4114  v16  Borrower under Debtor Relief Laws, (x) the obligation of each Lender to make  Revolving Loans and of the Issuing Banks to issue Letters of Credit and of the Swing  Line Bank to make Swing Line Loans shall automatically be terminated and (y) the  Loans, all such interest and all such amounts shall automatically become and be due and  payable, without presentment, demand, protest or any notice of any kind, all of which are  hereby expressly waived by the Borrowers; and  (c) may, and shall at the request of the Required Lenders, exercise all  of the post-default rights granted to it and to them under the Loan Documents or under  Applicable Law.  The Administrative Agent, for the benefit of itself, the Issuing Banks  and the Lenders, shall have the right to the appointment of a receiver for the property of  each Borrower, and each Borrower hereby consents to such rights and such appointment  and hereby waives any objection each Borrower may have thereto or the right to have a  bond or other security posted by the Administrative Agent, the Issuing Banks or the  Lenders in connection therewith.  7.3. Actions in Respect of the Letters of Credit.  If any Event of Default shall  have occurred and be continuing, the Administrative Agent may, irrespective of whether  it is taking any of the actions described in Section 7.2 or otherwise, make demand upon  AGCO to, and forthwith upon such demand AGCO will, pay to the Administrative Agent  on behalf of the Lenders in same-day funds at the Administrative Agent's office  designated in such demand, for deposit in such interest-bearing account as the  Administrative Agent shall specify (the "L/C Cash Collateral Account"), an amount  equal to the aggregate Available Amount of all Letters of Credit then outstanding.  If at  any time the Administrative Agent determines that any funds held in the L/C Cash  Collateral Account are subject to any right or claim of any Person other than the  Administrative Agent and the Lenders or that the total amount of such funds is less than  the amount required to be on deposit hereunder, AGCO will, forthwith upon demand by  the Administrative Agent, pay to the Administrative Agent, as additional funds to be  deposited and held in the L/C Cash Collateral Account, an amount equal to the excess of  (i) such amount required to be deposited hereunder over (ii) the total amount of funds, if  any, then held in the L/C Cash Collateral Account that the Administrative Agent  determines to be free and clear of any such right and claim.  The L/C Cash Collateral  Account shall be in the name and under the sole dominion and control of the  Administrative Agent.  The Administrative Agent shall have no obligation to invest any  amounts on deposit in the L/C Cash Collateral Account.  AGCO grants to the  Administrative Agent, for its benefit and the benefit of the Lenders, the Administrative  Agent and the Issuing Banks, a lien on and security interest in the L/C Cash Collateral  Account and all amounts on deposit therein as collateral security for the performance of  the Borrowers' obligations under this Agreement and the other Loan Documents.  The  Administrative Agent shall have all rights and remedies available to it under Applicable  Law with respect to the L/C Cash Collateral Account and all amounts on deposit therein.  7.4. Application of Payments.  Subsequent to the occurrence and during the  continuation of an Event of Default, payments and prepayments with respect to the  Obligations made to the Administrative Agent, the Lenders, the Issuing Banks, the Swing  Line Bank or otherwise received by the Administrative Agent, any Lender, any Issuing  

 

96  \\4157-1107-4114  v16  Bank or the Swing Line Bank (excluding any funds held in the L/C Cash Collateral  Account which shall be applied to, or held to pay, the Available Amount of all Letters of  Credit then outstanding as set forth in Section 7.3) shall be distributed in the following  order of priority:  first, to the reasonable costs and expenses (including reasonable  attorneys' fees and expenses), if any, incurred by the Administrative Agent, any Lender,  any Issuing Bank or the Swing Line Bank in the collection of such amounts under this  Agreement or of the Loan Documents until paid in full; second, to any fees then due and  payable to the Administrative Agent under this Agreement or any other Loan Document  until paid in full; third, to any fees then due and payable to the Lenders and the Issuing  Banks under this Agreement until paid in full; fourth, to the ratable payment of interest  then due in respect of the Loans and the Swing Line Loans until paid in full; fifth, to the  ratable payment of principal of the Loans and the Swing Line Loans and, to the L/C Cash  Collateral Account, for any Letters of Credit then outstanding, in each case until paid (or  Cash Collateralized) in full; sixth, to any other Obligations not otherwise referred to in  this Section until paid in full; and seventh, to Borrowers or such other Person entitled  thereto under Applicable Law.   ARTICLE 8  THE ADMINISTRATIVE AGENT  8.1. Authorization and Action.  Each Lender and Issuing Bank hereby  irrevocably appoints and authorizes Rabobank to take action on its behalf as the  Administrative Agent to exercise such powers and discretion under this Agreement and  the other Loan Documents as are delegated to them respectively by the terms hereof and  thereof, together with such powers and discretion as are reasonably incidental thereto.   The provisions of this Article 8 are solely for the benefit of the Administrative Agent, the  Lenders and the Issuing Banks, and neither AGCO nor any other Loan Party shall have  rights as a third-party beneficiary of any of such provisions.  It is understood and agreed  that the use of the term "agent" herein or in any other Loan Documents (or any other  similar term) with reference to the Administrative Agent is not intended to connote any  fiduciary or other implied (or express) obligations arising under agency doctrine of any  applicable law.  Instead such term is used as a matter of market custom, and is intended  to create or reflect only an administrative relationship between contracting parties.  As to  any matters not expressly provided for by the Loan Documents, the Administrative Agent  shall not be required to exercise any discretion or take any action, but shall be required to  act or to refrain from acting (and shall be fully protected in so acting or refraining from  acting) upon the instructions of the Required Lenders, and such instructions shall be  binding upon all Lenders and Issuing Banks; provided that the Administrative Agent shall  not be required to take any action that, in its opinion or the opinion of its counsel,  exposes it or any of its Related Parties to liability or that is contrary to the Loan  Documents or Applicable Law, including for the avoidance of doubt any action that may  be in violation of the automatic stay under Debtor Relief Laws or that may effect a  forfeiture, modification or termination of property of any Defaulting Lender in violation  of Debtor Relief Laws.  Except for action requiring the approval of the Required Lenders,  the Administrative Agent shall be entitled to use their discretion with respect to  exercising or refraining from exercising any rights which may be vested in it by, and with  respect to taking or refraining from taking any action or actions which it may be able to  

 

97  \\4157-1107-4114  v16  take under or in respect of, any Loan Document, unless the Administrative Agent shall  have been instructed by the Required Lenders to exercise or refrain from exercising such  rights or to take or refrain from taking such action.  The Administrative Agent shall not  incur any liability under or in respect of any Loan Document with respect to anything  which it may do or refrain from doing in the reasonable exercise of its judgment or which  may seem to it to be necessary or desirable in the circumstances, except for its gross  negligence or willful misconduct as determined by a court of competent jurisdiction in a  final and non-appealable judgment.  8.2. Administrative Agent's Reliance, Etc.  Neither Administrative Agent nor  any of its Related Parties shall be liable for any action taken or omitted to be taken by it  or them under or in connection with the Loan Documents, except for its or their own  gross negligence or willful misconduct as determined by a court of competent jurisdiction  in a final and non-appealable judgment.  Without limitation of the generality of the  foregoing, the Administrative Agent:  (a) shall not be subject to any fiduciary or other implied duties,  regardless of whether a Default has occurred and is continuing;  (b) 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 AGCO 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.  (c) may consult with legal counsel (including counsel for any Loan  Party), independent public accountants and other experts selected by it, and may rely on  any opinion of counsel delivered under this Agreement, and shall not be liable for any  action taken or omitted to be taken in good faith by it in accordance with the advice of  such counsel, accountants or experts or any such opinion;  (d) makes no warranty or representation to any Lender or Issuing Bank  and shall not be responsible to any Lender or Issuing Bank for any statements, warranties  or representations made in or in connection with the Loan Documents by any other  Person;  (e) 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 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 Article 3 or elsewhere herein, other than to confirm receipt of items expressly  required to be delivered to the Administrative Agent;  

 

98  \\4157-1107-4114  v16  (f) shall not be responsible to any Lender or Issuing Bank for the due  execution, legality, validity, enforceability, genuineness, sufficiency or value of any Loan  Document or any other instrument or document furnished pursuant hereto (other than its  own execution and delivery thereof) or the creation, attachment perfection or priority of  any Lien purported to be created under or contemplated by any Loan Document;  (g) shall incur no liability under or in respect of any Loan Document  by acting upon any notice, consent, certificate or other instrument or writing (which may  be by telegram, telecopy, cable or telex) believed by it to be genuine and signed or sent  by the proper party or parties;  (h) shall have no liability or responsibility to any Loan Party for any  failure on the part of any Lender or Issuing Bank to comply with any obligation to be  performed by such Lender or Issuing Bank under this Agreement;  (i) shall not be deemed to have knowledge or notice of the occurrence  of any Default or Event of Default under this Agreement unless they have received notice  from a Lender, Issuing Bank or Loan Party referring to this Agreement, describing such  Default or Event of Default and stating that such notice is a "Notice of Default";  (j) shall incur no liability as a result of any determination whether the  transactions contemplated by the Loan Documents constitute a "highly leveraged  transaction" within the meaning of the interpretations issued by the Comptroller of the  Currency, the Federal Deposit Insurance Corporation and the Board of Governors of the  Federal Reserve System;   (k) may act directly or through agents or attorneys on its behalf but  shall not be responsible to any Lender or Issuing Bank for the negligence or misconduct  of any agents or attorneys except to the extent that a court of competent jurisdiction  determines in a final and non-appealable judgment that the Administrative Agent acted  with gross negligence or willful misconduct in the selection of such agents or attorneys;  (l) 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 Platform, 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;  (m) 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;  (n) in determining compliance with any condition hereunder to the  making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit,  that by its terms must be fulfilled to the satisfaction of a Lender or an Issuing Bank, the  Administrative Agent may presume that such condition is satisfactory to such Lender or  Issuing Bank unless the Administrative Agent shall have received notice to the contrary  

 

99  \\4157-1107-4114  v16  from such Lender or Issuing Bank prior to the making of such Loan or the issuance of  such Letter of Credit;  (o) shall not be liable for any damage or loss resulting from or caused  by events or circumstances beyond the Administrative Agent's reasonable control,  including nationalization, expropriation, currency or funds transfer restrictions, the  interruption, disruption, or suspension of the normal procedures and practices of any  securities market, power, mechanical, communications, or other technological failures or  interruptions, computer viruses or the like, fires, floods, earthquakes, or other natural  disasters, civil, and military disturbance, acts of war or terrorism, riots, revolution, acts of  God, work stoppages, strikes, national disasters of any kind, or other similar events or  acts, or errors by any Borrower in its instructions to the Administrative Agent; and  (p) does not warrant or accept responsibility for, and shall not have  any liability with respect to, the administration, submission or any other matter related to  the determination of rates in the definition of Non-Base Rate Benchmark or with respect  to any comparable or successor rates thereto.  The exculpatory provisions of this Article 8 shall apply to any agent of the  Administrative Agent and any 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 hereunder as well as activities as Administrative Agent.  8.3. Administrative Agent, in its Individual Capacity and Affiliates.  With  respect to its respective Commitments and the Loans made by Rabobank, Rabobank shall  have the same rights and powers under the Loan Documents 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, include Rabobank in its  individual capacity.  Rabobank and its respective Affiliates may accept deposits from,  lend money to, act as trustee under indentures of, accept investment banking  engagements from and generally engage in any kind of business with, any Loan Party,  any of its Subsidiaries and any Person who may do business with or own securities of any  Loan Party or any such Subsidiary, all as if Rabobank was not the Administrative Agent  and without any duty to account therefor to the Lenders.  8.4. Lender Credit Decision.  Each Lender and Issuing Bank acknowledges  that it has, independently and without reliance upon the Administrative Agent or any  other Lender or their respective Related Parties and based on the financial statements  referred to in Section 3.1 and such other documents and information as it has deemed  appropriate, made its own independent credit analysis and decision to enter into this  Agreement.  Each Lender and Issuing Bank also acknowledges that it will, independently  and without reliance upon the Administrative Agent or any other Lender and based on  such documents and information as it shall deem appropriate at the time, continue to  make its own credit decisions in taking or not taking action under this Agreement, any  other Loan Document or any related agreement or document furnished hereunder or  thereunder.  

 

100  \\4157-1107-4114  v16  8.5. Notice of Default or Event of Default.  In the event that the Administrative  Agent or any Lender shall acquire actual knowledge, or shall have been notified in  writing, of any Default or Event of Default, the Administrative Agent or such Lender  shall promptly notify the other Lenders, and the Administrative Agent shall take such  action and assert such rights under this Agreement as the Required Lenders shall request  in writing, and the Administrative Agent shall not be subject to any liability by reason of  its acting (a) pursuant to any such request or (b) in the absence of its own gross  negligence or willful misconduct as determined by a court of competent jurisdiction by  final and non-appealable judgment.  If the Required Lenders shall fail to request the  Administrative Agent to take action or to assert rights under this Agreement in respect of  any Event of Default within ten days after their receipt of the notice of any Event of  Default, or shall request inconsistent action with respect to such Event of Default, the  Administrative Agent may, but shall not be required to, take such action and assert such  rights (other than rights under Article 7) as it deems in its discretion to be advisable for  the protection of the Lenders and Issuing Banks, except that, if the Required Lenders  have instructed the Administrative Agent not to take such action or assert such right, in  no event shall the Administrative Agent act contrary to such instructions.  8.6. Indemnification.  Each Lender severally agrees to indemnify the  Administrative Agent (to the extent not promptly reimbursed by the Borrowers) from and  against such Lender's ratable share of any and all liabilities, obligations, losses, damages,  penalties, actions, judgments, suits, costs, expenses or disbursements (including without  limitation fees and expenses of legal counsel, experts, agents and consultants) of any kind  or nature whatsoever that may be imposed on, incurred by, or asserted against the  Administrative Agent in any way relating to or arising out of the Loan Documents or any  action taken or omitted by the Administrative Agent under the Loan Documents;  provided that no Lender shall be liable for any portion of such liabilities, obligations,  losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements  found in a final, non-appealable judgment by a court of competent jurisdiction to have  resulted from the Administrative Agent's gross negligence or willful misconduct as  determined by a court of competent jurisdiction in a final and non-appealable judgment.   Without limitation of the foregoing, each Lender agrees to reimburse the Administrative  Agent promptly upon demand for its ratable share of any costs and expenses payable by  any Borrower under Section 9.4, to the extent that the Administrative Agent is not  promptly reimbursed for such costs and expenses by the Borrowers.  For purposes of this  Section, the Lenders' respective ratable shares of any amount shall be determined, at any  time, according to the sum of:  (a) the aggregate principal amount of the Loans outstanding at such  time and owing to the respective Lenders;  (b) their respective Pro Rata Shares of the aggregate Available  Amount of all Letters of Credit outstanding at such time; and  (c) their respective Unused Revolving Loan Commitments at such  time.  

 

101  \\4157-1107-4114  v16  8.7. Successor Administrative Agent.  The Administrative Agent may resign at  any time by giving written notice thereof to the Lenders and the Borrowers.  Upon any  such resignation, the Required Lenders shall have the right to appoint a successor  Administrative Agent.  If no successor Administrative Agent shall have been so  appointed by the Required Lenders, and shall have accepted such appointment, within  thirty (30) days after the retiring Administrative Agent's giving of notice of resignation,  then the retiring Administrative Agent may, on behalf of the Lenders and Issuing Banks,  appoint a successor Administrative Agent, which shall be any Lender or a commercial  bank or other financial institution and having a combined capital and reserves in excess  of US$500,000,000. The resignation of such retiring Administrative Agent shall be  effective only upon (i) the acceptance of any appointment as an Administrative Agent  hereunder by a successor Administrative Agent, and (ii) the execution of all documents  and taking of all other actions reasonably necessary in the opinion of the successor  Administrative Agent, in connection with such substitution.  Upon such effectiveness  pursuant to the foregoing clauses (i) and (ii), such successor Administrative Agent shall  succeed to and become vested with all the rights, powers, discretion, privileges and duties  of the retiring Administrative Agent, and the retiring Administrative Agent shall be  discharged from its duties and obligations under the Loan Documents.  After any retiring  Administrative Agent's resignation hereunder as an Administrative Agent, the provisions  of this Article 8 and Section 9.4 shall continue in effect for the benefit of such retiring  Administrative Agent, its 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.  8.8. Administrative Agent May File Proofs of Claim.  The Administrative  Agent may file such proofs of claim and other papers or documents as may be necessary  or advisable in order to have the claims of the Administrative Agent (including any claim  for the reasonable compensation, expenses, disbursements and advances of the  Administrative Agent, its agents, financial advisors and counsel), the Issuing Banks and  the Lenders allowed in any judicial proceedings relative to any Loan Party, or any of their  respective creditors or property, and shall be entitled and empowered to collect, receive  and distribute any monies, securities or other property payable or deliverable on any such  claims and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other  similar official in any such judicial proceeding in any such judicial proceedings is hereby  authorized by each Lender and Issuing Bank to make such payments to the  Administrative Agent and, in the event that the Administrative Agent shall consent to the  making of such payments directly to the Lenders or Issuing Banks, to pay to the  Administrative Agent any amount due to the Administrative Agent for the reasonable  compensation, expenses, disbursements and advances of the Administrative Agent, its  agents, financial advisors and counsel, and any other amounts due the Administrative  Agent.  8.9. Release of Guaranties  Each of the Lenders and Issuing Banks irrevocably  authorize the Administrative Agent, at its option and in its discretion, to release any Loan  Party (other than AGCO) from its obligations under any Guaranty Agreement if such  Person ceases to be a Subsidiary as a result of a transaction permitted under the Loan  Documents.  Upon request by the Administrative Agent at any time, the Required  

 

102  \\4157-1107-4114  v16  Lenders will confirm in writing the Administrative Agent's authority to release any  Guarantor from its obligations under its Guaranty Agreement pursuant to this Section.  8.10. Other Agent Titles.  Notwithstanding any other provision of this  Agreement, each of the financial institutions named as "Co-Syndication Agent", "Joint  Bookrunner", "Joint Lead Arranger", and "Co-Documentation Agent" on the cover page  of this Agreement is named as such for recognition purposes only, and in its capacity as  such shall have no powers, duties, responsibilities or liabilities with respect to this  Agreement or the transactions contemplated hereby; it being understood and agreed that  each such financial institution in its stated capacity shall be entitled to all indemnification  rights in favor of the Administrative Agent as, and to the extent, provided in Sections 8.6  and 9.4(c).  8.11. Erroneous Payments.   (a) If Administrative Agent notifies a Lender, Issuing Bank, or any  Person who has received funds on behalf of a Lender or Issuing Bank (any such Lender,  Issuing Bank, or other recipient, a "Payment Recipient") that Administrative Agent has  determined in its sole discretion (whether or not after receipt of any notice under  immediately succeeding clause (b)) that any funds received by such Payment Recipient  from Administrative Agent or any of its Affiliates were erroneously transmitted to, or  otherwise erroneously or mistakenly received by, such Payment Recipient (whether or  not known to such Lender, Issuing Bank, or other Payment Recipient on its behalf)  (any  such funds, whether received as a payment, prepayment or repayment of principal,  interest, fees, distribution or otherwise, individually and collectively, an "Erroneous  Payment") and demands the return of such Erroneous Payment (or a portion thereof),  such Erroneous Payment shall at all times remain the property of Administrative Agent  and shall be segregated by the Payment Recipient and held in trust for the benefit of  Administrative Agent, and such Lender or Issuing Bank shall (or, with respect to any  Payment Recipient who received such funds on its behalf, shall cause such Payment  Recipient to) promptly, but in no event later than two Business Days thereafter, return to  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 Payment Recipient to the  date such amount is repaid to Administrative Agent in same day funds at the greater of  the Federal Funds Effective Rate and a rate determined by Administrative Agent in  accordance with banking industry rules on interbank compensation from time to time in  effect.  A notice of Administrative Agent to any Payment Recipient under this clause (a)  shall be conclusive, absent manifest error.  (b) Without limiting immediately preceding clause (a), each Lender,  Issuing Bank, or any Person who has received funds on behalf of a Lender or Issuing  Bank hereby further agrees that if it receives a payment, prepayment or repayment  (whether received as a payment, prepayment or repayment of principal, interest, fees,  distribution or otherwise) from Administrative Agent (or any of its Affiliates) (x) that is  in a different amount than, or on a different date from, that specified in a notice of  

 

103  \\4157-1107-4114  v16  payment, prepayment or repayment sent by Administrative Agent (or any of its  Affiliates) with respect to such payment, prepayment or repayment, (y) that was not  preceded or accompanied by a notice of payment, prepayment or repayment sent by  Administrative Agent (or any of its Affiliates), or (z) that such Lender, Issuing Bank, or  other such recipient, otherwise becomes aware was transmitted, or received, in error or by  mistake (in whole or in part) in each case:  (i) (A) in the case of immediately preceding clauses (x) or (y),  an error shall be presumed to have been made (absent written confirmation from  Administrative Agent to the contrary) or (B) in the case of immediately preceding clause  (z), an error has been made, in each case, with respect to such payment, prepayment or  repayment; and  (ii) such Lender or Issuing Bank shall (and shall cause any  other recipient that receives funds on its respective behalf to) promptly (and, in all events,  within one Business Day of its knowledge of such error) notify Administrative Agent of  its receipt of such payment, prepayment or repayment, the details thereof (in reasonable  detail) and that it is so notifying Administrative Agent pursuant to this Section 8.11(b).  (c) Each Lender or Issuing Bank hereby authorizes Administrative  Agent to set off, net and apply any and all amounts at any time owing to such Lender or  Issuing Bank under any Loan Document, or otherwise payable or distributable by  Administrative Agent to such Lender or Issuing Bank from any source, against any  amount due to Administrative Agent under immediately preceding clause (a) or under the  indemnification provisions of this Agreement.  (d) In the event that an Erroneous Payment (or portion thereof) is not  recovered by Administrative Agent for any reason, after demand therefor by  Administrative Agent in accordance with immediately preceding clause (a), from any  Lender or Issuing Bank that has received such Erroneous Payment (or portion thereof)  (and/or from any Payment Recipient who received such Erroneous Payment (or portion  thereof) on its respective behalf)  (such unrecovered amount, an "Erroneous Payment  Return Deficiency"), upon Administrative Agent's notice to such Lender or Issuing Bank  at any time, (i) such Lender or Issuing Bank shall be deemed to have assigned its Loans  (but not its Commitments) of the relevant Class with respect to which such Erroneous  Payment was made (the "Erroneous Payment Impacted Class") in an amount equal to  the Erroneous Payment Return Deficiency (or such lesser amount as Administrative  Agent may specify) (such assignment of the Loans (but not Commitments) of the  Erroneous Payment Impacted Class, the "Erroneous Payment Deficiency Assignment")  at par plus any accrued and unpaid interest (with the assignment fee to be waived by  Administrative Agent in such instance), and is hereby (together with Borrowers) deemed  to execute and deliver an Assignment and Assumption (or, to the extent applicable, an  agreement incorporating an Assignment and Assumption by reference pursuant to a  Platform as to which Administrative Agent and such parties are participants) with respect  to such Erroneous Payment Deficiency Assignment, (ii) Administrative Agent as the  assignee Lender shall be deemed to acquire the Erroneous Payment Deficiency  Assignment, (iii) upon such deemed acquisition, Administrative Agent as the assignee  

 

104  \\4157-1107-4114  v16  Lender shall become a Lender or Issuing Bank, as applicable, hereunder with respect to  such Erroneous Payment Deficiency Assignment and the assigning Lender or assigning  Issuing Bank shall cease to be a Lender or Issuing Bank, as applicable, hereunder with  respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance  of doubt, its obligations under the indemnification provisions of this Agreement and its  applicable Commitments which shall survive as to such assigning Lender or assigning  Issuing Bank and (iv) Administrative Agent may reflect in the Register its ownership  interest in the Loans subject to the Erroneous Payment Deficiency Assignment.   Administrative Agent may, in its discretion, sell any Loans acquired pursuant to an  Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such  sale, the Erroneous Payment Return Deficiency owing by the applicable Lender or  Issuing Bank shall be reduced by the net proceeds of the sale of such Loan (or portion  thereof), and Administrative Agent shall retain all other rights, remedies and claims  against such Lender or Issuing Bank (and/or against any recipient that receives funds on  its respective behalf).  For the avoidance of doubt, no Erroneous Payment Deficiency  Assignment will reduce the Commitments of any Lender or Issuing Bank and such  Commitments shall remain available in accordance with the terms of this Agreement.  In  addition, each party hereto agrees that, except to the extent that Administrative Agent has  sold a Loan (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency  Assignment, and irrespective of whether Administrative Agent may be equitably  subrogated, Administrative Agent shall be contractually subrogated to all the rights and  interests of the applicable Lender or Issuing Bank under the Loan Documents with  respect to each Erroneous Payment Return Deficiency (the "Erroneous Payment  Subrogation Rights").  (e) The parties hereto agree that an Erroneous Payment shall not pay,  prepay, repay, discharge or otherwise satisfy any Obligations owed by Borrowers or any  other Loan Party, 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 Administrative Agent from Borrowers or any other Loan Party for the  purpose of making such Erroneous Payment.   (f) To the extent permitted by applicable law, no Payment Recipient  shall assert any right or claim to an Erroneous Payment, and hereby waives, and is  deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with  respect to any demand, claim or counterclaim by Administrative Agent for the return of  any Erroneous Payment received, including without limitation waiver of any defense  based on "discharge for value" or any similar doctrine or defense.  (g) Each party's obligations, agreements and waivers under this  Section 8.11 shall survive the resignation or replacement of Administrative Agent, any  transfer of rights or obligations by, or the replacement of, a Lender or Issuing Bank, the  termination of the Commitments and/or the repayment, satisfaction or discharge of all  Obligations (or any portion thereof) under any Loan Document.  

 

105  \\4157-1107-4114  v16  ARTICLE 9  MISCELLANEOUS  9.1. Amendments, Etc.  No amendment or waiver of any provision of this  Agreement or any other Loan Document, nor consent to any departure by any Borrower  therefrom, shall in any event be effective unless the same shall be in writing and signed  by the Required Lenders (or the Administrative Agent at the direction, or with the  consent, of the Required Lenders), and then such waiver or consent shall be effective  only in the specific instance and for the specific purpose for which given; provided that:  (a) no amendment, waiver or consent shall, unless in writing and  signed by the Lender affected thereby, reduce the principal of, or the rate of interest  specified herein (excluding a waiver of interest accruing at the Default Rate) on any Loan  owed to such Lender or the rate of fees payable for the account of such Lender hereunder,  or postpone any scheduled date for any payment of principal, interest or fees due to any  Lender;   (b) no amendment, waiver or consent shall, unless in writing and  signed by the Lender affected thereby and acknowledged by the Administrative Agent,  increase (i) the amount of the Commitments of such Lender, or (ii) such Lender's Pro  Rata Share for its applicable Class of Loans (except as set forth in Section 2.11(e)(iv));  (c) no amendment, waiver or consent shall, unless in writing and  signed by all of the Lenders and acknowledged by Administrative Agent, do any of the  following at any time:  (i) waive any of the conditions specified in Section 3.2;  (ii) change any of the provisions of this Section 9.1 or the  definition of the term "Required Lenders", “Required Multicurrency Lenders” and  “Required USD Lenders” or any other provision hereof specifying the number or  percentage of Lenders required to waive, amend or modify any rights hereunder or make  any determination or grant any consent hereunder, without the written consent of each  Lender; or  (iii) release AGCO from any of its obligations under a Loan  Document or release all of substantially all of the Guarantors from their obligations under  the Loan Documents;  (d) no amendment, waiver or consent shall, unless in writing and  signed by the Swing Line Bank in addition to the Lenders required above to take such  action, affect the rights or obligations of the Swing Line Bank in such capacity under this  Agreement;  (e) no amendment, waiver or consent shall, unless in writing and  signed by such Issuing Bank in addition to the Lenders required above to take such  action, affect the rights or obligations of an Issuing Bank under this Agreement;    

 

106  \\4157-1107-4114  v16  (f) no amendment, waiver or consent shall, unless in writing and  signed by the Administrative Agent, in addition to the Lenders required above to take  such action, affect the rights or duties of the Administrative Agent under this Agreement;  (g) no amendment, waiver or consent shall, unless in writing and  signed by Required Multicurrency Lenders, adversely affect the Multicurrency Revolving  Tranche Loan Lenders or the Multicurrency Revolving Tranche Loans as a Class in a  manner that is materially disproportionate to the effect of such amendment, waiver or  consent on the USD Revolving Tranche Loan Lenders or the USD Revolving Tranche  Loans;   (h) no amendment, waiver or consent shall, unless in writing and  signed by Required USD Lenders, affect the USD Revolving Tranche Loan Lenders or  the USD Revolving Tranche Loans as a Class in a manner that is materially  disproportionate to the effect of such amendment, waiver or consent on the Multicurrency  Revolving Tranche Loan Lenders or the Multicurrency Revolving Tranche Loans;   (i) other than in connection with any debtor-in-possession financing  under the Bankruptcy Code, subordinate, or have the effect of subordinating, the  Obligations hereunder to any other Indebtedness or other obligation without the written  consent of each Lender directly and adversely affected thereby; and  (j) no amendment, waiver or consent shall, unless in writing and  signed by each Lender directly and adversely affected thereby, modify Section 2.9(a) or  change the definition of “Pro Rata Share”.   9.2. Notices, Etc.  (a) All notices and other communications provided for under any Loan  Document ("Communications") shall be in writing (including telecopy communication)  and mailed, telecopied or delivered,  (i) if to AGCO or any other Loan Party, to AGCO (or if to any  other Loan Party, c/o AGCO) at 4205 River Green Parkway, Duluth, Georgia 30096- 2568, Attention:  General Counsel, Facsimile No. (770) 813-6158, with a copy to the  Chief Financial Officer at the same address and telecopier number;  (ii) if to any Lender, at its address for notices set forth in its  Administrative Questionnaire;  (iii) if to Administrative Agent in connection with any Notice of  Borrowing, interest election request, or any payment or prepayment of the Obligations, or  if to the Swing Line Bank, to it at c/o Rabo Support Services, Inc., 245 Park Avenue,  New York, New York 10167, Attention: Sui Price (Telephone: (212) 574-7331; Telecopy  No.: (201) 499-5328); (Email: sui.price@rabobank.com with a copy to  fm.am.SyndicatedLoans@rabobank.com);  

 

107  \\4157-1107-4114  v16  (iv) if to Rabobank as an Issuing Bank, to it at c/o Rabo  Support Services, Inc., 245 Park Avenue, New York, New York 10167, Attention of  Letter of Credit Department (Telecopy No.: (914) 304-9329; Telephone No.: (212) 574- 7315; Sandra Rodriguez, Email: Sandra.L.Rodriguez@rabobank.com; with a copy to  RaboNYSBLC@rabobank.com);  (v) if to Administrative Agent in connection with any other  matter (including Notices of Incremental Facility), to it at 245 Park Avenue, New York,  New York 10167, Attention: Loan Syndications (Telecopy No.: (212) 808-2578;  Telephone No.: (212) 808-6808; Email: syndications.ny@rabobank.com); and  (vi) if to the Swing Line Bank or any Issuing Bank other than  Rabobank, at such address for notices as it may designate to the Administrative Agent  from time to time.   Notices sent by hand or overnight courier service, or mailed by certified or registered  mail, shall be deemed to have been given when received; notices sent by telecopier shall  be deemed to have been given when sent (except that, if not given during normal business  hours for the recipient, shall be deemed to have been given at the opening of business on  the next Business Day for the recipient).  Notices delivered through electronic  communications to the extent provided in paragraph (b) below, shall be effective as  provided in such paragraph (b).  (b) Electronic Communications.  Communications to the Lenders  under the Loan Documents may be delivered or furnished by electronic communications  pursuant to procedures approved by Administrative Agent.  Administrative Agent,  AGCO or any other Borrower may, in its discretion, agree to accept Communications to  it under the Loan Documents by electronic communications pursuant to procedures  approved by it; provided that approval of such procedures may be limited to particular  Communications.  Unless Administrative Agent otherwise prescribes, (i)  Communications sent to an e-mail address shall be deemed received upon the sender's  receipt of an acknowledgment from the intended recipient (such as by the "return receipt  requested" function, as available, return e-mail or other written acknowledgment),  provided that if such Communication is not sent during the normal business hours of the  recipient, such Communication shall be deemed to have been sent at the opening of  business on the next Business Day for the recipient, and (ii) Communications posted on  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 Communication is available and identifying the website address  thereof.  (c) Change of Address for Notices.  Any party hereto may change its  address or telecopy number for Communications under the Loan Documents by notice to  the other parties hereto (or, in the case of any such change by a Lender or an Issuing  Bank, by notice to AGCO and Administrative Agent).  All Communications given to any  party hereto in accordance with the provisions of this Agreement shall be deemed to have  been given on the date of receipt.    

 

108  \\4157-1107-4114  v16  (d) Electronic Transmission System.  The Borrowers and the Lenders  agree that Administrative Agent may make the Communications available to the Lenders  and Borrowers by posting the Communications on Intralinks, Inc., SyndTrak or a  substantially similar electronic transmission system or digital workspace provider (the  "Platform").  THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE".   THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE  ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE  ADEQUACY OF THE PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR  ERRORS OR OMISSIONS IN THE COMMUNICATIONS.  NO WARRANTY OF  ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY  WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR  PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM  FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE AGENT  PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE  PLATFORM.  IN NO EVENT SHALL ADMINISTRATIVE AGENT OR ANY OF ITS  AFFILIATES OR ANY OF THEIR INDEMNIFIED PARTIES (COLLECTIVELY,  THE "AGENT PARTIES") HAVE ANY LIABILITY TO ANY BORROWER, ANY  LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND  INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR  CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT,  CONTRACT OR OTHERWISE) ARISING OUT OF ANY BORROWER'S OR  ADMINISTRATIVE AGENT'S TRANSMISSION OF COMMUNICATIONS  THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY  AGENT PARTY IS FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY A  COURT OF COMPETENT JURISDICTION TO HAVE RESULTED FROM SUCH  AGENT PARTY'S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT;  PROVIDED, HOWEVER, THAT IN NO EVENT SHALL ANY AGENT PARTY  HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER, ANY ISSUING  BANK OR ANY OTHER PERSON FOR INDIRECT, SPECIAL, INCIDENTAL,  CONSEQUENTIAL OR PUNITIVE DAMAGES (AS OPPOSED TO DIRECT OR  ACTUAL DAMAGES).  (e) Communications through the Platform.  Each Lender agrees that  notice to it (as provided in the next sentence) specifying that the Communications have  been posted to the Platform shall constitute effective delivery of the Communications to  such Lender for purposes hereof.  Each Lender agrees (i) to provide to Administrative  Agent in writing (including by electronic communication), promptly after the date of this  Agreement, an e-mail address to which the foregoing notice may be sent by electronic  transmission and (ii) that the foregoing notice may be sent to such e-mail address.  (f) Reliance on Notices.  Administrative Agent, the Issuing Banks and  the Lenders shall be entitled to rely and act upon any notices (including telephonic  notices of a Borrowing) purportedly given by or on behalf of any 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 reasonably understood by the recipient, varied from any confirmation thereof.   The Borrowers shall indemnify Administrative Agent, each Issuing Bank, each Lender  

 

109  \\4157-1107-4114  v16  and the Indemnified 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 Borrower.  All telephonic notices to and other telephonic communications with  Administrative Agent may be recorded by Administrative Agent, and each of the parties  hereto hereby consents to such recording.  9.3. No Waiver.  No failure on the part of any Lender or the Administrative  Agent to exercise, and no delay in exercising, any right hereunder or under any Loan  Document shall operate as a waiver thereof; nor shall any single or partial exercise of any  such right preclude any other or further exercise thereof or the exercise of any other right.   The remedies herein provided are cumulative and not exclusive of any remedies provided  by law.  9.4. Costs and Expenses.  (a) AGCO agrees to pay on demand all costs and expenses of the  Administrative Agent in connection with the preparation, execution, delivery,  administration, modification and amendment of the Loan Documents at any time  (including without limitation (i) all reasonable due diligence, syndication, transportation,  computer, duplication, Platform, appraisal, audit, insurance and consultant out-of-pocket  fees and expenses and (ii) the reasonable fees and expenses of counsel (including without  limitation New York, local and foreign counsel) for the Administrative Agent with  respect thereto, with respect to advising the Administrative Agent as to its respective  rights and responsibilities, or the protection or preservation of rights or interests, under  the Loan Documents, with respect to negotiations with any Loan Party or with other  creditors of any Loan Party or any of its Subsidiaries arising out of any Default or any  events or circumstances that may give rise to a Default and with respect to presenting  claims in or otherwise participating in or monitoring any bankruptcy, insolvency or other  similar proceeding involving creditors' rights generally and any proceeding ancillary  thereto).  (b) Following the occurrence of an Event of Default and during the  continuation thereof, AGCO further agrees to pay on demand all costs and expenses of  the Administrative Agent, each Issuing Bank and each Lender in connection with the  enforcement of the Loan Documents against any Loan Party, whether in any action, suit  or litigation, any workout, bankruptcy, insolvency or other similar proceeding affecting  creditors' rights generally or otherwise (including without limitation the reasonable fees  and expenses of counsel for the Administrative Agent and each Lender with respect  thereto), and each Borrowing Subsidiary severally agrees to pay on demand all such costs  and expenses in respect of any such enforcement relating to itself.  (c) AGCO agrees to indemnify and hold harmless the Administrative  Agent, each Issuing Bank and each Lender and each of their Affiliates and their officers,  directors, trustees, employees, agents and advisors (each, an "Indemnified Party") from  and against any and all claims, damages, losses, liabilities and expenses (including  without limitation reasonable fees and expenses of counsel) that may be incurred by or  asserted or awarded against any Indemnified Party, in each case arising out of or in  

 

110  \\4157-1107-4114  v16  connection with or by reason of, or in connection with the preparation for a defense of,  any investigation, litigation or proceeding arising out of, related to or in connection with:  (i) any acquisition or proposed acquisition;  (ii) the actual or alleged presence of Hazardous Materials on  any property of any Loan Party or any of its Subsidiaries or any Environmental Action  relating in any way to any Loan Party or any of its Subsidiaries; or  (iii) any financing hereunder;  in each case whether or not such investigation, litigation or proceeding is  brought by any Loan Party, its directors, shareholders or creditors or an Indemnified  Party or any Indemnified Party is otherwise a party thereto and whether or not the  transactions contemplated hereby are consummated, except to the extent such claim,  damage, loss, liability or expense is found in a final, non-appealable judgment by a court  of competent jurisdiction to have resulted from such Indemnified Party's gross negligence  or willful misconduct.  The Borrowers agree not to assert any claim against the  Administrative Agent, any Issuing Bank, any Lender, any of their Affiliates, or any of  their respective Related Parties, on any theory of liability, for special, indirect,  consequential or punitive damages arising out of or otherwise relating to any of the  transactions contemplated herein or in any other Loan Document or the actual or  proposed use of the proceeds of the Loans.  The agreements and obligations of AGCO  contained in this Section 9.4(c) shall survive the payment in full of the Obligations and  termination of this Agreement.  (d) If any Loan Party fails to pay when due any costs, expenses or  other amounts payable by it under any Loan Document, including without limitation fees  and expenses of counsel and indemnities, such amount may be paid on behalf of such  Loan Party by the Administrative Agent or any Lender, in its sole discretion.  9.5. Right of Set-off.  Upon (a) the occurrence and during the continuance of  any Event of Default and (b) the making of the request or the granting of the consent  specified by Section 7.2 to authorize the Administrative Agent to declare the Loans, all  interest thereon and all other amounts payable under this Agreement and the other Loan  Documents due and payable pursuant to the provisions of Section 7.2, each Lender and  each of its Affiliates is hereby authorized at any time and from time to time, to the fullest  extent permitted by law and subject to Section 2.9, to offset and otherwise apply any and  all deposits (general or special, time or demand, provisional or final) at any time held and  other indebtedness at any time owing by such Lender or such Affiliate to or for the credit  or the account of a Borrower against any and all of the Obligations of such Borrower now  or hereafter existing under this Agreement, irrespective of whether such Lender shall  have made any demand under this Agreement and although such obligations may be  unmatured.  Each Lender agrees promptly to notify such Borrower after any such set-off  and application; provided that the failure to give such notice shall not affect the validity  of such set-off and application.  The rights of each Lender and its Affiliates under this  Section are in addition to other rights and remedies (including without limitation other  

 

111  \\4157-1107-4114  v16  rights of set-off) that such Lender and its Affiliates may have; provided that in the event  that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set  off shall be paid over immediately to the Administrative Agent for further application in  accordance with the provisions of Section 2.11 and, pending such payment, shall be  segregated by such Defaulting Lender from its other funds and deemed held in trust for  the benefit of the Administrative Agent, the Issuing Banks, and the Lenders, and (y) the  Defaulting Lender shall provide promptly to the Administrative Agent a statement  describing in reasonable detail the Obligations owing to such Defaulting Lender as to  which it exercised such right of setoff.  9.6. Assignments and Participations.  (a) The provisions of this Agreement shall be binding upon and inure  to the benefit of the parties hereto and their respective successors and assigns permitted  hereby, except that the Borrowers 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  paragraphs (a) through (g) and (j) of this Section, (ii) by way of participation in  accordance with the provisions of paragraphs (h) through (j) and (l) of this Section, or  (iii) by way of pledge or assignment of a security interest subject to the restrictions of  paragraph (k) of this Section (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  paragraphs (h) through (j) and (l) of this Section and, to the extent expressly  contemplated hereby, the Indemnified 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.  (b) Each Lender and Issuing Bank may assign to one or more banks or  other entities all or a portion of its rights and obligations under this Agreement (including  without limitation all or a portion of its Commitments, and the Loans owing to it), and  each Issuing Bank may assign its Letter of Credit Commitment; provided that: (i) any such assignment by an Issuing Bank of its Letter of  Credit Commitment shall be of its entire Letter of Credit Commitment;  (ii) in the case of each such assignment of a Commitment  (except in the case of an assignment to a Person that, immediately prior to such  assignment, was a Lender or an assignment of all of a Lender's rights and obligations  under this Agreement), (A) the amount of the Commitment of the assigning Lender being  assigned pursuant to such assignment (determined as of the date of the Assignment and  Assumption with respect to such assignment) shall in no event be less than US$5,000,000  and shall be an integral multiple of US$500,000 in excess thereof, and (B) the assignor  shall simultaneously assign to the assignee a ratable share of (1) all participations in  Letters of Credit issued for the account of Borrowers or their Subsidiaries and then  

 

112  \\4157-1107-4114  v16  outstanding, and (2) all Letter of Credit Advances then owing to such Lender as a result  of draws on Letters of Credit issued for the account of Borrowers or their Subsidiaries;  (iii) such assignment shall be to an Eligible Assignee;   (iv) the proposed assignment (if other than an assignment by a  Lender to an Affiliate or Approved Fund of such Lender) shall be approved by (x) the  Administrative Agent, and (y) if no Default then exists, AGCO; the foregoing approvals  in each case not to be unreasonably withheld or delayed; provided that AGCO shall be  deemed to have consented to any such assignment unless it shall object thereto by written  notice to the Administrative Agent within five Business Days after having received notice  thereof; provided, further, that AGCO's consent shall not be required during the primary  syndication of the facilities hereunder; and  (v) the parties to each such assignment shall execute and  deliver to the Administrative Agent for its own account, for its acceptance and recording  in the Register, an Assignment and Assumption, together with a processing and  recordation fee of US$3,500, payable by the assignee to the Administrative Agent (with  only one such fee payable in connection with contemporaneous assignments pursuant to  the same Assignment and Assumption to or by two or more Approved Funds of a single  Lender), and the assignee, if it is not a Lender, shall deliver to the Administrative Agent  an Administrative Questionnaire.  (c) In connection with any assignment of rights and obligations of any  Defaulting Lender hereunder, no such assignment shall be effective unless and until, in  addition to the other conditions thereto set forth herein, the parties to the assignment shall  make such additional payments to the Administrative Agent in an aggregate amount  sufficient, upon distribution thereof as appropriate (which may be outright payment,  purchases by the assignee of participations or subparticipations, or other compensating  actions, including funding, with the consent of AGCO and the Administrative Agent, the  applicable Pro Rata Share of Loans previously requested but not funded by the  Defaulting Lender, to each of which the applicable assignee and assignor hereby  irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by  such Defaulting Lender to the Administrative Agent, each Issuing Bank, the Swing Line  Bank and each other Lender hereunder (and interest accrued thereon), and (y) acquire  (and fund as appropriate) its full Pro Rata Share of all Loans and participations in Letters  of Credit and Swing Line Loans in accordance with its Pro Rata Share.  Notwithstanding  the foregoing, in the event that any assignment of rights and obligations of any  Defaulting Lender hereunder shall become effective under Applicable Law without  compliance with the provisions of this paragraph, then the assignee of such interest shall  be deemed to be a Defaulting Lender for all purposes of this Agreement until such  compliance occurs.  (d) Upon such execution, delivery, acceptance and recording, from  and after the effective date specified in such Assignment and Assumption:  

 

113  \\4157-1107-4114  v16  (i) the assignee thereunder shall be a party hereto and, to the  extent that rights and obligations hereunder or under any other Loan Document have been  assigned to it pursuant to such Assignment and Assumption, shall have the rights and  obligations of a Lender hereunder; and  (ii) the Lender assignor thereunder shall, to the extent that  rights and obligations hereunder have been assigned by it pursuant to such Assignment  and Assumption, relinquish its rights and be released from its obligations under this  Agreement and under each other Loan Document (and, in the case of an Assignment and  Assumption covering all or the remaining portion of an 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 9.4 and 10.1 with respect to facts and  circumstances occurring prior to the effective date of such assignment; provided, that  except to the extent otherwise expressly agreed by the affected parties, no assignment by  a Defaulting Lender will constitute a waiver or release of any claim of any party  hereunder arising from that Lender's having been a Defaulting Lender.  (e) By executing and delivering an Assignment and Assumption, the  Lender assignor thereunder and the assignee thereunder confirm to and agree with each  other and the other parties hereto as follows:  (i) other than as provided in such Assignment and  Assumption, such assigning Lender makes no representation or warranty and assumes no  responsibility with respect to any statements, warranties or representations made in or in  connection with this Agreement or the execution, legality, validity, enforceability,  genuineness, sufficiency or value of this Agreement or any other instrument or document  furnished pursuant hereto;  (ii) such assigning Lender makes no representation or warranty  and assumes no responsibility with respect to the financial condition of any Borrower or  the performance or observance by any Borrower of any of its obligations under this  Agreement or any other instrument or document furnished pursuant hereto;  (iii) such assignee confirms that it has received a copy of this  Agreement, together with copies of the financial statements referred to in Section 3.1 and  such other documents and information as it has deemed appropriate to make its own  credit analysis and decision to enter into such Assignment and Assumption;  (iv) such assignee will, independently and without reliance  upon the Administrative Agent, such assigning Lender 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 this Agreement;  (v) such assignee confirms that it is an Eligible Assignee or an  Affiliate of the assignor;  (vi) such assignee appoints and authorizes the Administrative  Agent to take such action as agent on its behalf and to exercise such powers and  

 

114  \\4157-1107-4114  v16  discretion under this Agreement as are delegated to the Administrative Agent by the  terms hereof, together with such powers and discretion as are reasonably incidental  thereto;   (vii) such assignee agrees that it will perform in accordance with  their terms all of the obligations that by the terms of this Agreement are required to be  performed by it as a Lender; and  (viii) that the benefit of the security interests and guarantees  attached to the rights being assigned shall be transferred to the benefit of the assignee  upon the completion of such assignment.  (f) The Administrative Agent shall maintain at its address referred to  in Section 9.2 a copy of each Assignment and Assumption delivered to and accepted by it  and a register for the recordation of the names and addresses of the Issuing Banks and the  Lenders and their respective Commitments, the Letter of Credit Commitments of each  Issuing Bank, and the principal amount of the Loans owing under each Class of Loans to  each Lender from time to time (the "Register").  The entries in the Register shall be  conclusive and binding for all purposes, absent manifest error, and the Borrowers, the  Administrative Agent, the Issuing Banks and the Lenders may treat each Person whose  name is recorded in the Register as a Lender hereunder for all purposes of this  Agreement.  The Register shall be available for inspection by any Borrower, Issuing  Bank or Lender at any reasonable time and from time to time upon reasonable prior  notice.  (g) Upon its receipt of an Assignment and Assumption executed by an  assigning Lender and an assignee, the Administrative Agent shall, if such Assignment  and Assumption has been completed and is in substantially the form of Exhibit A hereto:  (i) record the information contained therein in the Register;  and  (ii) give prompt notice thereof to the Borrowers.  (h) Each Lender may sell participations (without any notice to, or  consent of, the Administrative Agent or any Borrower) in or to all or a portion of its  rights and obligations under this Agreement (including without limitation all or a portion  of its Commitments and the Loans owing to it) to a financial institution (a "Participant");  provided that;  (i) such Lender's obligations under this Agreement (including  without limitation its Commitments) shall remain unchanged;  (ii) such Lender shall remain solely responsible to the other  parties hereto for the performance of such obligations;  

 

115  \\4157-1107-4114  v16  (iii) the Borrowers, the Administrative Agent and the other  Lenders shall continue to deal solely and directly with such Lender in connection with  such Lender's rights and obligations under this Agreement.  For the avoidance of doubt, each Lender shall be responsible for the indemnity under  Section 8.6 with respect to any payments made by such Lender to its Participant(s).  (i) Any agreement or instrument pursuant to which a Lender sells  such a participation shall provide that such Lender shall retain the sole right to enforce  this Agreement and to approve any amendment, modification or waiver of any provision  of this Agreement; provided that such agreement or instrument may provide that such  Lender will not, without the consent of the Participant, agree to any amendment,  modification or waiver requiring unanimous consent of the Lenders affected thereby that  affects such Participant.  The Borrower agrees that each Participant shall be entitled to  the benefits of Sections 10.1, 10.2 and 10.4 (subject to the requirements and limitations  therein, including the requirements under Section 10.4 (it being understood that the  documentation required under Section 10.4 shall be delivered to the participating  Lender)) to the same extent as if it were a Lender and had acquired its interest by  assignment pursuant to paragraph (b) of this Section; provided that such Participant (A)  agrees to be subject to the provisions of Section 10.5 as if it were an assignee under  paragraphs (a) through (c) of this Section; and (B) shall not be entitled to receive any  greater payment under Sections 10.1 and 10.4, with respect to any participation, than its  participating Lender would have been entitled to receive had the participation not  occurred.  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 Section 10.5 with respect to any Participant.  To the extent permitted by  law, each Participant also shall be entitled to the benefits of Section 9.5 as though it were  a Lender; provided that such Participant agrees to be subject to Section 2.9 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.  (j) Any Lender may, in connection with any assignment or  participation or proposed assignment or participation pursuant to this Section 9.6,  

 

116  \\4157-1107-4114  v16  disclose to the assignee or Participant or proposed assignee or Participant, any public  information relating to any Borrower furnished to such Lender by or on behalf of such  Borrower and any information conspicuously labeled by a Borrower as being confidential  at the time such information is furnished to such Lender if such assignee or Participant or  proposed assignee or Participant has agreed to keep such information confidential.  (k) Notwithstanding any other provision set forth in this Agreement,  any Lender may at any time create a security interest in all or any portion of its rights  under this Agreement (including without limitation the Loans owing to it) in favor of any  Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the  Federal Reserve System and any Lender that is a fund may pledge all or any portion of its  rights under this Agreement (including without limitation the Loans owing to it) to its  trustee in support of its obligations to its trustee.  (l) Notwithstanding anything in this Section 9.6 to the contrary, any  Farm Credit Bank that (i) has purchased a participation or sub-participation in the  minimum amount of $4,500,000 on or after the Agreement Date, (ii) is, by written notice  to AGCO and the Administrative Agent ("Voting Participant Notification"), designated  by the selling Lender as being entitled to be accorded the rights of a voting participant  hereunder, and (iii) receives the prior written consent of the Administrative Agent, in its  sole discretion, to become a Voting Participant (any Farm Credit Bank so designated and  consented to being called a "Voting Participant"), shall be entitled to vote for so long as  such Farm Credit Bank owns such participation and notwithstanding any subparticipation  by such Farm Credit Bank (and the voting rights of the selling Lender shall be  correspondingly reduced), on a dollar for dollar basis, as if such participant or  subparticipant were a Lender, on any matter requiring or allowing a Lender to provide or  withhold its consent, or to otherwise vote on any proposed action.  To be effective, each  Voting Participant Notification shall, with respect to any Voting Participant, (x) state the  full name, as well as all contact information required of an assignee in any Assignment  and Assumption and (y) state the dollar amount of the participation purchased in each  Class of Loans.  The selling Lender and the Voting Participant shall notify the  Administrative Agent and AGCO within 3 Business Days' of any termination of, or  reduction or increase in the amount of, such participation.  AGCO and the Administrative  Agent shall be entitled to conclusively rely on information contained in notices delivered  pursuant to this paragraph.  The voting rights hereunder are solely for the benefit of the  Voting Participant and shall not inure to any assignee or participant of the Voting  Participant.  Notwithstanding the foregoing, each Farm Credit Bank designated as a  Voting Participant in Schedule 9.6 hereto shall be a Voting Participant without delivery  of a Voting Participant Notification (and the voting rights of the selling Lender identified  on such Schedule shall be correspondingly reduced, respectively) and without the prior  written consent of the Administrative Agent, in each case in connection with their  respective participation interests set forth on such Schedule as of the Agreement Date.  9.7. Marshalling; Payments Set Aside.  Neither the Administrative Agent, any  Lender nor any Issuing Bank shall be under any obligation to marshal any assets in favor  of the Borrowers or any other party or against or in payment of any or all of the  Obligations.  To the extent that a Borrower makes a payment or payments to the  

 

117  \\4157-1107-4114  v16  Administrative Agent, the Lenders or the Issuing Banks or any of such Persons exercise  their rights of setoff, and such payment or payments or the proceeds of such enforcement  or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or  preferential, set aside or required to be repaid to a trustee, receiver or any other party,  then to the extent of such recovery, the obligation or part thereof originally intended to be  satisfied, and all Liens, right and remedies therefor, shall be revived and continued in full  force and effect as if such payment had not been made or such enforcement or setoff had  not occurred.  9.8. Patriot Act.  Each Lender hereby notifies each Borrower that pursuant to  the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law  October 26, 2001)), it is required to obtain, verify and record information that identifies  each Borrower and the other Loan Parties, which information includes the name and  address of each Borrower and the other Loan Parties and other information that will allow  such Lender to identify each Borrower and the other Loan Parties in accordance with the  USA Patriot Act. Each Borrower hereby agrees to provide, and cause each other Loan  Party to provide, such information promptly upon the request of Administrative Agent or  any Lender.  ARTICLE 10  INCREASED COSTS, TAXES, ETC.  10.1. Increased Costs, Alternate Rate of Interest, Illegality, Benchmark  Replacement Setting.  (a) Increased Costs.  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 applicable Non-Base Rate Benchmark)  or any Issuing Bank;   (ii) subject any Recipient to any tax of any kind (other than  Indemnified Taxes and Excluded Taxes) on its Loans, loan principal, Letter of Credit,  Commitments, or other obligations, or its deposits, reserves, other liabilities or capital  attributable thereto; or  (iii) impose on any Lender or any Issuing Bank or the London  interbank market any other condition, cost or expense (other than taxes) affecting this  Agreement or Loans made by such Lender or any Letter of Credit or participation therein;    and the result of any of the foregoing shall be to increase the cost to such Lender or other  Recipient of making, converting to, continuing or maintaining any Non-Base Rate Loans  or of maintaining its obligation to make any such Loan, or participating in, issuing or  maintaining any Letter of Credit (or of maintaining its obligation to participate in or to  issue any Letter of Credit), in any case to or for the account of any Borrower, or to reduce  the amount of any sum received or receivable by such Lender or other Recipient  

 

118  \\4157-1107-4114  v16  hereunder (whether of principal, interest or any other amount), then, upon request of such  Lender or other Recipient, such Borrower will pay to the Administrative Agent for the  account of such Lender or other Recipient, as the case may be, such additional amount or  amounts as will compensate such Lender or other Recipient, as the case may be, for such  additional costs incurred or reduction suffered.  (b) Capital Requirements.  If any Lender or Issuing Bank determines  that any Change in Law affecting such Lender or Issuing Bank or any lending office of  such Lender or such Lender's or Issuing Bank's holding company, if any, regarding  capital or liquidity requirements, has or would have the effect of reducing the rate of  return on such Lender's or Issuing Bank's capital or on the capital of such Lender's or  Issuing Bank's holding company, if any, as a consequence of this Agreement, the  Commitments of such Lender or the Loans made by, or participations in Letters of Credit  or Swing Line Loans held by, such Lender, or the Letters of Credit issued by any Issuing  Bank, in any case to or for the account of any Borrower, to a level below that which such  Lender or Issuing Bank or such Lender's or Issuing Bank's holding company could have  achieved but for such Change in Law (taking into consideration such Lender's or Issuing  Bank's policies and the policies of such Lender's or Issuing Bank's holding company with  respect to capital adequacy), then from time to time such Borrower will pay to the  Administrative Agent for the account of such Lender or Issuing Bank, as the case may be,  such additional amount or amounts as will compensate such Lender or Issuing Bank or  such Lender's or Issuing Bank's holding company for any such reduction suffered.  (c) Certificate for Reimbursement.  A certificate of a Lender or  Issuing Bank setting forth the amount of additional interest or the amounts necessary to  compensate such Lender or Issuing Bank or its holding company, as the case may be, as  specified in paragraph (a) or (b) of this Section and delivered to AGCO, shall be  conclusive absent manifest error.  The Borrowers shall pay the Administrative Agent for  the account of such Lender or Issuing Bank, as the case may be, the amount shown as due  on any such certificate within 10 days after receipt of AGCO thereof.  (d) Delay in Requests.  Failure or delay on the part of any Lender or  Issuing Bank to demand compensation pursuant to this Section shall not constitute a  waiver of such Lender's or Issuing Bank's right to demand such compensation; provided  that no Borrower shall be required to compensate a Lender or Issuing Bank pursuant to  paragraph (a) or (b) of this Section for any increased costs incurred or reductions suffered  more than 180 days prior to the date that such Lender or Issuing Bank, as the case may  be, notifies such Borrower of the Change in Law giving rise to such increased costs or  reductions, and of such Lender's or Issuing Bank'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 180-day period referred to above shall be extended to  include the period of retroactive effect thereof).  (e) Inability to Determine Rate.  Subject to Section 10.1(h), if:  (i) Administrative Agent determines (which determination  shall be conclusive and binding on Borrowers) that the applicable Non- 

 

119  \\4157-1107-4114  v16  Base Rate Benchmark cannot be determined pursuant to the definition  thereof on or prior to the first day of any Interest Period other than as a  result of a Benchmark Transition Event, or, adequate and reasonable  means do not exist for determining the Non-Base Rate Benchmark prior to  the first day of any Interest Period, or  (ii) the Required Lenders determine that for any reason in  connection with any request for a Non-Base Rate Loan or a conversion  thereto or a continuation thereof that the applicable Non-Base Rate  Benchmark for any requested Interest Period with respect to a proposed  Non-Base Rate Loan does not adequately and fairly reflect the cost to such  Lenders of funding such Loan, and the Required Lenders have provided  notice of such determination to Administrative Agent, then, Administrative Agent will as promptly as practicable so a Borrower and each  Lender.  Upon notice thereof by Administrative Agent to a Borrower, (i) any obligation  of the Lenders to make Non-Base Rate Loans, and any right of the Borrowers to continue  Non-Base Rate Loans or to convert Base Rate Loans to Non-Base Rate Loans, shall be  suspended (to the extent of the affected Non-Base Rate Loans or the affected Interest  Periods) and (ii) if the circumstances giving rise to such notice affect the calculation of  Base Rate, the Administrative Agent shall during the period of such suspension compute  Base Rate without reference to clause (c) of the definition of "Base Rate", in each case,  until the Administrative Agent revokes such notice.  Upon receipt of such notice, (i) the  Borrowers may revoke any pending request for a borrowing of, conversion to or  continuation of Non-Base Rate Loans (to the extent of the affected Non-Base Rate Loans  or the affected Interest Periods) or, failing that, the Borrowers will be deemed to have  converted any such request into a request for a Borrowing of or conversion to Base Rate  Loans in the amount specified therein and (ii) any outstanding affected Non-Base Rate  Loans will be deemed to have been converted into Base Rate Loans at the end of the  applicable Interest Period.  Upon any such conversion, the Borrowers shall also pay  accrued interest on the amount so converted and any additional amounts required  pursuant to Section 10.2.  (f) Illegality.  If any Lender determines that any applicable law has  made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for  any Lender or its applicable lending office to make, maintain, or fund Loans whose  interest is determined by reference to any Non-Base Rate Benchmark or otherwise to  determine or charge interest rates based upon Term SOFR, the Term SOFR Reference  Rate, SOFR, or any Non-Base Rate Benchmark, then, upon notice thereof by such Lender  to Borrowers (through Administrative Agent), (i) any obligation of such Lender to make  or continue Non-Base Rate Loans or to convert Base Rate Loans to Non-Base Rate Loans  shall be suspended, (ii) if an Offshore Currency is the affected currency, the affected  Borrower shall, on the earlier of the last day of the then existing Interest Period and such  date as may be required by law, prepay in full all Revolving Loans in the affected  currency (provided, that if the affected Borrower shall fail to prepay such Offshore  Currency Loans in the affected currency as required under this clause (ii), on and after the  date such prepayment is due, the interest for the Offshore Currency Loans in the affected  

 

120  \\4157-1107-4114  v16  currency shall be calculated, including for purposes of any interest required under  Section 2.5(c), based on the Base Rate), and (iii) the interest rate on which Base Rate  Loans of such Lender shall, if necessary to avoid such illegality, be determined by  Administrative Agent without reference to clause (c) of the definition of "Base Rate", in  each case until such Lender notifies Administrative Agent and a Borrower that the  circumstances giving rise to such determination no longer exist.  Upon receipt of such  notice, (x) if such notice is with respect to SOFR Loans, Borrowers shall, upon demand  from such Lender (with a copy to Administrative Agent), prepay or, if applicable, convert  all SOFR Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate  Loans of such Lender shall, if necessary to avoid such illegality, be determined by  Administrative Agent without reference to clause (c) of the definition of "Base Rate") on  the last day of the Interest Period therefor if such Lender may lawfully continue to  maintain such SOFR Loans to such day, or immediately, if such Lender may not lawfully  continue to maintain such SOFR Loans and (y) Administrative Agent shall during the  period of such suspension compute the Base Rate applicable to such Lender without  reference to Term SOFR component thereof until Administrative Agent is advised in  writing by such Lender that it is no longer illegal for such Lender to determine or charge  interest rates based upon Term SOFR or the Term SOFR Reference Rate.  Upon any such  prepayment or conversion, Borrowers shall also pay accrued interest on the amount so  converted and pay any additional amounts required pursuant to Section 10.2.  (g) Event of Default.  Notwithstanding any contrary provision hereof,  if a Default has occurred and is continuing and Administrative Agent, at the request of  the Required Lenders, so notifies a Borrower, then, so long as a Default is continuing,   (i) no outstanding Borrowing may be converted to or  continued as a Borrowing based on the Non-Base Rate Benchmark;    (ii) if an Offshore Currency is the affected currency, the  Borrowers will, on the last day of the then-existing Interest Period therefor, prepay each  Non-Base Rate Loan in the affected currency (provided, that if the affected Borrower  shall fail to prepay such Non-Base Rate Loans in the affected currency as required under  this clause (ii), on and after the date such prepayment is due, the interest for the Non- Base Rate Loans in the affected currency shall be calculated, including for purposes of  any interest required under Section 2.5(c), based on the Base Rate); and  (iii) each Non-Base Rate Loan will automatically be converted  to a Borrowing at the Base Rate at the end of the Interest Period therefor.  (h) Effect of Benchmark Transition Event.    (i) SOFR Benchmark Conforming Changes.  In connection  with the use, administration of, or conventions associated with Term  SOFR or any other Non-Base Rate Benchmark, the Administrative Agent  will have the right to make Conforming Changes from time to time and,  notwithstanding anything to the contrary herein or in any other Loan  Document, any amendments implementing such Conforming Changes will  

 

121  \\4157-1107-4114  v16  become effective without any further action or consent of any other party  to this Agreement or any other Loan Document.  The Administrative  Agent will reasonably promptly notify the Borrowers and the Lenders of  the effectiveness of any such Conforming Changes.   (ii) Disclaimer Language.  Administrative Agent does not  warrant or accept any responsibility for, and shall not have any liability  with respect to, the continuation of, administration of, submission of,  calculation of, or any other matter related to "SOFR", "Term SOFR",  "Term SOFR Reference Rate", "Non-Base Rate Benchmark", any  component definition thereof or rates referenced in the definition thereof  or any alternative or successor rate thereto, or replacement rate thereof  (including, without limitation, (i) any then-current Benchmark or any  Benchmark Replacement, and (ii) any alternative, successor or  replacement rate implemented pursuant to Section 10.1(h), including upon  the occurrence of a Benchmark Transition Event, including without  limitation, (A) whether the composition or characteristics of any such  alternative, successor or replacement reference rate (including any  Benchmark Replacement) will be similar to, or produce the same value or  economic equivalence of, or have the same volume or liquidity as the  existing Benchmark or any subsequent Benchmark Replacement prior to  its discontinuance or unavailability (including the Term SOFR Reference  Rate or any other Benchmark), and (B) the impact or effect of such  alternative, successor or replacement reference rate or Conforming  Changes on any other financial products or agreements in effect or offered  by or to any Loan Party or Lender or any of their respective Affiliates).   Administrative Agent may select information sources or services in its  reasonable discretion to ascertain any Benchmark, in each case pursuant to  the terms of this Agreement, and shall have no liability to Borrowers, any  Lender or any other person or entity for damages of any kind, including  direct or indirect, special, punitive, incidental or consequential damages,  costs, losses or expenses (whether in tort, contract or otherwise and  whether at law or in equity), for any error or calculation of any such rate  (or component thereof) provided by any such information source or  service.  Administrative Agent and its affiliates or other related entities  may engage in transactions that affect the calculation of any Benchmark,  any alternative, successor or replacement rate (including any Benchmark  Replacement) and/or any relevant adjustments thereto, in each case, in a  manner adverse to Borrowers.  (iii) Benchmark Replacement Setting.   A. Notwithstanding anything to the contrary herein or  in any other Loan Document, upon the occurrence of a Benchmark  Transition Event, the Administrative Agent and the Borrowers may  amend this Agreement to replace the then-current Benchmark with  a Benchmark Replacement.  Any such amendment with respect to  

 

122  \\4157-1107-4114  v16  a Benchmark Transition Event will become effective at 5:00 p.m.  (New York City time) on the fifth (5th) Business Day after the  Administrative Agent has posted such proposed amendment to all  affected Lenders and the Borrowers so long as the Administrative  Agent has not received, by such time, written notice of objection to  such amendment from Lenders comprising the Required Lenders.   No replacement of a Benchmark with a Benchmark Replacement  pursuant to this Section 10.1(h)(iii) will occur prior to the  applicable Benchmark Transition Start Date.    B. In connection with the use, administration, adoption  or implementation of a Benchmark Replacement, the  Administrative Agent will have the right to make Conforming  Changes from time to time and, notwithstanding anything to the  contrary herein or in any other Loan Document, any amendments  implementing such Conforming Changes will become effective  without any further action or consent of any other party to this  Agreement or any other Loan Document.  C. The Administrative Agent will promptly notify the  Borrowers and the Lenders of (i) the implementation of any  Benchmark Replacement and (ii) the effectiveness of any  Conforming Changes in connection with the use, administration,  adoption or implementation of a Benchmark Replacement.  The  Administrative Agent will promptly notify the Borrowers of the  removal or reinstatement of any tenor of a Benchmark pursuant to  Section 10.1(h)(iii)(E).  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 10.1(h),  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 10.1(h).  D. Notwithstanding anything to the contrary herein or  in any other Loan Document, at any time (including in connection  with the implementation of a Benchmark Replacement), (i) if the  then-current Benchmark is a term rate (including the Term SOFR  Reference Rate) and either (A) any tenor for such Benchmark is  not displayed on a screen or other information service that  publishes such rate from time to time as selected by the  Administrative Agent in its reasonable discretion or (B) the  administrator of such Benchmark or the regulatory supervisor for  

 

123  \\4157-1107-4114  v16  the administrator of such Benchmark has provided a public  statement or publication of information announcing that any tenor  for such Benchmark is not or will not be representative or in  compliance with or aligned with the International Organization of  Securities Commissions (IOSCO) Principles for Financial  Benchmarks, then the Administrative Agent may modify the  definition of "Interest Period" (or any similar or analogous  definition) for any Benchmark settings at or after such time to  remove such unavailable, non-representative, non-compliant or  non-aligned tenor and (ii) if a tenor that was removed pursuant to  clause (i) above either (A) is subsequently displayed on a screen or  information service for a Benchmark (including a Benchmark  Replacement) or (B) is not, or is no longer, subject to an  announcement that it is not or will not be representative or in  compliance with or aligned with the International Organization of  Securities Commissions (IOSCO) Principles for Financial  Benchmarks for a Benchmark (including a Benchmark  Replacement), then the Administrative Agent may modify the  definition of "Interest Period" (or any similar or analogous  definition) for all Benchmark settings at or after such time to  reinstate such previously removed tenor.  E. Upon the Borrowers' receipt of notice of the  commencement of a Benchmark Unavailability Period, the  Borrowers may revoke any pending request for a Borrowing based  on a Non-Base Rate Benchmark of, conversion to or continuation  of Non-Base Rate Loans to be made, converted or continued  during any Benchmark Unavailability Period and, failing that, the  Borrowers will be deemed to have converted any such request into  a request for a Borrowing of or conversion to Base Rate Loans.   During a Benchmark Unavailability Period or at any time that a  tenor for the then-current Benchmark is not an Available Tenor,  the component of Base Rate based upon the then-current  Benchmark or such tenor for such Benchmark, as applicable, will  not be used in any determination of Base Rate.  "Benchmark Cessation Changes" means any Benchmark Transition Event or other  replacement of a Benchmark hereunder and all documents, instruments, and amendments  executed, delivered or otherwise implemented or effected (automatically or otherwise)  after the date hereof in accordance with or in furtherance of Section 10.1(h) (including  any Conforming Changes).   10.2. Breakage Costs.  In the event of (a) the payment of any principal of any  Non-Base Rate Loan other than on the last day of an Interest Period therefor (including as  a result of an Event of Default), (b) the conversion of any Non-Base Rate Loan other than  on the last day of an Interest Period therefor (including as a result of an Event of Default),  (c) the failure to borrow, convert, continue or prepay any Non-Base Rate Loan on the  

 

124  \\4157-1107-4114  v16  date specified in any notice delivered pursuant hereto (regardless of whether such notice  is permitted to be revocable hereunder and is revoked in accordance herewith), or (d) the  assignment of any Non-Base Rate Loan other than on the last day of an Interest Period  therefor as a result of a request by Borrowers pursuant to Section 10.5, then, in any such  event, Borrowers shall compensate each Lender for the loss, cost or expense attributable  to such event, but not for any loss of the Applicable Margin and any loss or expense  arising from the liquidation or reemployment of funds obtained by it to maintain such  Loan or from fees payable to terminate the deposits from which such funds were  obtained.   10.3. Judgment Currency.  (a) If, for the purposes of obtaining judgment in any court, it is  necessary to convert a sum due hereunder in any currency (the "Original Currency") into  another currency (the "Other Currency") the parties hereto agree, to the fullest extent that  they may effectively do so, that the rate of exchange used shall be that at which in  accordance with normal banking procedures the Administrative Agent could purchase the  Original Currency with the Other Currency at 11:00 a.m. (New York, New York time) on  the second Business Day preceding that on which final judgment is given.  (b) The obligation of a Borrower in respect of any sum due in the  Original Currency from it to any Lender or the Administrative Agent hereunder shall,  notwithstanding any judgment in any Other Currency, be discharged only to the extent  that on the Business Day following receipt by such Lender or the Administrative Agent  (as the case may be) of any sum adjudged to be so due in such Other Currency such  Lender or the Administrative Agent (as the case may be) may in accordance with normal  banking procedures purchase the Original Currency with such Other Currency; if the  amount of the Original Currency so purchased is less than the sum originally due to such  Lender or the Administrative Agent (as the case may be) in the Original Currency, such  Borrower agrees, as a separate obligation and notwithstanding any such judgment, to  indemnify such Lender or the Administrative Agent (as the case may be) against such  loss, and if the amount of the Original Currency so purchased exceeds the sum originally  due to any Lender or the Administrative Agent (as the case may be) in the Original  Currency, such Lender or the Administrative Agent (as the case may be) agrees to remit  to such Borrower such excess.  10.4. Taxes.  (a) Any and all payments by any Loan Party under any Loan  Document shall be made, in accordance with Section 2.9, free and clear of and without  deduction or withholding of any Taxes, except as required by Applicable Law.  If any  Applicable Law (as determined in the good faith discretion of an applicable Withholding  Agent) requires the deduction or withholding of any Tax from any such payment by a  Withholding Agent, then the applicable Withholding Agent shall be entitled to make such  deduction or withholding and shall timely pay the full amount deducted or withheld to the  relevant Governmental Authority in accordance with Applicable Law and, if such Tax is  an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased  

 

125  \\4157-1107-4114  v16  as necessary so that after such deduction or withholding has been made (including such  deductions and withholdings applicable to additional sums payable under this Section)  the applicable Recipient receives an amount equal to the sum it would have received had  no such deductions or withholdings been made.  (b) In addition, the Loan Parties shall pay to the relevant  Governmental Authority in accordance with Applicable Law, or at the option of the  Administrative Agent timely reimburse it for the payment of, Other Taxes.   (c) The Loan Parties shall indemnify each Recipient for the full  amount of any Indemnified Taxes and Other Taxes, and for the full amount of taxes  imposed by any jurisdiction on amounts payable under this Section, paid by or imposed  on such Lender or the Administrative Agent (as the case may be), including without  limitation any liability (including penalties, additions to tax, interest and expenses)  arising therefrom or with respect thereto, whether or not such Taxes were correctly or  legally imposed or asserted by the relevant Governmental Authority.  This  indemnification shall be made within thirty (30) days from the date such Recipient makes  written demand therefor, and delivers to AGCO a certificate describing in reasonable  detail the manner in which the indemnified amount was calculated; provided that a  Recipient shall not be required to describe in such certificate information that such  Recipient deems to be confidential or the disclosure of which is inconsistent with such  Lender's or the Administrative Agent's internal policies.  Any such calculation shall be  conclusive, absent manifest error.  Each Lender shall severally indemnify the  Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified  Taxes attributable to such Lender (but only to the extent that any Loan Party has not  already indemnified the Administrative Agent for such Indemnified Taxes and without  limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such  Lender's failure to comply with the provisions of Section 9.6(i) relating to the  maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such  Lender, in each case, that are payable or paid by the Administrative Agent in connection  with any Loan Document, and any reasonable expenses arising therefrom or with respect  thereto, whether or not such Taxes were correctly or legally imposed or asserted by the  relevant Governmental Authority.  A certificate as to the amount of such payment or  liability delivered to any Lender by the Administrative Agent shall be conclusive absent  manifest error.  Each Lender hereby authorizes the Administrative Agent to set off and  apply any and all amounts at any time owing to such Lender under any Loan Document  or otherwise payable by the Administrative Agent to the Lender from any other source  against any amount due to the Administrative Agent under this paragraph (c).  (d) Within thirty (30) days after the date of any payment of Taxes, the  Borrowers shall furnish to the Administrative Agent at its address referred to in Section  9.2, the original receipt of payment thereof or a certified copy of such receipt.  In the case  of any payment hereunder by the Borrowers through an account or branch outside the  United States or on behalf of the Borrowers by a payor that is not a United States person,  if the Borrowers determine that no Taxes are payable in respect thereof, the Borrowers  shall furnish, or shall cause such payor to furnish, to the Administrative Agent, at such  address, an opinion of counsel reasonably satisfactory to the Administrative Agent stating  

 

126  \\4157-1107-4114  v16  that such payment is exempt from Taxes.  For purposes of this subsection (d) and  subsection (e), the terms "United States" and "United States person" shall have the  meanings specified in Section 7701 of the Internal Revenue Code.  (e) Each Lender organized under the laws of a jurisdiction outside the  United States, in each other case, shall, on or prior to the date of its execution and  delivery of this Agreement in the case of each initial Lender hereunder, and on the date of  the Assignment and Assumption pursuant to which it became a Lender in the case of each  other Lender, and from time to time thereafter if requested in writing by a Borrower or  the Administrative Agent (but only so long thereafter as such Lender remains lawfully  able to do so), provide the Administrative Agent and AGCO with (i) if such Lender  claims an exemption from withholding tax pursuant to its portfolio interest exception, (1)  a statement of the Lender that it is not (I) a "bank" as described in Section 881(c)(3)(A)  of the Internal Revenue Code, (II) a ten percent (10%) shareholder of any Borrower  (within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code), or (III) a  controlled foreign corporation related to any Borrower within the meaning of Section  881(c)(3)(C) of the Internal Revenue Code; and (2) a properly completed and executed  IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable; (ii) if such Lender claims an  exemption from, or a reduction of, withholding tax under a United States tax treaty,  properly completed and executed IRS Form W-8BEN or IRS Form W-8BEN-E, as  applicable; (iii) if such Lender claims that interest paid under this Agreement is exempt  from United States withholding tax because it is effectively connected with a United  States trade or business of such Lender, a properly completed and executed copy of IRS  Form W-8ECI; (iv) to the extent such Lender is not the beneficial owner, executed  originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W- 8BEN or IRS Form W-8BEN-E, as applicable, a and/or other certification documents  from each beneficial owner, as applicable; and (v) such other form or forms as may be  required under the Internal Revenue Code or other laws of the United States as a  condition to exemption from, or reduction of, United States withholding tax.  If the  appropriate forms provided by a Lender at the time such Lender first becomes a party to  this Agreement indicates an interest-withholding tax rate in excess of zero, withholding  tax at such rate shall be considered excluded from Taxes unless and until such Lender  provides the appropriate form certifying that a lesser rate applies, whereupon withholding  tax at such lesser rate only shall be considered excluded from Taxes for periods governed  by such form; provided that, if at the date of the Assignment and Assumption pursuant to  which a Lender assignee becomes a party to this Agreement, the Lender assignor was  entitled to payments under subsection (a) in respect of United States withholding tax with  respect to interest paid at such date by a Borrower, then, to such extent, the term Taxes  shall include (in addition to withholding taxes that may be imposed in the future or other  amounts otherwise includible in Taxes) withholding tax, if any, applicable with respect to  the Lender assignee on such date.  If any form or document referred to in this subsection  (e) requires the disclosure of information, other than information necessary to compute  the tax payable and information required on the Agreement Date by IRS Form W-8ECI  or W-8BEN or IRS Form W-8BEN-E, as applicable, or other form that the applicable  Borrower has indicated in writing to the Lenders on the Agreement Date as being a  required form to avoid or reduce withholding tax on payments under this Agreement, that  a Lender reasonably considers to be confidential, such Lender shall give notice thereof to  

 

127  \\4157-1107-4114  v16  the Borrowers and shall not be obligated to include in such form or document such  confidential information.  (f) If any Lender is entitled to a reduction in the applicable  withholding tax, the Administrative Agent may withhold from any interest payment to  such Lender in an amount equivalent to the applicable withholding tax after taking into  account such reduction.  If the forms or other documentation required by subsection (e)  of this Section are not delivered to the Administrative Agent, then the Administrative  Agent may withhold from any interest payment to such Lender not providing such forms  or other documentation an amount equivalent to the applicable withholding tax.  Each  Lender shall severally indemnify the Administrative Agent, within 10 days after demand  therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent  that any Loan Party has not already indemnified the Administrative Agent for such  Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii)  any Taxes attributable to such Lender's failure to comply with the provisions of Section  9.6 relating to the maintenance of a Participant Register and (iii) any Excluded Taxes  attributable to such Lender, in each case, that are payable or paid by the Administrative  Agent in connection with any Loan Document, and any reasonable expenses arising  therefrom or with respect thereto, whether or not such Taxes were correctly or legally  imposed or asserted by the relevant Governmental Authority.  A certificate as to the  amount of such payment or liability delivered to any Lender by the Administrative Agent  shall be conclusive absent manifest error.  Each Lender hereby authorizes the  Administrative Agent to set off and apply any and all amounts at any time owing to such  Lender under any Loan Document or otherwise payable by the Administrative Agent to  the Lender from any other source against any amount due to the Administrative Agent  under this subsection (f).  (g) For any period with respect to which a Lender has failed to provide  the Borrowers with the appropriate form described in subsection (e) (other than if such  failure is due to a change in law occurring after the date on which a form originally was  required to be provided or if such form otherwise is not required under subsection (e)),  such Lender shall not be entitled to an additional payment or indemnification under  subsection (a) or (c) with respect to Taxes imposed by the United States; provided that  should a Lender become subject to Taxes because of its failure to deliver a form required  hereunder, the Borrowers shall take such steps as such Lender shall reasonably request to  assist such Lender to recover such Taxes.  (h) 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 10.4 (including by the payment of additional amounts pursuant to  this Section 10.4), it shall pay to the indemnifying party an amount equal to such refund  (but only to the extent of indemnity payments made under this Section with respect to the  Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of  such indemnified party and without interest (other than any interest paid by the relevant  Governmental Authority with respect to such refund).  Such indemnifying party, upon the  request of such indemnified party, shall repay to such indemnified party the amount paid  over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed  

 

128  \\4157-1107-4114  v16  by the relevant Governmental Authority) in the event that such indemnified party is  required to repay such refund to such Governmental Authority.  Notwithstanding  anything to the contrary in this paragraph (h), in no event will the indemnified party be  required to pay any amount to an indemnifying party pursuant to this paragraph (h) the  payment of which would place the indemnified party in a less favorable net after-Tax  position than the indemnified party would have been in if the indemnification payments  or additional amounts giving rise to such refund had never been paid.  This paragraph  shall not be construed to require any indemnified party to make available its Tax returns  (or any other information relating to its Taxes that it deems confidential) to the  indemnifying party or any other Person.  (i) Without prejudice to the survival of any other agreement of the  Borrowers hereunder, the agreements and obligations of the Borrowers contained in this  Section 10.4 shall survive the payment in full of principal and interest hereunder.  (j) 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 Internal Revenue Code, as applicable),  such Lender shall deliver to AGCO and the Administrative Agent at the time or times  prescribed by law and at such time or times reasonably requested by AGCO or the  Administrative Agent such documentation prescribed by Applicable Law (including as  prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional  documentation reasonably requested by AGCO or the Administrative Agent as may be  necessary for the Borrowers 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 (j), "FATCA" shall include any  amendments made to FATCA after the date of this Agreement.  10.5. Mitigation; Replacement of a Lender.  (a) Designation of a Different Lending Office.  If any Lender requests  compensation under Sections 10.1(a) and (b), gives a notice under Section 10.1(f), or  requires the Loan Parties to pay any Taxes or additional amounts to any Lender or any  Governmental Authority for the account of any Lender pursuant to Section 10.4, then  such Lender shall (at the request of AGCO) 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 Sections 10.1(a) and (b) or Section 10.4, as the case may be, in the  future, or eliminate the need for a notice under Section 10.1(f), and (ii) would not subject  such Lender to any unreimbursed cost or expense and would not otherwise be  disadvantageous to such Lender.  The Borrowers hereby agree to pay all reasonable costs  and expenses incurred by any Lender in connection with any such designation or  assignment.  

 

129  \\4157-1107-4114  v16  (b) Replacement of a Lender.  Subject to the second and third  paragraphs of this Section 10.5, if:  (i) a Revolving Loan Lender requests compensation under  Sections 10.1(a) and (b) or Section 10.4 and other Lenders holding Revolving Loan  Commitments equal to at least one-third of the Total Revolving Loan Commitments shall  not have made a similar request;  (ii) an Incremental Term Loan Lender requests compensation  under Sections 10.1(a) and (b) or Section 10.4 and other Lenders holding Incremental  Term Loans of the same Tranche equal to at least one-third of the aggregate outstanding  Incremental Term Loans of such Tranche shall not have made a similar request;  (iii) the obligation of a Lender to make Non-Base Rate Loans or  to Convert Base Rate Loans into Non-Base Rate Loans shall be suspended pursuant to  Section 10.1(e) or (f) in circumstances in which such obligations of other Lenders  holding Revolving Loan Commitments and Incremental Term Loans equal to at least  one-third of all Revolving Loan Commitments and the aggregate outstanding Incremental  Term Loans shall not have been suspended;   (iv) a Lender becomes a Defaulting Lender;  (v) a Revolving Loan Lender is prohibited or restricted from  making Loans in the jurisdiction of an Applicant Borrower and other Revolving Loan  Lenders holding Revolving Loan Commitments equal to at least 50% of the aggregate  Revolving Loan Commitments shall not be subject to any such prohibition or restriction;  or  (vi) any Lender that is not the Administrative Agent or an  Affiliate of the Administrative Agent becomes a Non-Consenting Lender,  then so long as such condition occurs and is continuing the Administrative Agent  (i) may replace such Lender (the "Affected Lender"), or cause such Affected Lender to be  replaced, or (ii) upon the written request of AGCO, the Administrative Agent shall  replace such Affected Lender with an Eligible Assignee identified by AGCO (the  "Replacement Lender"), by having such Affected Lender sell and assign all of its rights  and obligations under this Agreement and the other Loan Documents (including for  purposes of this Section, participations in Letters of Credit, Letter of Credit Advances  and in Swing Line Loans) to the Replacement Lender pursuant to Section 9.6; provided  that (i) in the case of any such assignment resulting from a claim for compensation under  Section 10.1 or payments required to be made pursuant to Section 10.4, such assignment  will result in a reduction in such compensation or payments thereafter, (ii) in case of any  such assignment resulting from the suspension of the obligation of a Lender to make  Non-Base Rate Loans or to Convert Base Rate Loans into Non-Base Rate Loans pursuant  to Section 10.1(e) or (f), such assignment will result in the revocation of such suspension,  (iii) such assignment does not conflict with Applicable Law, and (iv) in the case of any  assignment resulting from a Lender becoming a Non-Consenting Lender, the  

 

130  \\4157-1107-4114  v16  Replacement Lender shall have consented to the applicable amendment, waiver or  consent; provided, however, that neither the Administrative Agent nor any Lender shall  have any obligation to identify or locate a Replacement Lender for the Borrowers (it  being expressly agreed that in such circumstances it AGCO's obligation to identify or  locate a Replacement Lender).  Upon receipt by any Affected Lender of a written notice  from the Administrative Agent stating that the Administrative Agent or AGCO is  exercising the replacement right set forth in this Section, such Affected Lender shall sell  and assign all of its rights and obligations under this Agreement and the other Loan  Documents (including for purposes of this Section, participations in Letters of Credit,  Letter of Credit Advances and in Swing Line Loans) to the Replacement Lender pursuant  to an Assignment and Assumption and Section 9.6 for a purchase price equal to the sum  of the principal amount of such Affected Lender's Loans so sold and assigned, all accrued  and unpaid interest thereon and its ratable share of all fees to which it is entitled through  the assignment date.  Subject to the execution and delivery to the Administrative Agent and the  Affected Lender by the Replacement Lender of an Assignment and Assumption (and the  approval thereof by the applicable Persons specified in Section 9.6(b)(iv)) and the  payment to the Administrative Agent by AGCO on behalf of such Affected Lender of the  assignment fee specified in Section 9.6(b)(v) and any costs as a result of the assignment  pursuant to Section 10.2, the Replacement Lender shall succeed to the rights and  obligations of such Affected Lender hereunder and such Affected Lender shall no longer  be a party hereto or have any rights hereunder; provided that the obligations of the  Borrowers to such Affected Lender under Sections 10.1, 10.3 and 10.4 with respect to  events occurring or obligations arising before or as a result of such replacement shall  survive such replacement.  AGCO may not exercise its rights under this Section 10.5(b) with respect to any  Lender if a Default has occurred and is continuing.  ARTICLE 11  JURISDICTION  11.1. Consent to Jurisdiction.  Each party hereto irrevocably:  (a) submits to the jurisdiction of any New York State or federal court  sitting in the City and County of New York and any appellate court from any thereof in  any action or proceeding arising out of or relating to any Loan Document;  (b) agrees that all claims in respect of such action or proceeding may  be heard and determined in such New York State or in such federal court;  (c) waives, to the fullest extent that it may effectively do so, the  defense of an inconvenient forum to the maintenance of such action or proceeding;  (d) consents to the service of any and all process in any such action or  proceeding by the mailing of copies of such process to such party at its address specified  in Section 9.2; and  

 

131  \\4157-1107-4114  v16  (e) agrees that a final judgment in any such action or proceeding shall  be conclusive and may be enforced in other jurisdictions by suit on the judgment or in  any other manner provided by law.  Nothing in this Section shall affect the right of the Administrative Agent or any  Lender to serve legal process in any other manner permitted by law or affect the right of  the Administrative Agent or any Lender to bring any action or proceeding against any  Borrower or its property in the courts of other jurisdictions.  Each Borrower irrevocably appoints and designates AGCO as its agent for service  of process and, without limitation of any other method of service, consents to service of  process by mail at the address of AGCO for delivery of notices specified in Section 9.2.  11.2. Governing Law.  This Agreement shall be governed by, and construed in  accordance with, the laws of the State of New York, without regard to the conflicts of law  principles thereof insofar as such principles would defer to the substantive laws of some  other jurisdiction.  11.3. Counterparts; Integration; Effectiveness; Electronic Execution.  (a) Counterparts; Integration; Effectiveness.  This Agreement may be  executed in counterparts (and by different parties hereto on different counterparts), each  of which shall constitute an original, but all of which when taken together shall constitute  a single contract.  This Agreement and the other Loan Documents constitute the entire  contract between and among the parties relating to the subject matter hereof and  supersede any and all previous agreements and understandings, oral or written, relating to  the subject matter hereof.  Except as provided in Section 3.1, this Agreement shall  become effective when it shall have been executed by Administrative Agent and when  Administrative Agent shall have received counterparts hereof which, when taken  together, bear the signatures of each of the other parties hereto, and thereafter shall be  binding upon and inure to the benefit of the parties hereto and their respective successors  and assigns permitted hereby.  Delivery of an executed counterpart of a signature page to  this Agreement by telecopy or other electronic transmission shall be effective as delivery  of a manually executed counterpart of this Agreement.  (b) Electronic Execution of Assignments.  The words "execution,"  "signed," "signature," and words of like import in any Assignment and Assumption shall  be deemed to include electronic signatures or the keeping of records in electronic form,  each of which shall be of the same legal effect, validity or enforceability as a manually  executed signature or the use of a paper-based recordkeeping system, as the case may be,  to the extent and as provided for in any Applicable Law, including the Federal Electronic  Signatures in Global and National Commerce Act, the New York State Electronic  Signatures and Records Act, or any other similar state laws based on the Uniform  Electronic Transactions Act.  11.4. No Liability of the Issuing Banks.  Each Borrower assumes all risks of the  acts or omissions of any beneficiary or transferee of any Letter of Credit with respect to  

 

132  \\4157-1107-4114  v16  its use of such Letter of Credit.  No Issuing Bank or any of its Related Parties shall be  liable or responsible for:  (a) the use that may be made of any Letter of Credit or any acts or  omissions of any beneficiary or transferee in connection therewith;  (b) the validity, sufficiency or genuineness of documents, or of any  endorsement thereon, even if such documents should prove to be in any or all respects  invalid, insufficient, fraudulent or forged;  (c) payment by such Issuing Bank against presentation of documents  that do not comply with the terms of a Letter of Credit, including failure of any  documents to bear any reference or adequate reference to the Letter of Credit; or  (d) any other circumstances whatsoever in making or failing to make  payment under any Letter of Credit;  (e) except that no Borrower shall have a claim against such Issuing  Bank, and such Issuing Bank shall be liable to a Borrower, to the extent of any direct, but  not consequential, damages suffered by such Borrower that such Borrower proves were  caused by:  (i) such Issuing Bank's willful misconduct or gross negligence,  as determined by a court of competent jurisdiction in a final and non-appealable  judgment, in determining whether documents presented under any Letter of Credit  comply with the terms of the Letter of Credit; or  (ii) such Issuing Bank's willful failure to make lawful payment  under a Letter of Credit after the presentation to it of a draft and certificates strictly  complying with the terms and conditions of the Letter of Credit.  In furtherance and not in limitation of the foregoing, any Issuing Bank may accept  documents that appear on their face to be in order, without responsibility for further  investigation, regardless of any notice or information to the contrary.  11.5. Waiver of Jury Trial.  EACH BORROWER, THE ADMINISTRATIVE  AGENT, EACH ISSUING BANK AND EACH LENDER HEREBY IRREVOCABLY  WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR  COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE)  ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS, THE  LOANS OR THE ACTIONS OF THE ADMINISTRATIVE AGENT, ANY ISSUING  BANK OR ANY LENDER IN THE NEGOTIATION, ADMINISTRATION,  PERFORMANCE OR ENFORCEMENT THEREOF.  11.6. Acknowledgement and Consent to Bail-In of Affected Financial  Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any  other agreement, arrangement or understanding among any such parties, each party  hereto acknowledges that any liability of any Affected Financial Institution arising under  

 

133  \\4157-1107-4114  v16  any Loan Document, to the extent such liability is unsecured, may be subject to the write- down and conversion powers of the applicable Resolution Authority and agrees and  consents to, and acknowledges and agrees to be bound by:  (a) the application of any Write-Down and Conversion Powers by the  applicable Resolution Authority to any such liabilities arising hereunder which may be  payable to it by any party hereto that is an Affected Financial Institution; and  (b) the effects of any Bail-In Action on any such liability, including, if  applicable:  (i) a reduction in full or in part or cancellation of any such  liability;  (ii) a conversion of all, or a portion of, such liability into shares  or other instruments of ownership in such Affected Financial Institution,  its parent undertaking, or a bridge institution that may be issued to it or  otherwise conferred on it, and that such shares or other instruments of  ownership will be accepted by it in lieu of any rights with respect to any  such liability under this Agreement or any other Loan Document; or  (iii) the variation of the terms of such liability in connection  with the exercise of the write-down and conversion powers of the  applicable Resolution Authority.  11.7. Certain ERISA Matters.    (a) Each Lender (x) represents and warrants, as of the date such  Person became a Lender party hereto, to, and (y) covenants, from the date such  Person became a Lender party hereto to the date such Person ceases being a  Lender party hereto, for the benefit of, the Administrative Agent and its Affiliates,  and not, for the avoidance of doubt, to or for the benefit of Borrowers or any other  Loan Party, that at least one of the following is and will be true:  (i) such Lender is not using "plan assets" (within the meaning  of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans  with respect to such Lender's entrance into, participation in, administration  of and performance of the Loans, the Letters of Credit, the Commitments  or this Agreement,  (ii) the transaction exemption set forth in one or more PTEs,  such as PTE 84-14 (a class exemption for certain transactions determined  by independent qualified professional asset managers), PTE 95-60 (a class  exemption for certain transactions involving insurance company general  accounts), PTE 90-1 (a class exemption for certain transactions involving  insurance company pooled separate accounts), PTE 91-38 (a class  exemption for certain transactions involving bank collective investment  funds) or PTE 96-23 (a class exemption for certain transactions  

 

134  \\4157-1107-4114  v16  determined by in-house asset managers), is applicable with respect to such  Lender's entrance into, participation in, administration of and performance  of the Loans, the Letters of Credit, the Commitments and this Agreement,  (iii) (A) such Lender is an investment fund managed by a  "Qualified Professional Asset Manager" (within the meaning of Part VI of  PTE 84-14), (B) such Qualified Professional Asset Manager made the  investment decision on behalf of such Lender to enter into, participate in,  administer and perform the Loans, the Letters of Credit, the Commitments  and this Agreement, (C) the entrance into, participation in, administration  of and performance of the Loans, the Letters of Credit, the Commitments  and this Agreement satisfies the requirements of sub-sections (b) through  (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender,  the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with  respect to such Lender's entrance into, participation in, administration of  and performance of the Loans, the Letters of Credit, the Commitments and  this Agreement, or  (iv) such other representation, warranty and  covenant as may be agreed in writing between the  Administrative Agent, in its sole discretion, and such  Lender.  (b) In addition, unless either (1) sub-clause (i) in the immediately  preceding clause (a) is true with respect to a Lender or (2) a Lender has provided  another representation, warranty and covenant in accordance with sub-clause (iv)  in the immediately preceding clause (a), such Lender further (x) represents and  warrants, as of the date such Person became a Lender party hereto, to, and (y)  covenants, from the date such Person became a Lender party hereto to the date  such Person ceases being a Lender party hereto, for the benefit of, the  Administrative Agent, and not, for the avoidance of doubt, to or for the benefit of  Borrowers or any other Loan Party, that the Administrative Agent is not a  fiduciary with respect to the assets of such Lender involved in such Lender's  entrance into, participation in, administration of and performance of the Loans,  the Letters of Credit, the Commitments and this Agreement (including in  connection with the reservation or exercise of any rights by the Administrative  Agent under this Agreement, any Loan Document or any documents related to  hereto or thereto).  ARTICLE 12  CONFIDENTIALITY  The Administrative Agent and the Lenders each individually (and not jointly or  jointly and severally) agree that material, non-public information regarding Borrowers  and their Subsidiaries, their operations, assets, and existing and contemplated business  plans shall be treated by the Administrative Agent and the Lenders in a confidential  manner, and shall not be disclosed by the Administrative Agent and the Lenders to  

 

135  \\4157-1107-4114  v16  Persons who are not parties to this Agreement, except: (a) to attorneys for and other  advisors, accountants, auditors, and consultants to any Lender of any Issuing Bank, (b) to  its Affiliates and to its Related Parties (it being understood that the Persons to whom such  disclosure is made will be informed of the confidential nature of such information and  required to keep such information confidential) or any other party hereto, (c) as may be  required by statute, decision or other judicial or administrative order, rule, or regulation,  (d) as may be agreed to in advance by Borrowers or their Subsidiaries or as requested or  required by any Governmental Authority pursuant to any subpoena or other legal process,  or to the extent required or requested by any regulatory authority purporting to have  jurisdiction over such Person or its Related Parties (including any self-regulatory  authority, such as the National Association of Insurance Commissioners), (e) as to any  such information that is or becomes generally available to the public (other than as a  result of prohibited disclosure by the Administrative Agent or the Lenders) or becomes  available to the Administrative Agent, any Lender, or any of their respective Affiliates on  a nonconfidential basis from a source other than the Borrowers, (f) subject to an  agreement containing provisions substantially the same as those of this Section, to (i) any  assignee of or Participant in, or any prospective assignee of or Participant in, any of its  rights and obligations under this Agreement, or (ii) any actual or prospective party (or its  Related Parties) to any swap, derivative or other transaction under which payments are to  be made by reference to any Borrower and its obligations, this Agreement or payments  hereunder, and (g) in connection with any litigation or other adversary proceeding  involving parties hereto which such litigation or adversary proceeding involves claims  related to the rights or duties of such parties under this Agreement or the other Loan  Documents.  Any Person required to maintain the confidentiality of information as  provided in this Section shall be considered to have complied with its obligation to do so  if such Person has exercised the same degree of care to maintain the confidentiality of  such information as such Person would accord to its own confidential information.  ARTICLE 13  ACKNOWLEDGEMENT REGARDING ANY SUPPORTED QFCS  To the extent that the Loan Documents provide support, through a guarantee or  otherwise, for Hedging Obligations 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 or of the United States or any other state of the United States):  (a) In the event a Covered Entity that is party to a Supported QFC  (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special  Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC  Credit Support (and any interest and obligation in or under such Supported QFC and such  QFC Credit Support, and any rights in property securing such Supported QFC or such  QFC Credit Support) from such Covered Party will be effective to the same extent as the  

 

136  \\4157-1107-4114  v16  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.   (b) As used in this Article 13, the following terms have the following  meanings:  “BHC Act Affiliate” of a party means an “affiliate” (as such term is defined  under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.  “Covered Entity” means any of the following:   (i) a “covered entity” as that term is defined in, and interpreted in  accordance with, 12 C.F.R. § 252.82(b);  (ii) a “covered bank” as that term is defined in, and interpreted in  accordance with, 12 C.F.R. § 47.3(b); or   (iii) a “covered FSI” as that term is defined in, and interpreted in  accordance with, 12 C.F.R. § 382.2(b).  “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) 

 

[Signature Page to Amended and Restated Credit Agreement (Agco)]  IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date  first written above.  BORROWERS: AGCO CORPORATION  By:     Name: Damon Audia   Title: Senior Vice President, Chief  Financial Officer  AGCO INTERNATIONAL HOLDINGS  B.V.  By:     Name: Roger N. Batkin    Title: Director  By:     Name: Adam Frost    Title: Director  .93;2658 /8<479:4 1.* /#+/)#+)"(0#0"&#+$")(,+"%#(..'#/$-(( 

 

[Signature Page to Amended and Restated Credit Agreement (Agco)]  IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date  first written above.  BORROWERS: AGCO CORPORATION  By:     Name: Damon Audia   Title: Senior Vice President, Chief  Financial Officer  AGCO INTERNATIONAL HOLDINGS  B.V.  By:     Name: Roger N. Batkin    Title: Director  By:     Name: Adam Frost    Title: Director  0;5=487: 1:>69;<6 30, +&2%1)1-"#)*("''1+".2/$"/(/1-0.2#.*+ 

 

[Signature Page to Amended and Restated Credit Agreement (Agco)]  IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date  first written above.  BORROWERS: AGCO CORPORATION  By:     Name: Damon Audia   Title: Senior Vice President, Chief  Financial Officer  AGCO INTERNATIONAL HOLDINGS  B.V.  By:     Name: Roger N. Batkin    Title: Director  By:     Name: Adam Frost    Title: Director  1<6>598; 2;?7:<=7 41- $+*'20#0"&3)'"'#&3"/%%."(1&&*,,#)2)* 

 

[Signature Page to Amended and Restated Credit Agreement (Agco)]  ADMINISTRATIVE AGENT AND LENDERS: COÖPERATIEVE RABOBANK U.A.,  NEW YORK BRANCH, as Administrative  Agent and a Multicurrency Revolving  Tranche Loan Lender  Multicurrency Revolving Tranche  Loan Commitment $125,000,000  By:   Name:  Title: $2.) '1,173/. &(0(,.0, #.2+)412 

 

 

 

C>LJPFUVSI <FJI UQ 0OIPHIH FPH =ITUFUIH 2SIHLU 0JSIIOIPU $0JGQ%E DD+),-'))(-'+))+ W)* "B3FF@8@43H@DC ^ #CH7EC3B 1:< <0=610>& :4A B;=7 1=0:25& FT F 9VNULGVSSIPGX =IWQNWLPJ ?SFPGKI 8QFP 8IPHIS 1X/ :FOI/ 2KSLTUQRKIS >MIH ?LUNI/ 9FPFJLPJ 3LSIGUQS 1X/ :FOI/ 7FSLO =IOUQVNF ?LUNI/ @LGI <SITLHIPU 9VNULGVSSIPGX =IWQNWLPJ ?SFPGKI 8QFP 2QOOLUOIPU #.,&(((&((( 

 

[Signature Page to Amended and Restated Credit Agreement (Agco)]  \\4157-1107-4114  v13  COMPEER FINANCIAL, PCA, as a USD  Revolving Tranche Loan Lender  By:     Name:    Title:   USD Revolving Tranche Loan Commitment  $85,000,000  Betty Janelle Director, Capital Markets 

 

 

 

=:GEK@OPMD 8@ED OL 0JDKCDC @KC 9DNO@ODC 2MDCGO 0EMDDJDKO $0EBL%? >>+),-'))(-'+))+ Q)* ;9<3:; 1074& @N NPBBDNNLM AR JDMEDM OL :PK;MPNO 1@KH& @N @ 6PIOGBPMMDKBR 9DQLIQGKE ;M@KBFD 5L@K 5DKCDM 1R/ 7@JD/""$(310 #,/)2,, &-4.," '-*, %2,3-+,04 6PIOGBPMMDKBR 9DQLIQGKE ;M@KBFD 5L@K 2LJJGOJDKO #.,&(((&((( 

 

?=HFKBOPME ;BFE OL 0JEKDED BKD <ENOBOED 2MEDHO 0FMEEJEKO $0FCL%A @@,*-.'**).',**, Q*+ 1096 :4 083<520& 9(0(& BN B 8PIOHCPMMEKCR <EQLIQHKF >MBKCGE 7LBK 7EKDEM 1R/ 9BJE/ >HOIE/ 8PIOHCPMMEKCR <EQLIQHKF >MBKCGE 7LBK 2LJJHOJEKO #.-&)))&))) #*$' "$(&%) $+" %)&( #+(,)'(*- 

 

[Signature Page to Amended and Restated Credit Agreement (Agco)] \\4157-1107-4114  v13  BANK OF THE WEST, as a Multicurrency  Revolving Tranche Loan Lender  By:       Name: Title:  Multicurrency Revolving Tranche Loan  Commitment $75,000,000  Managing Director Mary Smith 

 

 

 

 

 

 

 

[Signature Page to Amended and Restated Credit Agreement (Agco)]  HSBC BANK USA, NATIONAL  ASSOCIATION, as a Multicurrency  Revolving Tranche Loan Lender  By:     Name:    Title:   Multicurrency Revolving Tranche Loan  Commitment $65,000,000  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

\\4157-1107-4114  v16  SCHEDULE G  Guarantors  AGCO Corporation  Massey Ferguson Corp.  The GSI Group, Inc.  

 

\\4157-1107-4114  v16  SCHEDULE 4.1(b)  Subsidiaries; Material Subsidiaries  Entity Name Domestic  Jurisdiction  Ownership Percentage  Material Subsidiaries  AGCO do Brasil Soluções Agrícolas Ltda Brazil 100%  AGCO GmbH Germany 100%  AGCO Holding BV Netherlands 100%  AGCO International GmbH Switzerland 100%  AGCO International Holdings BV Netherlands 100%  AGCO International Ltd United  Kingdom 100%  AGCO SAS France 100%  AGCO Services Ltd United  Kingdom 100%  Massey Ferguson Corp. United States 100%  The GSI Group, LLC United States 100%  Non-Material Subsidiaries  A/S Cimbria Denmark 100%  Ag-Chem Europe Fertilizer Equipment BV Netherlands 100%  Ag-Chem Europe Industrial Equipment BV Netherlands 100%  AGCO (Changzhou) Agricultural Machinery Co. Ltd China 100%  AGCO (China) Investment Co., Ltd China 100%  AGCO (Jining) Agricultural Machinery Co., Ltd China 100%  AGCO A/S Denmark 100%  AGCO AB Sweden 100%  AGCO Argentina SA Argentina 100%  AGCO Australia Ltd Australia 100%  AGCO Austria GmbH Austria 100%  AGCO Canada Ltd Canada 100%  AGCO Danmark A/S Denmark 100%  AGCO Deutschland GmbH Germany 100%  AGCO Distribution SAS France 100%  AGCO France SAS France 100%  AGCO Funding Company United  Kingdom 100%  AGCO GSI (Changzhou) Agriculture Equipment Co., Ltd China 100% AGCO GSI (Malaysia) Sdn. Bhd. Malaysia 100%  AGCO GSI Asia Sdn Bhd Malaysia 100%  

 

\\4157-1107-4114  v16  AGCO Hohenmölsen GmbH Germany 100%  AGCO Holdings (Hong Kong) Ltd Hong Kong 100%  AGCO Holdings (JCA) LLC United States 100%  AGCO Holdings (Singapore) Pte. Ltd Singapore 100%  AGCO Holdings South Africa South Africa 100%  AGCO Hungary Kft Hungary 100%  AGCO Iberia SA Spain 100%  AGCO Ireland Limited Ireland 100%  AGCO Italia SpA Italy 100%  AGCO LLC Russia 100%  AGCO Ltd United  Kingdom 100%  AGCO Manufacturing Ltd United  Kingdom 100%  AGCO Mexico S de RL de CV Mexico 100%  AGCO Netherlands BV Netherlands 100%  AGCO New Zealand Limited New Zealand 100%  AGCO Pension Trust Ltd United  Kingdom 100%  AGCO Power Oy Finland 100%  AGCO Sales & Services Sdn Bhd Malaysia 100%  AGCO South Africa Pty Ltd South Africa 100%  AGCO Sp Z.o.o Poland 100%  AGCO Suomi Oy Finland 100%  AGCO Tarim Makineleri Ticaret Ltd Sirketi Turkey 100%  AGCO Trading (India) Private Ltd India 100%  AGCO Ukraine LLC Ukraine 100%  AGCO Zambia Ltd Zambia 100%  AgRevolution, LLC United States 100%  Agri Park Distribution Co., Ltd Morocco 100%  Appareo Systems, LLC United States 100%  Assumption Leasing Company, Inc. United States 100%  Cimbria (UK) Limited United  Kingdom 100%  Cimbria East Africa Limited Kenya 100%  Cimbria Far East SDN. BHD Malaysia 100%  Cimbria Heid GmbH Austria 100%  Cimbria HMD SRO  Czech  Republic 100%  Cimbria Holdings Limited United  Kingdom 100%  Cimbria LLC Russia 100%  

 

\\4157-1107-4114  v16  Cimbria Manufacturing A/S Denmark 100%  Cimbria SRL Italy 100%  Cimbria Unigrain A/S Denmark 100%   C-Lines Asia Limited Hong Kong 100%  C-Lines International SAS France 100%  C-Lines South Africa (Proprietary) Limited South Africa 100%  Eikmaskin AS Norway 100%  Export Market Services LLC United States 100%  Farm Robotics and Automation S.L. Spain 100%  Farmec Srl Italy 100%  Fendt GmbH Germany 100%  Fendt Immobilien GmbH Germany 100%  Forage Company BV Netherlands 100%  GSI Brasil Industria e Comercio de Equipamentos  Agropecuarios Ltd Brazil 100%  GSI Cumberland De Mexico, S. De RL De CV Mexico 100%  GSI Electronique Inc Canada 100%  GSI Hungary Kft Hungary 100%  Impulsora Inqro S.A. de C.V. Mexico 100%  Indamo SA Argentina 100%  Intelligent Agricultural Solutions, LLC United States 100%  Intersystems Holdings, Inc. United States 100%  Intersystems International LLC United States 100%  JCA Industries ULC Canada 100%  Laverda AGCO SPA Italy 100%  Massey Ferguson Staff Pension Trust Ltd United  Kingdom 100%  Massey Ferguson Works Pension Trust Ltd United  Kingdom 100%  Precision Planting LLC United States 100%  Sparex (Proprietary) Ltd South Africa 100%  Sparex (Tractor Accessories) Ltd Ireland 100%  Sparex Agrirepuestos SL Spain 100%  Sparex Australia PTY Ltd Australia 100%  Sparex Belgium BVBA Belgium 100%  Sparex Canada Ltd Canada 100%  Sparex Handels-Und Vertriebs GmbH Germany 100%  Sparex Holdings Ltd United  Kingdom 100%  Sparex International Ltd United  Kingdom 100%  Sparex Limited ApS Denmark 100%  

 

\\4157-1107-4114  v16  Sparex Limited Vestiging Holland BV Netherlands 100%  Sparex Ltd United  Kingdom 100%  Sparex Maschinensubehor Handelsgesellschaft m.b.H Austria 100%  Sparex Mexicana S.A. de CV Mexico 100%  Sparex New Zealand Ltd New Zealand 100%  Sparex Polska Sp. Z.o.o. Poland 100%  Sparex Portugal Importacao e Comercio de Pecas Lda Portugal 100%  Sparex S.A.R.L. France 100%  Sparex Tarim Parca Sanayi Ve Ticaret Limited Sirketi Turkey 100%  Sparex, Inc. United States 100%  Spenco Engineering Company Ltd United  Kingdom 100%  Tecno Poultry Equipment S.P.A. Italy 100%  Tecnoagro Maquinas Agrícolas Ltda Brazil 100%  The Galeo Group, LLC United States 100%  The GSI Group (Shanghai) Co. Ltd China 100%  Unterstutzungskasse der Fella-Werke Gesellschaft mit  beschankter Haftung Germany 100%  Valtra Deutschland GmbH Germany 100%  Valtra International BV Netherlands 100%  Valtra OY AB Finland 100%  XBA BidCo ApS Denmark 100%  XBA FinCo ApS Denmark 100%  XBA MidCo ApS Denmark 100% 50% or Greater Joint Venture Interests of the Registrant  Deutz AGCO Motores SA Argentina 50%  CP GSI Machinery Co Ltd  China 50%  Groupement International De Mecanique Agricole SAS France 50%  

 

\\4157-1107-4114  v16  SCHEDULE 4.1(t)  Sanctions Disclosure  AGCO Corporation (“AGCO”) currently has the following Subsidiaries located in Russia:   1. AGCO LLC;   2. Cimbria LLC.   AGCO International Holdings BV (“AGCO BV”) has been engaged in two joint ventures,  AGCO-RM (Distribution) Holding BV and AGCO-RM (Manufacturing) Holding BV, with the Russian  company, GAZ Group. One of the owners of shares in GAZ Group is Oleg Deripaska, who became  subject to US sanctions in early April 2018 and subsequently became subject to UK sanctions in March  2022 and EU sanctions in April 2022. AGCO has received a letter from GAZ Group dated March 14,  2022 stating that Mr. Deripaska owns less than 50% of GAZ Group and does not control GAZ Group and  a further relevant letter dated September 29, 2022 stating that there was no control by Mr. Deripaska and  certain companies over AGCO-RM (Distribution) Holding BV. After the due diligence actions listed  below, AGCO does not have any verifiable information which contradicts these letters.   On May 22, 2018, OFAC agreed to issue a general license extending the wind down period for  GAZ Group and its subsidiaries until October 23, 2018. This date was subsequently extended by OFAC,  most recently to 12:01 am Eastern time on May 25, 2022.  On May 24, 2022, AGCO blocked AGCO BV’s shares in AGCO-RM (Manufacturing) Holding  BV.  On the same date, AGCO reported such blocking to OFAC.  AGCO BV’s shares in AGCO-RM  (Manufacturing) Holding BV remain blocked and AGCO has engaged in no transactions in or with  respect to such shares since May 24, 2022.  On July 8, 2022, AGCO received from OFAC a specific license, No. UKRAINE-EO13661-2022- 899286-1 (the “Specific License”), which authorized AGCO and certain related persons to engage in all  transactions ordinarily incident and necessary to effect a letter of intent entered into with Agrocentr- Holding LLC (“Agrocentr”) to divest and transfer AGCO BV’s interests in AGCO-RM (Distribution)  Holding BV and AGCO-RM (Manufacturing) Holding BV to Agrocentr for nominal financial  consideration. The Specific License expired on September 30, 2022 and appropriate documentation/  approvals were obtained from GAZ Group before expiry. AGCO BV continued steps needed to complete  the transfer of its shares in AGCO-RM (Distribution) Holding BV to Agrocentr after September 30, 2022;  such steps occurred outside the United States and were not facilitated by any U.S. persons.  As from November 16, 2022 when AGCO BV transferred its shares in AGCO-RM (Distribution)  Holding BV to Agrocentr, AGCO no longer has any shares, directly or indirectly, in AGCO-RM  (Distribution) Holding BV and AGCO BV’s shares in AGCO-RM (Manufacturing) Holding BV remain  blocked. Another application dated December 5, 2022 has been submitted to OFAC to also transfer  AGCO BV’s shares in AGCO-RM (Manufacturing) Holding BV.  Pursuant to its agreement with Agrocentr, AGCO will sell certain spare parts into Russia.  AGCO  is implementing systems and controls to assure compliance with all applicable laws governing such sales  of spare parts into Russia, including without limitation European, UK, and US export controls.  Due diligence actions:  1. Review of publicly available websites;   2. Correspondence with Dutch lawyers to AGCO or its Subsidiary regarding the  ownership of GAZ, who indicated Mr. Deripaska ultimately owns less than 50% of GAZ Group;   

 

\\4157-1107-4114  v16  3. Correspondence with PJSC GAZ as to evidence of ownership and control, which  indicated Mr. Deripaska ultimately owns less than 50% of GAZ Group;   4. Letter dated March 14, 2022 from GAZ Group stating Mr. Deripaska owns less  than 50% of GAZ Group, does not control GAZ Group and submits monthly certifications to  OFAC;   5. Letter dated September 29, 2022 from GAZ Group stating Mr. Deripaska,  Russian Machines LLC, GAZ OJSC and GAZ Agricultural Machinery BV have no direct or  indirect control in AGCO-RM (Distribution); and  6. Other information received from law firms in the Netherlands, UK and USA.   

 

\\4157-1107-4114  v16  SCHEDULE 6.1  Existing Indebtedness  Description Lender Currency Current O/S  in Facility  Currency  (millions)* USD Equiv  O/S  ($millions) Existing €250 Senior Term Loan due  2025 EIB EUR 250 $260  Existing €126 Senior Term Loan due  2023-2026 Various EUR 126 $131  Existing €194 Senior Term Loan due  2023-2028 Various EUR 194 $201  Existing €194 Eurobond due 2028 Various EUR 600 $623  Other LT Debt Various 6 $6  Total Debt $1,221 * Forecasted balances through December 16, 2022  

 

\\4157-1107-4114  v16  SCHEDULE 9.6  Voting Participants  None.  

 

\\4157-1107-4114  v16  EXHIBIT A  Form of  Assignment and Assumption  ASSIGNMENT AND ASSUMPTION  This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the  Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the  “Assignor”) and [Insert name of Assignee] (the “Assignee”).  Capitalized terms used but not  defined herein shall have the meanings given to them in the Credit Agreement identified below  (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by  the Assignee.  The Standard Terms and Conditions set forth in Annex 1 attached hereto are  hereby agreed to and incorporated herein by reference and made a part of this Assignment and  Assumption as if set forth herein in full.  For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the  Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor,  subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement,  as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the  Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any  other documents or instruments delivered pursuant thereto to the extent related to the amount and  percentage interest identified below of all of such outstanding rights and obligations of the  Assignor under the respective facilities identified below (including without limitation any letters  of credit, guarantees, and swingline loans included in such facilities) and (ii) to the extent  permitted to be assigned under applicable law, all claims, suits, causes of action and any other  right of the Assignor (in its capacity as a Lender) against any Person, whether known or  unknown, arising under or in connection with the Credit Agreement, any other documents or  instruments delivered pursuant thereto or the loan transactions governed thereby or in any way  based on or related to any of the foregoing, including, 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”).  Each such sale and assignment is without recourse to the Assignor  and, except as expressly provided in this Assignment and Assumption, without representation or  warranty by the Assignor.  Section 1.1 Assignor:  ______________________________  [Assignor [is] [is not] a Defaulting Lender]1 Section 1.2 Assignee:  ______________________________  1 Select as applicable.  

 

A-1  \\4157-1107-4114  v16  137259822v2 [[Assignee is an Affiliate/Approved Fund of [Insert name of Lender]]2 Section 1.3 Borrowers:  AGCO Corporation and AGCO International Holdings B.V.  Section 1.4 Administrative Agent:  Coöperatieve Rabobank U.A., New York Branch,  as the administrative agent under Credit Agreement.  Section 1.5 Credit Agreement:  Amended and Restated Credit Agreement dated as of  December 19, 2022, by and among AGCO Corporation, a Delaware corporation (“AGCO”) and  AGCO International Holdings B.V., a Dutch company, having its corporate seat in  Grubbenvorst, the Kingdom of the Netherlands (“AGCO BV” and, together with AGCO, each a  “Borrower” and collectively, the “Borrowers”), the Lenders party thereto from time to time, and  Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent (the “Administrative  Agent”).  Section 1.6 Assigned Interest:    Assignor Assignee Aggregate Amount of  USD Revolving  Tranche Loan  Commitments / USD  Revolving Tranche  Loans for all Lenders3 Amount of USD  Revolving Tranche  Loan Commitments /  USD Revolving  Tranche Loans  Assigned Percentage Assigned of  USD Revolving  Tranche Loan  Commitments / USD  Revolving Tranche  Loans 4 $ $ ______%  $ $ ______%  Assignor Assignee Aggregate Amount of  Multicurrency  Revolving Tranche  Loan Commitments /  Multicurrency  Revolving Tranche  Loans for all Lenders5 Amount of  Multicurrency  Revolving Tranche  Loan Commitments /  Multicurrency  Revolving Tranche  Loans Assigned Percentage Assigned of  Multicurrency  Revolving Tranche  Loan Commitments /  Multicurrency  Revolving Tranche  Loans 6 2 Select as applicable.  3  Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade  Date and the Effective Date.  4  Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.  5  Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade  Date and the Effective Date.  6  Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.  

 

A-2  \\4157-1107-4114  v16  137259822v2 $ $ ______%  $ $ ______%  Section 1.7 [Trade Date:  _________ ___, 20___]7 Section 1.8 Effective Date: _________ ___, 20___8 7  To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the  Trade Date.  8  To be inserted by the Administrative Agent and which shall be the effective date of recordation of transfer in the Register  therefor.  

 

[Signature page to Assignment and Assumption]  \\4157-1107-4114  v16  The terms set forth in this Assignment and Assumption are hereby agreed to:  ASSIGNOR:  [Insert name of Assignor].  By:     Name:      Title:     ASSIGNEE:  [Insert name of Assignee].  By:     Name:      Title:  ACCEPTED AND APPROVED:  COÖPERATIEVE RABOBANK U.A.,   NEW YORK BRANCH, as Administrative Agent  By:     Name:      Title:  By:     Name:      Title:  [Consented to:  [AGCO CORPORATION, on behalf of itself  and the other Borrowers  By:     Name:      Title:] 9 9 To be added only if the consent of AGCO is required by the terms of the Credit Agreement.    

 

ASSIGNMENT AND ASSUMPTION \\4157-1107-4114  v16  137259822v2 

 

\\4157-1107-4114  v16  137259822v2 ANNEX 1  STANDARD TERMS AND CONDITIONS FOR  ASSIGNMENT AND ASSUMPTION  1. Representations and Warranties.  1.1 Assignor.  The Assignor (a) represents and warrants that (i) it is the legal and beneficial  owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien,  encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action  necessary, to execute and deliver this Assignment and Assumption and to consummate the  transactions contemplated hereby and (iv) it is not a Defaulting Lender; and (b) assumes no  responsibility with respect to (i) any statements, warranties or representations made in or in  connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality,  validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any  collateral thereunder, (iii) the financial condition of the Borrowers, any of their Subsidiaries or  Affiliates or any other Person obligated in respect of any Loan Document, or (iv) the  performance or observance by the Borrowers, any of their Subsidiaries or Affiliates or any other  Person of any of their respective obligations under any Loan Document.  1.2. Assignee.  The Assignee (a) represents and warrants that (i) it has full power and  authority, and has taken all action necessary, to execute and deliver this Assignment and  Assumption and to consummate the transactions contemplated hereby and to become a Lender  under the Credit Agreement, (ii) it meets all the requirements of an Eligible Assignee under the  Credit Agreement (subject to receipt of such consents, if any, as may be required under the  Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of  the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall  have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to  acquire assets of the type represented by the Assigned Interest and either it, or the Person  exercising discretion in making its decision to acquire the Assigned Interest, is experienced in  acquiring assets of such type, (v) all of the representations and warranties contained in Section  12.7 of the Credit Agreement are true and correct and the Assignee hereby agrees to the  covenants contained in such Section, (vi) it has received a copy of the Credit Agreement, and has  received or has been accorded the opportunity to receive copies of the most recent financial  statements delivered pursuant to Section 6.1 thereof, as applicable, and such other documents  and information as it deems appropriate to make its own credit analysis and decision to enter into  this Assignment and Assumption and to purchase the Assigned Interest, (vii) it has,  independently and without reliance upon the Administrative Agent or any other Lender and  based on such documents and information as it has deemed appropriate, made its own credit  analysis and decision to enter into this Assignment and Assumption and to purchase the  Assigned Interest, and (viii) if it is a Lender organized under the laws of a jurisdiction outside the  United States attached to the Assignment and Assumption is any documentation required to be  delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by  the Assignee; and (b) agrees that (i) it will, independently and without reliance on the  Administrative Agent, the Assignor or any other Lender, and based on such documents and  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.  

 

\\4157-1107-4114  v16  137259822v2 2. Payments.  From and after the Effective Date, the Administrative Agent shall  make all payments in respect of the Assigned Interest (including payments of principal, interest,  fees and other amounts) to the Assignor for amounts which have accrued to but excluding the  Effective Date and to the Assignee for amounts which have accrued from and after the Effective  Date.  Notwithstanding the foregoing, the Administrative Agent shall make all payments of  interest, fees or other amounts paid or payable in kind from and after the Effective Date to the  Assignee.  3. General Provisions.  This Assignment and Assumption shall be binding upon, and  inure to the benefit of, the parties hereto and their respective successors and assigns.  This  Assignment and Assumption may be executed in any number of counterparts, which together  shall constitute one instrument.  Delivery of an executed counterpart of a signature page of this  Assignment and Assumption by telecopy or other electronic transmission shall be effective as  delivery of a manually executed counterpart of this Assignment and Assumption.  This  Assignment and Assumption shall be governed by, and construed in accordance with, the laws of  the State of New York, without regard to the conflicts of law principles thereof insofar as such  principles would defer to the substantive laws of some other jurisdiction.  

 

\\4157-1107-4114  v16  137259822v2 EXHIBIT B  Form of Notice of Borrowing   __________ _____, 202__  Coöperatieve Rabobank U.A., New York Branch,  as Administrative Agent under the   Credit Agreement referred to below  c/o Rabo Support Services, Inc.  245 Park Avenue  New York, New York 10167  Attention: Sui Price  Telecopy: (201) 499-5328  fm.am.syndicatedloans@rabobank.com with copy to Michael.Lahaie@rabobank.com Re: Notice of Borrowing  Ladies and Gentlemen:  The undersigned refers to the Amended and Restated Credit Agreement, dated as of  December 19, 2022 (as amended, restated, supplemented or otherwise modified from time to  time, the “Credit Agreement”; capitalized terms used herein but not defined herein shall have the  meanings ascribed to such terms in the Credit Agreement), by and among AGCO Corporation, a  Delaware corporation (“AGCO”) and AGCO International Holdings B.V., a Dutch company,  having its corporate seat in Grubbenvorst, the Kingdom of the Netherlands (“AGCO BV”; and  together with AGCO, collectively, the “Borrowers”), the Persons party thereto as Lenders  (collectively, the “Lenders”), and you and hereby gives irrevocable notice pursuant to Section  2.2 of the Credit Agreement that the undersigned is requested the Lenders make the following  Loans (the “Proposed Borrowing”),and in connection therewith sets forth below the following  information relating thereto:  1. Business Day on which Proposed Borrowing to be  made:  _________ __, 20__ 2. Class(s) of Proposed Borrowing(s): ☐ Multicurrency Revolving  Tranche Loan Borrowing ☐ USD Revolving Tranche  Loan Borrowing 3. If Proposed Borrowing includes a Multicurrency  Revolving Tranche Loan Borrowing, currency of  Proposed Borrowing that is a Multicurrency  Revolving Tranche Loan Borrowing ☐ U.S. Dollars ☐ Euros ☐ Agreed Alternative Currency  4. If Proposed Borrowing includes USD Loans, the  Type of Proposed Borrowing for such USD Loans:  (Check One) ☐ Base Rate Loans ☐ Non-Base Rate Loans 

 

\\4157-1107-4114  v16  137259822v2 5. Aggregate principal amount of USD Revolving  Tranche Loans to be borrowed: $________________  6. Aggregate principal amount of Multicurrency  Revolving Tranche Loans to be borrowed: $________________  7. Interest Period for Proposed Borrowing and  expiration date thereof:10 __ month(s) ending on  ,  20__ 8. Borrower’s Account of such Borrower for Proposed  Borrowing:11 [___________________]  The undersigned hereby certifies that the following statements are true on the date hereof,  and will be true on the date of the Proposed Borrowing:  (a) The representations and warranties contained in each Loan Document will be  correct on and as of the date of such Proposed Borrowing, before and after giving effect to such  Proposed Borrowing, and to the application of the proceeds therefrom, as though made on and as  of such date, in each case as required by Section 3.2(a) of the Credit Agreement and except as  permitted by Section 4.2 of the Credit Agreement;  (b) No event shall have occurred and be continuing, or would result from such  Proposed Borrowing or from the application of the proceeds therefrom, that constitutes or would  constitute a Default or an Event of Default; and  [Signature page follows]  10 Applicable to Borrowing consisting of Non-Base Rate Loans.  11  Such account must be in the name of the Borrower signatory below and be with an institution located in the same country as  the Administrative Agent’s Account for the requested currency of Borrowing.  

 

[Signature page to Notice of Borrowing] \\4157-1107-4114  v16  (c) Such Proposed Borrowing is permitted under Article 2 of the Credit Agreement  and after giving effect thereto (i) in the case of a USD Revolving Tranche Loan, the USD  Revolving Tranche Loan Exposure does not exceed the Total USD Revolving Tranche Loan  Commitments and (ii) in the case of a Multicurrency Revolving Tranche Loan, the Multicurrency  Revolving Tranche Loan Outstandings do not exceed the Total Multicurrency Revolving  Tranche Loan Commitments.  Very truly yours,   AGCO CORPORATION  By:     Name: Damon Audia   Title: Senior Vice President, Chief  Financial Officer  AGCO INTERNATIONAL HOLDINGS  B.V.  By:     Name: Roger N. Batkin    Title: Director  By:     Name: Adam Frost    Title: Director  

 

Annex 1 - 1  \\4157-1107-4114  v16  EXHIBIT C  Form of Designated Borrower  Request and Assumption Agreement   DESIGNATED BORROWER REQUEST AND ASSUMPTION AGREEMENT  Coöperatieve Rabobank U.A., New York Branch  245 Park Avenue  New York, NY 10167  Attention: Loan Syndications  and the Lenders (as defined in the Credit Agreement (defined below))  [_________ ___, 20___]  Ladies and Gentlemen:  The undersigned refers to the Amended and Restated Credit Agreement, dated as of  December 19, 2022 (as amended, restated, supplemented or otherwise modified from time to  time, the “Credit Agreement”; capitalized terms used herein but not defined herein shall have the  meanings ascribed to such terms in the Credit Agreement), by and among AGCO Corporation, a  Delaware corporation (“AGCO”) and AGCO International Holdings B.V., a Dutch company,  having its corporate seat in Grubbenvorst, the Kingdom of the Netherlands (“AGCO BV”; and  together with AGCO, collectively, the “Borrowers”), the Persons party thereto as Lenders  (collectively, the “Lenders”), and Coöperatieve Rabobank U.A., New York Branch, as  Administrative Agent (the “Administrative Agent”), and hereby requests pursuant to Section  2.13 of the Credit Agreement that the entity described below (the “Applicant Borrower”) to be  joined as a “Borrower” under the Credit Agreement as of [_________ ___, 20___]12 (the  “Proposed Effective Date”) and sets forth below the following information:  1. Name of Entity: [__________________________]  2. Jurisdiction of Organization:  [__________________________]  3. Address of Chief Executive Office/  Principal Place of Business:  [__________________________]  The undersigned hereby certifies that (a) the Applicant Borrower is a Wholly Owned  Subsidiary of AGCO, (b) no event has occurred and is continuing, or would result from the  Applicant Borrower being joined as a “Borrower” under the Credit Agreement, that constitutes  or would constitute a Default or Event of Default and (c) attached hereto as Annex 1 is the  Designated Borrower Assumption Agreement duly executed by the Borrowers and the Applicant  Borrower. 12 The Proposed Effective Date must be at least sixty (60) days from the date of the Designated  Borrower Request, unless otherwise agreed by the Administrative Agent in its sole discretion.  

 

\\4157-1107-4114  v16  Very truly yours,  AGCO CORPORATION  By:     Name:     Title:    

 

\\4157-1107-4114  v16  ANNEX 1  DESIGNATED BORROWER ASSUMPTION AGREEMENT THIS DESIGNATED BORROWER ASSUMPTION AGREEMENT (this  “Agreement”), is entered into as of [_________ ___, 20___], by and between  [_______________________, a ________________________] (the “Designated Borrower”)  and Coöperatieve Rabobank U.A., New York Branch, in its capacity as administrative agent (the  “Administrative Agent”) pursuant to the Credit Agreement (defined below).  W I T N E S S E T H:  WHEREAS, AGCO Corporation, a Delaware corporation (“AGCO”), AGCO  International Holdings B.V., a Dutch company, having its corporate seat in Grubbenvorst, the  Netherlands (“AGCO BV; and together with AGCO and each other Subsidiary of AGCO party  thereto from time to time as a “Borrower”, each individually an “Existing Borrower”, and  collectively, the “Existing Borrowers”), the Lenders party thereto from time to time, and the  Administrative Agent are parties to the Amended and Restated Credit Agreement dated as of  December 19, 2022 (as amended, restated, supplemented or otherwise modified from time to  time, the “Credit Agreement”; capitalized terms used herein but not defined herein shall have the  meanings ascribed to such terms in the Credit Agreement); and  WHEREAS, the Designated Borrower satisfies the requirements to become a “Borrower”  under the Credit Agreement as set forth in Section 2.13 of the Credit Agreement and the same  may be accomplished by the execution and delivery of this Agreement to, and the acceptance  thereof by, the Administrative Agent; and  WHEREAS, concurrent with the execution and delivery of this Agreement to the  Administrative Agent, the Designated Borrower hereby unconditionally and expressly assumes  all of the Obligations of a Borrower pursuant to the Credit Agreement and the other Loan  Documents.  NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein  contained, and for other good and valuable consideration, the receipt and sufficiency of which  are hereby acknowledged, the Designated Borrower hereby agrees with the Administrative  Agent, for its benefit and the benefit of the Lenders and the Issuing Banks, as follows:  1. Assumption.  The Designated Borrower hereby acknowledges, agrees and  confirms that, by its execution of this Agreement, the Designated Borrower will be deemed to be  a party to the Credit Agreement and a “Borrower” for all purposes of the Credit Agreement, and  shall have assumed all of the Obligations of a Borrower thereunder as if it had executed the  Credit Agreement.   2. Covenants.  The Designated Borrower hereby ratifies, as of the date hereof, and  agrees to be bound by, all of the terms, provisions and conditions contained in the Credit  Agreement, including without limitation (a) all of the representations and warranties set forth in  Article 4 of the Credit Agreement as they relate to the Designated Borrower and (b) all of the  affirmative and negative covenants set forth in Articles 5 and 6 of the Credit Agreement.  Each  such representation, warranty and covenant are incorporated by reference herein in their entirety.  

 

\\4157-1107-4114  v16  Upon the effectiveness of this Agreement, Designated Borrower shall be entitled to exercise the  rights of a “Borrower” under the Credit Agreement and any other Loan Document subject to  Section 2.13 of the Credit Agreement. All references to “Borrower,” “Borrowers” and “Loan  Parties” in the Credit Agreement and each other Loan Document, or any document, instrument or  agreement executed and delivered, or to be executed or delivered in connection therewith, shall  be deemed to include the Designated Borrower unless the context otherwise clearly requires.  3. Designated Borrower Liability.  Without limiting the generality of the foregoing  terms contained in Paragraphs 1 and 2 above, the Designated Borrower (a) if a Domestic  Borrower, is hereby, jointly and severally together with the other Borrowers, liable to each  Lender, each Issuing Bank and the Administrative Agent for the prompt payment and  performance of the Obligations in full when due (whether at stated maturity, as a mandatory  prepayment, by acceleration or otherwise) strictly in accordance with the terms thereof to the  extent set forth in Section 2.12 of the Credit Agreement and its Guaranty Agreement, and (b) if a  Foreign Subsidiary that is a Borrower, shall not have any liability for any Borrowing or other  liabilities under the Loan Documents by or of AGCO or any other Borrowing Subsidiary (except  as may otherwise be expressly provided in its Guaranty Agreement).  4. Consent.  Each Existing Borrower hereby consents to the Designated Borrower  becoming a “Borrower” under the Credit Agreement and the other Loan Documents.   5. Representations and Warranties.  The Designated Borrower is a corporation,  partnership or other legal entity duly organized or formed, validly existing and in good standing  (if applicable) under the laws of the jurisdiction of its organization, is duly qualified and in good  standing (if applicable) as a foreign corporation in each other jurisdiction in which it owns or  leases property or in which the conduct of its business requires it to so qualify or be licensed  except where the failure to so qualify or be licensed would not reasonably be expected to result  in a Material Adverse Effect, and has the requisite power and authority to own or lease and  operate its properties, to conduct its business as now being conducted and as proposed to be  conducted and to enter into and carry out the terms of this Agreement and the other Loan  Documents to which it is a party. The Designated Borrower (a) has the requisite power and  authority to execute, deliver and perform this Agreement and the other Loan Documents to  which it is a party and the other transactions contemplated thereby, and (b) is duly authorized to,  and has been authorized by all necessary corporate or other similar action, to execute, deliver and  perform this Agreement and the other Loan Documents to which it is a party.  Neither the  execution and delivery of this Agreement or the other Loan Documents to which it is a party, nor  the consummation of the transactions contemplated herein, nor performance of and compliance  with the terms and provisions hereof by the Designated Borrower will (i) contravene such  Designated Borrower’s charter or bylaws, (ii) violate any Applicable Law or any order of any  Governmental Authority, (iii) conflict with or result in the breach of, or constitute a default  under, any material contract, loan agreement, indenture, mortgage, deed of trust, lease or other  instrument binding on or affecting such Designated Borrower, any of its Subsidiaries or any of  their properties or (iv) result in or require the creation or imposition of any Lien upon or with  respect to any of the properties of such Designated Borrower or any of its Subsidiaries.  No  authorization or approval or other action by, and no notice to or filing with, any Governmental  Authority or regulatory body or any other third party is required for the due execution, delivery  or performance by the Designated Borrower of this Agreement or any other Loan Document to  

 

\\4157-1107-4114  v16  which it is a party. This Agreement and the other Loan Documents to which it is a party have  been duly executed and delivered by the Designated Borrower. This Agreement and the other  Loan Documents to which it is a party are the legal, valid and binding obligation of the  Designated Borrower, enforceable against such Designated Borrower in accordance with their  terms, except as may be limited by applicable bankruptcy, insolvency, reorganization,  moratorium or other similar laws and principles of equity.  6. Additional Documents.  Upon the execution of this Agreement, the Designated  Borrower shall promptly execute and deliver to the Administrative Agent, such documents,  certificates and instruments as the Administrative Agent shall reasonably request (including any  opinions of counsel), in each case in form and substance satisfactory to the Administrative Agent  and the Required Lenders.  7. Binding Effect.  This Agreement shall be binding upon the Designated Borrower  and shall inure to the benefit of the Administrative Agent, the Issuing Banks and the Lenders,  together with their respective successors and assigns.  8. Governing Law.  This Agreement shall be governed by, and construed in  accordance with, the laws of the State of New York, without regard to the conflicts of law  principles thereof insofar as such principles would defer to the substantive laws of some other  jurisdiction.  9. Loan Document.  This Agreement shall be deemed to be a Loan Document for all  purposes under the Credit Agreement.  10. Counterparts.  This Agreement may be executed in multiple counterparts, each of  which shall be deemed to be an original and all of which, taken together, shall constitute one and  the same Agreement.  In proving this Agreement in any judicial proceedings, it shall not be  necessary to produce or account for more than one such counterpart signed by the party against  whom such enforcement is sought.  Any signatures delivered by a party by facsimile or other  electronic transmission shall be deemed an original signature hereto.  [Signature page follows]  

 

\\4157-1107-4114  v16  IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date  first written above.  [DESIGNATED BORROWER]  By:     Name:     Title:    ACCEPTED AND ACKNOWLEDGED  AS OF _________ ___, 20___  COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as Administrative Agent   By:     Name:      Title:  By:     Name:      Title:  AGCO CORPORATION  By:     Name:      Title:  AGCO INTERNATIONAL HOLDINGS B.V.  By:     Name:      Title:  [OTHER EXISTING BORROWERS]  By:     Name:      Title:  

 

\\4157-1107-4114  v16  EXHIBIT D  Form of Designated Borrower Notice  DESIGNATED BORROWER NOTICE  [AGCO Corporation  4205 River Green Parkway  Duluth, Georgia 30096-2568]  and the Lenders (as defined in the Credit Agreement (defined below))  [_________ ____, 20___]  Ladies and Gentlemen:  The undersigned refers to the Amended and Restated Credit Agreement, dated as of  December 19, 2022 (as amended, restated, supplemented or otherwise modified from time to  time, the “Credit Agreement”; capitalized terms used herein but not defined herein shall have the  meanings ascribed to such terms in the Credit Agreement), by and among AGCO Corporation, a  Delaware corporation (“AGCO”) and AGCO International Holdings B.V., a Dutch company,  having its corporate seat in Grubbenvorst, the Kingdom of the Netherlands (“AGCO BV”; and  together with AGCO, collectively, the “Borrowers”), the Persons party thereto as Lenders, and  Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent, and hereby gives  notice pursuant to Section 2.13 of the Credit Agreement that the undersigned hereby approves  the request of AGCO to join [__________________], a [________________] (the “Designated  Borrower”), as a “Borrower” under the Credit Agreement effective as of [_________ ___,  20___] (the “Effective Date”).   As of the Effective Date, the Designated Borrower shall be a “Borrower” for all purposes  under the Credit Agreement; provided, however, no Notice of Borrowing or Notice of Issuance  may be submitted by or on behalf of the Designated Borrower until three (3) Business Days after  the Effective Date.  Very truly yours,  COÖPERATIEVE RABOBANK U.A.,  NEW YORK BRANCH, as Administrative  Agent  By:     Name:     Title:    ACCEPTED AND ACKNOWLEDGED  AGCO CORPORATION  By:     Name:      Title:  

 

\\4157-1107-4114  v16  EXHIBIT E  Form of Notice of Incremental Facility  NOTICE OF INCREMENTAL FACILITY  Coöperatieve Rabobank U.A., New York Branch,  as Administrative Agent under the   Credit Agreement referred to below  245 Park Avenue  New York, New York  10167  Attn: Loan Syndications  Telecopy: (212) 808-2578  Telephone: (212) 808-6808  syndications.ny@rabobank.com [__________ _____, ____]  Ladies and Gentlemen:  Reference is made to that certain Credit Agreement dated as of December 19, 2022 (as  amended, restated, supplemented or otherwise modified from time to time, the “Credit  Agreement”; capitalized terms used herein but not defined herein shall have the meanings  ascribed to such terms in the Credit Agreement), by and among AGCO Corporation, a Delaware  corporation (“AGCO”), AGCO International Holdings B.V., a Dutch company, having its  corporate seat in Grubbenvorst, the Netherlands (“AGCO BV; and together with AGCO and each  other Subsidiary of AGCO party thereto from time to time as a “Borrower”, each a “Borrower”  and collectively, the “Borrowers”), the Lenders party thereto from time to time, and  Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent (the “Administrative  Agent”).  AGCO hereby gives binding notice, pursuant to Section 2.14(a) of the Credit  Agreement that it hereby requests [a Tranche of Incremental Term Loans under the Credit  Agreement be advanced to [insert name of relevant Borrower] (the “Incremental Borrower”),  and in that connection sets forth below the information relating to such Tranche of Incremental  Term Loans (the “Proposed Borrowing”)]/ [an Incremental Revolving Commitment, and in that  connection sets forth below the information relating to such Incremental Revolving Commitment  (the “Proposed Increase”)], as required by Section 2.14(a) of the Credit Agreement:  1. The [Tranche of Incremental Term Loans to be borrowed]/[requested  Incremental Revolving Commitment] is in an aggregate principal amount of  $[___________]13.    2. The date of the Proposed [Borrowing]/[Increase] is [_________ ___, 20___]14.  13 The Tranche of Incremental Term Loans or Requested Incremental Revolving Commitment, as  the case may be, must be in a minimum principal amount of $100,000,000 and integral multiples  of $50,000,000 in excess thereof.  14 Such date shall be at least 15 Business Days from the date of delivery of the Notice of  Incremental Facility. 

 

\\4157-1107-4114  v16  3. [All Incremental Term Loans comprising the Tranche of the Proposed  Borrowing shall accrue interest at a per annum rate equal to the LIBO Rate plus an Applicable  Margin of [____]% for LIBO Rate Borrowings, and the Base Rate plus an Applicable Margin of  [____]% for Base Rate Borrowings, with such interest payable as set forth in the Credit  Agreement.]  4. [The maturity date of the Proposed Borrowing is [___________]15.]  5. [The Incremental Borrower shall repay the principal amount of the Incremental  Term Loans comprising the Tranche on the Maturity Date.]/[ The Incremental Borrower shall  repay the principal amount of the Incremental Term Loans comprising such Tranche (with such  payments being applied to all Incremental Term Loans comprising such Tranche on a pro rata  basis) on the principal payment dates below as follows: 16]  Principal Payment Date Amount of Installment  [_________, 20__] $[___________]  [_________, 20__] $[___________]  Proposed Borrowing maturity date $[___________]  6. The [Incremental Borrower]/[Borrower] shall pay to the Administrative  Agent, on behalf of the Lenders [funding]/[providing] the Proposed [Borrowing]/[Increase] on a  pro rata basis, [upfront/closing] fees in an amount equal to ___% of the amount of the Proposed  [Borrowing]/[Increase] on the date of the Proposed [Borrowing]/[Increase] referred to in  Paragraph 2 above.  7. [AGCO hereby requests that the Proposed Borrowing pursuant to this  notice be wired to the following account:  [Insert Wire Information]. ]   8. [The Tranche of Incremental Term Loans advanced in connection with the  Proposed Borrowing shall be identified as Tranche No. [___].]  AGCO hereby certifies to the Administrative Agent and the Lenders that the following  statements are true on the date hereof, before and after giving effect to the Proposed  [Borrowing]/[Increase (as if fully drawn)]:  (A) the representations and warranties contained in each Loan Document are  correct on and as of the date hereof, before and after giving effect to the Proposed  [Borrowing]/[Increase (as if fully drawn)] and to the application of the proceeds  therefrom, as though made on and as of such date, other than as permitted by Section 4.2  of the Credit Agreement; and  15 The maturity date of the Proposed Borrowing shall not be earlier than the Maturity Date. 16 No Tranche of Incremental Term Loans shall have any scheduled amortization or other principal  payments that is greater than ten (10%) of the original principal amount thereof in any fiscal year. 

 

\\4157-1107-4114  v16  (B) no event has occurred and is continuing, or would result from such  Proposed [Borrowing]/[Increase (as if fully drawn)] or from the application of the  proceeds therefrom, that constitutes a Default or an Event of Default.  Concurrently with the delivery of this notice, Borrower has delivered to the  Administrative Agent the certificate of a Responsible Employee required by Section 2.14(a) of  the Credit Agreement.  Very truly yours,  AGCO CORPORATION  By:     Name:     Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}]]