Document:

Document

									
	

	

AMENDED AND RESTATED CREDIT AGREEMENT

dated as of

February 25, 2022

among
AVID TECHNOLOGY, INC.

The Lenders Party Hereto

JPMORGAN CHASE BANK, N.A.
as Administrative Agent

and

CITIZENS BANK, N.A.
PNC BANK, NATIONAL ASSOCIATION
SILICON VALLEY BANK and
TRUIST BANK
as Co-Syndication Agents

	
	
	JPMORGAN CHASE BANK, N.A.
CITIZENS BANK, N.A.
PNC CAPITAL MARKETS LLC
SILICON VALLEY BANK and
TRUIST SECURITIES, INC.
as Joint Bookrunners and Joint Lead Arrangers

|US-DOCS\128030525.7||

TABLE OF CONTENTS

Page

						
	ARTICLE I Definitions
	1

	SECTION 1.01. Defined Terms
	1

	SECTION 1.02. Classification of Loans and Borrowings
	39

	SECTION 1.03. Terms Generally
	39

	SECTION 1.04. Accounting Terms; GAAP
	40

	SECTION 1.05. Status of Obligations
	40

	SECTION 1.06. Interest Rates; Benchmark Notification
	41

	SECTION 1.07. Divisions
	41

	SECTION 1.08. Letter of Credit Amounts
	41

	SECTION 1.09. Amendment and Restatement of Existing Credit Agreement
	41

	SECTION 1.10. Exchange Rates; Currency Equivalents
	42

	ARTICLE II The Credits
	42

	SECTION 2.01. Commitments
	42

	SECTION 2.02. Loans and Borrowings
	43

	SECTION 2.03. Requests for Borrowings
	43

	SECTION 2.04. Determination of Dollar Amounts
	44

	SECTION 2.05. Swingline Loans
	45

	SECTION 2.06. Letters of Credit
	46

	SECTION 2.07. Funding of Borrowings
	51

	SECTION 2.08. Interest Elections
	52

	SECTION 2.09. Termination and Reduction of Commitments
	53

	SECTION 2.10. Repayment and Amortization of Loans; Evidence of Debt
	54

	SECTION 2.11. Prepayment of Loans
	55

	SECTION 2.12. Fees
	56

	SECTION 2.13. Interest
	57

	SECTION 2.14. Alternate Rate of Interest
	58

	SECTION 2.15. Increased Costs
	61

	SECTION 2.16. Break Funding Payments
	62

	SECTION 2.17. Taxes
	63

	SECTION 2.18. Payments Generally; Allocations of Proceeds; Pro Rata Treatment; Sharing of Set-offs
	66

	SECTION 2.19. Mitigation Obligations; Replacement of Lenders
	68

	SECTION 2.20. Judgment Currency
	69

	SECTION 2.21. Defaulting Lenders
	70

	SECTION 2.22. Expansion Option
	72

	ARTICLE III Representations and Warranties
	73

	SECTION 3.01. Organization; Powers; Subsidiaries
	73

	SECTION 3.02. Authorization; Enforceability
	74

Table of Contents
(continued)
Page

						
	SECTION 3.03. Governmental Approvals; No Conflicts
	74

	SECTION 3.04. Financial Condition; No Material Adverse Change
	74

	SECTION 3.05. Properties
	75

	SECTION 3.06. Litigation, Environmental and Labor Matters
	75

	SECTION 3.07. Compliance with Laws and Agreements
	75

	SECTION 3.08. Investment Company Status
	75

	SECTION 3.09. Taxes
	76

	SECTION 3.10. ERISA
	76

	SECTION 3.11. Disclosure
	76

	SECTION 3.12. Federal Reserve Regulations
	76

	SECTION 3.13. Liens.
	76

	SECTION 3.14. No Default
	76

	SECTION 3.15. No Burdensome Restrictions
	76

	SECTION 3.16. Solvency
	76

	SECTION 3.17. Insurance
	76

	SECTION 3.18. Security Interest in Collateral
	77

	SECTION 3.19. Anti-Corruption Laws and Sanctions
	77

	SECTION 3.20. Affected Financial Institutions.
	77

	ARTICLE IV Conditions
	77

	SECTION 4.01. Effective Date
	77

	SECTION 4.02. Each Credit Event
	78

	ARTICLE V Affirmative Covenants
	79

	SECTION 5.01. Financial Statements and Other Information
	79

	SECTION 5.02. Notices of Material Events
	80

	SECTION 5.03. Existence; Conduct of Business
	81

	SECTION 5.04. Payment of Obligations
	81

	SECTION 5.05. Maintenance of Properties; Insurance
	81

	SECTION 5.06. Books and Records; Inspection Rights
	82

	SECTION 5.07. Compliance with Laws and Material Contractual Obligations
	82

	SECTION 5.08. Use of Proceeds
	82

	SECTION 5.09. Subsidiary Guarantors; Pledges; Additional Collateral; Further Assurances
	82

	ARTICLE VI Negative Covenants
	83

	SECTION 6.01. Indebtedness
	83

	SECTION 6.02. Liens
	85

	SECTION 6.03. Fundamental Changes and Asset Sales
	86

	SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions
	88

	SECTION 6.05. Swap Agreements
	89

ii

Table of Contents
(continued)
Page

						
	SECTION 6.06. Transactions with Affiliates
	89

	SECTION 6.07. Restricted Payments.
	89

	SECTION 6.08. Restrictive Agreements.
	90

	SECTION 6.09. Subordinated Indebtedness and Amendments to Subordinated Indebtedness Documents.
	90

	SECTION 6.10. Sale and Leaseback Transactions.
	91

	SECTION 6.11. Financial Covenant
	91

	ARTICLE VII Events of Default
	91

	ARTICLE VIII The Administrative Agent
	94

	SECTION 8.01. Authorization and Action
	94

	SECTION 8.02. Administrative Agent’s Reliance, Limitation of Liability, Etc
	96

	SECTION 8.03. Posting of Communications
	97

	SECTION 8.04. The Administrative Agent Individually
	99

	SECTION 8.05. Successor Administrative Agent
	99

	SECTION 8.06. Acknowledgements of Lenders and Issuing Banks
	100

	SECTION 8.07. Collateral Matters.
	101

	SECTION 8.08. Credit Bidding
	103

	SECTION 8.09. Certain ERISA Matters
	103

	ARTICLE IX Miscellaneous
	105

	SECTION 9.01. Notices
	105

	SECTION 9.02. Waivers; Amendments
	106

	SECTION 9.03. Expenses; Limitation of Liability; Indemnity; Etc
	108

	SECTION 9.04. Successors and Assigns
	110

	SECTION 9.05. Survival
	114

	SECTION 9.06. Counterparts; Integration; Electronic Execution; Effectiveness
	114

	SECTION 9.07. Severability
	115

	SECTION 9.08. Right of Setoff
	115

	SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process
	116

	SECTION 9.10. WAIVER OF JURY TRIAL
	116

	SECTION 9.11. Headings
	117

	SECTION 9.12. Confidentiality
	117

	SECTION 9.13. USA PATRIOT Act
	118

	SECTION 9.14. Releases of Subsidiary Guarantors
	118

	SECTION 9.15. Appointment for Perfection
	119

	SECTION 9.16. Interest Rate Limitation
	119

	SECTION 9.17. No Fiduciary Duty, etc
	119

	SECTION 9.18. Acknowledgement and Consent to Bail-In of Affected Financial Institutions
	120

iii

Table of Contents
(continued)
Page

						
	SECTION 9.19. Acknowledgement Regarding Any Supported QFCs
	121

	ARTICLE X Borrower Guarantee
	121

iv

Table of Contents
(continued)
Page

			
	SCHEDULES:

	
	Schedule 2.01 – Commitments
	Schedule 3.01 – Subsidiaries
	Schedule 3.06 – Disclosed Matters
	Schedule 6.01 – Existing Indebtedness
	Schedule 6.02 – Existing Liens
	
	EXHIBITS:

	Exhibit A – Form of Assignment and Assumption
	Exhibit B – Form of Opinion of Loan Parties’ Counsel
	Exhibit C – List of Closing Documents
	Exhibit D-1 – Form of U.S. Tax Certificate (Non-U.S. Lenders That Are Not Partnerships)
	Exhibit D-2 – Form of U.S. Tax Certificate (Non-U.S. Lenders That Are Partnerships)
	Exhibit D-3 – Form of U.S. Tax Certificate (Non-U.S. Participants That Are Not Partnerships)
	Exhibit D-4 – Form of U.S. Tax Certificate (Non-U.S. Participants That Are Partnerships)
	Exhibit E – Form of Increasing Lender Supplement
	Exhibit F – Form of Augmenting Lender Supplement
	Exhibit G-1 – Form of Borrowing Request
	Exhibit G-2 – Form of Interest Election Request

v

AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”) dated as of February 25, 2022 among AVID TECHNOLOGY, INC., the LENDERS from time to time party hereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent.
WHEREAS, the Borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent thereunder, are currently party to the Credit Agreement, dated as of January 5, 2021 (as amended, supplemented or otherwise modified prior to the date hereof, the “Existing Credit Agreement”);
WHEREAS, the Borrower, the Lenders and the Administrative Agent have agreed to enter into this Agreement in order to (i) amend and restate the Existing Credit Agreement in its entirety; (ii) modify and re-evidence the “Obligations” under, and as defined in, the Existing Credit Agreement, which shall be repayable in accordance with the terms of this Agreement; and (iii) set forth the terms and conditions under which the Lenders will, from time to time, make loans and extend other financial accommodations to or for the benefit of the Borrower;
WHEREAS, it is the intent of the parties hereto that this Agreement not constitute a novation of the obligations and liabilities of the parties under the Existing Credit Agreement or be deemed to evidence or constitute full repayment of such obligations and liabilities, but that this Agreement amend and restate in its entirety the Existing Credit Agreement and modify and re-evidence the obligations and liabilities of the Borrower outstanding thereunder, which shall be payable in accordance with the terms hereof; and
WHEREAS, it is also the intent of the Borrower to confirm that all obligations under the “Loan Documents” (as referred to and defined in the Existing Credit Agreement) shall continue in full force and effect as modified and/or restated by the Loan Documents (as referred to and defined herein) and that, from and after the Effective Date, all references to the “Credit Agreement” contained in any such existing “Loan Documents” shall be deemed to refer to this Agreement.
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the parties hereto hereby agree that the Existing Credit Agreement is hereby amended and restated as follows:
ARTICLE I

Definitions
SECTION 1.01.  Defined Terms.  As used in this Agreement, the following terms have the meanings specified below:
“ABR”, when used in reference to any Loan or Borrowing, refers to such Loan, or the Loans comprising such Borrowing, bearing interest at a rate determined by reference to the Alternate Base Rate.  All ABR Loans shall be denominated in Dollars.
“Adjusted Daily Simple RFR” means, (i) with respect to any RFR Borrowing denominated in Pounds Sterling, an interest rate per annum equal to (a) the Daily Simple RFR for Pounds Sterling, plus (b) 0.0326%, and (ii) with respect to any RFR Borrowing denominated in Dollars, an interest rate per annum equal to (a) the Daily Simple RFR for Dollars, plus (b) 0.10%; provided that, if the Adjusted Daily Simple RFR as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.
“Adjusted EURIBO Rate” means, with respect to any Term Benchmark Borrowing denominated in euro for any Interest Period, an interest rate per annum equal to (a) the EURIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate; provided that, if the Adjusted EURIBO Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

“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 the Floor, such rate shall be deemed to be equal to the Floor  for the purposes of this Agreement.
“Adjusted TIBO Rate” means, with respect to any Term Benchmark Borrowing denominated in Japanese Yen for any Interest Period, an interest rate per annum equal to (a) the TIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate; provided that, if the Adjusted TIBO Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.
“Administrative Agent” means JPMorgan Chase Bank, N.A. (including its branches and affiliates), in its capacity as administrative agent for the Lenders hereunder.
“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.
“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any 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-Related Person” has the meaning assigned to such term in Section 9.03(d).
“Agreed Currencies” means (i) Dollars, (ii) euro, (iii) Japanese Yen, (iv) Pounds Sterling and (v) any other currency (other than Dollars) (x) that is a lawful currency that is readily available and freely transferable and convertible into Dollars and (y) that is agreed to by the Administrative Agent and each of the Revolving Lenders.
“Agreement” has the meaning assigned to such term in the introductory paragraph.
“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% and (c) the Adjusted Term SOFR Rate for a one month Interest Period as published two U.S. Government Securities Business Days prior to such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%; provided that, for the purpose of this definition, the Adjusted Term SOFR Rate for any day shall be based on the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, on such day (or any amended publication time for the Term SOFR Reference Rate, as specified by the CME Term SOFR Administrator in the Term SOFR Reference Rate methodology).  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 2.14 (for the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to Section 2.14(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.
“Ancillary Document” has the meaning assigned to such term in Section 9.06.
“Anti-Corruption Laws” means the United States Foreign Corrupt Practices Act of 1977, as amended, and the United Kingdom Bribery Act of 2010, as amended.

2

“Applicable LC Sublimit” means (i) with respect to JPMorgan Chase Bank, N.A. in its capacity as an Issuing Bank under this Agreement and any of its Affiliates constituting Issuing Banks, $4,210,526.32, (ii) with respect to Citizens Bank, N.A. in its capacity as an Issuing Bank under this Agreement and any of its Affiliates constituting Issuing Banks, $3,947,368.42, (iii) with respect to PNC Bank, National Association in its capacity as an Issuing Bank under this Agreement and any of its Affiliates constituting Issuing Banks, $3,947,368.42, (iv) with respect to Silicon Valley Bank in its capacity as an Issuing Bank under this Agreement and any of its Affiliates constituting Issuing Banks, $3,947,368.42, (v) with respect to Truist Bank in its capacity as an Issuing Bank under this Agreement and any of its Affiliates constituting Issuing Banks, $3,947,368.42 and (vi) with respect to any other Person that becomes an Issuing Bank pursuant to the terms of this Agreement, such amount as agreed to in writing by the Borrower, the Administrative Agent and such Person at the time such Person becomes an Issuing Bank pursuant to the terms of this Agreement, as each of the foregoing amounts may be decreased or increased from time to time with the written consent of the Borrower, the Administrative Agent and the Issuing Banks (provided that any increase in the Applicable LC Sublimit with respect to any Issuing Bank shall only require the consent of the Borrower and such Issuing Bank).
“Applicable Parties” has the meaning assigned to such term in Section 8.03(c).
“Applicable Percentage” means, with respect to any Lender, (a) with respect to Revolving Loans, LC Exposure or Swingline Loans, the percentage equal to a fraction the numerator of which is such Lender’s Revolving Commitment and the denominator of which is the aggregate Revolving Commitments of all Revolving Lenders (if the Revolving Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Revolving Commitments most recently in effect, giving effect to any assignments); provided that, in the case of Section 2.21 when a Defaulting Lender shall exist, any such Defaulting Lender’s Revolving Commitment shall be disregarded in the calculation and (b) with respect to the Term Loans, a percentage equal to a fraction the numerator of which is such Lender’s outstanding principal amount of the Term Loans and the denominator of which is the aggregate outstanding principal amount of the Term Loans of all Term Lenders.
“Applicable Pledge Percentage” means 100%, but 65% in the case of a pledge by the Borrower or any Domestic Subsidiary of its voting Equity Interests in a Foreign Subsidiary.
“Applicable Rate” means, for any day, with respect to any Term Benchmark Loan, any ABR Loan, any RFR Loan or with respect to the commitment fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Term Benchmark Spread”, “ABR Spread”, “RFR Spread” or “Commitment Fee Rate”, as the case may be, based upon the Total Net Leverage Ratio applicable on such date:
																		
		Total Net Leverage Ratio:	Term Benchmark
Spread
	ABR
Spread
	RFR
Spread
	Commitment Fee Rate

	Category 1:
	< 1.25 to 1.00	1.75%	0.75%	1.75%	0.20%
	Category 2:
	≥ 1.25 to 1.00 but
< 1.50 to 1.00
	2.00%	1.00%	2.00%	0.25%

	Category 3:
	≥ 1.50 to 1.00 but
< 2.00 to 1.00
	2.25%	1.25%	2.25%	0.30%

	Category 4:
	≥ 2.00 to 1.00 but
< 2.50 to 1.00
	2.50%	1.50%	2.50%	0.35%

	Category 5:
	≥ 2.50 to 1.00 but
< 3.00 to 1.00
	2.75%	1.75%	2.75%	0.40%

	Category 6:
	≥ 3.00 to 1.00	3.00%	2.00%	3.00%	0.50%

For purposes of the foregoing, 

3

(i) if at any time the Borrower fails to deliver the Financials on or before the date the Financials are due pursuant to Section 5.01, Category 6 shall be deemed applicable for the period commencing three (3) Business Days after the required date of delivery and ending on the date which is three (3) Business Days after the Financials are actually delivered, after which the Category shall be determined in accordance with the table above as applicable;
(ii) adjustments, if any, to the Category then in effect shall be effective three (3) Business Days after the Administrative Agent has received the applicable Financials (it being understood and agreed that each change in Category shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change); and
(iii) notwithstanding the foregoing, Category 3 shall be deemed to be applicable until the Administrative Agent’s receipt of the Financials for the Borrower’s fiscal year ending on December 31, 2021 and adjustments to the Category then in effect shall thereafter be effected in accordance with the preceding paragraphs.
“Applicable Time” means, with respect to any Borrowings and payments in any Foreign Currency, the local time in the place of settlement for such Foreign 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 Electronic Platform” has the meaning assigned to such term in Section 8.03(a).
“Approved Fund” has the meaning assigned to such term in Section 9.04.
“Arranger” means each of JPMorgan Chase Bank, N.A., Citizens Bank, N.A., PNC Capital Markets LLC and Silicon Valley Bank in its capacity as a joint bookrunner and joint 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.
“Augmenting Lender” has the meaning assigned to such term in Section 2.22.
“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 Revolving Commitments.
“Available Revolving Commitment” means, at any time with respect to any Lender, the Revolving Commitment of such Lender then in effect minus the Revolving Credit Exposure of such Lender at such time; it being understood and agreed that any Lender’s Swingline Exposure shall not be deemed to be a component of the Revolving Credit Exposure for purposes of calculating the commitment fee under Section 2.12(a).
“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 including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (e) of Section 2.14.

4

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.
“Bail-In Legislation” means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).
“Banking Services” means each and any of the following bank services provided to the Borrower or any Subsidiary by any Lender or any of its Affiliates:  (a) credit cards for commercial customers (including, without limitation, commercial credit cards and purchasing cards), (b) stored value cards, (c) merchant processing services and (d) treasury management services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, any direct debit scheme or arrangement, overdrafts and interstate depository network services).
“Banking Services Agreement” means any agreement entered into by the Borrower or any Subsidiary in connection with Banking Services.
“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy”, as now and hereafter in effect, or any successor statute.
“Bankruptcy Event” means, with respect to any Person, such Person becomes the subject of a voluntary or involuntary bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment or has had any order for relief in such proceeding entered in respect thereof; provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, unless such ownership interest results in or provides such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permits such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.
“Benchmark” means, initially, with respect to any (i) RFR Loan in any Agreed Currency, the applicable Relevant Rate for such Agreed Currency or (ii) Term Benchmark Loan, the 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 clause (b) of Section 2.14.
“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 a Foreign Currency, “Benchmark Replacement” shall mean the alternative set forth in (2) below:
(1)    in the case of any Loan denominated in Dollars, the Adjusted Daily Simple RFR for RFR Borrowings in Dollars;
(2)    the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or 

5

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 the foregoing 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.
“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 Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date 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 and/or any Term Benchmark Revolving Loan denominated in Dollars, 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 reasonably decides may be appropriate to reflect the adoption and implementation of such Benchmark 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 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 (3) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.
For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the 

6

Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).
“Benchmark Transition Event” means, 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 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.
For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).
“Benchmark Unavailability Period” means, 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 2.14 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 2.14.
“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.
“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code to which Section 4975 of the Code applies, and (c) any Person whose assets include (for purposes of the Plan Asset Regulations 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”.

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“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.
“Board” means the Board of Governors of the Federal Reserve System of the United States of America.
“Borrower” means Avid Technology, Inc., a Delaware corporation.
“Borrowing” means (a) Revolving 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, (b) a Term Loan 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 or (c) a Swingline Loan.
“Borrowing Request” means a request by the Borrower for a Borrowing in accordance with Section 2.03, which shall be substantially in the form attached hereto as Exhibit G-1 or any other form approved by the Administrative Agent.
“Burdensome Restrictions” means any consensual encumbrance or restriction of the type described in clause (a) or (b) of Section 6.08.
“Business Day” means any day (other than a Saturday or a Sunday) on which banks are open for business in New York City or Chicago; provided that (i) in relation to Loans denominated in Pounds Sterling, any day (other than a Saturday or a Sunday) on which banks are open for business in London, (ii) in relation to Loans denominated in Japanese Yen and in relation to the calculation or computation of the TIBO Rate, any day (other than a Saturday or a Sunday) on which banks are open for business in Japan, (iii) in relation to Loans denominated in euro and in relation to the calculation or computation of the EURIBO Rate, any day which is a TARGET Day and (iv) 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 only an RFR Business Day.
“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases 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.
“CBR Loan” means a Loan that bears interest at a rate determined by reference to the Central Bank Rate.
“CBR Spread” means the Applicable Rate applicable to such Loan that is replaced by a CBR Loan.
“Central Bank Rate” means, (A) the greater of (i) for any Loan denominated in (a) Pounds 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: (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, (c) Japanese Yen, the “short-term prime rate” as publicly announced by the Bank of Japan (or any successor thereto) from time to time and (d) any other Foreign Currency determined after the Effective Date, a central bank rate as determined by the 

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Administrative Agent in its reasonable discretion and (ii) the Floor; plus (B) the applicable Central Bank Rate Adjustment.
“Central Bank Rate Adjustment” means, for any day, for any Loan denominated in:
(a) Pounds Sterling, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the average of Adjusted Daily Simple RFR for Pounds Sterling Borrowings 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 such Adjusted Daily Simple RFR applicable during such period of five RFR Business Days) minus (ii) the Central Bank Rate in respect of Pounds Sterling in effect on the last RFR Business Day in such period, 
(b) euro, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the average of the Adjusted EURIBO Rate for the five most recent Business Days preceding such day for which the EURIBO Screen Rate was available (excluding, from such averaging, the highest and the lowest Adjusted EURIBO 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, 
(c) Japanese Yen, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the average of the Adjusted TIBO Rate for the five most recent Business Days preceding such day for which the TIBO Screen Rate was available (excluding, from such averaging, the highest and the lowest Adjusted TIBO Rate applicable during such period of five Business Days) minus (ii) the Central Bank Rate in respect of Japanese Yen in effect on the last Business Day in such period, and 
(d) any other Foreign Currency determined after the Effective Date, an 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) each of the EURIBO Rate and the TIBO Rate on any day shall be based on the EURIBO Screen Rate or the TIBO Screen Rate, as applicable, 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.
“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 40% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Borrower on a fully diluted basis; or (b) during any period of 24 consecutive months, a majority of the members of the board of directors or other equivalent governing body of the Borrower ceases to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body; provided however that acquisitions by or on behalf of an employee benefit plan or an employee stock purchase plan of the Borrower shall not be included in determining whether a Change in Control shall have occurred.
“Change in Law” means the occurrence, after the date of this Agreement (or with respect to any Lender, if later, the date on which such Lender becomes a Lender), of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority, or (c) compliance by any Lender or Issuing Bank (or, for purposes of Section 2.15(b), by any lending office of such Lender or by such Lender’s or Issuing Bank’s holding company, if any) with any request, rule, guideline, requirement or directive (whether or not having the force of law) by any Governmental Authority made or issued after the date of this Agreement; provided however, that 

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notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder, issued in connection therewith or in implementation thereof, and (ii) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law” regardless of the date enacted, adopted, issued or implemented.
“Class”, (a) when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans, Term Loans or Swingline Loans, (b) when used with respect to Lenders, refers to whether such Lenders have a Loan or Commitment with respect to a particular Class of Loans or Commitments and (c) when used with respect to Commitments, refers to whether such Commitments are Revolving Commitments or Term Loan Commitments.
“CME Term SOFR Administrator” means CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR) (or a successor administrator).
“Code” means the Internal Revenue Code of 1986, as amended.
“Collateral” means all of the “Collateral” referred to in the Collateral Documents and any and all other property of any Loan Party, now existing or hereafter acquired, that is or is intended under the terms of the Collateral Documents to be subject to a security interest or Lien in favor of Administrative Agent, on behalf of itself and the Secured Parties, to secure the Secured Obligations, other than the Excluded Assets.
“Collateral Documents” means, collectively, the Security Agreement and all other agreements, instruments and documents executed in connection with this Agreement that are intended to create, perfect or evidence Liens to secure the Secured Obligations, including, without limitation, all other security agreements, pledge agreements, loan agreements, notes, guarantees, subordination agreements, pledges, powers of attorney, consents, assignments, contracts, fee letters, notices, leases, financing statements and all other written matter whether heretofore, now, or hereafter executed by the Borrower or any of its Subsidiaries and delivered to the Administrative Agent.
“Commitment” means, (a) the Revolving Commitments and the Term Loan Commitments and (b) with respect to each Lender, the sum of such Lender’s Revolving Commitment and Term Loan Commitment.  The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption or other documentation contemplated hereby pursuant to which such Lender shall have assumed its Revolving Commitment, as applicable.
“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.
“Communications” 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 Section 8.03, including through an Approved Electronic Platform.
“Computation Date” is defined in Section 2.04.
“Consolidated Capital Expenditures” means, without duplication, any expenditures for any purchase or other acquisition of any asset other than a Permitted Acquisition which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP.
“Consolidated EBITDA” means, with reference to any period, Consolidated Net Income for such period plus, without duplication and to the extent deducted from revenues in determining 

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Consolidated Net Income for such period, (i) Consolidated Interest Expense, (ii) expense for income taxes paid or accrued, (iii) depreciation, (iv) amortization, (v) extraordinary or non-recurring cash expenses or losses to the extent corresponding to extraordinary, unusual or non-recurring cash income or gains deducted from Consolidated EBITDA pursuant to clause (3) below, (vi) non-cash charges, expenses or losses, (vii) fees, costs and expenses paid in connection with the financing transaction contemplated by this Agreement and the other Loan Documents, (viii) cash restructuring charges, expenses or losses (including severance costs); provided that in no event shall the aggregate amount added back pursuant to this clause (viii), together with the aggregate amounts added back pursuant to clause (x) and clause (xiii) below, exceed 25% of Consolidated EBITDA for the Reference Period ending on any date of determination (calculated prior to giving effect to the add-back of any item pursuant to this clause (viii) or pursuant to clause (x) or clause (xiii) below), (ix) cost savings identified (as a result of restructuring actions taken primarily in the Borrower’s fiscal quarter ending December 31, 2020) in an aggregate amount not to exceed $18,400,000 in the Borrower’s fiscal quarter ending December 31, 2020, (x) cash integration costs in connection with Permitted Acquisitions; provided that in no event shall the aggregate amount added back pursuant to this clause (x) together with the aggregate amounts added back pursuant to clause (viii) above and clause (xiii) below, exceed 25% of Consolidated EBITDA for the Reference Period ending on any date of determination (calculated prior to giving effect to the add-back of any item pursuant to this clause (x) or pursuant to clause (viii) above or clause (xiii) below), (xi) transaction costs and expenses incurred in connection with any proposed or actual Permitted Acquisitions, asset sales and dispositions permitted by Section 6.03, issuances of Indebtedness permitted under Section 6.01 (including any amendment, modification or refinancing of such Indebtedness) and issuances of Equity Interests by the Borrower, in each case, whether or not successfully consummated and (xii) any losses related to legal settlements, fines, judgments and orders; provided that in no event shall the aggregate amount added back pursuant to this clause (xii) exceed 10% of Consolidated EBITDA for the Reference Period ending on any date of determination (calculated prior to giving effect to the add-back of any item pursuant to this clause (xii)) and (xiii) other adjustments that determined on a basis consistent with Article 11 of Regulation S-X promulgated under the Exchange Act and as interpreted by the staff of the SEC (or any successor agency); provided that in no event shall the aggregate amount added back pursuant to this clause (xiii), together with the aggregate amounts added back pursuant to clause (viii) and clause (x) above, exceed 25% of Consolidated EBITDA for the Reference Period ending on any date of determination (calculated prior to giving effect to the add-back of any item pursuant to this clause (xiii) or pursuant to clause (viii) or clause (x) above; minus, to the extent included in Consolidated Net Income for such period, (1) income tax credits and refunds (to the extent not netted from tax expense), (2) any cash payments made during such period in respect of items described in clause (vi) above subsequent to the fiscal quarter in which the relevant non-cash charges, expenses or losses were incurred and (3) extraordinary, unusual or non-recurring income or gains realized other than in the ordinary course of business, all calculated for the Borrower and its Subsidiaries in accordance with GAAP on a consolidated basis.  The parties hereto agree that Consolidated EBITDA for the fiscal quarter ending (i) on March 31, 2020 shall be deemed to be $4,174,000 , (ii) on June 30, 2020 shall be deemed to be $7,500,000, and (iii) on September 30, 2020 shall be deemed to be $13,328,000.  For the purposes of calculating Consolidated EBITDA for any period of four consecutive fiscal quarters (each, a “Reference Period”), (i) if at any time during such Reference Period the Borrower or any Subsidiary shall have made any Material Disposition, the Consolidated EBITDA for such Reference Period shall be reduced by an amount equal to the Consolidated EBITDA (if positive) attributable to the property that is the subject of such Material Disposition for such Reference Period or increased by an amount equal to the Consolidated EBITDA (if negative) attributable thereto for such Reference Period, and (ii) if during such Reference Period the Borrower or any Subsidiary shall have made a Material Acquisition, Consolidated EBITDA for such Reference Period shall be calculated after giving effect thereto on a Pro Forma Basis as if such Material Acquisition occurred on the first day of such Reference Period.  As used in this definition, “Material Acquisition” means any acquisition of property or series of related acquisitions of property that (a) constitutes (i) assets comprising all or substantially all or any significant portion of a business or operating unit of a business, or (ii) all or substantially all of the common stock or other Equity Interests of a Person, and (b) involves the payment of consideration by the Borrower and its Subsidiaries in excess of $15,000,000; and “Material Disposition” means any sale, transfer or disposition of property or series of related sales, transfers, or dispositions of property that (a) constitutes (i) assets comprising all or substantially all or any significant portion of a business or operating unit of a business, or (ii) all or substantially all of the common stock or other Equity Interests of a Person, and (b) yields gross proceeds to the Borrower or any of its Subsidiaries in excess of $15,000,000.

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“Consolidated Interest Expense” means, with reference to any period, the interest expense (including without limitation interest expense under Capital Lease Obligations that is treated as interest in accordance with GAAP) of the Borrower and its Subsidiaries calculated on a consolidated basis for such period with respect to all outstanding Indebtedness of the Borrower and its Subsidiaries allocable to such period in accordance with GAAP.  In the event that the Borrower or any Subsidiary shall have completed a Material Acquisition or a Material Disposition since the beginning of the relevant period, Consolidated Interest Expense shall be determined for such period on a Pro Forma Basis as if such acquisition or disposition, and any related incurrence or repayment of Indebtedness, had occurred at the beginning of such period.
“Consolidated Net Income” means, with reference to any period, the net income (or loss) of the Borrower and its Subsidiaries calculated in accordance with GAAP on a consolidated basis (without duplication) for such period; provided that there shall be excluded any income (or loss) of any Person other than the Borrower or a Subsidiary, but any such income so excluded may be included in such period or any later period to the extent of any cash dividends or distributions actually paid in the relevant period to the Borrower or any Subsidiary of the Borrower.
“Consolidated Tangible Assets” means, as of any date of determination thereof, Consolidated Total Assets minus the Intangible Assets of the Borrower and its Subsidiaries on such date.
“Consolidated Total Assets” means, as of the date of any determination thereof, total assets of the Borrower and its Subsidiaries calculated in accordance with GAAP on a consolidated basis as of such date.
“Consolidated Total Indebtedness” means at any time the sum, without duplication, of (a) the aggregate Indebtedness of the Borrower and its Subsidiaries calculated on a consolidated basis as of such time in accordance with GAAP, (b) the aggregate amount of Indebtedness of the Borrower and its Subsidiaries relating to the maximum drawing amount of all letters of credit outstanding and bankers acceptances and (c) Indebtedness of the type referred to in clauses (a) or (b) hereof of another Person guaranteed by the Borrower or any of its Subsidiaries.
“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.
“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).
“Covered Party” has the meaning assigned to it in Section 9.19.
“Co-Syndication Agent” means each of Citizens Bank, N.A., PNC Bank, National Association, Silicon Valley Bank and Truist Bank in its capacity as co-syndication agent for the credit facilities evidenced by this Agreement.
“Credit Event” means a Borrowing, the issuance, amendment, renewal or extension of a Letter of Credit, an LC Disbursement or any of the foregoing.

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“Credit Exposure” means, as to any Lender at any time, the sum of (a) such Lender’s Revolving Credit Exposure at such time, plus (b) an amount equal to the aggregate principal amount of its Term Loans outstanding at such time.
 “Credit Party” means the Administrative Agent, any Issuing Bank, the Swingline Lender or any other Lender.
“Daily Simple RFR” means, for any day (an “RFR Interest Day”), an interest rate per annum equal to, for any RFR Loan denominated in (i) Pounds Sterling, SONIA for the day that is five (5) RFR Business Days prior to (A) if such RFR Interest Day is an RFR Business Day, such RFR Interest Day or (B) if such RFR Interest Day is not an RFR Business Day, the RFR Business Day immediately preceding such RFR Interest Day and (ii) Dollars, Daily Simple SOFR. 
“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 Borrower.
“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.
“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
“Defaulting Lender” means any Lender that (a) has failed, within two (2) Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a Loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three (3) Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of (A) a Bankruptcy Event or (B) a Bail-In Action.  Nothing contained in the foregoing shall be deemed to constitute a waiver by the Borrower of any of its rights or remedies (whether in equity or law) against any Lender which fails to fund any of its Loans hereunder at the time or in the amount required to be funded under the terms of this Agreement.
“Disclosed Matters” means the actions, suits and proceedings and the environmental matters disclosed in Schedule 3.06.
“Dollar Amount” of any amount of any currency means, at the time of determination thereof, (a) if such amount is expressed in Dollars, such amount, (b) if such amount is expressed in a Foreign Currency, the equivalent of such amount in Dollars determined by using the rate of exchange for the purchase of Dollars with such Foreign Currency last provided (either by publication or otherwise provided to the Administrative Agent) by the applicable Reuters source on the Business Day (New York 

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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 such Foreign 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 reasonable 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, in consultation with the Borrower, using any method of determination it deems reasonably appropriate) and (c) if such amount is denominated in any other currency, the equivalent of such amount in Dollars as determined by the Administrative Agent, in consultation with the Borrower, using any method of determination it deems reasonably appropriate.
“Dollars” or “$” refers to lawful money of the United States of America.
“Domestic Subsidiary” means a Subsidiary organized under the laws of a jurisdiction located in the United States of America.
“ECP” means an “eligible contract participant” as defined in Section 1(a)(18) of the Commodity Exchange Act or any regulations promulgated thereunder and the applicable rules issued by the Commodity Futures Trading Commission and/or the SEC.
“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02).
“Electronic Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record.
“Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, protection of natural resources, the management, release or threatened release of any Hazardous Material or to health and safety matters (but excluding occupational and safety matters, to the extent regulated by the Occupational and Safety Health Act).
“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any 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 

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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.
“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 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 failure to satisfy the “minimum funding standard” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower 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 Borrower 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 Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal of the Borrower or any of its ERISA Affiliates from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition upon the Borrower or any of its ERISA Affiliates 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.
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.
“EURIBO Rate” means, with respect to any Term Benchmark Borrowing denominated in euro and for any Interest Period, the EURIBO Screen Rate, two (2) TARGET Days prior to the commencement of such Interest Period.
“EURIBO Screen Rate” means the euro interbank offered rate administered by the European Money Markets Institute (or any other person that takes over the administration of such rate) for the relevant period displayed (before any correction, recalculation or republication by the administrator) on page EURIBOR01 of the Reuters screen (or any replacement 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 Reuters as published 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 Borrower.
“euro” or “€” means the single currency of the Participating Member States.
“Event of Default” has the meaning assigned to such term in Article VII.
“Excluded Assets” means the collective reference to (a) all Equity Interests in excess of the Applicable Pledge Percentage in any Foreign Subsidiary that is a Pledge Subsidiary, (b) any Equity Interests in any Foreign Subsidiary which is not a Pledge Subsidiary, (c) any Equity Interests in any Domestic Subsidiary which is not a Pledge Subsidiary, (d) all real property of the Borrower or any Subsidiary, (e) rights in any property to the extent that and only for as long as the grant of a security interest in such property (i) is prohibited by any law, treaty, rule or regulation or determination of an arbitrator or a court or other governmental authority applicable to or binding upon the Borrower or any Subsidiary Guarantor, or (ii) constitutes a breach or default under or results in the termination of, or requires any consent not obtained under, any lease, license or agreement (other than to the extent that the provisions of any such lease, license or agreement are ineffective under applicable law or would be ineffective under Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial Code of any relevant 

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jurisdiction to prevent the attachment of the security interest granted under the Collateral Documents), (f) property and assets owned by the Borrower or any Subsidiary Guarantor in which a Lien may not be granted without governmental approval or consent (but only for so long as the Borrower or the applicable Subsidiary Guarantor has not obtained such approval or consents), (g) any United States Trademark, Copyright or Patent applications filed on the basis of the Borrower’s or any Subsidiary Guarantor’s intent-to-use such mark, but only if and to the extent that the granting of a security interest in such application would result in the invalidation of such application, provided that, upon the submission of evidence of use of such trademark, copyright or patent in interstate commerce is submitted to the United States Patent and Trademark Office or United States Copyright Office, such trademark, patent or copyright application shall automatically be included in the Collateral, (h) motor vehicles and other assets subject to certificates of title to the extent that a lien therein cannot be perfected by the filing of UCC financing statements in the jurisdictions of organization of the Borrower and the Subsidiary Guarantors, (i) any property (other than, for the avoidance of doubt, Equity Interests in a Pledge Subsidiary that is a First Tier Foreign Subsidiary) located in any jurisdiction outside the United States, (j) deposit accounts used in the ordinary course of business for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of any Loan Party’s salaried employees, which accounts are funded only in the ordinary course of business, pension fund accounts, 401(k) accounts, tax withholding accounts and trust accounts, and escrow or other fiduciary accounts maintained for the benefit of Persons who are not Loan Parties or any Affiliate of a Loan Party, (k) any Equity Interests in any Person (other than the Loan Parties) that is not wholly-owned by any Loan Party or any combination of Loan Parties to the extent the organization documents of such Person prohibits or requires the consent of any Person other than a Loan Party which has not been obtained as a condition to the creation by such Loan Party of a Lien on any right, title or interest in such Equity Interests but only to the extent, and for as long as, such prohibition is not terminated or rendered unenforceable or otherwise deemed ineffective by the UCC or any other applicable law, and (l) such other assets as may be reasonably agreed by the Administrative Agent in writing to the extent the Borrower and the Administrative Agent determine that the cost of creating or perfecting a security interest in such assets is too burdensome or excessive in relation to the value of the security interest to be afforded thereby.  Notwithstanding the foregoing and for the avoidance of doubt, “Excluded Assets” shall not include any proceeds, products, substitutions or replacements of Excluded Assets (unless such proceeds, products, substitutions or replacements would otherwise constitute Excluded Assets). 
“Excluded Swap Obligation” means, with respect to any Loan Party, any Specified Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Loan Party of, or the grant by such Loan Party of a security interest to secure, such Specified Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Loan Party’s failure for any reason to constitute an ECP at the time the Guarantee of such Loan Party or the grant of such security interest becomes or would become effective with respect to such Specified Swap Obligation.  If a Specified Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Specified Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal.
“Excluded Taxes” means, with respect to any payment made by any Loan Party under any Loan Document, any of the following Taxes imposed on or with respect to a Recipient:
(a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, that are Other Connection Taxes;
(b) Taxes attributable to such Recipient’s failure to comply with Section 2.17(f);
(c) in the case of a Lender, U.S. Federal withholding Taxes resulting from any law in effect on the date on which (i) such Lender acquires its applicable ownership interest in the Loan or Commitment (other than a Lender acquiring its applicable ownership interest pursuant to Section 2.19(b)) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a Lender with respect to its applicable ownership interest in the Loan or Commitment or to such Lender immediately before it changed its lending office; and

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(d)  any withholding Taxes imposed under FATCA.
“Existing Credit Agreement” has the meaning assigned to such term in the recitals.
“Existing Loans” has the meaning assigned to such term in Section 2.01.
“Existing Revolving Loans” has the meaning assigned to such term in Section 2.01.
“Existing Term Loans” has the meaning assigned to such term in Section 2.01.
“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.
“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 shall be set forth on the NYFRB’s Website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate; provided that, if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.
“Financial Officer” means the chief financial officer, principal accounting officer, treasurer, assistant treasurer or controller of the Borrower.
“Financials” means the annual or quarterly financial statements, and accompanying certificates and other documents, of the Borrower and its Subsidiaries required to be delivered pursuant to Section 5.01(a) or 5.01(b).
“First Tier Foreign Subsidiary” means each Foreign Subsidiary with respect to which any one or more of the Borrower and its Domestic Subsidiaries directly owns or Controls more than 50% of such Foreign Subsidiary’s issued and outstanding Equity Interests.
“Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to the Adjusted Term SOFR Rate, the Adjusted EURIBO Rate, the Adjusted TIBO Rate, each Adjusted Daily Simple RFR or the Central Bank Rate, as applicable.  For the avoidance of doubt, the initial Floor for each of Adjusted Term SOFR Rate, Adjusted EURIBO Rate, Adjusted TIBO Rate, each Adjusted Daily Simple RFR or the Central Bank Rate shall be zero.
“Foreign Currencies” means Agreed Currencies other than Dollars.
“Foreign Currency Amount” of any amount of any Foreign Currency means, at the time of determination thereof, (a) if such amount is expressed in such Foreign Currency, such amount and (b) if such amount is expressed in Dollars, the equivalent of such amount in such Foreign Currency determined by using the rate of exchange for the purchase of such Foreign Currency with Dollars last provided (either by publication or otherwise provided to the Administrative Agent) by the applicable Reuters source 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 such Foreign Currency with Dollars, 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 reasonable discretion (or if such service ceases to be available or ceases to provide such rate of exchange, the equivalent of such amount in such Foreign Currency as determined by the Administrative Agent, in consultation with the Borrower, using any method of determination it deems reasonably appropriate).

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“Foreign Currency LC Exposure” means, at any time, the sum of (a) the Dollar Amount of the aggregate undrawn and unexpired amount of all outstanding Foreign Currency Letters of Credit at such time plus (b) the aggregate principal Dollar Amount of all LC Disbursements in respect of Foreign Currency Letters of Credit that have not yet been reimbursed at such time.
“Foreign Currency Letter of Credit” means a Letter of Credit denominated in a Foreign Currency.
“Foreign Currency Sublimit” means $15,000,000.
“Foreign Subsidiary” means any Subsidiary which is not a Domestic Subsidiary.
“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 or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.
“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business.
“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.
“Increasing Lender” has the meaning assigned to such term in Section 2.22.
“Incremental Term Loan” has the meaning assigned to such term in Section 2.22.
“Incremental Term Loan Amendment” has the meaning assigned to such term in Section 2.22.
“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, (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable, accrued salaries, vacation and other employee benefits, in each case incurred 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; provided that if such Indebtedness has not been assumed, the amount thereof shall be deemed to be the lesser of (1) the actual amount of such Indebtedness and (2) the book value of such Person’s Property securing such Indebtedness, (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, (i) all obligations, contingent or otherwise, of such Person in respect of 

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bankers’ acceptances and (j) all obligations of such Person under Sale and Leaseback Transactions.  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 behalf of any Loan Party under any Loan Document and (b) Other Taxes.
“Indemnitee” has the meaning assigned to such term in Section 9.03(c).
“Ineligible Institution” has the meaning assigned to such term in Section 9.04(b).
“Information Memorandum” means the Confidential Information Memorandum dated December 2021 relating to the Borrower and the Transactions.
“Intangible Assets” means, as of any date of determination thereof, the aggregate amount, for the Borrower and its Subsidiaries on a consolidated basis, of all assets as of such date classified as intangible assets under GAAP, including, without limitation, customer lists, goodwill, computer software, trademarks, patents, copyrights, organization expenses, franchises, licenses, trade names, brand names, mailing lists, catalogs, unamortized debt discount and capitalized research and development costs.
“Interest Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.08, which shall be substantially in the form attached hereto as Exhibit G-2 or any other form approved by the Administrative Agent.
“Interest Payment Date” means (a) with respect to any ABR Loan (other than a Swingline Loan), the last day of each March, June, September and December and the Maturity Date, (b) with respect to any RFR Loan, each date that is on the numerically corresponding day in each calendar month that is one month after the Borrowing of such RFR Loan (or, if there is no such numerically corresponding day in such month, then the last day of such month) and the Maturity Date, (c) with respect to any Term Benchmark Loan, the last day of each 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 and the Maturity Date and (d) with respect to any Swingline Loan, the day that such Loan is required to be repaid and the Maturity Date.
“Interest Period” means with respect to 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 (or, with the consent of each Lender and the Administrative Agent, such other duration) thereafter (in each case, subject to the availability for the Benchmark applicable to the relevant Loan or Commitment for any Agreed Currency), as the Borrower may elect; provided that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, (ii) 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 and (iii) no tenor that has been removed from this definition pursuant to Section 2.14(e) 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.
“Issuing Bank” means each of JPMorgan Chase Bank, N.A., Citizens Bank, N.A., PNC Bank, National Association, Silicon Valley Bank and Truist Bank and each other Lender designated by 

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the Borrower as an “Issuing Bank” hereunder that has agreed to such designation (and is reasonably acceptable to the Administrative Agent), each in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.06(i).  Each Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate.  Each reference herein to the “Issuing Bank” in connection with a Letter of Credit or other matter shall be deemed to be a reference to the relevant Issuing Bank with respect thereto, and, further, references  herein to “the Issuing Bank” shall be deemed to refer to each of the Issuing Banks or the relevant Issuing Bank, as the context requires.
“Japanese Yen” means the lawful currency of Japan.
“LC Collateral Account” has the meaning assigned to such term in Section 2.06(j).
“LC Disbursement” means a payment made by an Issuing Bank pursuant to a Letter of Credit.
“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn Dollar Amount of all outstanding Letters of Credit at such time plus (b) the aggregate Dollar Amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time.  The LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time.  For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Article 29(a) of the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 600 (or such later version thereof as may be in effect at the applicable time) or Rule 3.13 or Rule 3.14 of the International Standby Practices, International Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect at the applicable time) or similar terms of the Letter of Credit itself, or if compliant documents have been presented but not yet honored, such Letter of Credit shall be deemed to be “outstanding” and “undrawn” in the amount so remaining available to be paid, and the obligations of the Borrower and each Revolving Lender shall remain in full force and effect until the relevant Issuing Bank and the Revolving Lenders shall have no further obligations to make any payments or disbursements under any circumstances with respect to any Letter of Credit.
“Lender Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.
“Lender-Related Person” has the meaning assigned to such term in Section 9.03(b).
“Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have become a Lender hereunder pursuant to Section 2.22 or pursuant to an Assignment and Assumption or other documentation contemplated hereby, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption or other documentation contemplated hereby.  Unless the context otherwise requires, the term “Lenders” includes the Swingline Lender and the Issuing Banks.
“Letter of Credit” means any letter of credit issued pursuant to this Agreement.
“Letter of Credit Agreement” has the meaning assigned to such term in Section 2.06(b).
“Liabilities” means any losses, claims (including intraparty claims), demands, damages or liabilities of any kind.
“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, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities.

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“Liquidity” shall mean at any time the lesser of (i) $25,000,000 and (ii) the aggregate amount of unrestricted and unencumbered (other than Liens securing the Secured Obligations and Liens permitted under Section 6.02(h) or Section 6.02(i)) cash and Permitted Investments maintained by the Borrower and its Subsidiaries in the United States as of such date.
“Loan Documents” means this Agreement, any promissory notes issued pursuant to Section 2.10(e) of this Agreement, any Letter of Credit applications, any Letter of Credit Agreement, the Collateral Documents, the Subsidiary Guaranty, and all other agreements, instruments, documents and certificates identified in Section 4.01 executed and delivered to, or in favor of, the Administrative Agent or any Lenders and including all other pledges, powers of attorney, consents, assignments, contracts, notices, letter of credit agreements and all other written matter whether heretofore, now or hereafter executed by or on behalf of any Loan Party, or any employee of any Loan Party, and delivered to the Administrative Agent or any Lender in connection with this Agreement or the transactions contemplated hereby.  Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to this Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative.
“Loan Parties” means, collectively, the Borrower and the Subsidiary Guarantors.
“Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement.
“Local Time” means (i) New York City time in the case of a Loan, Borrowing or LC Disbursement denominated in Dollars and (ii) local time in the case of a Loan, Borrowing or LC Disbursement denominated in a Foreign Currency (it being understood that such local time shall mean (a) London, England time with respect to any Foreign Currency (other than euro) and (b) Brussels, Belgium time with respect to euro, in each case of the foregoing clauses (a) and (b) unless the Borrower is otherwise notified by the Administrative Agent).
“Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations or financial condition of the Borrower and the Subsidiaries taken as a whole or (b) the validity or enforceability of this Agreement or any and all other Loan Documents or the rights or remedies of the Administrative Agent and the Lenders thereunder.
“Material Domestic Subsidiary” means (a) each Domestic Subsidiary (i) which, as of the most recent fiscal quarter of the Borrower, for the period of four consecutive fiscal quarters then ended, for which Financials have been delivered pursuant to Section 5.01, contributed greater than five percent (5%) of the Borrower’s Consolidated EBITDA for such period or (ii) which contributed greater than five percent (5%) of the Borrower’s Consolidated Total Assets as of such date; provided that, if at any time the aggregate amount of the Consolidated EBITDA or Consolidated Total Assets attributable to all Domestic Subsidiaries that are not Material Domestic Subsidiaries exceeds ten percent (10%) of the Borrower’s Consolidated EBITDA for any such period or ten percent (10%) of the Borrower’s Consolidated Total Assets as of the end of any such fiscal quarter, the Borrower (or, in the event the Borrower has failed to do so within ten (10) Business Days, the Administrative Agent) shall designate sufficient Domestic Subsidiaries as “Material Domestic Subsidiaries” to eliminate such excess, and such designated Subsidiaries shall for all purposes of this Agreement constitute Material Domestic Subsidiaries.
“Material Foreign Subsidiary” means each Foreign Subsidiary (i) which, as of the most recent fiscal quarter of the Borrower, for the period of four consecutive fiscal quarters then ended, for which Financials have been delivered pursuant to Section 5.01, contributed greater than seven and one-half percent (7.5%) of the Borrower’s Consolidated EBITDA for such period or (ii) which contributed greater than seven and one-half percent (7.5%) of the Borrower’s Consolidated Total Assets as of such date; provided that, if at any time the aggregate amount of the Consolidated EBITDA or Consolidated Total Assets attributable to all Foreign Subsidiaries that are not Material Foreign Subsidiaries exceeds fifteen percent (15.0%) of the Borrower’s Consolidated EBITDA for any such period or fifteen percent (15.0%) of the Borrower’s Consolidated Total Assets as of the end of any such fiscal quarter, the 

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Borrower (or, in the event the Borrower has failed to do so within ten (10) Business Days, the Administrative Agent) shall designate sufficient Foreign Subsidiaries as “Material Foreign Subsidiaries” to eliminate such excess, and such designated Subsidiaries shall for all purposes of this Agreement constitute Material Foreign Subsidiaries.
“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 Borrower and its Subsidiaries in an aggregate principal amount exceeding $15,000,000.  For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Borrower 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 Borrower or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time.
“Material Subsidiaries” means, collectively, Material Domestic Subsidiaries and Material Foreign Subsidiaries.
“Maturity Date” means February 25, 2027; provided, however, if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day.
“Moody’s” means Moody’s Investors Service, Inc.
“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.
“Net Proceeds” means, with respect to any event, (a) the cash proceeds received in respect of such event including (i) any cash received in respect of any non-cash proceeds (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise, but excluding any interest payments), but only as and when received, (ii) in the case of a casualty, insurance proceeds and (iii) in the case of a condemnation or similar event, condemnation awards and similar payments, net of (b) the sum of (i) all reasonable fees and out-of-pocket expenses paid by the Borrower or any Subsidiary to third parties (other than Affiliates) in connection with such event, (ii) in the case of a sale, transfer or other disposition of an asset (including pursuant to a Sale and Leaseback Transaction or a casualty or a condemnation or similar proceeding), the amount of all payments required to be made as a result of such event to repay Indebtedness (other than Loans) secured by such asset or otherwise subject to mandatory prepayment as a result of such event and (iii) the amount of all taxes paid (or reasonably estimated to be payable) and the amount of any reserves established to fund contingent liabilities reasonably estimated to be payable, in each case during the year that such event occurred or the next succeeding year and that are directly attributable to such event (as determined reasonably and in good faith by a Financial Officer).
“Non-U.S. Lender” means a Lender that is not a U.S. Person.
“NYFRB” means the Federal Reserve Bank of New York.
“NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that, if both such rates are not so published for any day that is a Business Day, the term “NYFRB Rate” means the rate quoted for such day for a federal funds transaction at 11:00 a.m., New York City time, on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“NYFRB’s Website” means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.
“Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, all LC Exposure, all accrued and unpaid fees and all expenses, reimbursements, indemnities and 

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other obligations and indebtedness (including interest and fees accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), obligations and liabilities of any of the Borrower and its Subsidiaries to any of the Lenders, the Administrative Agent, any Issuing Bank or any indemnified party, individually or collectively, existing on the Effective Date or arising thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, in each case arising or incurred under this Agreement or any of the other Loan Documents or in respect of any of the Loans made or reimbursement or other obligations incurred or any of the Letters of Credit or other related instruments at any time evidencing any thereof.
“OFAC” means the Office of Foreign Assets Control of the U.S. 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, or engaged in any other transaction pursuant to, any Loan Document).
“Other Taxes” means any present or future stamp, court, documentary, intangible, recording, filing or similar 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, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment or participation (other than an assignment pursuant to Section 2.19(b)).
“Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight eurodollar transactions 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 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 a Foreign Currency, an overnight rate determined by the Administrative Agent or the relevant Issuing Bank, as the case may be, in accordance with banking industry rules on interbank compensation.
“Participant” has the meaning assigned to such term in Section 9.04(c).
“Participant Register” has the meaning assigned to such term in Section 9.04(c).
“Participating Member State” means any member state of the European Union that adopts or has adopted the euro as its lawful currency in accordance with legislation of the European Union relating to economic and monetary union.
“Payment” has the meaning assigned to such term in Section 8.06(c).
“Payment Notice” has the meaning assigned to such term 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 Acquisition” means any acquisition (whether by purchase, merger, consolidation or otherwise) or series of related acquisitions by the Borrower or any Subsidiary of (i) all or substantially all the assets of or (ii) all or substantially all the Equity Interests in, a Person or division or line of business of a Person, if, at the time of and immediately after giving effect thereto, (a) no Default has occurred and is continuing or would arise after giving effect thereto, (b) such Person or division or 

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line of business is engaged in a line of business consistent with the provisions of Section 6.03(b), (c) all actions required to be taken with respect to such acquired or newly formed Subsidiary (if any) under Section 5.09 shall have been taken, (d) the Borrower and the Subsidiaries are in compliance, on a Pro Forma Basis after giving effect to such acquisition (but without giving effect to any synergies or cost savings unless permitted in accordance with Regulation S-X), with the financial covenant contained in Section 6.11 recomputed as of the last day of the most recently ended fiscal quarter of the Borrower for which financial statements are available, as if such acquisition (and any related incurrence or repayment of Indebtedness, with any new Indebtedness being deemed to be amortized over the applicable testing period in accordance with its terms) had occurred on the first day of each relevant period for testing such compliance and, if the aggregate consideration paid in respect of such acquisition exceeds $25,000,000, the Borrower shall have delivered to the Administrative Agent a certificate of a Financial Officer of the Borrower to such effect, together with all relevant financial information, statements and projections reasonably requested by the Administrative Agent and (e) in the case of an acquisition occurring by merger or consolidation involving the Borrower or another Loan Party, the Borrower or such other Loan Party is the surviving entity of such merger and/or consolidation.
“Permitted Call Spread Swap Agreements” means (a) a Swap Agreement pursuant to which the Borrower acquires a call option requiring the counterparty thereto to deliver to the Borrower shares of common stock of the Borrower, the cash value of such shares or a combination thereof from time to time upon exercise of such option and (b) a Swap Agreement pursuant to which the Borrower issues to the counterparty thereto warrants to acquire common stock of the Borrower, in each case entered into by the Borrower concurrently with the issuance of Permitted Convertible Notes; provided that (i) the terms, conditions and covenants of each such Swap Agreement shall be such as are typical and customary for Swap Agreements of such type (as determined by the Board of Directors of the Borrower in good faith) and (ii) in the case of clause (b) above, such Swap Agreement would be classified as an equity instrument in accordance with EITF 00-19, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock, or any successor thereto (including pursuant to the Accounting Standards Codification), and the settlement of such Swap Agreement does not require the Borrower to make any payment in cash or cash equivalents that would disqualify such Swap Agreement from so being classified as an equity instrument.
“Permitted Convertible Notes” means any unsecured notes issued by the Borrower that are convertible into common stock of the Borrower, cash or any combination thereof, and the Indebtedness thereunder is in compliance with the requirements of Section 6.01(j).
“Permitted Encumbrances” means:
(a) Liens imposed by law for Taxes that are not yet due or are being contested in compliance with Section 5.04;
(b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than forty-five (45) days or are being contested in compliance with Section 5.04;
(c) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance, pension and other social security laws or regulations;
(d) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business;
(e) judgment Liens in respect of judgments, orders, attachments, decrees or awards that do not constitute an Event of Default under clause (k) of Article VII; 
(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 interfere with the ordinary conduct of business of the Borrower or any Subsidiary;

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(g) unrecorded minor Liens, leases, easements or other encumbrances on the real property or other assets of the Borrower or any of its Subsidiaries which do not interfere materially with the use of the property or assets affected in the ordinary course of such Person’s business and do not secure Indebtedness for borrowed money;  
(h) any interest or title of a lessor, sublessor, licensee or licensor under any lease (other than a Capital Lease) or license agreement not prohibited by this Agreement, including any Lien filed to prevent the impairment of any such interest;
(i) Liens in favor of customs and revenue authorities as a matter of law to secure payment of customs duties in connection with the importation of goods;
(j) Liens of vendors arising in the ordinary course of business on assets sold by such vendors;
(k) Liens in favor of a banking or other financial institution arising as a matter of law or in the ordinary course of business under customary general terms and conditions encumbering deposits or other funds maintained with a financial institution (including the right of setoff) and that are within the general parameters customary in the banking industry or arising pursuant to such banking institution’s general terms and conditions; 
(l) Liens on specific items of inventory or other goods (other than fixed or capital assets) and proceeds thereof of any Person securing such Person’s obligations in respect of bankers’ acceptances or letters of credit issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods in the ordinary course of business;
(m) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;
(n) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods; 
(o) Liens imposed by law arising mandatorily on the assets of any Foreign Subsidiary; and
(p)Liens on Equity Interests (i) deemed to exist in connection with any options, put and call arrangements, rights of first refusal and similar rights relating to Investments in Persons that are not Material Subsidiaries of Borrower or (ii) of any joint venture or similar arrangement pursuant to any joint venture or similar arrangement;
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 of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one year from the date of acquisition thereof;
(b) investments in commercial paper maturing within 270 days from the date of acquisition thereof and having, at such date of acquisition, the highest credit rating obtainable from S&P or from Moody’s;
(c) investments in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any 

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commercial bank organized under the laws of the United States of America or any State thereof which has a combined capital and surplus and undivided profits of not less than $500,000,000;
(d) fully collateralized repurchase agreements with a term of not more than one year for securities described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above;
(e) money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $1,000,000,000; and
(f) investments made in accordance with the Investment Policy adopted by the Borrower’s Board of Directors as in effect on the date hereof, a copy of which has been furnished to the Administrative Agent and as amended, supplemented or modified after the date hereof with the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed).
“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 Borrower 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.
“Plan Asset Regulations” means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time.
“Pledge Subsidiary” means (i) each Domestic Subsidiary that is not a Subsidiary of a Foreign Subsidiary and (ii) each First Tier Foreign Subsidiary which is a Material Foreign Subsidiary.
“Pounds Sterling” means the lawful currency of the United Kingdom.
“Prepayment Event” means:
(a)any sale, transfer or other disposition (including pursuant to a Sale and Leaseback Transaction) of any property or asset of the Borrower or any Subsidiary, other than sales, transfers or dispositions described in Section 6.03(a); or
(b)any casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or similar proceeding of, any property or asset of the Borrower or any Subsidiary with a fair market value immediately prior to such event equal to or greater than $20,000,000; or
(c)the incurrence by the Borrower or any Subsidiary of any Indebtedness (other than Loans), other than Indebtedness permitted under Section 6.01 or permitted by the Required Lenders pursuant to Section 9.02.
“Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined reasonably and in good faith by the Administrative Agent) or any similar release by the Board (as determined reasonably and in good faith by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

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“Pro Forma Basis” means, with respect to any event, that the Borrower is in compliance on a pro forma basis with the applicable covenant, calculation or requirement herein recomputed as if the event with respect to which compliance on a Pro Forma Basis is being tested had occurred on the first day of the four fiscal quarter period most recently ended on or prior to such date for which financial statements have been delivered pursuant to Section 5.01.
“Proceeding” means any claim, litigation, investigation, action, suit, arbitration or administrative, judicial or regulatory action or proceeding in any jurisdiction.
“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 9.19.
“Recipient” means, as applicable, (a) the Administrative Agent, (b) any Lender (and, in the case of a Lender that is classified as a partnership for U.S. Federal tax purposes, a Person treated as the beneficial owner thereof for U.S. Federal tax purposes) and (c) any Issuing Bank.
“Reference Time” with respect to any setting of the then-current Benchmark means (i) if such Benchmark is the Term SOFR Rate, 5:00 a.m., Chicago time, on the day that is two (2) Business Days preceding the date of such setting, (ii) if such Benchmark is the EURIBO Rate, 11:00 a.m., Brussels time two (2) TARGET Days preceding the date of such setting, (iii) if such Benchmark is the TIBO Rate, 11:00 a.m. Japan time two (2) Business Days preceding the date of such setting, (iv) if the RFR for such Benchmark is SONIA, then four (4) Business Days prior to such setting, (v) if the RFR for such Benchmark is Daily Simple SOFR, then four (4) Business Days prior to such setting or (vi) if such Benchmark is none of the Term SOFR Rate, Daily Simple SOFR, the EURIBO Rate, the TIBO Rate or SONIA, the time determined by the Administrative Agent in its reasonable discretion.
“Register” has the meaning set forth in Section 9.04.
“Regulation S-X” means Regulation S-X under the Securities Act.
“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 Board or the NYFRB, the CME Term SOFR Administrator, as applicable, or a committee officially endorsed or convened by the Board or the NYFRB or, in each case, any successor thereto, (ii) with respect to a Benchmark Replacement in respect of Loans denominated in Pounds 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 euro, the European Central Bank, or a committee officially endorsed or convened by the European Central Bank or, in each case, any successor thereto, (iv) with respect to a Benchmark Replacement in respect of Loans denominated in Japanese Yen, the Bank of Japan, or a committee officially endorsed or convened by the Bank of Japan or, in each case, any successor thereto and (v) 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 (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.

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“Relevant Rate” means (i) with respect to any Term Benchmark Borrowing denominated in Dollars, the Adjusted Term SOFR Rate, (ii) with respect to any Term Benchmark Borrowing denominated in euro, the Adjusted EURIBO Rate, (iii) with respect to any Term Benchmark Borrowing denominated in Japanese Yen, the Adjusted TIBO Rate or (iv) with respect to any RFR Borrowing denominated in Pounds Sterling or Dollars, the applicable Adjusted Daily Simple RFR, 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 euro, the EURIBO Screen Rate or (iii) with respect to any Term Benchmark Borrowing denominated in Japanese Yen, the TIBO Screen Rate, as applicable.
“Required Lenders” means, subject to Section 2.21, (a) at any time prior to the earlier of the Loans becoming due and payable pursuant to Article VII or the Revolving Commitments terminating or expiring, Lenders having Credit Exposures and Unfunded Commitments representing more than 50% of the sum of the total Credit Exposures and Unfunded Commitments at such time; provided that, solely for purposes of declaring the Loans to be due and payable pursuant to Article VII, the Unfunded Commitment of each Revolving Lender shall be deemed to be zero; and (b) for all purposes after the Loans become due and payable pursuant to Article VII or the Revolving Commitments expire or terminate, Lenders having Credit Exposures representing more than 50% of the sum of the total Credit Exposures at such time; provided that, in the case of clauses (a) and (b) above, (x) the Revolving Credit Exposure of any Revolving Lender that is the Swingline Lender shall be deemed to exclude any amount of its Swingline Exposure in excess of its Applicable Percentage of all outstanding Swingline Loans, adjusted to give effect to any reallocation under Section 2.21 of the Swingline Exposures of Defaulting Lenders in effect at such time, and the Unfunded Commitment of such Lender shall be determined on the basis of its Revolving Credit Exposure excluding such excess amount and (y) for the purpose of determining the Required Lenders needed for any waiver, amendment, modification or consent of or under this Agreement or any other Loan Document, any Lender that is a Loan Party or an Affiliate of any Loan Party shall be disregarded.
“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.
“Responsible Officer” means the chief executive officer, president, a Financial Officer or chief legal officer of the Borrower.
“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in the Borrower or any 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 Borrower or any Subsidiary or any option, warrant or other right to acquire any such Equity Interests in the Borrower or any Subsidiary.
“Reuters” means, as applicable, Thomson Reuters Corp., Refinitiv, or any successor thereto.
“Revolving Commitment” means, with respect to each Lender, the amount set forth on Schedule 2.01 opposite such Lender’s name under the heading “Revolving Commitment”, 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) contemplated hereby pursuant to which such Lender shall have assumed its Revolving Commitment, as applicable, and giving effect to (a) any reduction in such amount from time to time pursuant to Section 2.09, (b) any increase from time to time pursuant to Section 2.22 and (c) any reduction or increase in such amount from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04; provided that at no time shall the Revolving Credit Exposure of any Lender exceed its Revolving Commitment. The initial aggregate amount of the Revolving Commitments on the Effective Date is $70,000,000.

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“Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Revolving Loans, its LC Exposure and its Swingline Exposure at such time.
“Revolving Lender” means, as of any date of determination, each Lender that has a Revolving Commitment or, if the Revolving Commitments have terminated or expired, a Lender with Revolving Credit Exposure.
“Revolving Loan” means a Loan made by a Revolving Lender pursuant to Section 2.01(a).
“RFR” means, for any RFR Loan denominated in (a) Pounds Sterling, SONIA and (b) Dollars, Daily Simple SOFR.
“RFR Borrowing” means, as to any Borrowing, the RFR Loans comprising such Borrowing.
“RFR Business Day” means, for any Loan denominated in (a) Pounds 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 and (b) Dollars, a U.S. Government Securities Business Day.
“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 the Adjusted Daily Simple RFR.
“S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business.
“Sale and Leaseback Transaction” means any sale or other transfer of any property or asset owned by any Person with the intent to lease such property or asset as lessee.
“Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the time of this Agreement, Crimea Region of Ukraine, Cuba, Iran, North Korea and Syria).
“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related lists of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union, any European Union member state in which the Borrower or any Subsidiary conducts business or Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person 50% or more owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b).
“Sanctions” means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union, any European Union member state in which the Borrower or any Subsidiary conducts business or Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority.
“SEC” means the United States Securities and Exchange Commission.
“Securities Act” means the United States Securities Act of 1933.
“Secured Banking Services Obligations” means any and all obligations of the Borrower or any Subsidiary, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions 

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therefor) in connection with Banking Services with respect to which, at or prior to the Effective Date or the time that the Banking Services Agreement is entered into (other than any Banking Services Agreement relating to Secured Banking Services Obligations owing to the Administrative Agent or an Affiliate thereof), the Borrower (or any Subsidiary) and the Lender (or Affiliate thereof) providing such Banking Services (except in the case of the Administrative Agent and its Affiliates) shall have delivered written notice to the Administrative Agent that such transaction has been entered into and that it constitutes a Secured Banking Services Obligation entitled to the benefits of the Collateral Documents.
“Secured Obligations” means all Obligations, together with all Secured Swap Obligations and Secured Banking Services Obligations owing to one or more Lenders or their respective Affiliates; provided that the definition of “Secured Obligations” shall not create or include any guarantee by any Loan Party of (or grant of security interest by any Loan Party to support, as applicable) any Excluded Swap Obligations of such Loan Party for purposes of determining any obligations of any Loan Party.
“Secured Parties” means the holders of the Secured Obligations from time to time and shall include (i) each Lender and the Issuing Bank in respect of its Loans and LC Exposure respectively, (ii) the Administrative Agent, the Issuing Banks and the Lenders in respect of all other present and future obligations and liabilities of the Borrower and each Subsidiary of every type and description arising under or in connection with this Agreement or any other Loan Document, (iii) each Lender and Affiliate of such Lender in respect of Secured Swap Obligations and Secured Banking Services Obligations, (iv) each indemnified party under Section 9.03 in respect of the obligations and liabilities of the Borrower to such Person hereunder and under the other Loan Documents, and (v) their respective successors and (in the case of a Lender, permitted) transferees and assigns.
“Secured Swap Obligations” means any and all obligations of the Borrower or any Subsidiary, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any and all Swap Agreements permitted hereunder with a Lender or an Affiliate of a Lender, and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any such Swap Agreement transaction in each case with respect to which, at or prior to the Effective Date or the time that the Swap Agreement is entered into (other than any Swap Agreement relating to Secured Swap Obligations owing to the Administrative Agent or an Affiliate thereof), the Borrower (or any Subsidiary) and the Lender (or Affiliate thereof) party to such Swap Agreement (except in the case of the Administrative Agent and its Affiliates) shall have delivered written notice to the Administrative Agent that such transaction has been entered into and that it constitutes a Secured Swap Obligation entitled to the benefits of the Collateral Documents.
“Security Agreement” means that certain Pledge and Security Agreement (including any and all supplements thereto), dated as of the Effective Date, between the Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, and any other pledge or security agreement entered into, after the date of this Agreement by any other Loan Party (as required by this Agreement or any other Loan Document), or any other Person that becomes a Loan Party, as the same may be amended, restated, supplemented or otherwise modified from time to time.
“SOFR” means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.
“SOFR Administrator” means the NYFRB (or a successor administrator of the secured overnight financing rate).
“SOFR Administrator’s Website” means the NYFRB’s Website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.
“SOFR Rate Day” has the meaning specified 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 is greater than the total amount of 

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liabilities, including contingent liabilities, of such Person, (b) the present fair saleable 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, (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 property would constitute an unreasonably small capital, and (e) such Person is able to pay its 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 Ancillary Obligations” means all obligations and liabilities (including interest and fees accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) of any of the Subsidiaries, existing on the Effective Date or arising thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, to the Lenders or any of their Affiliates under any Swap Agreement or any Banking Services Agreement; provided that the definition of “Specified Ancillary Obligations” shall not create or include any guarantee by any Loan Party of (or grant of security interest by any Loan Party to support, as applicable) any Excluded Swap Obligations of such Loan Party for purposes of determining any obligations of any Loan Party.
“Specified Swap Obligation” means, with respect to any Loan Party, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act or any rules or regulations promulgated thereunder.
“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 percentage (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject with respect to the Adjusted EURIBO Rate or the Adjusted TIBO Rate, as applicable, for eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D of the Board) 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 percentage shall include those imposed pursuant to Regulation D of the Board.  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 Regulation D of the Board or any comparable regulation.  The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.
“Subordinated Indebtedness” means any Indebtedness of the Borrower or any Subsidiary the payment of which is subordinated to payment of the Secured Obligations.
“Subordinated Indebtedness Documents” means any document, agreement or instrument evidencing any Subordinated Indebtedness or entered into in connection with any Subordinated Indebtedness.

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“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) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.
“Subsidiary” means any subsidiary of the Borrower.
“Subsidiary Guarantor” means each Wholly-Owned Domestic Subsidiary that is a Material Domestic Subsidiary that is party to the Subsidiary Guaranty.  The Subsidiary Guarantors on the Effective Date are identified as such in Schedule 3.01 hereto.
“Subsidiary Guaranty” means that certain Guaranty dated as of the Effective Date (including any and all supplements thereto) and executed by each Subsidiary Guarantor, as amended, restated, supplemented or otherwise modified from time to time.
“Supported QFC” has the meaning assigned to it in Section 9.19.
“Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a Swap Agreement.
“Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time.  The Swingline Exposure of any Lender at any time shall be the sum of (without duplication) (a) its Applicable Percentage of the aggregate principal amount of all Swingline Loans outstanding at such time (excluding, in the case of any Lender that is a Swingline Lender, Swingline Loans made by it that are outstanding at such time to the extent that the other Lenders shall not have funded their participations in such Swingline Loans), adjusted to give effect to any reallocation under Section 2.21 of the Swingline Exposure of Defaulting Lenders in effect at such time, and (b) in the case of any Lender that is a Swingline Lender, the aggregate principal amount of all Swingline Loans made by such Lender outstanding at such time, less the amount of participations funded by the other Lenders in such Swingline Loans.
“Swingline Lender” means JPMorgan Chase Bank, N.A., in its capacity as lender of Swingline Loans hereunder.
“Swingline Loan” means a Loan made pursuant to Section 2.05.
“Swingline Sublimit” means $10,000,000.
“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET2) payment system which utilizes a single shared platform and which was launched on November 19, 2007.
“TARGET Day” means any day on which TARGET2 (or, if such payment system ceases to be operative, such other payment system (if any) reasonably determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in euro.

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“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, means that such Loan, or the Loans comprising such Borrowing, bears interest at a rate determined by reference to the Adjusted Term SOFR Rate, the Adjusted EURIBO Rate or the Adjusted TIBO Rate.
 “Term Benchmark Payment Office” of the Administrative Agent shall mean, for each Foreign Currency, the office, branch, affiliate or correspondent bank of the Administrative Agent for such currency as specified from time to time by the Administrative Agent to the Borrower and each Lender.
“Term Lender” means, as of any date of determination, each Lender having a Term Loan Commitment or that holds Term Loans.
“Term Loan Commitment” means, with respect to any Term Lender, such Term Lender’s Applicable Percentage of the Term Loans.
“Term Loans” means the term loans made by the Term Lenders to the Borrower on January 5, 2021 pursuant to the Existing Credit Agreement.  The aggregate outstanding principal amount of the Term Loans as of the Effective Date is $171,000,000 and each Term Lender’s respective portion of the Term Loans on the Effective Date is set forth on Schedule 2.01.
“Term SOFR Determination Day” has the meaning assigned to it under 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., Chicago 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.
“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.
“TIBO Rate” means, with respect to any Term Benchmark Borrowing denominated in Japanese Yen and for any Interest Period, the TIBO Screen Rate two (2) Business Days prior to the commencement of such Interest Period.
“TIBO Screen Rate” means the Tokyo interbank offered rate administered by the Ippan Shadan Hojin JBA TIBO Administration (or any other person which takes over the administration of that rate) for the relevant currency and period displayed on page DTIBOR01 of the Reuters screen (or, in the event such rate does not appear on such Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate as selected by the Administrative Agent from time to time in its reasonable discretion) as published at approximately 1:00 p.m., Japan time, two (2) Business Days prior to the commencement of such Interest Period.

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“Total Net Leverage Ratio” has the meaning assigned to such term in Section 6.11.
“Total Revolving Credit Exposure” means, at any time, the sum of (a) the outstanding principal amount of the Revolving Loans and Swingline Loans at such time and (b) the total LC Exposure at such time.
“Transactions” means the execution, delivery and performance by the Loan Parties of this Agreement and the other Loan Documents, the borrowing of Loans and other credit extensions hereunder, 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 Adjusted EURIBO Rate, the Adjusted TIBO Rate, the Alternate Base Rate or the Adjusted Daily Simple RFR.
“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York or any other state the laws of which are required to be applied in connection with the issue of perfection of security interests.
“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.
“Unfinanced Capital Expenditures” means, for any period, Consolidated Capital Expenditures made during such period which are not financed from the proceeds of any Indebtedness (other than the Revolving Loans; it being understood and agreed that, to the extent any Consolidated Capital Expenditures are financed with Revolving Loans, such Consolidated Capital Expenditures shall be deemed Unfinanced Capital Expenditures).
“Unfunded Commitment” means, with respect to each Lender, the Revolving Commitment of such Lender less its Revolving Credit Exposure.
“Unliquidated Obligations” means, at any time, any Secured Obligations (or portion thereof) that are contingent in nature or unliquidated at such time, including any Secured Obligation that is: (i) an obligation to reimburse a bank for drawings not yet made under a letter of credit issued by it; (ii) any other obligation (including any guarantee) that is contingent in nature at such time; or (iii) an obligation to provide collateral to secure any of the foregoing types of obligations.
“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.
“U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code.
“U.S. Special Resolution Regime” has the meaning assigned to it in Section 9.19.

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“U.S. Tax Certificate” has the meaning assigned to such term in Section 2.17(f)(ii)(D)(2).
“Wholly-Owned Subsidiary” means a Subsidiary with respect to which 100% of the issued and outstanding Equity Interests are owned directly or indirectly by the Borrower (other than (i) directors’ qualifying shares; (ii) shares issued to foreign nationals to the extent required by applicable law; and (iii) shares held by a Person on trust for, or otherwise where the beneficial interest is held by, the Borrower (directly or indirectly)).
“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 the 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 under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.
SECTION 1.02.  Classification of Loans and Borrowings.  For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Term Benchmark Loan” or an “RFR Loan”) or by Class and Type (e.g., a “Term Benchmark Revolving Loan” or an “RFR Revolving Loan”).  Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Term Benchmark Borrowing” or an “RFR Borrowing”) or by Class and Type (e.g., a “Term Benchmark Revolving Borrowing” or an “RFR Revolving Borrowing”).
SECTION 1.03.  Terms Generally.  The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.  The word “will” shall be construed to have the same meaning and effect as the word “shall”.  The word “law” shall be construed as referring to all statutes, rules, regulations, codes and other laws (including official rulings and interpretations thereunder having the force of law or with which affected Persons customarily comply), and all judgments, orders and decrees, of all Governmental Authorities.  Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein), (b) any definition of or reference to any law, statute, rule or regulation shall be construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws), (c) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any restrictions on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof, (d) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (e) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

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SECTION 1.04.  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 at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided further that, (A) until so amended, such ratio or requirement shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective and (B) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.  Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made (i) without giving effect to any election under Financial Accounting Standards Board Accounting Standards Codification 825 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein, (ii) without giving effect to any treatment of Indebtedness under Accounting Standards Codification 470-20 or 2015-03 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof and (iii) with respect to capital leases, the amounts of Capital Lease Obligations, any lease that was classified or accounted for as an operating lease as of (and any similar lease entered into after) December 31, 2015 in accordance with GAAP shall be classified or accounted for as an operating lease and not a capital lease, even though, as a result of a change in GAAP or the Borrower’s implementation of FASB ASC 840 or other applicable accounting standard, such lease would be classified and accounted for as a capital lease under GAAP.
SECTION 1.05.  Status of Obligations.  In the event that the Borrower or any other Loan Party shall at any time issue or have outstanding any Subordinated Indebtedness, the Borrower shall take or cause such other Loan Party to take all such actions as shall be necessary to cause the Secured Obligations to constitute senior indebtedness (however denominated) in respect of such Subordinated Indebtedness and to enable the Administrative Agent and the Lenders to have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated Indebtedness.  Without limiting the foregoing, the Secured Obligations are hereby designated as “senior indebtedness” and as “designated senior indebtedness” and words of similar import under and in respect of any indenture or other agreement or instrument under which such Subordinated Indebtedness is outstanding and are further given all such other designations as shall be required under the terms of any such Subordinated Indebtedness in order that the Lenders may have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated Indebtedness.
SECTION 1.06.  Interest Rates; Benchmark Notification.  The interest rate on a Loan denominated in Dollars or a Foreign 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 2.14(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 

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rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, 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 1.07.  Divisions.  For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders of its Equity Interests at such time.
SECTION 1.08.  Letter of Credit Amounts.  Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the Dollar Amount of such Letter of Credit available to be drawn at such time; provided that, with respect to any Letter of Credit that, by its terms or the terms of any Letter of Credit Agreement related thereto, provides for one or more automatic increases in the available amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum Dollar Amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum amount is available to be drawn at such time.
SECTION 1.09.  Amendment and Restatement of Existing Credit Agreement.  The parties to this Agreement agree that, upon (i) the execution and delivery by each of the parties hereto of this Agreement and (ii) satisfaction of the conditions set forth in Section 4.01, the terms and provisions of the Existing Credit Agreement shall be and hereby are amended, superseded and restated in their entirety by the terms and provisions of this Agreement.  This Agreement is not intended to and shall not constitute a novation.  All “Loans” made and “Obligations” incurred under the Existing Credit Agreement which are outstanding on the Effective Date shall continue as Loans and Obligations under (and shall be governed by the terms of) this Agreement and the other Loan Documents.  Without limiting the foregoing, upon the Effective Date: (a) all references in the “Loan Documents” (as defined in the Existing Credit Agreement) to the “Administrative Agent”, the “Credit Agreement” and the “Loan Documents” shall be deemed to refer to the Administrative Agent, this Agreement and the Loan Documents, (b) the existing Letters of Credit which remain outstanding on the Effective Date shall continue as Letters of Credit under (and shall be governed by the terms of) this Agreement, (c) all obligations constituting “Obligations” owed to any Lender or any Affiliate of such Lender which are outstanding on the Effective Date shall continue as Obligations under this Agreement and the other Loan Documents, (d) the Administrative Agent shall make such reallocations, sales, assignments or other relevant actions in respect of each Lender’s Revolving Credit Exposure under the Existing Credit Agreement as are necessary in order that each such Lender’s Revolving Credit Exposure and outstanding Revolving Loans hereunder reflects such Lender’s Applicable Percentage of the outstanding aggregate Revolving Credit Exposures on the Effective Date and (e) the Borrower hereby agree to compensate each Lender for any and all losses, costs and expenses incurred by such Lender in connection with the sale and assignment of any Eurocurrency Loans (as defined in this Agreement prior to the Effective Date) (including the “Eurocurrency Loans” under the Existing Credit Agreement) and such reallocation described above, in each case on the terms and in the manner set forth in Section 2.16 hereof.
SECTION 1.10.  Exchange Rates; Currency Equivalents.
(a) The Administrative Agent or the relevant Issuing Bank, as applicable, shall determine the Dollar Amount of Term Benchmark Borrowings, RFR Borrowings or Letters of Credit denominated in Foreign Currencies.  Such Dollar Amount shall become effective as of such Computation Date and shall be the Dollar Amount of such amounts until the next Computation Date to occur.  Except for purposes of financial statements delivered by the Borrower hereunder or calculating financial covenants 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 Dollar Amount as so determined by the Administrative Agent or the relevant Issuing Bank, as applicable.

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(b) Wherever in this Agreement in connection with a Borrowing, conversion, continuation or prepayment of a Term Benchmark Loan or an RFR Loan or the issuance, amendment or extension of a Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Borrowing, Loan or Letter of Credit is denominated in a Foreign Currency, such amount shall be the Dollar Amount of such amount (rounded to the nearest unit of such Foreign Currency, with 0.5 of a unit being rounded upward), as determined by the Administrative Agent or the relevant Issuing Bank, as the case may be.
ARTICLE II

The Credits
SECTION 1.01.  Commitments.  Prior to the Effective Date, (x) certain term loans were previously made to the Borrower under the Existing Credit Agreement which remain outstanding as of the Effective Date (such outstanding loans being hereinafter referred to as the “Existing Term Loans”) and (y) certain revolving loans were made to the Borrower under the Existing Credit Agreement which remain outstanding as of the date of this Agreement (such outstanding revolving loans being hereinafter referred to as the “Existing Revolving Loans” and, together with the Existing Term Loans, the “Existing Loans”)).  Subject to the terms and conditions set forth in this Agreement, the Borrower and each of the Lenders agree that on the Effective Date but subject to the reallocation and other transactions described in Section 1.07, the Existing Loans shall be reevidenced as Revolving Loans or Term Loans, as applicable, under this Agreement and the terms of the Existing Loans shall be restated in their entirety and shall be evidenced by this Agreement.  Subject to the terms and conditions set forth herein, each Revolving Lender (severally and not jointly) agrees to make Revolving Loans to the Borrower in Agreed Currencies from time to time during the Availability Period in an aggregate principal amount that will not result (after giving effect to any application of proceeds of such Borrowing to any Swingline Loans outstanding pursuant to Section 2.10(a)) in, subject to Sections 2.04 and 2.11(b), (i) the Dollar Amount of such Lender’s Revolving Credit Exposure exceeding such Lender’s Revolving Commitment, (ii) the Dollar Amount of the Total Revolving Credit Exposure exceeding the aggregate Revolving Commitments or (iii) the Dollar Amount of the total outstanding Revolving Loans and LC Exposure, in each case denominated in Foreign Currencies, exceeding the Foreign Currency Sublimit.  Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans.  The Term Loans have been funded and may not be reborrowed.  Amounts repaid or prepaid in respect of Term Loans may not be reborrowed.
SECTION 1.02.  Loans and Borrowings.  (a)  Each Loan (other than a Swingline Loan) shall be made as part of a Borrowing consisting of Loans of the same Class and Type made by the applicable Lenders ratably in accordance with their respective Commitments of the applicable Class. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. Any Swingline Loan shall be made in accordance with the procedures set forth in Section 2.05.  The Term Loans shall amortize as set forth in Section 2.10.
(b) Subject to Section 2.14, each Revolving Borrowing and each Term Loan Borrowing shall be comprised (i) in the case of Borrowings in Dollars, entirely of ABR Loans or Term Benchmark Loans and (ii) in the case of Borrowings in any other Agreed Currency, entirely of Term Benchmark Loans or RFR Loans, as applicable, in each case of the same Agreed Currency, as the Borrower may request in accordance herewith; provided that each ABR Loan shall only be made in Dollars.  Each Swingline Loan shall be an ABR Loan.  Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the provisions of Sections 2.14, 2.15, 2.16 and 2.17 shall apply to such Affiliate to the same extent as to such Lender); provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.
(c) At the commencement of each Interest Period for any Term Benchmark Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 (or, if such Borrowing is denominated in (i) Japanese Yen, JPY 10,000,000 or (ii) a Foreign Currency other than 

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Japanese Yen, 1,000,000 units of such currency) and not less than $2,500,000 (or, if such Borrowing is denominated in (i) Japanese Yen, JPY 250,000,000 or (ii) a Foreign Currency other than Japanese Yen, 2,500,000 units of such currency).  At the time that each ABR Borrowing and/or RFR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $500,000; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the aggregate Revolving Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e).  Each Swingline Loan shall be in an amount that is an integral multiple of $50,000 and not less than $250,000.  Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of eight (8) Term Benchmark Borrowings or RFR Borrowings outstanding.
(d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.
SECTION 1.03.  Requests for Borrowings.  To request a Borrowing, the Borrower shall notify the Administrative Agent of such request (a) by irrevocable written notice (via a written Borrowing Request signed by a Responsible Officer of the Borrower) (i) in the case of a Term Benchmark Borrowing denominated in Dollars, euro or Japanese Yen, not later than 12:00 noon, New York City time, three (3) Business Days before the date of the proposed Borrowing and (ii) in the case of an RFR Borrowing denominated in Pounds Sterling, not later than 12:00 noon, New York City time, five (5) RFR Business Days before the date of the proposed Borrowing or (b) by irrevocable written notice (via a written Borrowing Request signed by a Responsible Officer of the Borrower) in the case of an ABR Borrowing, not later than 12:00 noon, New York City time, on the date of the proposed Borrowing.  Each such Borrowing Request shall specify the following information in compliance with Section 2.02:
(i)  the aggregate principal amount of the requested Borrowing;
(ii)  the date of such Borrowing, which shall be a Business Day;
(iii)  whether such Borrowing is to be an ABR Borrowing, a Term Benchmark Borrowing or an RFR Borrowing;
(iv)  whether such Borrowing is a Revolving Borrowing or a Term Loan Borrowing;
(v)  in the case of a Term Benchmark Borrowing or an RFR Borrowing, the Agreed Currency to be applicable thereto;
(vi)  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”; and
(vii)  the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.07.
If no election as to the 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, in the case of a Borrowing denominated in Dollars, the requested Borrowing shall be an ABR Borrowing.  If no Interest Period is specified with respect to any requested Term Benchmark Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.  Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.
SECTION 1.04.  Determination of Dollar Amounts.  The Administrative Agent will determine the Dollar Amount of:

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(a) any Loan denominated in a Foreign Currency, on 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 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 one month 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) any Letter of Credit denominated in a Foreign Currency, on 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 Credit Event, on any additional date as the Administrative Agent may determine at any time when an Event of Default exists.
Each day upon or as of which the Administrative Agent determines Dollar Amounts as described in the preceding clauses (a), (b) and (c) is herein described as a “Computation Date” with respect to each Credit Event for which a Dollar Amount is determined on or as of such day.

SECTION 1.05.  Swingline Loans.  (a)  Subject to the terms and conditions set forth herein, the Swingline Lender may in its sole discretion make Swingline Loans in Dollars to the Borrower from time to time during the Availability Period, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding the Swingline Sublimit, (ii) the Swingline Lender’s Revolving Credit Exposure exceeding its Revolving Commitment or (iii) the Dollar Amount of the Total Revolving Credit Exposure exceeding the aggregate Revolving Commitments; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan.  Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans.
(b) To request a Swingline Loan, the Borrower shall notify the Administrative Agent of such request by irrevocable written notice (via a written Borrowing Request in a form approved by the Administrative Agent and signed by a Responsible Officer of the Borrower), not later than 1:00 p.m., New York City time, on the day of a proposed Swingline Loan.  Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day) and amount of the requested Swingline Loan.  The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Borrower.  The Swingline Lender shall make each Swingline Loan available to the Borrower by means of a credit to an account of the Borrower with the Administrative Agent designated for such purpose (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e), by remittance to the relevant Issuing Bank) by 3:00 p.m., New York City time, on the requested date of such Swingline Loan.
(c) The Swingline Lender may by written notice given to the Administrative Agent require the Revolving Lenders to acquire participations in all or a portion of the Swingline Loans outstanding.  Such notice shall specify the aggregate amount of Swingline Loans in which Revolving Lenders will participate.  Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Revolving Lender, specifying in such notice such Lender’s Applicable Percentage of such Swingline Loan or Loans.  Each Revolving Lender hereby absolutely and unconditionally agrees, promptly upon receipt of such notice from the Administrative Agent (and in any event, if such notice is received by 12:00 noon, New York City time, on a Business Day, no later than 5:00 p.m., New York City time, on such Business Day and if received after 12:00 noon, New York City time, on a Business Day, no later than 10:00 a.m., New York City time, on the immediately succeeding Business Day), to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender’s Applicable Percentage of such Swingline Loan or Loans.  Each Revolving Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.  Each Revolving Lender shall 

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comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Revolving Lenders.  The Administrative Agent shall notify the Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender.  Any amounts received by the Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Revolving Lenders that shall have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear; provided that any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the Borrower for any reason.  The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof.
(d) The Swingline Lender may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Swingline Lender and the successor Swingline Lender.  The Administrative Agent shall notify the Revolving Lenders of any such replacement of the Swingline Lender.  At the time any such replacement shall become effective, the Borrower shall pay all unpaid interest accrued for the account of the replaced Swingline Lender pursuant to Section 2.13(a).  From and after the effective date of any such replacement, (i) the successor Swingline Lender shall have all the rights and obligations of the replaced Swingline Lender under this Agreement with respect to Swingline Loans made thereafter and (ii) references herein to the term “Swingline Lender” shall be deemed to refer to such successor or to any previous Swingline Lender, or to such successor and all previous Swingline Lenders, as the context shall require.  After the replacement of a Swingline Lender hereunder, the replaced Swingline Lender shall remain a party hereto and shall continue to have all the rights and obligations of a Swingline Lender under this Agreement with respect to Swingline Loans made by it prior to its replacement, but shall not be required to make additional Swingline Loans.
(e) Subject to the appointment and acceptance of a successor Swingline Lender, the Swingline Lender may resign as a Swingline Lender at any time upon thirty (30) days’ prior written notice to the Administrative Agent, the Borrower and the Revolving Lenders, in which case, such Swingline Lender shall be replaced in accordance with Section 2.05(d) above.
SECTION 1.06.  Letters of Credit.  (a) General.  Subject to the terms and conditions set forth herein, the Borrower may request the issuance of, and subject to the terms and conditions set forth herein, each Issuing Bank agrees to provide, Letters of Credit denominated in Agreed Currencies as the applicant thereof for the support of its or its Subsidiaries’ obligations, in a form reasonably acceptable to the Administrative Agent and the relevant Issuing Bank, at any time and from time to time during the Availability Period.  In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, the relevant Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control.  Notwithstanding anything herein to the contrary, no Issuing Bank shall have any obligation hereunder to issue any Letter of Credit the proceeds of which would be made available to any Person (i) to fund any activity or business of or with any Sanctioned Person, or in any country or territory that, at the time of such funding, is itself the subject of any Sanctions, unless such activity or business is not prohibited by Sanctions or (ii) in any manner that would result in a violation of any Sanctions by any party to this Agreement.
(b) Notice of Issuance, Amendment, Extension; Certain Conditions.  To request the issuance of a Letter of Credit (or the amendment or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the relevant Issuing Bank) to the relevant Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment or extension, but in any event no less than three (3) Business Days) a notice requesting the issuance of a Letter of 

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Credit, or identifying the Letter of Credit to be amended or extended, and specifying the date of issuance, amendment or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the Agreed Currency applicable thereto, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend or extend such Letter of Credit.  In addition, as a condition to any such Letter of Credit issuance, the Borrower shall have entered into a continuing agreement (or other letter of credit agreement) for the issuance of letters of credit and/or shall submit a letter of credit application, in each case, as required by the relevant Issuing Bank and using such Issuing Bank’s standard form (each, a “Letter of Credit Agreement”).  In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any Letter of Credit Agreement, the terms and conditions of this Agreement shall control.  A Letter of Credit shall be issued, amended or extended only if (and upon issuance, amendment or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment or extension, subject to Sections 2.04 and 2.11(b), (i) the Dollar Amount of the LC Exposure shall not exceed $20,000,000, (ii) the Dollar Amount of the Total Revolving Credit Exposure shall not exceed the aggregate Revolving Commitments, (iii) the Dollar Amount of each Lender’s Revolving Credit Exposure shall not exceed such Lender’s Revolving Commitment, (iv) the Dollar Amount of the total outstanding Revolving Loans and LC Exposure, in each case denominated in Foreign Currencies, shall not exceed the Foreign Currency Sublimit and (v) the Dollar Amount of the aggregate face amount of all Letters of Credit issued and then outstanding by any Issuing Bank shall not exceed such Issuing Bank’s Applicable LC Sublimit.
No Issuing Bank shall be under any obligation to issue any Letter of Credit if any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuing Bank from issuing such Letter of Credit, or any law applicable to such Issuing Bank shall prohibit, or require that such Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuing Bank with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuing Bank is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon such Issuing Bank any unreimbursed loss, cost or expense that was not applicable on the Effective Date and that such Issuing Bank in good faith deems material to it.
(c) Expiration Date.  Each Letter of Credit shall expire (or be subject to termination by notice from the relevant Issuing Bank to the beneficiary thereof) at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any extension of the expiration date thereof, one year after such extension) and (ii) the date that is five (5) Business Days prior to the Maturity Date.
(d) Participations.  By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the relevant Issuing Bank or the Revolving Lenders, the relevant Issuing Bank hereby grants to each Revolving Lender, and each Revolving Lender hereby acquires from the relevant Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit.  In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the relevant Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by such Issuing Bank and not reimbursed by the Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Borrower for any reason, including after the Maturity Date.  Each Revolving Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.
(e) Reimbursement.  If the relevant Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent in Dollars the Dollar Amount equal to such LC Disbursement, calculated as of the 

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date such Issuing Bank made such LC Disbursement (or if such Issuing Bank shall so elect in its sole discretion by notice to the Borrower, in such other Agreed Currency which was paid by such Issuing Bank pursuant to such LC Disbursement in an amount equal to such LC Disbursement) not later than 12:00 noon, Local Time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., Local Time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, Local Time, on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time on the day of receipt; provided that, if such LC Disbursement is not less than the Dollar Amount of $500,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with (i) to the extent such LC Disbursement was made in Dollars, an ABR Revolving Borrowing, Term Benchmark Revolving Borrowing or Swingline Loan in Dollars in an amount equal to such LC Disbursement or (ii) to the extent that such LC Disbursement was made in a Foreign Currency, a Term Benchmark Revolving Borrowing or an RFR Revolving Borrowing, as applicable, in such Foreign Currency in an amount equal to such LC Disbursement and, in each case, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing, Term Benchmark Revolving Borrowing, RFR Revolving Borrowing or Swingline Loan, as applicable.  If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Lender’s Applicable Percentage thereof.  Promptly following receipt of such notice, each Revolving Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the relevant Issuing Bank the amounts so received by it from the Revolving Lenders.  Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to such Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to such Lenders and such Issuing Bank as their interests may appear.  Any payment made by a Revolving Lender pursuant to this paragraph to reimburse the relevant Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans, Term Benchmark Revolving Loans, RFR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.  If the Borrower’s reimbursement of, or obligation to reimburse, any amounts in any Foreign Currency would subject the Administrative Agent, any Issuing Bank or any Lender to any stamp duty, ad valorem charge or similar tax that would not be payable if such reimbursement were made or required to be made in Dollars, the Borrower shall, at its option, either (x) pay the amount of any such tax requested by the Administrative Agent, the relevant Issuing Bank or the relevant Lender or (y) reimburse each LC Disbursement made in such Foreign Currency in Dollars, in an amount equal to the Dollar Amount thereof calculated on the date such LC Disbursement is made.
(f) Obligations Absolute.  The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit, any Letter of Credit Agreement or this Agreement, or any term or provision therein or herein, (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) any payment by the relevant 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 other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder or (v) any adverse change in the relevant exchange rates or in the availability of the relevant Foreign Currency to the Borrower or any Subsidiary or in the relevant currency markets generally.  Neither the Administrative Agent, the Revolving Lenders nor the Issuing Banks, nor any of their respective 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 

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Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms, any error in translation or any consequence arising from causes beyond the control of the relevant Issuing Bank; provided that the foregoing shall not be construed to excuse the relevant Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by such Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof.  The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of such Issuing Bank (as finally determined by a court of competent jurisdiction), such Issuing Bank shall be deemed to have exercised care in each such determination.  In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, each Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.
(g) Disbursement Procedures.  Each Issuing Bank shall, within the time allowed by applicable law or the specific terms of the Letter of Credit following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit.  Each Issuing Bank shall promptly after such examination notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy) of such demand for payment and whether such Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse such Issuing Bank and the Revolving Lenders with respect to any such LC Disbursement.
(h) Interim Interest.  If any Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made and notice thereof is provided to the Borrower in accordance with paragraph (e) of this Section, 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 reimbursement is due and payable, at the rate per annum then applicable to ABR Revolving Loans (or in the case such LC Disbursement is denominated in a Foreign Currency, at the Overnight Rate for such Agreed Currency plus the then effective Applicable Rate with respect to Term Benchmark Revolving Loans) and such interest shall be due and payable on the date when such reimbursement is payable; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.13(d) shall apply.  Interest accrued pursuant to this paragraph shall be for the account of the relevant Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment.
(i) Replacement of Issuing Bank.  (A) Any Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank.  The Administrative Agent shall notify the Revolving Lenders of any such replacement of any Issuing Bank.  At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b).  From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require.  After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit then outstanding and issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit or extend or otherwise amend any existing Letter of Credit.
(B) Subject to the appointment and acceptance of a successor Issuing Bank, any Issuing Bank may resign as an Issuing Bank at any time upon thirty days’ prior written notice to the 

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Administrative Agent, the Borrower and the Revolving Lenders, in which case, such Issuing Bank shall be replaced in accordance with Section 2.06(i)(A) above.
(j) Cash Collateralization.  If any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Revolving Lenders with LC Exposure representing greater than 50% of the total LC Exposure) demanding the deposit of cash collateral pursuant to this paragraph, the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Revolving Lenders (the “LC Collateral Account”), an amount in cash equal to 105% of the Dollar Amount of the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that (i) the portions of such amount attributable to undrawn Foreign Currency Letters of Credit or LC Disbursements in a Foreign Currency that the Borrower is not late in reimbursing shall be deposited in the applicable Foreign Currencies in the actual amounts of such undrawn Letters of Credit and LC Disbursements and (ii) the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in clause (h) or (i) of Article VII.  For the purposes of this paragraph, the Dollar Amount of the Foreign Currency LC Exposure shall be calculated on the date notice demanding cash collateralization is delivered to the Borrower.  The Borrower also shall deposit cash collateral pursuant to this paragraph as and to the extent required by Section 2.11(b).  Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the Secured Obligations.  In addition, and without limiting the foregoing or Section 2.06(c), if any LC Exposure remains outstanding after the expiration date specified in Section 2.06(c)(ii), the Borrower shall immediately deposit into the LC Collateral Account an amount in cash equal to 105% of the Dollar Amount of such LC Exposure as of such date plus any accrued and unpaid interest thereon.  The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account and the Borrower hereby grants the Administrative Agent a security interest in the LC Collateral Account.  Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest.  Interest or profits, if any, on such investments shall accumulate in such account.  Moneys in such account shall be applied by the Administrative Agent to reimburse the relevant Issuing Bank for LC Disbursements for which it has not been reimbursed, together with related fees, costs and customary processing charges, and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Revolving Lenders with LC Exposure  representing greater than 50% of the total LC Exposure), be applied to satisfy other Secured Obligations.  If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three (3) Business Days after all Events of Default have been cured or waived.
(k) 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 relevant Issuing Bank (whether arising by contract, at law, in equity or otherwise) against such Subsidiary in respect of such Letter of Credit, the Borrower (i) shall reimburse, indemnify and compensate such 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 Borrower 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 Borrower hereby acknowledges that the issuance of such Letters of Credit for its Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business derives substantial benefits from the businesses of such Subsidiaries.
(l) Issuing Bank Agreements.  Each Issuing Bank agrees that, unless otherwise requested by the Administrative Agent, such Issuing Bank shall report in writing to the Administrative Agent (i) on or prior to each Business Day on which such Issuing Bank expects to issue, amend or extend any Letter of Credit, the date of such issuance, amendment or extension, and the aggregate face amount 

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and currency of the Letters of Credit to be issued, amended or extended by it and outstanding after giving effect to such issuance, amendment or extension occurred (and whether the amount thereof changed), (ii) on each Business Day on which such Issuing Bank pays any amount in respect of one or more drawings under Letters of Credit, the date of such payment(s) and the amount and currency of such payment(s), (iii) on any Business Day on which the Borrower fails to reimburse any amount required to be reimbursed to such Issuing Bank on such day, the date of such failure and the amount and currency of such payment in respect of Letters of Credit and (iv) on any other Business Day, such other information as the Administrative Agent shall reasonably request.
SECTION 1.07.  Funding of Borrowings.  (a)  Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof solely by wire transfer of immediately available funds (i) in the case of Loans denominated in Dollars, by 1:00 p.m., New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders and (ii) in the case of each Loan denominated in a Foreign Currency, by 1:00 p.m., Local Time, in the city of the Administrative Agent’s Term Benchmark Payment Office for such currency and at such Term Benchmark Payment Office for such currency; provided that (i) Term Loans shall be made as provided in Section 2.01(b) and (ii) Swingline Loans shall be made as provided in Section 2.05.  Except in respect of the provisions of this Agreement covering the reimbursement of Letters of Credit, the Administrative Agent will make such Loans available to the Borrower by promptly crediting the funds so received to (x) an account of the Borrower maintained with the Administrative Agent and designated by the Borrower in the applicable Borrowing Request, in the case of Loans denominated in Dollars and (y) an account of the Borrower in the relevant jurisdiction and designated by the Borrower in the applicable Borrowing Request, in the case of Loans denominated in a Foreign Currency; provided that Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted by the Administrative Agent to the relevant Issuing Bank.
(b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing (or in the case of an ABR Borrowing, prior to 1:00 p.m., New York City time, on the date of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the 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 the Borrower, the interest rate applicable to ABR Loans, or in the case of Foreign Currencies, in accordance with such market practice, in each case, as applicable.
SECTION 1.08.  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, shall have an initial Interest Period as specified in such Borrowing Request.  Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Term Benchmark Borrowing, may elect Interest Periods therefor, all as provided in this Section.  The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing.  This Section shall not apply to Swingline Loan Borrowings, which may not be converted or continued.
(b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election (by irrevocable written notice via an Interest Election Request signed by a Responsible Officer of the Borrower) by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election.  Notwithstanding any contrary provision herein, 

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this Section shall not be construed to permit the Borrower to (i) change the currency of any Borrowing, (ii) elect an Interest Period for Term Benchmark Loans that does not comply with Section 2.02(d) or (iii) convert any Borrowing to a Borrowing of a Type not available under the Class of Commitments pursuant to which such Borrowing was made.
(c) Each Interest Election Request shall specify the following information in compliance with Section 2.02:
(i)  the Agreed Currency and principal amount of the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);
(ii)  the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;
(iii)  whether the resulting Borrowing is to be an ABR Borrowing, a Term Benchmark Borrowing or an RFR Borrowing; and
(iv)  if the resulting Borrowing is a Term Benchmark Borrowing, the Interest Period after giving effect to such election, which Interest Period shall be a period contemplated by the definition of the term “Interest Period”.
If any such Interest Election Request requests a Term Benchmark Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.
(d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.
(e) If the Borrower fails to deliver a timely Interest Election Request with respect to a Term Benchmark Borrowing denominated in Dollars 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 deemed to have an Interest Period that is one (1) month.  If the Borrower fails to deliver a timely and complete Interest Election Request with respect to a Term Benchmark Borrowing denominated in a Foreign Currency prior to the end of the Interest Period therefor, then, unless such Term Benchmark Borrowing is repaid as provided herein, the 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 Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a Term Benchmark Borrowing and (ii) unless repaid, (x) each Term Benchmark Borrowing and each RFR Borrowing, in each case denominated in Dollars shall be converted to an ABR Borrowing (in the case of a Term Benchmark Borrowing) at the end of the Interest Period applicable thereto or (in the case of an RFR Borrowing) on the next Interest Payment Date in respect thereof and (y) each Term Benchmark Borrowing and each RFR Borrowing, in each case denominated in a Foreign Currency shall bear interest at the Central Bank Rate for the applicable Agreed Currency plus the CBR Spread; 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 or RFR Loans denominated in any Foreign Currency shall either be (A) converted to an ABR Borrowing denominated in Dollars (in an amount equal to the Dollar Amount of such Foreign 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 Borrower by the earlier of (x) the date that is three (3) Business Days after receipt by the Borrower of 

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such notice and (y) the last day of the current Interest Period for the applicable Term Benchmark Loan, the Borrower shall be deemed to have elected clause (A) above.
SECTION 1.09.  Termination and Reduction of Commitments.  (a)  Unless previously terminated, the Revolving Commitments shall terminate on the Maturity Date.
(b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Commitments; provided that (i) each reduction of the Revolving Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.11, (A) the Dollar Amount of any Lender’s Revolving Credit Exposure would exceed its Revolving Commitment or (B) the Dollar Amount of the Total Revolving Credit Exposure would exceed the aggregate Revolving Commitments.
(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof.  Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof.  Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or other transactions specified therein, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.  Any termination or reduction of the Commitments shall be permanent.  Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
SECTION 1.10.  Repayment and Amortization of Loans; Evidence of Debt.  (a) The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Revolving Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date in the currency of such Loan and (ii) to the Administrative Agent for the account of the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Maturity Date and the fifth (5th) Business Day after such Swingline Loan is made; provided that on each date that a Revolving Borrowing is made, the Borrower shall repay all Swingline Loans then outstanding and the proceeds of any such Borrowing shall be applied by the Administrative Agent to repay any Swingline Loans outstanding.  The Borrower shall repay Term Loans on each date set forth below in the aggregate principal amount set forth opposite such date (as adjusted from time to time pursuant to Section 2.11(a) and Section 2.11(d)):

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	Date	Amount
	June 30, 2022	$2,137,500
	September 30, 2022	$2,137,500
	December 31, 2022	$2,137,500
	March 31, 2023	$2,137,500
	June 30, 2023	$2,137,500
	September 30, 2023	$2,137,500
	December 31, 2023	$2,137,500
	March 31, 2024	$2,137,500
	June 30, 2024	$3,206,250
	September 30, 2024	$3,206,250
	December 31, 2024	$3,206,250
	March 31, 2025	$3,206,250
	June 30, 2025	$4,275,000
	September 30, 2025	$4,275,000
	December 31, 2025	$4,275,000
	March 31, 2026	$4,275,000
	June 30, 2026	$4,275,000
	September 30, 2026	$4,275,000
	December 31, 2026 and the last date of each calendar quarter thereafter	$4,275,000

 
To the extent not previously repaid, all unpaid Term Loans shall be paid in full in Dollars by the Borrower on the Maturity Date.

(b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.
(c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class, Agreed Currency and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof.
(d) 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 Obligations.
(e) Any Lender may request that Loans made by it be evidenced by a promissory note.  In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (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 1.11.  Prepayment of Loans.     

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(a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with the provisions of this Section 2.11(a).  The Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by written notice of any prepayment hereunder (i) (x) in the case of prepayment of (A) a Term Benchmark Borrowing denominated in Dollars, euro or Japanese Yen, not later than 12:00 noon, New York City time, three (3) Business Days before the date of prepayment or (B) an RFR Borrowing denominated in Dollars, not later than 11:00 a.m., New York City time, five (5) RFR Business Days before the date of prepayment or (y) in the case of prepayment of an RFR Borrowing denominated in Pounds Sterling, not later than 12:00 noon, New York City time, five (5) RFR Business Days before the date of prepayment, (ii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time, one (1) Business Day before the date of prepayment or (iii) in the case of prepayment of a Swingline Loan, not later than 12:00 noon, New York City time, on the date of prepayment.  Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09.  Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof.  Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02.  Each prepayment of a Revolving Borrowing shall be applied ratably to the Revolving Loans included in the prepaid Revolving Borrowing, each voluntary prepayment of a Term Loan Borrowing shall be applied ratably to the Term Loans included in the prepaid Term Loan Borrowing in such order of application as directed by the Borrower, and each mandatory prepayment of a Term Loan Borrowing shall be applied in accordance with Section 2.11(d).  Prepayments shall be accompanied by (i) accrued interest to the extent required by Section 2.13 and (ii) break funding payments pursuant to Section 2.16.
(b) If at any time, (i) other than as a result of fluctuations in currency exchange rates, (A) the aggregate principal Dollar Amount of the Total Revolving Credit Exposure (calculated, with respect to those Credit Events denominated in Foreign Currencies, as of the most recent Computation Date with respect to each such Credit Event) exceeds the aggregate Revolving Commitments or (B) the aggregate principal Dollar Amount of the Total Revolving Credit Exposure denominated in Foreign Currencies (the “Foreign Currency Exposure”) (so calculated), as of the most recent Computation Date with respect to each such Credit Event, exceeds the Foreign Currency Sublimit or (ii) solely as a result of fluctuations in currency exchange rates, (A) the aggregate principal Dollar Amount of the Total Revolving Credit Exposure (so calculated) exceeds 105% of the aggregate Revolving Commitments or (B) the Foreign Currency Exposure, as of the most recent Computation Date with respect to each such Credit Event, exceeds 105% of the Foreign Currency Sublimit, the Borrower shall in each case immediately repay Revolving Borrowings or cash collateralize LC Exposure in an account with the Administrative Agent pursuant to Section 2.06(j), as applicable, in an aggregate principal amount sufficient to cause (x) the aggregate Dollar Amount of the Total Revolving Credit Exposure (so calculated) to be less than or equal to the aggregate Revolving Commitments and (y) the Foreign Currency Exposure to be less than or equal to the Foreign Currency Sublimit, as applicable.
(c) In the event and on each occasion that any Net Proceeds are received by or on behalf of the Borrower or any of its Subsidiaries in respect of any Prepayment Event, the Borrower shall, within three (3) Business Days after such Net Proceeds are received, prepay the Obligations as set forth in Section 2.11(d) below in an aggregate amount equal to 100% of such Net Proceeds; provided that, in the case of any event described in clause (a) or (b) of the definition of the term “Prepayment Event”, if the Borrower shall deliver to the Administrative Agent a certificate of a Financial Officer to the effect that the Borrower or its relevant Subsidiaries intend to apply the Net Proceeds from such event (or a portion thereof specified in such certificate), within 270 days after receipt of such Net Proceeds, to acquire (or replace or rebuild) real property, equipment or other tangible assets (excluding inventory) to be used in the business of the Borrower and/or its Subsidiaries, and certifying that no Default has occurred and is continuing, then no prepayment shall be required pursuant to this paragraph in respect of the Net Proceeds specified in such certificate; provided further that, to the extent of any such Net Proceeds therefrom that have not been so applied by the end of such 270 day period, at which time a prepayment shall be required in an amount equal to such Net Proceeds that have not been so applied.

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(d) All such amounts pursuant to Section 2.11(c) shall be applied ratably to the Term Loans and shall be applied to reduce the then-remaining installments of the Term Loans on a pro rata basis based upon the remaining principal amounts thereof.
SECTION 1.12.  Fees.  (a) The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender a commitment fee, which shall accrue at the Applicable Rate on the average daily amount of the Available Revolving Commitment of any Lender that is not a Defaulting Lender during the period from and including the Effective Date to but excluding the date on which such Revolving Commitment terminates; provided that, if such Lender continues to have any Revolving Credit Exposure after its Revolving Commitment terminates, then such commitment fee shall continue to accrue on the daily amount of such Lender’s Revolving Credit Exposure from and including the date on which its Revolving Commitment terminates to but excluding the date on which such Lender ceases to have any Revolving Credit Exposure.  Accrued commitment fees shall be payable in arrears on the fifteenth (15th) day following the last day of March, June, September and December of each year and on the date on which the Revolving Commitments terminate, commencing on the first such date to occur after the date hereof.  All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day and the last day of each period but excluding the date on which the Commitments terminate).
(b) The Borrower agrees to pay (i) to the Administrative Agent for the account of each Revolving Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to Term Benchmark Revolving Loans on the average daily Dollar Amount of such Revolving 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 Revolving Lender’s Revolving Commitment terminates and the date on which such Revolving Lender ceases to have any LC Exposure and (ii) to the relevant Issuing Bank for its own account a fronting fee, which shall accrue at the rate of 0.125% per annum on the average daily Dollar Amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) attributable to Letters of Credit issued by such Issuing Bank during the period from and including the Effective Date to but excluding the later of the date of termination of the Revolving Commitments and the date on which there ceases to be any LC Exposure, as well as such Issuing Bank’s standard fees and commissions with respect to the issuance, amendment, cancellation, negotiation, transfer, presentment, renewal or extension of any Letter of Credit or processing of drawings thereunder.  Unless otherwise specified above, participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable on the fifteenth (15th) day following such last day, commencing on the first such date to occur after the Effective Date; provided that all such fees shall be payable on the date on which the Revolving Commitments terminate and any such fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand.  Any other fees payable to any Issuing Bank pursuant to this paragraph shall be payable within ten (10) days after demand with reasonable detail to determine the amount owed.  All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).  Participation fees and fronting fees in respect of Letters of Credit denominated in Dollars shall be paid in Dollars, and participation fees and fronting fees in respect of Letters of Credit denominated in a Foreign Currency shall be paid in Dollars in the Dollar Amount thereof.
(c) The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent.
(d) All fees payable hereunder shall be paid on the dates due, in Dollars (except as otherwise expressly provided in this Section 2.12) and immediately available funds, to the Administrative Agent (or to each Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and participation fees, to the applicable Lenders.  Fees paid shall not be refundable under any circumstances.

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SECTION 1.13.  Interest.  (a) The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b) The Loans comprising each Term Benchmark Borrowing shall bear interest at the Adjusted Term SOFR Rate, the Adjusted EURIBO Rate or the Adjusted TIBO Rate, as applicable, for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c) Each RFR Loan shall bear interest at a rate per annum equal to the applicable Adjusted Daily Simple RFR plus the Applicable Rate.
(d) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% 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.
(e) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (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 Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Term Benchmark 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.
(f) Interest computed by reference to the Term SOFR Rate, the EURIBO Rate or Daily Simple RFR with respect to Dollars hereunder shall be computed on the basis of a year of 360 days.  Interest computed by reference to the Daily Simple RFR with respect to Pounds Sterling, the TIBO Rate or the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year).  In each case interest 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 EURIBO Rate, EURIBO Rate, Adjusted TIBO Rate, TIBO Rate, Adjusted Daily Simple RFR or Daily Simple RFR shall be determined by the Administrative Agent, and such determination shall be conclusive and binding absent manifest error.
(g) Interest in respect of Loans denominated in Dollars shall be paid in Dollars, and interest in respect of Loans denominated in a Foreign Currency shall be paid in such Foreign Currency.
SECTION 1.14.  Alternate Rate of Interest.
(a) Subject to clauses (b), (c), (d), (e) and (f) of this Section 2.14, if:
(i)   the Administrative Agent reasonably determines (which determination shall be conclusive and binding absent manifest error) (A) prior to the commencement of any Interest Period for a Term Benchmark Borrowing, that adequate and reasonable means do not exist for ascertaining the Adjusted Term SOFR Rate, the Term SOFR Rate, the Adjusted EURIBO Rate, the EURIBO Rate, the Adjusted TIBO Rate or the TIBO Rate (including because the Relevant Screen Rate is not available or published on a current basis) for the applicable currency and such Interest Period or (B) at any time, that adequate and reasonable means do not exist for ascertaining the applicable Adjusted Daily Simple RFR, Daily Simple RFR or RFR for the applicable Agreed Currency; or
(ii)  the Administrative Agent is advised by the Required Lenders that (A) prior to the commencement of any Interest Period for a Term Benchmark Borrowing, the Adjusted Term SOFR Rate, the Adjusted EURIBO Rate or the Adjusted TIBO Rate for the 

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applicable Agreed Currency and such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for the applicable Agreed Currency and such Interest Period or (B) at any time, the applicable Adjusted Daily Simple RFR for the applicable Agreed Currency will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for the applicable Agreed Currency;
then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and, until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new Interest Election Request in accordance with the terms of Section 2.08 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 Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Term Benchmark Borrowing and any Borrowing Request that requests a Term Benchmark Revolving Borrowing shall instead be deemed to be an Interest Election Request or a Borrowing Request, as applicable, for (x) an RFR Borrowing denominated in Dollars so long as the Adjusted Daily Simple RFR for Dollar Borrowings is not also the subject of Section 2.14(a)(i) or (ii) above or (y) an ABR Borrowing if the Adjusted Daily Simple RFR for Dollar Borrowings also is the subject of Section 2.14(a)(i) or (ii) above and (B) for Loans denominated in a Foreign Currency, any Interest Election Request that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Term Benchmark Borrowing and any Borrowing Request that requests a Term Benchmark 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 RFR Loan in any Agreed Currency is outstanding on the date of the Borrower’s receipt of the notice from the Administrative Agent referred to in this Section 2.14(a) with respect to a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new Interest Election Request in accordance with the terms of Section 2.08 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, (x) an RFR Borrowing denominated in Dollars so long as the Adjusted Daily Simple RFR for Dollar Borrowings is not also the subject of Section 2.14(a)(i) or (ii) above or (y) an ABR Loan if the Adjusted Daily Simple RFR for Dollar Borrowings also is the subject of Section 2.14(a)(i) or (ii) above, on such day and (B) for Loans denominated in a Foreign Currency, (1) 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) bear interest at the Central Bank Rate for the applicable Foreign Currency plus the CBR Spread; 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 Foreign Currency cannot be determined, any outstanding affected Term Benchmark Loans denominated in such Foreign Currency shall, at the Borrower’s election prior to such day: (A) be prepaid by the Borrower on such day or (B) solely for the purpose of calculating the interest rate applicable to such Term Benchmark Loan, such Term Benchmark Loan denominated in such Foreign 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 Foreign Currency plus the CBR Spread; 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 Foreign Currency cannot be determined, any outstanding affected RFR Loans denominated in any Foreign Currency, at the Borrower’s election, shall either (A) be converted into ABR Loans denominated in Dollars (in an amount equal to the Dollar Amount of such Foreign Currency) immediately or (B) be prepaid in full immediately.
(b) Notwithstanding anything to the contrary herein or in any other Loan Document, 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 

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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 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.
(c) Notwithstanding anything to the contrary herein or in any other Loan Document, 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.
(d) The Administrative Agent will promptly notify the Borrower 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 (f) below and (v) the commencement or conclusion of any Benchmark Unavailability Period.  Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.14, 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 2.14 or any related definitions.
(e) 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 EURIBO Rate or the TIBO 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.
(f) Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a Term Benchmark Borrowing or RFR Borrowing of, conversion to or continuation of Term Benchmark Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, either (x) the 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 (A) an RFR Borrowing denominated in Dollars so long as the Adjusted Daily Simple RFR for Dollar Borrowings is not the subject of a Benchmark Transition Event or (B) an ABR Borrowing if the Adjusted Daily Simple RFR for Dollar Borrowings is the subject of a Benchmark Transition Event or (y) any Term Benchmark Borrowing or RFR Borrowing denominated in a 

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Foreign 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 ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR.  Furthermore, if any Term Benchmark Loan or RFR Loan in any Agreed Currency is outstanding on the date of the 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 or RFR Loan, then until such time as a Benchmark Replacement for such Agreed Currency is implemented pursuant to this Section 2.14, (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, (x) an RFR Borrowing denominated in Dollars so long as the Adjusted Daily Simple RFR for Dollar Borrowings is not the subject of a Benchmark Transition Event or (y) an ABR Loan if the Adjusted Daily Simple RFR for Dollar Borrowings is the subject of a Benchmark Transition Event, on such day and (B) for Loans denominated in a Foreign Currency, (1) 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) bear interest at the Central Bank Rate for the applicable Foreign Currency plus the CBR Spread; 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 Foreign Currency cannot be determined, any outstanding affected Term Benchmark Loans denominated in any Foreign Currency shall, at the Borrower’s election prior to such day: (A) be prepaid by the Borrower on such day or (B) solely for the purpose of calculating the interest rate applicable to such Term Benchmark Loan, such Term Benchmark Loan denominated in any Foreign 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 Foreign Currency plus the CBR Spread; 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 Foreign Currency cannot be determined, any outstanding affected RFR Loans denominated in any Foreign Currency, at the Borrower’s election, shall either (A) be converted into ABR Loans denominated in Dollars (in an amount equal to the Dollar Amount of such Foreign Currency) immediately or (B) be prepaid in full immediately.
SECTION 1.15.  Increased Costs.  (a)  If any Change in Law shall:
(i)  impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted Term SOFR Rate, the Adjusted EURIBO Rate or the Adjusted TIBO Rate, as applicable) or any Issuing Bank;
(ii)  impose on any Lender or any Issuing Bank or the applicable offshore interbank market for the applicable Agreed Currency any other condition, cost or expense (other than Taxes or any condition, cost or expense reflected in the Adjusted Term SOFR Rate, the Adjusted EURIBO Rate or the Adjusted TIBO Rate, as applicable) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; or
(iii)  subject any Recipient to any Taxes (other than (A) Indemnified Taxes and (B) Excluded Taxes (including any change in the rate of Excluded Taxes)) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;
and the result of any of the foregoing shall be to increase the cost to such Lender or 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, such Issuing Bank or such other Recipient of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender, such Issuing Bank or such other Recipient hereunder, whether of principal, interest or otherwise, then the Borrower will pay to such Lender, such Issuing Bank or such other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, such 

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Issuing Bank or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered.
(b) If any Lender or any Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or such Issuing Bank’s capital or on the capital of such Lender’s or such Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit or Swingline Loans held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s or such Issuing Bank’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrower will pay to such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company for any such reduction suffered.
(c) A certificate of a Lender or an Issuing Bank setting forth in reasonable detail the amount or amounts necessary to compensate such Lender or such Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error.  The Borrower shall pay such Lender or such Issuing Bank, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.
(d) Failure or delay on the part of any Lender or any Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or such Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or an Issuing Bank pursuant to this Section for any increased costs or reductions incurred more than 180 days prior to the date that such Lender or such Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or such Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.
SECTION 1.16.  Break Funding Payments.
(a) With respect to Term Benchmark Loans, in the event of (i) the payment of any principal of any Term Benchmark Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default or as a result of any prepayment pursuant to Section 2.11), (ii) the conversion of any Term Benchmark 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 on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(a) and is revoked in accordance therewith), (iv) the assignment of any Term Benchmark Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19 or 9.02(e) or (v) the failure by the Borrower to make any payment of any Loan or drawing under any Letter of Credit (or interest due thereof) denominated in a Foreign Currency on its scheduled due date or any payment thereof in a different currency, then, in any such event, the 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 Borrower and shall be conclusive absent manifest error.  The Borrower shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof.
(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 as a result of any prepayment pursuant to Section 2.11), (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 2.11(a) 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 

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request by the Borrower pursuant to Section 2.19 or 9.02(e) or (iv) the failure by the Borrower to make any payment of any Loan or drawing under any Letter of Credit (or interest due thereof) denominated in a Foreign Currency on its scheduled due date or any payment thereof in a different currency, then, in any such event, the 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 Borrower and shall be conclusive absent manifest error.  The Borrower shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof.
SECTION 1.17.  Taxes.  (a)  Withholding of Taxes; Gross-Up.  Each payment by or on behalf of any Loan Party under any Loan Document shall be made without withholding for any Taxes, unless such withholding is required by any law. If any Withholding Agent determines, in its sole discretion exercised in good faith, that it is so required to withhold Taxes, then such Withholding Agent may so withhold and shall timely pay the full amount of withheld Taxes to the relevant Governmental Authority in accordance with applicable law. If such Taxes are Indemnified Taxes, then the amount payable by such Loan Party shall be increased as necessary so that, net of such withholding (including such withholding applicable to additional amounts payable under this Section), the applicable Recipient receives the amount it would have received had no such withholding been made.
(b) Payment of Other Taxes by the Borrower.  The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for, any Other Taxes.
(c) Evidence of Payments.  As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.
(d) Indemnification by the Loan Parties.  The Loan Parties shall indemnify each Recipient for any Indemnified Taxes that are paid or payable by such Recipient in connection with any Loan Document (including amounts payable under this Section 2.17(d)) 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. The indemnity under this Section 2.17(d) shall be paid within ten (10) days after the Recipient delivers to the Borrower a certificate stating the amount of any Indemnified Taxes so payable by such Recipient. Such certificate shall be conclusive of the amount so payable absent manifest error. Such Recipient shall deliver a copy of such certificate to the Administrative Agent. In the case of any Lender making a claim under this Section 2.17(d) on behalf of any of its beneficial owners, an indemnity payment under this Section 2.17(d) shall be due only to the extent that such Lender is able to establish that, with respect to the applicable Indemnified Taxes, such beneficial owners supplied to the applicable Persons, in accordance with Section 2.17(f), such properly completed and executed documentation necessary to claim any applicable exemption from, or reduction of, such Indemnified Taxes.
(e) Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative Agent for any Taxes (including any Taxes attributable to a failure to comply with the provisions of Section 9.04(c) relating to the maintenance of a Participant Register but, in the case of any Indemnified Taxes, 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) attributable to such Lender that are paid or payable 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. The indemnity under this Section 2.17(e) shall be paid within ten (10) days after the Administrative Agent delivers to the applicable Lender a certificate stating the amount of Taxes so paid or payable by the Administrative Agent. Such certificate shall be conclusive of the amount so paid or payable 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 

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Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (e).
(f) Status of Lenders.  (i) Any Lender that is entitled to an exemption from, or reduction of, any applicable withholding Tax with respect to any payments under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by law or reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without, or at a reduced rate of, withholding. In addition, any Lender, if requested by the Borrower or the Administrative Agent, shall deliver such other documentation reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.17(f)(ii)(A) through (E) and (iii) below) shall not be required if in the Lender’s 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. Upon the reasonable request of the Borrower or the Administrative Agent, any Lender shall update any form or certification previously delivered pursuant to this Section 2.17(f). If any form or certification previously delivered pursuant to this Section expires or becomes obsolete or inaccurate in any respect with respect to a Lender, such Lender shall promptly notify the Borrower and the Administrative Agent in writing of such expiration, obsolescence or inaccuracy and update the form or certification if it is legally eligible to do so.
(ii)  Without limiting the generality of the foregoing, if the Borrower is a U.S. Person, any Lender with respect to the Borrower shall, if it is legally eligible to do so, deliver to the Borrower and the Administrative Agent (in such number of copies reasonably requested by the Borrower and the Administrative Agent) on or prior to the date on which such Lender becomes a party hereto, duly completed and executed copies of whichever of the following is applicable:
(A) in the case of a Lender that is a U.S. Person, an executed copy of IRS Form W-9 certifying that such Lender is exempt from U.S. Federal backup withholding tax;
(B) in the case of a Non-U.S. Lender claiming the benefits of an income tax treaty to which the United States is a party (1) with respect to payments of interest under any Loan Document, an executed copy of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of such tax treaty and (2) with respect to any other applicable payments under any Loan Document, an executed copy of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;
(C) in the case of a Non-U.S. Lender for whom payments under any Loan Document constitute income that is effectively connected with such Lender’s conduct of a trade or business in the United States, an executed copy of IRS Form W-8ECI;
(D) in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code both (1) an executed copy of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, and (2) a certificate substantially in the form of Exhibit D (a “U.S. Tax Certificate”) to the effect that such Lender is not (a) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (b) a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, (c) a “controlled foreign corporation” related to the Borrower described in Section 881(c)(3)(C) of the Code and (d) conducting a trade or business in the United States with which the relevant interest payments are effectively connected;

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(E) in the case of a Non-U.S. Lender that is not the beneficial owner of payments made under this Agreement (including a partnership or a participating Lender) (1) an executed copy of IRS Form W-8IMY on behalf of itself and (2) the relevant forms prescribed in clauses (A), (B), (C) and (D) 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 Section 881(c) of the Code, such Lender may provide a U.S. Tax Certificate on behalf of such partners; or
(F) any other form prescribed by law as a basis for claiming exemption from, or a reduction of, U.S. Federal withholding Tax together with such supplementary documentation necessary to enable the Borrower or the Administrative Agent to determine the amount of Tax (if any) required by law to be withheld.
(iii)  If a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Withholding Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Withholding Agent, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Withholding Agent as may be necessary for the Withholding Agent to comply with its obligations under FATCA, 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 Section 2.17(f)(iii), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
(g) Treatment of Certain Refunds.  If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.17 (including additional amounts paid pursuant to this Section 2.17), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 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 to the contrary in this Section 2.17(g), in no event will any indemnified party be required to pay any amount to any indemnifying party pursuant to this Section 2.17(g) 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 with respect to such Tax had never been paid. This Section 2.17(g) 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.
(h) FATCA.  For purposes of determining withholding Taxes imposed under FATCA, the Loan Parties and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) this Agreement and the Loans as not qualifying as “grandfathered obligations” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).
(i) Issuing Bank.  For purposes of Section 2.17(e) and (f), the term “Lender” includes each Issuing Bank.

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SECTION 1.18.  Payments Generally; Allocations of Proceeds; Pro Rata Treatment; Sharing of Set-offs.  
(a) The Borrower shall make each payment or prepayment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to (i) in the case of payments denominated in Dollars, 12:00 noon, New York City time and (ii) in the case of payments denominated in a Foreign Currency, 12:00 noon, at the Applicable Time, in the city of the Administrative Agent’s Term Benchmark Payment Office for such currency, in each case on the date when due or the date fixed for any prepayment hereunder, in immediately available funds, without set-off, recoupment or counterclaim (subject to the right to revoke a prepayment notice in accordance with Section 2.11).  Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon.  All such payments shall be made (i) in the same currency in which the applicable Credit Event was made (or where such currency has been converted to euro, in euro) and (ii) to the Administrative Agent at its offices at 10 South Dearborn Street, Chicago, Illinois 60603 or, in the case of a Credit Event denominated in a Foreign Currency, the Administrative Agent’s Term Benchmark Payment Office for such currency, except payments to be made directly to any Issuing Bank or the Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto.  The Administrative Agent shall distribute any such payments denominated in the same currency received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof.  If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension.  Notwithstanding the foregoing provisions of this Section, if, after the making of any Credit Event in any Foreign Currency, currency control or exchange regulations are imposed in the country which issues such currency with the result that the type of currency in which the Credit Event was made (the “Original Currency”) no longer exists or the Borrower is not able to make payment to the Administrative Agent for the account of the Lenders in such Original Currency, then all payments to be made by the Borrower hereunder in such currency shall instead be made when due in Dollars in an amount equal to the Dollar Amount (as of the date of repayment) of such payment due, it being the intention of the parties hereto that the Borrower takes all risks of the imposition of any such currency control or exchange regulations.
(b) All payments and any proceeds of Collateral received by the Administrative Agent (i) not constituting a specific payment of principal, interest, fees or other sum payable under the Loan Documents (which shall be applied as specified by the Borrower) or (ii) after an Event of Default has occurred and is continuing and the Administrative Agent so elects or the Required Lenders so direct, shall be applied ratably first, to pay any fees, non-contingent indemnification obligations, or expense reimbursements including amounts then due to the Administrative Agent and the Issuing Banks from the Borrower, second, to pay any fees or expense reimbursements then due to the Lenders from the Borrower, third, to pay interest then due and payable on the Loans ratably, fourth, to prepay principal on the Loans and unreimbursed LC Disbursements and any other amounts owing with respect to Secured Banking Services Obligations and Secured Swap Obligations ratably, fifth, to pay an amount to the Administrative Agent equal to one hundred five percent (105%) of the aggregate undrawn face amount of all outstanding Letters of Credit, to be held as cash collateral for such Obligations, and sixth, to the payment of any other Secured Obligation due to the Administrative Agent or any Lender by the Borrower.  Notwithstanding the foregoing, amounts received from any Loan Party shall not be applied to any Excluded Swap Obligation of such Loan Party.  Notwithstanding anything to the contrary contained in this Agreement, unless so directed by the Borrower, or unless a Default is in existence, none of the Administrative Agent or any Lender shall apply any payment which it receives to any Term Benchmark Loan of a Class, except (a) on the expiration date of the Interest Period applicable to any such Term Benchmark Loan or (b) in the event, and only to the extent, that there are no outstanding ABR Loans of the same Class and, in any event, the Borrower shall pay the break funding payment required in accordance with Section 2.16.  The Administrative Agent and the Lenders shall have the continuing and exclusive right to apply and reverse and reapply any and all such proceeds and payments to any portion of the Secured Obligations.
(c) At the election of the Administrative Agent, all payments of principal, interest, LC Disbursements, fees, premiums, reimbursable expenses (including, without limitation, all 

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reimbursement for fees and expenses pursuant to Section 9.03), and other sums payable under the Loan Documents, may be paid from the proceeds of Borrowings made hereunder whether made following a request by the Borrower pursuant to Section 2.03 or a deemed request as provided in this Section or may be deducted from any deposit account of the Borrower maintained with the Administrative Agent.  The Borrower hereby irrevocably authorizes (i) the Administrative Agent to make a Borrowing for the purpose of paying each payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents and agrees that all such amounts charged shall constitute Loans (including Swingline Loans) and that all such Borrowings shall be deemed to have been requested pursuant to Sections 2.03 or 2.05, as applicable and (ii) the Administrative Agent to charge any deposit account of the Borrower maintained with the Administrative Agent for each payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents.
(d) If, except as expressly provided herein, any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or participations in LC Disbursements or Swingline Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and participations in LC Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other similarly situated Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans and participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by all such Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and participations in LC Disbursements and Swingline Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements and Swingline Loans to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply).  The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.
(e) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the relevant Lenders or the relevant Issuing Banks hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the relevant Lenders or the relevant Issuing Banks, as the case may be, the amount due.  In such event, if the Borrower has not in fact made such payment, then each of the relevant Lenders or the relevant Issuing Banks, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or such Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation (including without limitation the applicable Overnight Rate).
(f) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(e) or 9.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender and for the benefit of the Administrative Agent, the Swingline Lender or the Issuing Banks to satisfy such Lender’s obligations to it under such Section until all such unsatisfied obligations are fully paid and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations of such Lender under any such Section; in the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion.

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SECTION 1.19.  Mitigation Obligations; Replacement of Lenders.  (a)  If any Lender requests compensation under Section 2.15, or the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.  The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.
(b) If (i) any Lender requests compensation under Section 2.15, (ii) the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17 or (iii) any Lender becomes a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights (other than its existing rights to payments pursuant to Sections 2.15 or 2.17) and obligations under the Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent (and if a Revolving Commitment is being assigned, the Issuing Banks and the Swingline Lender), which consent shall not unreasonably be withheld, delayed or conditioned, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments.  A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such  assignment and delegation cease to apply.  Each party hereto agrees that (i) an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Borrower, 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 (ii) 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 requested by the applicable Lender, provided that any such documents shall be without recourse to or warranty by the parties thereto.
SECTION 1.20.  Judgment Currency.  If for the purposes of obtaining judgment in any court it is necessary to convert a sum due from the Borrower hereunder in the currency expressed to be payable herein (the “specified currency”) into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the specified currency with such other currency at the Administrative Agent’s main New York City office on the Business Day preceding that on which final, non-appealable judgment is given.  The obligations of the Borrower in respect of any sum due to any Lender or the Administrative Agent hereunder shall, notwithstanding any judgment in a currency other than the specified currency, be discharged only to the extent that on the Business Day following receipt by such Lender or the Administrative Agent (as the case may be) of any sum adjudged to be so due in such other currency such Lender or the Administrative Agent (as the case may be) may in accordance with normal, reasonable banking procedures purchase the specified currency with such other currency.  If the amount of the specified currency so purchased is less than the sum originally due to such Lender or the Administrative Agent, as the case may be, in the specified currency, the Borrower agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify such Lender or the Administrative Agent, as the case 

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may be, against such loss, and if the amount of the specified currency so purchased exceeds (a) the sum originally due to any Lender or the Administrative Agent, as the case may be, in the specified currency and (b) any amounts shared with other Lenders as a result of allocations of such excess as a disproportionate payment to such Lender under Section 2.18, such Lender or the Administrative Agent, as the case may be, agrees to remit such excess to the Borrower.
SECTION 1.21.  Defaulting Lenders.  Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:
(a) fees shall cease to accrue on the unfunded portion of the Revolving Commitment of such Defaulting Lender pursuant to Section 2.12(a);
(b) 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 2.18(b) 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 any Issuing Bank or the Swingline Lender hereunder; third, to cash collateralize each Issuing Bank’s LC Exposure with respect to such Defaulting Lender in accordance with this Section; fourth, as the Borrower 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 Borrower, 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 each 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, the Issuing Banks or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, any Issuing Bank or the Swingline Lender 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 Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement 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 Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure and Swingline Loans 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;
(c) the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 9.02); provided that any amendment, waiver or other modification requiring the consent of all Lenders or all Lenders directly affected thereby shall not, except as otherwise provided in Section 9.02, require the consent of such Defaulting Lender in accordance with the terms hereof;
(d) if any Swingline Exposure or LC Exposure exists at the time such Lender becomes a Defaulting Lender then:

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(i)  all or any part of the Swingline Exposure and LC Exposure of such Defaulting Lender (other than, in the case of a Defaulting Lender that is the Swingline Lender, the portion of such Swingline Exposure referred to in clause (b) of the definition of such term) shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Percentages  but only 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 Revolving Commitment;
(ii)  if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall within one (1) Business Day following notice by the Administrative Agent (x) first, prepay such Swingline Exposure and (y) second, cash collateralize for the benefit of each Issuing Bank only the Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.06(j) for so long as such LC Exposure is outstanding;
(iii)  if the Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;
(iv)  if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Sections 2.12(a) and Section 2.12(b) shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages; and
(v)  if all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the relevant Issuing Bank or any other Lender hereunder, all letter of credit fees payable under Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to such Issuing Bank until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and
(e) so long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and the relevant 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 Revolving Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 2.21(d), and Swingline Exposure related to any such newly made Swingline Loan or 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 2.21(d)(i) (and such Defaulting Lender shall not participate therein).
If (i) a Bankruptcy Event or a Bail-In Action with respect to a Lender Parent shall occur following the date hereof and for so long as such event shall continue or (ii) the Swingline Lender or any Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, the Swingline Lender shall not be required to fund any Swingline Loan and no Issuing Bank shall be required to issue, amend or increase any Letter of Credit, unless the Swingline Lender or the relevant Issuing Bank, as the case may be, shall have entered into arrangements with the Borrower or such Lender, satisfactory to the Swingline Lender or such Issuing Bank, as the case may be, to defease any risk to it in respect of such Lender hereunder.

In the event that the Administrative Agent, the Borrower, the Swingline Lender and each Issuing Bank each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders (other than Swingline Loans) as the Administrative Agent shall 

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determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage.
Nothing contained in this Section 2.21 shall be deemed to be a waiver by the Borrower of any claim the Borrower may have against any Defaulting Lender, whether in equity or at law, for its failure to perform its obligations under this Agreement or other Loan Documents.

SECTION 1.22.  Expansion Option.  The Borrower may from time to time elect to increase the Revolving Commitments or enter into one or more tranches of term loans (each an “Incremental Term Loan”), in each case in a minimum amount of $10,000,000 and in minimum increments of $5,000,000 in excess thereof so long as, after giving effect thereto, the aggregate amount of such increases and all such Incremental Term Loans does not exceed the sum of (A) the greater of (x) $50,000,000 and (y) 75% of Consolidated EBITDA set forth in the compliance certificate delivered by the Borrower pursuant to Section 5.01(c) in connection with the most recently delivered Financials pursuant to Section 5.01 at the time of any such increase or Incremental Term Loans and (B) an unlimited additional amount so long as, in the case of this clause (B) only, immediately after giving effect (including pro forma effect) to such increase and/or such Incremental Term Loans (assuming that any such increased Revolving Commitments and/or Incremental Term Loans, as applicable, are drawn in full (but excluding the proceeds of any such increased Revolving Commitments and/or Incremental Term Loans, as applicable, for purposes of calculating Liquidity in the calculation of the Total Net Leverage Ratio)), the Total Net Leverage Ratio would not exceed 3.00 to 1.00 (other than to the extent such increased Revolving Commitments and/or Incremental Term Loans are incurred pursuant to this clause (B) concurrently with the incurrence of increased Revolving Commitments and/or Incremental Term Loans in reliance on clause (A) of this sentence, in which case the Total Net Leverage Ratio shall be permitted to exceed 3.00 to 1.00 to the extent of such increased Revolving Commitments, and/or Incremental Term Loans incurred in reliance on such clause (A)); provided that, for the avoidance of doubt, increased Revolving Commitments and Incremental Term Loans may be incurred pursuant to this clause (B) prior to utilization of the amount set forth in clause (A) of this sentence.  The Borrower may arrange for any such increase or tranche to be provided by one or more Lenders (each Lender so agreeing to an increase in its Revolving Commitment, or to participate in such Incremental Term Loans, an “Increasing Lender”), or by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity, an “Augmenting Lender”; provided that no Ineligible Institution may be an Augmenting Lender), which agree to increase their existing Revolving Commitments, or to participate in such Incremental Term Loans, or provide new Revolving Commitments, as the case may be; provided that (i) each Augmenting Lender shall be subject to the approval of the Borrower and the Administrative Agent and (ii) (x) in the case of an Increasing Lender, the Borrower and such Increasing Lender execute an agreement substantially in the form of Exhibit E hereto, and (y) in the case of an Augmenting Lender, the Borrower and such Augmenting Lender execute an agreement substantially in the form of Exhibit F hereto.  No consent of any Lender (other than the Lenders participating in the increase or any Incremental Term Loan) shall be required for any increase in Revolving Commitments or Incremental Term Loan pursuant to this Section 2.22.  Increases and new Revolving Commitments and Incremental Term Loans created pursuant to this Section 2.22 shall become effective on the date agreed by the Borrower, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, and the Administrative Agent shall notify each Lender thereof.  Notwithstanding the foregoing, no increase in the Revolving Commitments (or in the Revolving Commitment of any Lender) or tranche of Incremental Term Loans shall become effective under this paragraph unless, (i) on the proposed date of the effectiveness of such increase or Incremental Term Loans, (A) the conditions set forth in paragraphs (a) and (b) of Section 4.02 shall be satisfied or waived by the Required Lenders and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer of the Borrower and (B) the Borrower shall be in compliance (on a pro forma basis) with the covenant contained in Section 6.11 and (ii) the Administrative Agent shall have received (x) documents and opinions consistent with those delivered on the Effective Date as to the organizational power and authority of the Borrower to borrow hereunder after giving effect to such increase or Incremental Term Loans and (y) reaffirmations from the Loan Parties.  On the effective date of any increase in the Revolving Commitments or any Incremental Term Loans being made, (i) each relevant Increasing Lender and Augmenting Lender shall make available to the Administrative Agent such amounts in immediately available funds as the Administrative Agent shall determine, for the benefit of the other Lenders, as being required in order to cause, after giving effect to such increase and the use of 

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such amounts to make payments to such other Lenders, each Lender’s portion of the outstanding Revolving Loans of all the Lenders to equal its Applicable Percentage of such outstanding Revolving Loans, and (ii) except in the case of any Incremental Term Loans, the Borrower shall be deemed to have repaid and reborrowed all outstanding Revolving Loans as of the date of any increase in the Revolving Commitments (with such reborrowing to consist of the Types of Revolving Loans, with related Interest Periods if applicable, specified in a notice delivered by the Borrower, in accordance with the requirements of Section 2.03).  The deemed payments made pursuant to clause (ii) of the immediately preceding sentence shall be accompanied by payment of all accrued interest on the amount prepaid and, in respect of each Term Benchmark Loan, shall be subject to indemnification by the Borrower pursuant to the provisions of Section 2.16 if the deemed payment occurs other than on the last day of the related Interest Periods.  The Incremental Term Loans (a) shall rank pari passu in right of payment with the Revolving Loans and the initial Term Loans, (b) shall not mature earlier than the Maturity Date (but may have amortization prior to such date) and (c) shall be treated substantially the same as (and in any event no more favorably than) the Revolving Loans and the initial Term Loans, as applicable; provided that (i) the terms and conditions applicable to any tranche of Incremental Term Loans maturing after the Maturity Date may provide for material additional or different financial or other covenants or prepayment requirements applicable only during periods after the Maturity Date and (ii) the Incremental Term Loans may be priced differently (whether in the form of interest rate margin, upfront fees, original issue discount, call protection or otherwise) than the Revolving Loans and the initial Term Loans.  Incremental Term Loans may be made hereunder pursuant to an amendment or restatement (an “Incremental Term Loan Amendment”) of this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, each Increasing Lender participating in such tranche, each Augmenting Lender participating in such tranche, if any, and the Administrative Agent.  The Incremental Term Loan Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section 2.22.  Nothing contained in this Section 2.22 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase its Revolving Commitment hereunder, or provide Incremental Term Loans, at any time.
ARTICLE III

Representations and Warranties
The Borrower represents and warrants to the Lenders that:
SECTION 1.01.  Organization; Powers; Subsidiaries.  Each of the Borrower and its Material Subsidiaries is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite corporate or other 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.  On the Effective Date, Schedule 3.01 hereto (as supplemented from time to time) identifies each Subsidiary, noting whether such Subsidiary is a Material Domestic Subsidiary, the jurisdiction of its incorporation or organization, as the case may be, the percentage of issued and outstanding shares of each class of its capital stock or other equity interests owned by the Borrower and the other Subsidiaries and, if such percentage is not 100% (excluding directors’ qualifying shares as required by law), a description of each class issued and outstanding.  On the Effective Date, all of the outstanding shares of capital stock and other equity interests of each Pledge Subsidiary are validly issued and outstanding and fully paid and nonassessable and all such shares and other equity interests indicated on Schedule 3.01 as owned by the Borrower or another Loan Party are owned, beneficially and of record, by the Borrower or any Subsidiary free and clear of all Liens, other than Liens created under the Loan Documents and Permitted Encumbrances.  On the Effective Date, except as set forth on Schedule 3.01, there are no outstanding commitments or other obligations of any Pledge Subsidiary to issue, and no options, warrants or other rights of any Person to acquire, any shares of any class of capital stock or other equity interests of any Pledge Subsidiary.
SECTION 1.02.  Authorization; Enforceability.  The Transactions are within each Loan Party’s organizational powers and have been duly authorized by all necessary organizational actions and, if required, actions by equity holders.  The Loan Documents to which each Loan Party is a party 

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have been duly executed and delivered by such Loan Party and constitute a legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, 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 1.03.  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 and except for filings necessary to perfect Liens created pursuant to the Loan Documents, (b) will not in any material respect violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Borrower or any other Loan Party or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, material agreement or other material instrument binding upon the Borrower or any of its Material Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the Borrower or any of its Material Subsidiaries, unless, in the case of this clause (c), such violation, default or creation of payment could not reasonably be expected to result in a Material Adverse Effect, and (d) will not result in the creation or imposition of any Lien on any asset of the Borrower or any of its Subsidiaries, other than Liens created under the Loan Documents.
SECTION 1.04.  Financial Condition; No Material Adverse Change.  (a)  The Borrower 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 December 31, 2020 reported on by BDO USA, LLP, independent public accountants, and (ii) as of and for the fiscal quarters and the portion of the fiscal year ended March 31, 2021, June 30, 2021 and September 30, 2021, 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 Borrower and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP except as set forth therein, subject to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (ii) above.
(b) Since December 31, 2020, there has been no material adverse change in the business, assets, operations or financial condition of the Borrower and its Subsidiaries, taken as a whole.
SECTION 1.05.  Properties.  (a)  Each of the Borrower and its Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to its business, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes.  
(b) Each of the Borrower and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof by the Borrower and its Subsidiaries does not infringe upon the rights of any other Person, except for any failure to be owned or licensed or such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.
SECTION 1.06.  Litigation, Environmental and Labor Matters.  (a) There are no actions, suits, proceedings or investigations by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrower, threatened against the Borrower or any of its Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii) that involve the validity or enforceability of this Agreement or the Transactions.
(b) 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 Borrower 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 

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any claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental Liability.
(c) There are no strikes, lockouts or slowdowns against the Borrower or any of its Subsidiaries pending or, to their knowledge, threatened, or any violation of the Occupational Safety and Health Act, which could reasonably be expected to have a Material Adverse Effect.  The hours worked by and payments made to employees of the Borrower and its Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Federal, state, local or foreign law relating to such matters, to the extent such violation could reasonably be expected to have a Material Adverse Effect.  All material payments due from the Borrower or any of its Subsidiaries, or for which any claim may be made against the Borrower or any of its Subsidiaries, on account of wages and employee health and welfare insurance and other benefits, have been paid or accrued as liabilities on the books of the Borrower or such Subsidiary, except to the extent the failure to make such payments or accruals individually or in the aggregate could not reasonably be expected to result in a Material Adverse Effect.  The consummation of the Transactions will not give rise to any right of termination or right of renegotiation on the part of any union under any collective bargaining agreement under which the Borrower or any of its Subsidiaries is bound.
SECTION 1.07.  Compliance with Laws and Agreements.  Each of the Borrower 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.
SECTION 1.08.  Investment Company Status.  Neither the Borrower nor any of the other Loan Parties is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940.
SECTION 1.09.  Taxes.  Each of the Borrower 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 Borrower 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 1.10.  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.
SECTION 1.11.  Disclosure.  Neither the Information Memorandum nor any of the other reports, financial statements, certificates or other information furnished by or on behalf of the Borrower 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), taken as a whole and as of the date furnished, contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time (it being understood that projected financial information are predictions as to future events and are not to be viewed as facts and are subject to significant uncertainties and contingencies, which are beyond the control of Borrower and its Subsidiaries, and that no assurance or guarantee can be given that any such projected financial information will be realized, that actual results may differ and such differences may be material).  As of the Effective Date, to the best knowledge of the Borrower, the information included in the Beneficial Ownership Certification provided (if any) on or prior to the Effective Date to any Lender in connection with this Agreement is true and correct in all respects.

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SECTION 1.12.  Federal Reserve Regulations.  No part of the proceeds of any Loan have been used or will be used, whether directly or indirectly, for any purpose that violates any of the Regulations of the Board, including Regulations T, U and X.
SECTION 1.13.  Liens.
  There are no Liens on any of the real or personal properties of the Borrower or any Subsidiary except for Liens permitted by Section 6.02.
SECTION 1.14.  No Default.  No Default or Event of Default has occurred and is continuing.
SECTION 1.15.  No Burdensome Restrictions.  The Borrower is not subject to any Burdensome Restrictions except Burdensome Restrictions permitted under Section 6.08.
SECTION 1.16.  Solvency.  Immediately after the consummation of the Transactions to occur on the Effective Date, the Borrower and its Subsidiaries, taken as a whole, are and will be Solvent.
SECTION 1.17.  Insurance.  The Borrower maintains, and has caused each Subsidiary to maintain, with financially sound and reputable insurance companies, insurance on all their real and personal property in such amounts, subject to such deductibles and self-insurance retentions and covering such properties and risks as are adequate and customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations, subject to commercially reasonable adjustments made by Borrower and its Subsidiaries; provided that the Borrower and its Subsidiaries may reduce the amount of insurance required to be maintained above to the extent the Borrower reasonably determines that it is prudent and appropriate to maintain self‐insurance coverage in lieu of such insurance.
SECTION 1.18.  Security Interest in Collateral.  Collectively, the provisions of this Agreement and the other Loan Documents create legal and valid Liens on all the Collateral in favor of the Administrative Agent, for the benefit of the Secured Parties, and such Liens constitute perfected and continuing Liens on the Collateral in which a security interest may be perfected under the UCC (except to the extent otherwise provided or permitted by the Loan Documents), securing the Secured Obligations, enforceable against the applicable Loan Party and all third parties, and having priority over all other Liens on the Collateral except in the case of (a) Permitted Encumbrances and other liens permitted by Section 6.02, (b) Liens perfected only by possession or control (including possession of any certificate of title) to the extent the Administrative Agent has not obtained or does not maintain possession or control of such Collateral, (c) the filing of financing statements or fixture filings or the recordation of the security agreements with respect to intellectual property, in each case which have not been made and (d) Liens which have priority by operation of law.
SECTION 1.19.  Anti-Corruption Laws and Sanctions.  The Borrower has implemented and maintains in effect policies and procedures reasonably designed to promote compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and appointed agents with Anti-Corruption Laws and applicable Sanctions, and the Borrower, its Subsidiaries and, to the knowledge of the Borrower, their respective officers and directors, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects.  None of (a) the Borrower, any Subsidiary, or to the knowledge of the Borrower, any of their respective directors, officers or employees, or (b) to the knowledge of the Borrower, any appointed agent of the Borrower or any Subsidiary that will act in any capacity in connection with or directly benefit from the credit facilities established hereby, is a Sanctioned Person.  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.
SECTION 1.20.  Affected Financial Institutions.   No Loan Party is an Affected Financial Institution. 

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ARTICLE IV

Conditions
SECTION 1.01.  Effective Date.  The obligations of the Lenders to make Loans and of the Issuing Banks 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 (i) from each party hereto a counterpart of this Agreement signed on behalf of such party (which, subject to Section 9.06, may include any Electronic Signatures transmitted by telecopy, emailed pdf, or any other electronic means that reproduces an image of an actual executed signature page) and (ii) duly executed copies of the other Loan Documents and such other legal opinions, certificates, documents, instruments and agreements as the Administrative Agent shall reasonably request in connection with the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel and as further described in the list of closing documents attached as Exhibit C.
(b) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of Covington & Burling LLP, legal counsel for the Loan Parties, substantially in the form of Exhibit B, covering such matters relating to the Loan Parties, the Loan Documents or the Transactions as the Administrative Agent shall reasonably request.  The Borrower hereby requests such counsel to deliver such opinion.
(c) The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing (jurisdiction of organization only) of the initial Loan Parties, the authorization of the Transactions and any other legal matters relating to such Loan Parties, the Loan Documents or the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel and as further described in the list of closing documents attached as Exhibit C.
(d) 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 Borrower, confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02.
(e) [Intentionally Omitted].
(f) (i) The Administrative Agent shall have received, at least five (5) days prior to the Effective Date, all documentation and other information regarding the Borrower 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 Borrower at least ten (10) days prior to the Effective Date and (ii) to the extent the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, at least five (5) days prior to the Effective Date, any Lender that has requested, in a written notice to the Borrower at least ten (10) days prior to the Effective Date, a Beneficial Ownership Certification in relation to the 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 (f) shall be deemed to be satisfied).
(g) The Administrative Agent shall have received all fees and other amounts due and payable 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 Borrower hereunder.
The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding.

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SECTION 1.02.  Each Credit Event.  The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of the Issuing Banks to issue, amend or extend any Letter of Credit, is subject to the satisfaction of the following conditions:
(a) The representations and warranties of the Borrower set forth in this Agreement shall be true and correct in all material respects (or, in the case of any representation or warranty qualified by materiality or Material Adverse Effect, in all 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 (except to the extent that any such representations and warranties are made as of an earlier date, in which case such representations and warranties shall have been true and correct in all material respects (or, in the case of any representation or warranty qualified by materiality or Material Adverse Effect, in all respects) on and as of such earlier date).
(b) At the time of and immediately after giving effect to such Borrowing or the issuance, amendment or extension of such Letter of Credit, as applicable, no Default or Event of Default shall have occurred and be continuing.
Each Borrowing and each issuance, amendment or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section.
ARTICLE V

Affirmative Covenants
Until the 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, terminated or been cash collateralized to the reasonable satisfaction of the Administrative Agent, in each case, without any pending draw, and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that:
SECTION 1.01.  Financial Statements and Other Information.  The Borrower will furnish to the Administrative Agent and each Lender:
(a) within ninety (90) days after the end of each fiscal year of the Borrower (or, if earlier, by the date three (3) Business Days after the Annual Report on Form 10-K of the Borrower for such fiscal year would be required to be filed under the rules and regulations of the SEC, giving effect to any automatic extension available thereunder for the filing of such form), its audited consolidated balance sheet and related 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 independent public accountants of recognized national standing (without a “going concern” or like qualification or exception 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 Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP;
(b) within forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower (or, if earlier, by the date three (3) Business Days after the Quarterly Report on Form 10-Q of the Borrower for such fiscal quarter would be required to be filed under the rules and regulations of the SEC, giving effect to any automatic extension available thereunder for the filing of such form), its consolidated balance sheet 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 Borrower and 

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its consolidated Subsidiaries on a consolidated basis in accordance with GAAP, subject to normal year-end audit adjustments and the absence of footnotes;
(c) concurrently with any delivery of financial statements under clause (a) or (b) above, a certificate of a Financial Officer of the Borrower (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 6.11 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 and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate;
(d) as soon as available, but in any event not more than ninety (90) days after the end of each fiscal year of the Borrower, a copy of the plan and forecast (including a projected consolidated balance sheet, income statement and funds flow statement) of the Borrower for the following fiscal year in form reasonably satisfactory to the Administrative Agent;
(e) promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by the Borrower 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 Borrower to its shareholders generally, as the case may be; and
(f) promptly following any request therefor, (x) such other information regarding the operations, business affairs and financial condition of the Borrower 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 and (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.
Documents required to be delivered pursuant to clauses (a), (b) and (e) of this Section 5.01 shall be deemed to have been delivered on the date on which such documents are filed for public availability on the SEC’s Electronic Data Gathering and Retrieval System.  Notwithstanding anything contained herein, in every instance the Borrower shall be permitted to provide electronic copies of the compliance certificates required by clause (c) of this Section 5.01 to the Administrative Agent.

SECTION 1.02.  Notices of Material Events.  The Borrower will furnish to the Administrative Agent and each Lender prompt written notice after a Responsible Officer has knowledge of the following:
(a) the occurrence of any Default;
(b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting the Borrower or any Affiliate thereof as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect;
(c) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect;
(d) any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect; and

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(e) any change in the information provided in the Beneficial Ownership Certification delivered to such Lender that would result in a change to the list of beneficial owners identified in such certification.
Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of the Borrower 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 1.03.  Existence; Conduct of Business.  The Borrower will, and will cause each of its Material Subsidiaries to, do or cause to be done (i) all things necessary to preserve, renew and keep in full force and effect its legal existence and (ii) take, or cause to be taken, all reasonable actions to preserve, renew and keep in full force and effect the rights, qualifications, licenses, permits, privileges, franchises, governmental authorizations and intellectual property rights material to the conduct of its business, and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted, except, in the case of this clause (ii), where the failure to do so could not reasonably be expected to cause a Material Adverse Effect; provided that the foregoing shall not prohibit any merger, consolidation, liquidation, disposition of assets or dissolution permitted under Section 6.03.
SECTION 1.04.  Payment of Obligations.  The Borrower will, and will cause each of its Subsidiaries to, pay its obligations, including Tax liabilities, that, if not paid, could 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 Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment while such contest is pending could not reasonably be expected to result in a Material Adverse Effect.
SECTION 1.05.  Maintenance of Properties; Insurance.  The 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 carriers insurance in such amounts (with no greater risk retention) and against such risks and such other hazards, as is customarily maintained by companies of established repute engaged in the same or similar businesses operating in the same or similar locations, subject to commercially reasonable adjustments made by Borrower and its Subsidiaries; provided that the Borrower and its Subsidiaries may reduce the amount of insurance required to be maintained above to the extent the Borrower reasonably determines that it is prudent and appropriate to maintain self‐insurance coverage in lieu of such insurance.  The Borrower will furnish to the Lenders, upon request of the Administrative Agent, information in reasonable detail as to the insurance so maintained.  The Borrower shall deliver to the Administrative Agent endorsements (x) to all “All Risk” physical damage insurance policies on all of the Loan Parties’ tangible personal property and assets naming the Administrative Agent as lender loss payee, and (y) to all general liability and other liability policies naming the Administrative Agent an additional insured.  In the event the Borrower or any of its Subsidiaries at any time or times hereafter shall fail to obtain or maintain any of the policies or insurance required herein or to pay any premium in whole or in part relating thereto, then the Administrative Agent, without waiving or releasing any obligations or resulting Default hereunder, may at any time or times thereafter (but shall be under no obligation to do so) obtain and maintain such policies of insurance and pay such premiums and take any other action with respect thereto which the Administrative Agent reasonably deems advisable; provided that the Administrative Agent provides the Borrower with prior written notice of its intent to obtain such insurance policies.  All sums so disbursed by the Administrative Agent shall constitute part of the Obligations, payable as provided in this Agreement.  The Borrower will furnish to the Administrative Agent and the Lenders prompt written notice of any casualty or other insured damage to any material portion of the Collateral with a fair market value immediately prior to such event greater than $5,000,000 or the commencement of any action or proceeding for the taking of any material portion of the Collateral with a fair market value immediately prior to such event greater than $5,000,000 or interest therein under power of eminent domain or by condemnation or similar proceeding.
SECTION 1.06.  Books and Records; Inspection Rights.  The Borrower will, and will cause each of its Subsidiaries to, keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities.  The 

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Borrower will, and will cause each of its Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, including environmental assessment reports and Phase I or Phase II studies, and to discuss its affairs, finances and condition with its officers and independent accountants, all at reasonable times and during normal business hours; provided that so long as no Event of Default exists the Administrative Agent and Lenders shall not be entitled to visit and inspect the Borrower and its Subsidiaries more than one (1) time per year (such visit and inspection to be conducted by the Administrative Agent).  The Borrower acknowledges that the Administrative Agent, after exercising its rights of inspection, may prepare and distribute to the Lenders certain reports pertaining to the Borrower and its Subsidiaries’ assets for internal use by the Administrative Agent and the Lenders.
SECTION 1.07.  Compliance with Laws and Material Contractual Obligations.  The Borrower will, and will cause each of its Subsidiaries to, (i) comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property (including without limitation Environmental Laws) and (ii) perform in all material respects its obligations under material agreements to which it is a party, in each case except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.  The Borrower will maintain in effect and enforce policies and procedures reasonably designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with  Anti-Corruption Laws and applicable Sanctions.
SECTION 1.08.  Use of Proceeds.  The proceeds of (a) the Revolving Loans will be used only (i) to finance the working capital needs and for general corporate purposes of the Borrower and its Subsidiaries and (ii) to finance Permitted Acquisitions and (b) the Term Loans will be used only (i) to refinance Indebtedness in existence on the Effective Date under the Existing Credit Agreement and (ii) to finance the working capital needs and for general corporate purposes of the Borrower and its Subsidiaries in the ordinary course of business.  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.  The Borrower will not request any Borrowing or Letter of Credit, and the Borrower shall not use, and shall procure that its Subsidiaries shall not use, the proceeds of any Borrowing or Letter of Credit (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, to the extent such activities, businesses or transaction would be prohibited by Sanctions or (iii) in any manner that would result in the violation of  any Sanctions applicable to any party hereto.
SECTION 1.09.  Subsidiary Guarantors; Pledges; Additional Collateral; Further Assurances.
(a) As promptly as possible but in any event within sixty (60) days (or such later date as may be agreed upon by the Administrative Agent) after (i) any Person (other than an existing Subsidiary) becomes a Subsidiary that qualifies as a Material Domestic Subsidiary or (ii) the end of a fiscal quarter during which any Subsidiary qualifies independently as, or is designated by the Borrower or the Administrative Agent as, a Material Domestic Subsidiary pursuant to the definition of “Material Domestic Subsidiary”, the Borrower shall provide the Administrative Agent with written notice thereof setting forth information in reasonable detail describing the material assets of such Person and shall cause each such Subsidiary which also qualifies as a Material Domestic Subsidiary to deliver to the Administrative Agent a joinder to the Subsidiary Guaranty and the Security Agreement (in each case in the form contemplated thereby) pursuant to which such Subsidiary agrees to be bound by the terms and provisions thereof, such Subsidiary Guaranty and the Security Agreement to be accompanied by appropriate corporate resolutions, other corporate documentation and legal opinions to the extent requested by, and in form and substance reasonably satisfactory to, the Administrative Agent and its counsel.
(b) The Borrower will cause, and will cause each other Loan Party to cause, all of its owned property constituting Collateral (whether personal, tangible, intangible, or mixed but excluding 

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Excluded Assets) to be subject at all times to first priority, perfected (to the extent any such Lien may be perfected under the UCC) Liens in favor of the Administrative Agent for the benefit of the Secured Parties to secure the Secured Obligations to the extent required by the terms and conditions of the Collateral Documents, subject in any case to Liens permitted by Section 6.02.  Without limiting the generality of the foregoing, the Borrower will cause the Applicable Pledge Percentage of the issued and outstanding Equity Interests of each Pledge Subsidiary directly owned by the Borrower or any other Loan Party to be subject at all times to a first priority, perfected Lien (subject in any case to Liens permitted by Section 6.02) in favor of the Administrative Agent to secure the Secured Obligations in accordance with the terms and conditions of the Collateral Documents or such other pledge and security documents as the Administrative Agent shall reasonably request.  Notwithstanding the foregoing, no such foreign law governed pledge agreement in respect of the Equity Interests of a Foreign Subsidiary shall be required until the date that occurs ninety (90) days after the date such pledge agreement is reasonably requested by the Administrative Agent or such later date as the Administrative Agent may agree in the exercise of its reasonable discretion with respect thereto.
(c) Without limiting the foregoing, the Borrower will, and will cause each Subsidiary to, execute and deliver, or cause to be executed and delivered, to the Administrative Agent such documents, agreements and instruments, and will take or cause to be taken such further actions (including the filing and recording of financing statements and other documents and such other actions or deliveries of the type required by Section 4.01, as applicable, but excluding any mortgages, deeds of trust or fixture filings), which may be required by law or which the Administrative Agent may, from time to time, reasonably request to carry out the terms and conditions of this Agreement and the other Loan Documents and to ensure perfection and priority of the Liens created or intended to be created by the Collateral Documents, all at the expense of the Borrower. Notwithstanding anything to the contrary in the Loan Documents, no actions in any jurisdiction outside the United States or required by the laws of any jurisdiction outside the United States shall be required (other than with respect to the pledge of Equity Interests in a Pledge Subsidiary that is a First Tier Foreign Subsidiary) in order to create any security interests in any asset of the Borrower or any Subsidiary physically located in any jurisdiction outside the United States or subject to a document of title governed by the laws of any jurisdiction outside the United States or to perfect any security interests under such laws.
ARTICLE VI

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, terminated or been cash collateralized to the reasonable satisfaction of the Administrative Agent, in each case, without any pending draw, and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that:
SECTION 1.01.  Indebtedness.  The Borrower will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Indebtedness, except:
(a) the Secured Obligations;
(b) Indebtedness existing on the date hereof and set forth in Schedule 6.01 and extensions, renewals and replacements of any such Indebtedness with Indebtedness of a similar type that does not increase the outstanding principal amount thereof (except by the amount of any accrued interest and premiums with respect to such Indebtedness and transaction fees, costs and expenses in connection with such extension, renewal or replacement thereof);
(c) Indebtedness of the Borrower to any Subsidiary and of any Subsidiary to the Borrower or any other Subsidiary; provided that Indebtedness of any Subsidiary that is not a Loan Party to any Loan Party shall be subject to the limitations set forth in Section 6.04(d);
(d) Guarantees by the Borrower of Indebtedness of any Subsidiary and by any Subsidiary of Indebtedness of the Borrower or any other Subsidiary;

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(e) Indebtedness of the Borrower or any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital assets, including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, and extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof (except by the amount of any accrued interest and premiums with respect to such Indebtedness and transaction fees, costs and expenses in connection with such extension, renewal or replacement thereof); provided that (i) such original Indebtedness (but not extensions, renewals or replacements thereof) is incurred prior to or within ninety (90) days after such acquisition or the completion of such construction or improvement and (ii) the aggregate principal amount of Indebtedness permitted by this clause (e) shall not exceed $15,000,000 at any time outstanding;
(f) Indebtedness of the Borrower or any Subsidiary as an account party in respect of trade letters of credit;
(g) Indebtedness of the Borrower or any other Loan Party secured by a Lien on any asset of the Borrower or any other Loan Party; provided that the aggregate outstanding principal amount of Indebtedness permitted by this clause (g) shall not in the aggregate exceed $10,000,000 at any time; 
(h) Swap Obligations permitted under Section 6.05; 
(i) Indebtedness under performance bonds, letter of credit obligations to provide security for workers compensation claims and bank overdrafts, in each case, in the ordinary course of business;
(j) unsecured Indebtedness of the Borrower (including unsecured Subordinated Indebtedness to the extent subordinated to the Secured Obligations on terms reasonably acceptable to the Administrative Agent and Permitted Convertible Notes), to the extent not otherwise permitted under this Section 6.01, and any Indebtedness of the Borrower constituting refinancings, renewals or replacements of any such Indebtedness; provided that (i) both immediately prior to and after giving effect (including pro forma effect) thereto, no Default or Event of Default shall exist or would result therefrom, (ii) such Indebtedness matures after, and does not require any scheduled amortization or other scheduled payments of principal prior to, the date that is 181 days after the Maturity Date (it being understood that neither (x) any provision requiring an offer to purchase such Indebtedness as a result of change of control or asset sale or other fundamental change nor (y) any early conversion of any Permitted Convertible Notes in accordance with the terms thereof shall violate the foregoing restriction), (iii) such Indebtedness is not guaranteed by any Subsidiary of the Borrower other than the Subsidiary Guarantors (which guarantees, if such Indebtedness is subordinated, shall be expressly subordinated to the Secured Obligations on terms not less favorable to the Lenders than the subordination terms of such Subordinated Indebtedness) and (iv) the covenants applicable to such Indebtedness are not more onerous or more restrictive in any material respect (taken as a whole) than the applicable covenants set forth in this Agreement (as determined by the Board of Directors of the Borrower in good faith);
(k) unsecured Indebtedness of any Person that becomes, and continues as, a Subsidiary after the date hereof and unsecured Indebtedness in respect of assets acquired pursuant to a Permitted Acquisition and existing at the time of such Permitted Acquisition; provided that such Indebtedness is not created in contemplation of or in connection with such Permitted Acquisition or such Person becoming a Subsidiary, as the case may be; 
(l) Indebtedness in respect of overdraft facilities, foreign exchange facilities, payment facilities, cash management obligations and similar obligations incurred in the ordinary course of business; 
(m) unsecured Indebtedness of the Borrower and the other Loan Parties in an aggregate principal amount not exceeding $20,000,000 at any time outstanding; and

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(n) Indebtedness of any Subsidiary of the Borrower that is not a Loan Party; provided that the aggregate outstanding principal amount of Indebtedness permitted by this clause (n) shall not in the aggregate exceed $10,000,000.
SECTION 1.02.  Liens.  The Borrower will not, and will not permit any Subsidiary 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) Liens created pursuant to any Loan Document;
(b) Permitted Encumbrances;
(c) Liens or assignments of life insurance policies owned by the Borrower or any of its Subsidiaries securing borrowings against the cash value of such policies provided that the Indebtedness in respect of such borrowings is permitted under Section 6.01;
(d) any Lien on any property or asset of the Borrower or any Subsidiary existing on the date hereof and set forth in Schedule 6.02; provided that (i) such Lien shall not apply to any other property or asset of the Borrower or any Subsidiary other than any proceeds therefrom 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 principal amount thereof (except by the amount of any accrued interest and premiums with respect to such Indebtedness and transaction fees, costs and expenses in connection with such extension, renewal or replacement thereof);
(e) any Lien existing on any property or asset prior to the acquisition thereof by the Borrower or any Subsidiary or existing on any property or asset of any Person that becomes a Subsidiary after the date hereof prior to the time such Person becomes a Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of the Borrower or any Subsidiary (other than the acquired Subsidiary) and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be, and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof (except by the amount of any accrued interest and premiums with respect to such Indebtedness and transaction fees, costs and expenses in connection with such extension, renewal or replacement thereof);
(f) Liens on fixed or capital assets acquired, constructed or improved by the Borrower or any Subsidiary; provided that (i) such security interests secure Indebtedness permitted by clause (e) of Section 6.01, (ii) such security interests and the Indebtedness secured thereby are incurred prior to or within ninety (90) days after such acquisition or the completion of such construction or improvement, (iii) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving such fixed or capital assets (except by the amount of any accrued interest and premiums with respect to such Indebtedness, acquisition, construction or improvement and transaction fees, costs and expenses in connection therewith) and (iv) such security interests shall not apply to any other property or assets of the Borrower or any Subsidiary;
(g) Liens on any cash earnest money deposit made by the Borrower or any Subsidiary in connection with any letter of intent or acquisition agreement that is not prohibited by this Agreement;
(h) Liens arising as a matter of law or in the nature of (i) normal and customary rights of setoff and bankers’ liens upon deposits of cash in favor of banks or other depository institutions and (ii) Liens securing reasonable and customary fees for services in favor of banks, securities intermediaries or other depository institutions; 

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(i) Liens arising in the ordinary course of business from treasury, depository or cash management services, overdraft facilities, foreign exchange facilities, payment facilities or automated clearing house transfers of funds; 
(j) Liens on assets that secure Indebtedness permitted by clause (n) of Section 6.01 so long as such Liens shall only encumber the assets of Subsidiaries of the Borrower that are not Loan Parties and shall not encumber any assets of a Loan Party; and 
(k) Liens on assets of the Borrower and the other Loan Parties not otherwise permitted above so long as the aggregate principal amount of the Indebtedness and other obligations subject to such Liens does not at any time exceed $10,000,000.
SECTION 1.03.  Fundamental Changes and Asset Sales.  (a) The Borrower will not, and will not permit any Subsidiary 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 transactions) any of its assets (including pursuant to a Sale and Leaseback Transaction), or any of the Equity Interests 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 Default shall have occurred and be continuing:
(i)  any Person may merge into the Borrower in a transaction in which the Borrower is the surviving corporation;
(ii)  any Subsidiary may merge into a Loan Party in a transaction in which the surviving entity is such Loan Party (provided that any such merger involving the Borrower must result in the Borrower as the surviving entity), and any Subsidiary that is not a Loan Party may merge with or into any other Subsidiary that is not a Loan Party;
(iii)  any Subsidiary may sell, transfer, lease or otherwise dispose of its assets to a Loan Party;
(iv)  the Borrower and its Subsidiaries may (A) sell inventory, dispose of cash and cash equivalents, lease or sublease interests in real property, dispose of accounts receivable in connection with the collection or compromise thereof, surrender or waive contractual rights or settle, release or surrender contract or tort claims, in each case, in the ordinary course of business, (B) effect sales, trade-ins or dispositions of used or obsolete equipment for value in the ordinary course of business consistent with past practice, (C) enter into licenses of technology in the ordinary course of business, (D) sell or otherwise dispose of auction rate securities and (E) make any other sales, transfers, leases or dispositions of assets not otherwise permitted under this Section 6.03, the book value of which (excluding goodwill relating thereto), together with all other property of the Borrower and its Subsidiaries previously leased, sold, transferred or disposed of as permitted by this clause (E) during any fiscal year of the Borrower, does not exceed 10% of Consolidated Tangible Assets (determined as of the last day of the most recent fiscal quarter for which financial statements shall have been delivered pursuant to Section 5.01(a) or Section 5.01(b) (or, prior to the delivery of any such financial statements, the last day of the last fiscal quarter included in the financial statements referred to in Section 3.04(a)); provided that the aggregate book value of all of the assets (excluding goodwill relating thereto) of the Borrower and its Subsidiaries sold, transferred, leased or disposed of in reliance upon this clause (E) during the term of this Agreement shall not exceed an amount equal to $70,000,000;
(v)  [Reserved];
(vi)  any Subsidiary that is not a Loan Party may (A) liquidate or dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders and (B) sell, transfer, lease or otherwise dispose of its assets to another Subsidiary that is not a Loan Party; 

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(vii)  the Borrower and its Subsidiaries may enter into Sale and Leaseback Transactions permitted under Section 6.10; 
(viii)  the sale or discount or factoring, in each case without recourse and in the ordinary course of business, of overdue accounts receivable arising in the ordinary course of business; and
(ix)  the Borrower and its Subsidiaries may make Investments permitted by Section 6.04, create, incur or assume any Lien permitted under Section 6.02 and make any Restricted Payments permitted by Section 6.07;
provided that any such merger or consolidation involving a Person that is not a Wholly-Owned Subsidiary immediately prior to such merger or consolidation shall not be permitted unless it is also permitted by Section 6.04.
(b) The 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 Borrower and its Subsidiaries (taken as a whole) on the date of execution of this Agreement and businesses reasonably related, ancillary, similar, complementary or synergistic thereto or reasonable extensions, development or expansion thereof.
(c) The Borrower will not, nor will it permit any of its Subsidiaries to, change its fiscal year from the basis in effect on the Effective Date.
SECTION 1.04.  Investments, Loans, Advances, Guarantees and Acquisitions.  The Borrower will not, and will not permit any of its Subsidiaries to, purchase, hold or acquire (including pursuant to any merger or consolidation with any Person that was not a Wholly-Owned Subsidiary prior to such merger or consolidation) 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 Person or any assets of any other Person constituting a business unit, except:
(a) Permitted Investments;
(b) Permitted Acquisitions;
(c) investments by the Borrower and its Subsidiaries existing on the date hereof in the capital stock of its Subsidiaries and such other investments of the Borrower and its Subsidiaries existing on the date hereof and set forth on Schedule 6.01;
(d) investments, loans, advances or capital contributions made by the Borrower in or to any Subsidiary and made by any Subsidiary in or to the Borrower or any other Subsidiary (provided that the aggregate amount of such investments, loans, advances and capital contributions that are made and remain outstanding, at any time, by Loan Parties to Subsidiaries which are not Loan Parties does not exceed 10% of Consolidated Total Assets (determined as of the last day of the most recent fiscal quarter for which financial statements shall have been delivered pursuant to Section 5.01(a) or Section 5.01(b) (or, prior to the delivery of any such financial statements, the last day of the last fiscal quarter included in the financial statements referred to in Section 3.04(a));
(e) Guarantees constituting Indebtedness permitted by Section 6.01;
(f) loans or advances to officers and directors of the Borrower or any of its Subsidiaries the net proceeds of which are used solely to purchase Equity Interests in the Borrower pursuant to a restricted stock or stock purchase plan;

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(g) loans or advances to officers and employees of the Borrower or any of its Subsidiaries (in addition to those permitted by clause (f)), not at any time in excess of $5,000,000 thereof in the aggregate for the Borrower and its Subsidiaries;
(h) loans or advances to, or deposits with, contractors and suppliers in the ordinary course of business not at any time in excess of $10,000,000; 
(i) any loan to a Person purchasing or leasing real property or equipment from the Borrower or any Subsidiary;
(j) investments consisting of promissory notes received as proceeds of asset dispositions permitted by Section 6.03; 
(k) bank deposits in the ordinary course of business;
(l) investments, loans or advances in or to joint ventures so long as the aggregate amount of all such investments, loans and advances made in any fiscal year does not exceed $15,000,000;
(m) Swap Agreements permitted under Section 6.05;
(n) investments consisting of the redemption, purchase, repurchase or retirement of Equity Interests permitted under Section 6.07; 
(o) Investments of a Person (i) existing at the time such Person becomes a Subsidiary or consolidates or merges with the Borrower or any Subsidiary or (ii) that are acquired as part of an Permitted Acquisition, in each case, so long as such Investments were not made in contemplation of such Person becoming a Subsidiary or of such consolidation or merger or other Permitted Acquisition; and
(p) any other investment, loan or advance (other than acquisitions) so long as the aggregate outstanding amount of all such investments, loans and advances at any time does not exceed $10,000,000.
SECTION 1.05.  Swap Agreements.  The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Swap Agreement, except (a) Swap Agreements not entered into for speculative purposes, (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 Borrower or any Subsidiary and (c) the Borrower may enter into, and perform its obligations under, Permitted Call Spread Swap Agreements.
SECTION 1.06.  Transactions with Affiliates.  The 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 Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among the Borrower and its Subsidiaries, (c) any employment and severance arrangements for and compensation, bonuses, stock option and stock ownership plans and indemnification arrangements and benefit plans (and the marking of payments, awards or grants in cash, securities or otherwise pursuant thereto or the funding thereof) for officers, directors and employees of the Loan Parties, (d) any Restricted Payment permitted by Section 6.07, (e) any investment permitted by Section 6.04, and (f) any sale, lease, license, transfer or disposition permitted under Section 6.03.
SECTION 1.07.  Restricted Payments.
  The 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 Borrower may declare 

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and pay dividends with respect to its Equity Interests payable solely in additional shares of its common stock, (b) Subsidiaries may declare and pay Restricted Payments ratably with respect to their Equity Interests, (c) the Borrower may make Restricted Payments pursuant to and in accordance with stock option plans or other benefit plans for management or employees of the Borrower and its Subsidiaries, (d) the Borrower may enter into, exercise its rights and perform its obligations under Permitted Call Spread Swap Agreements, (e) the Borrower may make cash payments and/or deliveries of shares of its common stock upon conversion of Permitted Convertible Notes pursuant to the terms thereof, (f) the Borrower may make interest payments in respect of Indebtedness under Permitted Convertible Notes, (g) the Borrower or its Subsidiaries may make payments or distributions to dissenting stockholders pursuant to applicable law, (h) the Borrower or any Subsidiary may make cash payments in lieu of fractional shares in connection with the conversion of any Equity Interests or make cash settlement payments upon the exercise of warrants to purchase its Equity Interest or “net share settle” warrants, (i) the Borrower and each Subsidiary may distribute Equity Interests to shareholders of any Person (other than an Affiliate of the Borrower) acquired by merger pursuant to an acquisition permitted under this Agreement, (j) the Borrower and its Subsidiaries may make Restricted Payments so long as at the time of and immediately after giving effect (including giving effect on a Pro Forma Basis) thereto no Default or Event of Default has occurred and is continuing in an aggregate amount during any fiscal year of the Borrower made in reliance on this clause (j) not to exceed $30,000,000 and (k) the Borrower and its Subsidiaries may make any other Restricted Payment so long as at the time of and immediately after giving effect (including giving effect on a Pro Forma Basis) thereto (x) no Default or Event of Default has occurred and is continuing and (y) the Total Net Leverage Ratio is less than or equal to 2.50 to 1.00.
SECTION 1.08.  Restrictive Agreements.
  The Borrower will not, and will not permit any of its Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Borrower 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 holders of its Equity Interests or to make or repay loans or advances to the Borrower or any other Subsidiary or to Guarantee the Obligations; provided that (i) the foregoing shall not apply to restrictions and conditions imposed by law or by any Loan Document, (ii) the foregoing shall not apply to customary restrictions and conditions contained in leases, subleases or licenses entered into in the ordinary course of business or agreements relating to the sale of a Subsidiary or assets pending such sale, provided such restrictions and conditions apply only to the Subsidiary or assets that are to be sold and such sale is permitted hereunder, (iii) the foregoing shall not apply to such restrictions and conditions applicable to any Subsidiary acquired after the date hereof if such restrictions and conditions existed at the time such Subsidiary was acquired and were not created in anticipation of such acquisitions, (iv) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness, (v) clause (a) of the foregoing shall not apply to customary provisions in permits, leases and other contracts restricting the assignment or subletting thereof, (vi) clause (a) of the foregoing shall not apply to agreements are entered into with any person in connection with a sale, lease, license, transfer or disposition permitted under Section 6.03 relating solely to the assets to be sold, leased, licensed, transferred or disposed of, (vii) the foregoing shall not apply to customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted hereunder and applicable solely to such joint venture entered into in the ordinary course of business, and (viii) the foregoing shall not apply to customary negative pledges and restrictions on Liens in favor of any holder of (y) Indebtedness permitted under Section 6.01(e) or (l), or (z) Indebtedness under Section 6.01(g) or (n) secured by a Lien permitted under Section 6.02(e), (j) or (k), in each case, solely to the extent any negative pledge relates to the property financed by or the subject of such Indebtedness.
SECTION 1.09.  Subordinated Indebtedness and Amendments to Subordinated Indebtedness Documents.
  Except to the extent permitted in accordance with any applicable subordination agreement executed by the Administrative Agent, the Borrower will not, and will not permit any Subsidiary to, directly or indirectly voluntarily prepay, defease or in substance defease, purchase, redeem, retire or otherwise acquire, any Subordinated Indebtedness or any Indebtedness from time to time 

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outstanding under the Subordinated Indebtedness Documents.  Furthermore, the Borrower will not, and will not permit any Subsidiary to, amend the Subordinated Indebtedness Documents or any document, agreement or instrument evidencing any Indebtedness incurred pursuant to the Subordinated Indebtedness Documents (or any replacements, substitutions, extensions or renewals thereof) or pursuant to which such Indebtedness is issued where such amendment, modification or supplement amends, modifies or adds any provision thereof in a manner which (i) when taken as a whole, is materially adverse to the Borrower, any Subsidiary and/or the Lenders or (ii) is more onerous, when taken as a whole with any other applicable amendments, modifications or supplements, than the existing applicable provision in the Subordinated Indebtedness Documents, as determined in the good faith judgment of the board of directors of the Borrower.
Notwithstanding the foregoing, this Section 6.09 shall not apply to any Indebtedness evidenced by Permitted Convertible Notes.

SECTION 1.10.  Sale and Leaseback Transactions.
  The Borrower shall not, nor shall it permit any Subsidiary to, enter into any Sale and Leaseback Transaction, other than Sale and Leaseback Transactions in respect of which the net cash proceeds received in connection therewith does not exceed $10,000,000 in the aggregate during any fiscal year of the Borrower, determined on a consolidated basis for the Borrower and its Subsidiaries.
SECTION 1.11.  Financial Covenant.  The Borrower will not permit the ratio (the “Total Net Leverage Ratio”), determined as of the end of each of its fiscal quarters ending on and after March 31, 2022, of (i) (x) Consolidated Total Indebtedness minus (y) Liquidity to (ii) Consolidated EBITDA for the period of four (4) consecutive fiscal quarters ending with the end of such fiscal quarter, all calculated for the Borrower and its Subsidiaries on a consolidated basis, to be greater than (A) for each fiscal quarter ending on and after March 31, 2022 through June 30, 2022, 4.00 to 1.00, (B) for each fiscal quarter ending on and after September 30, 2022 through December 31, 2022, 3.75 to 1.00, (C) for each fiscal quarter ending on March 31, 2023 through June 30, 2023, 3.50 to 1.00, (D) for each fiscal quarter ending on September 30, 2023 through December 31, 2023, 3.25 to 1.00, and (E) for each fiscal quarter ending on and after March 31, 2024, 3.00 to 1.00.
ARTICLE VII

Events of Default
If any of the following events (“Events of Default”) shall occur:
(a) the Borrower shall fail to pay any principal of any Loan when and as the same shall become due and payable or any reimbursement obligation in respect of any LC Disbursement when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;
(b) the 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 (5) Business Days;
(c) any representation or warranty made or deemed made by or on behalf of the Borrower or any Subsidiary Guarantor in or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document or any amendment or modification thereof or waiver thereunder, shall prove to have been materially incorrect when made or deemed made;
(d) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02(a), 5.03 (with respect to the Borrower’s existence), 5.08 or 5.09 or in Article VI or in Article X;

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(e) the Borrower or any Subsidiary Guarantor, as applicable, 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 thirty (30) days after written notice thereof from the Administrative Agent to the Borrower (which notice will be given at the request of any Lender);
(f) the Borrower or any 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 after giving effect to any grace or cure periods applicable thereto;
(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 (i) any secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, (ii) any requirement to make a cash payment as a result of the early termination of a Permitted Call Spread Swap Agreement and (iii) any requirement to deliver cash upon conversion of Permitted Convertible Notes;
(h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any Material Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Material Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered;
(i) the Borrower or any Material Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, 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, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Material Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (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) the Borrower or any Material Subsidiary shall become insolvent or admit in writing its inability or fail generally to pay its debts as they become due;
(k) one or more final judgments for the payment of money in an aggregate amount in excess of $20,000,000 (excluding any portion thereof which is covered by insurance so long as the insurer is an unaffiliated creditworthy insurer, is reasonably likely to be able to pay and has accepted a tender of defense and indemnification without reservation of rights) shall be rendered against the Borrower, any Material Subsidiary or any combination thereof and the same shall remain undischarged for a period of thirty (30) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any Material Subsidiary to enforce any such judgment;
(l) an ERISA Event shall have occurred that, in the reasonable opinion of the Required Lenders, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect;
(m) a Change in Control shall occur;

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(n) any Loan Document for any reason ceases to be valid, binding and enforceable in accordance with its terms other than as expressly permitted hereunder or thereunder (or the Borrower or any Subsidiary shall challenge the enforceability of any Loan Document or shall assert in writing, or engage in any action or inaction based on any such assertion, that any provision of any of the Loan Documents has ceased to be or otherwise is not valid, binding and enforceable in accordance with its terms); or
(o) any Collateral Document shall for any reason (other than due to a failure of the Administrative Agent to take any required action within its control to maintain the perfection or priority of the Liens created in favor of the Administrative Agent pursuant to the Loan Documents but excluding any action or inaction based on facts or circumstances for which the Administrative Agent has not been notified in accordance with the provisions of the Loan Documents) fail to create a valid and perfected first priority security interest (subject to Liens permitted under Section 6.02) in any material portion of the Collateral purported to be covered thereby, except as permitted by the terms of any Loan Document;
then, and in every such event (other than an event with respect to the Borrower described in clause (h) or (i) of this Article), and at any time thereafter during the continuance of such Event of Default, the Administrative Agent may with the consent of the Required Lenders, and shall at the request of the Required Lenders, by notice to the Borrower, take any or all of the following actions, at the same or different times:  (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, (ii) declare the Loans then outstanding to be due and payable in whole (or in part, 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 Secured Obligations of the Borrower accrued hereunder and under the other Loan Documents, shall become  due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower, and (iii) require cash collateral for the LC Exposure in accordance with Section 2.06(j); and in case of any event with respect to the Borrower described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding and cash collateral for the LC Exposure, together with accrued interest thereon and all fees and other Secured Obligations accrued hereunder and under the other Loan Documents, shall automatically become due and payable, and the obligation of the Borrower to cash collateralize the LC Exposure as provided in clause (iii) above shall automatically become effective, in each case, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.
        In addition to any other rights and remedies granted to the Administrative Agent and the Lenders in the Loan Documents, the Administrative Agent on behalf of the Lenders may exercise all rights and remedies of a secured party under the UCC or any other applicable law.  The Administrative Agent shall apply the net proceeds of any action taken by it pursuant to this Article VII, after deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of any of the Collateral or in any other way relating to the Collateral or the rights of the Administrative Agent and the Lenders hereunder, including reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the Secured Obligations, in such order as set forth in Section 2.18(b), and only after such application and after the payment by the Administrative Agent of any other amount required by any provision of law, including Section 9-615(a)(3) of the New York Uniform Commercial Code, need the Administrative Agent account for the surplus, if any, to any Loan Party.
ARTICLE VIII

The Administrative Agent
SECTION 1.01.  Authorization and Action.
(a) Each Lender and 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 and collateral agent under the Loan Documents and each Lender and 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 

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under such agreements and to exercise such powers as are reasonably incidental thereto.  Further, each of the Lenders and the Issuing Banks, on behalf of itself and any of its Affiliates that are Secured Parties, hereby irrevocably empower and authorize JPMorgan Chase Bank, N.A. (in its capacity as Administrative Agent) to execute and deliver the Collateral Documents and all related documents or instruments as shall be necessary or appropriate to effect the purposes of the Collateral Documents.  In addition, to the extent required under the laws of any jurisdiction other than within the United States, each Lender and Issuing Bank hereby grants to the Administrative Agent any required powers of attorney to execute and enforce any Collateral Document governed by the laws of such jurisdiction on such Lender’s or such Issuing Bank’s behalf.  Without limiting the foregoing, each Lender and 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, and to exercise all rights, powers and remedies that the Administrative Agent may have under such Loan Documents.
(b) As to any matters not expressly provided for herein and in the other Loan Documents (including enforcement or collection), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, pursuant to the terms in the Loan Documents), and, unless and until revoked in writing, such instructions shall be binding upon each Lender and 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 and is exculpated in a manner satisfactory to it from the Lenders and the Issuing Banks with respect to such action or (ii) is contrary to this Agreement or any other Loan Document or applicable law, including any action that may be in violation of the automatic stay under any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors; provided, further, that the Administrative Agent may seek clarification or direction from the Required Lenders prior to the exercise of any such instructed action and may refrain from acting until such clarification or direction has been provided. Except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower, any Subsidiary or any Affiliate of any of the foregoing that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity. Nothing in this Agreement shall require the Administrative Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.
(c) In performing its functions and duties hereunder and under the other Loan Documents, the Administrative Agent is acting solely on behalf of the Lenders and the Issuing Banks (except in limited circumstances expressly provided for herein relating to the maintenance of the Register), and its duties are entirely mechanical and administrative in nature. Without limiting the generality of the foregoing:
(i)  the Administrative Agent does not assume and shall not be deemed to have assumed any obligation or duty or any other relationship as the agent, fiduciary or trustee of or for any Lender, any Issuing Bank or any other Secured Party 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 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/or the transactions contemplated hereby;

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(ii)  where the Administrative Agent is required or deemed to act as a trustee in respect of any Collateral over which a security interest has been created pursuant to a Loan Document expressed to be governed by the laws of any jurisdiction other than the United States of America, or is required or deemed to hold any Collateral “on trust” pursuant to the foregoing, the obligations and liabilities of the Administrative Agent to the Secured Parties in its capacity as trustee shall be excluded to the fullest extent permitted by applicable law; and
(iii)  nothing in this Agreement or any Loan Document shall require the Administrative Agent to account to any Lender for any sum or the profit element of any sum received by the Administrative Agent for its own account.
(d) The Administrative Agent may perform any of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any of their respective duties and exercise their respective rights and powers through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities pursuant to this Agreement. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agent except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agent.
(e) None of any Co-Syndication Agent or 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.
(f) In case of the pendency of any proceeding with respect to any Loan Party under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, the Administrative Agent (irrespective of whether the principal of any Loan or any reimbursement obligation in respect of any LC Disbursement shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on any Loan Party) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:
(i)  to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, LC Disbursements and all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Banks and the Administrative Agent (including any claim under Sections 2.12, 2.13, 2.15, 2.17 and 9.03) allowed in such judicial proceeding; and
(ii)  to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 
and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such proceeding is hereby authorized by each Lender, each Issuing Bank and each other Secured Party to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, the Issuing Banks or the other Secured Parties, to pay to the 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 any Issuing Bank any plan of reorganization, arrangement, adjustment or composition affecting the Secured Obligations or the rights of any Lender or any Issuing Bank or to authorize the Administrative Agent to vote in respect of the claim of any Lender or any Issuing Bank in any such proceeding.

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(g) The provisions of this Article VIII are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Banks, and, except solely to the extent of the Borrower’s rights to consent pursuant to and subject to the conditions set forth in this Article VIII, none of the Borrower or any Subsidiary, or any of their respective Affiliates, shall have any rights as a third party beneficiary under any such provisions. Each Secured Party, whether or not a party hereto, will be deemed, by its acceptance of the benefits of the Collateral and of the Guarantees of the Secured Obligations provided under the Loan Documents, to have agreed to the provisions of this Article VIII.
SECTION 1.02.  Administrative Agent’s Reliance, Limitation of Liability, Etc.
(a) Neither the Administrative Agent nor any of its Related Parties shall be (i) liable for any action taken or omitted to be taken by such party, the Administrative Agent or any of its Related Parties 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 non-appealable 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 (including, for the avoidance of doubt, in connection with the Administrative Agent’s reliance on any Electronic Signature transmitted by telecopy, emailed pdf, or any other electronic means that reproduces an image of an actual executed signature page) or for any failure of any Loan Party to perform its obligations hereunder or thereunder.
(b) The Administrative Agent shall be deemed not to have knowledge of any (i) notice of any of the events or circumstances set forth or described in Section 5.02 unless and until written notice thereof stating that it is a “notice under Section 5.02” in respect of this Agreement and identifying the specific clause under said Section is given to the Administrative Agent by the Borrower or (ii) notice of any Default or Event of Default unless and until written notice thereof (stating that it is a “notice of Default” or a “notice of an Event of Default”) is given to the Administrative Agent by the Borrower, a Lender or an Issuing Bank, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with 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 or Event of Default, (iv) the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items (which on their face purport to be such items) expressly required to be delivered to the Administrative Agent or satisfaction of any condition that expressly refers to the matters described therein being acceptable or satisfactory to the Administrative Agent or (vi) the creation, perfection or priority of Liens on the Collateral or the existence of the Collateral.
(c) Without limiting the foregoing, the Administrative Agent (i) may treat the payee of any promissory note as its holder until such promissory note has been assigned in accordance with Section 9.04, (ii) may rely on the Register to the extent set forth in Section 9.04(b), (iii) may consult with legal counsel (including counsel to the Borrower), independent public accountants and other experts selected by it, and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts, (iv) makes no warranty or representation to any Lender or any Issuing Bank and shall not be responsible to any Lender or any Issuing Bank for any statements, warranties or representations made by or on behalf of any Loan Party in connection with this Agreement or any other Loan Document, (v) in determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an Issuing Bank, may presume that such condition is 

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satisfactory to such Lender or an Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or such 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 1.03.  Posting of Communications.
(a) The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make any Communications available to the Lenders and the Issuing Banks by posting the Communications on IntraLinksTM, DebtDomain, SyndTrak, ClearPar or any other electronic platform chosen by the Administrative Agent to be its electronic transmission system (the “Approved Electronic Platform”).
(b) Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the 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, each of the Issuing Banks and the Borrower 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 may be confidentiality and other risks associated with such distribution. Each of the Lenders, the Issuing Banks and the Borrower hereby approves distribution of the Communications through the Approved Electronic Platform and understands and assumes the risks of such distribution.
(c) THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”. THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY ARRANGER, ANY CO-SYNDICATION AGENT OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE PARTIES”) HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER, ANY ISSUING BANK OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM EXCEPT WITH RESPECT TO ACTUAL AND DIRECT DAMAGES TO THE EXTENT DETERMINED BY A COURT OF COMPETENT JURISDICTION BY FINAL AND NONAPPEALABLE JUDGMENT TO HAVE RESULTED FROM THE WILLFUL MISCONDUCT OR GROSS NEGLIGENCE OF ANY APPLICABLE PARTY; PROVIDED THAT ANY COMMUNICATION TO ANY LENDERS, PROSPECTIVE LENDERS, PARTICIPANTS OR PROSPECTIVE PARTICIPANTS OR, TO THE EXTENT SUCH DISCLOSURE IS OTHERWISE PERMITTED, TO ANY OTHER PERSON THROUGH AN APPROVED ELECTRONIC PLATFORM SHALL BE MADE SUBJECT TO THE ACKNOWLEDGEMENT AND ACCEPTANCE BY SUCH PERSON THAT SUCH 

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COMMUNICATION IS BEING DISSEMINATED OR DISCLOSED ON A CONFIDENTIAL BASIS (ON TERMS SUBSTANTIALLY THE SAME AS SET FORTH IN SECTION 9.12 OR OTHERWISE REASONABLY ACCEPTABLE TO THE ADMINISTRATIVE AGENT AND THE BORROWER), WHICH SHALL IN ANY EVENT REQUIRE “CLICK THROUGH” OR OTHER AFFIRMATIVE ACTIONS ON THE PART OF THE RECIPIENT TO ACCESS SUCH COMMUNICATION.
(d) Each Lender and each Issuing Bank agrees that notice to it (as provided in the next sentence) specifying that Communications have been posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents. Each Lender and each 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 such Issuing Bank’s (as applicable) email address to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such email address.
(e) Each of the Lenders, each Issuing Bank and the Borrower 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.
(f) Nothing herein shall prejudice the right of the Administrative Agent, any Lender or any Issuing Bank to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document.
SECTION 1.04.  The Administrative Agent Individually.  With respect to its Commitments, Loans (including Swingline Loans) and Letters of Credit, the Person serving as the Administrative Agent shall have and may exercise the same rights and powers hereunder and is subject to the same obligations and liabilities as and to the extent set forth herein for any other Lender or Issuing Bank, as the case may be. The terms “Issuing 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, an Issuing Bank or as one of the Required Lenders, as applicable. The Person serving as the Administrative Agent and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking, trust or other business with, the Borrower, any Subsidiary or any Affiliate of any of the foregoing as if such Person was not acting as the Administrative Agent and without any duty to account therefor to the Lenders or the Issuing Bank.
SECTION 1.05.  Successor Administrative Agent.
(a) The Administrative Agent may resign at any time by giving 30 days’ prior written notice thereof to the Lenders, the Issuing Banks and the Borrower, 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 Banks, 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 Borrower (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.

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(b) 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 Banks and the Borrower, 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; provided that, solely for purposes of maintaining any security interest granted to the Administrative Agent under any Collateral Document for the benefit of the Secured Parties, the retiring Administrative Agent shall continue to be vested with such security interest as collateral agent for the benefit of the Secured Parties, and continue to be entitled to the rights set forth in such Collateral Document and Loan Document, and, in the case of any Collateral in the possession of the Administrative Agent, shall continue to hold such Collateral, in each case until such time as a successor Administrative Agent is appointed and accepts such appointment in accordance with this Section (it being understood and agreed that the retiring Administrative Agent shall have no duty or obligation to take any further action under any Collateral Document, including any action required to maintain the perfection of any such security interest) and (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 each Issuing Bank. Following the effectiveness of the Administrative Agent’s resignation from its capacity as such, the provisions of this Article VIII 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 and in respect of the matters referred to in the proviso under clause (i) above.
SECTION 1.06.  Acknowledgements of Lenders and Issuing Banks.
(a) Each Lender and each Issuing Bank represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility, (ii) it is engaged in making, acquiring or holding commercial loans  and in providing other facilities set forth herein as may be applicable to such Lender or such Issuing Bank, in each case in the ordinary course of business, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument (and each Lender and the Issuing Bank agrees not to assert a claim in contravention of the foregoing), (iii) it has, independently and without reliance upon the Administrative Agent, any Arranger, any Co-Syndication Agent or any other Lender or Issuing Bank, or any of the Related Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder and (iv) it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or such Issuing Bank, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities. Each Lender and each Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Arranger, any Co-Syndication Agent or any other Lender or Issuing Bank, or any of the Related Parties of any of the foregoing, and based on such documents and information (which may contain material, non-public information within the meaning of the United States securities laws concerning the Borrower and its Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.
(b) Each Lender, by delivering its signature page to this Agreement on the 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.

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(c) 
(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 (1) 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 and binding, absent manifest error.
(ii)  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 (1) 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.
(iii)  The 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 (or any other Secured Obligations) owed by the Borrower or any other Loan Party, except to the extent such erroneous Payment is, and solely with respect to the amount of such erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Loan Party for the purpose of satisfying an Obligation (or any other Secured Obligation).
(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 1.07.  Collateral Matters.

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(a) Except with respect to the exercise of setoff rights in accordance with Section 9.08 or with respect to a Secured Party’s right to file a proof of claim in an insolvency proceeding, no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce any Guarantee of the Secured Obligations, it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely by the Administrative Agent on behalf of the Secured Parties in accordance with the terms thereof.  In its capacity, the Administrative Agent is a “representative” of the Secured Parties within the meaning of the term “secured party” as defined in the UCC.  In the event that any Collateral is hereafter pledged by any Person as collateral security for the Secured Obligations, the Administrative Agent is hereby authorized, and hereby granted a power of attorney, to execute and deliver on behalf of the Secured Parties any Loan Documents necessary or appropriate to grant and perfect a Lien on such Collateral in favor of the Administrative Agent on behalf of the Secured Parties.  The Lenders hereby authorize the Administrative Agent, at its option and in its discretion, to release any Lien granted to or held by the Administrative Agent upon any Collateral (i) as described in Section 9.02(d); (ii) as permitted by, but only in accordance with, the terms of the applicable Loan Document; or (iii) if approved, authorized or ratified in writing by the Required Lenders, unless such release is required to be approved by all of the Lenders hereunder.  Upon request by the Administrative Agent at any time, the Lenders will confirm in writing the Administrative Agent’s authority to release particular types or items of Collateral pursuant hereto.  Upon any sale or transfer of assets constituting Collateral which is permitted pursuant to the terms of any Loan Document, or consented to in writing by the Required Lenders or all of the Lenders, as applicable, and upon at least five (5) Business Days’ prior written request by the Borrower to the Administrative Agent, the Administrative Agent shall (and is hereby irrevocably authorized by the Lenders to) execute such documents as may be necessary to evidence the release of the Liens granted to the Administrative Agent for the benefit of the Secured Parties herein or pursuant hereto upon the Collateral that was sold or transferred; provided, however, that (i) the Administrative Agent shall not be required to execute any such document on terms which, in the Administrative Agent’s reasonable opinion, would expose the Administrative Agent to liability or create any obligation or entail any consequence other than the release of such Liens without recourse or warranty, and (ii) such release shall not in any manner discharge, affect or impair the Secured Obligations or any Liens upon (or obligations of the Loan Parties in respect of) all interests retained by any Loan Party, including (without limitation) the proceeds of the sale, all of which shall continue to constitute part of the Collateral.  Any execution and delivery by the Administrative Agent of documents in connection with any such release shall be without recourse to or warranty by the Administrative Agent.
(b) In furtherance of the foregoing and not in limitation thereof, no Banking Services Agreement or Swap Agreement will create (or be deemed to create) in favor of any Secured Party that is a party thereto any rights in connection with the management or release of any Collateral or of the obligations of any Loan Party under any Loan Document. By accepting the benefits of the Collateral, each Secured Party that is a party to any such Banking Services Agreement or Swap Agreement, as applicable, shall be deemed to have appointed the Administrative Agent to serve as administrative agent and collateral agent under the Loan Documents and agreed to be bound by the Loan Documents as a Secured Party thereunder, subject to the limitations set forth in this paragraph.
(c) The Secured Parties irrevocably authorize the Administrative Agent, at its option and in its discretion, to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 6.02(b). The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien thereon or any certificate prepared by any Loan Party in connection therewith, nor shall the Administrative Agent be responsible or liable to the Lenders or any other Secured Party for any failure to monitor or maintain any portion of the Collateral.
SECTION 1.08.  Credit Bidding. The Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Secured Obligations (including by accepting some or all of the Collateral in satisfaction of some or all of the Secured Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including under Sections 363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions to 

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which a Loan Party is subject, or (b) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable law. In connection with any such credit bid and purchase, the Secured Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid by the Administrative Agent at the direction of the Required Lenders on a ratable basis (with Secured Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) for the asset or assets so purchased (or for the equity interests or debt instruments of the acquisition vehicle or vehicles that are issued in connection with such purchase). In connection with any such bid, (i) the Administrative Agent shall be authorized to form one or more acquisition vehicles and to assign any successful credit bid to such acquisition vehicle or vehicles, (ii) each of the Secured Parties’ ratable interests in the Secured Obligations which were credit bid shall be deemed without any further action under this Agreement to be assigned to such vehicle or vehicles for the purpose of closing such sale, (iii) the Administrative Agent shall be authorized to adopt documents providing for the governance of the acquisition vehicle or vehicles (provided that any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or equity interests thereof, shall be governed, directly or indirectly, by, and the governing documents shall provide for, control by the vote of the Required Lenders or their permitted assignees under the terms of this Agreement or the governing documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in Section 9.02 of this Agreement), (iv) the Administrative Agent on behalf of such acquisition vehicle or vehicles shall be authorized to issue to each of the Secured Parties, ratably on account of the relevant Secured Obligations which were credit bid, interests, whether as equity, partnership interests, limited partnership interests or membership interests, in any such acquisition vehicle and/or debt instruments issued by such acquisition vehicle, all without the need for any Secured Party or acquisition vehicle to take any further action, and (v) to the extent that Secured Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better, because the amount of Secured Obligations assigned to the acquisition vehicle exceeds the amount of Secured Obligations credit bid by the acquisition vehicle or otherwise), such Secured Obligations shall automatically be reassigned to the Secured Parties pro rata with their original interest in such Secured Obligations and the equity interests and/or debt instruments issued by any acquisition vehicle on account of such Secured Obligations shall automatically be cancelled, without the need for any Secured Party or any acquisition vehicle to take any further action. Notwithstanding that the ratable portion of the Secured Obligations of each Secured Party are deemed assigned to the acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Party shall execute such documents and provide such information regarding the Secured Party (and/or any designee of the Secured Party which will receive interests in or debt instruments issued by such acquisition vehicle) as the Administrative Agent may reasonably request in connection with the formation of any acquisition vehicle, the formulation or submission of any credit bid or the consummation of the transactions contemplated by such credit bid.
SECTION 1.09.  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 not, for the avoidance of doubt, to or for the benefit of the Borrower 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 in connection with the Loans, the Letters of Credit or the Commitments,
(ii)  the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions 

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involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,
(iii)  (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or
(iv)  such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.
(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 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 the Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the Collateral or the assets of such Lender involved in 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).
(c) The Administrative Agent and the Arrangers hereby inform the Lenders that each such Person is not undertaking to provide investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments, this Agreement and any other Loan Documents, (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent fees or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing.
ARTICLE IX

Miscellaneous
SECTION 1.01.  Notices.  (a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows:
(i)  if to the Borrower, to it at 75 Network Drive, Burlington, MA 01803, Attention of Chief Financial Officer, with a copy (in the case of a notice of Default) which shall not 

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constitute notice, to Covington & Burling LLP, Attn: Brent Little, One CityCenter, 850 Tenth Street, NW, Washington, DC 20001-4956 (email: blittle@cov.com, telephone: (202) 662-5118);
(ii)  if to the Administrative Agent, (A) in the case of Borrowings, to JPMorgan Chase Bank, N.A., 10 South Dearborn, Floor L2S, Chicago, Illinois 60603-2300, Attention of Joseph Breslin (email: joseph.l.breslin@jpmorgan.com and jpm.agency.cri@jpmorgan.com), and (B) for all other notices, to JPMorgan Chase Bank, N.A., 237 Park Avenue, New York, New York 10017, Attention of Justin Kelley (Telecopy No. (917) 464-6072);
(iii)  if to JPMorgan Chase Bank, N.A. in its capacity as an Issuing Bank, to it at JPMorgan Chase Bank, N.A., 10 South Dearborn, Floor L2S, Chicago, Illinois 60603-2300, Attention of LC Trade Execution Team (email: cb.trade.execution.team@chase.com);
(iv)  if to the Swingline Lender, to it at JPMorgan Chase Bank, N.A., 10 South Dearborn, Floor L2S, Chicago, Illinois 60603-2300, Attention of Joseph Breslin (email: joseph.l.breslin@jpmorgan.com and jpm.agency.cri@jpmorgan.com); and
(v)  if to any other Lender or Issuing Bank, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.
Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient).  Notices delivered through Approved Electronic Platforms, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).
(b) Notices and other communications to any Loan Party, the Lenders and the Issuing Banks hereunder may be delivered or furnished by using Approved Electronic Platforms pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender.  The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.
(c) Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.
(d) Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto.
SECTION 1.02.  Waivers; Amendments.  (a)  No failure or delay by the Administrative Agent, any Issuing Bank or any Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power.  The rights and remedies of the Administrative Agent, the Issuing Banks and the Lenders hereunder and under 

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the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have.  No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or any Issuing Bank may have had notice or knowledge of such Default at the time.
(b) Except as provided in Section 2.22 with respect to an Incremental Term Loan Amendment or as provided in Section 2.14(b) and Section 2.14(c), neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall (i) 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 directly affected thereby (except that any amendment or modification of the financial covenants in this Agreement (or defined terms used in the financial covenants in this Agreement) shall not constitute a reduction in the rate of interest or fees for purposes of this clause (ii)), (iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly affected thereby (other than any reduction of the amount of, or any extension of the payment date for, the mandatory prepayments required under Section 2.11, in each case which shall only require the approval of the Required Lenders), (iv) change Section 2.09(c) or Section 2.18(b) or (d) 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 2.18(b) or Section 2.21(b) 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 (it being understood that, solely with the consent of the parties prescribed by Section 2.22 to be parties to an Incremental Term Loan Amendment, Incremental Term Loans may be included in the determination of Required Lenders on substantially the same basis as the Commitments and the Loans are included on the Effective Date), (vii) (x) except as provided in Section 9.14, release all or substantially all of the Subsidiary Guarantors from their obligations under the Subsidiary Guaranty or (y) release the Borrower from its obligations under Article X, in each case, without the written consent of each Lender, or (viii) except as provided in clause (d) of this Section or in any Collateral Document, release all or substantially all of the Collateral, without the written consent of each Lender; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, any Issuing Bank or the Swingline Lender hereunder without the prior written consent of the Administrative Agent, such Issuing Bank or the Swingline Lender, as the case may be (it being understood that any change to Section 2.21 shall require the consent of the Administrative Agent, the Issuing Banks and the Swingline Lender); and provided further that no such agreement shall amend or modify the provisions of Section 2.06 without the prior written consent of the Administrative Agent and the Issuing Banks; and provided further any amendment or waiver that by its terms affects the rights or duties of Lenders holding Loans or Commitments of a particular Class (but not the Lenders holding Loans or Commitments of any other Class) will require only the requisite percentage in interest of the affected Class of Lenders that would be required to consent thereto if such Class of Lenders were the only Class of Lenders.  Notwithstanding the foregoing, no consent with respect to any amendment, waiver or other modification of this Agreement shall be required of any Defaulting Lender, except with respect to any amendment, waiver or other modification referred to in clause (i), (ii) or (iii) of the first proviso of this paragraph and then only in the event such Defaulting Lender shall be directly affected by such amendment, waiver or other modification.
(c) Notwithstanding the foregoing, this Agreement and any other Loan Document may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Borrower (x) to add one or more credit facilities (in addition to the 

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Incremental Term Loans pursuant to an Incremental Term Loan Amendment) to this Agreement and to permit extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Revolving Loans, the initial Term Loans, Incremental Term Loans and the accrued interest and fees in respect thereof and (y) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders and Lenders (it being understood and agreed that any such amendment or Incremental Term Loan Amendment to implement new Commitments or increases to the Commitments or Incremental Term Loans in accordance with, and pursuant to the requirements of, Section 2.22 shall require solely the consent of the parties prescribed by such Section and shall not require the consent of the Required Lenders).
(d) The Lenders hereby irrevocably authorize the Administrative Agent, at its option and in its sole discretion, to release any Liens granted to the Administrative Agent by the Loan Parties on any Collateral (i) upon the termination of all the Commitments, payment and satisfaction in full in cash of all Secured Obligations (other than Secured Swap Obligations not yet due and payable, Secured Banking Services Obligations not yet due and payable, Unliquidated Obligations for which no claim has been made and other Obligations expressly stated to survive such payment and termination), and the cash collateralization of all Unliquidated Obligations (other than contingent indemnification obligations in respect of which no claim has been asserted) in a manner satisfactory to the Administrative Agent, (ii) constituting property being sold or disposed of if the Borrower certifies to the Administrative Agent that the sale or disposition is made in compliance with the terms of this Agreement (and the Administrative Agent may rely conclusively on any such certificate, without further inquiry), (iii) constituting property leased to the Borrower or any Subsidiary under a lease which has expired or been terminated in a transaction permitted under this Agreement, or (iv) as required to effect any sale or other disposition of such Collateral in connection with any exercise of remedies of the Administrative Agent and the Lenders pursuant to Article VII.  Any such release shall not in any manner discharge, affect, or impair the Secured Obligations or any Liens (other than those expressly being released) upon (or obligations of the Loan Parties in respect of) all interests retained by the Loan Parties, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral.  In addition, each of the Lenders, on behalf of itself and any of its Affiliates that are Secured Parties, irrevocably authorizes the Administrative Agent, at its option and in its discretion, (i) to subordinate any Lien on any assets granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 6.02(f) or (ii) in the event that the Borrower shall have advised the Administrative Agent that, notwithstanding the use by the Borrower of commercially reasonable efforts to obtain the consent of such holder (but without the requirement to pay any sums to obtain such consent) to permit the Administrative Agent to retain its liens (on a subordinated basis as contemplated by clause (i) above), the holder of such other Indebtedness requires, as a condition to the extension of such credit, that the Liens on such assets granted to or held by the Administrative Agent under any Loan Document be released, to release the Administrative Agent’s Liens on such assets.
(e) If, in connection with any proposed amendment, waiver or consent  requiring the consent of “each Lender” or “each Lender directly affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is not obtained (any such Lender whose consent is necessary but not obtained being referred to herein as a “Non-Consenting Lender”), then the Borrower may elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided that, concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to the Borrower and the Administrative Agent shall agree, as of such date, to purchase for cash the Loans and other Obligations due to the Non-Consenting Lender pursuant to an Assignment and Assumption and to become a Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lender to be terminated as of such date and to comply with the requirements of clause (b) of Section 9.04, (ii) the Borrower shall pay to such Non-Consenting Lender in same day funds on the day of such replacement (1) all interest, fees and other amounts then accrued but unpaid to such Non-Consenting Lender by the Borrower hereunder to and including the date of termination, including without limitation payments due to such Non-Consenting Lender under Sections 2.15 and 2.17, and (2) an amount, if any, equal to the payment which would have been due to such Lender on the day of such replacement under Section 2.16 had the Loans of such Non-Consenting Lender been prepaid on such date rather than sold to the replacement Lender and (iii) such Non-Consenting Lender shall have received the outstanding principal amount of its Loans and participations in LC Disbursements.  Each party hereto agrees that (i) 

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an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Borrower, 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 (ii) 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 requested by the applicable Lender, provided that any such documents shall be without recourse to or warranty by the parties thereto.
(f) Notwithstanding anything to the contrary herein the Administrative Agent may, with the consent of the Borrower only, amend, modify or supplement this Agreement or any of the other Loan Documents to cure any ambiguity, omission, mistake, defect or inconsistency.
SECTION 1.03.  Expenses; Limitation of Liability; Indemnity; Etc.
(a) Expenses.  The Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (which shall be limited in the case of legal fees and expenses, to the reasonable and documented fees, charges and disbursements of one primary counsel for the Administrative Agent and, if applicable, a single local counsel to the Administrative Agent in each relevant jurisdiction), in connection with the syndication and distribution (including, without limitation, via the internet or through a service such as Intralinks) of the credit facilities provided for herein, the preparation and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by the Issuing Banks in connection with the issuance, amendment or extension of any Letter of Credit or any demand for payment thereunder and (iii) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, any Issuing Bank and any Lender (which shall be limited, in the case of legal fees and expenses, to the reasonable and documented fees, charges and disbursements of one counsel for the Administrative Agent, the Issuing Banks and the Lenders (and, if reasonably necessary, a single local counsel to the Administrative Agent, the Issuing Banks  and the Lenders in each relevant jurisdiction and regulatory counsel), unless a Lender reasonably determines that it would create a conflict of interest to not have individual counsel, in which case similarly affected lenders may have one additional firm of counsel), in connection with the enforcement or protection of its rights in connection with this Agreement and any other Loan Document, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.
(b) Limitation of Liability.  To the extent permitted by applicable law (i) the Borrower and any other Loan Party shall not assert, and the Borrower and each other Loan Party hereby waives, any claim against the Administrative Agent, any Arranger, any Co-Syndication Agent, any Issuing Bank and any Lender, and any Related Party of any of the foregoing Persons (each such Person being called a “Lender-Related Person”) for any Liabilities arising from the use by others of information or other materials (including, without limitation, any personal data) obtained through telecommunications, electronic or other information transmission systems (including the Internet), and (ii) no party hereto shall assert, and each such party hereby waives, any Liabilities 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 Section 9.03(b) shall relieve the Borrower or any other Loan Party of any obligation it may have to indemnify an Indemnitee, as provided in Section 9.03(c), against any special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party; provided further that nothing in this Section 9.03(b) shall limit any Lender-Related Person’s obligations under Section 9.12.

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(c) Indemnity.  The Borrower shall indemnify the Administrative Agent, each Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all Liabilities and related expenses (which shall be limited, in the case of legal fees and expenses, to the reasonable and documented, including the fees, charges and disbursements of one primary counsel for the Indemnitees (and of a single local counsel to the Indemnitees in each relevant jurisdiction and regulatory counsel) unless an Indemnitee reasonably determines that it would create a conflict of interest to not have individual counsel, in which case similarly affected Indemnitees may have one additional firm of counsel (and, to the extent reasonably required by such Indemnitees, a single local counsel for all of the such Indemnitees in each relevant jurisdiction and regulatory counsel)), incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of any Loan Document or any agreement or instrument contemplated thereby, the performance by the parties hereto of their respective obligations thereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by any Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective Proceeding relating to any of the foregoing, whether or not such Proceeding is brought by the Borrower or any other Loan Party or its or their respective equity holders, Affiliates, creditors or any other third Person and 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 Liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from (x) the gross negligence, bad faith or willful misconduct of such Indemnitee, (y) a material breach by such Indemnitee of its express contractual obligations under the Loan Documents pursuant to a claim made by the Borrower or (z) any dispute solely among Indemnitees (not arising as a result of any act or omission by the Borrower or any of its Subsidiaries or Affiliates) other than any Proceeding against any Indemnitee in its capacity as, or in fulfilling its role as, the Administrative Agent, an Issuing Bank, the Swingline Lender, a lead arranger, bookrunner, agent or any similar role under or in connection with this Agreement.  This Section 9.03(c) shall not apply with respect to Taxes other than any Taxes that represent losses, claims or damages arising from any non-Tax claim.
(d) Lender Reimbursement.  To the extent that the Borrower fails to pay any amount required to be paid by it under paragraph (a) or (c) of this Section, each Lender severally agrees to pay to the Administrative Agent, such Issuing Bank or the Swingline Lender and each Related Party of any of the foregoing Persons (each, an “Agent-Related Person”), as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount (it being understood that the Borrower’s failure to pay any such amount shall not relieve the Borrower of any default in the payment thereof); provided that the unreimbursed expense or indemnified Liability or related expense, as the case may be, was incurred by or asserted against such Agent-Related Person in its capacity as such.
(e) Payments.  All amounts due under this Section shall be payable not later than fifteen (15) days after written demand therefor.
SECTION 1.04.  Successors and Assigns.  (a)  The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section.  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of any 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 

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Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b)  Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Persons (other than an Ineligible Institution) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments, participations in Letters of Credit and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld, conditioned or delayed) of:
(A) the Borrower (provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof); provided, further, that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee;
(B) the Administrative Agent;
(C) the Issuing Banks; provided that no consent of the Issuing Banks shall be required for an assignment of all or any portion of a Term Loan; and
(D) the Swingline Lender; provided that no consent of the Swingline Lender shall be required for an assignment of all or any portion of a Term Loan.
(ii)  Assignments shall be subject to the following additional conditions:
(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 (in the case of Revolving Commitments and Revolving Loans) or $1,000,000 (in the case of a Term Loan) unless each of the Borrower and the Administrative Agent otherwise consent, provided that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing;
(B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement, provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender’s rights and obligations in respect of one Class of Commitments or Loans;
(C) the parties to each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and Assumption or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, together with a processing and recordation fee of $3,500, such fee to be paid by either the assigning Lender or the assignee Lender or shared between such Lenders;
(D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its Affiliates and their Related Parties or their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including federal and state securities laws;

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(E) without the prior written consent of the Administrative Agent, no assignment shall be made to a prospective assignee that bears a relationship to the Borrower described in Section 108(e)(4) of the Code; and
(F) so long as no Event of Default shall have occurred and be continuing, no such assignment shall be made to any Person that is not capable of lending (1) Agreed Currencies to the Borrower, and (2) each Type and Class of Loan.
For the purposes of this Section 9.04(b), the terms “Approved Fund” and “Ineligible Institution” have the following meanings:
“Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.
“Ineligible Institution” means (a) a natural person, (b) a Defaulting Lender or its Lender Parent, (c) the Borrower, any of its Subsidiaries or any of its Affiliates, or (d) a company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof.
(iii)  Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03).  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section.
(iv)  The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount (and stated interest) of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent, the Issuing Banks and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be available for inspection by the Borrower, any Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice.
(v)  Upon its receipt of (x) a duly completed Assignment and Assumption executed by an assigning Lender and an assignee or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(e) or 9.03(d), 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.

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(c) Any Lender may, without the consent of the Borrower, the Administrative Agent, the Issuing Banks or the Swingline Lender, sell participations to one or more banks or other entities (a “Participant”), other than an Ineligible Institution, 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 Borrower, the Administrative Agent, the Issuing Banks and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.  Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant.  The Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the requirements and limitations therein, including the requirements under Section 2.17(f) (it being understood that the documentation required under Section 2.17(f) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections 2.18 and 2.19 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Sections 2.15 or 2.17, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation.  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 2.19(b) with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.18(d) as though it were a Lender.  Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations or Section 1.163-5(b) of the Proposed United States Treasury Regulations (or, in each case, any amended or successor version).  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.
(d) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
SECTION 1.05.  Survival.  All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, any Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other 

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amount payable under this Agreement or any other Loan Document is outstanding and unpaid (other than Unliquidated Obligations) or any Letter of Credit is outstanding (unless such Letter of Credit has been cash collateralized or backstopped pursuant to arrangements reasonably satisfactory to the Administrative Agent) and so long as the Commitments have not expired or terminated.  The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the 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 1.06.  Counterparts; Integration; Electronic Execution; 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, 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 (x) this Agreement, (y) any other Loan Document and/or (z) any document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered pursuant to Section 9.01), certificate, request, statement, disclosure or authorization related to this Agreement, any other Loan Document and/or the transactions contemplated hereby and/or thereby (each an “Ancillary Document”) that is an Electronic Signature transmitted by telecopy, emailed pdf, or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement, such other Loan Document or such Ancillary Document, as applicable.  The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement, any other Loan Document and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf, or any other electronic means that reproduces an image of an actual executed signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; provided that nothing herein shall require the Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; provided, further, without limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept any Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of the Borrower or any other Loan Party without further verification thereof and without any obligation to review the appearance or form of any such Electronic Signature and (ii) upon the request of the Administrative Agent or any Lender, any Electronic Signature  shall be promptly followed by a manually executed counterpart.  Without limiting the generality of the foregoing, the Borrower and each other Loan Party hereby (i) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders, the Borrower and the other Loan Parties, Electronic Signatures transmitted by telecopy, emailed pdf, or any other electronic means that reproduces an image of an actual executed signature page and/or any electronic images of this Agreement, any other Loan Document and/or any Ancillary Document shall have the same legal effect, validity and enforceability as any paper original, (ii) agrees that the Administrative Agent and each of the Lenders may, at its option, create one or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such Person’s business, and destroy the original paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and enforceability as a paper record), (iii) waives any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of paper original copies of this Agreement, such other Loan Document and/or such Ancillary Document, respectively, including with respect to any signature pages thereto and (iv) waives any claim against any Lender-Related Person for any Liabilities arising solely from the Administrative Agent’s and/

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or any Lender’s reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf, or any other electronic means that reproduces an image of an actual executed signature page, including any Liabilities arising as a result of the failure of the Borrower and/or any other Loan Party to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature.
SECTION 1.07.  Severability.  Any provision of any Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.
SECTION 1.08.  Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender, each 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 setoff 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, such Issuing Bank or any such Affiliate, to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement or any other Loan Document to such Lender or such 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 the Borrower may be owed to a branch office or Affiliate of such Lender or such Issuing Bank different from the branch office or Affiliate holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so setoff shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.21 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 Secured Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.  The rights of each Lender, each 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, such Issuing Bank or their respective Affiliates may have.  Each Lender and Issuing Bank agrees to notify the Borrower 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 1.09.  Governing Law; Jurisdiction; Consent to Service of Process.  (a)  This Agreement shall be construed in accordance with and governed by the law of the State of New York.
(b) Each of the Lenders and the Administrative Agent hereby irrevocably and unconditionally agrees that, notwithstanding the governing law provisions of any applicable Loan Document, any claims brought against the Administrative Agent by any Secured Party relating to this Agreement, any other Loan Document, the Collateral or the consummation or administration of the transactions contemplated hereby or thereby shall be construed in accordance with and governed by the law of the State of New York.
(c) Each party to this Agreement hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the  Borough of Manhattan), and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document or the transactions relating hereto or thereto, 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 (and any such claims, cross-claims or third party claims brought against the Administrative Agent or any of its Related Parties may only) be heard and determined in such Federal (to the extent permitted by law) or New York State 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.  

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Nothing in this Agreement or any other Loan Document shall affect any right that the Administrative Agent, any Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any Loan Party or its properties in the courts of any jurisdiction.
(d) Each party to this Agreement hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section.  Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
(e) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.  Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law.
SECTION 1.10.  WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
SECTION 1.11.  Headings.  Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.
SECTION 1.12.  Confidentiality.  Each of the Administrative Agent, the Issuing Banks and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential); provided that the disclosing Administrative Agent, Issuing Bank or Lender, as applicable, shall be responsible for compliance by such Persons with the provisions of this Section 9.12, (b) to the extent requested by any Governmental Authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners) purporting to have jurisdiction over the Administrative Agent, applicable Issuing Bank, the applicable Lender or its or their applicable Affiliates, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process (provided that the Administrative Agent, such Issuing Bank or such Lender, as applicable, agrees that it will, to the extent practicable and other than with respect to any audit or examination conducted by bank accountants or any governmental bank regulatory authority exercising examination or regulatory authority, notify the Borrower promptly thereof, unless such notification is prohibited by law, rule or regulation), (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies under this Agreement or any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (1) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (2) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) on a confidential basis to (1) any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities provided for herein or (2) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of identification numbers with respect to the credit facilities 

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provided for herein, (h) with the consent of the Borrower or (i) to the extent such Information (1) becomes publicly available other than as a result of a breach of this Section or (2) becomes available to the Administrative Agent, any Issuing Banks or any Lender on a nonconfidential basis from a source other than the Borrower.  For the purposes of this Section, “Information” means all information received from the Borrower relating to the Borrower or its business, other than any such information that is available to the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by the Borrower and other than information pertaining to this Agreement routinely provided by arrangers to data service providers, including league table providers, that serve the lending industry.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.
EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN THE IMMEDIATELY PRECEDING PARAGRAPH FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND  ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.
ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER, THE OTHER LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES.  ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.
SECTION 1.13.  USA PATRIOT Act.  Each Lender that is subject to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) and the requirements of the Beneficial Ownership Regulation hereby notifies each Loan Party that, pursuant to the requirements of the Act and the Beneficial Ownership Regulation, it is required to obtain, verify and record information that identifies such Loan Party, which information includes the name, address and tax identification number of such Loan Party and other information that will allow such Lender to identify such Loan Party in accordance with the Act and the Beneficial Ownership Regulation and other applicable “know your customer” and anti-money laundering rules and regulations.
SECTION 1.14.  Releases of Subsidiary Guarantors and Collateral.
(a) A Subsidiary Guarantor shall automatically be released from its obligations under the Subsidiary Guaranty upon the consummation of any transaction permitted by this Agreement as a result of which such Subsidiary Guarantor ceases to be a Material Domestic Subsidiary; provided that, if so required by this Agreement, the Required Lenders shall have consented to such transaction and the terms of such consent shall not have provided otherwise.  In connection with any termination or release pursuant to this Section, the Administrative Agent shall (and is hereby irrevocably authorized by each Lender to) execute and deliver to any Loan Party, at such Loan Party’s expense, all documents that such Loan Party shall reasonably request to evidence such termination or release.  Any execution and delivery of documents pursuant to this Section shall be without recourse to or warranty by the Administrative Agent.

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(b) Further, the Administrative Agent may (and is hereby irrevocably authorized by each Lender to), upon the request of the Borrower, release any Subsidiary Guarantor from its obligations under the Subsidiary Guaranty if such Subsidiary Guarantor is no longer a Material Domestic Subsidiary.
(c) At such time as the principal and interest on the Loans, all LC Disbursements, the fees, expenses and other amounts payable under the Loan Documents and the other Secured Obligations (other than Secured Swap Obligations not yet due and payable, Secured Banking Services Obligations not yet due and payable, Unliquidated Obligations for which no claim has been made and other Obligations expressly stated to survive such payment and termination) shall have been paid in full, the Commitments shall have been terminated and no Letters of Credit shall be outstanding (or any outstanding Letters of Credit shall have been cash collateralized or backstopped pursuant to arrangements reasonably satisfactory to the Administrative Agent), the Subsidiary Guaranty and all obligations (other than those expressly stated to survive such termination) of each Subsidiary Guarantor thereunder shall automatically terminate, all without delivery of any instrument or performance of any act by any Person.
(d) Upon (a) any sale or disposition by any Loan Party (other than to any Loan Party) of any Collateral in a transaction permitted under this Agreement or (b) the effectiveness of any written consent to the release of the security interest created under any Collateral Document in any Collateral pursuant to Section 9.02, the security interests in such Collateral created by the Collateral Documents shall be automatically released.  In connection with any such termination or release pursuant to this Section, the Administrative Agent shall execute and deliver to any Loan Party, at such Loan Party’s expense, all documents that such Loan Party shall reasonably request to evidence such termination or release in accordance with Section 9.02; provided, however, that (i) the Administrative Agent shall not be required to execute any such document on terms which, in the Administrative Agent’s reasonable opinion, would expose the Administrative Agent to liability or create any obligation or entail any consequence other than the release of such Liens without recourse or warranty, and (ii) such release shall not in any manner discharge, affect or impair the Secured Obligations or any Liens upon (or obligations of the Borrower or any Subsidiary in respect of) all interests retained by the Borrower or any Subsidiary, including (without limitation) the proceeds of such sale or disposition, all of which shall continue to constitute part of the Collateral.  Any execution and delivery of documents pursuant to this Section shall be without recourse to or warranty by the Administrative Agent.
SECTION 1.15.  Appointment for Perfection.  Each Lender hereby appoints each other Lender as its agent for the purpose of perfecting Liens, for the benefit of the Administrative Agent and the Secured Parties, in assets which, in accordance with Article 9 of the UCC or any other applicable law can be perfected only by possession or control.  Should any Lender (other than the Administrative Agent) obtain possession or control of any such Collateral, such Lender shall notify the Administrative Agent thereof, and, promptly upon the Administrative Agent’s request therefor shall deliver such Collateral to the Administrative Agent or otherwise deal with such Collateral in accordance with the Administrative Agent’s instructions.
SECTION 1.16.  Interest Rate Limitation.  Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the NYFRB Rate to the date of repayment, shall have been received by such Lender.
SECTION 1.17.  No Fiduciary Duty, etc.
(a) The Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that no Credit Party will have any obligations except those obligations expressly set forth 

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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 Borrower with respect to the Loan Documents and the transactions contemplated herein and therein and not as a financial advisor or a fiduciary to, or an agent of, the Borrower or any other person.  The Borrower agrees that it 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 Borrower acknowledges and agrees that no Credit Party is advising the Borrower as to any legal, tax, investment, accounting, regulatory or any other matters in any jurisdiction.  The Borrower shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated herein or in the other Loan Documents, and the Credit Parties shall have no responsibility or liability to the Borrower with respect thereto.
(b) The Borrower further acknowledges and agrees, and acknowledges its 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 Borrower, its Subsidiaries and other companies with which the Borrower or any of its Subsidiaries 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.
(c) In addition, the Borrower acknowledges and agrees, and acknowledges its 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 Borrower or any of its Subsidiaries may have conflicting interests regarding the transactions described herein and otherwise.  No Credit Party will use confidential information obtained from the Borrower by virtue of the transactions contemplated by the Loan Documents or its other relationships with the Borrower 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 Borrower also acknowledges that no Credit Party has any obligation to use in connection with the transactions contemplated by the Loan Documents, or to furnish to the Borrower or any of its Subsidiaries, confidential information obtained from other companies.
SECTION 1.18.  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:
(a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and
(b) the effects of any Bail-In Action on any such liability, including, if applicable:
(i)  a reduction in full or in part or cancellation of any such liability;
(ii)  a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

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(iii)  the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.
SECTION 1.19.  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 remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.
ARTICLE X

Borrower Guarantee
In order to induce the Lenders to extend credit to the Borrower hereunder and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the Borrower hereby absolutely and irrevocably and unconditionally guarantees, as a primary obligor and not merely as a surety, the payment when and as due of the Specified Ancillary Obligations of the Subsidiaries.  The Borrower further agrees that the due and punctual payment of such Specified Ancillary Obligations may be extended or renewed, in whole or in part, without notice to or further assent from it, and that it will remain bound upon its guarantee hereunder notwithstanding any such extension or renewal of any such Specified Ancillary Obligation.
The Borrower waives presentment to, demand of payment from and protest to any Subsidiary of any of the Specified Ancillary Obligations, and also waives notice of acceptance of its obligations and notice of protest for nonpayment.  The obligations of the Borrower hereunder shall not be affected by (a) the failure of any applicable Lender (or any of its Affiliates) to assert any claim or demand or to enforce any right or remedy against any Subsidiary under the provisions of any Banking Services Agreement, any Swap Agreement or otherwise; (b) any extension or renewal of any of the Specified Ancillary Obligations; (c) any rescission, waiver, amendment or modification of, or release from, any of the terms or provisions of this Agreement, any other Loan Document, any Banking Services Agreement, any Swap Agreement or other agreement; (d) any default, failure or delay, willful or otherwise, in the performance of any of the Specified Ancillary Obligations; (e) the failure of any applicable Lender (or any of its Affiliates) to take any steps to perfect and maintain any security interest in, or to preserve any rights to, any security or collateral for the Specified Ancillary Obligations, if any; (f) any change in the corporate, partnership or other existence, structure or ownership of any Subsidiary or any other guarantor of any of the Specified Ancillary Obligations; (g) the enforceability or validity of the Specified Ancillary 

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Obligations or any part thereof or the genuineness, enforceability or validity of any agreement relating thereto or with respect to any collateral securing the Specified Ancillary Obligations or any part thereof, or any other invalidity or unenforceability relating to or against any Subsidiary or any other guarantor of any of the Specified Ancillary Obligations, for any reason related to this Agreement, any other Loan Document, any Banking Services Agreement, any Swap Agreement, or any provision of applicable law, decree, order or regulation of any jurisdiction purporting to prohibit the payment by such Subsidiary or any other guarantor of the Specified Ancillary Obligations, of any of the Specified Ancillary Obligations or otherwise affecting any term of any of the Specified Ancillary Obligations; or (h) any other act, omission or delay to do any other act which may or might in any manner or to any extent vary the risk of the Borrower or otherwise operate as a discharge of a guarantor as a matter of law or equity or which would impair or eliminate any right of the Borrower to subrogation.
The Borrower further agrees that its agreement hereunder constitutes a guarantee of payment when due (whether or not any bankruptcy or similar proceeding shall have stayed the accrual or collection of any of the Specified Ancillary Obligations or operated as a discharge thereof) and not merely of collection, and waives any right to require that any resort be had by any applicable Lender (or any of its Affiliates) to any balance of any deposit account or credit on the books of the Administrative Agent, any Issuing Bank or any Lender in favor of any Subsidiary or any other Person.
The obligations of the Borrower hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, and shall not be subject to any defense or set-off, counterclaim, recoupment or termination whatsoever, by reason of the invalidity, illegality or unenforceability of any of the Specified Ancillary Obligations, any impossibility in the performance of any of the Specified Ancillary Obligations or otherwise.
The Borrower further agrees that its obligations hereunder shall constitute a continuing and irrevocable guarantee of all Specified Ancillary Obligations now or hereafter existing and shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Specified Ancillary Obligation (including a payment effected through exercise of a right of setoff) is rescinded, or is or must otherwise be restored or returned by any applicable Lender (or any of its Affiliates) upon the insolvency, bankruptcy or reorganization of any Subsidiary or otherwise (including pursuant to any settlement entered into by a holder of Specified Ancillary Obligations in its discretion).
In furtherance of the foregoing and not in limitation of any other right which any applicable Lender (or any of its Affiliates) may have at law or in equity against the Borrower by virtue hereof, upon the failure of any Subsidiary to pay any Specified Ancillary Obligation when and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, the Borrower hereby promises to and will, upon receipt of written demand by any applicable Lender (or any of its Affiliates), forthwith pay, or cause to be paid, to such applicable Lender (or any of its Affiliates) in cash an amount equal to the unpaid principal amount of such Specified Ancillary Obligations then due, together with accrued and unpaid interest thereon.  The Borrower further agrees that if payment in respect of any Specified Ancillary Obligation shall be due in a currency other than Dollars and/or at a place of payment other than New York, Chicago or any other Term Benchmark Payment Office and if, by reason of any Change in Law, disruption of currency or foreign exchange markets, war or civil disturbance or other event, payment of such Specified Ancillary Obligation in such currency or at such place of payment shall be impossible or, in the reasonable judgment of any applicable Lender (or any of its Affiliates), disadvantageous to such applicable Lender (or any of its Affiliates) in any material respect, then, at the election of such applicable Lender, the Borrower shall make payment of such Specified Ancillary Obligation in Dollars (based upon the Dollar Amount of such Specified Ancillary Obligation on the date of payment) and/or in New York, Chicago or such other Term Benchmark Payment Office as is designated by such applicable Lender (or its Affiliate) and, as a separate and independent obligation, shall indemnify such applicable Lender (and any of its Affiliates) against any losses or reasonable out-of-pocket expenses that it shall sustain as a result of such alternative payment.
Upon payment by the Borrower of any sums as provided above, all rights of the Borrower against any Subsidiary arising as a result thereof by way of right of subrogation or otherwise shall in all respects be subordinated and junior in right of payment to the prior indefeasible payment in full in cash of 

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all the Specified Ancillary Obligations owed by such Subsidiary to the applicable Lender (or its applicable Affiliates).
The Borrower hereby absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each Subsidiary Guarantor to honor all of its obligations under the Subsidiary Guaranty in respect of Specified Swap Obligations (provided, however, that the Borrower shall only be liable under this paragraph for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this paragraph or otherwise under this Article X voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount).  The Borrower intends that this paragraph constitute, and this paragraph shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each Subsidiary Guarantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
Nothing shall discharge or satisfy the liability of the Borrower hereunder except the full performance and payment in cash of the Secured Obligations.

[Signature Pages Follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their respective authorized officers as of the day and year first above written.
						
	AVID TECHNOLOGY, INC.,
as the Borrower

	
	
	By /s/ Kenneth Gayron    

		Name: Kenneth Gayron
		Title: Executive Vice President and Chief Financial Officer

	
	

Signature Page to Amended and Restated Credit Agreement
Avid Technology, Inc.

						
	JPMORGAN CHASE BANK, N.A., individually as a Lender, as the Swingline Lender, as an Issuing Bank and as Administrative Agent
	
	
	By /s/ Grace Mahood        

		Name: Grace Mahood
		Title: Vice President
	
	

Signature Page to Amended and Restated Credit Agreement
Avid Technology, Inc.

			
	CITIZENS BANK, N.A., individually as a Lender and as an Issuing Bank
	
	
	By: /s/ Chancellor Peterson    

	Name: Chancellor Peterson
	Title: Senior Vice President

Signature Page to Amended and Restated Credit Agreement
Avid Technology, Inc.

			
	PNC BANK, NATIONAL ASSOCIATION, individually as a Lender and as an Issuing Bank

	
	
	By: /s/ Eileen P. Murphy    

	Name: Eileen P. Murphy
	Title: Senior Vice President

Signature Page to Amended and Restated Credit Agreement
Avid Technology, Inc.

			
	SILICON VALLEY BANK, individually as a Lender and as an Issuing Bank
	
	
	By: /s/ Francis Groccia    

	Name: Francis Groccia
	Title: Director

Signature Page to Amended and Restated Credit Agreement
Avid Technology, Inc.

			
	TRUIST BANK, individually as a Lender and as an Issuing Bank
	
	
	By: /s/ Renata I. Levine    

	Name: Renata I. Levine
	Title: Director

Signature Page to Amended and Restated Credit Agreement
Avid Technology, Inc.

			
	HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender

	
	
	By: /s/ Kyle Patterson    

	Name: Kyle Patterson
	Title: Senior Vice President

Signature Page to Amended and Restated Credit Agreement
Avid Technology, Inc.

			
	KEYBANK NATIONAL ASSOCIATION, as a Lender

	
	
	By: /s/ John R. Macks    

	Name: John R. Macks
	Title: Vice President

Signature Page to Amended and Restated Credit Agreement
Avid Technology, Inc.

			
	TD BANK, N.A., as a Lender

	
	
	By: /s/ Daniel Bernard    

	Name: Daniel Bernard
	Title: Senior Vice President

Signature Page to Amended and Restated Credit Agreement
Avid Technology, Inc.

1millicombridge2021-bridg

Execution Version  $2,150,000,000  BRIDGE LOAN AGREEMENT  dated as of November 10, 2021  among  MILLICOM INTERNATIONAL CELLULAR S.A.,   as Borrower,  THE LENDERS NAMED HEREIN,   as Lenders,  JPMORGAN CHASE BANK, N.A.,  as Administrative Agent,  and  GOLDMAN SACHS BANK USA  J.P. MORGAN AG  and  MORGAN STANLEY SENIOR FUNDING, INC.,  as Joint Lead Arrangers and Bookrunners    

 

TABLE OF CONTENTS    Page     -i-     ARTICLE I DEFINITIONS ........................................................................................................................ 1  Section 1.01 Defined Terms ................................................................................................ 1  Section 1.02 Terms Generally ........................................................................................... 37  Section 1.03 Accounting Terms; IFRS ............................................................................. 38  Section 1.04 Rounding ...................................................................................................... 38  Section 1.05 Time of Day ................................................................................................. 38  Section 1.06 Currency Equivalents ................................................................................... 38  Section 1.07 LIBOR Notification ...................................................................................... 38  Section 1.08 Cashless Roll ................................................................................................ 39  Section 1.09 Luxembourg Terms ...................................................................................... 39  ARTICLE II THE LOANS ........................................................................................................................ 39  Section 2.01 Commitments ............................................................................................... 39  Section 2.02 Loans and Borrowings ................................................................................. 39  Section 2.03 Reserved ....................................................................................................... 40  Section 2.04 Funding of Borrowing. ................................................................................. 40  Section 2.05 Termination of Commitments ...................................................................... 41  Section 2.06 Reserved. ...................................................................................................... 41  Section 2.07 Repayment of Loans; Evidence of Debt. ...................................................... 41  Section 2.08 Prepayment of Loans. ................................................................................... 41  Section 2.09 Interest. ......................................................................................................... 42  Section 2.10 Alternate Rate of Interest; Inability to Determine Rates .............................. 43  Section 2.11 Increased Costs ............................................................................................. 43  Section 2.12 Break Funding Payments ............................................................................. 45  Section 2.13 Payments Free of Taxes. .............................................................................. 45  Section 2.14 Payments Generally; Pro Rata Treatment; Sharing of Set-offs. ................... 49  Section 2.15 Mitigation Obligations; Replacement of Lenders. ....................................... 50  Section 2.16 Defaulting Lenders. ...................................................................................... 51  Section 2.17 Effect of Benchmark Transition Event. ........................................................ 52  Section 2.18 Illegality. ...................................................................................................... 56  Section 2.19 Financial Calculations for Limited Condition Transactions. ....................... 56  Section 2.20 Extension of Maturity Date. ......................................................................... 57  ARTICLE III REPRESENTATIONS AND WARRANTIES ................................................................... 58  

 

TABLE OF CONTENTS  (continued)  Page     -ii-     Section 3.01 Organization; Powers ................................................................................... 58  Section 3.02 Power and Authority; Enforceability ........................................................... 58  Section 3.03 Validity and Admissibility into Evidence .................................................... 58  Section 3.04 Non-Conflict with Other Obligations ........................................................... 58  Section 3.05 Financial Statements; No Material Adverse Change.................................... 58  Section 3.06 Properties; Intellectual Property. .................................................................. 58  Section 3.07 Litigation. ..................................................................................................... 59  Section 3.08 Compliance with Laws; Environmental Compliance; No Default or  Event of Default. .......................................................................................... 59  Section 3.09 Investment Company Status ......................................................................... 60  Section 3.10 Taxes ............................................................................................................ 60  Section 3.11 ERISA .......................................................................................................... 60  Section 3.12 No Misleading Information .......................................................................... 60  Section 3.13 Sanctions Laws; Anti-Corruption, Anti-Bribery, Anti-Money  Laundering Laws and Regulations. .............................................................. 61  Section 3.14 Federal Reserve Board Regulations ............................................................. 61  Section 3.15 Solvency ....................................................................................................... 62  Section 3.16 Centre of Main Interest and Establishment .................................................. 62  Section 3.17 Governing Law and Enforcement ................................................................ 62  Section 3.18 Pari Passu Ranking ....................................................................................... 62  Section 3.19 Acquisition Arrangements ............................................................................ 62  ARTICLE IV CONDITIONS PRECEDENT ............................................................................................ 62  Section 4.01 Conditions Precedent to the Closing Date .................................................... 62  ARTICLE V AFFIRMATIVE COVENANTS .......................................................................................... 64  Section 5.01 Financial Statements; and Other Information .............................................. 64  Section 5.02 Notices of Material Events ........................................................................... 65  Section 5.03 Existence; Conduct of Business; Authorizations. ........................................ 65  Section 5.04 Payment of Material Obligations ................................................................. 66  Section 5.05 Maintenance of Properties; Insurance. ......................................................... 66  Section 5.06 Books and Records; Inspection Rights ......................................................... 66  Section 5.07 Compliance with Laws. ................................................................................ 67  Section 5.08 Environmental Compliance. ......................................................................... 67  Section 5.09 Use of Proceeds. ........................................................................................... 67  

 

TABLE OF CONTENTS  (continued)  Page     -iii-     Section 5.10 Pari Passu Ranking ....................................................................................... 67  Section 5.11 Centre of Main Interest and Establishment. ................................................. 67  Section 5.12 Legal Fees. ................................................... Error! Bookmark not defined.  ARTICLE VI NEGATIVE COVENANTS ............................................................................................... 68  Section 6.01 Fundamental Changes, Asset Dispositions .................................................. 68  Section 6.02 Liens ............................................................................................................. 68  Section 6.03 Transactions with Affiliates ......................................................................... 68  Section 6.04 Sanctions Laws; Anti-Money Laundering Laws. ......................................... 68  Section 6.05 Restricted Payments ..................................................................................... 68  Section 6.06 Anti-Corruption Law. ................................................................................... 68  Section 6.07 Unrestricted Subsidiaries. ............................................................................. 69  Section 6.08 Total Net Leverage Ratio. ............................................................................ 69  ARTICLE VII EVENTS OF DEFAULT ................................................................................................... 69  Section 7.01 Events of Default. ......................................................................................... 69  Section 7.02 Distribution of Payments after Event of Default .......................................... 71  ARTICLE VIII THE ADMINISTRATIVE AGENT ................................................................................ 72  ARTICLE IX ERRONEOUS PAYMENTS .............................................................................................. 75  Section 9.01 Erroneous Payments. .................................................................................... 75  ARTICLE X MISCELLANEOUS............................................................................................................. 77  Section 10.01 Notices .......................................................................................................... 77  Section 10.02 Waivers; Amendments ................................................................................. 78  Section 10.03 Expenses; Indemnity; Damage Waiver ........................................................ 80  Section 10.04 Successors and Assigns. ............................................................................... 81  Section 10.05 Survival ........................................................................................................ 85  Section 10.06 Counterparts; Integration; Effectiveness; Electronic Execution .................. 85  Section 10.07 Severability................................................................................................... 86  Section 10.08 Right of Setoff .............................................................................................. 86  Section 10.09 Governing Law; Jurisdiction; Consent to Service of Process. ..................... 86  Section 10.10 WAIVER OF JURY TRIAL ........................................................................ 87  Section 10.11 Headings ....................................................................................................... 87  Section 10.12 Confidentiality .............................................................................................. 87  Section 10.13 Material Non-Public Information. ................................................................ 88  

 

TABLE OF CONTENTS  (continued)  Page     -iv-     Section 10.14 Interest Rate Limitation ................................................................................ 89  Section 10.15 Judgment Currency. ..................................................................................... 89  Section 10.16 Waiver of Immunity ..................................................................................... 90  Section 10.17 USA PATRIOT Act ..................................................................................... 90  Section 10.18 No Advisory or Fiduciary Responsibility .................................................... 90  Section 10.19 Acknowledgment and Consent to Bail-In of Affected Financial  Institutions .................................................................................................... 91  Section 10.20 Electronic Execution of Assignments and Certain Other Documents .......... 91  

 

        SCHEDULES:    Schedule I - Initial Lenders and Commitments  Schedule II - Administrative Agent's Office, Certain Addresses for Notices          EXHIBITS:    Exhibit A - Form of Assignment and Assumption   Exhibit B - Form of Compliance Certificate  Exhibit C - Form of Borrowing Request          

 

          This BRIDGE LOAN AGREEMENT (this “Agreement”) is entered into as of November 10, 2021  among Millicom International Cellular S.A., a limited liability company (société anonyme), organized and  existing under the laws of Luxembourg, having its registered office at 2, rue du Fort-Bourbon, L-1249  Luxembourg, and registered with the Luxembourg Register of Commerce and Companies (R.C.S.  Luxembourg) under number B40630 (the “Borrower”), the Lenders from time to time party hereto, and  JPMorgan Chase Bank, N.A., as the Administrative Agent (each, as defined below).    The parties hereto agree as follows:  ARTICLE I  DEFINITIONS  Section 1.01 Defined Terms.  As used in this Agreement, the following terms have the meanings  specified below:  “ABR” when used in reference to any Loan, refers to whether such Loan, is bearing interest at a  rate determined by reference to the Alternate Base Rate.  “Acquired Debt” means Debt of any Person: (a) incurred and outstanding on the date on which  such Person (i) was acquired by any member of the Restricted Group or (ii) is merged, consolidated,  amalgamated or otherwise combined with (including pursuant to any acquisition of assets and assumption  of related liabilities) any member of the Restricted Group; or (b) incurred to provide all or part of the funds  utilized to consummate the transaction or series of related transactions pursuant to which such Person  became a Subsidiary of any member of the Restricted Group or was otherwise acquired by any member of  the Restricted Group. Acquired Debt shall be deemed to have been incurred, with respect to clause (a), on  the date such Person becomes a Subsidiary of any member of the Restricted Group and, with respect to  clause (b), on the date of consummation of such acquisition of assets.  “Acquisition” means the acquisition by the Borrower, directly or indirectly, of the Target Shares  on the terms of the Acquisition Documents.  “Acquisition Agreement” means the Share Purchase Agreement, to be dated on or around  November 12, 2021, by and among Miffin Associates Corp., as seller, and the Purchasers, in relation to the  purchase of the Target Shares.   “Acquisition Costs” means all fees, costs and expenses, stamp, registration and other Taxes  incurred by the Borrower or any other member of the Group in connection with the Acquisition or the  Acquisition Documents.  “Acquisition Closing Date”  means the date on which the cash consideration is due to the owners  of the Target Shares pursuant to the Acquisition Agreement.  “Acquisition Documents” means the Acquisition Agreement and any other document designated  as an "Acquisition Document" by the Administrative Agent and the Borrower.  “Adjusted LIBO Rate” means the rate of interest obtained by dividing (i) the rate of interest per  annum determined on the basis of the rate appearing on the applicable Bloomberg page (or such other  commercially available source providing quotations of LIBOR as may be designated by the Administrative  Agent from time to time) for deposits in Dollars for a period equal to the applicable Interest Period published  by the ICE Benchmark Administration Limited, a United Kingdom company, at approximately 11:00 a.m.   (London time) two (2) Business Days prior to the first day of the applicable Interest Period by (ii) a  

 

  2  percentage equal to 1 minus the stated maximum rate (stated as a decimal) of all reserves, if any, required  to be maintained with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”)  as specified in Regulation D of the Board of Governors of the Federal Reserve System (or against any other  category of liabilities which includes deposits by reference to which the interest rate on Dollar-denominated  loans is determined or any applicable category of extensions of credit or other assets which includes loans  by an office of any Lender outside of the United States of America).  Subject to Section 2.17, if, for any  reason, the rate referred to in the preceding clause (i) is not published on the applicable Bloomberg page  (or such other commercially available source providing quotations of LIBOR as may be designated by the  Administrative Agent from time to time), then the rate to be used for such clause (i) shall be reasonably  determined by the Administrative Agent in good faith from another recognized source or interbank  quotation comparable to those currently provided on such page at approximately 11:00 a.m.  (London time)  two Business Days prior to the first day of the applicable Interest Period for a period equal to such Interest  Period.  Any change in the maximum rate or reserves described in the preceding clause (ii) shall result in a  change in the Adjusted LIBO Rate on the date on which such change in such maximum rate becomes  effective.  If the Adjusted LIBO Rate determined as provided hereinabove would be less than zero, the  Adjusted LIBO Rate shall be deemed to be zero.  “Administrative Agent” means JP Morgan Chase Bank, N.A., in its capacity as administrative agent  for the Lenders hereunder, and any successor thereto appointed pursuant to Article VIII.  “Administrative Agent Fee Letter” means the fee letter, to be dated as of the date hereof, between  the Borrower and the Administrative Agent.  “Administrative Questionnaire” means an administrative questionnaire in a form supplied by the  Administrative Agent.  “Affected Financial Institution” means (a) any EEA Financial Institution or (b) any 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 Party” has the meaning assigned to such term in Section 10.01(d)(ii).  “Agreement” has the meaning assigned to such term in the first paragraph of this Agreement.  “Alternate Base Rate” means, for any day, the interest rate per annum equal to the greatest of (a)  the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.50%  per annum and (c) the LIBOR Market Index Rate (provided that this clause (c) shall not be applicable  during any period in which the LIBOR Market Index Rate is unavailable or unascertainable) on such day  plus 1.0% per annum. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal  Funds Effective Rate or LIBOR Market Index Rate shall be effective from and including the effective date  of such change in the Prime Rate, the Federal Funds Effective Rate or such LIBOR Market Index Rate,  respectively.  If the Alternate Base Rate determined as provided hereinabove would be less than 1.0% per  annum, the Alternate Base Rate shall be deemed to be 1.0% per annum.  “Annual Report” means the Millicom Annual Report for 2020.  

 

  3  “Anti-Corruption Laws” means any applicable anti-bribery or anti-corruption Laws, including  without limitation the U.S. Foreign Corrupt Practice Act of 1977, the UK Bribery Act 2010 and the  Canadian Corruption of Foreign Public Officials Act.  “Anti-Money Laundering Laws” means any applicable anti-money laundering Laws, including  without limitation, the Bank Secrecy Act of 1970, the USA PATRIOT Act of 2001 and the Proceeds of  Crime (Money Laundering) and Terrorism Financing Act of 2001, as amended.  “Applicable Margin” means, for each of the Interest Periods indicated, the following percentages:  Period  % per annum  From the Closing Date until (and including) the first Interest  Payment Date ....................................................................................  1.50%  From the day immediately following the first Interest Payment Date  until (but including) the second Interest Payment Date ....................  2.00%  From the day immediately following the second Interest Payment  Date until (but including) the third Interest Payment Date ...............  2.50%  From the day immediately following the third Interest Payment  Date until the payment in full of all the Obligations under this  Agreement .........................................................................................  3.00%    “Applicable Percentage” means, with respect to any Lender, the percentage of the total  Commitments 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.  “Asset Disposition” means any transfer, conveyance, sale, lease or other disposition by any member  of the Restricted Group (including a consolidation or merger or other sale of any Restricted Subsidiary  with, into or to another Person in a transaction in which such Restricted Subsidiary ceases to be a Restricted  Subsidiary, but excluding a disposition by a Restricted Subsidiary to the Borrower or to any Restricted  Subsidiary which is an eighty percent (80%) or more owned Restricted Subsidiary) of (i) shares of Capital  Stock (other than directors’ qualifying shares and shares to be held by third parties to satisfy applicable  legal requirements) or other ownership interests of any Restricted Subsidiary, (ii) substantially all of the  assets of any member of the Restricted Group representing a division or line of business or (iii) other assets  or rights of any member of the Restricted Group outside of the ordinary course of business; provided that  the term “Asset Disposition” shall not include Permitted Disposals.  “Assignment and Assumption” means an assignment and assumption entered into by a Lender and  an assignee (with the consent of any party whose consent is required by Section 10.04), and accepted by  the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent.  “Authorized Officer” means any of the Chief Executive Officer, President, Chief Operating  Officer, Executive Vice President, Senior Vice President, Vice President, Financial Officer or General  Counsel of the Borrower.  “Availability Period” means the period from and including the Signing Date through and including  the day that is three (3) Business Days following the Signing Date.   “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.  

 

  4  “Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article  55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the  implementing law, regulation, rule or requirement for such EEA Member Country from time to time which  is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of  the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or  rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment  firms or other financial institutions or its affiliates (other than through liquidation, administration or other  insolvency proceedings).  “Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and  hereafter in effect, and any successor statute.  “Bankruptcy Event” means, with respect to any Lender, such Lender or its direct or indirect parent  company becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator,  trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the  reorganization or liquidation of its business appointed for it, or, in the good faith determination of the  Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or  acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event shall not result  solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a  Governmental Authority or instrumentality thereof so long as such ownership interest does not result in or  provide such Person with immunity from the jurisdiction of courts within the United States or the European  Union from the enforcement of judgments or writs of attachment on its assets or permit such Person (or  such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or  agreements made by such Person.  “Basel III” means:  (a) the agreements on capital requirements, a leverage ratio and liquidity standards contained  in “Basel III: A global regulatory framework for more resilient banks and banking  systems”, “Basel III: International framework for liquidity risk measurement, standards  and monitoring” and “Guidance for national authorities operating the countercyclical  capital buffer” published by the Basel Committee on Banking Supervision in December  2010, each as amended, supplemented or restated;  (b) the rules for global systemically important banks contained in “Global systemically  important banks: assessment methodology and the additional loss absorbency requirement  - Rules text” published by the Basel Committee on Banking Supervision in November  2011, as amended, supplemented or restated; and  (c) any further guidance or standards published by the Basel Committee on Banking  Supervision relating to “Basel III”.  “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.  “Board” means the Board of Governors of the Federal Reserve System of the United States of  America.  “Borrower Materials” has the meaning assigned to such term in Section 10.01(e).  

 

  5  “Borrowing” means the borrowing of the Loans on the Closing Date.  “Borrowing Request” has the meaning assigned to such term in Section 2.04(a).  “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial  banks in New York City, London, Luxembourg or Stockholm are authorized or required by law to remain  closed.  “Capital Lease Obligation” of any Person means the obligation to pay rent or other payment  amounts under a lease of real or personal property of such Person which is required to be classified and  accounted for as a capital lease on the balance sheet of such Person in accordance with IFRS.  The stated  maturity of such obligation shall be the date of the last payment of rent or any other amount due under such  lease prior to the first date upon which such lease may be terminated by the lessee without payment of a  penalty.  The principal amount of such obligation shall be the capitalized amount thereof that would appear  on the balance sheet of such Person in accordance with IFRS.  “Capital Stock” of any Person means any and all shares, interests, participation or other equivalents  (however designated) of corporate stock or other equity participation, including partnership interests,  whether general or limited, of such Person.  “Cash Equivalents” means, with respect to any Person:  (a) any direct obligations of, or obligations guaranteed by, the United States of America (or by  any agency thereof), the United Kingdom or any member of the European Union to the  extent such obligations or guarantees are backed by the full faith and credit of the United  States, the United Kingdom or such member of the European Union and which have a  remaining Weighted Average Life-to-Maturity of not more than one (1) year from the date  of investment therein;  (b) (i) term deposit accounts (excluding current and demand deposits), certificates of deposit,  time deposits, money market deposits and bankers’ acceptances, in each case, issued by or  held with (A) any Lender, (B) any of the lenders under the MICSA Revolving Facility  Agreement, or (C) any bank or trust company which is organized under the laws of the  United States of America, any state thereof, the United Kingdom, Switzerland, Canada,  Australia or any member state of the European Union, which bank or trust company has  capital, surplus and undivided profits aggregating in excess of $100,000,000 (or the  equivalent in other currencies) and has outstanding debt which is rated no less than  Investment Grade or higher by at least one Rating Agency; and (ii) money market funds  rated at least AAA by at least one Rating Agency or managed by any Lender or any lender  under the MICSA Revolving Facility Agreement;  (c) repurchase obligations with a term of not more than seven (7) days for underlying securities  of the types described in paragraph (a) entered into with any financial institution meeting  the qualifications specified in paragraphs (b)(i) or (ii) above;  (d) commercial paper having one of the two highest ratings obtainable from any of the Rating  Agencies and in each case maturing within 365 days after the date of acquisition;  (e) money market funds at least ninety-five percent (95%) of the assets of which constitute  Cash Equivalents of the types described in paragraphs (a) through (d) of this definition;  

 

  6  (f) with respect to any Person organized under the laws of, or having its principal business  operations in, a jurisdiction outside the United States, the United Kingdom or the European  Union, those investments that are of the same type as investments in clauses (a), (c) and  (d) of this definition except that the obligor thereon is organized under the laws of the  country (or any political subdivision thereof) in which such Person is organized or  conducting business; and  (g) up to $100,000,000 (or the equivalent in other currencies) in the aggregate of term deposit  accounts and overnight deposits of cash or deposits of any other legal tender held by such  Person in countries where any member of the Restricted Group operates its business in  accordance with this Agreement.  “CBIR” has the meaning assigned to such term in section 3.16.  “Change in Law” 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 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 interpretation or application thereof by any Governmental Authority or (c) compliance  by any Lender (or, for purposes of Section 2.11(b), by any Lending Office of such Lender or by such  Lender’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  and (y) all requests, rules, guidelines or directives promulgated, introduced or implemented 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 or CRD  IV, or any law or regulation that implements or applies Basel III or CRD IV, shall be deemed to be a  “Change in Law”, regardless of the date enacted, adopted or issued.  “Change of Control” means the occurrence of any of the following events:  (a) any Person becomes the Beneficial Owner, directly or indirectly, of more than fifty percent  (50%) of the Voting Stock of the Borrower, measured by voting power rather than number  of shares;  (b) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by  way of merger or consolidation), in one or a series of related transactions, of all or  substantially all of the properties or assets of the Borrower and its Subsidiaries taken as a  whole to any Person; or  (c) a plan relating to the liquidation or dissolution of the Borrower is adopted.  For purposes of this definition, “Person” shall include a group of Persons acting in concert and  each of “Beneficial Owner” and “group” shall have the meaning assigned to such term in Rule 13d-3 and  Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular  “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to  have beneficial ownership of all securities that such “person” has the right to acquire by conversion or  exercise of other securities, whether such right is currently exercisable or is exercisable only after the  passage of time.  “Closing Date” means the date on which the Loans are made to the Borrower hereunder.  

 

  7  “Code” means, at any date, the Internal Revenue Code of 1986, as amended from time to time, and  the regulations promulgated and rulings issued thereunder, all as the same may be in effect at such date.  “Comcel Group” means TIGO, Comunicaciones Celulares, S.A. and its sister companies jointly  owned prior to the Closing Date by the Group and the Seller, and any Subsidiary of any such entity.  “Commitment” means, with respect to each Lender, the commitment of such Lender to make the  Loans on the Closing Date.  The initial amount of each Lender’s Commitment is set forth on Schedule I.  “Communications” has the meaning assigned to such term in Section 10.01(d)(ii).    “Compliance Certificate” has the meaning assigned to such term in Section 5.01(d).  “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by  net income (however denominated) or that are franchise Taxes or branch profits Taxes.  “Consolidated EBITDA” means, for any period, operating profit of the Restricted Group for such  period as such amount is determined on a consolidated basis in accordance with IFRS, plus the sum of the  following amounts, in each case, without duplication (losses shall be added (as a positive number) and gains  shall be deducted, in each case, to the extent such amounts were included in calculating operating profit of  the Restricted Group):  (a) depreciation and amortization expenses;  (b) the net loss or gain on the disposal and impairment of assets;  (c) share-based compensation expenses;  (d) at the Borrower’s option, as the case may be, other non-cash charges reducing operating  profit (provided that if any such non-cash charge represents an accrual of or reserve for  potential cash charges in any future period, the cash payment in respect thereof in such  future period shall reduce operating profit to such extent, and excluding amortization of a  prepaid cash item that was paid in a prior period) less other non-cash items of income  increasing operating income (excluding any such non-cash item of income to the extent it  represents (i) a receipt of cash payments in any future period, (ii) the reversal of an accrual  or reserve for a potential cash item that reduced operating income in any prior period and  (iii) any non-cash gains with respect to cash actually received in a prior period so long as  such cash did not increase operating income in such prior period);  (e) any material extraordinary, one-off, non-recurring, exceptional or unusual gain, loss,  expense or charge, including any charges or reserves in respect of any restructuring,  redundancy, relocation, refinancing, integration or severance or other postemployment  arrangements, signing, retention or completion bonuses, transaction costs, acquisition  costs, disposition costs, business optimization, information technology implementation or  development costs, costs related to governmental investigations and curtailments or  modifications to pension or postretirement benefits schemes, litigation or any asset  impairment charges or the financial impacts of natural disasters (including fire, flood and  storm and related events);  (f) at the Borrower’s option, as the case may be, the effects of adjustments in its consolidated  financial statements pursuant to IFRS (including inventory, property, equipment, software,  

 

  8  goodwill, intangible assets, in process research and development, deferred revenue and  debt line items) attributable to the application of recapitalization accounting or acquisition  accounting, as the case may be, in relation to any consummated acquisition or joint venture  investment or the amortization or write-off or write-down of amounts thereof, net of taxes;  (g) any reasonable expenses, charges or other costs related to any sale or offering of Capital  Stock (other than Redeemable Stock), investment, acquisition, disposition, recapitalization  or the incurrence of any Debt, in each case, as determined in good faith by a responsible  financial or accounting officer the Borrower;  (h) any gains or losses on associates;  (i) any unrealized gains or losses due to changes in the fair value of equity investments;  (j) any unrealized gains or losses due to changes in the fair value of Interest Rate, Currency  or Commodity Price Agreements;  (k) any unrealized gains or losses due to changes in the carrying value of put options in respect  of Capital Stock of, or voting rights with respect to, any Subsidiary, Joint Venture or  associate;  (l) any unrealized gains or losses due to changes in the carrying value of call options in respect  of Capital Stock of, or voting rights with respect to, any Subsidiary, Joint Venture or  associate;  (m) any net foreign exchange gains or losses;  (n) at the Borrower’s option, as the case may be, any adjustments to reduce the impact of the  cumulative effect of a change in accounting principles and changes as a result of the  adoption or modification of accounting policies;  (o) accruals and reserves that are established or adjusted within twelve (12) months after the  closing date of any acquisition that are so required to be established or adjusted as a result  of such acquisition in accordance with IFRS;  (p) any expenses, charges or losses to the extent covered by insurance or indemnity and  actually reimbursed, or, so long as the relevant member of the Restricted Group, as the case  may be, has made a determination that there exists reasonable evidence that such amount  will in fact be reimbursed by the insurer or indemnifying party and only to the extent that  such amount is in fact reimbursed within three hundred sixty-five (365) days of the date of  the insurable or indemnifiable event (net of any amount so added back in any prior period  to the extent not so reimbursed within the applicable three hundred sixty-five (365)-day  period);  (q) the amount of proceeds received from business interruption insurance and reimbursements  of any expenses and charges that are covered by indemnification or other reimbursement  provisions in connection with any acquisition, Investment or any sale, conveyance, transfer  or other disposition of assets;  

 

  9  (r) any net gain (or loss) realized upon any Sale/Leaseback Transaction that is not sold or  otherwise disposed of in the ordinary course of business, determined in good faith by a  responsible financial or accounting officer of the Borrower;  (s) the amount of loss on the sale or transfer of any assets in connection with an asset  securitization program, receivables factoring transaction or other receivables transaction  (including, without limitation, a Qualified Receivables Transaction); and  (t) Specified Legal Expenses.  For the purposes of calculating Consolidated EBITDA for any period, as of such date of  determination:  (i) if, since the beginning of such period any member of the Restricted Group has  made any Asset Disposition or disposed of any company, any business, or any  group of assets constituting an operating unit of a business (any such disposition,  a “Sale”) including any Sale occurring in connection with a transaction causing a  calculation to be made hereunder, then Consolidated EBITDA for such period will  be reduced by an amount equal to the Consolidated EBITDA (if positive)  attributable to the assets which are the subject of such Sale for such period or  increased by an amount equal to the Consolidated EBITDA (if negative)  attributable thereto for such period;  (ii) if, since the beginning of such period any member of the Restricted Group (by  merger or otherwise) will have made an investment in any Person that thereby  becomes a member of the Restricted Group or otherwise acquires any company,  any business, or any group of assets constituting an operating unit of a business  (any such investment or acquisition, a “Purchase”), including any such Purchase  occurring in connection with a transaction causing a calculation to be made  hereunder, then Consolidated EBITDA for such period will be calculated after  giving pro forma effect thereto as if such Purchase occurred on the first day of such  period;  (iii) if, since the beginning of such period, any Person (that became a member of the  Restricted Group, as the case may be, was merged with or into any member of the  Restricted Group, as the case may be, since the beginning of such period) will have  made any Sale or any Purchase that would have required an adjustment pursuant  to clauses (i) or (ii) above if made by any member of the Restricted Group, as the  case may be, since the beginning of such period, Consolidated EBITDA for such  period will be calculated after giving pro forma effect thereto as if such Sale or  Purchase occurred on the first day of such period, including anticipated synergies  and cost savings as if such Sale or Purchase occurred on the first day of such  period;  (iv) whenever pro forma effect is applied, the pro forma calculations will be as  determined in good faith by a responsible financial or accounting officer the  Borrower (including in respect of anticipated synergies and cost savings) as though  the full effect of such synergies and cost savings were realized on the first day of  the relevant period and shall also include the reasonably anticipated full run rate  cost savings effect (as calculated in good faith by a responsible financial or chief  accounting officer of the Borrower) of cost savings programs that have been  

 

  10  initiated by any member of the Restricted Group, as the case may be, as though  such cost savings programs had been fully implemented on the first day of such  relevant period; and  (v) for the purposes of determining the amount of Consolidated EBITDA under this  definition denominated in a foreign currency, the Borrower may, at its option,  calculate the equivalent in Dollars of such amount of Consolidated EBITDA based  on either (i) the weighted average exchange rates for the relevant period used in  the consolidated (if applicable) financial statements of the Borrower for such  relevant period or (ii) the relevant currency exchange rate in effect on the date of  execution of this Agreement.  For the purpose of calculating Consolidated EBITDA, any Joint Venture Consolidated EBITDA  shall be added to the amount determined in accordance with the foregoing.  “Consolidated Net Debt” means, with respect to the Restricted Group, on any date of  determination, the sum without duplication of (a) the total amount of Debt of the Restricted Group, on a  consolidated basis in accordance with IFRS, minus (b) the sum without duplication of (i) all Debt  outstanding under Minority Shareholder Loans, plus (ii) all Debt outstanding of the type described in clause  (c) of the definition of “Permitted Debt,” plus (iii) all Debt outstanding of the type described in clause (p)  of the definition of “Permitted Debt,” plus (iv) any Debt which is a contingent obligation of any member  of the Restricted Group on such date, plus (v) the amount of cash and Cash Equivalents (other than cash or  Cash Equivalents received from the incurrence of Debt by any member of the Restricted Group to the extent  such cash or Cash Equivalents has not been subsequently applied or used for any purpose not prohibited by  this Agreement) of the Restricted Group but excluding, for the avoidance of doubt, all Restricted Cash.  “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.  “CRD IV” means CRD IV EU and CRD IV UK.  “CRD IV EU” means:  (a) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June  2013 on prudential requirements for credit institutions and investment firms and amending  Regulation (EU) No 648/2012; and  (b) Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on  access to the activity of credit institutions and the prudential supervision of credit  institutions and investment firms, amending Directive 2002/87/EC and repealing  Directives 2006/48/EC and 2006/49/EC.  “CRD IV UK” means:  (a) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June  2013 on prudential requirements for credit institutions and investment firms and amending  Regulation (EU) No 648/2012 as it forms part of domestic law of the United Kingdom by  virtue of the European Union (Withdrawal) Act 2018 (the “Withdrawal Act”);   

 

  11  (b) the law of the United Kingdom or any part of it, which immediately before IP completion  day (as defined in the European Union (Withdrawal Agreement) Act 2020) implemented  Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on  access to the activity of credit institutions and the prudential supervision of credit  institutions and investment firms, amending Directive 2002/87/EC and repealing  Directives 2006/48/EC and 2006/49/EC and its implementing measures; and  (c) direct EU legislation (as defined in the Withdrawal Act), which immediately before IP  completion day (as defined in the European Union (Withdrawal Agreement) Act 2020)  implemented CRD IV EU as it forms part of domestic law of the United Kingdom by virtue  of the Withdrawal Act.  “Credit Exposure” means, with respect to any Lender at any time, the outstanding principal amount  of such Lender’s Loans at such time.  “Credit Facilities” means, debt facilities, arrangements, instruments, trust deeds, note purchase  agreements, indentures, purchase money financings, commercial paper facilities or overdraft facilities with  banks or other institutions or investors providing for revolving credit loans, term loans, receivables  financing (including through the sale of receivables to such institutions or to special purpose entities formed  to borrow from such institutions against such receivables), letters of credit or other Debt, in each case, as  amended, restated, modified, renewed, refunded, replaced, restructured, refinanced, repaid, increased or  extended, in whole or in part from time to time, and in each case, including all agreements, instruments and  documents executed and delivered pursuant to or in connection with the foregoing (including, but not  limited to, any notes and letters of credit issued pursuant thereto and any guarantee and collateral agreement,  patent and trademark security agreement, mortgages or letter of credit applications and other guarantees,  pledges, agreements, security agreements and collateral documents).  Without limiting the generality of the  foregoing, the term “Credit Facilities” shall include any agreements or instruments (i) changing the  maturity of any Debt incurred thereunder or contemplated thereby, (ii) adding subsidiaries of the Borrower  as additional borrowers or guarantors thereunder, (iii) increasing the amount of Debt incurred thereunder  or available to be borrowed thereunder or (iv) otherwise altering the terms and conditions thereof.  “Credit Party” means each of the Administrative Agent and any Lender, and the respective  successors and assigns of each of the foregoing.  “Debt” means (without duplication), with respect to any Person, whether recourse is to all or a  portion of the assets of such Person and whether or not contingent: (i) the principal of and premium, if any,  in respect of every obligation of such Person for money borrowed; (ii) the principal of and premium, if any,  in respect of every obligation of such Person evidenced by bonds, debentures, notes or other similar  instruments; (iii) every reimbursement obligation of such Person with respect to letters of credit, bankers’  acceptances or similar facilities issued for the account of such Person (but only to the extent such obligations  are not reimbursed within thirty (30) days following receipt by such Person of a demand for  reimbursement); and (iv) the principal component of every obligation of the type referred to in clauses (i)  through (iii) of another Person and all dividends of another Person the payment of which, in either case,  such Person has guaranteed or is responsible or liable for, directly or indirectly, as obligor, guarantor or  otherwise to the extent not otherwise included in the Debt of such Person.  The “amount” or “principal  amount” of Debt at any time of determination as used herein represented by (1) any Debt issued at a price  that is less than the principal amount at maturity thereof, shall be the amount of the liability in respect  thereof determined in accordance with IFRS, (2) any Redeemable Stock, shall be the maximum fixed  redemption or repurchase price in respect thereof, and (3) any amount of Debt that has been cash- collateralized, to the extent so cash-collateralized, shall be excluded from any calculation of Debt.   Notwithstanding anything else to the contrary, for all purposes under this Agreement, the amount of Debt  

 

  12  incurred, repaid, redeemed, repurchased or otherwise acquired by any Person shall equal the liability in  respect thereof determined in accordance with IFRS and reflected on such Person’s consolidated (if  applicable) statement of financial position (but only to the extent considered “Debt” hereunder taking into  account the exclusions below).  The term “Debt” shall not include:  (a) obligations described in paragraphs (i), (ii) and (iv) of the first paragraph of this definition  of Debt that are incurred by any Restricted Subsidiary (the “Proceeds Recipient”) and  owed to a bank or other lending institution (the “On-Lend Bank”) to facilitate the  substantially concurrent on-lending of proceeds (the “Proceeds On-Loan”) from Debt  incurred by any member of the Restricted Group (other than the Proceeds Recipient) in  compliance at all times with the Financial Covenant, to the extent (1) the principal  obligations in respect of the Proceeds On-Loan are secured by security over cash granted  in favor of the On-Lend Bank or any of its Affiliates in an amount not less than the principal  amount of the Proceeds On-Loan, (2) the Proceeds On-Loan is put in place substantially  concurrently with a loan by any member of the Restricted Group (other than the Proceeds  Recipient) to the On-Lend Bank (the “On-Lend Bank Borrowing”) pursuant to which the  Proceeds Recipient is entitled to reduce the principal amount of the Proceeds On-Loan by  an amount equal to the principal amount of the On-Lend Bank Borrowing if a default or  acceleration occurs with respect to such On-Lend Bank Borrowing, or (3) the substantial  risks and rewards of the Proceeds On-Loan are transferred, using a synthetic instrument or  any other arrangement or agreement, from the On-Lend Bank to any member of the  Restricted Group (other than the Proceeds Recipient) in exchange for an amount not less  than (x) the amount of cash granted in favor of the On-Lend Bank or any of its Affiliates,  or (y) the outstanding amount of the On-Lend Bank Borrowing, as applicable, in each case  as at the effective date of such transfer;  (b) any liability of any member of the Restricted Group (other than the Proceeds Recipient)  attributable to a synthetic instrument or any other arrangement or agreement described in  clause (a)(3) above to the extent such obligation under the relevant instrument, arrangement  or agreement has not come due but is classified as a financial liability in accordance with  IFRS and recorded as a current liability on such Person’s consolidated statement of  financial position;  (c) any Restricted MFS Cash;  (d) any liability of any member of the Restricted Group attributable to a put option or similar  instrument, arrangement or agreement entered into after the date hereof granted by such  Person relating to an interest in any other entity, in each case to the extent such option has  not been exercised or such obligation under the relevant instrument, arrangement or  agreement has not come due but is classified as a financial liability in accordance with  IFRS, and recorded as a current liability on such Person’s consolidated statement of  financial position;  (e) any standby letter of credit, performance bond or surety bond or other similar third-party  guaranty instrument provided by any member of the Restricted Group that is customary in  a Related Business to the extent such letters of credit or bonds or instruments are not drawn  upon or, if and to the extent drawn upon, are honored in accordance with its terms;  

 

  13  (f) solely for purposes of calculating the Total Net Leverage Ratio, any intercompany debt or  other liability owing from any member of the Restricted Group to another member of the  Restricted Group;  (g) any deposits or prepayments received by any member of the Restricted Group from a  customer or subscriber for its service and any other deferred or prepaid revenue;  (h) any obligations to make payments in relation to earn outs;  (i) Debt which is in the nature of equity (other than Redeemable Stock) or equity derivatives;  (j) Capital Lease Obligations or operating leases;  (k) Receivables sold or discounted, whether recourse or non-recourse, including for the  avoidance of doubt any debt in respect of Qualified Receivables Transactions, including  without limitation guarantees by a Receivables Entity of the obligations of another  Receivables Entity;  (l) pension obligations or any obligation under employee plans or employment agreements;  (m) any “parallel debt” obligations to the extent that such obligations mirror other Debt;  (n) any payments or liability for assets acquired or services supplied deferred (including trade  payables) in accordance with the terms pursuant to which the relevant assets were or are to  be acquired or services were or are to be supplied;  (o) the principal component or liquidation preference of all obligations of such Person with  respect to the redemption, repayment or other repurchase of any Redeemable Stock or, with  respect to any Restricted Subsidiary, any Preferred Stock (including, in each case, any  accrued dividends); and  (p) the net obligations of such Person under any Interest Rate, Currency or Commodity Price  Agreement.  Where Debt is denominated in a currency other than Dollars, the Borrower, may, at its option,  calculate the equivalent in Dollars of such amount of Debt based on either (i) the weighted average  exchange rates for the relevant period used in the consolidated (if applicable) financial statements of the  Borrower, for such relevant period or (ii) the relevant currency exchange rate in effect on the date of  execution of this Agreement; provided, that if the Borrower exercises the foregoing option at any time, it  shall do so with respect to all (and not less than all) Debt outstanding at such time that is denominated in a  currency other than Dollars.  “Debtor Relief Laws” means the Bankruptcy Code, and all other liquidation, conservatorship,  bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency,  reorganization, or similar debtor relief Laws of the United States, Luxembourg or other applicable  jurisdictions from time to time in effect.  “Default” means any event or condition which upon notice, lapse of time or both would, unless  cured or waived, become an Event of Default.  

 

  14  “Defaulting Lender” means any Lender that (a) failed to (i) fund any portion of its Loans on the  Closing Date (unless such Lender is disputing in good faith whether it is contractually obliged to fund), or  (ii) pay over to any Credit Party any other amount required to be paid by it hereunder within two (2)  Business Days of the date when due, or (b) has notified the Borrower or any Credit Party or has made a  public statement to the effect that it does not intend or expect to comply with any of its funding obligations  under this Agreement or any other agreements in which it commits to extend credit (unless such Lender is  disputing in good faith whether it is contractually obliged to fund), or (c) has failed after request by a Credit  Party or the Borrower, to provide a certification in writing from an authorized officer of such Lender that  it will comply with its obligations (and is financially able to meet such obligations) to fund its Loans under  this Agreement (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c)  upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) is, or has  a direct or indirect parent company that is, the subject of a (i) Proceeding under any Debtor Relief Law, (ii)  Bankruptcy Event or (iii) Bail-In Action. Any determination by the Administrative Agent or a the Borrower  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  upon delivery of written notice of such determination to the Credit Parties (in the case of a determination  by the Borrower) or to the Credit Parties and the Borrower (in the case of a determination by the  Administrative Agent).   “Designated Persons” means, at any time, (a) any Person identified on any sanctions - related list  of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations Security  Council, the European Union, Her Majesty’s Treasury, the Government of Canada, or other relevant  sanctions authority, or (b) any Person owned or controlled by any such Person or Persons described in  clause (a) or that is otherwise the target of Sanctions Laws such that dealing or otherwise engaging in  business transactions or other activities with such Person are restricted.  “Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which  by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable) or  upon the happening of any event:  (a) matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise;  (b) is convertible or exchangeable for Debt or Disqualified Stock (excluding Capital Stock  which is convertible or exchangeable solely at the option of the Borrower or a Restricted  Subsidiary); or  (c) is redeemable at the option of the holder of the Capital Stock in whole or in part,  (d) in each case on or prior to the earlier of (a) the Maturity Date or (b) on which there are no  Obligations outstanding, provided that only the portion of Capital Stock which so matures  or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the  option of the holder thereof prior to such date will be deemed to be Disqualified Stock;  provided, further that any Capital Stock that would constitute Disqualified Stock solely  because the holders thereof have the right to require the Borrower to repurchase such  Capital Stock upon the occurrence of a Change of Control or Asset Disposition shall not  constitute Disqualified Stock if the terms of such Capital Stock (and all such securities into  which it is convertible or for which it is ratable or exchangeable) provide that the Borrower  may not repurchase or redeem any such Capital Stock (and all such securities into which it  is convertible or for which it is ratable or exchangeable) pursuant to such provision prior  to compliance by the Borrower with Section 6.02.  

 

  15  “Dollars”, “USD” or “$” refers to lawful money of the United States of America.  “EEA Financial Institution” means (a) any credit institution or investment firm established in any  EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity  established in an EEA Member Country which is a parent of an institution described in clause (a) of this  definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of  an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with  its parent.  “EEA Member Country” means any of the member states of the European Union, Iceland,  Liechtenstein and Norway.  “EEA Resolution Authority” means any public administrative authority or any person entrusted  with public administrative authority of any EEA Member Country (including any delegee) having  responsibility for the resolution of any EEA Financial Institution.  “Electronic Signature” means an electronic sound, symbol, or process attached to, or associated  with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such  contract or record.  “Electronic System” means any electronic system, including e-mail, e-fax, Intralinks®, ClearPar®  and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted  by the Administrative Agent and any of its respective Related Parties or any other Person, providing for  access to data protected by passcodes or other security systems.  “Engagement Letter” means that certain Engagement Letter, dated as of the date hereof, by and  between the Borrower and the Lead Arrangers.  “Environmental Laws” means all Laws applicable to the Borrower or any of its Subsidiaries  relating to pollution, the preservation or protection of the environment (including without limitation air,  water, land, subsurface strata, organisms, ecosystems, and biodiversity) or natural resources or harm to or  the protection of human health or the health of animals or plants or the generation, manufacture, use,  management, labeling, treatment, storage, handling, transportation, recycling or Release of, or exposure to,  any Hazardous Material.  “Environmental Liability” means any liability or obligation (including any liability or obligation  for or relating to damages, costs of environmental remediation, fines, penalties and indemnities), of the  Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) noncompliance with 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 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 Issuance” means any issuance or sale by the Borrower or any member of the Comcel  Group of any Capital Stock except for (i) any issuance pursuant to, or upon the exercise of options or similar  rights granted pursuant to, equity-based incentive or deferred compensation plans or arrangements,  employee stock purchase plans, dividend reinvestment plans or other compensation plans and, in each case,  any hedging or similar arrangements related to any of the foregoing, (ii) exchange offers, (iii) grants to  employees made in the ordinary course of business, (iv) issuances or sales to the Borrower or any Restricted  Subsidiary, (v) directors’ qualifying shares and/or other nominal amounts required to be held by Persons  

 

  16  other than the Borrower or its Restricted Subsidiaries under applicable Law and (vi) any de minimis  issuance required in order to comply with shareholding requirements under applicable Law.  “ERISA” means, at any date, the Employee Retirement Income Security Act of 1974, as amended  from time to time, and the regulations promulgated and rulings issued thereunder, all as the same may be  in effect at such date.  “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with  the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes  of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 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 failure of any Plan to satisfy the minimum funding standard of Section 412 and 430 of  the Code or Sections 302 or 303 of ERISA applicable to such Plan, whether or not waived; (c) the filing  pursuant to Section 412(c) of the Code or Section 303(c) of ERISA of an application for a waiver of the  minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA  Affiliates of any liability under Title IV of ERISA (other than for PBGC premiums due but not delinquent  under Section 4007 of ERISA) with respect to the termination of any Plan; (e) the receipt by the Borrower  or any ERISA Affiliate from the PBGC or a plan administrator of any notice of an intention to terminate  any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any  of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal (within the  meanings of Sections 4203 and 4205 of ERISA) from any Multiemployer Plan; or (g) the receipt by the  Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower  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 endangered or critical status, within the  meaning of Title IV of ERISA.  “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the  Loan Market Association (or any successor person), as in effect from time to time.  “Event of Default” has the meaning assigned to such term in Section 7.01.  “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 Recipient, Luxembourg  withholding Taxes imposed on amounts payable to or for the account of such Recipient pursuant to a law  in effect on the date on which (i) such Recipient acquires such interest in the Loan or Commitment or  becomes a party to this Agreement (other than pursuant to an assignment request by the Borrower under  Section 2.15(b)) or (ii) such Recipient (if the Recipient is a Lender) changes its Lending Office, except in  each case to the extent that, pursuant to Section 2.13, amounts with respect to such Taxes were payable  either to such Recipient’s assignor immediately before such Recipient acquired such interest in the Loan or  Commitment or became a party hereto or to such Recipient immediately before it changed its Lending  Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.13(f), and (d) any U.S.  federal Taxes imposed under FATCA.  “Extended Maturity Date” has the meaning assigned to such term in Section 2.20(a).  

 

  17  “Extension Fee” has the meaning set forth in the Lender Fee Letter.  “Facility” means the Commitments and the Loans made in respect thereof.  “Fair Market Value” means, with respect to any asset or property, the sale value that would be  obtained in an arm’s length free market transaction between an informed and willing seller under no  compulsion to sell and an informed and willing buyer under no compulsion to buy, as determined in good  faith by the Chief Executive Officer or a Financial Officer of the Borrower.  “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 agreements entered into  pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or official practices  adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental  Authorities and implementing such Sections of the Code.  “FCA” has the meaning assigned to such term in Section 1.07.  “Federal Funds Effective Rate” means, for any day, a fluctuating interest rate per annum equal to  the weighted average of the rates on overnight Federal funds transactions with members of the Federal  Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a  Business Day, for the immediately preceding Business Day) by the Federal Reserve Bank of New York,  or, if such rate is not so published for any day which is a Business Day, the average of the quotations for  such day on such transactions received by the Administrative Agent from three Federal funds brokers of  recognized standing reasonably selected by the Administrative Agent; provided, that if the Federal Funds  Effective Rate for any day is less than zero, the Federal Funds Effective Rate for such day will be deemed  to be zero.  “Fee Letters” means the Administrative Agent Fee Letter, the MLA Fee Letter and the Lender Fee  Letter.  “Financial Covenant” means the financial covenant set forth in Section 6.08.  “Financial Officer” means the chief financial officer, principal accounting officer, treasurer or  controller of the Borrower.  “Financial Quarter” means the period commencing on the day after one Quarter Date and ending  on the next Quarter Date.  “Financial Year” means the annual accounting period of the Borrower ending on December 31 in  each year.  “Fitch” means Fitch Ratings Inc. and any successor to its rating agency business.    “Fund” means a trust, fund or other entity or Person which is regularly engaged in or established  for the purpose of making, purchasing or investing in loans, securities or other financial assets.  “Governmental Authority” means the government of the United States of America, any other  nation or any political subdivision thereof, whether state or local, and any agency, authority,  instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,  judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including  

 

  18  any supra-national bodies exercising such powers or functions, such as the European Union or European  Central Bank).  “Group” means the Borrower and its Subsidiaries.  “Hazardous Materials” means any material, substance or waste that is listed, regulated, or  otherwise defined as hazardous, toxic or radioactive (or words of similar regulatory intent or meaning)  under any Environmental Law, or the exposure to which or the Release of which could give rise to any  Environmental Liability or is otherwise capable of harm to human health or the environment.  “IBA” has the meaning assigned to such term in Section 1.07.  “IFRS” means international accounting standards within the meaning of the IAS Regulation  606/2002 to the extent applicable to the relevant financial statements.  “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 the Borrower under any Loan Document and (b)  to the extent not otherwise described in (a), Other Taxes.  “Indentures” means (i) that certain Indenture dated as of October 27, 2020 relating to the  Borrower’s Senior Notes due 2031; (ii) that certain Indenture dated as of March 25, 2019 relating to the  Borrower’s Senior Notes due 2029; (iii) that certain Indenture dated as of October 16, 2018 relating to the  Borrower’s Senior Notes due 2026; (iv) that certain Amended and Restated Indenture dated as of May 30,  2018 relating to the Borrower’s Senior Notes due 2028; (v) the terms of the Borrower’s SEK Bonds issued  on May 15, 2019; and (vi) any additional indentures or other debt instruments executed after the Signing  Date to refinance any of the notes issued pursuant to the foregoing and containing substantially similar  prepayment terms; provided, that, with respect to (i) through (v), any amendments, restatements or  supplements to such indentures made after the Signing Date that would result in any Lender under this  Agreement receiving less Net Proceeds from Disposals in accordance with Section 2.08(a)(iv) than such  Lender would otherwise receive prior to giving effect to such amendments, restatements or supplements  shall be disregarded for purposes of determining the ratable portion of Net Proceeds to be allocated to such  Lender pursuant to Section 2.08(a)(iv).  “Initial Lender” means any of the initial lenders listed on Schedule I.  “Interest Payment Date” means the last day of each Interest Period and the Maturity Date.  “Interest Period” means, (a) initially, the period commencing on the Closing Date and ending on  the numerically corresponding day in the third (3rd) calendar month thereafter and (b) thereafter, each three  (3) month period commencing on the day immediately following the last day of the immediately preceding  Interest Period and ending on the numerically corresponding day in the third (3rd) calendar month thereafter  (except that any Interest Period that commences on the day of a calendar month (or on any day for which  there is no numerically corresponding day in the appropriate subsequent calendar month) shall end on the  last day of the appropriate subsequent calendar month); provided that, notwithstanding the foregoing, (x) if  any Interest Period would otherwise end after the Maturity Date, such Interest Period shall end on such  Maturity Date and (y) each Interest Period that would otherwise end on a day which is not a Business Day  shall end on the immediately following Business Day (or, if such immediately following Business Day falls  in the next calendar month, on the immediately preceding Business Day).  “Interest Rate, Currency or Commodity Price Agreement” means any forward contract, futures  contract, swap, option or other financial agreement or arrangement (including, without limitation, caps,  

 

  19  floors, collars and similar agreements) relating to, or the value of which is dependent upon, interest rates,  currency exchange rates or commodity prices or indices (excluding contracts for the purchase or sale of  goods in the ordinary course of business).  “Investment” by any Person means any direct or indirect loan, advance or other extension of credit  or capital contribution (by means of transfers of cash or other property to others or payments for property  or services for the account or use of others, or otherwise) to, or purchase or acquisition of Capital Stock,  bonds, notes, debentures or other securities or evidence of Debt issued by, any other Person, including any  payment on a guarantee of any obligation of such other Person, together with all items that are or would be  classified as Investments on a statement of financial position (excluding the footnotes thereto) prepared in  accordance with IFRS, but shall not include (a) trade accounts receivable in the ordinary course of business  on credit terms made generally available to the customers of such Person, or (b) commission, travel, payroll,  entertainment, relocation and similar advances to officers and employees and profit sharing and other  employee benefit plan contributions made in the ordinary course of business.  Except as otherwise provided  in this Agreement, the amount of an Investment will be determined at the time the Investment is made and  without giving effect to a subsequent change in value and, to the extent applicable, shall be determined  based on the equity value of such Investment.  “Investment Grade” means (i) BBB- or above in the case of Fitch (or its equivalent under any  successor Rating Categories of Fitch), (ii) Baa3 or above, in the case of Moody’s (or its equivalent under  any successor Rating Categories of Moody’s), and (iii) the equivalent in respect of the Rating Categories  of any other Rating Agencies.  “IRS” means the United States Internal Revenue Service.  “Joint Venture” means any joint venture entity, whether a company, unincorporated firm,  undertaking, association, joint venture or partnership or any other entity.  “Joint Venture Consolidated EBITDA” means an amount equal to the product of (i) the  Consolidated EBITDA of any Joint Venture (determined in good faith by a responsible financial or  accounting officer of the Borrower on the same basis as provided for in the definition of “Consolidated  EBITDA” (with the exception of clause (i) and the last sentence thereof regarding the addition of any Joint  Venture Consolidated EBITDA to the calculation) as if each reference to the Borrower in such definition  was to such Joint Venture) whose financial results are not consolidated with those of such Person in  accordance with IFRS and (ii) a percentage equal to the direct or indirect equity ownership percentage of  the Borrower and/or any of its Subsidiaries in the Capital Stock of such Joint Venture and its Subsidiaries.  “KYC Requirements” has the meaning assigned to such term in Section 4.01(h).  “Law” means any law (including common law), statute, directive, regulation, rule, ordinance, code,  requirement, binding agreement, statutory guidance, regulatory code of practice, judgment, order, executive  order, decree, injunction, decision, determination or permit issued, entered into, or promulgated by or with  a Governmental Authority.  “Lead Arranger” means each of Goldman Sachs Bank USA, J.P. Morgan AG and Morgan Stanley  Senior Funding, Inc., as Joint Mandated Lead Arrangers and Joint Bookrunners for the Facility .  “Lender Fee Letter” means the fee letter, dated as of the date hereof, between the Borrower, the  Lead Arrangers and the Administrative Agent with respect to the fees payable to the Lenders in connection  with the Facility.   

 

  20  “Lenders” means the Initial Lenders listed on Schedule I 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.  “Lending Office” means, as to any Lender, the office or offices of such Lender described as such  in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time  to time notify the Borrower and the Administrative Agent which office may include any Affiliate of such  Lender or any domestic or foreign branch of such Lender or such Affiliate; provided, that such other office  or offices, Affiliate or branch shall not increase the amounts payable by the Borrower under Section 2.11  or 2.13 (unless approved by the Borrower).  Unless the context otherwise requires each reference to a  Lender shall include its applicable Lending Office.  “LIBOR Market Index Rate” means, for any day, the Adjusted LIBO Rate as of that day that would  be applicable for a Loan having a one-month Interest Period determined at approximately 11:00 a.m.  (London time) for such day, or if such day is not a Business Day, the immediately preceding Business Day.   The LIBOR Market Index Rate shall be determined on a daily basis.  If the LIBOR Market Index Rate  determined as provided hereinabove would be less than zero, the LIBOR Market Index Rate shall be  deemed to be zero.  “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, (b) the interest of a vendor  or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing  lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c)  in the case of securities, any purchase option, call or similar right of a third party with respect to such  securities.  “Limited Condition Transaction” means (i) any Investment or acquisition, including by way of  merger, amalgamation or consolidation, in each case, by one or more members of the Restricted Group of  any assets, business or Person whose consummation is not conditioned on the availability of, or on  obtaining, third party financing and (ii) any redemption, repurchase, defeasance, satisfaction and discharge  or repayment of Debt requiring irrevocable notice in advance of such redemption, repurchase, defeasance,  satisfaction and discharge or repayment.  “Loan Documents” means this Agreement, including without limitation, the schedules and exhibits  hereto, the Fee Letters, and any other document designated as a “Loan Document” by the Administrative  Agent and the Borrower.  “Loans” means the loans, denominated in Dollars, made by the Lenders to the Borrower on the  Closing Date pursuant to this Agreement.  “Luxembourg” means the Grand Duchy of Luxembourg.  “Luxembourg Commercial Code” means the Code de Commerce of Luxembourg.  “Luxembourg Companies Act” means the Luxembourg act dated 10 August 1915 on commercial  companies, as amended.  “Mandatory Prepayment Event” means any of the events described in clauses (i), (ii) and (iii) of  Section 2.08(a).  

 

  21  “Material Adverse Effect” means any event or circumstance that has a material adverse effect on  (a) the ability of the Borrower to perform its payment obligations under the Loan Documents or (b) the  validity or enforceability of this Agreement or the rights or remedies of the Lenders hereunder.  “Material Intellectual Property” has the meaning assigned to such term in Section 5.05(b).  “Maturity Date” means the date that is six (6) months following the Closing Date (as such date  may be extended in accordance with Section 2.20).  “Maximum Rate” has the meaning assigned to such term in Section 10.14.  “MICSA Revolving Facility Agreement” means that certain Revolving Loan Agreement dated as  of October 15, 2020, by and among the Borrower, the Lenders named therein and the Bank of Nova Scotia  as Administrative Agent, as amended, supplemented or otherwise modified from time to time.  “Minority Shareholder Loans” means Debt of any Restricted Subsidiary that is issued to and held  by an equity owner of such Subsidiary, other than the Borrower or a Subsidiary of the Borrower.  “MLA Fee Letter” means the fee letter, dated as of the date hereof, between the Borrower and the  Lead Arrangers.   “Moody’s” means Moody’s Investors Services, Inc. and any successor to its rating agency business.  “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.  “Net Proceeds” means cash proceeds actually received by a member of the Group, net of all related  fees, costs commissions, expenses, discounts and Taxes in each case incurred by a member of the Group  directly in connection with the transaction giving rise to the relevant Net Proceeds.  “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.  “Obligations” means the unpaid principal of and interest on (including interest accruing after the  maturity of the Loans and interest accruing after the filing of any petition in bankruptcy, or the  commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or  not a claim for post-filing or post-petition interest is allowed in such proceeding) the Loans and all other  obligations and liabilities of the Borrower to any Credit Party, whether direct or indirect, absolute or  contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or  in connection with, this Agreement, any other Loan Document, or any other document made, delivered or  given in connection herewith or therewith, whether on account of principal, interest, reimbursement  obligations, fees, indemnities, costs, expenses (including all fees, charges and disbursements of counsel to  

 

  22  the Credit Parties that are required to be paid by the Borrower pursuant hereto) or otherwise, including the  obligations to pay, discharge and satisfy the Erroneous Payment Subrogation Rights.  “OFAC” means 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 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 Taxes” means all present or future stamp, court or documentary, intangible, recording,  filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance,  enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with  respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with  respect to an assignment (other than an assignment made pursuant to Section 2.15).  “Participant” has the meaning assigned to such term in Section 10.04(c).  “Participant Register” has the meaning assigned to such term in Section 10.04(c).  “Payment” has the meaning assigned to it in Section 9.01(a).  “Payment Notice” has the meaning assigned to it in Section 9.01(b).  “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and  any successor entity performing similar functions.  “Permitted Asset Swap” means the concurrent purchase and sale or exchange of related business  assets or a combination of related business assets, cash and Cash Equivalents between any member of the  Restricted Group and another Person.  “Permitted Debt” means:  (a) any Debt incurred under this Agreement and the MICSA Revolving Facility Agreement;  (b) Debt (other than Debt described in another clause of this definition) that is (x) outstanding  on the date of this Agreement or (y) committed or mandated on the date of this Agreement  and disclosed in writing to the Lenders and the Administrative Agent prior to such date;  (c) Pari passu Debt of any member of the Restricted Group under Credit Facilities and any  Permitted Refinancing Debt in respect thereof in an aggregate principal amount at any one  time outstanding that does not exceed an amount equal to the greater of $900,000,000 and  eight percent (8%) of Total Assets, plus (1) any accrual or accretion of interest that  increases the principal amount of Debt under Credit Facilities and (2) in the case of any  refinancing of Debt permitted under this clause (c) or any portion thereof, the aggregate  amount of fees, underwriting discounts and commissions, premiums and other costs and  expenses incurred in connection with such refinancing;  

 

  23  (d) Debt owed by any member of the Restricted Group to any other member of the Restricted  Group; provided, that (A) if the Borrower is the obligor on such Debt, such Debt must be  unsecured and expressly subordinated (it being understood that any such subordination  terms must be effective at the time such Debt is incurred; provided that, such subordination  shall only apply during the existence of an Event of Default pursuant to clauses 7.01(a),  (b), (h) or (i) or following an acceleration of the Loans pursuant to Section 7.01) to the  prior payment in full in cash of all of the Borrower’s obligations under the MICSA  Revolving Facility Agreement, and (B) either (x) the transfer or other disposition by such  member of the Restricted Group of any Debt so permitted to a Person (other than to any  other member of the Restricted Group) or (y) such member of the Restricted Group ceasing  to be a Restricted Subsidiary, will at the time of such transfer or other disposition, in each  case, be deemed to be an incurrence of such Debt not permitted by this clause (d);  (e) Acquired Debt;  (f) Minority Shareholder Loans;  (g) Permitted Refinancing Debt of any member of the Restricted Group incurred in exchange  for, or the proceeds of which are used to refinance or refund or replace, or any extension  or renewal of (including, in each case, successive refinancings, extensions and renewals),  Debt of any such Person incurred in compliance with the Debt Incurrence Test set forth in  the MICSA Revolving Facility Agreement or clauses (a), (b), (e) or this clause (g) of this  definition, as the case may be;  (h) Debt of any member of the Restricted Group represented by letters of credit in order to  provide security for workers’ compensation claims, health, disability or other employee  benefits, payment obligations in connection with self-insurance or similar requirements of  any member of the Restricted Group in the ordinary course of business;  (i) customary indemnification, adjustment of purchase price or similar obligations, in each  case, incurred in connection with the disposition of any assets of any member of the  Restricted Group, and earn-out provisions or contingent payments in respect of purchase  price or adjustment of purchase price or similar obligations in acquisition agreements other  than guarantees of Debt incurred by any Person acquiring all or any portion of such assets  for the purpose of financing such acquisition; provided that the maximum aggregate  liability in respect of each such incurrence of such Debt will at no time exceed the gross  proceeds actually received by such member of the Restricted Group, as applicable, in  connection with the related disposition;  (j) obligations in respect of (i) customs, VAT or other tax guarantees, (ii) bid, performance,  completion, guarantee, surety and similar bonds, including guarantees or obligations of any  member of the Restricted Group with respect to letters of credit supporting such obligations  and (iii) the financing of insurance premiums, in each case, in the ordinary course of  business and not related to Debt for borrowed money;  (k) Debt of any member of the Restricted Group arising from the honoring by a bank or other  financial institution of a check, draft or similar instrument including, but not limited to,  electronic transfers, wire transfers, netting services and commercial card payments, drawn  against insufficient funds; provided that such Debt is extinguished within thirty (30) days  of incurrence;  

 

  24  (l) guarantees by any member of the Restricted Group of Debt or any other obligation or  liability of any other member of the Restricted Group (other than of any Debt incurred in  violation of the Debt Incurrence Test set forth in the MICSA Revolving Facility  Agreement); provided, however, that if the Debt being guaranteed is subordinated in right  of payment to the Loans or any guarantee of the Loans, then such guarantee shall be  subordinated substantially to the same extent as the relevant Debt guaranteed;  (m) Debt arising under borrowing facilities provided by a special purpose vehicle notes issuer  to any member of the Restricted Group in connection with the issuance of notes or other  similar debt securities intended to be supported primarily by the payment obligations of  any member of the Restricted Group in connection with any vendor financing platform;  (n) Debt of any member of the Restricted Group in an aggregate outstanding principal amount  which, when taken together with any Permitted Refinancing Debt in respect thereof and  the principal amount of all other Debt incurred pursuant to this clause (n) and then  outstanding, will not exceed one-hundred percent (100%) of the cash proceeds (net of  attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, listing fees,  discounts or commissions and brokerage, consultant and other fees and charges actually  incurred in connection with such issuance or sale and net of taxes paid or payable as a result  of such issuance or sale (after taking into account any available tax credit or deductions  and any tax sharing arrangements)) received by, such member of the Restricted Group, as  applicable, from the issuance or sale (other than to any other member of the Restricted  Group) of its Minority Shareholder Loans or Capital Stock or otherwise contributed to the  equity of the Borrower, as applicable, in each case, subsequent to the date of execution of  this Agreement (and in each case, other than through the issuance of Disqualified Stock or  Preferred Stock);  (o) Debt consisting of (i) mortgage financings, asset backed financings, Purchase Money  Obligations or other financings, incurred for the purpose of financing all or any part of the  purchase price or cost of design, construction, installation or improvement (including,  without limitation, in respect of tenant improvement) of property (real or personal), plant,  equipment or other assets (including, without limitation, network assets) used or useful in  the business of any member of the Restricted Group or (ii) Debt otherwise incurred to  finance the purchase, lease, rental or cost of design, development, construction, installation  or improvement (including, without limitation, in respect of tenant improvement) of  property (real or personal), plant, equipment or other assets (including, without limitation,  network assets) used or useful in the business of any member of the Restricted Group  whether through the direct purchase of assets or the Capital Stock of any Person owning  such assets, and any Permitted Refinancing Debt in respect thereof, in an aggregate  outstanding principal amount which, when taken together with the principal amount of all  other Debt incurred pursuant to this clause (o), will not exceed the greater of (1)  $250,000,000 and (2) three percent (3%) of Total Assets at any time outstanding; or  (p) Debt not otherwise permitted to be incurred pursuant to clauses (a) through (o) above,  which, together with any other outstanding Debt incurred pursuant to this clause (p),  including any Permitted Refinancing Debt in respect thereof, has an aggregate principal  amount at any time outstanding not in excess of the greater of (A) $300,000,000 and (B)  four percent (4%) of Total Assets, plus, in the case of any refinancing of Debt permitted  under this clause (p) or any portion thereof, the aggregate amount of fees, underwriting  discounts and commissions, premiums and other costs and expenses incurred in connection  with such refinancing.  

 

  25  In the event that an item of Debt meets the criteria of more than one of the types of Permitted Debt  or is entitled to be incurred in accordance with the Debt Incurrence Test set forth in the MICSA Revolving  Facility Agreement, the Borrower in its sole discretion may classify and from time to time reclassify such  item of Debt or any portion thereof and only be required to include the amount of such Debt as one of such  types.  “Permitted Disposals” means:  (a) any dispositions of assets in a single transaction or series of transactions with an aggregate  Fair Market Value in any calendar year of not more than the greater of (x) $25,000,000 (or  the equivalent in other currencies) and (y) one percent (1%) of Total Assets (with unused  amounts in any calendar year being carried over to the next succeeding year subject to a  maximum of the greater of $25,000,000 (or the equivalent in other currencies) and one  percent (1%) of Total Assets of carried over amounts for any calendar year);  (b) any Specified Subsidiary Sale;  (c) any disposition of Tower Equipment, including any Sale/Leaseback Transaction;  (d) a transfer of assets between or among members of the Restricted Group;  (e) the issuance of Capital Stock by a Restricted Subsidiary to any other member of the  Restricted Group;  (f) any disposition of Capital Stock of a Restricted Subsidiary pursuant to an agreement or  other obligation with or to a Person (other than any member of the Restricted Group) from  whom such Restricted Subsidiary was acquired or from whom such Restricted Subsidiary  acquired its business and assets (having been newly formed in connection with such  acquisition), made as part of such acquisition and in each case comprising all or a portion  of the consideration in respect of such sale or acquisition;  (g) the sale, lease or other transfer of products, services, accounts receivable, inventory or other  assets in the ordinary course of business and any sale or other disposition of damaged,  surplus, worn-out or (in the good faith judgment of the Borrower) obsolete assets;  (h) dispositions in connection with Permitted Liens;  (i) disposals of assets, rights or revenue not constituting part of the Related Business;  (j) licenses and sublicenses of any member of the Restricted Group in the ordinary course of  business;  (k) any surrender or waiver of contract rights or settlement, release, recovery on, or surrender  of, contract, tort or other claims in the ordinary course of business;  (l) the disposition of receivables in connection with the compromise, settlement or collection  thereof in the ordinary course of business or in bankruptcy or similar proceedings;  (m) a transfer or disposition of assets that is governed by the provisions of Section 6.01 of the  Loan Agreement;  

 

  26  (n) the sale or other disposition of cash or Cash Equivalents;  (o) the foreclosure, condemnation or any similar action with respect to any property or other  assets;  (p) a transfer or disposition of assets that is governed by Section 6.05 of the Loan Agreement;  (q) sales of accounts receivable and related assets or an interest therein of the type specified in  the definition of “Qualified Receivables Transaction” to a Receivables Entity, and  Investments in a Receivables Entity consisting of cash or securitization obligations;  (r) any disposition or expropriation of assets or Capital Stock which any member of the  Restricted Group is required by, or made in response to concerns raised by, a regulatory  authority or court of competent jurisdiction;  (s) any disposition of Capital Stock, Debt or other securities of an Unrestricted Subsidiary;  (t) disposal of non-core assets acquired in connection with any acquisition permitted under  this Agreement;  (u) any disposition of assets to a Person who is providing services related to such assets, the  provision of which have been or are to be outsourced by any member of the Restricted  Group to such Person;  (v) any disposition of Investments in Joint Ventures to the extent required by, or made pursuant  to, customary buy/sell arrangements between the Joint Venture parties set forth in Joint  Venture arrangements and similar binding agreements;  (w) any sale or disposition with respect to property built, repaired, improved, owned or  otherwise acquired by any member of the Restricted Group pursuant to customary sale and  leaseback transactions, asset securitizations and other similar financings permitted by this  Agreement;  (x) any dispositions constituting the surrender of tax losses by any member of the Restricted  Group (i) to any other member of the Restricted Group, (ii) in order to eliminate, satisfy or  discharge any tax liability of any Person that was formerly a subsidiary of such member of  the Restricted Group which has been disposed of pursuant to a disposal permitted by the  terms of this Agreement, to the extent that such member of the Restricted Group would  have a liability (in the form of an indemnification obligation or otherwise) to one or more  persons in relation to such tax liability if not so eliminated, satisfied or discharged;  (y) the disposal of all of the outstanding ordinary shares or other Capital Stock of any of the  Subsidiaries of the Borrower organized or operating in Tanzania;  (z) Permitted Asset Swaps; and  (aa) any other disposal of assets not described in clauses (a) through (z) above consisting in the  aggregate a value of ten percent (10%) or less of Total Assets.  “Permitted Interest Rate, Currency or Commodity Price Agreement” means any Interest Rate,  Currency or Commodity Price Agreement entered into with one or more financial institutions in the  

 

  27  ordinary course of business that is designed to protect against fluctuations in interest rates or currency  exchange rates and which shall have a notional amount no greater than the payments due with respect to  the Debt being hedged thereby, or in the case of currency or commodity protection agreements against  currency exchange or commodity price fluctuations in the ordinary course of business relating to then  existing financial obligations and not for purposes of speculation.  “Permitted Investments” means (1) any loan made by any member of the Restricted Group to any  other member of Restricted Group, (2) loans or advances to employees and officers (or guarantees of intra-  Restricted Group loans or intra-Restricted Group loans to employees or officers) in the ordinary course of  business; (3) customary cash management, cash pooling or netting or setting off arrangements; and (4) the  granting of Liens pursuant to clause (n) of the definition of Permitted Liens.  “Permitted Liens” means:  (a) Liens for taxes, assessments or governmental charges or levies on the property of any  member of the Restricted Group if the same shall not at the time be delinquent or thereafter  can be paid without penalty, or are being contested in good faith and by appropriate  proceedings promptly instituted and diligently concluded; provided that any reserve or  other appropriate provision that shall be required in conformity with IFRS shall have been  made therefor;  (b) Liens imposed by law, such as statutory Liens of landlords’, carriers’, warehousemen’s and  mechanics’ Liens and other similar Liens, on the property of any member of the Restricted  Group in the ordinary course of business arising solely by virtue of any statutory or  common law (but not contractual) provisions relating to bankers’ Liens, rights of set-off or  similar rights and remedies as to deposit accounts or other funds maintained with a creditor  depositary institution;  (c) Liens on the property of any member of the Restricted Group incurred in the ordinary  course of business to secure performance of obligations with respect to statutory or  regulatory requirements, performance bids, trade contracts, letters of credit performance or  return-of-money bonds, surety bonds or other obligations of a like nature and incurred in a  manner consistent with industry practice, in each case which are not incurred in connection  with the borrowing of money, the obtaining of advances or credit or the payment of the  deferred purchase price of property and which do not in the aggregate impair in any  material respect the use of property in the operation of the business of the Restricted Group  taken as a whole;  (d) Liens on property at the time any member of the Restricted Group acquired such property,  including any acquisition by means of a merger or consolidation; provided, however, that  any such Lien may not extend to any other property of such member of the Restricted  Group;  (e) Liens on the property of a Person at the time such Person becomes a member of the  Restricted Group; provided, however, that any such Lien may not extend to any other  property of any other member of the Restricted Group that is not a direct or, prior to such  time, indirect Subsidiary of such Person (other than pursuant to after-acquired property  clauses in effect with respect to such Lien at the time of acquisition on property of the type  that would have been subject to such Lien notwithstanding the occurrence of such  acquisition);  

 

  28  (f) pledges or deposits by any member of the Restricted Group under workmen’s  compensation laws, unemployment insurance laws or similar legislation, or good faith  deposits in connection with bids, tenders, contracts (other than for the payment of Debt) or  leases to which any member of the Restricted Group is party, or deposits to secure public  or statutory obligations of any member of the Restricted Group or deposits for the payment  of rent, in each case incurred in the ordinary course of business;  (g) utility easements, building restrictions and such other encumbrances or charges against real  property as are of a nature generally existing with respect to properties of a similar  character;  (h) Liens in favor of a credit card processor arising in the ordinary course of business under  any processor agreement;  (i) any provision for the retention of title to any property by the vendor or transferor of such  property which property is acquired by any member of the Restricted Group in a transaction  entered into in the ordinary course of business of such Person and for which kind of  transaction it is customary market practice for such retention of title provision to be  included;  (j) Liens arising by means of any judgment, decree or order of any court so long as any  appropriate legal proceedings which may have been duly initiated for the review of such  judgment, decree or order have not been fully terminated or the period within which such  proceedings may be initiated has not expired and any Liens that are required to protect or  enforce rights in any administrative, arbitration or other court proceeding in the ordinary  course of business;  (k) Liens securing Debt of any member of the Restricted Group under any Credit Facility;  (l) Liens securing any Permitted Interest Rate, Currency or Commodity Price Agreement;  (m) Liens securing Acquired Debt described in clause (a) of the definition thereof (provided  that any Liens securing Permitted Refinancing Debt with respect thereto shall not be a  Permitted Lien pursuant to this clause (m));  (n) Liens on the Capital Stock or other securities or assets of any Unrestricted Subsidiary to  secure Debt of that Unrestricted Subsidiary;  (o) mortgages, liens, security interests, restrictions, encumbrances or any other matters of  record that have been placed by any developer, landlord or other third party on property  over which any member of the Restricted Group has easement rights or on any real property  leased by any member of the Restricted Group or similar agreements relating thereto and  any condemnation or eminent domain proceedings or compulsory purchase order affecting  real property;  (p) Liens existing on the date of execution of this Agreement;  (q) Liens in favor of any member of the Restricted Group;  (r) Liens securing customary indemnification, adjustment of purchase price or similar  obligations, in each case, incurred in connection with the disposition of any member of the  

 

  29  Restricted Group, and earn-out provisions or contingent payments in respect of purchase  price or adjustment of purchase price or similar obligations in acquisition agreements other  than guarantees of Debt incurred by any Person acquiring all or any portion of such assets  for the purpose of financing such acquisition;  (s) Liens securing Debt of any member of the Restricted Group arising from the honoring by  a bank or other financial institution of a check, draft or similar instrument including, but  not limited to, electronic transfers, wire transfers, netting services and commercial card  payments, drawn against insufficient funds;  (t) Liens on insurance policies and the proceeds thereof, or other deposits, to secure insurance  premium financings in respect of any member of the Restricted Group;  (u) Liens arising from financing statement filings (or other similar filings in any applicable  jurisdiction) regarding operating leases entered into by any member of the Restricted  Group in the ordinary course of business;  (v) Liens on goods (and the proceeds thereof) and documents of title and the property covered  thereby securing Debt in respect of commercial letters of credit issued to facilitate the  purchase, shipment or storage of such inventory or other goods;  (w) Liens for the purpose of securing the payment of all or a part of the purchase price of  Capital Lease Obligations, Purchase Money Obligations or other payments incurred by any  member of the Restricted Group to finance the acquisition, improvement or construction  of, assets or property acquired or constructed in the ordinary course of business; provided  that such Liens do not encumber any other assets or property of any member of the  Restricted Group other than such assets or property and assets affixed or appurtenant  thereto;  (x) Liens on property of any member of the Restricted Group to secure Debt of the type  described in clauses (h), (i), (j), (k) and (o) of the definition of “Permitted Debt”;  (y) Liens on any escrow account used in connection with an acquisition of property or Capital  Stock of any Person or pre-funding a refinancing of Debt otherwise permitted by this  Agreement;  (z) Liens on the deposits of any member of the Restricted Group in favor of financial  institutions arising from any netting or set-off arrangement substantially consistent with its  current practice for the purpose of netting debt and credit balances substantially consistent  with such member of the Restricted Group’s existing cash pooling arrangements;  (aa) Liens incurred in the ordinary course of business of any member of the Restricted Group  with respect to obligations that do not exceed the greater of $500,000,000 (or the equivalent  in other currencies) and four percent (4%) of Total Assets at any one time outstanding and  that do not in the aggregate materially detract from the value of the property of the  Borrower, or materially impair the use thereof in the operation of business by the Restricted  Group;  (bb) Liens over cash or other assets that secure collateralized obligations incurred as permitted  Debt; provided that the amount of cash collateral does not exceed the principal amount of  the permitted Debt;  

 

  30  (cc) Liens on Restricted MFS Cash of any member of the Restricted Group in favor of the  customers or dealers of, or third parties in relation to the provision of mobile financial  services, in each case who provided such Restricted MFS Cash to such Person;  (dd) Liens over rights under loan agreements relating to, or over notes or similar instruments  evidencing, the on-loan of proceeds received by any member of the Restricted Group from  the issuance of Debt, which Liens are created to secure payment of such Debt;  (ee) Liens on Receivables and related assets of the type described in the definition of “Qualified  Receivables Transaction” incurred in connection with a Qualified Receivables Transaction,  and Liens on Investments in Receivables Entities;  (ff) Liens consisting of any right of set-off granted to any financial institution acting as a  lockbox bank in connection with a Qualified Receivables Transaction;  (gg) Liens for the purpose of perfecting the ownership interests of a purchaser of Receivables  and related assets pursuant to any Qualified Receivables Transaction;  (hh) Liens arising in connection with other sales of Receivables permitted hereunder without  recourse to any member of the Restricted Group;  (ii) Liens in respect of the ownership interests in, or assets owned by, any Joint Ventures or  similar arrangements, other than Joint Ventures or similar arrangements that are Restricted  Subsidiaries, securing obligations of such Joint Ventures or similar agreements;  (jj) any encumbrance or restriction (including, but not limited to, put and call arrangements)  with respect to Capital Stock of any Joint Venture or similar arrangement pursuant to any  Joint Venture or similar agreement; and  (kk) Liens on the property of any member of the Restricted Group to replace in whole or in part,  any Lien described in the foregoing clauses (a) through (jj); provided that any such Lien is  limited to all or part of the same property or assets (plus improvements, accessions,  proceeds or dividends or distributions in respect thereof) that secured (or, under the written  arrangements under which the original Lien arose, could secure) the Debt being refinanced  or in respect of property that is the security for a Permitted Lien hereunder.  “Permitted Refinancing Debt” means any renewals, extensions, substitutions, defeasances,  discharges, refinancings or replacements (each, a “refinancing”) of any Debt of any member of the  Restricted Group, including any successive refinancings, as long as: (a) such Permitted Refinancing Debt  is in an aggregate principal amount (or if incurred with original issue discount, an aggregate issue price)  not in excess of the sum of: (i) 100% of the aggregate principal amount (or if incurred with original issue  discount, the aggregate accreted value plus all accrued interest) then outstanding of the Debt being  refinanced; and (ii) an amount necessary to pay any fees and expenses, including premiums and defeasance  costs, related to such refinancing; (b) such Permitted Refinancing Debt has (i) a stated maturity that is either  (X) no earlier than the stated maturity of the Debt being refinanced or (Y) after the stated maturity of the  Loans and (ii) a Weighted Average Life-to-Maturity that is equal to or greater than the Weighted Average  Life-to-Maturity of the Debt being refinanced; (c) if the Debt being refinanced is subordinated in right of  payment to the Loans, such Permitted Refinancing Debt is subordinated in right of payment to, the Loans  on terms at least as favorable to the Lenders as those contained in the documentation governing the Debt  being refinanced; and (d) if the Borrower was the obligor on the Debt being refinanced, such Permitted  Refinancing Debt is incurred by the Borrower.  

 

  31  Permitted Refinancing Debt shall include, in respect of any Credit Facility or any other Debt  incurred from time to time after the termination, discharge or repayment of all or any part of such Credit  Facility or other Debt.  Permitted Refinancing Debt shall not include any Debt of any Person that refinances  Debt of an Unrestricted Subsidiary.  “Permitted Reorganization” means (a) an amalgamation, merger, consolidation, corporate  reconstruction, or reorganization involving (i) the Borrower where the entity formed by or surviving such  amalgamation, merger, consolidation, corporate reconstruction, or reorganization is the Borrower or (ii) a  Restricted Subsidiary where the entity formed by or surviving such amalgamation, merger, consolidation,  corporate reconstruction, or reorganization is a Restricted Subsidiary, (b) any liquidation, winding up, or  dissolution of any Restricted Subsidiary that is not a Significant Subsidiary undertaken in connection with  a corporate reorganization, provided that such liquidation, winding up, or dissolution is not materially  adverse to the interests of the Lenders.  “Person” means any individual, corporation, partnership, joint venture, association, joint stock  company, trust, unincorporated organization, limited liability company or government or other entity.  “Plan” means any employee pension benefit plan within the meaning of Section 3(2) of ERISA  (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 Borrower or any ERISA Affiliate is (or, if such  plan were terminated, would under Section 4062 of ERISA be deemed to be) an “employer” as defined in  Section 3(5) of ERISA.  “Platform” has the meaning assigned in Section 10.01(d)(i).  “Preferred Stock” of any Person means Capital Stock of such Person of any class or classes  (however designated) that ranks prior, as to the payment of dividends or as to the distribution of assets upon  any voluntary or involuntary liquidation, dissolution or winding up of such Person, to shares of Capital  Stock of any other class of such Person.   “Prime Rate” means the rate of interest per annum publicly announced from time to time by  JPMorgan Chase Bank, N.A. (or any replacement Administrative Agent) as its prime rate in effect at its  office located at Toronto, Canada (or the principal office of any such replacement Administrative Agent)  (which is not necessarily the lowest rate charged to any customer); each change in the Prime Rate shall be  effective from and including the date such change is publicly announced as being effective.  “Pro-Rata Share” means, with respect to any Lender, the percentage of the total Credit Exposures  and unused Commitments represented by such Lender’s Credit Exposure and unused Commitments.  “Proceeding” means any claim, action, suit, inquiry, investigation, or other proceeding by or before  any Governmental Authority.  “Process Agent” has the meaning assigned to such term in Section 10.09.    “Prohibited Payment” has the meaning assigned to such term in Section 3.13(e).  “Purchase Money Obligations” means any Debt incurred to finance or refinance the acquisition,  leasing, construction or improvement of property (real or personal) or assets (including Capital Stock), and  whether acquired through the direct acquisition of such property or assets or the acquisition of the Capital  Stock of any Person owning such property or assets, or otherwise.  

 

  32  “Purchasers” means Millicom International II N.V., a Curaçao limited liability company, and Shai  Holding S.A., a Luxembourg société anonyme.  “Qualified Receivables Transaction” means any transaction or series of transactions that may be  entered into by any member of the Restricted Group pursuant to which such Person or its Subsidiaries may  sell, convey or otherwise transfer to (i) a Receivables Entity (in the case of a transfer by such Person or any  of its Subsidiaries) and (ii) any other Person (in the case of a transfer by a Receivables Entity), or may grant  a Lien in, any Receivables (whether now existing or arising in the future) of such Person or any of its  Subsidiaries, and any assets related thereto including, without limitation, all collateral securing such  Receivables, all contracts and all guarantees or other obligations in respect of such accounts receivable, the  proceeds of such Receivables and other assets which are customarily transferred, or in respect of which  Liens are customarily granted, in connection with asset securitization involving Receivables and any  Interest Rate, Currency or Commodity Price Agreement entered into by such Person or any such Subsidiary  in connection with such Receivables.  “Quarter Date” means each of March 31, June 30, September 30 and December 31.  “Rating Agency” means each of (i) Fitch, Moody’s and S&P or (ii) if any of Fitch, Moody’s or  S&P are not making ratings of the Debt publicly available, an internationally recognized rating agency or  agencies, as the case may be, selected by the Borrower, which will be substituted for any of Fitch, Moody’s  or S&P, as the case may be.  “Rating Category” means (i) with respect to Fitch, any of the following categories (any of which  may include a “+” or “-”): AAA, AA, A, BBB, BB, B, CCC, CC, C, R, SD and D (or equivalent successor  categories); (ii) with respect to Moody’s, any of the following categories (any of which may include a “1,”  “2” or “3”): Aaa, Aa, A, Baa, Ba, B, Caa, Ca, and C (or equivalent successor categories), and (iii) the  equivalent of any such categories of Fitch or Moody’s used by another Rating Agency, if applicable.  “Re-designation” has the meaning assigned to such term in Section 6.07(c).  “Recast Regulation” has the meaning assigned to such term in Section 3.16.  “Receivable” means a right to receive payment arising from a sale or lease of goods or the  performance of services by a Person pursuant to an arrangement with another Person pursuant to which  such other Person is obligated to pay for goods or services under terms that permit the purchase of such  goods and services on credit and shall include, in any event, any items of property that would be classified  as an “account,” “chattel paper,” “payment intangible” or “instrument” under the Uniform Commercial  Code as in effect in the State of New York and any “supporting obligations” as so defined.  “Receivables Entity” means a wholly-owned Subsidiary of a Person (or another Person in which  such Person or any Subsidiary of such Person makes an Investment or to which such Person or any  Subsidiary of such Person transfers Receivables and related assets) which engages in no activities other  than in connection with the financing of Receivables and which is designated by the board of directors or  senior management of such Person as a Receivables Entity:  (a) no portion of the Debt or any other obligations (contingent or otherwise) of which: (i) is  guaranteed by such Person or any Subsidiary of such Person (excluding guarantees of  obligations (other than the principal of, and interest on, Debt) pursuant to Standard  Securitization Undertakings); (ii) is recourse to or obligates such Person or any Subsidiary  of such Person in any way other than pursuant to Standard Securitization Undertakings; or  (iii) subjects any property or asset of such Person or any Subsidiary of such Person, directly  

 

  33  or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to  Standard Securitization Undertakings except, in each such case, certain Permitted Liens;  (b) with which neither such Person nor any Subsidiary of such Person has any material  contract, agreement, arrangement or understanding (except in connection with a purchase  money note or Qualified Receivables Transaction) other than on terms not materially less  favorable to such Person or such Subsidiary than those that might be obtained at the time  from Persons that are not affiliates of such Person, other than fees payable in the ordinary  course of business in connection with servicing Receivables; and  (c) to which neither such Person nor any Subsidiary of such Person has any obligation to  maintain or preserve such entity’s financial condition or cause such entity to achieve certain  levels of operating results (other than those related to or incidental to the relevant Qualified  Receivables Transaction).  Any such designation by the board of directors or senior management of the Borrower shall be evidenced  to the Administrative Agent by promptly filing with the Administrative Agent a certified copy of the  resolution of the board of directors or senior management of the Borrower giving effect to such designation  or an certificate from an Authorized Officer of the Borrower, certifying that such designation complied  with the foregoing conditions.  “Receivables Repurchase Obligation” means any obligation of a seller of Receivables in a  Qualified Receivables Transaction to repurchase Receivables arising as a result of a breach of a  representation, warranty or covenant or otherwise, including as a result of a receivable or portion thereof  becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a result of any  action taken by, any failure to take action by or any other event relating to the seller.  “Recipient” means (a) the Administrative Agent, and (b) any Lender, as applicable.  “Redeemable Stock” of any Person means any Capital Stock of such Person that by its terms (or  by the terms of any security into which it is convertible or for which it is exchangeable) or otherwise  (including upon the occurrence of an event) matures or is required to be redeemed (pursuant to any sinking  fund obligation or otherwise) or is convertible into or exchangeable for Debt or is redeemable at the option  of the holder thereof, in whole or in part, at any time prior to the Maturity Date.  “Register” has the meaning assigned to such term in Section 10.04(b)(iv).  “Related Business” means (i) any business, services or activities engaged in by any member of the  Group on the date of execution this Agreement and (ii) any business in which any member of the Group is  engaged, directly or indirectly, that consists primarily of, or are related to, operating, acquiring, developing  or constructing any telecommunications services (including, without limitation, fixed and mobile  telephony, broadband internet, network-related services, cable television, broadcast content, network- neutral services, electronic, transactional, financial and commercial services related to the provision of  telephony or internet services) and related businesses.  “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the  respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates.  “Release” means any depositing, spilling, leaking, pumping, pouring, emitting, emptying,  discharging, injecting, escaping, migrating, leaching, seeping, dumping, placing, discarding, abandonment,  

 

  34  or disposing into or through the environment (including abandonment or disposal of any barrel, container  or other closed receptacle containing any Hazardous Materials).  “Required Lenders” means Lenders having Credit Exposures representing more than 50% of the  sum of the total Credit Exposures at such time; provided that, in the event any of the Lenders shall be a  Defaulting Lender, then for so long as such Lender is a Defaulting Lender, “Required Lenders” means  Lenders (excluding all Defaulting Lenders) having Credit Exposures representing more than 50% of the  sum of the total Credit Exposures of such Lenders (excluding all Defaulting Lenders) at such time;  provided, further that, prior to the making of the Loans, “Required Lenders” means Lenders having  Commitments representing more than 50% of the sum of the total Commitments at such time.    “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial  Institution, a UK Resolution Authority.  “Restricted Cash” means the sum of (i) Restricted MFS Cash and, without duplication, (ii) amount  of cash that would be stated as “restricted cash” on the consolidated statement of financial position of any  Person, as of such date in accordance with IFRS.  “Restricted Group” means the Borrower and the Restricted Subsidiaries.  “Restricted MFS Cash” means, as of any date of determination, an amount equal to any cash paid  in or deposited by or held on behalf of any customer or dealer of, or any other third party in relation to, one  or more members of the Restricted Group, if any, engaged in the provision of mobile financial services and  designated as “restricted cash” on the consolidated statement of financial position of such Person, together  with any interest thereon.  “Restricted Subsidiary” means any Subsidiary of the Borrower other than an Unrestricted  Subsidiary.  “S&P” means Standard & Poor’s Rating Services, a Standard & Poor’s Financial Services LLC  business, and any successor to its rating agency business.  “Sale/Leaseback Transaction” means an arrangement relating to property now owned or hereafter  acquired whereby a Person or its Subsidiary transfers such property to another Person and such Person or  such Subsidiary leases it from such other Person.  “Sanctioned Country” means a country, region or territory which is itself the subject or target of  comprehensive, country-, region-, or territory-wide Sanctions Laws, including as of the date hereof Cuba,  Iran, Syria, North Korea, and the Crimea region of Ukraine.  “Sanctions Laws” means any applicable economic or financial sanctions or trade embargoes,  imposed, administered, promulgated, or enforced from time to time by the U.S. government (including  without limitation those administered by OFAC), the European Union, Her Majesty’s Treasury, Canada,  the United Nations Security Council or other relevant sanctions authority.  “SEC” means the Securities and Exchange Commission of the United State of America.  “Senior Secured Debt” means, as of any date of determination, any Debt of (a) the Borrower that  as of such date is secured by a security interest in any assets of the Borrower or any of its Restricted  Subsidiaries and/or (b) any Restricted Subsidiary of the Borrower, other than Debt of the type described in  clauses (h), (i), (j), (k), (l) and (o) of the definition of “Permitted Debt”.  

 

  35  “Significant Subsidiary” means, at the date of determination, any Restricted Subsidiary that (1) for  the most recent Financial Year, accounted for more than ten percent (10%) of Consolidated EBITDA of the  Restricted Group or (2) as of the end of the most recent Financial Year, was the owner of more than ten  percent (10%) of Total Assets of the Restricted Group.  “Signing Date” means the date of execution of this Agreement.  “Solvent” means, with respect to any Person on a particular date, that on such date (a) the fair value  of the property of such Person is greater than the total amount of liabilities, including contingent liabilities,  of such Person, (b) the present fair saleable value 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 is generally paying its debts as they become due (whether at maturity or otherwise) and (d)  such Person is not engaged in a business or a transaction, and is not about to engage in a business or a  transaction, for which such Person’s property would constitute an unreasonably small capital.  The amount  of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and  circumstances existing at such time, represents the amount that can reasonably be expected to become an  actual or matured liability.  “Specified Legal Expenses” means, to the extent not constituting an extraordinary, non-recurring  or unusual loss, charge or expense, all attorneys’ and experts’ fees and expenses and all other costs,  liabilities (including all damages, penalties, fines and indemnification and settlement payments) and  expenses paid or payable in connection with any threatened, pending, completed or future claim, demand,  action, suit, proceeding, inquiry or investigation (whether civil, criminal, administrative, governmental or  investigative).  “Specified Subsidiary Sale” means the sale, transfer or other disposition of all of the Capital Stock,  or all of the assets or properties of, (a) any Person, the primary purpose of which is to own Tower Equipment  located in any market in which any member of the Restricted Group operates; (b) any Person which operates  the mobile financial services business of the Restricted Group; (c) MKC Brilliant Services GmbH; or (d)  Africa Internet Holding GmbH.  “Standard Securitization Undertakings” means representations, warranties, covenants and  indemnities entered into by a Person or any Subsidiary of such Person which are reasonably customary in  a securitization of Receivables transactions, including, without limitation, those relating to the servicing of  the assets of a Receivables Entity, it being understood that any Receivables Repurchase Obligation shall be  deemed to be a Standard Securitization Undertaking.  “Subsidiary” of any Person means (i) a corporation more than fifty percent (50%) of the combined  voting power of the outstanding Voting Stock of which is owned, directly or indirectly, by such Person or  by one or more other Subsidiaries of such Person or by such Person and one or more Subsidiaries thereof  or (ii) any other Person (other than a corporation) in which such Person, or one or more other Subsidiaries  of such Person or such Person and one or more other Subsidiaries thereof, directly or indirectly, has at least  a majority ownership and power to direct the policies, management and affairs thereof.  “Take-Out Debt” means (i) any debt securities or bonds (including, without limitation, capital  securities, convertible, perpetual or subordinated bonds, and other hybrid securities) or (ii) any Debt for  borrowed money (other than (A) in the case of (i), Permitted Refinancing Debt incurred by the Borrower  to refinance the Borrower’s outstanding Notes described in clause (iv) and (v) of the definition of  “Indentures” and (B) in the case of (ii), (I) Permitted Refinancing Debt of the type described in clause (c)  and clause (g) of the definition of “Permitted Debt,” (II) Debt of the type described in paragraph (d) of  “Permitted Debt” and any other intra-Group loans and (III) any extension of credit under the MICSA  

 

  36  Revolving Facility Agreement) issued, incurred or borrowed by the Borrower (as borrower) or any member  of the Comcel Group on or after the Signing Date.  “Target Company” means each of the entities comprising the Comcel Group.  “Target Shares” means the shares of each Target Company owned by the Seller to be acquired by  the Purchasers pursuant to the Acquisition Agreement.  “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings  (including backup withholding), assessments, fees or other similar charges imposed by any Governmental  Authority, including any interest, additions to tax or penalties applicable thereto.  “Total Assets” means the consolidated total assets of the Restricted Group, in each case as shown  on the most recent consolidated statement of financial position of the Borrower prepared on the basis of  IFRS prior to the relevant date of determination calculated to give pro forma effect to any acquisitions  (including through mergers or consolidations) and dispositions that have occurred subsequent to such  period, including any such acquisitions to be made with the proceeds of Debt giving rise to the need to  calculate Total Assets.  “Total Net Leverage Ratio” means, as of any date of determination, the ratio of (i) Consolidated  Net Debt outstanding as of such date to (ii) Consolidated EBITDA for the four most recent full fiscal  quarters ending immediately prior to such date for which consolidated financial statements are available, in  each case determined on a pro forma basis as if (A) any Debt incurred on such date of determination had  been incurred and (B) any Debt repaid, redeemed or repurchased on such date of determination had been  repaid, redeemed or repurchased at the beginning of such four quarter period.  For the avoidance of doubt,  in determining the Total Net Leverage Ratio, no cash or Cash Equivalents shall be included that are the  proceeds of Debt in respect of which the pro forma calculation is to be made, unless such proceeds are  committed to be used for debt repayment or refinancing.  “Tower Equipment” means passive infrastructure related to telecommunications services,  excluding telecommunications equipment,  but  including,  without  limitation,  towers  (including tower  lights and lightning rods), power breakers, deep cycle  batteries,  generators,  voltage regulators, main AC  power, rooftop masts, cable ladders, grounding, walls  and  fences,  access roads, shelters, air conditioners  and BTS batteries owned by the Borrower or any of its Restricted Subsidiaries.  “Transactions” means the execution, delivery and performance by the Borrower of this Agreement  and the other Loan Documents, the Borrowing of Loans,  the use of the proceeds thereof and the  consummation of the Acquisition.  “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.  “Unrestricted Subsidiary” means any Subsidiary of the Borrower designated as such in accordance  with the terms of Section 6.07 of this Agreement.  

 

  37  “VAT” means:  (a) any tax imposed in compliance with the Council Directive of 28 November 2006 on the  common system of value added tax (EC Directive 2006/112), as amended; and  (b) any other tax of a similar nature, whether imposed in a member state of the European Union  in substitution for, or levied in addition to, such tax referred to in paragraph (a) above, or  imposed elsewhere.  “Voting Stock” of any person means Capital Stock of such Person which ordinarily has voting  power for the election of directors (or persons performing similar functions) of such Person, whether at all  times or only so long as no senior class of securities has such voting power by reason of any contingency.  “Weighted Average Life-to-Maturity” means, when applied to any Debt or Preferred Stock at any  date, the number of years obtained by dividing (a) the then outstanding principal amount of such Debt or  liquidation preference of such Preferred Stock, as the case may be, into (b) the total of the product obtained  by multiplying (x) the amount of each then remaining installment, sinking fund, serial maturity or other  required payments of principal or upon mandatory redemption, including payment at final maturity, in  respect thereof, by (y) the number of years (calculated to the nearest one-twelfth) that will elapse between  such date and the making of such payment.  “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 the 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  under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In  Legislation that are related to or ancillary to any of those powers.  Section 1.02 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) the words “asset” and “property” shall be  

 

  38  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, (f) the word “regulation” includes any  regulation, rule, official directive, request or guideline (whether or not having the force of law) of any  governmental, intergovernmental or supranational body, agency, department or of any regulatory, self- regulatory or other authority or organization and (g) any reference to any law or regulation herein shall,  unless specified, refer to such law or regulation as amended, modified or supplemented from time to time.  Section 1.03 Accounting Terms; IFRS.  Except as otherwise expressly provided herein, all terms  of an accounting or financial nature shall be construed in accordance with, and all financial data (including  financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall  be prepared in conformity with, IFRS as in effect from time to time, to the extent applicable to the relevant  terms, data, ratios and calculations.  If there is a change to IFRS that might result in any material alteration  in the commercial effect of any of the terms of this Agreement (a “Material IFRS Change”), the Borrower  shall notify the Administrative Agent and, if the Administrative Agent so requests, deliver to the  Administrative Agent such information as may be reasonably required by the Administrative Agent.  If the  Borrower notify the Administrative Agent of a Material IFRS Change in accordance with this paragraph,  then the Borrower and the Administrative Agent shall enter into negotiations in good faith with a view to  agreeing any amendments to this Agreement which may be necessary to ensure that the Material IFRS  Change does not result in any material alteration in the commercial effect of the terms of this Agreement,  and if any amendments are agreed they shall take effect and be binding on the Borrower and the Credit  Parties in accordance with its terms.  Section 1.04 Rounding.  Any financial ratios required to be satisfied in order for a specific action  to be permitted under this Agreement shall be calculated by dividing the appropriate component by the  other component, carrying the result to the same number of decimal places by which such ratio is expressed  herein (the “applicable decimal place”) and rounding the result up or down to the applicable decimal place.  Section 1.05 Time of Day.  Unless otherwise specified, all references herein to times of day  shall be references to New York City time (daylight or standard, as applicable).  Section 1.06 Currency Equivalents.  Except as otherwise specified herein, all references herein  or in any other Loan Document to a Dollar amount shall mean such amount in Dollars or, if the context so  requires, any monetary amount in a currency other than Dollars, at any time of determination thereof, the  amount of Dollars obtained by converting such other currency involved in such computation into Dollars  at the spot rate for the purchase of Dollars with the applicable other currency as published in the Financial  Times on the date that is two (2) Business Days prior to such determination.  Section 1.07 LIBOR Notification.  The interest rate on the Loans is determined by reference to  the Adjusted LIBO Rate, which is derived from the London interbank offered rate.  The London interbank  offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings  from each other in the London interbank market.  In July 2017, the U.K.  Financial Conduct Authority (the  “FCA”) announced that, after the end of 2021, it would no longer persuade or compel contributing banks  to make rate submissions to the ICE Benchmark Administration (together with any successor to the ICE  Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered rate.   On March 5, 2021 the FCA, the regulatory supervisor of IBA, announced in a public statement the future  cessation or loss of representativeness of overnight/Spot Next, 1-month, 3-month, 6-month and 12-month  tenor settings of the Dollar London interbank reference rate (“USD LIBOR”) as of July 30, 2023.  As a  result, it is possible that commencing July 30, 2023, the USD LIBOR for such tenors may no longer be  available or may no longer be deemed an appropriate reference rate upon which to determine the interest  rate on the Loans.  In light of this eventuality, public and private sector industry initiatives are currently  underway to identify new or alternative reference rates to be used in place of USD LIBOR.  In the event  

 

  39  that USD LIBOR is no longer available or in certain other circumstances as set forth in Section 2.17 of this  Agreement, such Section 2.17 provides a mechanism for determining an alternative rate of interest.  The  Administrative Agent will notify the Borrower, pursuant to Section 2.17, in advance of any change to the  reference rate upon Loans bearing interest at the Adjusted LIBO Rate.  However, the Administrative Agent  does not warrant or accept any responsibility for, and shall not have any liability with respect to, the  administration, submission or any other matter related to the London interbank offered rate or other rates  in the definition of “Adjusted LIBO Rate” or with respect to any alternative or successor rate thereto, or  replacement rate therefor or thereof, including, without limitation, whether the composition or  characteristics of any such alternative, successor or replacement reference rate, as it may or may not be  adjusted pursuant to Section 2.17, will be similar to, or produce the same value or economic equivalence  of, the Adjusted LIBO Rate or have the same volume or liquidity as did the London interbank offered rate  prior to its discontinuance or unavailability.  Section 1.08 Cashless Roll.  Notwithstanding anything to the contrary contained in this  Agreement, any Lender may exchange, continue or rollover all or a portion of its Loans in connection with  any refinancing, extension, loan modification or similar transaction permitted by the terms of this  Agreement, pursuant to a cashless settlement mechanism approved by the Borrower, the Administrative  Agent and such Lender, and any such exchange, continuation or rollover shall be deemed to comply with  any requirement hereunder or under any other Loan Document that any payment be made “in Dollars”, “in  immediately available funds”, “in cash” or any other similar requirements.  Section 1.09 Luxembourg Terms.  In the Loan Documents, a reference to (a) a liquidator, trustee  in bankruptcy, judicial custodian, compulsory manager, receiver, administrator receiver, administrator,   sequestrator or similar officer includes (i) any juge-commissaire or insolvency receiver (curateur)  appointed under the Luxembourg Commercial Code, (ii) any liquidateur appointed under Articles 1100-1  to 1100-15 (inclusive) of the Luxembourg Companies Act, (iii) any juge-commissaire or liquidateur  appointed under Article 1200-1 of the Luxembourg Companies Act, (iv) any commissaire appointed under  the Grand-Ducal decree of 24 May 1935 on the controlled management regime or under Articles 593 to  614 (inclusive) of the Luxembourg Commercial Code and (v) any juge délégué appointed under the  Luxembourg act of 14 April 1886 on the composition to avoid bankruptcy, as amended; (b) a winding-up,  administration or dissolution includes, without limitation, bankruptcy (faillite), voluntary or judicial  liquidation (liquidation volontaire ou judiciaire), composition with creditors (concordat préventif de  faillite), moratorium or reprieve from payment (sursis de paiement) and controlled management (gestion  contrôlée) or similar laws affecting the rights of creditors generally; (c) a Person being unable to pay its  debts includes that Person being in a state of cessation of payments (cessation de paiements), (d)  constitutional documents includes the coordinated articles of association (statuts coordonnés), (e)  a director  includes an administrateur.  ARTICLE II  THE LOANS  Section 2.01 Commitments.  Subject to the terms and conditions set forth herein, each Lender  agrees to make a Loan during the Availability Period to the Borrower to such account of the Borrower as  the Borrower may direct from such Lender’s applicable Lending Office in an aggregate principal amount  requested by the Borrower which shall not exceed such Lender’s Commitment.  Amounts borrowed under  Section 2.01 that are repaid or prepaid may not be re-borrowed.   Section 2.02 Loans and Borrowings.  The Loans shall be made as part of a single Borrowing 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  

 

  40  that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s  failure to make Loans as required.    Section 2.03 Reserved.  Section 2.04 Funding of Borrowing.  (a) To request the Borrowing, the Borrower shall deliver a written borrowing request,  substantially in the form of Annex C hereto (the “Borrowing Request”).  The Borrowing Request  shall be irrevocable and binding on the Borrower (except in the event of termination of the  Acquisition Agreement prior to the Closing Date) and shall be given to the Administrative Agent  no later than 8:00 a.m. (New York time) on the Closing Date.  (b) Each Lender shall make the Loan to be made by it hereunder from its applicable  Lending Office on the Closing Date by wire transfer of immediately available funds in Dollars to  the account of the Administrative Agent designated by it for such purpose by notice to the Lenders.   The Administrative Agent will make such Loans available to the Borrower by 4:00 p.m. (New York  time) by crediting the amounts so received, in like funds, on the Closing Date by wire transfer in  accordance with the instructions set forth in the Borrowing Request.  (c) Each Lender may make its Loans through any Lending Office; provided that (i)  the making of such Loan through such Lending Office shall not increase the amounts payable by  the Borrower under Section 2.11 or 2.13 (unless approved by the Borrower) and (ii) the exercise of  this option shall not affect the obligation of the Borrower to repay the Loan in accordance with the  terms of this Agreement.   (d) Unless the Administrative Agent shall have received notice from a Lender prior to  the Closing Date that such Lender will not make available to the Administrative Agent such  Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has  made such share available on such date in accordance with paragraph (a) of this Section and may,  in reliance upon such assumption, make available to the Borrower a corresponding principal  amount.  In such event, if a Lender has not in fact made its share of the applicable Borrowing  available to the Administrative Agent within five (5) Business Days from the date on which the  Administrative Agent made available to the Borrower the corresponding principal amount, then the  applicable Lender and the Borrower agrees to pay to the Administrative Agent forthwith on demand  such corresponding principal amount with interest thereon, for each day from and including the  date such amount is made available to the Borrower to but excluding the date of payment to the  Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of the  Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance  with banking industry rules on interbank compensation or (ii) in the case of a payment to be made  by the Borrower, the Adjusted LIBO Rate applicable to the relevant Borrowing; provided, that the  obligation of the Borrower to pay interest on the corresponding principal amount shall only apply  to the extent that the Administrative Agent has not received the payment of interest thereon from  the relevant Lender following demand.  If both the Borrower and such Lender shall pay interest to  the Administrative Agent for the same or an overlapping period, the Administrative Agent shall  promptly remit to the Borrower the amount of interest paid by the Borrower for such period.  If  such Lender pays such amount to the Administrative Agent, then such amount shall constitute such  Lender’s Loan included in such Borrowing. Any payment by the Borrower hereunder shall be  without prejudice to any claim the Borrower may have against a Lender hereunder for failure to  fund or thereafter make such payment to the Administrative Agent.  

 

  41  Section 2.05 Termination of Commitments.  The undrawn Commitments (if any) shall  automatically terminate on the earliest to occur of (a) the Closing Date, immediately after giving effect to  the funding of the Loans to be made on such date, (b) the expiration of the Availability Period, (c) the  termination of the Acquisition Agreement, and (d) prior to the Closing Date, a Mandatory Prepayment  Event.  Section 2.06 Reserved.  Section 2.07 Repayment of Loans; Evidence of Debt.  (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent  for the account of each Lender the unpaid principal amount of the Loans on the Maturity Date.   Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing  the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender,  including the amounts of principal and interest payable and paid to such Lender from time to time  hereunder.  (b) The Administrative Agent shall maintain accounts in which it shall record (i) the  amount of each Loan made hereunder, (ii) the amount of any principal or interest due and payable  or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of  any sum received by the Administrative Agent hereunder for the account of the Lenders and each  Lender’s share thereof.  (c) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of  this Section shall be prima facie evidence absent manifest error of the existence and amounts of the  obligations recorded therein; provided that the failure of any Lender or the Administrative Agent  to maintain such accounts or any error therein shall not in any manner affect the obligation of the  Borrower to repay the Loans in accordance with the terms of this Agreement. In the event of any  conflict between the records maintained by any Lender and the Register, the Register shall control  in the absence of manifest error.  (d) Any Lender may request through the Administrative Agent that its Loans be  evidenced by a promissory note. In such event, the Borrower shall execute and deliver to such  Lender a Note, payable to such Lender or its registered assigns.  Section 2.08 Prepayment of Loans.   (a) Mandatory Prepayments. The Borrower covenants and agrees with the Lenders to  prepay the Loans as follows:  (i) Change of Control. Upon the occurrence of a Change of Control, if any  Lender so requires and notifies the Administrative Agent (with a copy to the Borrower)  within 20 days of the Borrower notifying the Administrative Agent of the event pursuant  to Section 5.02(d), the Borrower shall within 20 days following receipt of such notice from  the Lender, repay the outstanding Loan of such Lender, together with accrued interest and  all other amounts owing to such Lender under this Agreement.  (ii) Debt and Equity Issuances.  In the event of any Equity Issuance or the  incurrence of any Take-Out Debt, the Borrower shall, upon at least three (3) Business Days  prior written notice to the Administrative Agent (who shall promptly notify the Lenders)  and no later than five (5) Business Days following receipt of the Net Proceeds of such  

 

  42  Equity Issuance or Take-Out Debt by the Borrower or the relevant member of the Comcel  Group, prepay the Loans in an amount equal to 100% of such Net Proceeds.  (iii) Disposals. In the event of any disposal of assets by the Borrower or any  Restricted Subsidiary of the type described in paragraphs (a), (c), (s), (v), (y) and (aa) of  the definition of “Permitted Disposal” or of the type described in (a) or (b) of the definition  of “Specified Subsidiary Sale” made after the Signing Date which generates, individually  or in the aggregate, when aggregated with all other concurrent disposals of the type  described in paragraphs (a), (c), (s), (v), (y) and (aa) of the definition of “Permitted  Disposal” or of the type described in (a) or (b) of the definition of “Specified Subsidiary  Sale,” Net Proceeds in excess of $150,000,000, the Borrower shall, upon at least three (3)  Business Days prior written notice to the Administrative Agent (who shall promptly notify  the Lenders) and no later than five (5) Business Days following receipt of such Net  Proceeds by the Borrower or any member of the Comcel Group, prepay the Loans in an  amount equal to 100% of all such Net Proceeds received in excess of $150,000,000.  (iv) Other Debt.  The amounts required to be prepaid under Section 2.08(a)(iii)  shall be reduced by any ratable portion of such Net Proceeds required to be applied to the  repayment of other Debt of the Borrower or any Restricted Subsidiary under the Indentures,  to the extent the Indentures include a mandatory prepayment or similar provision that  requires such ratable prepayment.  (b) Voluntary Prepayments.  (i) The Borrower shall have the right at any time and from time to time to  prepay the Loans in whole or in part, without premium or penalty (but subject to payment  of any amounts required to be paid pursuant to Section 2.12), subject to prior notice in  accordance with paragraph (ii) of this Section 2.08(b)(ii).  (ii) An Authorized Officer of the Borrower shall notify the Administrative  Agent by telephone (confirmed by telecopy) or electronic mail of any prepayment  hereunder not later than 1:00 p.m. three (3) Business Days before the date of prepayment.  Each such notice shall be irrevocable and shall specify the prepayment date and the  principal amount of the Loans to be prepaid. Promptly following receipt of any such notice  relating to a Borrowing, the Administrative Agent shall advise the applicable Lenders of  the contents thereof. Any partial prepayment of the Loans shall be applied ratably to the  outstanding Loans.  Section 2.09 Interest.  (a) Each Loan shall bear interest at a rate per annum equal at all times during each  Interest Period to the sum of the Adjusted LIBO Rate for such Interest Period plus the Applicable  Margin.  (b) Notwithstanding the foregoing, if an Event of Default under Section 7.01(a) or (b)  has occurred and is continuing, all overdue Obligations (which shall include all Obligations  following an acceleration of the Loans pursuant to Section 7.01, including an automatic  acceleration) shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in  the case of overdue principal or interest of any Loan, two percent (2.0%) 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, two percent (2.0%) plus the rate otherwise applicable to ABR Loans; provided  

 

  43  that no interest pursuant to this paragraph (b) shall accrue or be payable to a Defaulting Lender so  long as such Lender shall be a Defaulting Lender.  (c) Accrued interest on each Loan shall be payable in arrears on each Interest Payment  Date for such Loan; provided that (i) interest accrued pursuant to paragraph (b) of this Section shall  be payable on demand and (ii) in the event of any repayment or prepayment of any Loan, accrued  interest on the principal amount repaid or prepaid shall be payable on the date of such repayment  or prepayment.  (d) All interest hereunder shall be computed on the basis of a year of 360 days, except  that interest computed by reference to the Alternate Base Rate at times when the Alternate Base  Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days  in a leap year), and shall be payable for the actual number of days elapsed (including the first day  but excluding the last day).  The applicable Adjusted LIBO Rate and Alternate Base Rate shall be  determined by the Administrative Agent, and such determination shall be conclusive absent  manifest error.  Section 2.10 Alternate Rate of Interest; Inability to Determine Rates.  Subject to Section 2.17,  if prior to the commencement of any Interest Period:  (a) deposits are not being offered to banks in the London interbank eurodollar market  for the applicable amount, currency and Interest Period of the Loans;  (b) the Administrative Agent determines (which determination shall be conclusive  absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted  LIBO Rate for such Interest Period; provided that, in the case of this clause (ii), no Benchmark  Transition Event (as defined in Section 2.17(a)) shall have occurred at such time; or  (c) the Administrative Agent is advised by the Required Lenders that the Adjusted  LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders  (or Lender) of making or maintaining its Loans for such Interest Period,  then the Administrative Agent shall give prompt notice thereof to the Borrower and the affected  Lenders by telephone (such telephonic notice promptly confirmed thereafter by delivery of a written notice)  and, during the thirty (30) days next succeeding the giving of such notice, the Borrower and the affected  Lenders shall negotiate in good faith in order to arrive at a mutually satisfactory interest rate which shall be  applicable during such Interest Period to the Loans. If within such 30-day period, the Borrower and the  affected Lenders agree in writing upon an alternative interest rate, such rate shall be effective from the  commencement and for the duration of such Interest Period until such time as the circumstances giving rise  to such notice cease to apply at the commencement of a new Interest Period. If the Borrower and the affected  Lenders fail to agree upon such an alternative interest rate within such 30-day period, the interest rate during  such Interest Period applicable to such Loans effective from the commencement and for the duration of  such Interest Period until such time as the circumstances giving rise to such notice cease to apply at the  commencement of a new Interest Period shall be the Alternate Base Rate plus the Applicable Margin (with  the utilization of the LIBOR Market Index Rate component in determining the Alternate Base Rate being  suspended).  Section 2.11 Increased Costs.  (a) If any Change in Law shall:  (i) impose, modify or deem applicable any reserve, special deposit,  compulsory loan, insurance charge, liquidity or similar requirement against assets of,  

 

  44  deposits with or for the account of, or credit extended by, any Lender (except any such  reserve requirement reflected in the Adjusted LIBO Rate);  (ii) impose on any Lender or the London interbank market any other  condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by  such Lender or any participation therein; or  (iii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B)  Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C)  Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or  other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;  and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of  maintaining any Loan or to reduce the amount of any sum received or receivable by such Lender or such  other Recipient hereunder (whether of principal, interest or otherwise), then upon request of such Lender  or other Recipient, the Borrower will pay to such Lender or such other Recipient, as the case may be, such  additional amount or amounts as will compensate such Lender or such other Recipient, as the case may be,  for such additional costs incurred or reduction suffered; provided, that the Borrower shall not be obligated  to pay any such compensation unless the Lender or other Recipient requesting such compensation is also  requesting compensation as a result of such Change in Law from other similarly situated customers under  agreements relating to similar credit transactions that include provisions similar to this Section 2.11.  (b) If any Lender determines that any Change in Law affecting such Lender or any  Lending Office of such Lender or such Lender’s holding company, if any, regarding capital or  liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s  capital or on the capital of such Lender’s holding company, if any, as a consequence of this  Agreement, the Commitments of such Lender or the Loans made by such Lender, to a level below  that which such Lender or such Lender’s holding company could have achieved but for such  Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s  holding company with respect to capital adequacy and liquidity), then from time to time the  Borrower will pay to such Lender such additional amount or amounts as will compensate such  Lender for any such reduction suffered; provided, that the Borrower shall not be obligated to pay  any such compensation unless the Lender or other Recipient requesting such compensation is also  requesting compensation as a result of such Change in Law from other similarly situated customers  under agreements relating to similar credit transactions that include provisions similar to this  Section 2.11.  (c) A certificate of a Lender setting forth the amount or amounts necessary to  compensate such Lender or its holding company, as the case may be, as specified in paragraph (a)  or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest  error.  The Borrower shall pay such Lender the amount shown as due on any such certificate within  sixty (60) days after receipt thereof.  (d) Failure or delay on the part of any Lender to demand compensation pursuant to the  provisions of Sections 2.11, shall not constitute a waiver of such Lender’s right to demand such  compensation; provided that the Borrower shall not be required to compensate a Lender pursuant  to the provisions of Sections 2.11 for any increased costs incurred or reductions suffered more than  270 days prior to the date that such Lender notifies the Borrower of the event giving rise to such  increased costs or reductions and of such Lender’s intention to claim compensation therefor;  provided further that, if the event giving rise to such increased costs or reductions is retroactive,  

 

  45  then the 270-day period referred to above shall be extended to include the period of retroactive  effect thereof.  Section 2.12 Break Funding Payments.  In the event of (a) the payment of any principal of any  Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of  Default), (b) the failure to borrow or prepay any Loan on the date specified in any notice delivered pursuant  hereto (regardless of whether such notice may be revoked under Section 2.07(b) and is revoked in  accordance therewith), or (c) the assignment of any Loan other than on the last day of the Interest Period  applicable thereto as a result of a request by the Borrower pursuant to Section 2.15, then, in any such event,  the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event  (excluding loss of profits).  In the case of a Loan, such loss, cost or expense to any Lender shall be deemed  to be the amount determined by such Lender to be the excess, if any, by which (i) the amount of interest  which would have accrued on the principal amount of such Loan had such event not occurred, at the  Adjusted LIBO Rate, as applicable, that would have been applicable to such Loan, for the period from the  date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to  borrow, for the period that would have been the Interest Period for such Loan), exceeds (ii) the amount of  interest which would accrue on such principal amount for such period at the interest rate which such Lender  would bid were it to bid, at the commencement of such period, for Dollar deposits of a comparable amount  and period from other banks in the eurodollar market.  A certificate of any Lender setting forth any amount  or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower  and shall be conclusive absent manifest error.  The Borrower shall pay such Lender the amount shown as  due on any such certificate within sixty (60) days after receipt thereof.  Failure or delay on the part of any  Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s  right to demand such compensation; provided that the Borrower shall not be required to compensate a  Lender pursuant to this Section for any amount incurred more than sixty (60) days prior to the date that  such Lender notifies the Borrower of such Lender’s claim for compensation therefor.  Section 2.13 Payments Free of Taxes.  (a) Any and all payments by or on account of any obligation of the Borrower under  any Loan Document shall be made without deduction or withholding for any Taxes, except as  required by applicable Law.  If any applicable Law (as determined in the good faith discretion of  an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such  payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make  such deduction or withholding and shall timely pay the full amount deducted or withheld to the  relevant Governmental Authority in accordance with applicable Law and, if such Tax is an  Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that  after such deduction or withholding has been made (including such deductions and withholdings  applicable to additional sums payable under this Section 2.13) the applicable Recipient receives an  amount equal to the sum it would have received had no such deduction or withholding been made.  (b) Payment of Other Taxes by the Borrower.  The Borrower shall timely pay to the  relevant Governmental Authority in accordance with applicable Law, or at the option of the  Administrative Agent timely reimburse it for the payment of, any Other Taxes.  (c) Evidence of Payments.  Within thirty (30) days after the date of any payment of  Taxes by the Borrower to a Governmental Authority pursuant to this Section 2.13 (or, if receipts  or evidence are not available within 30 days, as soon as practicable thereafter), the Borrower shall  deliver to the Administrative Agent the original or a certified copy of a receipt issued by such  Governmental Authority evidencing such payment, a copy of the return reporting such payment or  other evidence of such payment reasonably satisfactory to the Administrative Agent.  

 

  46  (d) Indemnification.  The Borrower shall indemnify each Recipient, within sixty (60)  days after written demand therefor, for the full amount of any Indemnified Taxes (including  Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section  2.13) payable or paid by such Recipient and any documented and reasonable expenses arising  therefrom or with respect thereto, or required to be withheld or deducted from a payment to such  Recipient, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by  the relevant Governmental Authority.  Without limiting the obligation of the Borrower to indemnify  Indemnified Taxes hereunder except as expressly set forth in this paragraph (d), a Recipient  claiming indemnity pursuant to this Section 2.13(d) shall notify the Borrower of the imposition of  the relevant Indemnified Taxes as soon as reasonably practicable after the Recipient becomes aware  of such imposition.  The Borrower shall not be required to compensate any Recipient pursuant to  this Section 2.13(d) for any interest, additions to tax or penalties that accrue more than 270 days  prior to the date that such Recipient notifies the Borrower of the imposition of the relevant  Indemnified Taxes.  A certificate as to the amount of such payment or liability delivered to the  Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent  on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.  (e) Indemnification by the Lenders.  Each Lender shall severally indemnify the  Administrative Agent, within sixty (60) days after demand therefor, for (i) any Indemnified Taxes  attributable to such Lender (but only to the extent that the Borrower has not already indemnified  the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the  Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the  provisions of Section 10.04(c) relating to the maintenance of a Participant Register and (iii) any  Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the  Administrative Agent in connection with any Loan Document, and any documented and reasonable  expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or  legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount  of such payment or liability delivered to any Lender by the Administrative Agent shall be  conclusive absent manifest error.  Each Lender hereby authorizes the Administrative Agent to set  off and apply any and all amounts at any time owing to such Lender under any Loan Document or  otherwise payable by the Administrative Agent to the Lender from any other source against any  amount due to the Administrative Agent under this paragraph (e).  (f) Status of Lenders.    (i) Any Recipient that is entitled to an exemption from or reduction of  withholding Tax with respect to payments made under any Loan Document shall deliver  to the Borrower and the Administrative Agent, at the time or times reasonably requested  by the Borrower or the Administrative Agent, such properly completed and executed  documentation reasonably requested by the Borrower or the Administrative Agent as will  permit such payments to be made without withholding or at a reduced rate of withholding.   In addition, any Recipient, if reasonably requested by the Borrower or the Administrative  Agent, shall deliver such other documentation prescribed by applicable Law or reasonably  requested by the Borrower or the Administrative Agent as will enable the Borrower or the  Administrative Agent to determine whether or not such Recipient 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 shall not be required if in the Recipient’s reasonable judgment such  completion, execution or submission would subject such Recipient to any material  unreimbursed cost or expense or would materially prejudice the legal or commercial  position of such Recipient.  

 

  47  (ii) If a payment made to a Recipient 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 Recipient shall deliver to the Borrower  and the Administrative Agent at the time or times prescribed by law and at such time or  times reasonably requested by the Borrower or the Administrative Agent such  documentation prescribed by applicable law (including as prescribed by Section  1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by  the Borrower or the Administrative Agent as may be necessary for the Borrower and the  Administrative Agent to comply with their obligations under FATCA and to determine that  such Lender has complied with such Lender’s obligations under FATCA or to determine  the amount to deduct and withhold from such payment. Solely for purposes of this clause  (ii), “FATCA” shall include any amendments made to FATCA after the date of this  Agreement. Each Lender agrees that if any such form or certification it previously  delivered expires or becomes obsolete or inaccurate in any respect, it shall update such  form or certification or promptly notify the Borrower and the Administrative Agent in  writing of its legal inability to do so.   (g) Treatment of Certain Refunds.  If any party determines, in its sole discretion  exercised in good faith, that it has received a refund of any Taxes (for this purpose, including any  credit against, relief or remission for, or repayment of any Tax (a “Tax Credit”), in each case, in  lieu of a refund) as to which it has been indemnified pursuant to this Section 2.13 (including by the  payment of additional amounts pursuant to this Section 2.13), it shall pay to the indemnifying party  an amount equal to such refund (but (x) only to the extent of indemnity payments made under this  Section 2.13 with respect to the Taxes giving rise to such refund or Tax Credit and (y), with respect  to any Tax Credit, only to the extent such party has obtained, utilized and retained such Tax Credit),  net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest  (other than any interest paid by the relevant Governmental Authority with respect to such refund).   Such indemnifying party, upon the request of such indemnified party, shall repay to such  indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest  or other charges imposed by the relevant Governmental Authority) in the event that such  indemnified party is required to repay such refund to such Governmental Authority.   Notwithstanding anything to the contrary in this paragraph (g) in no event will the indemnified  party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the  payment of which would place the indemnified party in a less favorable net after-Tax position than  the indemnified party would have been in if the Tax subject to indemnification and giving rise to  such refund or Tax Credit had not been deducted, withheld or otherwise imposed and the  indemnification payments or additional amounts with respect to such Tax had never been paid.   This paragraph shall not be construed to require any indemnified party to make available its Tax  returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying  party or any other Person.  (h) VAT. All amounts set out in, or expressed to be payable under, a Loan Document  by any party to a Credit Party 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, subject to the second paragraph of this Section 2.17(h), if VAT is chargeable on any  supply made by any Credit Party to any party under a Loan Document and such Credit Party is  required to account to the relevant tax authority for the VAT, such Credit Party shall promptly  provide an appropriate VAT invoice to such party and, provided that such an invoice has been  provided, that party shall pay to such Credit Party (in addition to and at the same time as paying  any other consideration for such supply) or, according with the Council Directive 2006/112/EC as  

 

  48  amended, an amount equal to the amount of the VAT or, where applicable, directly account for  such VAT at the appropriate rate under the reverse charge procedure provided for by Article 196  of Council Directive 2006/112/EC, as amended and implemented by any relevant member state of  the European Union.  If VAT is or becomes chargeable on any supply made by any Credit Party (the Supplier)  to any other Credit Party (the Recipient) under a Loan Document, and any party other than the  Recipient (the Relevant Party) is required by the terms of any Loan Document to pay an amount  equal to the consideration for that supply to the Supplier (rather than being required to reimburse  or indemnify the Recipient in respect of that consideration):  (i) (where the Supplier is the person required to account to the relevant tax  authority for the VAT) the Relevant Party shall also pay to the Supplier (at the same time  as paying that amount) an additional amount equal to the amount of the VAT. The  Recipient shall (where this paragraph (i) applies) promptly pay to the Relevant Party an  amount equal to any credit or repayment the Recipient receives from the relevant tax  authority which the Recipient reasonably determines relates to the VAT chargeable on that  supply; and.  (ii) (where the Recipient is the person required to account to the relevant tax  authority for the VAT) the Relevant Party shall promptly, following demand from the  Recipient, pay to the Recipient an amount equal to the VAT chargeable on that supply but  only to the extent that the Recipient reasonably determines that it is not entitled to credit  or repayment from the relevant tax authority in respect of that VAT.  Where a Loan Document requires any party to reimburse or indemnify a Credit Party for  any costs or expenses, that party shall also at the same time reimburse or indemnify (as the case  may be) the Credit Party against all VAT incurred by the Credit Party in respect of such costs or  expenses but only to the extent that the Credit Party (reasonably) determines that it is not entitled  to credit or repayment from the relevant tax authority in respect of the VAT.  Any reference in this clause (h) to any party shall, at any time when that 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 as amended (or as implemented by any relevant  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 representative or head) of  that group or unity at the relevant time (as the case may be).   In relation to any supply made by a Credit Party to any party under a Loan Document, if  reasonably requested by such Credit Party, that party shall promptly provide such Credit Party with  details of that party's VAT registration and such other information as is reasonably requested in  connection with such Credit Party's VAT reporting requirements in relation to such supply.  (i) Survival.  Each party’s obligations under this Section 2.13 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.  

 

  49  (j) Defined Terms.  For purposes of this Section 2.13, the term “applicable law”  includes FATCA.  Section 2.14 Payments Generally; Pro Rata Treatment; Sharing of Set-offs.  (a) The Borrower shall make each payment required to be made by it hereunder prior  to 1:00 p.m. (or such later time as the Administrative Agent may agree), on the date when due, in  immediately available funds, without set off or counterclaim.  Any amounts received after such  time on any date may, in the discretion of the Administrative Agent, be deemed to have been  received on the next succeeding Business Day for purposes of calculating interest thereon.  All such  payments shall be made to the accounts of the Administrative Agent most recently designated by  it for payments, except that payments pursuant to Sections 2.11, 2.12, 2.13 and 10.03 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.   All payments hereunder shall be made in Dollars.  Each payment (including each prepayment) by  the Borrower on account of principal of, and interest on, the Loans shall be applied pro rata  according to the respective Applicable Percentages of the Lenders.  (b) If at any time insufficient funds are received by and available to the Administrative  Agent to pay fully all amounts of principal, 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 then due hereunder, ratably among the parties entitled  thereto in accordance with the amounts of principal then due to such parties.  (c) 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 resulting in such Lender  receiving payment of a greater proportion of the aggregate amount of its Loans 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 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 its respective  Loans; provided that (i) if any such participations are purchased and all or any portion of the  payment giving rise thereto is recovered, such participations shall be rescinded and the purchase  price restored to the extent of such recovery, without interest, and (ii) the provisions of this  paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in  accordance with the express terms of this Agreement or any payment obtained by a Lender as  consideration for the assignment of or sale of a participation in any of its Loans to any assignee or  participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the  provisions of this paragraph shall apply).  The Borrower consents to the foregoing and agrees, to  the extent it may effectively do so under applicable Law, that any Lender acquiring a participation  pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and  counterclaim with respect to such participation as fully as if such Lender were a direct creditor of  the Borrower in the amount of such participation.  (d) Unless the Administrative Agent shall have received notice from the Borrower  prior to the date on which any payment is due to the Administrative Agent for the account of the  Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may  

 

  50  assume that the Borrower have made such payment on such date in accordance herewith and may,  in reliance upon such assumption, distribute to the Lenders the amount due.  In such event, if the  Borrower have not in fact made such payment, then each of the Lenders severally agrees to repay  to the Administrative Agent forthwith on demand the amount so distributed to such Lender 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.  (e) If any Lender shall fail to make any payment required to be made by it pursuant to  Section 2.04(b), Section 2.13(d) or Section 10.03(c), then the Administrative Agent may, in its  discretion and 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 in its discretion.  Section 2.15 Mitigation Obligations; Replacement of Lenders.  (a) If any Lender requests compensation under Section 2.11, or if the Borrower is  required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental  Authority for the account of any Lender pursuant to Section 2.13, 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 2.11 or Section 2.13, as the case may be, in the  future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not  otherwise be disadvantageous to such Lender.  The Borrower hereby agree to pay all reasonable  costs and expenses incurred by any Lender in connection with any such designation or assignment.  (b) If (i) any Lender requests compensation under Section 2.11, or (ii) if the Borrower  is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental  Authority for the account of any Lender pursuant to Section 2.13, or (iii) if any Lender becomes  Defaulting Lender, or (iv) any Lender has refused to consent to any proposed amendment,  modification, waiver, termination or consent with respect to any provision of this Agreement or  any other Loan Document that, pursuant to Section 10.02, requires the consent of all Lenders or  each Lender affected thereby and with respect to which Lenders constituting the Required Lenders  have consented to such proposed amendment, modification, waiver, termination or consent, or (v)  any Lender delivers a notification pursuant to Section 2.18 regarding its ability to make or maintain  Loans, or (vi) any other circumstance exists hereunder that gives the Borrower the right to replace  a Lender as a party hereto, then the Borrower may (A) in the case of a Defaulting Lender or a  Lender that is unable to make or maintain Loans, terminate the relevant Lender’s Commitment and  (B) in the case of any such Lender (including any Defaulting Lender or a Lender that is unable to  make or maintain Loans), 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, and consents required by, Section 10.04), all its interests, rights (other than its existing  rights to payments pursuant to Sections 2.11 or 2.13) 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); provided that (1) the Borrower shall have received the prior written  

 

  51  consent of the Administrative Agent, which consent shall not be unreasonably withheld,  conditioned or delayed (unless such assignment is to an existing Lender or an Affiliate of an  existing Lender that would otherwise not require the Borrower’s consent under Section 10.04), (2)  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  Borrower (in the case of all other amounts; provided, that, in the case of any Defaulting Lender,  the Borrower shall be entitled to offset any expenses resulting from such Lender having been a  Defaulting Lender and such assignment from any amounts payable by the Borrower to the  Defaulting Lender hereunder), (3) in the case of any such assignment resulting from a claim for  compensation under Section 2.11 or payments required to be made pursuant to Section 2.13, such  assignment will result in a reduction in such compensation or payments, and (4) in the case of any  such assignment resulting from a Lender’s refusal to consent to a proposed amendment,  modification, waiver, termination or consent, the assignee shall approve the proposed amendment,  modification, waiver, termination or consent.  A Lender shall not be required to make any such  assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the  circumstances entitling the Borrower to require such assignment and delegation cease to apply.   Notwithstanding anything in this Section to the contrary, the Lender that acts as the Administrative  Agent may not be replaced in its capacity as Administrative Agent hereunder except in accordance  with the terms of Article VIII.  Section 2.16 Defaulting Lenders.  (a) Notwithstanding any provision of this Agreement to the contrary, if any Lender  becomes a Defaulting Lender, then, for so long as such Lender is a Defaulting Lender, the  Commitment of such Defaulting Lender shall not be included in determining whether the Required  Lenders have taken or may take any action hereunder (including any consent to any amendment,  waiver or other modification pursuant to Section 10.02).  (b) 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 VII or otherwise) or received by the Administrative Agent from a  Defaulting Lender pursuant to Section 10.08 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, as the Borrower 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; third, if so determined by the Administrative Agent  and the Borrower, to be held in a deposit account and released pro rata in order to satisfy such  Defaulting Lender’s potential future funding obligations with respect to Loans under this  Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment  of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a  result of such Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as  no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a  result of any judgment of a court of competent jurisdiction obtained by the Borrower against such  Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this  Agreement; and sixth, to such Defaulting Lender or as otherwise directed by a court of competent  jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans  in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such  Loans were made 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 all non-Defaulting Lenders on a pro rata  

 

  52  basis prior to being applied to the payment of any Loans of such Defaulting Lender until such time  as all Loans are held by the Lenders pro rata in accordance with the Commitments, without giving  effect to Section 2.16(a).  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 2.16(c) shall be deemed paid to and redirected by such  Defaulting Lender, and each Lender irrevocably consents hereto.  Section 2.17 Effect of Benchmark Transition Event.  (a) Defined Terms.  As used in this Section 2.17, the following terms have the  following meanings:  “Available Tenor” means, as of any date of determination and with respect to the then-current  Benchmark, as applicable, any tenor for such Benchmark or payment period for interest calculated with  reference to such Benchmark, as applicable, that is or may be used for determining the length of an Interest  Period pursuant to this Agreement as of such date.  “Benchmark” means, initially, USD LIBOR; provided that if a replacement of USD LIBOR or the  then-current Benchmark has occurred pursuant to this Section 2.17, then “Benchmark” means the applicable  Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior  benchmark rate pursuant to this Section 2.17.  Any reference to “Benchmark” shall include, as applicable,  the published component used in the calculation thereof.  “Benchmark Replacement” means, for any Available Tenor:  (1) For purposes of clause (b)(i) of this Section 2.17, the first alternative set forth below that can be  determined by the Administrative Agent:  (a) the sum of: (i) Term SOFR and (ii) 0.42826% (42.826 basis points) for an Available  Tenor of six-months’ duration, or  (b) the sum of: (i) Daily Simple SOFR and (ii) the spread adjustment selected or  recommended by the Relevant Governmental Body for the replacement of the tenor of  USD LIBOR with a SOFR-based rate having approximately the same length as the  interest payment period specified in clause (a) of this Section; and  (2) for purposes of clause (b)(ii) of this Section 2.17, the sum of: (a) the alternate benchmark rate and  (b) an adjustment (which may be a positive or negative value or zero), in each case, that has been  selected by the Administrative Agent and the Borrower as the replacement for such Available Tenor  of such Benchmark giving due consideration to any evolving or then-prevailing market convention,  including any applicable recommendations made by the Relevant Governmental Body, for U.S.  dollar-denominated syndicated credit facilities at such time;  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.  “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark  Replacement, any technical, administrative or operational changes (including changes to the definition of  “ABR,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of  

 

  53  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 in consultation with  the Borrower may be appropriate to reflect the adoption and implementation of such Benchmark  Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially  consistent with market practice (or, if the Administrative Agent decides in consultation with the Borrower  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 in consultation with the Borrower  is reasonably necessary in connection with the administration of this Agreement and the other Loan  Documents).  “Benchmark Transition Event” means, with respect to any then-current Benchmark other than  USD LIBOR, the occurrence of a public statement or publication of information by or on behalf of the  administrator of the then-current Benchmark, the regulatory supervisor for the administrator of such  Benchmark, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New  York, an insolvency official with jurisdiction over the administrator for such Benchmark, a resolution  authority with jurisdiction over the administrator for such Benchmark or a court or an entity with similar  insolvency or resolution authority over the administrator for such Benchmark, announcing or stating that  (a) such administrator has ceased or will cease on a specified date to provide all Available Tenors of such  Benchmark, 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 (b)  all Available Tenors of such Benchmark are or will no longer be representative of the underlying market  and economic reality that such Benchmark is intended to measure and that representativeness will not be  restored.  “Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor  (including overnight) or an interest payment period having approximately the same length (disregarding  business day adjustment) as such Available Tenor.  “Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will  include a lookback) being established by the Administrative Agent in accordance with the conventions for  this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple  SOFR” for syndicated business loans; provided, that if the Administrative Agent decides that any such  convention is not administratively feasible for the Administrative Agent, then the Administrative Agent  may establish another convention in consultation with the Borrower.  “Early Opt-in Effective Date” means, with respect to any Early Opt-in Election, the sixth (6th)  Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the  Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day  after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to  such Early Opt-in Election from Lenders comprising the Required Lenders.  “Early Opt-in Election” means, if the then-current Benchmark is USD LIBOR, the occurrence of:  (1) a notification by the Administrative Agent to (or the request by the Borrower to the Administrative  Agent to notify) each of the other parties hereto that at least five currently outstanding Dollar- denominated syndicated credit facilities at such time contain (as a result of amendment or as  originally executed) a SOFR-based rate (including SOFR, a Term SOFR or any other rate based  

 

  54  upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice  and are publicly available for review), and  (2) the joint election by the Administrative Agent and the Borrower to trigger a fallback from USD  LIBOR and the provision by the Administrative Agent of written notice of such election to the  Lenders.  “Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of the  execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with  respect to USD LIBOR.  “Reference Time” with respect to any setting of the then-current Benchmark means (1) if such  Benchmark is USD LIBOR, 11:00 a.m. (London time) on the day that is two London banking days  preceding the date of such setting, and (2) if such Benchmark is not USD LIBOR, the time determined by  the Administrative Agent in its reasonable discretion.  “Relevant Governmental Body” means the Board of Governors of the Federal Reserve System or  the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of  Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor  thereto.  “SOFR” means, with respect to any Business Day, a rate per annum equal to the secured overnight  financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator’s  Website on the immediately succeeding Business Day.  “SOFR Administrator” means the Federal Reserve Bank of New York (or a successor  administrator of the secured overnight financing rate).  “SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York,  currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate  identified as such by the SOFR Administrator from time to time.  “Term SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference  Time, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant  Governmental Body.  “USD LIBOR” means the London interbank offered rate for Dollars.    (b) Benchmark Replacement.    (i) On the earliest of (i) the date that all Available Tenors of USD LIBOR  have either permanently or indefinitely ceased to be provided by IBA or have been  announced by the FCA pursuant to public statement or publication of information to be no  longer representative, (ii) June 30, 2023 and (iii) the Early Opt-in Effective Date, if the  then-current Benchmark is USD LIBOR, the Benchmark Replacement will replace such  Benchmark for all purposes hereunder and under any Loan Document in respect of any  setting of such Benchmark on such day and all subsequent settings without any amendment  to, or further action or consent of any other party to this Agreement or any other Loan  Document.  If the Benchmark Replacement is Daily Simple SOFR, all interest payments  will be payable on a quarterly basis.  

 

  55  (ii) Upon the occurrence of a Benchmark Transition Event, the Benchmark  Replacement will replace the then-current 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  time) on the fifth (5th) Business Day (New York time) after the date notice of such  Benchmark Replacement is provided to the Lenders and the Borrower without any  amendment to, or further action or consent of any other party to, this Agreement or any  other Loan Document so long as the Administrative Agent has not received, by such time,  written notice of objection to such Benchmark Replacement from Lenders comprising the  Required Lenders.  At any time that the administrator of the then-current Benchmark has  permanently or indefinitely ceased to provide such Benchmark or such Benchmark has  been announced by the regulatory supervisor for the administrator of such Benchmark  pursuant to public statement or publication of information to be no longer representative  of the underlying market and economic reality that such Benchmark is intended to measure  and that representativeness will not be restored, the Borrower may elect that any Loans that  would bear interest by reference to such Benchmark bear interest at the Alternate Base Rate  plus the Applicable Margin until the Borrower’s receipt of notice from the Administrative  Agent that a Benchmark Replacement has replaced such Benchmark.  During the period  referenced in the foregoing sentence, the component of the Alternate Base Rate based upon  the Benchmark will not be used in any determination of the Alternate Base Rate.  (c) Benchmark Replacement Conforming Changes.  In connection with the  implementation and administration 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  (except for the consultation rights of the Borrower described in the definition of “Benchmark  Replacement Conforming Changes”).  (d) Notices; Standards for Decisions and Determinations.  The Administrative Agent  will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition  Event, (ii) the implementation of any Benchmark Replacement and (iii) the effectiveness of any  Benchmark Replacement Conforming Changes. 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 2.17 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 2.17.  (e) Unavailability of Tenor Benchmark.  Notwithstanding anything to the contrary  herein or in any other Loan Document, at any time (including in connection with the  implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate  (including Term SOFR or USD LIBOR) and either (A) any tenor for such Benchmark is not  displayed on a screen or other information service that publishes such rate from time to time as  selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor  for the administrator of such Benchmark has provided a public statement or publication of  information announcing that any tenor for such Benchmark is or will be no longer representative,  then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark  settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a  

 

  56  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.  Section 2.18 Illegality.  (a) If any Lender determines that any Change in 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 determine or charge interest rates based upon the Adjusted LIBO Rate, or any  Governmental Authority has imposed material restrictions on the authority of such Lender to  purchase or sell, or to take deposits of, Dollars in the London interbank market, then, upon notice  thereof by such Lender to the Borrower (through the Administrative Agent), (i) any obligation of  such Lender to make or maintain Loans the interest rate on which is determined by reference to the  Adjusted LIBO Rate shall be suspended, and (ii) the interest rate on which such Loan shall, if  necessary to avoid such illegality, be determined by the Administrative Agent without reference to  the LIBOR Market Index Rate component of the Alternate Base Rate, in each case until such  Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to  such determination no longer exist.  Upon receipt of such notice, (i) the Borrower shall, upon  demand from such Lender (with a copy to the Administrative Agent), prepay or elect that the Loan  of such Lender bear interest at the Alternate Base Rate plus the Applicable Margin (the interest rate  on which shall, if necessary to avoid such illegality, be determined by the Administrative Agent  without reference to the LIBOR Market Index Rate component of the Alternate Base Rate), either  on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain its  Loan to such day, or immediately, if such Lender may not lawfully continue to maintain its Loan  and (ii) if such notice asserts the illegality of such Lender determining or charging interest rates  based upon the LIBOR Market Index Rate component of the Alternate Base Rate with respect to  any ABR Loan, the Administrative Agent shall during the period of such suspension compute the  Alternate Base Rate applicable to such Lender without reference to the LIBOR Market Index Rate  component thereof until the 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 the LIBOR Market  Index Rate or the Adjusted LIBO Rate.  Upon any such prepayment, the Borrower shall also pay  accrued interest on the amount so prepaid, together with any additional amounts required pursuant  to Section 2.11.  (b) Each Lender agrees to designate a different Lending Office if such designation will  avoid the need for any notice described in Sections 2.18(a) and will not, in the good faith judgment  of such Lender, otherwise be materially disadvantageous to such Lender or increase the amounts  payable by the Borrower under Section 2.11 or Section 2.13 (unless approved by the Borrower).  Upon any prepayment or conversion pursuant to Sections 2.18(a), the Borrower shall also pay  accrued interest on the amount so prepaid or converted and all amounts due, if any, in connection  with such prepayment and conversion.   Section 2.19 Financial Calculations for Limited Condition Transactions.  (a) In connection with any action being taken in connection with a Limited Condition  Transaction, for purposes of determining compliance with any provision of this Agreement which  requires that no Default or Event of Default, as applicable, has occurred, is continuing or would  result from any such action, as applicable, such condition shall, at the option of the Borrower, be  

 

  57  deemed satisfied, so long as no Default or Event of Default, as applicable, exists on the date the  definitive agreement (or other relevant definitive documentation) for such Limited Condition  Transaction is executed.  For the avoidance of doubt, if the Borrower has exercised its option under  the first sentence of this paragraph (a), and any Default or Event of Default occurs following the  date such definitive agreement for a Limited Condition Transaction is executed and prior to the  consummation of such Limited Condition Transaction, any such Default or Event of Default shall  be deemed to not have occurred or be continuing for purposes of determining whether any action  being taken in connection with such Limited Condition Transaction is permitted hereunder.  (b) In connection with any action being taken in connection with a Limited Condition  Transaction for purposes of: (1) determining compliance with any provision of this Agreement  which requires the calculation of the Total Net Leverage Ratio; or (2) testing baskets set forth in  this Agreement (including baskets measured as a percentage of Total Assets); in each case, at the  option of the Borrower (the Borrower’s election to exercise such option in connection with any  Limited Condition Transaction, an “LCT Election”), the date of determination of whether any such  action is permitted hereunder, shall be deemed to be the date the definitive agreement (or other  relevant definitive documentation) for such Limited Condition Transaction is entered into (the  “LCT Test Date”); provided, however, that the Borrower shall be entitled to subsequently elect, in  its sole discretion, the date of consummation of such Limited Condition Transaction instead of the  LCT Test Date as the applicable date of determination, and if, after giving pro forma effect to the  Limited Condition Transaction and the other transactions to be entered into in connection therewith  (including any incurrence of Debt and the use of proceeds thereof), as are appropriate and consistent  with the pro forma adjustment provisions set forth in the definitions of “Consolidated EBITDA”  and “Total Net Leverage Ratio”, the Borrower or any Restricted Subsidiary could have taken such  action on the relevant LCT Test Date in compliance with such ratio, test or basket, such ratio, test  or basket shall be deemed to have been complied with.  (c) If the Borrower has made an LCT Election and any of the ratios, tests or baskets  for which compliance was determined or tested as of the LCT Test Date are exceeded as a result of  fluctuations in any such ratio, test or basket, including due to fluctuations in Consolidated EBITDA  or Total Assets at or prior to the consummation of the relevant transaction or action, such baskets  or ratios will not be deemed to have been exceeded as a result of such fluctuations.  If the Borrower  has made an LCT Election for any Limited Condition Transaction, then in connection with any  subsequent calculation of any ratio, test or basket availability under this Agreement (including with  respect to the incurrence of Debt or Liens, or the making of Permitted Disposals, acquisitions,  mergers, the conveyance, lease or other transfer of all or substantially all of the assets of the  Borrower or any Restricted Subsidiary or the designation of an Unrestricted Subsidiary) on or  following the relevant LCT Test Date and prior to the earlier of the date on which such Limited  Condition Transaction is consummated or the definitive agreement for such Limited Condition  Transaction is terminated or expires without consummation of such Limited Condition Transaction,  any such ratio, test or basket shall be calculated on a pro forma basis assuming such Limited  Condition Transaction and other transactions in connection therewith (including any incurrence of  Debt and the use of proceeds thereof) have been consummated.  Section 2.20 Extension of Maturity Date.  (a) Extension.  So long as no Default or Event of Default exists, the Borrower may,  by notice to the Administrative Agent (who shall promptly notify the Lenders) not earlier than forty  five (45) days prior to the Maturity Date but not later than thirty (30) days prior to the date of the  proposed extension (the date of such proposed extension, the “Extension Date”), extend the  

 

  58  Maturity Date to a date that is six (6) months after the Maturity Date (the “Extended Maturity  Date”). The Borrower may make no more than one (1) such request for extension.  (b) Conditions to Extension. The extension of the Maturity Date pursuant to this  Section 2.20 shall be subject to (i) each Lender receiving on or before the original Maturity Date  payment of the Extension Fee in accordance with the Lender Fee Letter and (ii) on the Maturity  Date, immediately prior, and after giving effect, to such extension, no Default or Event of Default  exists.   ARTICLE III  REPRESENTATIONS AND WARRANTIES  The Borrower represents and warrants to the Lenders that:  Section 3.01 Organization; Powers.  The Borrower is duly organized and validly existing under  the laws of the jurisdiction of its organization.  The Borrower and each of its Significant Subsidiaries has  all requisite power to own its assets and carry on its business as it is now being conducted.  Section 3.02 Power and Authority; Enforceability.  The Borrower has the power to enter into,  perform and deliver, and has taken all necessary action to authorize its entry into, performance and delivery  of, the Loan Documents and the Transactions.  Each Loan Document constitutes a legal, valid and binding  obligation of the Borrower, enforceable against the Borrower in accordance with its terms, subject to  applicable bankruptcy, insolvency, 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 3.03 Validity and Admissibility into Evidence.  All consents, approvals, resolutions,  licenses, exemptions, filings, notarizations or registrations required or desirable to (a) enable the Borrower  to lawfully enter into, and perform its obligations under, the Loan Documents and (b) to make the Loan  Documents admissible in evidence in its jurisdiction of organization, have been obtained or effected and  are in full force and effect.  Section 3.04 Non-Conflict with Other Obligations.  The entry into and performance by the  Borrower of the Loan Documents, and the Transactions, do not and will not conflict with (a) any law or  regulation applicable to it; or (b) its constitutional documents; or (c) any agreement or other instrument  binding upon it or any of its assets, except where any violation of any such agreement or instrument,  individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.   Section 3.05 Financial Statements; No Material Adverse Change.  (a) The audited consolidated financial statements of the Borrower and its Subsidiaries  for the Financial Year ended December 31, 2020 and the unaudited consolidated quarterly financial  statements of the Borrower and its Subsidiaries for the Financial Quarter ended June 30, 2021 (a)  were prepared in accordance with IFRS consistently applied and (b) fairly represent the financial  condition and operations of the Borrower and its Subsidiaries on a consolidated basis for the  relevant periods covered thereby.  (b) Since December 31, 2020, no Material Adverse Effect has occurred.  Section 3.06 Properties; Intellectual Property.  

 

  59  (a) The Borrower has good title to, or valid leasehold interests in, all its real and  personal property material to its business, except for such defects in title that, either individually or  in the aggregate, do not interfere with its ability to conduct its business as currently conducted or  to utilize such properties for its intended purposes or except where the failure to do so would not  reasonably be expected to result in a Material Adverse Effect.  (b) (i) The Borrower and each of the Borrower’s Significant Subsidiaries is the sole  and beneficial owner of, or has licensed to it on standard commercial terms, all the trademarks,  tradenames, domain names, copyrights, patents, trade secrets, proprietary know-how and other  intellectual property (collectively, “Intellectual Property”) which is material in the context of its  business or which is reasonably required by it in order to carry on its business as it is now being  conducted or as it is currently proposed to be conducted; (ii) neither the Borrower nor any of its  Significant Subsidiaries infringes or violates any Intellectual Property of any Person in carrying out  its respective businesses, or in connection with offering or providing its respective products or  services; (iii) to the best of the Borrower’s knowledge and belief, no Person is infringing or  violating any owned Material Intellectual Property; and (iv) the Borrower and each of its  Significant Subsidiaries has taken all actions (including payment of fees) reasonably required to  obtain, preserve, renew and maintain all Material Intellectual Property owned by it, except, in the  case of (i), (ii), (iii) and (iv), where any failure to be so, or do so, or to have done so has not resulted  in, or would not reasonably be expected to result in, a Material Adverse Effect.  Section 3.07 Litigation.  Except as disclosed in the financial statements referred to in Section 3.05(a), no Proceeding which,  if adversely determined, would reasonably be expected to result in a Material Adverse Effect, has been  commenced or, to the best of the Borrower’s knowledge and belief are threatened against, the Borrower or  any of its Significant Subsidiaries.  Section 3.08 Compliance with Laws; Environmental Compliance; No Default or Event of  Default.  (a) The Borrower and each of its Significant Subsidiaries is and has been in  compliance with all Laws of any Governmental Authority applicable to it or its property, except  where the failure to do so, individually or in the aggregate, would not reasonably be expected to  result in a Material Adverse Effect.  (b) The Borrower and each of its Significant Subsidiaries is and has been in  compliance with all Environmental Laws and all other permits, licenses, authorizations, covenants,  conditions, restrictions or agreements directly or indirectly concerned with Environmental Laws or  any Release (i) in connection with any real property which is or was at any time owned, leased or  occupied by such Person or on which such Person has conducted any activity, or (ii) for which the  Borrower is or has been alleged to be responsible, except where failure to do so would not  reasonably be expected to result in a Material Adverse Effect.  (c) There are no pending or, to the knowledge of the Borrower, threatened Proceedings  against or affecting the Borrower or any of its Significant Subsidiaries concerning any actual or  alleged Environmental Liabilities, including any Proceedings relating to any current or former  businesses, operations, properties, or locations owned, leased, occupied, or used by the Borrower  or any of its Significant Subsidiaries, and to the knowledge of the Borrower, there are no facts,  circumstances, or conditions that could reasonably be expected to form the basis of any such  

 

  60  Proceedings or any Environmental Liabilities, except in each case as would not reasonably be  expected to result in a Material Adverse Effect.  (d) No Default or Event of Default has occurred and is continuing.  (e) As of the Closing Date, no event or circumstance exists that has had, or would  reasonably be expected to have, a material adverse effect on the business, assets, operations, or  financial condition of the Borrower and its Subsidiaries taken as a whole.  (f) No other event or circumstance is outstanding which constitutes a default under  any material agreement or instrument which is binding on the Borrower or any of its Significant  Subsidiaries, or to which any such Person’s assets are subject which has resulted in, or would  reasonably be expected to result in, a Material Adverse Effect  (g) The Borrower is not in default under the Acquisition Agreement. All of the  conditions required to be satisfied under the Acquisition Agreement for the consummation of the  Acquisition have been, or concurrently with the funding of the Loans hereunder are reasonably  expected to be, satisfied or waived in accordance with the Acquisition Agreement.  Section 3.09 Investment Company Status.  The Borrower is not an “investment company” as  defined in, or subject to regulation under, the Investment Company Act of 1940.  Section 3.10 Taxes.  As of the Closing Date, the Borrower is tax resident only in Luxembourg,  which is the jurisdiction of the Borrower’s incorporation. The Borrower has duly and punctually paid or  caused to be paid and discharged all Taxes imposed upon it or its assets within the time period allowed,  except for Taxes that are being contested in good faith by appropriate proceedings and for which such  Person, as applicable, has set aside on its books adequate reserves in accordance with IFRS.  The Borrower  is not materially overdue in the filing of any Tax returns.  No claims are being asserted or are reasonably  likely to be asserted against the Borrower with respect to Taxes that would reasonably be expected to result  in a Material Adverse Effect.  It is not required to make any deduction for or on account of any Tax from  any payment it may make under any Loan Document.  Under the laws of the jurisdiction of organization of  the Borrower, it is not necessary that the Loan Documents be filed, recorded or enrolled with any  Governmental Authority in such jurisdiction or that any stamp, registration or similar tax be paid on or in  relation to the Loan Documents or the Transactions.  Section 3.11 ERISA.  Except as would not reasonably be expected to result in a Material  Adverse Effect, each Plan is in compliance with all applicable provisions and requirements of ERISA and  the Code and all other applicable Laws and regulations.  No ERISA Event has occurred or is reasonably  expected to occur that would reasonably be expected to result in a Material Adverse Effect.  The excess of  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) as of the date of the most recent  financial statements reflecting such amounts, over the fair market value of the assets of such Plan would  not reasonably be expected to result in a Material Adverse Effect, and the excess of 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) as of the date of the most recent financial statements  reflecting such amounts, over the fair market value of the assets of all such underfunded Plans would not  reasonably be expected to result in a Material Adverse Effect.  Section 3.12 No Misleading Information.  All material information provided to the Lead  Arrangers in writing by the Borrower relating to the Acquisition is accurate in all material respects and not  misleading in any material respect. Any factual information contained in the Annual Report was true and  

 

  61  accurate in all material respects as of the date it was provided or as of the date (if any) at which it is stated.   Nothing has occurred or been omitted from the Annual Report and no information has been given or  withheld that results in the information contained in the Annual Report being untrue or misleading in any  material respect, in each case, as of the date it was provided or as of the date (if any) at which it is stated.  Section 3.13 Sanctions Laws; Anti-Corruption, Anti-Bribery, Anti-Money Laundering Laws  and Regulations.  (a) Neither the Borrower, nor any of its Subsidiaries, nor any of its directors, officers  and employees, or, to the best of the knowledge and belief of the Borrower, agents or  representatives:  (i) is a Designated Person;  (ii) is, or for the last five (5) years has been, in violation of any Sanctions  Laws; or  (iii) is, or for the last five (5) years has been, engaged in any dealings or  activities with or for the benefit of any Designated Person.  (b) There are no pending or, to the best of the knowledge and belief of the Borrower,  threatened Proceedings involving the Borrower or its Subsidiaries with respect to any Sanctions  Laws.  (c) The Borrower and its Subsidiaries have instituted and maintain policies and  procedures designed to promote and achieve compliance with Sanctions Laws.  (d) (i) Neither the Borrower, nor any of its Subsidiaries, nor any of its directors,  officers, employees and, to the best of the knowledge and belief of the Borrower, its agents,  representatives, and Affiliates, has engaged in any activity or conducted its businesses in any way  which would violate any Anti-Money Laundering Laws, (ii) there are no pending, or to the best of  the knowledge and belief of the Borrower, threatened Proceedings involving the Borrower or its  Subsidiaries with respect to any Anti-Money Laundering Laws, and (iii) the Borrower and its  Subsidiaries have instituted and maintain policies and procedures designed to promote and achieve  compliance with Anti-Money Laundering Laws.  (e) The Borrower and its Subsidiaries, and its respective directors, officers,  employees, and to the best of the knowledge and belief of the Borrower, agents and representatives,  have not corruptly paid, offered or promised to pay, or authorized payment of any monies or things  of value, directly or indirectly, to any person, including without limitation any government official  or any political party or party official or candidate for political office, for the purpose of obtaining  or retaining business, or directing business to any person, or obtaining any other improper  advantage, in each case in violation of Anti-Corruption Laws (collectively, “Prohibited  Payments”), and there are no pending or, to the best of the knowledge and belief of the Borrower,  threatened Proceedings involving the Borrower or its Subsidiaries with respect to Anti-Corruption  Laws.  The Borrower and its respective Subsidiaries have instituted and maintain policies and  procedures designed to promote and achieve compliance with Anti-Corruption Laws.  Section 3.14 Federal Reserve Board Regulations.  The Borrower is not engaged and will not  engage, principally or as one of its important activities, in the business of extending credit for the purposes  of “purchasing” or “carrying” any “Margin Stock” within the respective meanings of such terms under  

 

  62  Regulations U, T and X of the Board.  No part of the proceeds of the Loans will be used for “purchasing”  or “carrying” “Margin Stock” as so defined for any purpose which violates, or which would be inconsistent  with, the provisions of, any applicable Laws or regulations of any Governmental Authority (including,  without limitation, the Regulations of the Board).  Section 3.15 Solvency.  The Borrower is Solvent.  Section 3.16 Centre of Main Interest and Establishment.  For the purposes of Regulation (EU)  2015/848 of the European Parliament and the Council of 20 May 2015 on insolvency proceedings (recast)  (the “Recast Regulation”), the Borrower’s centre of main interest (as that terms is used in Article 3(1) of  the Recast Regulation) is situated in either Luxembourg, Sweden or England and Wales, or for purposes of  the Cross Border Insolvency Regulations 2006 (the “CBIR”), the Borrower’s centre of main interest (as  that term is used in Article 2 (Definitions) of the CBIR) is situated in the United States of America, and the  Borrower has no “establishment” (as that term is defined in Article 2(10) of the Recast Regulation or Article  2 of the CBIR) in any other jurisdiction.  Section 3.17 Governing Law and Enforcement.  Subject to the qualifications contained in any  legal opinion delivered pursuant to Section 4.01, (a) the choice of New York law as the governing law of  the Loan Documents will be recognized and enforced in the jurisdiction of organization of the Borrower  and (b) any judgment obtained in New York in relation to a Loan Document will be recognized and enforced  in the jurisdiction of organization of the Borrower.  Section 3.18 Pari Passu Ranking.  The obligations of the Borrower under the Loan Documents  rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for  obligations mandatorily preferred by law applying to companies in each relevant jurisdiction generally.  Section 3.19 Acquisition Arrangements.  (a) The Borrower has complied in all material respects  with applicable Laws in relation to the Acquisition; (b) the performance by the Borrower of, and the  transactions contemplated by, the Acquisition Documents do not and will not conflict in any material  respect with: (i) any Law applicable to it; (ii) its constitutional documents; or (iii) any agreement or  instrument binding upon it or any of its assets; (c) the obligations expressed to be assumed by the Borrower  in each Acquisition Document are legal, valid, binding and enforceable obligations; (d) the Borrower has  the power to perform, and has taken all necessary action to authorize its performance of, the Acquisition  Documents to which it is a party and the transactions contemplated by those Acquisition Documents; and  (e) the Acquisition Documents contain all the material terms of the Acquisition.  ARTICLE IV  CONDITIONS PRECEDENT  Section 4.01 Conditions Precedent to the Closing Date.  The obligations of the Lenders to make  the Loans hereunder on the Closing Date shall be subject to the satisfaction (or waiver in accordance with  Section 10.02) of the following conditions:  (a) The Administrative Agent (or its counsel) shall have received from each party  thereto either (i) a counterpart of this Agreement, the Engagement Letter and each Fee Letter, or  (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy or  electronic mail transmission of a signed signature page of this Agreement) that such party has  signed a counterpart of this Agreement, the Engagement Letter and each Fee Letter.  (b) The Administrative Agent shall have received an opinion (addressed to the  Administrative Agent and the Lenders and dated the Closing Date) of each of (i) Jones Day, special  

 

  63  New York counsel to the Borrower, in form and substance satisfactory to the Administrative Agent;  and (ii) Hogan Lovells (Luxembourg), LLP, special Luxembourg counsel to the Borrower, in form  and substance satisfactory to the Administrative Agent.  (c) The Administrative Agent shall have received a customary officer’s certificate  from the Borrower dated the Closing Date and signed by an Authorized Officer of the Borrower,  in form and substance satisfactory to the Administrative Agent, including as exhibits thereto copies  of the following documents and certifying that such documents are correct, complete and in full  force and effect, and have not been amended or superseded, as of such date:  (i) the Borrower's coordinated articles of association (statuts coordonnés);  (ii) (A) a copy of an excerpt (extrait) from the Luxembourg Register of  Commerce and Companies and (B) a copy of a certificate of non-inscription of judicial  decisions (certificat de non-inscription d’une décision judiciaire) from the Luxembourg  Register of Commerce and Companies, in each case dated no earlier than one (1) Business  Days before the Closing Date;  (iii) the resolutions of the board of directors of the Borrower approving the  Facility and the related transactions and the execution and delivery of the Loan Documents  and authorizing specified persons to execute the Loan Documents; and  (iv) (A) a certificate of incumbency and (B) specimen of the signature with  respect to each Authorized Officer of the Borrower authorized by the resolutions referred  to above (which may be provided as Electronic Signatures).  (d) The Administrative Agent shall have received (i) a certificate, dated the Closing  Date and signed by an Authorized Officer of the Borrower, certifying that (A) the Acquisition  Agreement has been executed and delivered by all parties thereto, (B) the Acquisition shall be  consummated on the Closing Date simultaneously with the funding of the Loans hereunder in  accordance with the terms of the Acquisition Agreement provided pursuant to subclause (ii) of this  clause (d) without giving effect to any amendment, modification or waiver thereof, or any consent  thereunder, which is materially adverse to the interests of the Borrower or the Lenders as a whole  under the Loan Documents, (C) the proceeds of the Loans drawn on the Closing Date together with  any other amounts available to the Group are sufficient to pay the Acquisition Costs and (D) all of  the conditions set forth in this Section 4.01 have been satisfied; and (ii) a copy of the final (or  substantially final) draft of the Acquisition Agreement for information purposes only and without  a right of approval for the Administrative Agent, the Lead Arrangers or any of the Lenders.  (e) The Administrative Agent shall have received a process agent appointment letter  duly signed by the Process Agent indicating its acceptance of the appointment by the Borrower  pursuant to this Agreement.  (f) Upon the reasonable request of any Lender or the Administrative Agent made at  least two (2) days prior to the Closing Date, the Borrower shall have provided to such Lender or  the Administrative Agent (as applicable) the documentation and other information (including, if  the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a  customary Beneficial Ownership Certification in respect of the Borrower) so requested in  connection with applicable “know your customer” and anti-money-laundering rules and  regulations, including the USA PATRIOT Act and Beneficial Ownership Regulations (collectively,  the “KYC Requirements”).  

 

  64  (g) The Administrative Agent shall have received the Borrowing Request.  (h) The Administrative Agent shall have received copies of (a) the audited  consolidated financial statement of the Borrower and its Subsidiaries for the Financial Year ended  December 31, 2020 and the unaudited consolidated quarterly financial statement of the Borrower  and its Subsidiaries for the Financial Quarter ended June 30, 2021, and (b) the audited combined  financial statements of the Comcel Group for the Financial Year ended December 31, 2020.  (i) The representations set forth in Section 3.01 shall remain true and correct in all  material respects (or, in the case of any such representation or warranty already qualified by  materiality or Material Adverse Effect, in all respects) on the Closing Date (or, in the case of any  such representation or warranty expressly stated to have been made as of a specific date, as of such  specific date).  (j) Payment of all fees, costs and expenses required to be paid (or reimbursed) by the  Borrower to the Lead Arrangers, the Administrative Agent or the Lenders in connection with the  Facility (including pursuant to the Fee Letters) as of the Closing Date (excluding legal fees and  expenses which will be paid after the Closing Date according to arrangements agreed between the  Borrower and the relevant counsel); provided that, in the case of reimbursement of expenses,  statements of such expenses shall have been delivered to the Borrower at least two (2) days prior  to the Closing Date.  (k) No Default or Event of Default exists at the time of, or after giving effect to the  making of the Loans, on the Closing Date.  ARTICLE V  AFFIRMATIVE COVENANTS  Until the Commitments have expired or been terminated and the principal of and interest on each  Loan and all fees and other Obligations payable hereunder shall have been paid in full, the Borrower  covenants and agrees with the Lenders as follows:  Section 5.01 Financial Statements; and Other Information.  The Borrower will furnish to the  Administrative Agent (for distribution to each Lender):  (a) within 120 days after the end of each Financial Year of the Borrower, its audited  consolidated and audited unconsolidated financial statements for that Financial Year;  (b) within 90 days after the end of each of the first three Financial Quarters of each  Financial Year of the Borrower, its unaudited consolidated financial statements as of the end of and  for such Financial Quarter;  (c) concurrently with the delivery of financial statements under clauses (a) and (b), a  certificate of a Financial Officer of the Borrower (each, a “Compliance Certificate”), in the form  of Exhibit B;  (d) promptly after the same become publicly available, copies of all periodic and other  reports distributed by the Borrower to its shareholders generally; and  (e) promptly following any request therefor, such other information (which is not of a  confidential nature or publicly available), as the Administrative Agent or any Lender (through the  

 

  65  Administrative Agent) may reasonably request as necessary to comply with applicable KYC  Requirements; provided that, the Borrower shall not be required to deliver confidential information  consisting of trade secrets or other proprietary or competitively sensitive information relating to  the Borrower or its Subsidiaries and its respective businesses, and provided, further, that no Lender  shall request any further information regarding the financial statements of the Borrower unless (A)  the Borrower has not delivered its financial statements as required under the Loan Agreement as of  such date or (B) such request relates to a material variance from the financial statements delivered  in the previous quarterly or annual period; and  (f) no later than two (2) Business Days following the Closing Date, an executed copy  of the Acquisition Agreement.  (g) Any financial statements required to be delivered pursuant to Sections 5.01(a) or  5.01(b) above and any information required to be delivered pursuant to Section 5.01(d) above shall  be deemed to have been furnished to the Administrative Agent on the date that such financial  statement or other information is posted on the website of the Borrower.    Section 5.02 Notices of Material Events.  The Borrower will furnish to the Administrative Agent  (for distribution to each Lender) prompt written notice, after an Authorized Officer of the Borrower  becomes aware of such event, of the following events:  (a) the occurrence of any Default or Event of Default (and any steps being taken to  remedy such Default or Event of Default);  (b) the filing or commencement of any action, suit, investigation or proceeding by or  before any arbitrator or Governmental Authority against or affecting the Borrower or any   Significant Subsidiary (or any adverse change or development in any such action, suit, investigation  or proceeding) thereof that, in the good faith judgment of the Borrower, if adversely determined,  would reasonably be expected to result in a Material Adverse Effect;   (c) any other development (including the incurrence or imposition of Environmental  Liability) that, in the good faith judgment of the Borrower, results in, or would reasonably be  expected to result in, a Material Adverse Effect; or  (d) the occurrence of a Change of Control.  Section 5.03 Existence; Conduct of Business; Authorizations.  (a) The Borrower shall do or cause to be done all things necessary to preserve, renew  and keep in full force and effect its legal existence.  (b) The Borrower shall ensure that no substantial change is made to the general nature  of its business or the business of the Borrower’s Significant Subsidiaries from that carried out as  of the date of this Agreement, provided that, the foregoing shall not prevent any such Person from  engaging in any Related Business.  (c) The Borrower shall promptly (x) obtain, comply with and do all that is necessary  to maintain in full force and effect and (y) supply certified copies to the Administrative Agent of,  any authorization, approval, consent, license, resolution, exemption, filing, notarization or  

 

  66  registration required under any law or regulation of its jurisdiction of organization to enable it to  perform its obligations under the Loan Documents to which it is a party and to ensure, subject to  the reservations specifically referred to in any legal opinion delivered pursuant to Section 4.01, the  legality, validity, enforceability or admissibility in evidence in its jurisdiction of organization of  each Loan Document to which it is a party.  Section 5.04 Payment of Material Obligations.  The Borrower shall duly and punctually pay and  discharge all material payment obligations and Taxes imposed upon it or its assets within the time period  allowed without incurring penalties, except where (a) the validity or amount thereof is being contested in  good faith by appropriate proceedings, and (b) such Person has set aside on its books adequate reserves  with respect thereto in accordance with IFRS.  Section 5.05 Maintenance of Properties; Insurance.  (a) Except for the discontinuance of the operation or maintenance of the properties of  the Borrower or any Borrower’s Significant Subsidiary if such discontinuance is, in the Person’s  judgment, desirable in the conduct of its business, the Borrower shall (and the Borrower shall  ensure that each of its Significant Subsidiaries shall) maintain in good repair, working order and  condition (ordinary wear and tear excepted) all of its material properties necessary or desirable in  the conduct of its business, all in accordance with the judgment of each such Person (acting  reasonably).  (b) The Borrower shall (and the Borrower shall ensure that each of its Significant  Subsidiaries shall): (1) preserve and maintain the subsistence and validity of the Intellectual  Property reasonably necessary for the business of such Person (“Material Intellectual Property”);  (2) use reasonable endeavors to prevent any infringement in any material respect of the Material  Intellectual Property; (3) make registrations, pay all registration fees and taxes, and take all other  actions reasonably necessary to preserve and maintain the Material Intellectual Property in full  force and effect and record its interest in that Material Intellectual Property; (4) not use or permit  the Material Intellectual Property to be used in a way or take any step or omit to take any step in  respect of that Material Intellectual Property which may materially and adversely affect the  existence or value of the Material Intellectual Property or imperil the right of any such Person to  use such property; and (5) not discontinue the use of the Material Intellectual Property, where  failure to do so, in the case of paragraphs (1), (2) and (3) above, or, in the case of paragraphs (4)  and (5) above, such use, permission to use, omission or discontinuation, would reasonably be  expected to result in a Material Adverse Effect.  (c) The Borrower shall (and the Borrower shall ensure that each of its Significant  Subsidiaries shall) maintain insurance on, and in relation to, its properties with reputable  underwriters or insurance companies against those risks and to the extent as is usual for companies  carrying on the same or substantially similar business.  Section 5.06 Books and Records; Inspection Rights.  The Borrower shall (and the Borrower  shall ensure that each of its Significant Subsidiaries shall) maintain proper books of record and account in  which full, true and correct entries are made of all dealings and transactions in relation to its business and  activities.  The Borrower shall permit any representatives designated by the Administrative Agent or any  Lender, upon reasonable prior notice, to visit and inspect its properties, to examine its books and records,  and to discuss its affairs, finances and condition with its officers; provided, however that, unless an Event  of Default has occurred and is continuing, the Administrative Agent and the Lenders shall be limited to one  such visit or inspection in each Financial Year and (i) such visit or inspection shall be at the sole cost and  expense of the Administrative Agent or applicable Lenders (except that the Administrative Agent may make  

 

  67  one such visit during each Financial Year and the reasonable cost and expense thereof shall be borne by the  Borrower) and (ii) the Borrower shall have received reasonable advance notice thereof.  Section 5.07 Compliance with Laws.  (a) The Borrower shall (and the Borrower shall ensure that each Significant Subsidiary  shall) comply with all Laws to which it may be subject, if the failure to do so would materially  impair the Borrower ’s ability to perform its obligations under the Loan Documents.  (b) The Borrower shall (and the Borrower shall ensure that each of its Subsidiaries  shall) comply with all Sanctions Laws, Anti-Corruption Laws and Anti-Money Laundering Laws.  (c) The Borrower shall maintain in effect and enforce policies and procedures  designed to ensure compliance by the Borrower, its Subsidiaries, and each of its respective  directors, officers, employees, agents, and representatives with Sanctions Laws and Anti-Money  Laundering Laws.  Section 5.08 Environmental Compliance.  The Borrower shall (and the Borrower shall ensure that each of its Significant Subsidiaries shall)  comply with all Environmental Laws, including by obtaining and maintaining any applicable environmental  permits, licenses, or authorizations, except where failure to do so would not reasonably be expected to result  in a Material Adverse Effect.  Section 5.09 Use of Proceeds.  The Borrower shall use the proceeds of the Loans solely to finance (i) the cash consideration due  to the owners of the Target Shares under the terms of the Acquisition Documents and (ii) the Acquisition  Costs.  Section 5.10 Pari Passu Ranking  The Borrower shall ensure that at all times any unsecured and unsubordinated claims of a Credit  Party against it under the Loan Documents rank at least pari passu with the claims of all its other unsecured  and unsubordinated creditors except those creditors whose claims are mandatorily preferred by laws of  general application to companies.  Section 5.11 Centre of Main Interest and Establishment.  For the purposes of the Recast Regulation, the Borrower’s centre of main interest (as that terms is  used in Article 3(1) of the Recast Regulation) is situated in either Luxembourg, Sweden or England and  Wales, or for purposes of the CBIR, the Borrower’s centre of main interest (as that term is used in Article  2 (Definitions) of the CBIR) is situated in the United States of America, and the Borrower shall have no  “establishment” (as that term is defined in Article 2(10) of the Recast Regulation or Article 2 of the CBIR)  in any other jurisdiction.  

 

  68  ARTICLE VI  NEGATIVE COVENANTS  Until the Commitments have expired or terminated and the principal of and interest on each Loan  and all fees and other Obligations payable hereunder have been paid in full, the Borrower covenants and  agrees with the Lenders as follows:  Section 6.01 Fundamental Changes, Asset Dispositions.  The Borrower shall not, nor shall the  Borrower permit any Restricted Subsidiary to, (i) wind up, liquidate or dissolve its affairs, or merge or  consolidate with or into any other Person, other than Permitted Reorganizations; or (ii) engage in any Asset  Disposition, other than a Permitted Disposal.  Section 6.02 Liens.  The Borrower shall not, nor shall the Borrower permit any Restricted  Subsidiary to, create, incur, assume or suffer to exist any Lien upon or with respect to any property or assets  of any kind of such Person whether now owned or hereafter acquired, other than Permitted Liens.  Section 6.03 Transactions with Affiliates.  The Borrower shall not, nor shall the Borrower  permit any Restricted Subsidiary to, enter into any transaction with any Affiliate of such Person except on  arm’s length terms and for Fair Market Value other than (i) loans among members of the Restricted Group;  (ii) any Permitted Reorganization to the extent that it only involves members of the Restricted Group; or  (iii) fees, costs and expenses payable under the Loan Documents.  Section 6.04 Sanctions Laws; Anti-Money Laundering Laws.  (a) The Borrower shall not, nor shall the Borrower permit any Restricted Subsidiary  to, directly or indirectly, use the proceeds of the Loans, or lend, contribute or otherwise make  available such proceeds to any Subsidiary, Joint Venture partner or other Person or entity (i) to  fund any activities or business of or with any Designated Person, or in any Sanctioned Country or  that would otherwise result in a violation of any Sanctions Laws by any party to the Loan  Documents or (ii) in any other manner that would result in a violation of any Sanctions Laws or  any Anti-Money Laundering Laws by any party to the Loan Documents, or that could reasonably  be expected to cause any party to the Loan Documents to become a Designated Person.  (b) The Borrower shall not, nor shall the Borrower permit any Restricted Subsidiary  to, use funds or assets obtained from transactions with or relating to Designated Persons or  Sanctioned Countries or otherwise obtained in violation of any Sanctions Laws to pay any amount  due pursuant to the Loan Documents.  Section 6.05 Restricted Payments.  The Borrower shall not pay, make or declare any dividend  or other distribution to all or any of its shareholders whilst and for so long as an Event of Default has  occurred and is continuing.  Section 6.06 Anti-Corruption Law.  (a) The Borrower shall not, nor shall the Borrower permit any Subsidiary to, directly  or indirectly use the proceeds of the Facility for any Prohibited Payment or for any purpose which  would breach any Anti-Corruption Law.  (b) The Borrower shall maintain in effect and enforce policies and procedures  designed to ensure compliance by the Borrower, its Subsidiaries, and each of its respective  directors, officers, employees, agents, and representatives with Anti-Corruption Laws.  

 

  69  Section 6.07 Unrestricted Subsidiaries.  (a) The Borrower may, by delivery of a certificate executed by an Authorized Officer  of the Borrower to the Administrative Agent, designate, after the date hereof, any Subsidiary of the  Borrower (including any newly created or acquired Subsidiary) as an “Unrestricted Subsidiary” if,  at the time of or after giving effect to such designation: (1) no Default or Event of Default shall  exist; and (2) the aggregate amount of Investments (other than Permitted Investments) by the  Borrower and the Restricted Subsidiaries in all Unrestricted Subsidiaries shall not exceed the  greater of (x) $950,000,000 (or the equivalent in other currencies) or (y) 10% of Total Assets at  any time outstanding.  (b) The Borrower shall not, nor shall the Borrower permit any Restricted Subsidiary  to, at any time: (1) provide credit support for, subject any of its property or assets (other than Liens  over the Capital Stock, Debt and other securities of any Unrestricted Subsidiary securing Debt of  that Unrestricted Subsidiary and its Subsidiaries) to the satisfaction of, or guarantee, any Debt of  any Unrestricted Subsidiary (including any undertaking, agreement or instrument evidencing such  Debt); (2) be directly or indirectly liable for any Debt of any Unrestricted Subsidiary; (3) be directly  or indirectly liable for any Debt which provides that the holder thereof may (upon notice, lapse of  time or both) declare a default thereon or cause the payment thereof to be accelerated or payable  prior to its final scheduled maturity upon the occurrence of a default with respect to any Debt of  any Unrestricted Subsidiary; or (4) make any Investment (other than a Permitted Investment) in  any Unrestricted Subsidiary to the extent such Investment, together with the aggregate Investments  in all Unrestricted Subsidiaries then outstanding, exceeds the amount set out in Section 6.07(a).  (c) The Borrower may re-designate an Unrestricted Subsidiary as a Restricted  Subsidiary (a “Re-designation”) only if all Liens and Debt of such Unrestricted Subsidiary  outstanding immediately following such Re-designation if incurred at such time would have been  permitted to be incurred for all purposes of this Agreement.  Section 6.08 Total Net Leverage Ratio. The Borrower will not permit the Total Net Leverage  Ratio to exceed 3.50:1.00 as of the last day of any Financial Quarter.  ARTICLE VII  EVENTS OF DEFAULT  Section 7.01 Events of Default.  If any of the following events (“Events of Default”) shall occur:  (a) the Borrower shall fail to pay any principal of any Loan when and as the same shall  become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof  or otherwise;  (b) the 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 VII) payable under any Loan  Document, when and as the same shall become due and payable, and such failure shall continue  unremedied for a period of five (5) Business Days;  (c) any representation or warranty made or deemed made by or on behalf of the  Borrower in or in connection with any Loan Document shall prove to have been incorrect in any  material respect when made or deemed made; provided that, if any such incorrect representation or  

 

  70  warranty is capable of being remedied, it shall not be an “Event of Default” unless such  representation or warranty continues unremedied for a period of thirty (30) days following of the  earlier of (i) the Administrative Agent giving notice to the Borrower thereof and (ii) a member of  the executive committee or a senior member of the treasury department of the Borrower having  knowledge of the thereof;  (d) the Borrower shall fail to observe or perform any covenant, condition or agreement  contained in Article VI;  (e) the Borrower 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 VII),  and such failure shall continue unremedied for a period of thirty (30) days following of the earlier  of (i) the Administrative Agent giving notice to the Borrower thereof and (ii) a member of the  executive committee or a senior member of the treasury department the Borrower having  knowledge thereof;  (f) the Borrower or any Restricted Subsidiary shall default in the payment of any Debt  when due (after giving effect to any applicable grace period) in an outstanding principal amount  equal to or exceeding $100,000,000 (or the equivalent in other currencies);  (g) any event or condition occurs that results in any Debt of the Borrower or of any  Restricted Subsidiary in an outstanding principal amount equal to or exceeding $100,000,000 (or  the equivalent in other currencies) becoming due prior to its scheduled maturity;  (h) an involuntary proceeding shall be commenced or an involuntary petition shall be  filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any  Restricted 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, trustee, custodian, sequestrator,  conservator or similar official for the Borrower or any Restricted Subsidiary or for a substantial  part of any such Person’s assets, unless, if with respect to any proceeding not initiated by the  Borrower or any Restricted Subsidiary, such proceeding (i) is initiated pursuant to a frivolous or  vexatious petition that is discharged, stayed or dismissed within sixty (60) days of the  commencement thereof or (ii) in the case of any Restricted Subsidiary, such liquidation or  dissolution is a Permitted Reorganization;  (i) the Borrower or any Restricted Subsidiary shall (i) voluntarily commence any  proceeding or file any petition seeking liquidation, reorganization 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 VII, (iii)  apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator  or similar official for such Person or for a substantial part of its assets, (iv) file an answer admitting  the material allegations of a petition filed against it in any proceeding described in clause (h) of this  Article VII, (v) make a general assignment for the benefit of creditors or (vi) take any action for  the purpose of effecting any of the foregoing, except, with respect to any Restricted Subsidiary, in  the context of, or in connection with, any Permitted Reorganization;  (j) the Borrower or any Restricted Subsidiary shall become unable, admit in writing  its inability or fail generally to pay its debts as they become due;  (k) any attachment, sequestration, distress or execution affects any asset or assets of  the Borrower having a value in excess of $100,000,000 (or the equivalent in other currencies) or  

 

  71  and such attachment, sequestration, distress or execution is not discharged within sixty (60) days  or, where the Borrower reasonably believes such action is frivolous, vexatious or without merit,  and  is  challenging  such action in good faith, such action is not discharged within one hundred  and eight (180) days;  (l) the Borrower shall fail within sixty (60) days to pay, bond or otherwise discharge  any judgments or orders for the payment of money (not covered by insurance as to which the insurer  has been notified of such judgment or order and does not dispute payment) which have not been  stayed on appeal or otherwise appropriately contested in good faith in an amount which, when  added to all other such judgments or orders outstanding against the Borrower would exceed  $100,000,000 (or the equivalent in other currencies);  (m) the Borrower shall disavow, revoke or terminate (or attempt to terminate) in  writing any Loan Document or shall otherwise challenge or contest in any action, suit or proceeding  in any court or before any Governmental Authority the validity or enforceability of any Loan  Document; or any Loan Document shall cease to be in full force and effect (except as a result of  the express terms hereof or thereof);  (n) if, in any applicable jurisdiction, it becomes unlawful for the Borrower to perform  any of its obligations under the Loan Documents;  (o) the Borrower repudiates a Loan Document or evidences an intention to repudiate  a Loan Document; or  (p) the authority or ability of the Borrower or any Restricted Subsidiary  to conduct its  business is limited or wholly or substantially curtailed by any seizure, expropriation,  nationalization, intervention, restriction or other action by or on behalf of any governmental,  regulatory or other authority or other person in relation to any such Person or any of its assets,  where such action has resulted in, or would reasonably be expected to result in, a Material Adverse  Effect;   then, and in every such event (other than an event with respect to the Borrower described in clause  (h) or (i) of this Article VII), and at any time thereafter during the continuance of such event, the  Administrative Agent may, and at the request of the Required Lenders shall, by notice to the  Borrower, take either or both of the following actions, at the same or different times: (i) terminate  the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare  the Loans then outstanding to be due and payable in whole (or in part, in which case any principal  not so declared to be due and payable may thereafter be declared to be due and payable), and  thereupon the principal of the Loans so declared to be due and payable, together with accrued  interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become  due and payable immediately, without presentment, demand, protest or other notice of any kind,  all of which are hereby waived by the Borrower; and in case of any event with respect to the  Borrower described in clause (h) or (i) of this Article VII, the Commitments shall automatically  terminate and the principal of the Loans then outstanding, together with accrued interest thereon  and all fees and other obligations of the Borrower 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 Borrower.  Section 7.02 Distribution of Payments after Event of Default.  In the event that following the  occurrence and during the continuance of any Event of Default, the Administrative Agent or any Lender,  

 

  72  as the case may be, receives any monies in connection with the enforcement of any the Loan Documents,  such monies shall be distributed for application as follows:  (a) First, to the payment of, or (as the case may be) the reimbursement of the  Administrative Agent for or in respect of, all reasonable fees, costs, expenses, disbursements and  losses which shall have been incurred or sustained by the Administrative Agent in connection with  the Facility or the Loan Documents or any transactions contemplated thereby, in each case, to the  extent reimbursable or indemnifiable pursuant to the Loan Documents;  (b) Second, to pay any fees, expense reimbursements, indemnities and other amounts  (other than principal and interest) then due to the Lenders from the Borrower, ratably among them  in proportion to the respective amounts described in this clause (b) payable to them;  (c) Third, to pay interest then due and payable on the Loans ratably among the Lenders  in proportion to the respective amounts described in this clause (c) payable to them;  (d) Fourth, to prepay principal on the Loans ratably;  (e) Fifth, to the payment in full of all other Obligations, in each case ratably among  the Administrative Agent and the Lenders based upon the respective aggregate amounts of all such  Obligations owing to them in accordance with the respective amounts thereof then due and payable;  and  (f) Sixth, the balance, if any, after all of the Obligations have been paid in full, to the  Borrower or as otherwise required by Law.  ARTICLE VIII  THE ADMINISTRATIVE AGENT  Each of the Lenders hereby irrevocably appoints the Administrative Agent as its agent hereunder  and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its  behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or  thereof, together with such actions and powers as are reasonably incidental thereto.  It is understood and  agreed that the use of the term “agent” herein or in any other Loan Documents 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.   The bank serving as the Administrative Agent hereunder shall have the same rights and powers in  its capacity as a Lender as any other Lender and may exercise the same as though it were not the  Administrative Agent, and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or  unless the context otherwise requires, include the bank serving as the Administrative Agent hereunder in  its individual capacity.  Such bank and its Affiliates may accept deposits from, lend money to, own  securities of, act as the financial advisor or in any other advisory capacity for, and generally engage in any  kind of business with, the Borrower or any Subsidiary or other Affiliate thereof as if it were not the  Administrative Agent hereunder and without any duty to account therefor to the Lenders.  The Administrative Agent shall not have any duties or obligations except those expressly set forth  herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature.  Without  limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary  or other implied duties, regardless of whether a Default or Event of Default has occurred and is continuing,  

 

  73  (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any  discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other  Loan Documents that the Administrative Agent is required to exercise in writing as directed by the Required  Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances  as provided in Section 10.02 or in the other Loan Documents); provided that the Administrative Agent shall  not be required to take any action that, in its opinion or the opinion of its counsel, may expose the  Administrative Agent to liability or that is contrary to any Loan Document or applicable Law, and (c) except  as expressly set forth herein and in the other Loan Documents, the Administrative Agent shall not have any  duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower  or any Subsidiaries that is communicated to or obtained by the bank serving as the Administrative Agent  or any of its Affiliates in any capacity.  The Administrative Agent shall not be liable for any action taken  or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or  percentage of the Lenders as shall be necessary under the circumstances as provided in Section 10.02), or  as the Administrative Agent shall believe in good faith shall be necessary, or (ii) 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.  The Administrative Agent shall be deemed not to have knowledge of any Default or  Event of Default unless and until written notice thereof is given to the Administrative Agent by the  Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to  ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this  Agreement or any other Loan Documents, (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 or Event of Default, (iv) the validity, enforceability, effectiveness or  genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document,  or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm  receipt of items expressly required to be delivered to the Administrative Agent.  The Administrative Agent shall not be responsible or have any liability for, or have any duty to  ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating to Defaulting  Lenders.  Without limiting the generality of the foregoing, the Administrative Agent shall not (i) be  obligated to ascertain, monitor or inquire as to whether any Lender or Participant or prospective Lender or  Participant is a Defaulting Lender or (ii) have any liability with respect to or arising out of any assignment  or participation of Loans, or disclosure of confidential information, to any Defaulting Lender (except for  the Administrative Agent’s compliance with its own confidentiality obligations hereunder).  The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying  upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including  any electronic message, Internet or intranet website posting or other distribution) believed by it to be  genuine and to have been signed, sent or otherwise authenticated by the proper Person.  The Administrative  Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been  made by the proper Person, and shall not incur any liability for relying thereon.  In determining compliance  with any condition hereunder to the making of a Loan, that by its terms must be fulfilled to the satisfaction  of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless  the Administrative Agent shall have received notice to the contrary from such Lender prior to the making  of such Loan.  The Administrative Agent may consult with legal counsel (who may be counsel for the  Borrower), independent accountants and other experts selected by it, and shall not be liable for any action  taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.  The Administrative Agent may perform any and all of its duties and exercise its rights and powers  hereunder or under any other Loan Document by or through any one or more sub-agents, including its  Related Parties, appointed by the Administrative Agent.  The Administrative Agent and any such sub-agent  

 

  74  may perform any and all of its duties and exercise its rights and powers by or through its respective Related  Parties.  The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to  the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to its respective  activities in connection with the syndication of the credit facilities provided for herein as well as activities  as Administrative Agent.  The Administrative Agent shall not be responsible for the negligence or  misconduct of any sub-agents 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 sub-agents.  The Administrative Agent may at any time give notice of its resignation to the Lenders and the  Borrower.  Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with  the consent of the Borrower (such consent not to be unreasonably withheld, conditioned or delayed) (unless  an Event of Default has occurred and is continuing at the time of such appointment in which case only  consultation with the Borrower shall be required), to appoint a successor.  If no successor shall have been  so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the  retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the  Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but  shall not be obligated to), on behalf of the Lenders, appoint a successor Administrative Agent which shall  be a bank with an office in New York, New York, or an Affiliate of any such bank (which appointment  shall be made with the consent of the Borrower (such consent not to be unreasonably withheld, conditioned  or delayed) (unless an Event of Default has occurred and is continuing at the time of such appointment in  which case only consultation with the Borrower shall be required)); provided that in no event shall any such  successor Administrative Agent be a Defaulting Lender.  Whether or not a successor has been appointed,  such resignation shall become effective in accordance with such notice on the Resignation Effective Date.  If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the  definition thereof, the Required Lenders may, to the extent permitted by applicable Law, by notice in  writing to the Borrower and such Person remove such Person as Administrative Agent and, with the consent  of the Borrower (such consent not to be unreasonably withheld, conditioned or delayed) (unless an Event  of Default has occurred and is continuing at the time of such appointment in which case only consultation  with the Borrower shall be required), appoint a successor.  If no such successor shall have been so appointed  by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as  shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall  nonetheless become effective in accordance with such notice on the Removal Effective Date.  With effect from the Resignation Effective Date or the Removal Effective Date (as applicable), (i)  the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder  and under the other Loan Documents and (ii) except for any indemnity payments owed to the retiring or  removed Administrative Agent, all payments, communications and determinations provided to be made by,  to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time,  if any, as the Required Lenders appoint a successor Administrative Agent as provided for above.  Upon the  acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed  to and become vested with all of the rights, powers, privileges and duties of the retiring or removed  Administrative Agent (other than any rights to indemnity payments owed to the retiring or removed  Administrative Agent), and the retiring or removed Administrative Agent shall be discharged from all of  its duties and obligations hereunder or under the other Loan Documents.  The fees payable by the Borrower  to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise  agreed between the Borrower and such successor.  After the retiring or removed Administrative Agent’s  resignation or removal hereunder and under the other Loan Documents, the provisions of this Article VIII  and Section 10.03 shall continue in effect for the benefit of such retiring or removed Administrative Agent,  

 

  75  its sub-agents and its respective Related Parties in respect of any actions taken or omitted to be taken by  any of them while the retiring or removed Administrative Agent was acting as Administrative Agent.  Each Lender acknowledges and agrees that the extensions of credit made here under are  commercial loans and letters of credit and not investments in a business enterprise or securities.  Each  Lender further represents that it is engaged in making, acquiring or holding commercial loans in the  ordinary course of its business and acknowledges that it has, independently and without reliance upon the  Administrative Agent or any other Lender or any of its Related Parties and based on such documents and  information as it has deemed appropriate, made its own credit analysis and decision to enter into this  Agreement 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 or any other Lender or any  of its Related Parties and based on such documents and information (which may contain material, non- public information within the meaning of the United States securities laws concerning the Borrower and its  Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or  not taking action under or based upon this Agreement, any other Loan Document or any related agreement  or any document furnished hereunder or thereunder and in deciding whether or to the extent to which it will  continue as a lender or assign or otherwise transfer its rights, interests and obligations hereunder.  In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial  proceeding relative to the Borrower, the Administrative Agent (irrespective of whether the principal of any  Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of  whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and  empowered (but not obligated) by intervention in such proceeding or otherwise: (a) to file and prove a claim  for the whole amount of the principal and interest owing and unpaid in respect of the Loans 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 and the Administrative Agent (including any claim for the  reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative  Agent and its respective agents and counsel and all other amounts due the Lenders and the Administrative  Agent under Section 10.03) allowed in such judicial proceeding; and (b) to collect and receive any monies  or other property payable or deliverable on any such claims and to distribute the same and any custodian,  receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding  is hereby authorized by each Lender 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, to pay  to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and  advances of the Administrative Agent and its agents and counsel, and any other amounts due the  Administrative Agent under Section 10.03.  Anything herein to the contrary notwithstanding, the Lead Arrangers shall not have any powers,  duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity,  as applicable, as the Administrative Agent or a Lender hereunder.  ARTICLE IX  ERRONEOUS PAYMENTS  Section 9.01 Erroneous Payments.  (a) 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),  

 

  76  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 9.01(a) shall be conclusive, absent manifest error.  (b) 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.  (c) The Borrower and each other Loan Party hereby agrees that (x) in the event an  erroneous Payment (or portion thereof) is 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 the Borrower; provided that  nothing in this Article IX shall be interpreted to increase (or accelerate the due date for), or have  the effect of increasing (or accelerating the due date for), the Obligations of the Borrower relative  to the amount (and/or timing for payment) of the Obligations that would have been payable had  such Erroneous Payment not been made by the Administrative Agent; provided, further, that for  the avoidance of doubt, immediately preceding clauses (x) and (y) shall not apply to the extent any  such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that  is, comprised of funds received by the Administrative Agent from the Borrower for the purpose of  making such Erroneous Payment.  (d) Each party’s obligations under this Section 9.01 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.  

 

  77  ARTICLE X  MISCELLANEOUS  Section 10.01 Notices.  (a) Except in the case of notices and other communications expressly  permitted to be given by telephone (and subject to paragraph (b) below), all notices and other  communications provided for herein or in any other Loan Document 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 or by telecopy, as follows:  (i) If to the Borrower or the Administrative Agent, to it at its address (or  electronic mail address or telecopy number) set forth on Schedule II; and  (ii) if to any Lender, to it at its address (or electronic mail address or telecopy  number) set forth in its Administrative Questionnaire.  Notices and other communications sent by hand or overnight courier service, or mailed by certified  or registered mail, shall be deemed to have been given when received; notices and other communications  sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal  business hours for the recipient, shall be deemed to have been given at the opening of business on the next  Business Day for the recipient).  Notices delivered through Electronic Systems, to the extent provided in  paragraph (b) below, shall be effective as provided in said paragraph (b).  (b) Notices and other communications to the Lenders hereunder may be delivered or  furnished by using Electronic Systems pursuant to procedures approved by the Administrative  Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise  agreed by the Administrative Agent and the applicable Lender.  The Administrative Agent and The  Borrower may, in each of its respective 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,  electronic mail or other communication is not sent during the normal business hours of the recipient, such  notice or communication shall be deemed to have been sent at the opening of business on the next Business  Day for the recipient.  (c) Any party hereto may change its address, electronic mail address or telecopy  number for notices and other communications hereunder by notice to the other parties hereto.  All  notices and other 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.  (d) Electronic Systems.  (i) The Borrower agrees that the Administrative Agent may, but shall not be  obligated to, make Communications (as defined below) available to the other Lenders by  

 

  78  posting the Communications on Debtdomain, Intralinks, Syndtrak, ClearPar or a  substantially similar Electronic System (the “Platform”).  (ii) Any Electronic System used by the Administrative Agent is provided “as  is” and “as available.” The Agent Parties (as defined below) do not warrant the adequacy  of such Electronic Systems and expressly disclaim liability for errors or omissions in the  Communications.  No warranty of any kind, express, implied or statutory, including,  without limitation, any warranty of merchantability, fitness for a particular purpose, non- infringement of third-party rights or freedom from viruses or other code defects, is made  by any Agent Party in connection with the Communications or any Electronic System.  In  no event shall the Administrative Agent or any of its Related Parties (collectively, the  “Agent Parties”) have any liability to the Borrower, any Lender or any other Person or  entity for damages of any kind, including, without limitation, direct or indirect, special,  incidental or consequential damages, losses or expenses (whether in tort, contract or  otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of  communications through an Electronic System.  “Communications” means, collectively,  any notice, demand, communication, information, document or other material provided by  or on behalf of the Borrower pursuant to any Loan Document or the transactions  contemplated therein which is distributed by the Administrative Agent or any Lender or by  means of electronic communications pursuant to this Section, including through an  Electronic System.  (e) The Borrower hereby acknowledge that (1) the Administrative Agent or the Lead  Arrangers will make available to the Lenders materials and/or information provided by or on behalf  of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials  on the Platform and (2) certain of the Lenders (each, a “Public Lender”) may have personnel who  do not wish to receive material non-public information with respect to the Borrower or its Affiliates,  or the respective securities of any of the foregoing, and who may be engaged in investment and  other market-related activities with respect to such Persons’ securities.  The Borrower hereby agree  that they will, upon the Administrative Agent’s reasonable request, identify that portion of the  Borrower Materials that may be distributed to the Public Lenders and that (w) all the Borrower  Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean  that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking  Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the  Administrative Agent, the Lead Arrangers and the Lenders to treat the Borrower Materials as not  containing any material non- public information (although it may be sensitive and proprietary) with  respect to the Borrower or its respective Affiliates or Subsidiaries or its or its respective securities  for purposes of United States federal and state securities laws (provided, however, that to the extent  the Borrower Materials constitute Information, they shall be treated as set forth in Section 10.13);  (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion  of the Platform designated “Public Side Information”; and (z) the Administrative Agent and the  Lead Arrangers shall be entitled to treat the Borrower Materials that are not marked “PUBLIC” as  being suitable only for posting on a portion of the Platform not designated “Public Side  Information.”  Section 10.02 Waivers; Amendments.    (a) No failure or delay by the Administrative Agent or any Lender in exercising any  right or power under any 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  

 

  79  other right or power.  The rights and remedies of the Administrative Agent and the Lenders  hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights  or remedies that they would otherwise have.  No waiver of any provision of any Loan Document  or consent to any departure by the Borrower therefrom shall in any event be effective unless such  waiver or consent, as applicable, 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 shall not be construed  as a waiver of any Default or Event of Default, regardless of whether the Administrative Agent or  any Lender may have had notice or knowledge of such Default or Event of Default at the time.  No  waiver or consent by the Administrative Agent or the Lenders, nor any notice or demand on the  Borrower, in any case shall entitle the Borrower to any other or further waiver, consent, notice or  demand in similar or other circumstances.  (b) Neither any Loan Document nor any provision thereof may be waived, amended  or modified except pursuant to an agreement or agreements in writing entered into by the Borrower  and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the  Required Lenders; provided that no such agreement shall (a) change the required percentage set  forth in the definition of “Required Lenders”; (b) provide for an extension to the date of payment  of any amount under this Agreement; (c) provide for an increase or a reduction in the Applicable  Margin or an increase or a reduction in the amount of any payment of principal, interest, fees or  any other amount payable to any Lender (provided that, only the Required Lenders’ consent shall  be required to amend the rate charged pursuant to Section 2.08(b) or waive the obligation to pay  interest at such rate, even if the effect is to reduce the rate of interest or the amount of any fee  payable under this Agreement); (d) change the currency of payment of any amount under this  Agreement; (e) change or extend any Commitment under the Facility; (f) substitute or release the  Borrower other than as permitted under this Agreement; (g) change Section 2.14 in a manner that  would alter the pro rata sharing of payments required thereby; (h) waive any condition set forth in  Section 4.01; (i) change Section 10.09(a) in a manner that would alter the governing law of this  Agreement; (j) the subordination of any of the Borrower’s obligations under this Agreement to any  other Debt; (k) amend any provision of this Agreement that expressly requires the consent of all  Lenders; (l) amend or waive the Borrower’s obligation to prepay the Loans pursuant to Section  2.08(a); (m) amend, supplement or modify this Section 10.02(b) and Section 7.02 and (n) change  the definition of “Applicable Percentage”, shall be made without also obtaining the prior consent  of, in the case of (a), (f), (g), (h), (i) and (k), all Lenders and, in the case of (b), (c), (d), (e), (j), (l),  (m) and (n), each directly and adversely affected Lender; provided further that no such agreement  shall amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder  without the prior written consent of the Administrative Agent.  (c) Notwithstanding anything herein to the contrary, no Defaulting Lender shall have  any right to approve or disapprove any amendment, waiver or consent hereunder (and any  amendment, waiver or consent that by its terms requires the consent of all the Lenders or each  affected Lender may be effected with the consent of the applicable Lenders other than Defaulting  Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or  extended, or the maturity of any of its Loan 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 (y) any amendment, waiver or consent  requiring the consent of all the Lenders or each affected Lender that by its terms affects any  Defaulting Lender more adversely than the other affected Lenders shall require the consent of such  Defaulting Lender.  

 

  80  (d) Notwithstanding anything herein to the contrary, if the Administrative Agent and  the Borrower shall have jointly identified an obvious error, ambiguity omission, defect or  inconsistency or any error or omission of a formal, minor, operational or technical nature, in each  case, in any provision of the Loan Documents, then the Administrative Agent and the Borrower  shall be permitted to amend such provision, and, in each case, such amendment shall become  effective without any further action or consent of any other party to any Loan Document; provided  that the Administrative Agent shall notify the Required Lenders of such amendment as soon as  practicable thereafter.  Section 10.03 Expenses; Indemnity; Damage Waiver.    (a) The Borrower shall pay: (i) all reasonable and documented out of pocket expenses  incurred by the Administrative Agent, the Lenders, and the Lead Arrangers in connection with the  preparation, documentation, negotiation, execution and delivery of the Loan Documents, including,  but not limited to, travel expenses, drafting and printing of the marketing materials, the reasonable  fees, charges and disbursements of one outside counsel for the Administrative Agent and the Lead  Arrangers, provided that, each of the Administrative Agent, each Lender, and the Lead Arrangers  acknowledges and agrees that (x) any such out-of-pocket expenses (excluding, for the avoidance  of doubt, fees, costs and expenses of counsel (which shall be subject to clause (ii) of this Section  10.03(a)) and any costs related to Debt domain or any other similar electronic platform) exceeding  $5,000 (individually or in the aggregate) incurred by the Lead Arrangers or its respective Affiliates  in connection with the syndication of the Facility prior to the date hereof shall be approved by the  Borrower (such approval not to be unreasonably withheld, conditioned or delayed), and (y) the  obligation to reimburse the Administrative Agent, the Lenders and the Lead Arrangers for the costs  and expenses of counsel incurred in connection with the preparation, negotiation and execution of  the Loan Documents shall be subject to the agreements with respect thereto among the Borrower,  the Administrative Agent, the Lead Arrangers and such counsel (as applicable); (ii) all reasonable  and documented out-of-pocket costs and expenses incurred by the Administrative Agent or any  Lender, including the reasonable fees, charges and disbursements of counsel for the Administrative  Agent or the Lenders (which shall be limited to one outside counsel in each relevant jurisdiction),  in connection with the Facility or any amendment, supplement, modification, waiver or consent  related thereto; and (iii) all costs and expenses incurred by the Administrative Agent or any Lender  (including documented external counsel fees and out-of-pocket expenses), if any, in connection  with the preservation of rights under or with respect to, or enforcement of, this Agreement (whether  through negotiations, legal proceedings or otherwise), including the enforcement of the  reimbursement rights under this Section 10.03 and in connection with any workout or restructuring  in respect of the Loans.  (b) The Borrower shall indemnify the Administrative Agent and each Lender, and  each Related Party of any of the foregoing Persons (each such Person being called an  “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims,  damages, liabilities and related expenses, including the fees, charges and disbursements of any  counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in  connection with, or as a result of any actual or prospective claim, litigation, investigation or  proceeding, whether or not such investigation, action or proceeding is brought by you, your equity  holders, creditors, another Indemnitee or any other Person, whether or not an Indemnified Person  is otherwise a party thereto, in any way relating to, arising out of, in connection with or by reason  of (whether based on contract, tort or any other theory (including any investigation of, preparation  for, or defense of any pending or threatened claim, investigation, litigation or proceeding)) (i) the  execution, delivery or performance of any Loan Document or any agreement or instrument  contemplated hereby (ii) the consummation of the Transactions or any other transactions  

 

  81  contemplated hereby, (iii) any Commitment, Loan or the use of the proceeds therefrom, or (iv) any  actual or alleged presence or Release of Hazardous Materials on or from any property owned or  operated by the Borrower or its Subsidiaries and any other Environmental Liability related in any  way to the Borrower or any of its Subsidiaries; 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) result from the gross negligence, bad faith or willful misconduct of such Indemnitee  (or any of its Related Parties) or from the material breach by such Indemnitee (or any of its Related  Parties) of any obligation under the Loan Documents, in each case, as determined by a court of  competent jurisdiction by final and non-appealable judgment or (y) result from a dispute solely  among Indemnitees (other than any claims against an Indemnitee in its capacity or in fulfilling its  role as the Administrative Agent, Lead Arrangers or similar role under the Loan Documents) and  not arising out of any act or omission by the Borrower or any of its Affiliates.  This Section 10.03(b)  shall not apply with respect to Taxes other than any Taxes that represent losses, claims or damages  arising from any non-Tax claim.  (c) To the extent that the Borrower fails to pay any amount required to be paid by it to  the Administrative Agent under paragraph (a) or (b) of this Section, and without limiting the  Borrower’s obligation to do so, each Lender severally agrees to pay to the Administrative Agent  such Lender’s Pro-Rata Share (determined as of the time that the applicable unreimbursed expense  or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense  or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred  by or asserted against the Administrative Agent in its capacity as such.  (d) To the fullest extent permitted by applicable Law, no party hereto shall assert, or  permit any of its Affiliates or Related Parties to assert, and each such party hereby waives, any  claim against any other party hereto or any Indemnitee (i) for any damages arising from the use by  others of information or other materials obtained through telecommunications, electronic or other  information transmission systems (including the Internet, the Platform or any other customary  electronic platform or messaging service); provided that such waiver shall not, as to any Person, be  available to the extent that such damages are determined by a court of competent jurisdiction by  final, non-appealable judgment to have resulted from the bad faith, gross negligence or willful  misconduct of, or a breach of the Loan Documents by, such Person or its Affiliates or Related  Parties, or (ii) on any theory of liability, for special, indirect, consequential or punitive damages (as  opposed to direct or actual damages) arising out of, in connection with, or as a result of, any Loan  Document or any agreement or instrument contemplated thereby, the Transactions, any Loan or the  use of the proceeds thereof; provided that, nothing in this clause (d) shall relieve the Borrower of  any obligation they may have to indemnify or reimburse an Indemnitee against special, indirect,  consequential or punitive damages asserted against such Indemnitee by a third party.  (e) All amounts due under this Section shall be payable promptly after written demand  therefor.  Section 10.04 Successors and Assigns.  (a) The provisions of this Agreement shall be binding upon and inure to the benefit of  the parties hereto and its respective successors and assigns permitted hereby, except that (i) the  Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without  the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower  without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its  rights or obligations hereunder except in accordance with this Section.  Nothing in this Agreement,  expressed or implied, shall be construed to confer upon any Person (other than the parties hereto,  

 

  82  its respective successors and assigns permitted hereby, 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 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 all or a portion of its rights and obligations under the Loan Documents (including all or  a portion of its Commitment and the Loans at the time owing to it) with the prior written consent  (such consent not to be unreasonably withheld, conditioned or delayed) of:  (A) the Borrower; provided that, no consent of the Borrower shall be  required for an assignment to (i) an Initial Lender, (ii) an Affiliate of an Initial  Lender provided that such assignment will not increase the payments due from the  Borrower under Section 2.11 or 2.13 at the time of such assignment or such  increased payments are waived or otherwise assumed by such transferee or  assignee of such Loan, (iii) the Lenders previously identified and agreed to by the  Lead Arrangers and the Borrower in connection with the syndication of the Facility  to occur promptly following the Closing Date, (iv) any other Lender previously  approved by the Borrower or (v) if an Event of Default has occurred and is  continuing at the time of such assignment, to any other assignee, but the  Administrative Agent shall nonetheless send notice of such assignment to the  Borrower; and provided, further, that the Borrower’s failure to consent to an  assignment to (1) a Fund (excluding any Fund that is a Lender previously approved  by the Borrower), (2) to any assignee that, on the date of such assignment, is  reasonably expected to increase the payments due from the Borrower under  Section 2.11 or 2.13 (provided that such assignee shall be entitled to the benefits  of Sections 2.11 and 2.13 resulting from a Change in Law that occurs after the  assignee acquired the applicable Loan), or (3) a competitor of the Borrower and its  Subsidiaries (or an Affiliate of any such competitor), in each case, shall not be  deemed to be unreasonably withheld; and  (B) the Administrative Agent, provided that no such consent shall be  required for an assignment of any Commitment to an assignee that is a Lender or  an Affiliate of a Lender with a Commitment immediately prior to giving effect to  such assignment.  (ii) Assignments shall be subject to the following additional conditions:  (A) except in the case of an assignment to a Lender, an Affiliate of a  Lender or 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 $2,500,000, unless the Borrower and the  Administrative Agent otherwise consent;  (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;  

 

  83  (C) the parties to each assignment shall execute and deliver to the  Administrative Agent an Assignment and Assumption, together with a processing  and recordation fee of $3,500; provided, that the Administrative Agent may, in its  sole discretion, elect to waive such proceeding and recordation fee in the case of  any assignment; and  (D) the assignee, if it shall not be a Lender, shall deliver to the  Administrative Agent an Administrative Questionnaire in which the assignee  designates one or more credit contacts at such assignee to whom all syndicate-level  information (which may contain material non-public information about the  Borrower and its Related Parties or its 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.  (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 (and subject to  the obligations and limitations of) Sections 2.11, 2.12, 2.13 and 10.03 and any fees payable  hereunder that have accrued for such Lender’s account but have not yet been paid).  Any  assignment or transfer by a Lender of rights or obligations under this Agreement that does  not comply with this Section 10.04 shall be treated for purposes of this Agreement as a sale  by such Lender of a participation in such rights and obligations in accordance with  paragraph (c) of this Section.  (iv) The Administrative Agent, acting solely for this purpose as a non-  fiduciary agent of the Borrower, shall maintain at one of its offices a copy of each  Assignment and Assumption delivered to it and a register for the recordation of the names  and addresses of the Lenders, and the Commitment of, and principal amount (and stated  interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time  (the “Register”).  The entries in the Register shall be conclusive absent manifest error, and  the Borrower, the Administrative Agent and the Lenders shall treat each Person whose  name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all  purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be  available for inspection by the Borrower and any Lender, at any reasonable time and from  time to time upon reasonable prior notice.  (v) Upon its receipt of a duly completed Assignment and Assumption  executed by an assigning Lender and an assignee, the assignee’s completed Administrative  Questionnaire (unless the assignee shall already be a Lender hereunder), the processing  and recordation fee referred to in 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 2.04(b), Section 2.13(d)  

 

  84  or Section 10.03(c), the Administrative Agent shall have no obligation to accept such  Assignment and Assumption and record the information therein in the Register unless and  until such payment shall have been made in full, together with all accrued interest thereon.   No assignment shall be effective for purposes of this Agreement unless it has been recorded  in the Register as provided in this paragraph.  (c) Any Lender may, without the consent of the Borrower or the Administrative  Agent, sell participations to one or more Persons (other than the Borrower or any of its Affiliates,  or a natural Person (or a holding company, investment vehicle or trust known by such Lender after  reasonable inquiry to be for, or owned and operated for the primary benefit of, a natural Person))  (a “Participant”), in all or a portion of such Lender’s rights and obligations under this Agreement  (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such  Lender’s obligations under this Agreement shall remain unchanged; (B) such Lender shall remain  solely responsible to the other parties hereto for the performance of such obligations; and (C) the  Borrower, the Administrative Agent 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 10.02(b) that directly and adversely affects such Participant.  The Borrower agrees that  each Participant shall be entitled to the benefits of Sections 2.11, 2.12 and 2.13 (subject to the  requirements and limitations therein, including the requirements under Section 2.13(f) (it being  understood that the documentation required under Section 2.13(f) shall be delivered to the  participating Lender)) to the same extent as if it were a Lender and had acquired its interest by  assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to  be subject to the provisions of Section 2.15 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 2.11 or 2.13,  with respect to any participation, than its participating Lender would have been entitled to receive,  except to the extent such entitlement to receive a greater payment results from a Change in Law  that occurs after the Participant acquired the applicable participation.  Each Lender that sells a  participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate  with the Borrower to effectuate the provisions of Section 2.15 with respect to any Participant.  To  the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08  as though it were a Lender; provided that such Participant agrees to be subject to Section 2.14(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 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 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, or other obligation is in registered form under Section 5f.103-1(c) of the United States  Treasury Regulations and Section 1.163-5(b) of the proposed 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.  

 

  85  Any Lender may, without the consent of the Borrower or the Administrative Agent, at any time  pledge or assign a security interest in all or any portion of its rights under this Agreement to secure  obligations of such Lender, including without limitation any pledge or assignment to secure obligations to  a Federal Reserve Bank or any other central bank; 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 10.05 Survival.  All covenants, agreements, representations and warranties made by the  Borrower in the Loan Documents and in the certificates or other instruments delivered in connection with  or pursuant to any Loan Document shall be considered to have been relied upon by the other parties hereto  and shall survive the execution and delivery of the Loan Documents and the making of any Loans,  regardless of any investigation made by any such other party or on its behalf and notwithstanding that the  Administrative Agent or any Lender may have had notice or knowledge of any Default or Event of Default  at the time any credit is extended hereunder, and shall continue in full force and effect as long as the  principal of or any accrued interest on any Loan or any fee or any other amount payable under this  Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated.  The  provisions of Sections 2.10, 2.11, 2.13 and 10.03 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  and the Commitments or the termination of this Agreement or any provision hereof.  Section 10.06 Counterparts; Integration; Effectiveness; Electronic Execution.    (a) This Agreement may be executed in counterparts (and by different parties hereto  on different counterparts), each of which shall constitute an original, but all of which when taken  together shall constitute a single contract.  This Agreement, 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 its  respective permitted successors and assigns.  (b) Delivery of an executed counterpart of a signature page of this Agreement by  telecopy, facsimile, electronic mail (including pdf) or any other electronic means complying with  the U.S. federal ESIGN Act of 2000 or the New York State Electronic Signatures and Records Act  or other transmission method and any counterpart so delivered shall be deemed to have been duly  and validly delivered and be valid and effective for all purposes to the fullest extent permitted by  applicable Law.  For the avoidance of doubt, the foregoing also applies to any amendment,  extension or renewal of the 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.  Each of the parties hereto  represents and warrants to the other party/ies that is has the corporate capacity and authority to  

 

  86  execute this Agreement through electronic means and there are no restrictions for doing so in that  party’s constitutive documents.  Section 10.07 Severability.  Any provision of this Agreement held to be invalid, illegal or  unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity,  illegality or unenforceability without affecting the validity, legality and enforceability of the remaining  provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate  such provision in any other jurisdiction.  Without limiting the foregoing provisions of this Section, if and to the extent that the enforceability  of any provision of this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws,  as determined in good faith by the Administrative Agent, then such provision shall be deemed to be in effect  only to the extent not so limited.  Section 10.08 Right of Setoff.  If an Event of Default shall have occurred and be continuing, each  Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent  permitted by Law, to set off and apply any and all deposits (general or special, time or demand, provisional  or final) at any time held and other matured obligations at any time owing by such Lender or Affiliate to or  for the credit or the account of the Borrower against any of and all the matured obligations of the Borrower  now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such  Lender shall have made any demand under this Agreement and although such obligations are owed to a  branch or office of such Lender different from the branch or office holding such deposit or obligated on  such indebtedness.  The applicable Lender shall notify the Borrower and the Administrative Agent in  writing of such setoff and application; provided that any failure to give or any delay in giving such notice  shall not affect the validity of any such setoff and application under this Section.  The rights of each Lender  under this Section are in addition to other rights and remedies (including other rights of setoff) which such  Lender may have.  Section 10.09 Governing Law; Jurisdiction; Consent to Service of Process.  (a) This Agreement and the other Loan Documents and any claim, controversy,  dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or  relating to this Agreement or any other Loan Document (in each case, except as expressly set forth  in any other Loan Document) shall be construed in accordance with and governed by the law of the  State of New York.  (b) The Borrower 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 for the Southern  District of New York sitting in New York County, and any appellate court from any thereof, in any  action or proceeding arising out of or relating to any Loan Document, or for recognition or  enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally  agrees that all claims in respect of any such action or proceeding shall 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 any Loan Document shall affect any right that the Administrative Agent or any Lender  may otherwise have to bring any action or proceeding relating to any Loan Document against the  Borrower or its properties in the courts of any jurisdiction.  

 

  87  (c) The Borrower hereby irrevocably and unconditionally waives, to the fullest extent  it may legally and effectively do so, any objection which it may now or hereafter have to the laying  of venue of any suit, action or proceeding arising out of or relating to any Loan Document in any  court referred to in paragraph (b) of this Section.  Each of the parties hereto hereby irrevocably  waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the  maintenance of such action or proceeding in any such court.  (d) Each party to this Agreement irrevocably consents to service of process in the  manner provided for notices in Section 10.01.  Nothing in any Loan Document will affect the right  of any party to this Agreement to serve process in any other manner permitted by law.  THE BORROWER  HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT  SERVICE OF ALL WRITS, PROCESS AND SUMMONSES IN ANY SUCH SUIT, ACTION OR  PROCEEDING BROUGHT IN THE STATE OF NEW YORK MAY BE MADE UPON CT  CORPORATION SYSTEM, AT 28 LIBERTY STREET, NEW YORK, NEW YORK 10005, UNITED  STATES OF AMERICA (THE “PROCESS AGENT”) AND THE BORROWER  HEREBY CONFIRMS  AND AGREES THAT THE PROCESS AGENT HAS BEEN DULY AND IRREVOCABLY  APPOINTED (AND HAS ACCEPTED ITS APPOINTMENT) AS ITS RESPECTIVE AGENT TO  ACCEPT SUCH SERVICE OF ANY AND ALL SUCH WRITS, PROCESSES AND SUMMONSES,  AND AGREES THAT THE FAILURE OF THE PROCESS AGENT TO GIVE ANY NOTICE OF ANY  SUCH SERVICE OF PROCESS TO THE BORROWER SHALL NOT IMPAIR OR AFFECT THE  VALIDITY OF SUCH SERVICE OR OF ANY JUDGMENT BASED THEREON.  IF THE PROCESS  AGENT SHALL CEASE TO SERVE AS AGENT FOR THE BORROWER, THE BORROWER SHALL  PROMPTLY APPOINT A SUCCESSOR AGENT SATISFACTORY TO THE ADMINISTRATIVE  AGENT.  THE BORROWER  HEREBY FURTHER AGREES THAT NOTHING HEREIN SHALL  AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED  BY LAW.  Section 10.10 WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY  IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY  RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR  INDIRECTLY ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT OR THE  TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR  ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,  AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR  OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK  TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE  OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY,  AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.  Section 10.11 Headings.  Article and Section headings and the Table of Contents used herein are  for convenience of reference only, are not part of this Agreement and shall not affect the construction of,  or be taken into consideration in interpreting, this Agreement.  Section 10.12 Confidentiality.  Each of the Administrative Agent and the Lenders agrees to  maintain the confidentiality of the Information (as defined below), except that Information may be disclosed  (a) to its and its Affiliates’ directors, officers, partners, employees, agents, including accountants, legal  counsel and other advisors and independent auditors (collectively, the “Representatives”) (it being  understood that the Persons to whom such disclosure is made will be informed of the confidential nature of  such Information and instructed to keep such Information confidential), (b) upon the request or demand of  any governmental agency or regulatory authority (including any self-regulatory authority) having  

 

  88  jurisdiction over such Person or any of its Affiliates; provided that, in each case, such Person agrees, except  with respect to any audit or examination conducted by bank accountants or any regulatory authority or self- regulatory authority exercising examination or regulatory authority, to the extent permitted by Law (in  which case the disclosing party shall inform the Borrower promptly thereof to the extent practicable and  permitted by applicable Law), (c) pursuant to the order of any court or administrative agency in, or to the  extent reasonably necessary in connection with, any pending legal, judicial or administrative proceeding,  or otherwise as required by applicable Law, rule or regulation or by any subpoena or similar legal process  (in which case the disclosing party shall inform the Borrower promptly thereof to the extent practicable and  permitted by applicable Law), (d) to any other party to this Agreement, (e) in connection with the exercise  of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement  of rights hereunder, (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 prospective Participant in,  any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its  advisors) to any swap or derivative transaction relating to the Borrower and its obligations under the Loan  Documents, (g) with the consent of the Borrower, (h) to the extent such Information (i) becomes publicly  available other than as a result of a breach of this Section, (ii) becomes available to the Administrative  Agent or any Lender on a non- confidential basis from a source other than the Borrower or (iii) to the extent  that such Information is independently developed by the Administrative Agent or the Lenders without the  using or otherwise reflecting of such Information or (i) on a confidential basis to the CUSIP bureau in  connection with the issuance and monitoring of CUSIP numbers or other market identifiers with respect to  the Facility.  In addition, the Administrative Agent and the Lenders may disclose the existence of this  Agreement and publicly available information about this Agreement to market data collectors, similar  services providers to the lending industry, and service providers to the Lead Arrangers and the Lenders in  connection with the administration and management of this Agreement, the other Loan Documents, the  Commitments and the Borrowings hereunder.  The Administrative Agent and Lenders shall also have  permission to use the names and logos of the Borrower in the Administrative Agent’s or its respective  affiliates’ marketing materials, subject to the Borrower’s prior written consent (not to be unreasonably  withheld, conditioned or delayed).  For the purposes of this Section, “Information” means all information  received from the Borrower relating to the Borrower or its business, other than any such information that  is available to the Administrative Agent or any Lender on a non-confidential basis prior to disclosure by  the Borrower ; provided that, in the case of information received from the Borrower 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 10.13 Material Non-Public Information.  (a) EACH LENDER ACKNOWLEDGES THAT INFORMATION (AS DEFINED  IN SECTION 10.12) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY  INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER  AND ITS RELATED PARTIES OR ITS 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 NOT MARKED “PUBLIC”, INCLUDING REQUESTS  FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER  OR THE  ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING,  

 

  89  THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY  CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER AND ITS  RELATED PARTIES OR ITS RESPECTIVE SECURITIES.  ACCORDINGLY, EACH LENDER  REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS  IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO  MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON- PUBLIC  INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND  APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.  Section 10.14 Interest Rate Limitation.  Notwithstanding anything to the contrary contained in  any Loan Document, if at any time the interest rate applicable to any Loan, together with all fees, charges  and other amounts which are treated as interest on such Loan under applicable Law (collectively the  “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for,  charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable Law,  the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect  thereof, shall be limited to the Maximum Rate.  To the extent lawful, the interest and Charges that would  have been paid in respect of such Loan but were not paid 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 amount collectible at the Maximum Rate therefor) until such cumulated  amount, together with interest thereon at the Federal Funds Effective Rate for each day to the date of  repayment, shall have been received by such Lender.  Any amount collected by such Lender that exceeds  the maximum amount collectible at the Maximum Rate shall be applied to the reduction of the principal  balance of such Loan or refunded to the Borrower so that at no time shall the interest and charges paid or  payable in respect of such Loan exceed the maximum amount collectible at the Maximum Rate.  Section 10.15 Judgment Currency.  (a) If, for the purpose of obtaining judgment in any court, it is necessary to convert a  sum owing hereunder in one currency into another currency, each party hereto agrees, to the fullest  extent that it may effectively do so, that the rate of exchange used shall be that at which, in  accordance with normal banking procedures in the relevant jurisdiction, the first currency could be  purchased with such other currency on the Business Day immediately preceding the day on which  final judgment is given.  (b) If any party hereto or any holder of any obligation owing hereunder (the  “Applicable Creditor”) obtains a judgment or judgments against the Borrower in a currency other  than the currency required to be payable hereunder (the “Agreement Currency”), any obligations  of the Borrower in respect of any sum adjudged to be due to the Applicable Creditor hereunder (the  “Judgment Amount”) shall be discharged only to the extent that, on the Business Day following  receipt by the Applicable Creditor of the Judgment Amount in such other currency, the Applicable  Creditor, in accordance with normal banking procedures in the relevant jurisdiction, may purchase  the Agreement Currency with the Judgment Amount in such other currency.  If the amount of the  Agreement Currency so purchased is less than the amount of the Agreement Currency that could  have been purchased with the Judgment Amount on the date or dates the Judgment Amount was  originally due and owing (the “Original Due Date”) to the Applicable Creditor (the “Loss”), the  Borrower agrees as a separate obligation and notwithstanding any such judgment, to indemnify the  Applicable Creditor against the Loss, and if the amount of the Agreement Currency so purchased  exceeds the amount of the Agreement Currency that could have been purchased with the Judgment  Amount on the Original Due Date, the Applicable Creditor agrees to remit such excess to the  Borrower (as applicable).  The obligations of the Borrower under this Section 10.15 shall survive  the termination of this Agreement and the payment of all other amounts owing hereunder.  

 

  90  (c) The Borrower waives any right it may have in any jurisdiction to pay any amount  under the Loan Documents in a currency or currency unit other than that in which it is expressed  to be payable.  Section 10.16 Waiver of Immunity.  The Borrower acknowledges and agrees that the activities  contemplated by the provisions of the Loan Documents are commercial in nature rather than governmental  or public and therefore acknowledges and agrees that the Borrower is not entitled to any right of immunity  on the grounds of sovereignty or otherwise with respect to such activities or in any legal action or  proceeding arising out of or relating to the Loan Documents.  To the extent permitted by applicable Law,  The Borrower, in respect of itself, its process agents and its properties (including its Subsidiaries) and  revenues, expressly and irrevocably waives any such right of immunity which may now or hereafter exist  (including any immunity from the jurisdiction of any court or from any suit, execution, attachment (whether  provisional or final, in aid of execution, prior to judgment or otherwise) or other legal process (including  in any jurisdiction where immunity (whether or not claimed) may be attributed to it or its assets)) or claim  thereto which may now or hereafter exist and irrevocably agrees not to assert any such right or claim of  immunity in any such action or proceeding to the fullest extent permitted now or in the future by the laws  of any such jurisdiction.  The Borrower agrees that the waivers set forth in this Section 10.16 shall have the  fullest effect permitted under applicable Law, including the Foreign Sovereign Immunities Act of 1976 of  the United States of America (28 U.S.C.  §§1602-1611) (the “FSIA”), and are intended to be irrevocable  and not subject to withdrawal for purposes of the FSIA.   Section 10.17 USA PATRIOT Act.  Each Lender and the Administrative Agent (for itself and  not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA  Patriot Act (Title III of Pub.  L.  107-56 (signed into law October 26, 2001)) (the “PATRIOT Act”) and the  requirements of the Beneficial Ownership Regulation, it is required to obtain, verify and record information  that identifies the Borrower, which information includes the name, address and tax identification number  of the Borrower and other information that will allow such Lender or Administrative Agent, as applicable,  to identify the Borrower in accordance with the PATRIOT Act and the Beneficial Ownership Regulation.  Section 10.18 No Advisory or Fiduciary Responsibility.  In connection with all aspects of the  Transactions (including in connection with any amendment, waiver or other modification hereof or of any  other Loan Document), the Borrower acknowledges and agrees, and acknowledges its Affiliates’  understanding, that: (i) (A) the transactions contemplated by the Loan Documents (including the exercise  of rights and remedies hereunder and thereunder) are arm’s- length commercial transactions between the  Borrower and its Affiliates, on the one hand, and the Administrative Agent, the Lead Arrangers and the  Lenders, on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax  advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and  understands and accepts, the terms, risks and conditions of the Transactions; (ii) (A) the Administrative  Agent, the Lead Arrangers and each Lender is and has been acting solely as a principal and, except as  expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor,  agent or fiduciary for the Borrower, its stockholders or any of its Affiliates (irrespective of whether any  Lender has advised, is currently advising or will advise the Borrower, its stockholders or its Affiliates on  other matters), or any other Person and (B) neither the Administrative Agent, the Lead Arrangers nor any  Lender has any obligation to the Borrower or any of its respective Affiliates with respect to the Transactions  except those obligations (if any) expressly set forth herein and in the other Loan Documents; and (iii) the  Administrative Agent, the Lead Arrangers and the Lenders and its respective Affiliates may be engaged in  a broad range of transactions that involve economic interests that conflict with those of and the Borrower,  its stockholders and/or its Affiliates, and neither the Administrative Agent, the Lead Arrangers nor any  Lender has any obligation to disclose any of such interests to the Borrower or any of its respective Affiliates.   The Borrower agrees that nothing in the Loan Documents or otherwise will be deemed to create an advisory,  fiduciary or agency relationship or fiduciary or other implied duty between any Lender on the one hand,  

 

  91  and the Borrower, its stockholders or its Affiliates, on the other.  To the fullest extent permitted by law, the  Borrower hereby waives and releases any claims that it may have against the Administrative Agent, each  of the Lead Arrangers, any Lender or the respective Affiliates of each of the foregoing with respect to any  breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction  contemplated hereby.  Section 10.19 Acknowledgment 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 Lender  that is an Affected Financial Institution arising under any Loan Document, to the extent such liability is  unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution  Authority and agrees and consents to, and acknowledges and agrees to be bound by:  (a) the application of any Write-Down and Conversion Powers by the applicable  Resolution Authority to any such liabilities arising hereunder which may be payable to it by any  party hereto that is an Affected Financial Institution; and  (b) the effects of any Bail-In Action on any such liability, including, if applicable:  (i) a reduction in full or in part or cancellation of any such liability;  (ii) a conversion of all, or a portion of, such liability into shares or other  instruments of ownership in such Affected Financial Institution, its parent entity, or a  bridge institution that may be issued to it or otherwise conferred on it, and that such shares  or other instruments of ownership will be accepted by it in lieu of any rights with respect  to any such liability under this Agreement or any other Loan Document; or  (iii) the variation of the terms of such liability in connection with the exercise  of the Write-Down and Conversion Powers of the applicable Resolution Authority.  The provisions of this Section 10.19 are intended to comply with, and shall be interpreted in light of, Article  55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union.  Section 10.20 Electronic Execution of Assignments and Certain Other Documents.  The words  “execution,” “execute”, “signed,” “signature,” and words of like import in or related to any Loan Document  or other document to be signed in connection with this Agreement (including, without limitation,  Assignment and Assumptions, amendments or other modifications hereof, the Borrowing Request,  certificates, waivers and consents) shall be deemed to include electronic signatures, the electronic matching  of assignment terms and contract formations on electronic platforms approved by the Administrative Agent,  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.  Each of the parties  hereto represents and warrants to the other parties that is has the corporate capacity and authority to execute  such Loan Document through electronic means and there are no restrictions for doing so in that party’s  constitutive documents.  [Signature pages follow]    

 

[Signature page to Bridge Loan Agreement]  MILLICOM INTERNATIONAL CELLULAR  S.A., as Borrower       By:   Name:  Patrick Gill  Title:    Vice President Risk Management and    Corporate Governance      By:   Name:  Bruno Nieuwland  Title:    Director Administration            DocuSign Envelope ID: 2920E0A0-E017-4FFD-A447-E15FD85D6503 

 

GOLDMAN SACHS BANK USA, as Initial Lender By: Name: Title:  Colette Pithie l~uthorised Signatory [Signature Page to Bridge Loan Agreement] 

 

[Signature Page to Bridge Loan Agreement]    JPMORGAN CHASE BANK, N.A., as Initial  Lender        By:   Name:  Title:       

 

[Signature Page to Bridge Loan Agreement]    MORGAN STANLEY SENIOR FUNDING, INC.,  as Initial Lender        By:   Name:  Title:            Jennifer DeFazio Authorized Signatory 

 

[Signature Page to Bridge Loan Agreement]    JPMORGAN CHASE BANK, N.A., as  Administrative Agent         By:   Name:  Title:                  

 

          [Signature Page to Bridge Loan Agreement]          SCHEDULE I    INITIAL LENDERS AND COMMITMENTS  Lender Commitment  Goldman Sachs Bank USA $806,250,000  JPMorgan Chase Bank, N.A. $806,250,000  Morgan Stanley Senior Funding, Inc. $537,500,000  Total: $2,150,000,000                    

 

          [Signature Page to Bridge Loan Agreement]  SCHEDULE II    ADMINISTRATIVE AGENT'S OFFICE, CERTAIN ADDRESSES FOR NOTICES  1) If to the Borrower, to it, at:    Millicom International Cellular S.A.  2 rue du Fort-Bourbon  L-1249 Luxembourg  Attention: Office of the General Counsel  Email: Salvador.Escalon@Millicom.com; CorpFin@millicom.onmicrosoft.com    2) If to the Administrative Agent, to it, at:    JPMorgan Chase Bank, N.A.   Address: 500 Stanton Christiana Rd, Floor 01, Newark, DE, 19713-2105, United States  Attention: Christopher Bickert  Email: christopher.bickert@chase.com with a copy to bryan.a.cook@jpmchase.com  Fax: 12012443629@tls.ldsprod.com  

 

      EXHIBIT A    FORM OF ASSIGNMENT AND ASSUMPTION  This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective  Date set forth below and is entered into by and between the Assignor identified in item 1 below (the  “Assignor”) and the Assignee identified in item 2 below (the “Assignee”). Capitalized terms used but not  defined herein shall have the meanings given to them in the Loan Agreement identified below (as amended,  restated, supplemented or otherwise modified, the “Loan Agreement”), receipt of a copy of which is hereby  acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto  are hereby agreed to and incorporated herein by reference and made a part of this Assignment 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 Loan 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 Loan Agreement and any other documents or instruments delivered pursuant thereto  to the extent related to the amount and percentage interest identified below of all of such outstanding rights  and obligations of the Assignor under the respective facilities identified below 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 Loan Agreement, any other documents or instruments delivered pursuant thereto or the  loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but  not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law  or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights  and obligations sold and assigned by the Assignor to the Assignee 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.  1. Assignor:   ______________________________  2. Assignee:   ______________________________ [and is [a Lender][an [Affiliate] of  [identify Lender]1]].  3. Borrower:   Millicom International Cellular S.A.   4. Administrative Agent: [_______________________], as the administrative agent under the Loan  Agreement.  5. Loan Agreement:  The Bridge Loan Agreement, dated as of November 10, 2021 (as amended,  supplemented or otherwise modified from time to time), by and among Millicom  International Cellular S.A, a limited liability company (société anonyme) organized under  the laws of the Grand Duchy of Luxembourg,  having its registered office at 2, rue du Fort  Bourbon, L-1249 Luxembourg, and registered with the Luxembourg Register of  Commerce and Companies  (R.C.S. Luxembourg) under number B40630 (the    1 Select as applicable.   

 

      “Borrower”), the Lenders party thereto and JPMorgan Chase Bank, N.A., as  Administrative Agent.  6. Assigned Interest:  Aggregate Amount of  Commitment / Loans for  all Lenders    Amount of  Commitment / Loans  Assigned    Percentage Assigned of  Commitment/Loans2    $ $ %  $ $ %  $ $ %     Effective Date: _____________ ___, 20___ [TO BE INSERTED BY ADMINISTRATIVE  AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN  THE REGISTER THEREFOR.]  The Assignee, if not already a Lender, agrees to deliver to the Administrative Agent a completed  Administrative Questionnaire in which the Assignee designates one or more credit contacts to whom all  syndicate-level information (which may contain material non-public information about the Borrower and  its Related Parties or its 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.  The terms set forth in this Assignment and Assumption are hereby agreed to:    ASSIGNOR    [NAME OF ASSIGNOR]      By:__________________________________________  Title:    ASSIGNEE    [NAME OF ASSIGNEE]      By:__________________________________________  Title:         2 Set forth, to at least 9 decimals, as a percentage of the Commitments/Loans of all Lenders.  

 

      [Consented to and]3 Accepted:    JPMORGAN CHASE BANK, N.A., as Administrative Agent      By:_____________________________________  Name:  Title:    [Consented to:     MILLICOM INTERNATIONAL CELLULAR S.A.,   as the Borrower      By:_____________________________________  Title:       By:_____________________________________  Title:]4                 3 To be added only if the consent of the Administrative Agent is required by Section 10.04.  4 To be added only if the consent of the Borrower is required by the terms of the Loan Agreement.  

 

      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 Loan Agreement or any other  Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of  the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its  Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the  performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any  of its 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 Loan  Agreement, (ii) it meets all the requirements to be an assignee under Section 10.04 of the Loan Agreement  (subject to such consents, if any, as may be required thereunder), (iii) from and after the Effective Date, it  shall be bound by the provisions of the Loan Agreement as a Lender thereunder and, to the extent of the  Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Loan  Agreement, and has received or has been accorded the opportunity to receive copies of the most recent  financial statements delivered pursuant to Section 5.01 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, (v) 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, (vi) 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 (vii) it  is not a competitor of the Borrower and its Subsidiaries or an Affiliate of any such competitor, and (viii)  attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant  to the terms of the Loan Agreement, duly completed and executed by the Assignee and (ix) it is not a  Defaulting Lender; 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 its terms all of the obligations which by the  terms of the Loan Documents are required to be performed by it as a Lender.    2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments  in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the  Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for  amounts which have accrued from and after the Effective Date. 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 its respective successors and assigns. This Assignment and Assumption  may be executed in any number of counterparts, which together shall constitute one instrument. Acceptance  and adoption of the terms of this Assignment and Assumption by the Assignee and the Assignor by  Electronic Signature complying with the U.S. federal ESIGN Act of 2000 or the New York State Electronic  Signature and Records Act or delivery of an executed counterpart of a signature page of this Assignment  and Assumption by any Electronic System 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 law of the State of New York. 

 

    EXHIBIT B    FORM OF COMPLIANCE CERTIFICATE  To: JPMorgan Chase Bank, N.A., as Administrative Agent  From:  Millicom International Cellular S.A.  Dated: [_____]    Millicom International Cellular S.A.– Senior Unsecured Bridge Facility dated   November 10, 2021  Reference is hereby made to the Bridge Loan Agreement dated as of November 10, 2021 (as  amended, supplemented or otherwise modified from time to time, the “Loan Agreement”) by and among  Millicom International Cellular S.A., a limited liability company (société anonyme) organized under the  laws of the Grand Duchy of Luxembourg, having its registered office at 2, rue du Fort Bourbon, L-1249  Luxembourg, and registered with the Luxembourg Register of Commerce and Companies  (R.C.S.  Luxembourg) under number B40630 (the “Borrower”), the Lenders party thereto and JPMorgan Chase  Bank, N.A., as Administrative Agent.  This is a Compliance Certificate under the Loan Agreement.   Capitalized terms used in this Compliance Certificate and not otherwise defined herein shall have the  meanings assigned to such terms in the Loan Agreement.  Pursuant to Section 5.01(a) of the Loan Agreement, the undersigned, solely in his/her capacity as  an Authorized Officer of the Borrower and not in his/her individual capacity, hereby certifies that:  1. Below is a calculation of the Total Net Leverage Ratio of the Borrower in respect of the Financial  Quarter ending on               , 20[  ];  Total Net Leverage Ratio:   (a) Consolidated Net Debt of the Borrower USD [    ]  (b) Consolidated EBITDA of the Borrower USD [    ]  (c) Ratio of (a) to (b) [    ]:1.00    2. [no Default or Event of Default is continuing.]5        5 If this statement cannot be made, the certificate should identify any Default that is continuing and the steps,  if any, being taken to remedy it.  

 

    IN WITNESS WHEREOF, the Borrower has executed or caused this Compliance Certificate to be  executed as of the date first written above.      MILLICOM INTERNATIONAL CELLULAR  S.A., as Borrower        By:   Name:  Title:    By:   Name:  Title    

 

    EXHIBIT C    FORM OF BORROWING REQUEST  Date: November [__], 2021  JPMorgan Chase Bank. N.A.  as Administrative Agent  500 Stanton Christiana Rd  Newark, DE, 19713-2105   United States  Attention: Christopher Bickert  Email: christopher.bickert@chase.com with a copy to bryan.a.cook@jpmchase.com    Ladies and Gentlemen:  Reference is made to that certain Bridge Loan Agreement, dated as of November 10, 2021 (as  amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Loan  Agreement”), among Millicom International Cellular S.A., a limited liability company (société anonyme)  organized under the laws of the Grand Duchy of Luxembourg, having its registered office at 2, rue du Fort  Bourbon, L-1249 Luxembourg, and registered with the Luxembourg Register of Commerce and Companies   (R.C.S. Luxembourg) under number B40630 (the “Borrower”), the Lenders from time to time party thereto  and JPMorgan Chase Bank, N.A., as Administrative Agent.  Capitalized terms used herein and not  otherwise defined herein shall have the meanings assigned to them in the Loan Agreement.  The Borrower hereby requests a Borrowing under the Loan Agreement as described below:  1. The Business Day of the proposed Borrowing is November [__], 2021.  2. The aggregate amount of the requested Borrowing is $2,150,000,000.  3. The Borrower hereby instructs the Administrative Agent to transfer the proceeds of  the Borrowing in accordance with the funds flow attached as Annex I.    [Signature Page Follows]  

 

  [Signature page to Borrowing Request]  IN WITNESS WHEREOF, the undersigned has duly executed this notice as of the date first written  above.  MILLICOM INTERNATIONAL CELLULAR S.A.  By:    Name:  Title:  By:    Name:  Title:

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