Document:

exhibit101amendedandrest

EXHIBIT 10.1            AMENDED AND RESTATED CREDIT AGREEMENT  dated as of September 8, 2022  among  FRANKLIN RESOURCES, INC.,  as the Borrower,  BANK OF AMERICA, N.A.,  as Administrative Agent,  and  the Lenders party hereto    BANK OF AMERICA, N.A.,  as  Sole Lead Arranger and Sole Bookrunner              

 

   - i -   TABLE OF CONTENTS  Section Page  ARTICLE I DEFINITIONS AND ACCOUNTING TERMS ............................................................... 1  1.01 Defined Terms .................................................................................................................. 1  1.02 Other Interpretive Provisions ....................................................................................... 21  1.03 Accounting Terms. ......................................................................................................... 21  1.04 Rounding......................................................................................................................... 22  1.05 Times of Day ................................................................................................................... 22  1.06 Interest Rates .................................................................................................................. 22  ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS ................................................ 23  2.01 Committed Loans ........................................................................................................... 23  2.02 Borrowings, Conversions and Continuations of Committed Loans. ......................... 23  2.03 Prepayments. .................................................................................................................. 24  2.04 Termination or Reduction of Commitments ............................................................... 25  2.05 Repayment of Loans ...................................................................................................... 25  2.06 Interest. ........................................................................................................................... 25  2.07 Fees .................................................................................................................................. 26  2.08 Computation of Interest and Fees ................................................................................ 26  2.09 Evidence of Debt ............................................................................................................ 26  2.10 Payments Generally; Administrative Agent’s Clawback. .......................................... 26  2.11 Sharing of Payments by Lenders .................................................................................. 28  2.12 Increase in Commitments.............................................................................................. 29  2.13 Defaulting Lenders. ....................................................................................................... 30  2.14 Defaulting Lender Cure ................................................................................................ 31  ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY ................................................... 31  3.01 Taxes. .............................................................................................................................. 31  3.02 Illegality .......................................................................................................................... 34  3.03 Inability to Determine Rates. ........................................................................................ 35  3.04 Increased Costs. ............................................................................................................. 37  3.05 Compensation for Losses ............................................................................................... 38  3.06 Mitigation Obligations; Replacement of Lenders ....................................................... 38  3.07 Survival ........................................................................................................................... 39  ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS .......................................... 39  4.01 Conditions of Initial Credit Extension ......................................................................... 39  4.02 Conditions to all Credit Extensions .............................................................................. 40  

 

   - ii -   ARTICLE V REPRESENTATIONS AND WARRANTIES ................................................................ 41  5.01 Existence, Qualification and Power .............................................................................. 41  5.02 Authorization; No Contravention ................................................................................ 41  5.03 Governmental Authorization; Other Consents ........................................................... 41  5.04 Binding Effect ................................................................................................................. 41  5.05 Financial Statements; No Material Adverse Effect. ................................................... 41  5.06 Litigation......................................................................................................................... 42  5.07 No Default ....................................................................................................................... 42  5.08 Taxes ............................................................................................................................... 42  5.09 ERISA Compliance. ....................................................................................................... 42  5.10 Margin Regulations; Investment Company Act. ........................................................ 43  5.11 Disclosure ........................................................................................................................ 43  5.12 Compliance with Laws .................................................................................................. 44  5.13 OFAC .............................................................................................................................. 44  5.14 Anti-Corruption Laws ................................................................................................... 44  5.15 Affected Financial Institutions ...................................................................................... 44  5.16 Covered Entities ............................................................................................................. 44  ARTICLE VI AFFIRMATIVE COVENANTS ..................................................................................... 44  6.01 Financial Statements ...................................................................................................... 44  6.02 Certificates; Other Information ................................................................................... 45  6.03 Notices ............................................................................................................................. 46  6.04 Payment of Taxes ........................................................................................................... 47  6.05 Preservation of Existence, Etc ...................................................................................... 47  6.06 Maintenance of Properties ............................................................................................ 47  6.07 Maintenance of Insurance ............................................................................................. 47  6.08 Compliance with Laws .................................................................................................. 47  6.09 Books and Records ......................................................................................................... 47  6.10 Visitation Rights ............................................................................................................. 47  6.11 Use of Proceeds ............................................................................................................... 48  6.12 Anti-Corruption Laws; Sanctions ................................................................................ 48  ARTICLE VII NEGATIVE COVENANTS ............................................................................................ 48  7.01 Liens ................................................................................................................................ 48  7.02 Subsidiary Indebtedness ................................................................................................ 50  7.03 Fundamental Changes ................................................................................................... 52  7.04 Dispositions ..................................................................................................................... 52  

 

   - iii -   7.05 Change in Nature of Business ....................................................................................... 53  7.06 Sanctions ......................................................................................................................... 53  7.07 Anti-Corruption Laws ................................................................................................... 53  7.08 Consolidated Net Leverage Ratio ................................................................................. 53  ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES .................................................................. 53  8.01 Events of Default ............................................................................................................ 53  8.02 Remedies Upon Event of Default .................................................................................. 55  8.03 Application of Funds ..................................................................................................... 55  ARTICLE IX ADMINISTRATIVE AGENT ......................................................................................... 56  9.01 Appointment and Authority ......................................................................................... 56  9.02 Rights as a Lender ......................................................................................................... 56  9.03 Exculpatory Provisions .................................................................................................. 56  9.04 Reliance by Administrative Agent ................................................................................ 57  9.05 Delegation of Duties ....................................................................................................... 57  9.06 Resignation of Administrative Agent. .......................................................................... 58  9.07 Non-Reliance on the Administrative Agent, the Arranger and the Other  Lenders ........................................................................................................................... 59  9.08 No Other Duties, Etc ...................................................................................................... 59  9.09 Administrative Agent May File Proofs of Claim ......................................................... 59  9.10 Guaranty Matters .......................................................................................................... 60  9.11 Certain ERISA Matters. ................................................................................................ 60  9.12 Recovery of Erroneous Payments. ................................................................................ 61  ARTICLE X MISCELLANEOUS ........................................................................................................ 61  10.01 Amendments, Etc ........................................................................................................... 61  10.02 Notices; Effectiveness; Electronic Communication. ................................................... 62  10.03 No Waiver; Cumulative Remedies; Enforcement ....................................................... 64  10.04 Expenses; Indemnity; Damage Waiver. ....................................................................... 65  10.05 Payments Set Aside ........................................................................................................ 66  10.06 Successors and Assigns. ................................................................................................. 67  10.07 Treatment of Certain Information; Confidentiality ................................................... 70  10.08 Right of Setoff ................................................................................................................. 71  10.09 Interest Rate Limitation ................................................................................................ 71  10.10 Integration; Effectiveness .............................................................................................. 72  10.11 Survival of Representations and Warranties .............................................................. 72  10.12 Severability ..................................................................................................................... 72  

 

   - iv -   10.13 Replacement of Lenders ................................................................................................ 72  10.14 Governing Law; Jurisdiction; Etc ................................................................................ 73  10.15 Waiver of Jury Trial ...................................................................................................... 74  10.16 No Advisory or Fiduciary Responsibility .................................................................... 74  10.17 Electronic Execution; Electronic Records; Counterparts .......................................... 75  10.18 USA PATRIOT Act ....................................................................................................... 76  10.19 Acknowledgement and Consent to Bail-In of Affected Financial Institutions ......... 76  10.20 Acknowledgement Regarding Any Supported QFCs ................................................. 76  10.21 Amendment and Restatement ....................................................................................... 77    

 

   - v -   SCHEDULES  2.01 Commitments and Applicable Percentages  7.01 Existing Liens  7.02 Existing Subsidiary Indebtedness  10.02 Administrative Agent’s Office; Certain Addresses for Notices    EXHIBITS  A Form of Committed Loan Notice  B Form of Note  C Form of Compliance Certificate  D-1 Assignment and Assumption  D-2 Form of Administrative Questionnaire  E-1 Form of U.S. Tax Compliance Certificate – Foreign Lenders (Not Partnerships)  E-2 Form of U.S. Tax Compliance Certificate – Non-U.S. Participants (Not Partnerships)  E-3 Form of U.S. Tax Compliance Certificate – Non-U.S. Participants (Partnerships)  E-4 Form of U.S. Tax Compliance Certificate – Foreign Lenders (Partnerships)  F Form of Notice of Loan Prepayment      

 

  - 1 -  AMENDED AND RESTATED CREDIT AGREEMENT  This AMENDED AND RESTATED CREDIT AGREEMENT (“Agreement”) is entered into as of  September 8, 2022, among FRANKLIN RESOURCES, INC., a Delaware corporation (the “Borrower”),  each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and  BANK OF AMERICA, N.A., as Administrative Agent.  The Borrower and Bank of America, as administrative agent, together with the other financial  institutions party thereto, entered into a Credit Agreement dated as of January 10, 2022 (as amended,  restated, modified or otherwise supplemented prior to the date hereof, the “Existing Credit Agreement”).  The Borrower, the Administrative Agent and the Lenders have agreed to renew and extend the  financing arrangements under the Existing Credit Agreement with the new financing arrangements  provided in this Agreement, which amends and restates the Existing Credit Agreement in its entirety and  each of Citibank, N.A., Wells Fargo Bank, National Association and HSBC Bank USA, N.A. has agreed to  join this Agreement as a Lender hereunder.  In consideration of the mutual covenants and agreements herein contained, the parties hereto  covenant and agree that the Existing Credit Agreement is amended, restated, ratified and confirmed to read  in its entirety as follows:  ARTICLE I DEFINITIONS AND ACCOUNTING TERMS  1.01 Defined Terms.  As used in this Agreement, the following terms shall have the meanings  set forth below:  “Act” has the meaning specified in Section 10.18.  “Administrative Agent” means Bank of America in its capacity as administrative agent under any  of the Loan Documents, or any successor administrative agent.  “Administrative Agent’s Office” means the Administrative Agent’s address and, as appropriate,  account as set forth on Schedule 10.02, or such other address or account as the Administrative Agent may  from time to time notify in writing to the Borrower and the Lenders.  “Administrative Questionnaire” means an Administrative Questionnaire in substantially the form  of Exhibit D-2 or any other form approved 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 (other than, with respect to  the Borrower, an Excluded Entity of the Borrower) that directly, or indirectly through one or more  intermediaries, Controls or is Controlled by or is under common Control with the Person specified.  “Aggregate Commitments” means the Commitments of all the Lenders.  “Agreement” has the meaning specified in the introductory paragraph hereto.  “Applicable Law” means, as to any Person, all applicable Laws binding upon such Person or to  which such a Person is subject.  

 

  - 2 -  “Applicable Percentage” means with respect to any Lender at any time, the percentage (carried out  to the ninth decimal place) of the Aggregate Commitments represented by such Lender’s Commitment at  such time, subject to adjustment as provided in Section 2.13.  If the commitment of each Lender to make  Loans have been terminated pursuant to Section 8.02 or if the Aggregate Commitments have expired, then  the Applicable Percentage of each Lender shall be determined based on the Applicable Percentage of such  Lender most recently in effect, giving effect to any subsequent assignments and to any Lender’s status as a  Defaulting Lender at the time of determination.  The initial Applicable Percentage of each Lender is set  forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant  to which such Lender becomes a party hereto, as applicable.  “Applicable Rate” means 0.65%.  “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate  of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.  “Arranger” means Bank of America, N.A., an affiliate of BofA Securities, Inc., in its capacity as  sole lead arranger and sole bookrunner.  “Assignment and Assumption” means an assignment and assumption entered into by a Lender and  an Eligible Assignee (with the consent of any party whose consent is required by Section 10.06(b)), in  substantially the form of Exhibit D-1 or any other form (including electronic documentation generated by  use of an electronic platform) approved by the Administrative Agent.  “Attributable Indebtedness” means, on any date, (a) in respect of any Capital Lease of any Person,  the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date  in accordance with GAAP, and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of  the remaining lease or similar payments under the relevant lease or other applicable agreement or instrument  that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if  such lease or other agreement or instrument were accounted for as a Capital Lease.  “Audited Financial Statements” means the audited consolidated balance sheet of the Borrower and  its Subsidiaries for the fiscal year ended September 30, 2021, and the related consolidated statements of  income, stockholders’ equity and cash flows for such fiscal year of the Borrower and its Subsidiaries,  including the notes thereto.  “Availability Period” means the period from and including the Closing Date to the earliest of (a)  the Maturity Date, (b) the date of termination of the Aggregate Commitments pursuant to Section 2.04, and  (c) the date of termination of the commitment of each Lender to make Loans pursuant to Section 8.02.  “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, rule, regulation 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).   

 

  - 3 -  “Bank of America” means Bank of America, N.A. and its successors.  “Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal  Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time  to time by Bank of America as its “prime rate,” (c) Term SOFR plus 1.00% and (d) 1.00%.  The “prime  rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and  desired return, general economic conditions and other factors, and is used as a reference point for pricing  some loans, which may be priced at, above, or below such announced rate.  Any change in such prime rate  announced by Bank of America shall take effect at the opening of business on the day specified in the public  announcement of such change.  If the Base Rate is being used as an alternate rate of interest pursuant to  Section 3.03 hereof, then the Base Rate shall be the greater of clauses (a), (b) and (d) above and shall be  determined without reference to clause (c) above.  “Base Rate Loan” means a Loan that bears interest based on the Base Rate.  “Beneficial Ownership Certification” means a certification regarding beneficial ownership required  by the Beneficial Ownership Regulation.  “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.  “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject  to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person  whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA  or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.  “Borrower” has the meaning specified in the introductory paragraph hereto.  “Borrower Materials” has the meaning specified in Section 6.02.  “Borrowing” means a Committed Borrowing.  “Business Day” means any day other than a Saturday, Sunday or other day on which commercial  banks are authorized to close under the Laws of, or are in fact closed in, the state where the Administrative  Agent’s Office is located.   “Capital Lease” means each lease that has been or is required to be, in accordance with GAAP,  classified and accounted for as a capital lease or financing lease.  “Cash Equivalents” means, at any time (a) debt issued or guaranteed by the United States  government or any agency thereof, maturing not more than one (1) year after such time, (b) commercial  paper, maturing not more than one (1) year from the date of issue, or corporate demand notes, in each case  which is issued by a corporation (other than an Affiliate of the Borrower) rated at least A-1 by S&P, F1 by  Fitch or P-1 by Moody’s (or carrying an equivalent rating by an internationally-recognized rating agency),  (c) any certificate of deposit (or time deposits represented by such certificates of deposit) or banker’s  acceptance, maturing not more than one (1) year after the date of issue, or overnight Federal Funds  transactions or money market deposit accounts, which is issued or sold by, or maintained with, a  commercial bank or financial institution which is rated at least A- by S&P, A- by Fitch or A3 by Moody’s  (or carrying an equivalent rating by an internationally-recognized rating agency), and (d) any repurchase  agreement entered into with a commercial bank or financial institution meeting the requirements of clause  (c) above which (i) is secured by a fully perfected security interest in any obligation of the type described  in any of clauses (a) through (c) above and (ii) has a market value at the time such repurchase agreement is  

 

  - 4 -  entered into of not less than 100% of the repurchase obligation of such commercial bank or financial  institution thereunder, (e) securities with maturities of six (6) months or less from the date of acquisition  backed by standby letters of credit issued by any commercial bank or financial institution meeting the  requirements of clause (c) above, (f) any short-term (or readily marketable or immediately redeemable)  investment in a structured investment vehicle, structured investment deposit or similar instrument with  financial strength rating of A by S&P or Moody’s, (g) shares of money market mutual or similar funds  which invest substantially all of their assets in Cash Equivalents of the types described in clauses (a) through  (f) above, or (h) instruments equivalent to those referred to in any of clauses (a) through (g) above that are  comparable in credit quality and tenor to that referenced in the applicable clause and are customarily used  by corporations similar to the Borrower for cash management purposes outside the United States.  “Change in Law” means the occurrence, after the date of this Agreement or, with respect to any  Lender, such later date on which such Lender became 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 administration, interpretation, implementation or application thereof by any  Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether  or not having the force of law) by any Governmental Authority; provided that notwithstanding anything  herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all  requests, rules, guidelines or directives thereunder or issued in connection therewith or in the  implementation thereof and (y) all requests, rules, guidelines or directives promulgated by the Bank for  International Settlements, the Basel Committee on Banking Supervision (or any successor or similar  authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in  each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, issued or  implemented.  “Change of Control” means an event or series of events by which:  (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the  Exchange Act, but excluding any employee benefit plan of such person or its subsidiaries, and any  person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any  such plan), in each case, other than any Permitted Holder, becomes the “beneficial owner” (as  defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a person or group shall be  deemed to have “beneficial ownership” of all securities that such person or group has the right to  acquire, whether such right is exercisable immediately or only after the passage of time (such right,  an “option right”)), directly or indirectly, of 50% or more of the equity securities of the Borrower  entitled to vote for members of the board of directors or equivalent governing body of the Borrower  on a fully-diluted basis (and taking into account all such securities that such person or group has  the right to acquire pursuant to any option right); or  (b) during any period of twelve (12) consecutive months, a majority of the members  of the board of directors or other equivalent governing body of the Borrower cease 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.  “CIV” has the meaning assigned to it in the definition of “Non-Recourse CIV Indebtedness.”  

 

  - 5 -  “Closing Date” means the first date all the conditions precedent in Section 4.01 are satisfied or  waived in accordance with Section 10.01.  “Code” means the Internal Revenue Code of 1986.  “CME” means CME Group Benchmark Administration Limited.  “Commitment” means, as to each Lender, its obligation to make Committed Loans to the Borrower  pursuant to Section 2.01 in an aggregate principal amount at any one time outstanding not to exceed the  amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption  pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from  time to time in accordance with this Agreement.  “Committed Borrowing” means a borrowing consisting of simultaneous Committed Loans of the  same Type and, in the case of Term SOFR Loans, having the same Interest Period made by each of the  Lenders pursuant to Section 2.01.  “Committed Loan” has the meaning specified in Section 2.01.  “Committed Loan Notice” means a notice of (a) a Committed Borrowing, (b) a conversion of  Committed Loans from one Type to the other, or (c) a continuation of Term SOFR Loans, pursuant to  Section 2.02(a), which shall be substantially in the form of Exhibit A or such other form as may be approved  by the Administrative Agent (including any form on an electronic platform or electronic transmission  system as shall be approved by the Administrative Agent), appropriately completed and signed by a  Responsible Officer of the Borrower.  “Communication” means this Agreement, any Loan Document and any document, any amendment,  approval, consent, information, notice, certificate, request, statement, disclosure or authorization related to  any Loan Document.   “Compliance Certificate” means a certificate substantially in the form of Exhibit C.  “Conforming Changes” means, with respect to the use, administration of or any conventions  associated with SOFR or any proposed Successor Rate, as applicable, any conforming changes to the  definitions of “Base Rate”, “SOFR”, “Term SOFR”, and “Interest Period”, timing and frequency of  determining rates and making payments of interest and other technical, administrative or operational  matters (including, for the avoidance of doubt, the definitions of “Business Day” and “U.S. Governmental  Securities Business Day”, timing of borrowing requests or prepayment, conversion or continuation notices  and length of lookback periods) as may be appropriate, in the discretion of the Administrative Agent, to  reflect the adoption and implementation of such applicable rate, and to permit the administration thereof by  the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative  Agent determines that adoption of any portion of such market practice is not administratively feasible or  that no market practice for the administration of such rate(s) exists, in such other manner of administration  as the Administrative Agent determines is reasonably necessary in connection with the administration of  this Agreement and any other Loan Document).  “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by  net income (however denominated) or that are franchise Taxes or branch profits Taxes.  “Consolidated EBITDA” means, for any period, for the Borrower and its Subsidiaries on a  consolidated basis, an amount equal to Consolidated Net Income for such period plus (a) the following to  

 

  - 6 -  the extent deducted in calculating such Consolidated Net Income (but without duplication): (i) Consolidated  Interest Charges for such period, (ii) the provision for Federal, state, local and foreign income taxes payable  by the Borrower and its Subsidiaries for such period, (iii) depreciation and amortization expense, (iv)  extraordinary or non-recurring expenses or losses of the Borrower and its Subsidiaries reducing such  Consolidated Net Income, (v) transaction fees, costs and expenses incurred in connection with any  investments, acquisitions, dispositions, mergers, consolidations or amalgamations (whether or not  consummated) not prohibited hereunder, and any debt financing or equity offerings related thereto, (vi)  amortization of intangibles (including, but not limited to goodwill), (vii) fees, costs, expenses and all other  amounts attributable to, or directly or indirectly in respect of, any restructurings, business process  optimizations or other similar actions taken in connection with any acquisition or disposition, in an  aggregate amount not to exceed $100,000,000 for any period of four consecutive fiscal quarters, and (viii)  any other non-cash charges, including the cumulative effect of foreign currency losses and minus (b) the  following to the extent included in calculating such Consolidated Net Income: (i) Federal, state, local and  foreign income tax credits of the Borrower and its Subsidiaries for such period and (ii) all non-cash items  increasing Consolidated Net Income for such period, including the cumulative effect of foreign currency  gains; provided, that, for purposes of calculating EBITDA for the Borrower and its Subsidiaries for any  period, the EBITDA of any Person (or assets or division of such Person) acquired by or disposed of by the  Borrower or any of its Subsidiaries during such period shall be included (or excluded, as the case may be)  on a pro forma basis for such period (assuming the consummation of such acquisition or disposition  occurred on the first day of such period).  “Consolidated Funded Indebtedness” means, as of any date of determination, for the Borrower and  its Subsidiaries on a consolidated basis, the sum of (a) the outstanding principal amount of all obligations,  whether current or long-term, for borrowed money (including Obligations hereunder) and the outstanding  principal amount of all obligations evidenced by bonds, debentures, notes, loan agreements or other similar  instruments, (b) the outstanding principal amount of all purchase money Indebtedness, (c) the face amount  (or the outstanding principal amount, if applicable) of all direct obligations arising under letters of credit  (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar  instruments, except to the extent the underlying instruments remain undrawn or are cash collateralized, (d)  the outstanding principal amount of all Attributable Indebtedness, (e) without duplication, all Guarantees  with respect to outstanding Indebtedness of the types specified in clauses (a) through (d) above of Persons  other than the Borrower or any Subsidiary, and (f) the outstanding principal amount of all Indebtedness of  the types referred to in clauses (a) through (e) above of any partnership or joint venture (other than a joint  venture that is itself a corporation or limited liability company) in which the Borrower or a Subsidiary is a  general partner or joint venturer, unless such Indebtedness is expressly made non-recourse to the Borrower  or such Subsidiary. Consolidated Funded Indebtedness shall not include (i) any of the foregoing clauses (a)  through (f) of this definition of any Excluded Entity, except to the extent there is recourse for such  obligation to the Borrower or any Subsidiary (other than an Excluded Entity), (ii) any Non-Recourse  Indebtedness or (iii) any obligations or liabilities arising under or in connection with any annuities,  insurance policies, insurance contracts or any other similar agreements.  Any Indebtedness for which  proceeds have been escrowed or otherwise deposited to repay, defease, redeem or satisfy and discharge  such Indebtedness shall not be deemed outstanding.  “Consolidated Interest Charges” means, for any period, for the Borrower and its Subsidiaries on a  consolidated basis, the sum of (a) all interest, premium payments, amortization or write off of debt discount,  fees, charges and related expenses of the Borrower and its Subsidiaries in connection with Indebtedness  (including capitalized interest but excluding Non-Recourse Indebtedness) or in connection with the deferred  purchase price of assets, in each case to the extent treated as interest in accordance with GAAP, and (b) the  portion of rent expense of the Borrower and its Subsidiaries with respect to such period under Capital Leases  that is treated as interest in accordance with GAAP.  

 

  - 7 -  “Consolidated Net Leverage Ratio” means, as of any date of determination, the ratio of (a)  Consolidated Funded Indebtedness as of such date minus unrestricted and unencumbered (other than to the  extent such restriction or encumbrance would be permitted under Section 7.01(q)) cash and Cash  Equivalents of Borrower and its Subsidiaries (which, for clarity, shall not include such cash and Cash  Equivalents (i) held by Excluded Entities or (ii) which have been escrowed or otherwise deposited to repay,  defease, redeem or satisfy and discharge Indebtedness) to (b) Consolidated EBITDA for the period of the  four fiscal quarters most recently ended.  “Consolidated Net Income” means, for any period, for the Borrower and its Subsidiaries on a  consolidated basis, the net income of the Borrower and its Subsidiaries (excluding extraordinary gains and  extraordinary losses) for that period. “Consolidated Net Income” shall include the amount of dividends or  distributions or other payments received by the Borrower or any Subsidiary from an Excluded Entity (but  only to the extent actually received).  “Contractual Obligation” means, as to any Person, any provision of any security issued by such  Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it  or any of its property is bound.  “Control” means the possession, directly or indirectly, of the power to direct or cause the direction  of the management or policies of a Person, whether through the ability to exercise voting power, by contract  or otherwise.  “Controlling” and “Controlled” have meanings correlative thereto.  “Covered Entity” has the meaning specified in Section 10.20(b).  “Credit Extension” means a Borrowing.  “Daily Simple SOFR” with respect to any applicable determination date means the SOFR published  on such date on the Federal Reserve Bank of New York’s website (or any successor source).  “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation,  conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement,  receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other  applicable jurisdictions from time to time in effect.  “Default” means any event or condition that constitutes an Event of Default or that, with the giving  of any notice, the passage of time, or both, would be an Event of Default.  “Default Rate” means an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate, if any,  applicable to Base Rate Loans plus (iii) 2% per annum; provided, however, that with respect to a Term  SOFR Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable  Rate) otherwise applicable to such Loan plus 2% per annum.  “Defaulting Lender” means, subject to Section 2.14, any Lender that (a) has failed to (i) fund all or  any portion of its Loans within two Business Days of the date such Loans were required to be funded  hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such  failure is the result of such Lender’s determination that one or more conditions precedent to funding (each  of which conditions precedent, together with any applicable default, shall be specifically identified in such  writing) has not been satisfied, or (ii) pay to the Administrative Agent or any other Lender any other amount  required to be paid by it hereunder within two Business Days of the date when due, (b) has notified the  Borrower or the Administrative Agent in writing that it does not intend to comply with its funding  obligations hereunder, or has made a public statement to that effect (unless such writing or public statement  

 

  - 8 -  relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such  Lender’s determination that a condition precedent to funding (which condition precedent, together with any  applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied),  (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower,  to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective  funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to  this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower),  or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under  any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator,  assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its  business or assets, including the Federal Deposit Insurance Corporation or any other state or federal  regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-In Action; provided that  a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity  Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so  long as such ownership interest does not result in or provide such Lender with immunity from the  jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment  on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or  disaffirm any contracts or agreements made with such Lender.  Any determination by the Administrative  Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of  the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender  shall be deemed to be a Defaulting Lender (subject to Section 2.14) as of the date established therefor by  the Administrative Agent in a written notice of such determination, which shall be delivered by the  Administrative Agent to the Borrower and each other Lender promptly following such determination.  “Designated Jurisdiction” means any country or territory to the extent that such country or territory  itself is the subject of any Sanction, including, without limitation, the Crimea, Donetsk and Luhansk regions  of Ukraine, Cuba, Iran, North Korea and Syria.  “Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (in one  transaction or in a series of transactions and whether effected pursuant to a Division or otherwise) of any  property by any Person (including any sale and leaseback transaction), including any sale, assignment,  transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and  claims associated therewith.   “Dividing Person” has the meaning assigned to it in the definition of “Division.”  “Division” means the division of the assets, liabilities and/or obligations of a Person (the “Dividing  Person”) among two or more Persons (whether pursuant to a “plan of division” or similar arrangement),  which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may  not survive.  “Dollar” and “$” mean lawful money of the United States.  “EEA Financial Institution” means (a) any credit institution or investment firm established in any  EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity  established in an EEA Member Country which is a parent of an institution described in clause (a) of this  definition, or (c) any financial institution established in an EEA Member Country which is a Subsidiary of  an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with  its parent.   

 

  - 9 -  “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 Copy” has the meaning specified in Section 10.17.  “Electronic Record” and “Electronic Signature” shall have the meanings assigned to them,  respectively, by 15 USC §7006, as it may be amended from time to time.   “Eligible Assignee” means any Person that meets the requirements to be an assignee under Section  10.06(b)(iii), and (v) (subject to such consents, if any, as may be required under Section 10.06(b)(iii)).  “Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other  ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or  acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such  Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other  ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition  from such Person of such shares (or such other interests), and all of the other ownership or profit interests  in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and  whether or not such shares, warrants, options, rights or other interests are outstanding on any date of  determination.  “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the rules  and regulations promulgated thereunder.  “ERISA Affiliate” means any trade or business (whether or not incorporated) under common  control with the Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m)  and (o) of the Code for purposes of provisions relating to Section 412 of the Code).   “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal  of the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a  plan year in which such entity was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or  a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a  complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or the  receipt by Borrower of any notification that a Multiemployer Plan is insolvent; (d) the filing of a notice of  intent to terminate, the treatment of a Pension Plan amendment as a termination under Section 4041 or  4041A of ERISA; (e) the institution by the PBGC of proceedings to terminate a Pension Plan; (f) any event  or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the  appointment of a trustee to administer, any Pension Plan; (g) any Pension Plan is an at-risk plan or a plan  in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections  303, 304 and 305 of ERISA; (h) the imposition of any material liability under Title IV of ERISA, other  than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any  ERISA Affiliate; or (i) a material failure by the Borrower or any ERISA Affiliate to meet all applicable  requirements under the Pension Funding Rules in respect of a Pension Plan, whether or not waived, or the  failure by the Borrower or any ERISA Affiliate to make any material required contribution to a  Multiemployer Plan.  

 

  - 10 -  “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 specified in Section 8.01.  “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and  regulations promulgated thereunder.  “Excluded Entity” means (i) any investment fund or other investment vehicle in which the  Borrower or any of its Affiliates participates as an investor (including for warehousing, seeding or other  similar purposes), or acts as a managing member, adviser, manager, co-manager or any comparable  position, or any entity intended to be or become any of the foregoing (any such entity, an “Investment  Fund”), (ii) any Subsidiary of such an Investment Fund, and (iii) any entity whose primary purpose is to  acquire investments of any nature whatsoever pending their transfer to an Investment Fund. For the  avoidance of doubt, each Excluded Entity shall not be subject to any of the covenants contained in Article  VII hereof.  “Excluded Taxes” means any of the following Taxes imposed on or with respect to any 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 Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision  thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes  imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in  a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such  interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under  Section 10.13) or (ii) such Lender changes its Lending Office, except in each case to the extent that,  pursuant to Section 3.06(a)(ii), (a)(iii) or (c), amounts with respect to such Taxes were payable either to  such Lender’s assignor immediately before such Lender became a party hereto or to such Lender  immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to  comply with Section 3.01(g) and (d) any withholding Taxes imposed pursuant to FATCA.  “Existing Credit Agreement” has the meaning specified in the second introductory paragraph of  this Agreement.  “Existing Obligations” has the meaning specified in Section 10.21.  “FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards  Board.  “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any  amended or successor version that is substantively comparable and not materially more onerous to comply  with) and any current or future regulations or official interpretations thereof and any agreements entered  into pursuant to Section 1471(b)(1) of the Code, as of the date of this Agreement (or any amended or  successor version described above)  and any intergovernmental agreement (and related fiscal or regulatory  legislation, or related official rules or practices) implementing the foregoing.  “Federal Funds Rate” means, for any day, the rate per annum calculated by the Federal Reserve  Bank of New York based on such day’s federal funds transactions by depository institutions (as determined  in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to  time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the  

 

  - 11 -  federal funds effective rate; provided that if the Federal Funds Rate as so determined would be less than  zero, such rate shall be deemed to be zero for purposes of this Agreement.  “Fee Letter” means that certain letter agreement dated as of September 8, 2022, among the  Borrower, the Administrative Agent and the Arranger.  “Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person,  and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a  jurisdiction other than that in which the Borrower is resident for tax purposes.  For purposes of this  definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute  a single jurisdiction.  “FRB” means the Board of Governors of the Federal Reserve System of the United States.  “Fund” means any Person (other than a natural Person (or a holding company, investment vehicle  or trust for, or owned and operated for the primary benefit of, a natural Person)) that is engaged in making,  purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the  ordinary course of its activities.  “GAAP” means generally accepted accounting principles in the United States set forth in the  opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified  Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or  such other principles as may be approved by a significant segment of the accounting profession in the  United States, that are applicable to the circumstances as of the date of determination, consistently applied.  “Governmental Authority” means the government of the United States or any other nation, or of  any political subdivision thereof, whether state or local, and any agency, authority, instrumentality,  regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,  regulatory or administrative powers or functions of or pertaining to government (including any supra- national bodies such as the European Union or the European Central Bank).  “Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise, of such Person  guaranteeing or having the economic effect of guaranteeing any Indebtedness payable by another Person  (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such  Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment  of) such Indebtedness, (ii) to purchase or lease property, securities or services for the purpose of assuring  the obligee in respect of such Indebtedness of the payment of such Indebtedness, (iii) to maintain working  capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow  of the primary obligor so as to enable the primary obligor to pay such Indebtedness, or (iv) entered into for  the purpose of assuring in any other manner the obligee in respect of such Indebtedness of the payment  thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any  assets of such Person securing any Indebtedness of any other Person, whether or not such Indebtedness is  assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain  any such Lien).  The amount of any Guarantee shall be deemed to be an amount equal to the stated or  determinable amount of the related primary obligation, or portion thereof, in respect of which such  Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect  thereof as determined by the guaranteeing Person in good faith.  The term “Guarantee” as a verb has a  corresponding meaning.  “Guarantors” means, each Person, if any, that executes a Guaranty.  

 

  - 12 -  “Guaranty” means, collectively, each guaranty of the Obligations made by a Guarantor in favor of  the Administrative Agent and the Lenders, in form and substance reasonably satisfactory to the  Administrative Agent.  “Indebtedness” means, as to any Person at a particular time, without duplication, all of the  following, whether or not included as indebtedness or liabilities in accordance with GAAP:  (a) all obligations of such Person for borrowed money and all obligations of such  Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;  (b) all direct or contingent obligations of such Person arising under letters of credit  (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and  similar instruments;  (c) net obligations of such Person under any Swap Contract;  (d) all obligations of such Person to pay the deferred purchase price of property or  services (other than trade accounts payable in the ordinary course of business and excluding  obligations in respect of deferred compensation or equity-based compensation to employees);  (e) indebtedness (excluding prepaid interest thereon) of the type described in the  foregoing clauses (a) through (d) above and (f) through (h) below secured by a Lien on property  owned or being purchased by such Person (including indebtedness arising under conditional sales  or other title retention agreements), whether or not such indebtedness shall have been assumed by  such Person or is limited in recourse (provided that, if such Person has not assumed or otherwise  become liable in respect of such Indebtedness, such Indebtedness shall be deemed to be in an  amount equal to the lesser of (i) the aggregate unpaid amount of Indebtedness secured by such Lien  and (ii) the fair market value of the property to which such Lien relates as determined in good faith  by such Person);  (f) Capital Leases and Synthetic Lease Obligations;  (g) all obligations of such Person to purchase, redeem, retire, defease or otherwise  make any payment in respect of any Equity Interest in such Person or any other Person, valued, in  the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation  preference plus accrued and unpaid dividends; and  (h) all Guarantees of such Person in respect of any of the foregoing.  For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any  partnership or joint venture (other than a joint venture that is itself a corporation or limited liability  company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly  made non-recourse to such Person.  The amount of any net obligation under any Swap Contract on any date  shall be deemed to be the Swap Termination Value thereof as of such date.  The amount of any Capital  Lease or Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable  Indebtedness in respect thereof as of such date. Indebtedness shall not include (i) any of the foregoing  clauses (a) through (h) of this definition of any Excluded Entity, except to the extent there is recourse for  such obligation to the Borrower or any Subsidiary (other than an Excluded Entity), (ii) earn-outs and  contingent payments in respect of acquisitions except to the extent that the liability on account of such earn- out or contingent payment becomes fixed and is required by GAAP to be reflected on the consolidated  balance sheet of the Borrower and its Subsidiaries and is due and payable and remains unpaid for a period  

 

  - 13 -  of thirty (30) days, or (iii) any obligations or liabilities arising under or in connection with any annuities,  insurance policies, insurance contracts or any other similar agreements.  Any Indebtedness for which  proceeds have been escrowed or otherwise deposited to repay, defease, redeem or satisfy and discharge  such Indebtedness shall not be deemed outstanding.  “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to  any payment made by or on account of any obligation of any Loan Party under any Loan Document and  (b) to the extent not otherwise described in (a), Other Taxes.  “Indemnitees” has the meaning specified in Section 10.04(b).  “Information” has the meaning specified in Section 10.07.  “Increase Effective Date” has the meaning specified in Section 2.12(c).  “Increasing Lender” has the meaning specified in Section 2.12(b).  “Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of  each Interest Period applicable to such Loan and the Maturity Date; and (b) as to any Base Rate Loan, the  last Business Day of each March, June, September and December and the Maturity Date.  “Interest Period” means as to each Term SOFR Loan, the period commencing on the date such  Term SOFR Loan is disbursed or converted to or continued as a Term SOFR Loan and ending on the date  one or three months thereafter, as selected by the Borrower in its Committed Loan Notice (in the case of  each requested Interest Period, subject to availability); provided that:  (i) any Interest Period that would otherwise end on a day that is not a Business Day  shall be extended to the next succeeding Business Day unless, in the case of a Term SOFR Loan,  such Business Day falls in another calendar month, in which case such Interest Period shall end on  the next preceding Business Day;  (ii) any Interest Period pertaining to a Term SOFR Loan that begins on the last  Business Day of a calendar month (or on a day for which there is no numerically corresponding  day in the calendar month at the end of such Interest Period) shall end on the last Business Day of  the calendar month at the end of such Interest Period; and  (iii) no Interest Period shall extend beyond the Maturity Date.  “IRS” means the United States Internal Revenue Service.  “Joinder Agreement” has the meaning specified in Section 2.12(b).  “Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties,  rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities,  including the interpretation or administration thereof by any Governmental Authority charged with the  enforcement, interpretation or administration thereof, and all applicable administrative orders, directed  duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority,  in each case whether or not having the force of law.  “Lender” has the meaning specified in the introductory paragraph hereto.  

 

  - 14 -  “Lender Party” and “Lender Recipient Party” means collectively, the Lenders.  “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 in writing 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. Unless the context  otherwise requires each reference to a Lender shall include its applicable Lending Office.  “Lien” means any mortgage, pledge, hypothecation, collateral assignment, deposit arrangement,  encumbrance, easement, right-of-way or other encumbrance on title to real property, lien (statutory or  other), charge, or preference, priority or other security interest or preferential arrangement in the nature of  a security interest of any kind or nature whatsoever (including any conditional sale or other title retention  agreement, any easement, right of way or other encumbrance on title to real property and any financing  lease having substantially the same economic effect as any of the foregoing).  “Loan” means an extension of credit by a Lender to the Borrower under Article II in the form of a  Committed Loan.  “Loan Documents” means this Agreement, including schedules and exhibits hereto, each Note, any  Guaranty, the Fee Letter and any amendments, modifications or supplements hereto or to any other Loan  Document or waivers hereof or to any other Loan Document.  “Loan Parties” means, collectively, the Borrower and each Guarantor (if any).  “Material Adverse Effect” means a material adverse effect on (a) the business, operations, property  or financial condition of the Borrower and its Subsidiaries taken as a whole, (b) the ability of the Borrower  to perform its payment obligations under any Loan Document to which it is a party or (c) the validity or  enforceability against the Borrower of any Loan Document to which it is a party or the rights or remedies  of the Administrative Agent or the Lenders hereunder or thereunder.  “Material Subsidiary” means, at any time, Subsidiaries of the Borrower which, together with their  respective Subsidiaries, individually or in the aggregate, (a) contribute at least ten percent (10%) of the  Consolidated EBITDA of the Borrower and its Subsidiaries for the four consecutive fiscal quarters of the  Borrower most recently ended or (b) constitute at least ten percent (10%) of the consolidated assets of the  Borrower and its Subsidiaries as of the last day of the most recently ended fiscal quarter, in each case,  determined by reference to the financial statements most recently delivered to the Administrative Agent  and the Lenders.  “Maturity Date” means September 7, 2023; provided, however, that, in each case, if such date is  not a Business Day, the Maturity Date shall be the next preceding Business Day.  “Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3)  of ERISA, to which the Borrower or any ERISA Affiliate makes or is obligated to make contributions, or  during the preceding five plan years, has made or been obligated to make contributions.  “Multiple Employer Plan” means a Plan which has two or more contributing sponsors (including  the Borrower or any ERISA Affiliate) at least two of whom are not under common control, as such a plan  is described in Section 4064 of ERISA.  

 

  - 15 -  “Non-Consenting Lender” means any Lender that does not approve any consent, waiver or  amendment that (a) requires the approval of all Lenders or all affected Lenders in accordance with the terms  of Section 10.01 and (b) has been approved by the Required Lenders.  “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such  time.  “Non-Recourse CIV Indebtedness” means Indebtedness of any sponsored investment vehicle  which is Consolidated and reported on the Borrower’s financial statements (each, a “CIV”) to the extent  that the holders of such Indebtedness have no recourse to the general assets (other than the amounts invested  by the Borrower or its Subsidiaries in each such CIV) or credit of the Borrower or its Subsidiaries.  “Non-Recourse Indebtedness” means (i) Indebtedness of a Permitted Purchaser pursuant to a  Permitted True Sale Transaction (so long as the holders of such Indebtedness have no recourse to the general  assets or credit of the Borrower or its Subsidiaries (other than such Permitted Purchasers)) and (ii) Non- Recourse CIV Indebtedness.  “Note” means a promissory note made by the Borrower in favor of a Lender evidencing Loans  made by such Lender, substantially in the form of Exhibit B.  “Notice of Loan Prepayment” means a notice of prepayment with respect to a Loan, which shall be  substantially in the form of Exhibit F or such other form as may be approved by the Administrative Agent  (including any form on an electronic platform or electronic transmission system as shall be approved by the  Administrative Agent), appropriately completed and signed by a Responsible Officer.   “Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of,  any Loan Party arising under any Loan Document or otherwise with respect to any Loan, whether direct or  indirect (including those acquired by assumption), absolute or contingent, due or to become due, now  existing or hereafter arising and including interest and fees that accrue after the commencement by or  against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming  such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed  claims in such proceeding; provided that, without limiting the foregoing, the Obligations include (a) the  obligation to pay principal, interest, charges, expenses, fees, indemnities and other amounts payable by any  Loan Party under any Loan Document and (b) the obligation of the Loan Parties to reimburse any amount  in respect of any of the foregoing that the Administrative Agent or any Lender, in each case in its sole  discretion, may elect to pay or advance on behalf of the Loan Parties.  “OFAC” means the Office of Foreign Assets Control of the United States Department of the  Treasury.  “Organization Documents” means, (a) with respect to any corporation, the charter or certificate or  articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect  to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of  formation or organization and operating or limited liability agreement; and (c) with respect to any  partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other  applicable agreement of formation or organization and any agreement, instrument, filing or notice with  respect thereto filed in connection with its formation or organization with the applicable Governmental  Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of  formation or organization of such entity.  

 

  - 16 -  “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 3.06).  “Outstanding Amount” means with respect to Committed Loans on any date, the aggregate  outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments  of Committed Loans, as the case may be, occurring on such date.  “Participant” has the meaning specified in Section 10.06(d).  “Participant Register” has the meaning specified in Section 10.06(d).  “PBGC” means the Pension Benefit Guaranty Corporation.  “Pension Funding Rules” means the rules of the Code and ERISA regarding minimum funding  standards with respect to Pension Plans and set forth in Sections 412, 430, 431, 432 and 436 of the Code  and Sections 302, 303, 304 and 305 of ERISA.  “Pension Plan” means any employee pension benefit plan (including a Multiple Employer Plan or  a Multiemployer Plan) that is maintained or is contributed to by the Borrower and any ERISA Affiliate or  with respect to which the Borrower or any ERISA Affiliate has any liability and is either covered by Title  IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code.  “Permitted Holder” means (i) Charles B. Johnson, (ii) Rupert H. Johnson, Jr., (iii) any Permitted  Holder Related Party of Charles B. Johnson or Rupert H. Johnson, Jr., and (iv) any “group” (within the  meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) of which  any of the foregoing are members; provided that in the case of such “group” and without giving effect to  the existence of such “group” or any other “group,” such Persons specified in clauses (i), (ii) or (iii) above,  collectively, have beneficial ownership, directly or indirectly, of more than 50% of the total voting power  of the voting Equity Interests of the Borrower or any of its direct or indirect parent entities held by such  “group.”  “Permitted Holder Related Party” shall mean with respect to Charles B. Johnson and Rupert H.  Johnson, Jr., (i) any spouse or lineal descendant of such Person, (ii) any trust, corporation or partnership or  other entity of which a 50% or more controlling interest is held by the beneficiaries, stockholders, partners  or owners who are either Charles B. Johnson, Rupert H. Johnson, Jr., any of the persons described in clause  (i) above or any combination of these identified relationships and (iii) any trust or charitable foundation the  trustee of which is either Charles B. Johnson, Rupert H. Johnson, Jr. or any of the persons described in  clause (i) above.  “Permitted Purchaser” means a Subsidiary or a financial institution or trust that purchases 12b-1 or  Other Fees in connection with a Permitted True Sale Transaction.  

 

  - 17 -  “Permitted Recourse Financing Transaction” means a pledge by the Borrower or a Subsidiary of  12b-1 or Other Fees to a third party in order to secure Indebtedness extended by such third party to the  Borrower or such Subsidiary.  “Permitted Transaction” means a Permitted True Sale Transaction or a Permitted Recourse  Financing Transaction.  “Permitted True Sale Transaction” means a sale by the Borrower or a Subsidiary of 12b-1 or Other  Fees to a Permitted Purchaser in a true sale transaction without recourse based upon the collectability of  the 12b-1 or Other Fees sold and the sale or pledge of such 12b-1 or Other Fees (or an interest therein) by  such Permitted Purchaser, in each case without any Guarantee by, or other recourse to or credit support by,  the Borrower or any Subsidiary or recourse to any assets of the Borrower or any Subsidiary other than  customary recourse in similar transactions.  “Person” means any natural person, corporation, limited liability company, trust, joint venture,  association, company, partnership, Governmental Authority or other entity.  “Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA (including  a Pension Plan), maintained for employees of the Borrower or any ERISA Affiliate or any such Plan to  which the Borrower or any ERISA Affiliate is required to contribute on behalf of any of its employees.  “Platform” has the meaning specified in Section 6.02.  “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.  “Public Lender” has the meaning specified in Section 6.02.  “Recipient” means the Administrative Agent, any Lender, or any other recipient of any payment to  be made by or on account of any obligation of any Loan Party hereunder.  “Register” has the meaning specified in Section 10.06(c).  “Regulation U” means Regulation U of the FRB, as in effect from time to time and all official  rulings and interpretations thereunder or thereof.   “Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners,  directors, officers, employees, agents, trustees, administrators, managers, advisors, consultants, service  providers and representatives of such Person and of such Person’s Affiliates.  “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.  “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than  events for which the 30 day notice period has been waived.  “Request for Credit Extension” means with respect to a Borrowing, conversion or continuation of  Committed Loans, a Committed Loan Notice.  

 

  - 18 -  “Required Lenders” means, at any time, Lenders having Total Credit Exposures representing more  than 50% of the Total Credit Exposures of all Lenders; provided, that, additionally, so long as there are  three (3) or fewer unaffiliated Lenders, Required Lenders shall be comprised of at least two (2) unaffiliated  Lenders.  The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Required  Lenders at any time; provided, further that, this definition is subject to Section 3.03.  “Rescindable Amount” has the meaning as defined in Section 2.10(b).  “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, chief financial officer, chief  accounting officer, treasurer, assistant treasurer, controller, senior vice president, or vice president of a Loan  Party, solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01, the secretary  or any assistant secretary of a Loan Party and, solely for purposes of notices given pursuant to Article II,  any other officer or employee of the applicable Loan Party so designated by any of the foregoing officers  in a notice to the Administrative Agent or any other officer or employee of the applicable Loan Party  designated in or pursuant to an agreement between the applicable Loan Party and the Administrative Agent.   Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be  conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action  on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted  on behalf of such Loan Party.  “Revolving Credit Exposure” means, as to any Lender at any time, the aggregate principal amount  at such time of its outstanding Committed Loans at such time.  “Sanction(s)” means any sanction administered or enforced by the United States Government  (including without limitation, OFAC), the United Nations Security Council, the European Union, Her  Majesty’s Treasury (“HMT”), the Hong Kong Monetary Authority or other relevant sanctions authority.  “Scheduled Unavailability Date” has the meaning specified in Section 3.03(b).  “SEC” means the Securities and Exchange Commission, or any Governmental Authority  succeeding to any of its principal functions.  “SOFR” means the Secured Overnight Financing Rate as administered by the Federal Reserve Bank  of New York (or a successor administrator).  “SOFR Adjustment” means 0.10% (10 basis points).  “Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company  or other business entity of which a majority of the shares of securities or other interests having ordinary  voting power for the election of directors or other governing body (other than securities or interests having  such power only by reason of the happening of a contingency) are at the time beneficially owned, or the  management of which is otherwise controlled, directly, or indirectly through one or more intermediaries,  or both, by such Person; provided, however, that a Subsidiary shall not include any Excluded Entity.  Unless  otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary  or Subsidiaries of the Borrower.  “Successor Rate” has the meaning specified in Section 3.03(b).  

 

  - 19 -  “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative  transactions, forward rate transactions, commodity swaps, commodity options, forward commodity  contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or  forward bond or forward bond price or forward bond index transactions, interest rate options, forward  foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap  transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar  transactions or any combination of any of the foregoing (including any options to enter into any of the  foregoing), whether or not any such transaction is governed by or subject to any master agreement, and  (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and  conditions of, or governed by, any form of master agreement published by the International Swaps and  Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master  agreement (any such master agreement, together with any related schedules, a “Master Agreement”),  including any such obligations or liabilities under any Master Agreement.  “Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into  account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any  date on or after the date such Swap Contracts have been closed out and termination value(s) determined in  accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause  (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based  upon one or more mid-market or other readily available quotations provided by any recognized dealer in  such Swap Contracts (which may include a Lender or any Affiliate of a Lender).  “Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a so-called  synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property  creating obligations that do not appear on the balance sheet of such Person but which, upon the application  of any Debtor Relief Laws to such Person, would be characterized as the indebtedness of such Person  (without regard to accounting treatment).  “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings  (including backup withholding), assessments, fees or other charges imposed by any Governmental  Authority, including any interest, additions to tax or penalties applicable thereto.  “Term SOFR” means:  (a) for any Interest Period with respect to a Term SOFR Loan, the rate per annum equal to the  Term SOFR Screen Rate two U.S. Government Securities Business Days prior to the commencement of  such Interest Period with a term equivalent to such Interest Period; provided, that if the rate is not published  prior to 11:00 a.m. on such determination date then Term SOFR means the Term SOFR Screen Rate on the  first U.S. Government Securities Business Day immediately prior thereto, in each case, plus the SOFR  Adjustment for such Interest Period; and  (b) for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum  equal to the Term SOFR Screen Rate with a term of one month commencing that day;  provided that if Term SOFR determined in accordance with either of the foregoing provisions (a) or (b) of  this definition would otherwise be less than zero, Term SOFR shall be deemed zero for purposes of this  Agreement.  “Term SOFR Loan” means a Committed Loan that bears interest at a rate based on clause (a) of  the definition of Term SOFR.  

 

  - 20 -  “Term SOFR Screen Rate” means the forward-looking SOFR term rate administered by CME (or  any successor administrator satisfactory to the Administrative Agent) and published on the applicable  Reuters screen page (or such other commercially available source providing such quotations as may be  designated by the Administrative Agent from time to time).  “Threshold Amount” means $300,000,000.00.  “Total Credit Exposure” means, as to any Lender at any time, the unused Commitments and  Revolving Credit Exposure of such Lender at such time.  “Total Outstandings” means the aggregate Outstanding Amount of all Loans.  “12b-1 or Other Fees” means charges and fees, permitted by Rule 12b-1 of the Investment  Company Act of 1940, payable by an investor in a fund offered by the Borrower or any Subsidiary, and  other similar charges and fees.  “Type” means, with respect to a Committed Loan, its character as a Base Rate Loan or a Term  SOFR Loan.  “UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA  Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation  Authority) or any person subject to 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.  “United States” and “U.S.” mean the United States of America.  “U.S. Government Securities Business Day” means any Business Day, except any Business Day  on which any of the Securities Industry and Financial Markets Association, the New York Stock Exchange  or the Federal Reserve Bank of New York is not open for business because such day is a legal holiday under  the federal laws of the United States or the laws of the State of New York, as applicable.  “U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30)  of the Code.  “U.S. Tax Compliance Certificate” has the meaning specified in Section 3.01(g)(ii)(B)(III).  “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.  

 

  - 21 -  1.02 Other Interpretive Provisions.  With reference to this Agreement and each other Loan  Document, unless otherwise specified herein or in such other Loan Document:  (a) The definitions of terms herein shall apply equally to the singular and plural forms of the  terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine,  feminine and neuter forms.  The words “include,” “includes” and “including” shall be deemed to be  followed by the phrase “without limitation.”  The word “will” shall be construed to have the same meaning  and effect as the word “shall.”  Unless the context requires otherwise, (i) any definition of or reference to  any agreement, instrument or other document (including any Organization Document) shall be construed  as referring to such agreement, instrument or other document as from time to time amended, supplemented  or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set  forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to  include such Person’s successors and assigns, (iii) the words “hereto,” “herein,” “hereof” and “hereunder,”  and words of similar import when used in any Loan Document, shall be construed to refer to such Loan  Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document  to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and  Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any  law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting  such law and any reference to any law, rule or regulation shall, unless otherwise specified, refer to such  law, rule or regulation as amended, modified or supplemented from time to time, and (vi) the words “asset”  and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible  and intangible assets and properties, including cash, securities, accounts and contract rights.  (b) In the computation of periods of time from a specified date to a later specified date, the  word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and  the word “through” means “to and including.”  (c) Section headings herein and in the other Loan Documents are included for convenience of  reference only and shall not affect the interpretation of this Agreement or any other Loan Document.  (d) Any reference herein to a merger, transfer, consolidation, amalgamation, consolidation,  assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a  limited liability company, or an allocation of assets to a series of a limited liability company (or the  unwinding of such a division or allocation), as if it were a merger, transfer, consolidation, amalgamation,  consolidation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a  separate Person. Any division of a limited liability company shall constitute a separate Person hereunder  (and each division of any limited liability company that is a Subsidiary, joint venture or any other like term  shall also constitute such a Person or entity).  1.03 Accounting Terms.  (a) Generally.  All accounting terms not specifically or completely defined herein shall be  construed in conformity with, and all financial data (including financial ratios and other financial  calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with,  GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that  used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein.  Notwithstanding the foregoing, (i) for purposes of determining compliance with any covenant (including  the computation of any financial covenant) contained herein, Indebtedness of the Borrower and its  Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the  effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded and (ii) any  lease (or similar arrangement conveying the right to use) that was treated as an operating lease for purposes  

 

  - 22 -  of GAAP prior to the issuance by the Financial Accounting Standards Board on February 25, 2016 of  Accounting Standards Update 842 (“ASU 842”) shall not be treated as Indebtedness, Attributable  Indebtedness, a Synthetic Lease Obligation or a Capital Lease and shall continue to be treated as an  operating lease (and any future lease or similar arrangement conveying the right to use), without giving  effect to the implementation of ASC 842, in each case, for all purposes of Indebtedness, Attributable  Indebtedness, Synthetic Lease Obligation or as Capital Lease under this Agreement.  (b) Changes in GAAP.  If at any time any change in GAAP would affect the computation of  any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the 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 that, until so amended, (A) such ratio  or requirement shall continue to be computed in accordance with GAAP prior to such change therein 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. Without limiting the foregoing, leases shall continue to be classified and accounted for  on a basis consistent with that reflected in the Audited Financial Statements for all purposes of this  Agreement, notwithstanding any change in GAAP relating thereto, unless the parties hereto shall enter into  a mutually acceptable amendment addressing such changes, as provided for above.  (c) Consolidation of Variable Interest Entities.  All references herein to consolidated financial  statements of the Borrower and its Subsidiaries or to the determination of any amount for the Borrower and  its Subsidiaries on a consolidated basis or any similar reference shall, in each case, be deemed to include  each variable interest entity that the Borrower is required to consolidate pursuant to FASB ASC 810 as if  such variable interest entity were a Subsidiary as defined herein.  1.04 Rounding.  Any financial ratios required to be maintained by the Borrower pursuant to  this Agreement shall be calculated by dividing the appropriate component by the other component, carrying  the result to one place more than the number of places by which such ratio is expressed herein and rounding  the result up or down to the nearest number (with a rounding-up if there is no nearest number).  1.05 Times of Day.  Unless otherwise specified, all references herein to times of day shall be  references to Eastern time (daylight or standard, as applicable).  1.06 Interest Rates.  The Administrative Agent does not warrant, nor accept responsibility, nor  shall the Administrative Agent have any liability with respect to the administration, submission or any other  matter related to any reference rate referred to herein or with respect to any rate (including, for the avoidance  of doubt, the selection of such rate and any related spread or other adjustment) that is an alternative or  replacement for or successor to any such rate (including, without limitation, any Successor Rate) (or any  component of any of the foregoing) or the effect of any of the foregoing, or of any Conforming Changes.   The Administrative Agent and its affiliates or other related entities may engage in transactions or other  activities that affect any reference rate referred to herein, or any alternative, successor or replacement rate  (including, without limitation, any Successor Rate) (or any component of any of the foregoing) or any  related spread or other 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 reference rate referred to herein or any alternative, successor or replacement rate (including, without  limitation, any Successor Rate) (or any component of any of the foregoing), 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),  

 

  - 23 -  for any error or other action or omission related to or affecting the selection, determination, or calculation  of any rate (or component thereof) provided by any such information source or service.  ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS  2.01 Committed Loans.  Subject to the terms and conditions set forth herein, each Lender  severally agrees to make loans in Dollars (each such loan, a “Committed Loan”) to the Borrower from time  to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any  time outstanding the amount of such Lender’s Commitment; provided, however, that after giving effect to  any Committed Borrowing, (i) the Total Outstandings shall not exceed the Aggregate Commitments, and  (ii) the Revolving Credit Exposure of any Lender shall not exceed such Lender’s Commitment.  Within the  limits of each Lender’s Commitment, and subject to the other terms and conditions hereof, the Borrower  may borrow under this Section 2.01, prepay under Section 2.03, and reborrow under this Section 2.01.   Committed Loans may be Base Rate Loans or Term SOFR Loans, as further provided herein.  2.02 Borrowings, Conversions and Continuations of Committed Loans.  (a) Each Committed Borrowing, each conversion of Committed Loans from one Type to the  other, and each continuation of Term SOFR Loans shall be made upon the Borrower’s irrevocable notice  to the Administrative Agent, which may be given by (A) telephone or (B) a Committed Loan Notice;  provided that any telephonic notice must be confirmed promptly by delivery to the Administrative Agent  of a Committed Loan Notice. Each such Committed Loan Notice must be received by the Administrative  Agent not later than 11:00 a.m. (i) two (2) Business Days prior to the requested date of any Borrowing of,  conversion to or continuation of Term SOFR Loans and (ii) on the requested date of any Borrowing of Base  Rate Loans or of any conversion of Term SOFR Loans to Base Rate Loans.  Each Borrowing of, conversion  to or continuation of Term SOFR Loans shall be in a principal amount of $5,000,000 or a whole multiple  of $1,000,000 in excess thereof.  Each Borrowing of or conversion to Base Rate Loans shall be in a principal  amount of $500,000 or a whole multiple of $100,000 in excess thereof.  Each Committed Loan Notice shall  specify (i) whether the Borrower is requesting a Committed Borrowing, a conversion of Committed Loans  from one Type to the other, or a continuation of Term SOFR Loans, (ii) the requested date of the Borrowing,  conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount  of Committed Loans to be borrowed, converted or continued, (iv) the Type of Committed Loans to be  borrowed or to which existing Committed Loans are to be converted, and (v) if applicable, the duration of  the Interest Period with respect thereto.  If the Borrower fails to specify a Type of Committed Loan in a  Committed Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or  continuation, then the applicable Committed Loans shall be made as, or converted to, Base Rate Loans.   Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period  then in effect with respect to the applicable Term SOFR Loans.  If the Borrower requests a Borrowing of,  conversion to, or continuation of Term SOFR Loans in any such Committed Loan Notice, but fails to  specify an Interest Period, it will be deemed to have specified an Interest Period of one month.  (b) Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly  notify each Lender of the amount of its Applicable Percentage of the applicable Committed Loans, and if  no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent  shall notify each Lender of the details of any automatic conversion to Base Rate Loans described in the  preceding subsection.  In the case of a Committed Borrowing, each Lender shall make the amount of its  Committed Loan available to the Administrative Agent in immediately available funds at the  Administrative Agent’s Office not later than 1:00 p.m. on the Business Day specified in the applicable  Committed Loan Notice.  Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if  such Borrowing is the initial Credit Extension, Section 4.01), the Administrative Agent shall make all funds  so received available to the Borrower in like funds as received by the Administrative Agent either by (i)  

 

  - 24 -  crediting the account of the Borrower on the books of Bank of America with the amount of such funds or  (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably  acceptable to) the Administrative Agent by the Borrower.  (c) Except as otherwise provided herein, a Term SOFR Loan may be continued or converted  only on the last day of an Interest Period for such Term SOFR Loan.  During the existence of a Default, no  Loans may be requested as, converted to or continued as Term SOFR Loans without the consent of the  Required Lenders.  (d) The Administrative Agent shall promptly notify the Borrower and the Lenders of the  interest rate applicable to any Interest Period for Term SOFR Loans upon determination of such interest  rate.  (e) After giving effect to all Committed Borrowings, all conversions of Committed Loans from  one Type to the other, and all continuations of Committed Loans as the same Type, there shall not be more  than ten Interest Periods in effect with respect to Committed Loans.  (f) Notwithstanding anything to the contrary in this Agreement, any Lender may exchange,  continue or rollover all of the 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.  (g) With respect to SOFR or Term SOFR the Administrative Agent will have the right to make  Conforming Changes from time to time (in consultation with the Borrower) and, notwithstanding anything  to the contrary herein or in any other Loan Document, any amendments implementing such Conforming  Changes will become effective without any further action or consent of any other party to this Agreement  or any other Loan Document; provided, that, with respect to any such amendment effected, the  Administrative Agent shall post each such amendment implementing such Conforming Changes to the  Borrower and the Lenders reasonably promptly after such amendment becomes effective.  2.03 Prepayments.  (a) The Borrower may, upon notice to the Administrative Agent pursuant to delivery to the  Administrative Agent of a Notice of Loan Prepayment, at any time or from time to time voluntarily prepay  Committed Loans in whole or in part without premium or penalty; provided that (i) such notice must be  received by the Administrative Agent not later than 11:00 a.m. (A) two (2) Business Days prior to any date  of prepayment of Term SOFR Loans and (B) on the date of prepayment of Base Rate Loans; (ii) any  prepayment of Term SOFR Loans shall be in a principal amount of $5,000,000 or a whole multiple of  $1,000,000 in excess thereof; (iii) any prepayment of Base Rate Loans shall be in a principal amount of  $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal  amount thereof then outstanding; and (iv) such notice may be conditioned upon the effectiveness of other  transactions, 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.  Each such notice shall  specify the date and amount of such prepayment and the Type(s) of Committed Loans to be prepaid and, if  Term SOFR Loans are to be prepaid, the Interest Period(s) of such Loans.  The Administrative Agent will  promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s  Applicable Percentage of such prepayment.  If such notice is given by the Borrower, the Borrower shall  make such prepayment and the payment amount specified in such notice shall be due and payable on the  date specified therein.  Any prepayment of any Loan shall be accompanied by all accrued interest on the  amount prepaid, together with, in the case of any Term SOFR Loan, any additional amounts required  

 

  - 25 -  pursuant to Section 3.05.  Subject to Section 2.13, each such prepayment shall be applied to the Committed  Loans of the Lenders in accordance with their respective Applicable Percentages.  (b) If for any reason the Total Outstandings at any time exceed the Aggregate Commitments  then in effect, the Borrower shall immediately prepay Loans in an aggregate amount equal to such excess.  2.04 Termination or Reduction of Commitments.  The Borrower may, upon notice to the  Administrative Agent, terminate the Aggregate Commitments, or from time to time permanently reduce the  Aggregate Commitments; provided that (i) any such notice shall be received by the Administrative Agent  not later than 11:00 a.m. five (5) Business Days prior to the date of termination or reduction, (ii) any such  partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in  excess thereof, (iii) the Borrower shall not terminate or reduce the Aggregate Commitments if, after giving  effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the  Aggregate Commitments, and (iv) a notice of termination under this Section 2.04 may state that such notice  is conditioned upon the effectiveness of other credit facilities or any other transaction, 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.  The Administrative Agent will promptly notify the Lenders  of any such notice of termination or reduction of the Aggregate Commitments.  Any reduction of the  Aggregate Commitments shall be applied to the Commitment of each Lender according to its Applicable  Percentage.  All fees accrued until the effective date of any termination of the Aggregate Commitments  shall be paid on the effective date of such termination.  2.05 Repayment of Loans.  The Borrower shall repay to the Lenders on the Maturity Date the  aggregate principal amount of Committed Loans outstanding on such date.  2.06 Interest.  (a) Subject to the provisions of subsection (b) below, (i) each Term SOFR Loan shall bear  interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to  the sum of Term SOFR for such Interest Period plus the Applicable Rate and (ii) each Base Rate Loan shall  bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per  annum equal to the Base Rate.  (b) (i) If any amount of principal of any Loan is not paid when due (without regard to any  applicable grace periods), whether at stated maturity, by acceleration or otherwise, such overdue amount  shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to  the fullest extent permitted by Applicable Laws.  (ii) If any amount (other than principal of any Loan) payable by the Borrower under  any Loan Document is not paid when due (without regard to any applicable grace periods), whether  at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders,  such overdue amount shall thereafter bear interest at a fluctuating interest rate per annum at all  times equal to the Default Rate to the fullest extent permitted by Applicable Laws.  (iii) Accrued and unpaid interest on past due amounts (including interest on past due  interest) shall be due and payable upon demand.  (c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date  applicable thereto and at such other times as may be specified herein.  Interest hereunder shall be due and  payable in accordance with the terms hereof before and after judgment, and before and after the  commencement of any proceeding under any Debtor Relief Law.  

 

  - 26 -  2.07 Fees.    (a) Commitment Fee. The Borrower shall pay to the Administrative Agent for the account of  each Lender in accordance with its Applicable Percentage, a commitment fee equal to 0.05% times the  actual daily amount by which the Aggregate Commitments exceed the Outstanding Amount of Committed  Loans, subject to adjustment as provided in Section 2.13. For the avoidance of doubt, the commitment fee  shall accrue at all times during the Availability Period, including at any time during which one or more of  the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business  Day of each March, June, September and December, commencing with the first such date to occur after the  Closing Date, and on the last day of the Availability Period.  The commitment fee shall be calculated  quarterly in arrears.  (b) Other Fees.  (i) The Borrower shall pay to the Arranger and the Administrative Agent for  their own respective accounts fees in the amounts and at the times specified in the Fee Letter.  Such fees  shall be fully earned when paid and shall not be refundable for any reason whatsoever.  (ii) The Borrower  shall pay to any Lender such fees (if any) as shall have been separately agreed upon in writing in the  amounts and at the times so specified.  Such fees shall be fully earned when paid and shall not be refundable  for any reason whatsoever.  2.08 Computation of Interest and Fees.  All computations of interest for Base Rate Loans  (including Base Rate Loans determined by reference to Term SOFR) shall be made on the basis of a year  of 365 or 366 days, as the case may be, and actual days elapsed.  All other computations of fees and interest  shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest,  as applicable, being paid than if computed on the basis of a 365-day year).  Interest shall accrue on each  Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the  day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on  which it is made shall, subject to Section 2.10(a), bear interest for one day.  Each determination by the  Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes,  absent manifest error.  2.09 Evidence of Debt.  The Credit Extensions made by each Lender shall be evidenced by one  or more accounts or records maintained by such Lender in the ordinary course of business.  The  Administrative Agent shall maintain the Register in accordance with Section 10.06(c).  The accounts or  records maintained by each Lender shall be conclusive absent manifest error of the amount of the Credit  Extensions made by the Lenders to the Borrower and the interest and payments thereon.  Any failure to so  record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower  hereunder to pay any amount owing with respect to the Obligations.  In the event of any conflict between  the accounts and records maintained by any Lender and the Register, the Register shall control in the  absence of manifest error.  Upon the request of any Lender made through the Administrative Agent, the  Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall  evidence such Lender’s Loans in addition to such accounts or records.  Each Lender may attach schedules  to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and  payments with respect thereto.  2.10 Payments Generally; Administrative Agent’s Clawback.  (a) General.  All payments to be made by the Borrower shall be made free and clear of and  without condition or deduction for any counterclaim, defense, recoupment or setoff (except as set forth in  Section 3.01(b)).  Except as otherwise expressly provided herein, all payments by the Borrower hereunder  shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment  is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than  

 

  - 27 -  2:00 p.m. on the date specified herein.  The Administrative Agent will promptly distribute to each Lender  its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds as  received by wire transfer to such Lender’s Lending Office.  All payments received by the Administrative  Agent after 2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable  interest or fee shall continue to accrue.  If any payment to be made by the Borrower shall come due on a  day other than a Business Day, payment shall be made on the next following Business Day, and such  extension of time shall be reflected in computing interest or fees, as the case may be.  (b) (i) Funding by Lenders; Presumption by Administrative Agent.  Unless the  Administrative Agent shall have received notice from a Lender prior to the proposed date of any Committed  Borrowing of Term SOFR Loans (or, in the case of any Committed Borrowing of Base Rate Loans, prior  to 12:00 noon on the date of such Committed Borrowing) that such Lender will not make available to the  Administrative Agent such Lender’s share of such Committed Borrowing, the Administrative Agent may  assume that such Lender has made such share available on such date in accordance with Section 2.02 (or,  in the case of a Committed Borrowing of Base Rate Loans, that such Lender has made such share available  in accordance with and at the time required by Section 2.02) 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 Committed Borrowing available to the Administrative Agent, then the applicable  Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such  corresponding amount in immediately available funds with interest thereon, for each day from and including  the date such amount is made available to the Borrower to but excluding the date of payment to the  Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal  Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules  on interbank compensation, plus any administrative, processing or similar fees customarily charged by the  Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by the  Borrower, the interest rate applicable to Base Rate Loans.  If the Borrower and such Lender shall pay such  interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall  promptly remit to the Borrower the amount of such interest paid by the Borrower for such period.  If such  Lender pays its share of the applicable Committed Borrowing to the Administrative Agent, then the amount  so paid shall constitute such Lender’s Committed Loan included in such Committed Borrowing.  Any  payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender  that shall have failed to make such payment to the Administrative Agent.  (ii) Payments by Borrower; Presumptions by Administrative Agent.  Unless the  Administrative Agent shall have received notice from the Borrower prior to the date on which any  payment is due to the Administrative Agent for the account of the Lenders hereunder that the  Borrower will not make such payment, the Administrative Agent may assume that the Borrower  has made such payment on such date in accordance herewith and may, in reliance upon such  assumption, distribute to the Lenders, as the case may be, the amount due.  With respect to any payment that the Administrative Agent makes for the account of the Lenders  hereunder as to which the Administrative Agent determines (which determination shall be conclusive absent  manifest error) that any of the following applies (such payment referred to as the “Rescindable Amount”):  (1) the Borrower has not in fact made such payment; (2) the Administrative Agent has made a payment  in excess of the amount so paid by the Borrower (whether or not then owed); or (3) the Administrative  agent has for any reason otherwise erroneously made such payment; then each of the Lenders, as the  case may be, severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable  Amount so distributed to such Lender, in immediately available funds 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 Rate and a rate determined by the Administrative  Agent in accordance with banking industry rules on interbank compensation.  

 

  - 28 -  A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing  under this clause (b) shall be conclusive, absent manifest error.    (c) Failure to Satisfy Conditions Precedent.  If any Lender makes available to the  Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions  of this Article II, and such funds are not made available to the Borrower by the Administrative Agent  because the conditions to the applicable Credit Extension set forth in Article IV are not satisfied or waived  in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as  received from such Lender) to such Lender, without interest.  (d) Obligations of Lenders Several.  The obligations of the Lenders hereunder to make  Committed Loans and to make payments pursuant to Section 10.04(c) are several and not joint.  The failure  of any Lender to make any Committed Loan, to fund any such participation or to make any payment under  Section 10.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding  obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to  so make its Committed Loan, to purchase its participation or to make its payment under Section 10.04(c).  (e) Funding Source.  Nothing herein shall be deemed to obligate any Lender to obtain the funds  for any Loan in any particular place or manner or to constitute a representation by any Lender that it has  obtained or will obtain the funds for any Loan in any particular place or manner.  (f) Insufficient Funds.  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, toward 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,  toward payment of principal then due hereunder, ratably among the parties entitled thereto in accordance  with the amounts of principal then due to such parties.  2.11 Sharing of Payments by Lenders.  If any Lender shall, by exercising any right of setoff  or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the  Committed Loans made by it, then the Lender receiving such greater proportion shall (a) notify the  Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Committed  Loans, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall  be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued  interest on their respective Committed Loans and other amounts owing them, provided that:  (i) if any such participations or subparticipations are purchased and all or any portion  of the payment giving rise thereto is recovered, such participations or subparticipations shall be  rescinded and the purchase price restored to the extent of such recovery, without interest; and  (ii) the provisions of this Section 2.11 shall not be construed to apply to (x) any  payment made by or on behalf of the Borrower pursuant to and in accordance with the express  terms of this Agreement (including the application of funds arising from the existence of a  Defaulting Lender) or (y) any payment obtained by a Lender as consideration for the assignment  of or sale of a participation in any of its Committed Loans to any assignee or participant, other than  an assignment to the Borrower or any Subsidiary thereof (as to which the provisions of this  Section 2.11 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  

 

  - 29 -  exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully  as if such Lender were a direct creditor of the Borrower in the amount of such participation.  2.12 Increase in Commitments.  (a) Request for Increase.  Provided no Event of Default has occurred and is continuing or  would result therefrom, upon notice to the Administrative Agent (which shall promptly notify the Lenders),  the Borrower may from time to time, request an increase in the Aggregate Commitments by an amount (for  all such requests) not exceeding $250,000,000; provided, that (i) any such request for an increase shall be  in a minimum amount of $10,000,000, (ii) the Borrower may make a maximum of three such requests and  (iii) no Lender shall be obligated to increase its Commitment.    (b) Increasing Lenders.  Each increase in the Aggregate Commitments pursuant to Section  2.12(a) may be provided by the Lenders (other than any Defaulting Lender) or any Eligible Assignees  designated by the Borrower that are willing to provide such increase (together with any existing Lender  participating in such increase, each, an “Increasing Lender”) and to become Lenders pursuant to a joinder  agreement in form and substance reasonably satisfactory to the Administrative Agent (each, a “Joinder  Agreement”), pursuant to which such Increasing Lender shall become a party to this Agreement.  Nothing  contained herein shall constitute, or otherwise be deemed to be, a commitment on the part of any existing  Lender to increase its commitments hereunder.  (c) Effective Date and Allocations.  If the Aggregate Commitments are increased in  accordance with this Section 2.12, the Administrative Agent and the Borrower shall determine the effective  date (the “Increase Effective Date”) and the final allocation of such increase.  The Administrative Agent  shall promptly notify the Borrower and the Lenders (including the Increasing Lenders) of the final  allocation of such increase and the Increase Effective Date.  Each of the parties hereto agrees that, upon the  Increase Effective Date, this Agreement shall be deemed amended to the extent (but only to the extent)  necessary to reflect the existence of the additional Aggregate Commitments and additional Loans evidenced  thereby and the Administrative Agent, each applicable Increasing Lender and the Borrower may revise this  agreement to evidence such additional Aggregate Commitments and additional Loans (and, for the  avoidance of doubt, no consent of any Lender that is not an Increasing Lender will be required to effect the  revisions contemplated by this Section 2.12(c)).  (d) Conditions to Effectiveness of Increase.  As conditions precedent to such increase, (A)  each of the representations and warranties contained in Article V and the other Loan Documents shall be  true and correct in all material respects (except that such materiality qualifier shall not be applicable to any  representations and warranties that already are qualified or modified by materiality in the text thereof) on  and as of the Increase Effective Date, except to the extent that such representations and warranties  specifically refer to an earlier date, in which case they shall be true and correct in all material respects  (except that such materiality qualifier shall not be applicable to any representations and warranties that  already are qualified or modified by materiality in the text thereof) as of such earlier date, and except that  for purposes of this Section 2.12, the representations and warranties contained in subsections (a) and (b) of  Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a)  and (b), respectively, of Section 6.01, (B) no Event of Default shall have occurred and be continuing or  would result therefrom and (C) if applicable, the Borrower shall have delivered to the Administrative Agent  a Joinder Agreement executed by the Borrower, the applicable Increasing Lenders(s) and acknowledged by  the Administrative Agent.  On the Increase Effective Date (i) each relevant Increasing 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 such amounts to make payments to such other Lenders, each Lender’s  portion of the outstanding Loans to equal its Applicable Percentage of the Loans outstanding after giving  

 

  - 30 -  effect to the increase in the Aggregate Commitments, and (ii)  the Borrower shall be deemed to have repaid  and reborrowed all outstanding Loans as of the Increase Effective Date (with such reborrowing to consist  of the Types of Loans, with related Interest Periods if applicable, specified in a notice delivered by the  Borrower, in accordance with the requirements of Section 2.02). 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 SOFR Loan and shall be subject to indemnification by  the Borrower pursuant to the provisions of Section 3.05 if the deemed payment occurs other than on the  last day of the related Interest Periods.  (e) Conflicting Provisions.  This Section 2.12 shall supersede any provisions in Section 2.11  or Section 10.01 to the contrary.  2.13 Defaulting Lenders.  (a) Adjustments.  Notwithstanding anything to the contrary contained in this Agreement, if  any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting  Lender, to the extent permitted by Applicable Law:  (b) Waivers and Amendments.  Such Defaulting Lender’s right to approve or disapprove any  amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition  of “Required Lenders” and Section 10.01.  (c) Defaulting Lender Waterfall.  Any payment of principal, interest, fees or other amounts  received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or  mandatory, at maturity, pursuant to Article VIII 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 (x) 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 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 hereunder. 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 shall be deemed paid to and  redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.  (d) Certain Fees.  No Defaulting Lender shall be entitled to receive any fee payable under  Section 2.07 for any period during which that Lender is a Defaulting Lender (and the Borrower shall not  

 

  - 31 -  be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting  Lender).  2.14 Defaulting Lender Cure.  If the Borrower and the Administrative Agent agree in writing  that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto,  whereupon as of the effective date specified in such notice and subject to any conditions set forth therein,  that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other  Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the  Committed Loans to be held pro rata by the Lenders in accordance with the Commitments, whereupon such  Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with  respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a  Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the  affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release  of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.  ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY  3.01 Taxes.  (a) Defined Terms. For purposes of this Section 3.01, the term “Applicable Law” includes  FATCA.  (b) Payments Free of Taxes.  Any and all payments by or on account of any obligation of any  Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes,  except as required by Applicable Law.  If any Applicable Law (as determined in the good faith discretion  of an applicable withholding agent) requires the deduction or withholding of any Tax from any such  payment by the applicable withholding agent, then the applicable withholding agent shall be entitled to  make such deduction or withholding and shall timely pay the full amount deducted or withheld to the  relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified  Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such  deduction or withholding has been made (including such deductions and withholdings applicable to  additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the  sum it would have received had no such deduction or withholding been made.  (c) Payment of Other Taxes by 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.  (d) Indemnification by Borrower.  The Borrower shall indemnify each Recipient,  within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified  Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01) payable or paid  by such Recipient or required to be withheld or deducted from a payment to such Recipient and any  reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were  correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the  amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the  Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be  conclusive absent manifest error.  (e) Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative  Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but  only to the extent that the Borrower has not already indemnified the Administrative Agent for such  

 

  - 32 -  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 10.06(d) relating to the maintenance of a  Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable  or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses  arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or  asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability  delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each  Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time  owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the  Lender from any other source against any amount due to the Administrative Agent under this clause (e).  (f) Evidence of Payments.  As soon as practicable after any payment of Taxes by the Borrower  to a Governmental Authority as provided in this Section 3.01, 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 any return required by Laws to report such payment or other evidence  of such payment reasonably satisfactory to the Administrative Agent.  (g) Status of Lenders; Tax Documentation.  (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax  with respect to payments made under any Loan Document shall deliver to the Borrower and the  Administrative Agent, at the time or times reasonably requested by the Borrower or the  Administrative Agent, such properly completed and executed documentation reasonably requested  by the Borrower or the Administrative Agent as will permit such payments to be made without  withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested  by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by  Applicable Law or reasonably requested by the Borrower or the Administrative Agent as will  enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject  to backup withholding or information reporting requirements.  Notwithstanding anything to the  contrary in the preceding two sentences, the completion, execution and submission of such  documentation (other than such documentation set forth in Section 3.01(g)(ii)(A), (ii)(B) and  (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion,  execution or submission would subject such Lender to any material unreimbursed cost or expense  or would materially prejudice the legal or commercial position of such Lender.  (ii) Without limiting the generality of the foregoing, in the event that the Borrower is  a U.S. Person,  (A) any Lender that is a U.S. Person shall deliver to the Borrower and  the Administrative Agent on or prior to the date on which such Lender becomes a Lender  under this Agreement (and from time to time thereafter upon the reasonable request of the  Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that  such Lender is exempt from U.S. federal backup withholding tax;   (B) any Foreign Lender shall, to the extent it is legally entitled to do  so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall  be requested by the recipient) on or prior to the date on which such Foreign Lender becomes  a Lender under this Agreement (and from time to time thereafter upon the reasonable  request of the Borrower or the Administrative Agent), whichever of the following is  applicable:  

 

  - 33 -  (I) in the case of a Foreign Lender claiming the benefits of  an income tax treaty to which the United States is a party (x) with respect to  payments of interest under any Loan Document, executed copies of IRS Form W- 8BEN-E (or W-8BEN, as applicable) establishing an exemption from, or reduction  of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty  and (y) with respect to any other applicable payments under any Loan Document,  IRS Form W-8BEN-E (or W-8BEN, 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;  (II) executed copies of IRS Form W-8ECI;  (III) in the case of a Foreign Lender claiming the benefits of  the exemption for portfolio interest under Section 881(c) of the Code, (x) a  certificate substantially in the form of Exhibit E-1 to the effect that such Foreign  Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a  “10 percent shareholder” of the Borrower within the meaning of Section  881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in  Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y)  executed copies of IRS Form W-8BEN-E (or W-8BEN, as applicable); or  (IV) to the extent a Foreign Lender is not the beneficial owner,  executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS  Form W-8BEN-E (or W-8BEN, as applicable), a U.S. Tax Compliance Certificate  substantially in the form of Exhibit E-2 or Exhibit E-3, IRS Form W-9, and/or  other certification documents from each beneficial owner, as applicable; provided  that if the Foreign Lender is a partnership and one or more direct or indirect  partners of such Foreign Lender are claiming the portfolio interest exemption, such  Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in  the form of Exhibit E-4 on behalf of each such direct and indirect partner;  (C) any Foreign Lender shall, to the extent it is legally entitled to do  so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall  be requested by the recipient) on or prior to the date on which such Foreign Lender becomes  a Lender under this Agreement (and from time to time thereafter upon the reasonable  request of the Borrower or the Administrative Agent), executed copies of any other form  prescribed by Applicable Law as a basis for claiming exemption from or a reduction in  U.S. federal withholding Tax, duly completed, together with such supplementary  documentation as may be prescribed by Applicable Law to permit the Borrower or the  Administrative Agent to determine the withholding or deduction required to be made; and  (D) if a payment made to a Lender under any Loan Document would  be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail  to comply with the applicable reporting requirements of FATCA (including those  contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall  deliver to the Borrower and the Administrative Agent at the time or times prescribed by  law and at such time or times reasonably requested by the Borrower or the Administrative  Agent such documentation prescribed by Applicable Law (including as prescribed by  Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably  requested by the Borrower or the Administrative Agent as may be necessary for the  Borrower and the Administrative Agent to comply with their obligations under FATCA  

 

  - 34 -  and to determine that such Lender has complied with such Lender’s obligations under  FATCA or to determine the amount to deduct and withhold from such payment.  Solely for  purposes of this clause (D), “FATCA” shall include any amendments made to FATCA  after the date of this Agreement.  (iii) Each Lender agrees that if any form or certification it previously delivered  pursuant to this Section 3.01 expires or becomes obsolete or inaccurate in any respect, it shall  update such form or certification or promptly notify the Borrower and the Administrative Agent in  writing of its legal inability to do so.  (h) Treatment of Certain Refunds.  Unless required by Applicable Laws, at no time shall the  Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender, or have any  obligation to pay to any Lender, any refund of Taxes withheld or deducted from funds paid for the account  of such Lender, as the case may be.  If any Recipient 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 by the Borrower or with  respect to which the Borrower has paid additional amounts pursuant to this Section 3.01, it shall pay to the  Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional  amounts paid, by the Borrower under this Section 3.01 with respect to the Taxes giving rise to such refund),  net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other  than any interest paid by the relevant Governmental Authority with respect to such refund), provided that  the Borrower, upon the request of the Recipient, agrees to repay the amount paid over to the Borrower (plus  any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Recipient  in the event the Recipient is required to repay such refund to such Governmental Authority.   Notwithstanding anything to the contrary in this clause (h), in no event will the applicable Recipient be  required to pay any amount to the Borrower pursuant to this clause (h) the payment of which would place  the Recipient in a less favorable net after-Tax position than such Recipient 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 subsection shall not be construed to require any Recipient to make available its Tax returns (or  any other information relating to its Taxes that it deems confidential) to the Borrower or any other Person.  (i) Survival.  Each party’s obligations under this Section 3.01 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 other Obligations.  3.02 Illegality.  If any Lender determines that any Law has made it unlawful, or that any  Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to  make, maintain or fund Loans whose interest is determined by reference to SOFR or Term SOFR, or to  determine or charge interest rates based upon SOFR or Term SOFR then, upon notice thereof by such  Lender to the Borrower (through the Administrative Agent), (a) any obligation of such Lender to make or  continue Loans based upon SOFR or to convert Base Rate Loans to Loans based upon SOFR shall be  suspended, and (b) if such notice asserts the illegality of such Lender making or maintaining Base Rate  Loans the interest rate on which is determined by reference to the Term SOFR component of the Base Rate,  the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be  determined by the Administrative Agent without reference to the Term SOFR component of the 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, if applicable, convert all  Loans based upon SOFR of such Lender to Base Rate Loans (the interest rate on which Base Rate Loans  of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent  without reference to the Term SOFR component of the Base Rate), either on the last day of the Interest  

 

  - 35 -  Period therefor, if such Lender may lawfully continue to maintain such Loans based upon SOFR to such  day, or immediately, if such Lender may not lawfully continue to maintain such Loans based upon SOFR  and (ii) if such notice asserts the illegality of such Lender determining or charging interest rates based upon  SOFR, the Administrative Agent shall during the period of such suspension compute the Base Rate  applicable to such Lender without reference to the Term SOFR 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 SOFR.  Upon any such prepayment or conversion, the Borrower shall also pay  accrued interest on the amount so prepaid or converted., together with any additional amounts required  pursuant to Section 3.05.  3.03 Inability to Determine Rates.  (a) Inability to Determine Rates.  If in connection with any request for a Term SOFR Loan or  a conversion of Base Rate Loans to Term SOFR Loans or a continuation of any of such Loans, as applicable,  (i) the Administrative Agent determines (which determination shall be conclusive absent manifest error)  that (A) no Successor Rate has been determined in accordance with Section 3.03(b), and the circumstances  under clause (i) of Section 3.03(b) or the Scheduled Unavailability Date has occurred or (B) adequate and  reasonable means do not otherwise exist for determining Term SOFR for any requested Interest Period with  respect to a proposed Term SOFR Loan or in connection with an existing or proposed Base Rate Loan, or  (ii) the Administrative Agent or the Required Lenders determine that for any reason that Term SOFR for  any requested Interest Period with respect to a proposed Term SOFR Loan does not adequately and fairly  reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the  Borrower and each Lender.  Thereafter, (x) the obligation of the Lenders to make or maintain Term SOFR  Loans or to convert Base Rate Loans to Term SOFR Loans, shall be suspended (to the extent of the affected  Term SOFR Loans or Interest Periods), and (y) in the event of a determination described in the preceding  sentence with respect to the Term SOFR component of the Base Rate, the utilization of the Term SOFR  component in determining the Base Rate shall be suspended, in each case until the Administrative Agent  (or, in the case of a determination by the Required Lenders described in clause (ii) of this Section 3.03(a),  until the Administrative Agent upon instruction of the Required Lenders) revokes such notice.  Upon receipt  of such notice, (i) the Borrower may revoke any pending request for a Borrowing of, or conversion to, or  continuation of Term SOFR Loans (to the extent of the affected Term SOFR Loans or Interest Periods) or,  failing that, will be deemed to have converted such request into a request for a Committed Borrowing of  Base Rate Loans in the amount specified therein and (ii) any outstanding Term SOFR Loans shall be  deemed to have been converted to Base Rate Loans immediately at the end of their respective applicable  Interest Period.  (b) Replacement of Term SOFR or Successor Rate.  Notwithstanding anything to the contrary  in this Agreement or any other Loan Documents, if the Administrative Agent determines (which  determination shall be conclusive absent manifest error), or the Borrower or Required Lenders notify the  Administrative Agent (with, in the case of the Required Lenders, a copy to the Borrower) that the Borrower  or Required Lenders (as applicable) have determined, that:  (i) adequate and reasonable means do not exist for ascertaining one month and three  month interest periods of Term SOFR, including, without limitation, because the Term SOFR  Screen Rate is not available or published on a current basis and such circumstances are unlikely to  be temporary; or  (ii) CME or any successor administrator of the Term SOFR Screen Rate or a  Governmental Authority having jurisdiction over the Administrative Agent or such administrator  with respect to its publication of Term SOFR, in each case acting in such capacity, has made a  public statement identifying a specific date after which one month and three month interest periods  

 

  - 36 -  of Term SOFR or the Term SOFR Screen Rate shall or will no longer be made available, or  permitted to be used for determining the interest rate of U.S. dollar denominated syndicated loans,  or shall or will otherwise cease, provided, that, at the time of such statement, there is no successor  administrator that is satisfactory to the Administrative Agent, that will continue to provide such   interest periods of Term SOFR after such specific date (the latest date on which one month and  three month interest periods of Term SOFR or the Term SOFR Screen Rate are no longer available  permanently or indefinitely, the “Scheduled Unavailability Date”);   then, on a date and time determined by the Administrative Agent (any such date, the “Term SOFR  Replacement Date”), which date shall be, in the case of Term SOFR Loans, at the end of an Interest Period  or on the relevant interest payment date, as applicable, for interest calculated and, solely with respect to  clause (ii) above, no later than the Scheduled Unavailability Date, Term SOFR will be replaced hereunder  and under any Loan Document with Daily Simple SOFR plus the SOFR Adjustment for any payment period  for interest calculated that can be determined by the Administrative Agent, in each case, without any  amendment to, or further action or consent of any other party to, this Agreement or any other Loan  Document (the “Successor Rate).  If the Successor Rate is Daily Simple SOFR plus the SOFR Adjustment, all interest payments will  be payable on a monthly basis.  Notwithstanding anything to the contrary herein, (A) if the Administrative Agent determines that  Daily Simple SOFR is not available on or prior to the Term SOFR Replacement Date, or (B) if the events  or circumstances of the type described in Section 3.03(b)(i) or 3.03(b)(ii) have occurred with respect to the  Successor Rate then in effect, then in each case, the Administrative Agent and the Borrower may amend  this Agreement and the other Loan Documents solely for the purpose of replacing Term SOFR or any then  current Successor Rate in accordance with this Section 3.03(b) at the end of any Interest Period, relevant  interest payment date or payment period for interest calculated, as applicable, with an alternative benchmark  rate giving due consideration to any evolving or then existing convention for similar U.S. dollar  denominated credit facilities syndicated and agented in the United States for such alternative benchmark.  and, in each case, including any mathematical or other adjustments to such benchmark giving due  consideration to any evolving or then existing convention for similar U.S. dollar denominated credit  facilities syndicated and agented in the United States for such benchmark, which adjustment or method for  calculating such adjustment shall be published on an information service as selected by the Administrative  Agent from time to time in its reasonable discretion and may be periodically updated.  For the avoidance  of doubt, any such proposed rate and adjustments, shall constitute a “Successor Rate”.  Any such  amendment shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent  shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time,  Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that  such Required Lenders object to such amendment.  The Administrative Agent will promptly (in one or more notices) notify each Lender of the  implementation of any Successor Rate.  Any Successor Rate shall be applied in a manner consistent with market practice; provided that to  the extent such market practice is not administratively feasible for the Administrative Agent, such Successor  Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent.  Notwithstanding anything else herein, if at any time any Successor Rate as so determined would  otherwise be less than zero, the Successor Rate will be deemed to be zero for the purposes of this Agreement  and the other Loan Documents.  

 

  - 37 -  In connection with the implementation of a Successor Rate, the Administrative Agent will have the  right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein  or in any other Loan Document, any amendments implementing such Conforming Changes will become  effective without any further action or consent of any other party to this Agreement; provided that, with  respect to any such amendment effected, the Administrative Agent shall post each such amendment  implementing such Conforming Changes to the Borrower and the Lenders reasonably promptly after such  amendment becomes effective.  For purposes of this Section 3.03, those Lenders that either have not made, or do not have an  obligation under this Agreement to make, the relevant Loans in Dollars shall be excluded from any  determination of Required Lenders.  3.04 Increased Costs.  (a) Increased Costs Generally.  If any Change in Law shall:  (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan,  insurance charge or similar requirement against assets of, deposits with or for the account of, or  credit extended or participated in by, any Lender;   (ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes  described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income  Taxes) on its loans, loan principal, commitments, or other obligations, or its deposits, reserves,  other liabilities or capital attributable thereto; or  (iii) impose on any Lender any other condition, cost or expense (other than Taxes)  affecting this Agreement or Loans based upon SOFR made by such Lender;  and the result of any of the foregoing shall be to increase the cost to such Lender of making, converting to,  continuing or maintaining any Loan (or of maintaining its obligation to make any such Loan), or to reduce  the amount of any sum received or receivable by such Lender (whether of principal, interest or any other  amount) then, upon request of such Lender, the Borrower will pay to such Lender, as the case may be, such  additional amount or amounts as will compensate such Lender, as the case may be, for such additional costs  incurred or reduction suffered.  (b) Capital Requirements.  If any Lender determines that any Change in Law affecting such  Lender or any Lending Office of such Lender or such Lender’s 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 to a level below that which such Lender or such Lender’s holding company  could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the  policies of such Lender’s holding company with respect to capital adequacy), then from time to time the  Borrower will pay to such Lender, as the case may be, such additional amount or amounts as will  compensate such Lender or such Lender’s holding company for any such reduction suffered.  (c) Certificates for Reimbursement.  A certificate of a Lender setting forth the amount or  amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in  clauses (a) or (b) of this Section 3.04 and delivered to the Borrower shall be conclusive absent manifest  error.  The Borrower shall pay such Lender, as the case may be, the amount shown as due on any such  certificate within 10 days after receipt thereof.  

 

  - 38 -  (d) Delay in Requests.  Failure or delay on the part of any Lender to demand compensation  pursuant to the foregoing provisions of this Section 3.04 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 foregoing provisions of this Section 3.04 for any increased costs incurred or reductions  suffered more than nine months prior to the date that such Lender, 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 intention to  claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or  reductions is retroactive, then the nine-month period referred to above shall be extended to include the  period of retroactive effect thereof).  3.05 Compensation for Losses.  Upon demand of any Lender (with a copy to the  Administrative Agent) from time to time, the Borrower shall promptly compensate such Lender for and  hold such Lender harmless from any loss, cost or expense (excluding any loss of profit or margin) incurred  by it as a result of:  (a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate  Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory,  automatic, by reason of acceleration, or otherwise);  (b) any failure by the Borrower (for a reason other than the failure of such Lender to make a  Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the  amount notified by the Borrower; or  (c) any assignment of a Term SOFR Loan on a day other than the last day of the Interest Period  therefor as a result of a request by the Borrower pursuant to Section 10.13;  including any loss or expense (excluding any loss of profit or margin) arising from the liquidation or  reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits  from which such funds were obtained.  3.06 Mitigation Obligations; Replacement of Lenders.    (a) Designation of a Different Lending Office.  Each Lender may make any Credit Extension  to the Borrower through any Lending Office, provided that the exercise of this option shall not affect the  obligation of the Borrower to repay the Credit Extension in accordance with the terms of this Agreement.  If any Lender requests compensation under Section 3.04, or requires the Borrower to pay any Indemnified  Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender  pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then at the request of the  Borrower such Lender shall, as applicable, 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 3.01 or 3.04, as the case may be, in the  future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case,  would not subject such Lender, as the case may be, to any unreimbursed cost or expense and would not  otherwise be disadvantageous to such Lender, as the case may be.  The Borrower hereby agrees to pay all  reasonable costs and expenses incurred by any Lender in connection with any such designation or  assignment.  (b) Replacement of Lenders.  If any Lender requests compensation under Section 3.04, 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 3.01 and, in each case, such  

 

  - 39 -  Lender has declined or is unable to designate a different lending office in accordance with Section 3.06(a),  the Borrower may replace such Lender in accordance with Section 10.13.  3.07 Survival.  All of the Borrower’s obligations under this Article III shall survive termination  of the Aggregate Commitments, repayment of all other Obligations hereunder, and resignation of the  Administrative Agent.  ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS  4.01 Conditions of Initial Credit Extension.  The amendment and restatement of the Existing  Credit Agreement and the obligation of each Lender to make its initial Credit Extension hereunder is subject  to satisfaction of the following conditions precedent:  (a) The Administrative Agent’s receipt of the following, each of which shall be originals or  telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a  Responsible Officer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates  of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably  satisfactory to the Administrative Agent and each of the Lenders:  (i) executed counterparts of this Agreement, sufficient in number for distribution to  the Administrative Agent, each Lender and the Borrower;  (ii) a Note executed by the Borrower in favor each Lender requesting a Note (to the  extent requested at least three (3) Business Days prior to the Closing Date);  (iii) such certificates of resolutions or other action, incumbency certificates and/or  other certificates of Responsible Officers of each Loan Party as the Administrative Agent may  require evidencing the identity, authority and capacity of each Responsible Officer thereof  authorized to act as a Responsible Officer in connection with this Agreement and the other Loan  Documents to which such Loan Party is a party or is to be a party;  (iv) such documents and certifications as the Administrative Agent may reasonably  require to evidence that each Loan Party is validly existing and in good standing in its jurisdiction  of incorporation or formation, as applicable;  (v) a favorable opinion of Willkie Farr & Gallagher, LLP, special New York counsel  to the Loan Parties, addressed to the Administrative Agent and each Lender, in customary form;  (vi) a certificate of a Responsible Officer of each Loan Party either (A) attaching copies  of all consents, licenses and approvals required in connection with the execution, delivery and  performance by such Loan Party and the validity against such Loan Party of the Loan Documents  to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or  (B) stating that no such consents, licenses or approvals are so required;  (vii) a certificate signed by a Responsible Officer of the Borrower certifying (A) that  the conditions specified in Sections 4.02(a) and (b) have been satisfied and (B) that there has been  no event or circumstance since the date of the Audited Financial Statements that has had or would  be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect;  (viii) the Audited Financial Statements and the unaudited financial statements of the  Borrower referred to in Section 5.05(a) and (b); and  

 

  - 40 -  (ix) such other assurances, certificates, documents, consents or opinions as the  Administrative Agent or the Required Lenders reasonably may require.  (b) (i) Upon the reasonable request of any Lender made at least ten (10) days prior to the  Closing Date, the Borrower shall have provided to such Lender, and such Lender shall be reasonably  satisfied with, the documentation and other information so requested in connection with applicable “know  your customer” and anti-money-laundering rules and regulations, including, without limitation, the  PATRIOT Act, in each case at least three (3) days prior to the Closing Date and (ii) at least three (3) days  prior to the Closing Date, any Loan Party that qualifies as a “legal entity customer” under the Beneficial  Ownership Regulation shall have delivered, to each Lender that so requests, a Beneficial Ownership  Certification in relation to such Loan Party.  (c) All interest and fees accrued prior to the Closing Date pursuant to the Existing Credit  Agreement and any other fees required to be paid on or before the Closing Date shall have been paid on or  substantially concurrently with the Closing Date provided that the payment of fees and expenses of counsel  shall be subject to the receipt of an invoice with respect thereto at least two (2) Business Days prior to the  Closing Date.  (d) Unless waived by the Administrative Agent, the Borrower shall have paid, on or  substantially concurrently with the Closing Date, all fees, charges and disbursements of one counsel to the  Administrative Agent and the Lenders collectively (directly to such counsel if requested by the  Administrative Agent) to the extent invoiced in reasonable detail at least two (2) Business Days prior to or  on the Closing Date.  Without limiting the generality of the provisions of the last paragraph of Section 9.03, for purposes  of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed  this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each  document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory  to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the  proposed Closing Date specifying its objection thereto.  4.02 Conditions to all Credit Extensions.  The obligation of each Lender to honor any Request  for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Committed  Loans to the other Type, or a continuation of Term SOFR Loans) is subject to the following conditions  precedent:  (a) The representations and warranties of the Borrower and each other Loan Party contained  in Article V or any other Loan Document, other than those set forth in Section 5.05(c) and Section 5.06,  shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable  to any representations and warranties that already are qualified or modified by materiality in the text thereof)  on and as of the date of such Credit Extension, except to the extent that such representations and warranties  specifically refer to an earlier date, in which case they shall be true and correct in all material respects  (except that such materiality qualifier shall not be applicable to any representations and warranties that  already are qualified or modified by materiality in the text thereof) as of such earlier date, and except that  for purposes of this Section 4.02, the representations and warranties contained in subsections (a) and (b) of  Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a)  and (b), respectively, of Section 6.01.  (b) No Default shall exist, or would result from such proposed Credit Extension or from the  application of the proceeds thereof.  

 

  - 41 -  (c) The Administrative Agent shall have received a Request for Credit Extension in  accordance with the requirements hereof.  Each Request for Credit Extension (other than a Committed Loan Notice requesting only a  conversion of Committed Loans to the other Type or a continuation of Term SOFR Loans) submitted by  the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections  4.02(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension.  ARTICLE V REPRESENTATIONS AND WARRANTIES  The Borrower represents and warrants to the Administrative Agent and the Lenders that:  5.01 Existence, Qualification and Power.  Each Loan Party (a) is duly organized or formed,  validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation  or organization, (b) has all requisite power and authority and all requisite governmental licenses,  authorizations, consents and approvals to (i) own or lease its assets and carry on its business and (ii) execute,  deliver and perform its obligations under the Loan Documents to which it is a party, and (c) is duly qualified  and is licensed and, as applicable, in good standing under the Laws of each jurisdiction where its ownership,  lease or operation of properties or the conduct of its business requires such qualification or license; except  in each case referred to in clause (b)(i) or (c), to the extent that failure to do so would not reasonably be  expected to have a Material Adverse Effect.  5.02 Authorization; No Contravention.  The execution, delivery and performance by each  Loan Party of each Loan Document to which such Person is or is to be a party, have been duly authorized  by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms  of any of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention  of, or the creation of (or the requirement to create) any Lien under, or require any payment to be made  under (i) any Contractual Obligation to which such Person is a party or affecting such Person or the  properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any  Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate  any Applicable Law, except in each case referred to in clause (b) or (c), to the extent that such breach,  contravention or violation would not reasonably be expected to have a Material Adverse Effect.  5.03 Governmental Authorization; Other Consents.  No approval, consent, exemption,  authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other  Person is necessary or required in connection with the execution, delivery or performance by, or  enforcement against, any Loan Party of this Agreement or any other Loan Document, except those that  have been duly obtained, given or made or for which the failure to obtain or make would not reasonably be  expected to have a Material Adverse Effect.  5.04 Binding Effect.  This Agreement has been, and each other Loan Document, when  delivered hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto.   This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid  and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto in  accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency,  reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by  general equitable principles (whether enforcement is sought by proceedings in equity or at law).  5.05 Financial Statements; No Material Adverse Effect.  

 

  - 42 -  (a) The Audited Financial Statements (i) were prepared in accordance with GAAP consistently  applied throughout the period covered thereby, except as otherwise expressly noted therein and (ii) fairly  present the financial condition of the Borrower and its Subsidiaries as of the date thereof and their results  of operations, cash flows and changes in shareholders’ equity for the period covered thereby in accordance  with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly  noted therein.  (b) The unaudited consolidated balance sheet of the Borrower and its Subsidiaries dated  June 30, 2022, and the related consolidated statements of income, stockholders’ equity and cash flows for  the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied  throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly present  the financial condition of the Borrower and its Subsidiaries as of the date thereof and their results of  operations, cash flows and changes in shareholders’ equity for the period covered thereby, subject, in the  case of clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments.    (c) Since the date of the Audited Financial Statements, there has been no event or  circumstance, either individually or in the aggregate, that has had or would reasonably be expected to have  a Material Adverse Effect.  5.06 Litigation.  There are no actions, suits, proceedings, claims or disputes pending or, to the  knowledge of the Borrower threatened in writing, at law, in equity, in arbitration or before any  Governmental Authority, by or against the Borrower or any of its Subsidiaries or against any of their  properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document,  or any of the transactions contemplated hereby, or (b) either individually or in the aggregate would  reasonably be expected to have a Material Adverse Effect.  5.07 No Default.  Neither any Loan Party nor any Subsidiary thereof is in default under or with  respect to any Contractual Obligation that would, either individually or in the aggregate, reasonably be  expected to have a Material Adverse Effect.  No Default has occurred and is continuing.  5.08 Taxes.  The Borrower and each of its Subsidiaries have timely filed all federal, state and  other material tax returns and reports required to be filed, and have timely paid all federal, state and other  material Taxes (whether or not shown on a tax return), including in its capacity as a withholding agent,  levied or imposed upon it or its properties, income or assets otherwise due and payable, except (i) where  failure to file such tax returns or pay such taxes would not reasonably be expected to have a Material  Adverse Effect or (ii) those which are being contested in good faith by appropriate proceedings diligently  conducted and for which adequate reserves have been provided in accordance with GAAP.    5.09 ERISA Compliance.  (a) Each Plan is in compliance in all material respects with the applicable provisions of ERISA,  the Code and other Federal or state laws.  Except as would not reasonably be expected to have a Material  Adverse Effect, each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code  has received a favorable determination letter or form of opinion letter from the Internal Revenue Service to  the effect that the form of such Plan is qualified under Section 401(a) of the Code and the trust related  thereto has been determined by the Internal Revenue Service to be exempt from federal income tax under  Section 501(a) of the Code, or an application for such a letter or opinion is currently being processed by the  Internal Revenue Service.  To the best knowledge of the Borrower, nothing has occurred that would  reasonably be expected to prevent or cause the loss of such tax-qualified status.  

 

  - 43 -  (b) There are no pending or, to the best knowledge of the Borrower, threatened claims, actions  or lawsuits, or action by any Governmental Authority, with respect to any Plan that would reasonably be  expected to have a Material Adverse Effect.  There has been no prohibited transaction or violation of the  fiduciary responsibility rules with respect to any Plan that has resulted or would reasonably be expected to  result in a Material Adverse Effect.  (c) (i) No ERISA Event has occurred, and neither the Borrower nor any ERISA Affiliate is  aware of any fact, event or circumstance that would reasonably be expected to constitute or result in an  ERISA Event with respect to any Pension Plan or Multiemployer Plan; (ii) except as would not reasonably  be expected to have a Material Adverse Effect, as of the most recent valuation date for any Pension Plan,  the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is 60% or higher and  neither the Borrower nor any ERISA Affiliate knows of any facts or circumstances that would reasonably  be expected to cause the funding target attainment percentage for any such plan to drop below 60% as of  the most recent valuation date; (iii) neither the Borrower nor any ERISA Affiliate has incurred any liability  to the PBGC other than for the payment of premiums, and there are no premium payments which have  become due that are unpaid; (iv) neither the Borrower nor any ERISA Affiliate has engaged in a transaction  that could be subject to Section 4069 or Section 4212(c) of ERISA; and (v) no Pension Plan has been  terminated by the plan administrator thereof nor by the PBGC, and no event or circumstance has occurred  or exists that would reasonably be expected to cause the PBGC to institute proceedings under Title IV of  ERISA to terminate any Pension Plan.  (d) The Borrower represents and warrants as of the Closing Date that the Borrower is not and  will not be using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42)  of ERISA or otherwise) of one or more Benefit Plans in connection with the Loans or the Commitments.  5.10 Margin Regulations; Investment Company Act.  (a) Following the application of the proceeds of each Borrowing, not more than 25% of the  value of the assets (either of the Borrower only or of the Borrower and its Subsidiaries on a consolidated  basis) subject to the provisions of Section 7.01 or Section 7.04 or subject to any restriction contained in any  agreement or instrument between the Borrower and any Lender or any Affiliate of any Lender relating to  Indebtedness and within the scope of Section 8.01(e) will be margin stock.  None of the proceeds of any  Loan will be used, directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of  buying or carrying any margin stock.  (b) None of the Borrower or any Subsidiary is or is required to be registered as an “investment  company” under the Investment Company Act of 1940.  5.11 Disclosure.  (a) No written report, financial statement, certificate or other written  information furnished by or on behalf of any Loan Party to the Administrative Agent or any Lender in  connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered  hereunder or under any other Loan Document (in each case, as modified or supplemented by other  information so furnished) when taken as a whole, 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 and agreed, however, that projections are as to  future events and are not to be viewed as facts, that such projections are subject to significant uncertainties  and contingencies, many of which are beyond the Borrower’s control, that no assurances can be given that  any particular projection will be realized and that actual results during the period or periods covered by  such projections may differ significantly from the projected results and such differences may be material.  

 

  - 44 -  (b) As of the Closing Date, the information included in the Beneficial Ownership Certification,  if applicable, is true and correct in all material respects.   5.12 Compliance with Laws.  Each Loan Party and each Subsidiary thereof is in compliance  in all material respects with the requirements of all Applicable Laws and all orders, writs, injunctions and  decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law  or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently  conducted or (b) the failure to comply therewith, either individually or in the aggregate, would not  reasonably be expected to have a Material Adverse Effect.  5.13 OFAC.  Neither the Borrower, nor any of its Subsidiaries, nor, to the knowledge of the  Borrower and its Subsidiaries, any director, officer, employee, agent or affiliate thereof, is an individual or  entity that is, or is owned or controlled by one or more individuals or entities that are (a) currently the  subject or target of any Sanctions, (b) included on OFAC’s List of Specially Designated Nationals or  HMT’s Consolidated List of Financial Sanctions Targets, or any similar list enforced by any other relevant  sanctions authority or (c) located, organized or resident in a Designated Jurisdiction.  The Borrower and its  Subsidiaries have conducted their businesses in compliance in all material respects with all applicable  Sanctions and have instituted and maintained policies and procedures reasonably designed to promote and  achieve compliance with such Sanctions.  5.14 Anti-Corruption Laws.  The Borrower, its Subsidiaries and their respective directors,  officers, employees and agents have conducted their businesses in compliance in all material respects with  the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other applicable  anti-corruption legislation in other jurisdictions and have instituted and maintained policies and procedures  reasonably designed to promote and achieve compliance with such laws.  5.15 Affected Financial Institutions.  No Loan Party is an Affected Financial Institution.  5.16 Covered Entities.  No Loan Party is a Covered Entity.  ARTICLE VI AFFIRMATIVE COVENANTS  So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation (other  than contingent indemnification Obligations for which no claim has been asserted) hereunder shall remain  unpaid or unsatisfied, the Borrower shall, and shall (except in the case of the covenants set forth in Sections  6.01, 6.02, and 6.03) cause each Subsidiary to:  6.01 Financial Statements.  Deliver to the Administrative Agent:  (a) as soon as available, but in any event within 120 days after the end of each fiscal year of  the Borrower, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal  year, and the related consolidated statements of income or operations, changes in shareholders’ equity, and  cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous  fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a  report and opinion of an independent certified public accountant of nationally recognized standing, which  report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not  be subject to any “going concern” or like qualification or exception or any qualification or exception as to  the scope of such audit (except, in each case, as may be required as a result of the impending maturity of  this Agreement or any other Indebtedness of the Borrower or its Subsidiaries); and  

 

  - 45 -  (b) as soon as available, but in any event within 60 days after the end of each of the first three  fiscal quarters of each fiscal year of the Borrower, a consolidated balance sheet of the Borrower and its  Subsidiaries as at the end of such fiscal quarter, the related consolidated statements of income or operations  for such fiscal quarter and for the portion of the Borrower’s fiscal year then ended, and the related  consolidated statements of changes in shareholders’ equity, and cash flows for the portion of the Borrower’s  fiscal year then ended, in each case setting forth in comparative form, as applicable, the figures for the  corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal  year, all in reasonable detail, certified by the chief executive officer, chief financial officer, treasurer or  controller of the Borrower as fairly presenting the financial condition, results of operations, shareholders’  equity and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to normal  year-end audit adjustments and the absence of footnotes.  As to any information contained in materials furnished pursuant to Section 6.02(b), the Borrower shall not  be separately required to furnish such information under subsection (a) or (b) above, but the foregoing shall  not be in derogation of the obligation of the Borrower to furnish the information and materials described in  subsections (a) and (b) above at the times specified therein.  6.02 Certificates; Other Information.  Deliver to the Administrative Agent:  (a) concurrently with the delivery of the financial statements referred to in Sections 6.01(a)  and (b), a duly completed Compliance Certificate signed by the chief executive officer, chief financial  officer, treasurer or controller of the Borrower (which delivery may, unless the Administrative Agent, or a  Lender requests executed originals, be by electronic communication including fax or email and shall be  deemed to be an original authentic counterpart thereof for all purposes);  (b) promptly after the same are available, copies of each annual report, proxy or financial  statement or other report or communication sent to the stockholders of the Borrower, and copies of all  annual, regular, periodic and special reports and registration statements which the Borrower may file or be  required to file with the SEC under Section 13 or 15(d) of the Exchange Act, and not otherwise required to  be delivered to the Administrative Agent pursuant hereto;  (c) promptly following any request therefor, provide information and documentation  reasonably requested by the Administrative Agent or any Lender for purposes of compliance with  applicable “know your customer” and anti-money-laundering rules and regulations, including, without  limitation, the PATRIOT Act and the Beneficial Ownership Regulation; and  (d) promptly, such additional information regarding the business, financial, legal or corporate  affairs of any Loan Party or any Subsidiary thereof, or compliance with the terms of the Loan Documents,  as the Administrative Agent or any Lender may from time to time reasonably request. Notwithstanding the  foregoing or anything contained in Section 6.10, neither the Borrower nor any of its Subsidiaries will be  required to provide any information pursuant to this clause (d) or Section 6.10 to the extent that the  provision thereof would violate any law, rule or regulation or result in the breach of any binding contractual  obligation or the loss of any professional privilege; provided, that in the event that the Borrower or any of  its Subsidiaries does not provide information that otherwise would be required to be provided hereunder in  reliance on such exception, the Borrower shall use commercially reasonable efforts to provide notice to the  Administrative Agent promptly upon obtaining knowledge that such information is being withheld (but  solely if providing such notice would not violate such law, rule or regulation or result in the breach of any  binding contractual obligation or the loss of any professional privilege).  Documents required to be delivered pursuant to Sections 6.01(a), 6.01(b) or 6.02(b) may be  delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which  

 

  - 46 -  the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at  the website address listed on Schedule 10.02; (ii) on which such documents are posted on the Borrower’s  behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have  access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); or  (iii) on which such items have been made available on the SEC website or the website of the relevant  analogous governmental or private regulatory authority or securities exchange (including, for the avoidance  of doubt, by way of “EDGAR”); provided, that the Borrower shall deliver paper copies of such documents  to the Administrative Agent or any Lender upon its request to the Borrower to deliver such paper copies  until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender.   The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of  the documents referred to above, and in any event shall have no responsibility to monitor compliance by  the Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible  for requesting delivery to it or maintaining its copies of such documents.  The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Arranger may,  but shall not be obligated to, make available to the Lenders materials and/or information provided by or on  behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials  on IntraLinks, Syndtrak, ClearPar, or a substantially similar electronic transmission system (the “Platform”)  and (b) 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 agrees that (w) all Borrower Materials that are to  be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a  minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by  marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the  Administrative Agent, the Arranger, and the Lenders to treat such Borrower Materials as not containing  any material non-public information with respect to the Borrower or its securities for purposes of United  States Federal and state securities laws (provided, however, that to the extent such Borrower Materials  constitute Information, they shall be treated as set forth in Section 10.07); (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 Arranger shall be entitled to treat any Borrower  Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not  designated “Public Side Information.” Notwithstanding the foregoing, the Borrower shall be under no  obligation to mark any Borrower Materials “PUBLIC.”  6.03 Notices.  Promptly notify the Administrative Agent:  (a) of the occurrence of any Default;  (b) of the occurrence of any ERISA Event that has had or would reasonably be expected to  result in a Material Adverse Effect; and  (c) of any material change in accounting policies or financial reporting practices by the  Borrower or any Subsidiary.  Each notice pursuant to this Section 6.03 shall be accompanied by a statement of a Responsible  Officer of the Borrower setting forth details of the occurrence referred to therein and stating what action  the Borrower has taken and proposes to take with respect thereto.  Each notice pursuant to Section 6.03(a)  shall describe with particularity any and all provisions of this Agreement and any other Loan Document  that have been breached.  

 

  - 47 -  6.04 Payment of Taxes.  Pay and discharge as the same shall become due and payable, all Tax  liabilities, unless (i) the failure to do so would not reasonably be expected to have a Material Adverse Effect  or (ii) the same are being contested in good faith by appropriate proceedings diligently conducted and  adequate reserves in accordance with GAAP are being maintained by the Borrower or such Subsidiary.  6.05 Preservation of Existence, Etc.  (a) Preserve, renew and maintain in full force and effect  its legal existence and good standing under the Laws of the jurisdiction of its organization except in a  transaction permitted by Section 7.03 or 7.04; (b) take all reasonable action to maintain all rights, privileges,  permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the  extent that failure to do so would not reasonably be expected to have a Material Adverse Effect; and (c)  preserve or renew all of its registered patents, trademarks, trade names and service marks, the non- preservation of which would reasonably be expected to have a Material Adverse Effect.  6.06 Maintenance of Properties.  (a) Maintain, preserve and protect all of its material  properties and equipment necessary in the operation of its business in good working order and condition,  ordinary wear and tear excepted and (b) make all necessary repairs thereto and renewals and replacements  thereof except where the failure to do so would not reasonably be expected to have a Material Adverse  Effect.  6.07 Maintenance of Insurance.  Maintain with financially sound and reputable insurance  companies, or, if such Borrower deems it consistent with prudent business practices, maintain self- insurance, in either case, insurance with respect to its properties and business against loss or damage of the  kinds customarily insured against by Persons engaged in the same or similar business, of such types and in  such amounts as are customarily carried under similar circumstances by such other Persons, except where  the failure to do so would not reasonably be expected to have a Material Adverse Effect.  6.08 Compliance with Laws.  Comply in all material respects with the requirements of all  Applicable Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property,  except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being  contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply  therewith would not reasonably be expected to have a Material Adverse Effect.  6.09 Books and Records.  Maintain proper books of record and account, in which full, true and  correct entries in conformity with GAAP consistently applied shall be made of all financial transactions  and matters involving the assets and business of the Borrower or such Subsidiary, as the case may be, except  where the failure to do so would not reasonably be expected to have a Material Adverse Effect.  6.10 Visitation Rights.  At any reasonable time and from time to time, permit the  Administrative Agent or any of the Lenders or any agents or representatives thereof, to examine and make  copies of and abstracts from the records and books of account of, and visit the properties of, the Borrower  and any of its Subsidiaries, and to discuss the affairs, finances and accounts of the Borrower and any of its  Subsidiaries with any of their officers or directors and with their independent certified public accountants;  provided that (i) the Borrower shall bear no expense for any such visit or inspection, except for any such  which occur upon and during the continuance of an Event of Default, (ii) any such visit and inspection shall  be during normal business hours and upon at least three (3) days’ prior notice or such lesser period of time  as may be acceptable to the Borrower, (iii) excluding any such visits and inspections which occur during  the continuation of an Event of Default, only one such visit and inspection may be conducted during any  calendar year, and (iv) excluding any such visits and inspections during the continuation of an Event of  Default, only the Administrative Agent on behalf of the Lenders may exercise rights of the Administrative  Agent and the Lenders under this Section 6.10.  Notwithstanding anything to the contrary in this Section  6.10, none of the Borrower or any of its Subsidiaries will be required to disclose, permit the inspection,  

 

  - 48 -  examination or making copies or abstracts of, or discussion of, any document, information or other matter  that (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of  which disclosure to the Administrative Agent or any Lender (or their respective representatives or  contractors) is prohibited by Applicable Law or any binding agreement or (iii) is subject to attorney-client  or similar privilege or constitutes attorney work product.  6.11 Use of Proceeds.  Use the proceeds of the Credit Extensions for general corporate purposes  (including, but not limited to acquisition financing) not in contravention of any Law or of any Loan  Document.  6.12 Anti-Corruption Laws; Sanctions.  Conduct its businesses in compliance in all material  respects with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other  applicable anti-corruption legislation in other jurisdictions and with all applicable Sanctions, and maintain  policies and procedures reasonably designed to promote and achieve compliance with such laws and  Sanctions.  ARTICLE VII NEGATIVE COVENANTS  So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation (other  than contingent indemnification Obligations for which no claim has been asserted) hereunder shall remain  unpaid or unsatisfied, the Borrower shall not, nor shall it permit any Subsidiary to, directly or indirectly:  7.01 Liens.  Create, incur, or assume any Lien upon any of its property, assets or revenues,  whether now owned or hereafter acquired, other than the following:   (a) Liens pursuant to any Loan Document;  (b) Liens existing on the date hereof and listed on Schedule 7.01 and any renewals or  extensions thereof;  (c) Liens for Taxes not yet due or Liens for Taxes which are being contested in good faith and  by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained  on the books of the applicable Person in accordance with GAAP;  (d) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens  arising in the ordinary course of business which are not overdue for a period of more than 60 days or which  are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves  with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;  (e) pledges or deposits in the ordinary course of business in connection with workers’  compensation, unemployment insurance and other social security legislation, regulation, other than any  Lien imposed by ERISA;  (f) deposits to secure the performance of bids, trade contracts and leases (other than  Indebtedness), statutory obligations, surety and appeal bonds, performance bonds, financial assurances,  completion obligations, and other obligations of a like nature incurred in the ordinary course of business;  (g) leases or subleases granted to others, easements, rights-of-way, restrictions and other  similar encumbrances affecting real property which, in the aggregate, are not substantial in amount, and  which do not in any case materially detract from the value of the property subject thereto or materially  interfere with the ordinary conduct of the business of the applicable Person;  

 

  - 49 -  (h) Liens securing judgments for the payment of money not constituting an Event of Default  under Section 8.01(h);  (i) Liens securing Indebtedness permitted by Section 7.02(b); provided, that no such Lien shall  extend to or cover any properties of any character other than the property or equipment being acquired;  provided, further, that individual financings of real property, fixed or capital property, equipment or other  assets provided by a lender may be cross collateralized to other financings of equipment or other assets  financed by such lender;  (j) Liens on property of a Person existing at the time such Person is merged or consolidated  into or consolidated with the Borrower or any Subsidiary of the Borrower or becomes a Subsidiary of the  Borrower or liens on any assets acquired by the Borrower or a Subsidiary in connection with an acquisition  or other investment permitted hereunder; provided, that such Liens were not created in contemplation of  such merger, consolidation, acquisition or investment and do not extend to any assets other than those of  the Person merged into or consolidated with the Borrower or such Subsidiary or acquired by the Borrower  or such Subsidiary;  (k) Liens consisting of statutory, common law or contractual setoff rights provided by the  Borrower and its Subsidiaries in the ordinary course of business;  (l) Liens on assets sold and leased back pursuant to sale and leaseback transactions permitted  by Section 7.04(e);  (m) Liens not otherwise permitted by this Section 7.01 on assets of the Borrower and its  Subsidiaries securing Indebtedness or other obligations in an aggregate principal amount which, when  aggregated with Indebtedness of Subsidiaries of the Borrower permitted by Section 7.02(e), would not  exceed $250,000,000;  (n) precautionary or purported Liens evidenced by the filing of UCC financing statements or  similar financing statements under applicable requirements of Law relating solely to (i) operating leases or  consignment or bailee arrangements entered into in the ordinary course of business or (ii) the sale of  accounts receivable in the ordinary course of business for which a UCC financing statement or similar  financing statement is required;  (o) Liens in favor of customs and revenue authorities arising as a matter of law to secure  payment of customs duties in connection with the importation of goods;  (p) Liens securing Indebtedness permitted pursuant to Section 7.02(c) on the relevant acquired  assets or on the Equity Interests or assets of the relevant Subsidiary; provided that such Lien (x) shall not  extend to or cover any other assets (other than the proceeds or products thereof, accessions or additions  thereto and improvements thereon) and (y) was not created in contemplation of the applicable acquisition  of assets or Equity Interests;  (q) Liens that are contractual rights of setoff or netting relating to (A) the establishment of  depositary relations with banks not granted in connection with the issuance of Indebtedness, (B) pooled  deposit or sweep accounts of the Borrower or any Subsidiary to permit satisfaction of overdraft or similar  obligations incurred in the ordinary course of business of the Borrower or any Subsidiary, (C) purchase  orders and other agreements entered into with customers of the Borrower or any Subsidiary in the ordinary  course of business and (D) commodity trading or other brokerage accounts incurred in the ordinary course  of business, (ii) Liens encumbering reasonable customary initial deposits and margin deposits, (iii) bankers  Liens and rights and remedies as to deposit accounts, (iv) Liens of a collection bank arising under Section  

 

  - 50 -  4-208 of the UCC on items in the ordinary course of business, (v) Liens in favor of banking or other financial  institutions arising as a matter of law or under customary general terms and conditions encumbering  deposits or other funds maintained with a financial institution and that are within the general parameters  customary in the banking industry or arising pursuant to such banking institution’s general terms and  conditions and (vi) Liens on the proceeds of any Indebtedness incurred in connection with any transaction  permitted hereunder, which proceeds have been deposited into an escrow account on customary terms to  secure such Indebtedness pending the application of such proceeds to finance such transaction;  (r) Liens arising (i) out of conditional sale, title retention, consignment or similar  arrangements for the sale of any asset in the ordinary course of business and permitted by this Agreement  or (ii) by operation of law under Article 2 of the UCC (or similar requirement of Law under any  jurisdiction);  (s) Liens on cash or Cash Equivalents arising in connection with the defeasance, discharge or  redemption of Indebtedness otherwise permitted hereunder;  (t) Liens on insurance policies and the proceeds thereof securing the financing of the  premiums with respect thereto; and  (u) Lien on any property or asset of the Borrower or any of its Subsidiaries arising in  connection with a Permitted Transaction.  7.02 Subsidiary Indebtedness.  Permit, at any time, any Subsidiary of the Borrower that is not  a Loan Party to create, incur, or assume any Indebtedness other than:  (a) Indebtedness owing to (i) the Borrower or a wholly-owned Subsidiary and (ii) any other  Subsidiary in an aggregate principal amount not exceeding $250,000,000; provided, that such Indebtedness  shall not have been transferred to any Person other than the Borrower or wholly-owned Subsidiary or any  other Subsidiary, as applicable;  (b) Indebtedness (including Capital Lease Obligations and purchase money Indebtedness)  incurred, issued or assumed to finance the acquisition, purchase, lease, construction, repair, replacement or  improvement of real property, fixed or capital property, equipment or other assets acquired or held by the  Borrower or any of its Subsidiaries in the ordinary course of business not exceeding the purchase price of  such property or equipment or incurred solely for the purpose of financing the acquisition of any such  property, equipment or other assets, or Indebtedness existing on any such property or equipment at the time  of acquisition (other than any such Liens created in contemplation of such acquisition that were not incurred  to finance the acquisition of such property);  (c) Indebtedness of a Person existing at the time such Person is merged into or consolidated  with the Borrower or any Subsidiary of the Borrower or becomes a Subsidiary of the Borrower; provided,  that such Indebtedness was not created in contemplation of such merger, consolidation or investment and  do not extend to any Person other than the Person merged into or consolidated with the Borrower or such  Subsidiary or acquired by the Borrower or such Subsidiary;  (d) Indebtedness existing on the date hereof and listed on Schedule 7.02 (and any refinancings,  refundings, renewals or extensions thereof (without increasing, or shortening the maturity of, the principal  amount thereof));  

 

  - 51 -  (e) additional Indebtedness, the aggregate principal amount of which, when combined with the  aggregate principal amount of Indebtedness of the Borrower and its Subsidiaries secured by any Lien  permitted by Section 7.01(m), would exceed $250,000,000;  (f) Indebtedness in respect of any bankers’ acceptance, bank guarantees, letter of credit or  similar facilities entered into in the ordinary course of business and not in support of borrowed money  (including in respect of workers compensation claims, health, disability or other employee benefits or  property, casualty or liability insurance or self-insurance or other Indebtedness with respect to  reimbursement-type obligations regarding workers compensation claims);  (g) Guarantees incurred in respect of Indebtedness of any Subsidiary that is permitted to be  incurred under this Agreement;  (h) Indebtedness in respect of non-speculative Swap Contracts;  (i) Indebtedness in respect of commercial credit cards, stored value cards, purchasing cards,  treasury management services, netting services, overdraft protections, check drawing services, automated  payment services (including depository, overdraft, controlled disbursement, ACH transactions, return items  and interstate depository network services), employee credit card programs, cash pooling services,  operational foreign exchange management, current account facilities and any arrangements or services  similar to any of the foregoing or otherwise in connection with cash management, in each case incurred in  the ordinary course of business;  (j) Indebtedness of the Borrower or any Subsidiary consisting of (i) the financing of insurance  premiums, (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary  course of business or (iii) obligations to reacquire assets or inventory in connection with customer financing  arrangements in the ordinary course of business;  (k) Indebtedness in respect of customary “spring recourse” or “bad boy” guarantees with  respect to real estate financing transactions entered into by the Borrower or any Subsidiary; provided, that  such Guarantee is non-recourse to the Borrower or such Subsidiary other than with respect to losses  resulting from customary “bad acts” of the Borrower or such Subsidiary;  (l) Guarantees in favor of clearing agencies, clearing firms, settlement banks and similar  entities (acting in their capacities as such) involved in the clearance and settlement of transactions in, and  custody of, financial assets;  (m) unfunded pension fund and other employee benefit plan obligations and liabilities incurred  by the Borrower or any Subsidiary in the ordinary course of business to the extent that the unfunded amounts  would not otherwise cause an Event of Default under Section 8.01(i);  (n) Indebtedness incurred in connection with any Permitted Recourse Financing Transactions,  provided that the aggregate principal amount of such Indebtedness shall not exceed $250,000,000 at any  time outstanding; and  (o) Indebtedness incurred in connection with any Permitted True Sale Transactions by  Permitted Purchasers, provided that the aggregate principal amount of all Indebtedness of all such Permitted  Purchasers incurred in connection with such true sale transactions shall not exceed $250,000,000 at any  time outstanding.  

 

  - 52 -  7.03 Fundamental Changes.  Merge, dissolve, liquidate, consolidate with or into another  Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its  assets (whether now owned or hereafter acquired) to or in favor of any Person (including, in each case,  pursuant to a Division), except that, so long as no Default exists or would result therefrom:  (a) any Subsidiary may merge with (i) the Borrower, provided that the Borrower shall be the  continuing or surviving Person, or (ii) any one or more other Subsidiaries, provided that when any  Guarantor is merging with another Subsidiary, the Guarantor shall be the continuing or surviving Person;   (b) any Subsidiary may Dispose of all or substantially all of its assets (upon voluntary  liquidation or otherwise) to the Borrower or to another Subsidiary; provided that if the transferor in such a  transaction is a Guarantor, then the transferee must either be the Borrower or a Guarantor; and  (c) any Subsidiary of the Borrower may merge or consolidate with any other Person; provided  that such merger does not result in the loss by the Borrower in any fiscal year of business operations or  assets which, when aggregated with all other such mergers pursuant to this Section 7.03(c) and all  dispositions of assets permitted by Section 7.04(f) (taking into account the proviso in such Section 7.04(f))  for such fiscal year, generated more than thirty percent (30%) of the consolidated operating income of the  Borrower during the immediately preceding fiscal year of the Borrower; provided, further, that no Default  shall exist or would result from such merger or consolidation.  7.04 Dispositions.  Make any Disposition or enter into any agreement to make any Disposition,  except:  (a) Dispositions of obsolete or worn out property, whether now owned or hereafter acquired,  in the ordinary course of business;  (b) Dispositions of equipment or real property to the extent that (i) such property is exchanged  for credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition  are reasonably promptly applied to the purchase price of such replacement property;  (c) Dispositions of property by the Borrower or any Subsidiary (i) to the Borrower or a wholly- owned Subsidiary and (ii) to any other Subsidiary in an aggregate amount (excluding the value of such  Disposition attributable to the equity of such other Subsidiary that is owned by the Borrower or any other  wholly-owned Subsidiary) for all such transfers made during any fiscal year not exceeding $250,000,000;  provided that if the transferor of such property is a Guarantor, the transferee thereof must either be the  Borrower or a Guarantor;  (d) the sale, transfer or other disposition of cash, cash equivalents and securities in the ordinary  course of business;  (e) Dispositions by the Borrower and its Subsidiaries of property pursuant to sale-leaseback  transactions;  (f) Dispositions by the Borrower and its Subsidiaries not otherwise permitted under this  Section 7.04; provided that (i) at the time of such Disposition, no Event of Default shall exist or would  result from such Disposition and (ii) the assets disposed of pursuant to this Section 7.04(f), when aggregated  with all assets subject to mergers and consolidations permitted by Section 7.03(c) (where such merger  resulted in the loss by the Borrower or a Subsidiary, as applicable, of business operations or assets), for  such fiscal year, did not result in a loss by the Borrower of assets that generated in excess of thirty percent  (30%) of the consolidated operating income of the Borrower during the immediately preceding fiscal year  

 

  - 53 -  of the Borrower; provided, that any determination of compliance with this clause (f) shall take into account  contributions to consolidated operating income as measured on a pro forma basis for such immediately  preceding fiscal year resulting from any acquisition by the Borrower or its Subsidiaries of operating assets  (or acquisition of equity securities of any Person holding such assets) that occurred during such fiscal year  or that is anticipated to occur within the twelve (12) month period immediately following the date on which  the Borrower or its Subsidiary, as applicable, shall have entered into a definitive agreement for such  acquisition if such definitive agreement is entered into during such fiscal year;  (g) the sale or other disposition of property in the ordinary course of business;  (h) the sale or discount without recourse of accounts receivable arising in the ordinary course  of business in connection with the compromise or collection thereof;   (i) transactions permitted by Section 7.03(a) or (b);   (j) Dispositions of property subject to foreclosure, casualty, eminent domain or condemnation  proceedings (including in lieu thereof or any similar proceeding);  (k) terminations or unwinds of Swap Contracts; and  (l) Dispositions of interests in Excluded Entities after the initial creation thereof to investors.  7.05 Change in Nature of Business.  Engage in any material line of business substantially  different from those lines of business conducted by the Borrower and its Subsidiaries on the date hereof or  any business reasonably related, similar to, complementary or corollary or incidental thereto or any business  activity that is a reasonable extension, development or expansion thereof or ancillary thereto.  7.06 Sanctions.  Directly or indirectly, use the proceeds of any Credit Extension, or lend,  contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other  Person, to fund any activities of or business with any Person, or in any country or territory, that, at the time  of such funding, is the subject of Sanctions, except to the extent permissible for a Person required to comply  with Sanctions, or in any other manner that will result in a violation by any Person (including any Person  participating in the transaction, whether as Lender, Arranger, Administrative Agent or otherwise) of  Sanctions.   7.07 Anti-Corruption Laws.  Directly or, to the best knowledge of the Borrower, indirectly use  the proceeds of any Credit Extension for any purpose which would breach the United States Foreign Corrupt  Practices Act of 1977, the UK Bribery Act 2010, and other anti-corruption legislation in other jurisdictions.  7.08 Consolidated Net Leverage Ratio.  Permit the Consolidated Net Leverage Ratio as of the  end of any period of four fiscal quarters of the Borrower to be greater than 3.00:1.00.  ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES   8.01 Events of Default.  Any of the following shall constitute an event of default (each, an  “Event of Default”):  (a) Non-Payment.  The Borrower or any other Loan Party fails to pay (i) when and as required  to be paid herein, any amount of principal of any Loan, or (ii) within five (5) days after the same becomes  due, any interest on any Loan, or any fee due hereunder, or (iii) within five (5) days after the same becomes  due, any other amount payable hereunder or under any other Loan Document; or  

 

  - 54 -  (b) Specific Covenants.  The Borrower fails to perform or observe any term, covenant or  agreement contained in any of Sections 6.01, 6.02, 6.05 (with respect to the Borrower’s existence), or  Article VII; or  (c) Other Defaults.  Any Loan Party fails to perform or observe any other covenant or  agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part to be  performed or observed and such failure continues for thirty (30) days after notice thereof shall have been  given to the Borrower by the Administrative Agent; or  (d) Representations and Warranties.  Any representation, warranty, certification or statement  of fact made or deemed made by or on behalf of the Borrower or any other Loan Party herein, in any other  Loan Document, or in any document delivered in connection herewith or therewith shall be incorrect or  misleading in any material respect when made or deemed made; or  (e) Cross-Default.  (i) The Borrower or any Material Subsidiary (A) fails to make any payment  when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in  respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap  Contracts) having an aggregate principal amount (including undrawn committed or available amounts and  including amounts owing to all creditors under any combined or syndicated credit arrangement) of more  than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to  any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or  relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit  the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee  or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of  notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid,  defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem  such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash  collateral in respect thereof to be demanded; provided, that clause (B) of this Section 8.01(e)(i) shall not  apply to secured Indebtedness that becomes due as a result of the voluntary Disposition of, or a casualty or  condemnation event in respect of, the property securing such Indebtedness if such Disposition or casualty  or condemnation event is permitted hereunder; or (ii) there occurs under any Swap Contract an Early  Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such  Swap Contract as to which the Borrower or any Material Subsidiary is the Defaulting Party (as defined in  such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which  the Borrower or any Material Subsidiary is an Affected Party (as so defined) and, in either event, the Swap  Termination Value owed by the Borrower or such Material Subsidiary as a result thereof is greater than the  Threshold Amount; or  (f) Insolvency Proceedings, Etc.  Any Loan Party or any of its Material Subsidiaries institutes  or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for  the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian,  conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or  any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without  the application or consent of such Person and the appointment continues undischarged or unstayed for 60  calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any  material part of its property is instituted without the consent of such Person and continues undismissed or  unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or  (g) Inability to Pay Debts; Attachment.  (i) The Borrower or any Material Subsidiary becomes  unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any  writ or warrant of attachment or execution or similar process is issued or levied against all or any material  

 

  - 55 -  part of the property of any such Person and is not released, vacated or fully bonded within 60 days after its  issue or levy; or  (h) Judgments.  There is entered against the Borrower or any Material Subsidiary one or more  final judgments or orders for the payment of money in an aggregate amount (as to all such judgments or  orders) exceeding the Threshold Amount (to the extent not covered by independent third-party insurance  as to which the insurer does not dispute coverage); or   (i) ERISA.  (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan  which has resulted or would reasonably be expected to result in liability of the Borrower or any of its  Material Subsidiaries to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in  excess of the Threshold Amount, or (ii) the Borrower or any ERISA Affiliate fails to pay when due, after  the expiration of any applicable grace period, any installment payment with respect to its withdrawal  liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of the  Threshold Amount; or  (j) Invalidity of Guaranty.  In the event that any Guaranty is ever issued in respect of the  Obligations, any material provision of any Guaranty, at any time after its execution and delivery and for  any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the  Obligations, ceases to be in full force and effect; or any Loan Party or any other Person contests in any  manner the validity or enforceability of any material provision of any Guaranty; or any Loan Party denies  in writing that it has any or further liability or obligation under any Guaranty, or purports to revoke,  terminate or rescind any material provision of any Guaranty, in each case, only if such event would  reasonably be expected to have a Material Adverse Effect; or  (k) Change of Control.  There occurs any Change of Control.  8.02 Remedies Upon Event of Default.  If any Event of Default occurs and is continuing, the  Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any  or all of the following actions:  (a) declare the commitment of each Lender to make Loans to be terminated, whereupon such  commitments and obligation shall be terminated;   (b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and  unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to  be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of  which are hereby expressly waived by the Borrower; and  (c) exercise on behalf of itself, the Lenders all rights and remedies available to it, the Lenders  under the Loan Documents;  provided, however, that upon the occurrence of an event described in Section 8.01(f), the obligation of each  Lender to make Loans shall automatically terminate, and the unpaid principal amount of all outstanding  Loans and all interest and other amounts as aforesaid shall automatically become due and payable, in each  case without further act of the Administrative Agent or any Lender.  8.03 Application of Funds.  After the exercise of remedies provided for in Section 8.02 (or  after the Loans have automatically become immediately due and payable as set forth in the proviso to  Section 8.02), any amounts received on account of the Obligations shall, subject to the provisions of  Section 2.13, be applied by the Administrative Agent in the following order:  

 

  - 56 -  First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and  other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and  amounts payable under Article III) payable to the Administrative Agent in its capacity as such;  Second, to payment of that portion of the Obligations constituting fees, indemnities and other  amounts (other than principal and interest) payable to the Lenders (including fees, charges and  disbursements of counsel to the respective Lenders and amounts payable under Article III), ratably among  them in proportion to the respective amounts described in this clause Second payable to them;  Third, to payment of that portion of the Obligations constituting accrued and unpaid interest on the  Loans and other Obligations, ratably among the Lenders in proportion to the respective amounts described  in this clause Third payable to them;  Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans,  ratably among the Lenders in proportion to the respective amounts described in this clause Fourth held by  them; and  Last, the balance, if any, after all of the Obligations have been paid in full, to the Borrower or as  otherwise required by Law.  ARTICLE IX ADMINISTRATIVE AGENT  9.01 Appointment and Authority.  Each of the Lenders hereby irrevocably appoints Bank of  America to act on its behalf as the Administrative 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.  The provisions of this Article IX are solely for the benefit of  the Administrative Agent, the Lenders, and the Borrower shall not have rights as a third party beneficiary  of any of such provisions.  It is understood and agreed that the use of the term “agent” herein or in any other  Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to  connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any  Applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect  only an administrative relationship between contracting parties.  9.02 Rights as a Lender.  The Person serving as the Administrative Agent hereunder shall have  the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as  though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise  expressly indicated or unless the context otherwise requires, include the Person serving as the  Administrative Agent hereunder in its individual capacity.  Such Person and its Affiliates may accept  deposits from, lend money to, 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 such Person were not the Administrative Agent hereunder and without any duty to account  therefor to the Lenders.  9.03 Exculpatory Provisions.  The Administrative Agent or the Arranger, as applicable, 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,  the Administrative Agent or the Arranger, as applicable:  (a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default  has occurred and is continuing;  

 

  - 57 -  (b) shall not have any duty to take any discretionary action or exercise any discretionary  powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan  Documents that the Administrative Agent is required to exercise as directed in writing by the Required  Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in  the other Loan Documents), provided that the Administrative Agent shall not be required to take any action  that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is  contrary to any Loan Document or Applicable Law, including for the avoidance of doubt any action that  may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture,  modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law;   (c) shall not have any duty or responsibility to disclose, and shall not be liable for the failure  to disclose, to any Lender, any credit or other information concerning the business, prospects, operations,  property, financial and other condition or creditworthiness of any of the Loan Parties or any of their  Affiliates, that is communicated to, obtained or in the possession of, the Administrative Agent, Arranger or  any of their Related Parties in any capacity, except for notices, reports and other documents expressly  required to be furnished to the Lenders by the Administrative Agent herein;  (d) 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, or as the  Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in  Sections 10.01 and 8.02) or (ii) in the absence of its own gross negligence, bad faith or willful misconduct  as determined by a court of competent jurisdiction by final and nonappealable judgment.  The  Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice  describing such Default is given in writing to the Administrative Agent by the Borrower or a Lender; and  (e) shall not be responsible for or have any duty to ascertain or inquire into (i) any statement,  warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii)  the contents of any certificate, report or other document delivered hereunder or thereunder or in connection  herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other  terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity,  enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other  agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or  elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the  Administrative Agent.  9.04 Reliance by Administrative Agent.  The Administrative Agent shall be entitled to rely  upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement,  instrument, document or other writing (including any electronic message, Internet or intranet website  posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise  authenticated by the proper Person.  The Administrative Agent also may rely upon any statement made to  it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any  liability for relying thereon.  In determining compliance with any condition hereunder to the making of a  Loan, that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may  presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have  received notice to the contrary from such Lender prior to the making of such Loan.  The Administrative  Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants  and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance  with the advice of any such counsel, accountants or experts.  9.05 Delegation of Duties.  The Administrative Agent may perform any and all of its duties and  exercise its rights and powers hereunder or under any other Loan Document by or through any one or more  

 

  - 58 -  sub-agents appointed by the Administrative Agent.  The Administrative Agent and any such sub-agent may  perform any and all of its duties and exercise its rights and powers by or through their respective Related  Parties.  The exculpatory provisions of this Article IX shall apply to any such sub-agent and to the Related  Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in  connection with the syndication of the credit facilities provided for herein as well as activities as  Administrative Agent.  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  nonappealable judgment that the Administrative Agent acted with gross negligence, bad faith or willful  misconduct in the selection of such sub-agents.  9.06 Resignation of Administrative Agent.  (a) 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, in  consultation with the Borrower, to appoint a successor, which shall be a bank with an office in the United  States, or an Affiliate of any such bank with an office in the United States.  If no such 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 meeting the  qualifications set forth above, 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.  (b) 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, in  consultation with the Borrower, 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.  (c) With effect from the Resignation Effective Date or the Removal Effective Date (as  applicable) (1) the retiring or removed Administrative Agent shall be discharged from its duties and  obligations hereunder and under the other Loan Documents and (2) except for any indemnity payments or  other amounts then 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 as provided in  Section 3.01(g) and other than any rights to indemnity payments or other amounts owed to the retiring or  removed Administrative Agent as of the Resignation Effective Date or the Removal Effective Date, as  applicable), and the retiring or removed Administrative Agent shall be discharged from all of its duties and  obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided  above in this Section 9.06).  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 IX and Section 10.04 shall continue in effect  for the benefit of such retiring or removed 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 (i) while the retiring or removed  

 

  - 59 -  Administrative Agent was acting as Administrative Agent and (ii) after such resignation or removal for as  long as any of them continues to act in any capacity hereunder or under the other Loan Documents,  including in respect of any actions taken in connection with transferring the agency to any successor  Administrative Agent.   9.07 Non-Reliance on the Administrative Agent, the Arranger and the Other Lenders.   Each Lender expressly acknowledges that none of the Administrative Agent nor the Arranger has made any  representation or warranty to it, and that no act by the Administrative Agent or the Arranger hereafter taken,  including any consent to, and acceptance of any assignment or review of the affairs of any Loan Party of  any Affiliate thereof, shall be deemed to constitute any representation or warranty by the Administrative  Agent or the Arranger to any Lender as to any matter, including whether the Administrative Agent or the  Arranger have disclosed material information in their (or their Related Parties’) possession.  Each Lender  represents to the Administrative Agent and the Arranger that it has, independently and without reliance  upon the Administrative Agent, the Arranger, any other Lender or any of their Related Parties and based  on such documents and information as it has deemed appropriate, made its own credit analysis of, appraisal  of, and investigation into, the business, prospects, operations, property, financial and other condition and  creditworthiness of the Loan Parties and their Subsidiaries, and all applicable bank or other regulatory Laws  relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement  and to extend credit to the Borrower hereunder.  Each Lender also acknowledges that it will, independently  and without reliance upon the Administrative Agent, the Arranger, any other Lender or any of their Related  Parties and based on such documents and information as it shall from time to time deem appropriate,  continue to make its own credit analysis, appraisals and 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 to make such investigations as it deems necessary to inform itself as to the  business, prospects, operations, property, financial and other condition and creditworthiness of the Loan  Parties.  Each Lender represents and warrants that (i) the Loan Documents set forth the terms of a  commercial lending facility and (ii) it is engaged in making, acquiring or holding commercial loans in the  ordinary course and is entering into this Agreement as a Lender for the purpose of making, acquiring or  holding commercial loans and providing other facilities set forth herein as may be applicable to such  Lender, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument,  and each Lender agrees not to assert a claim in contravention of the foregoing. Each Lender represents and  warrants that 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, 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.  9.08 No Other Duties, Etc.  Anything herein to the contrary notwithstanding, none of the  Bookrunners, Arrangers or listed on the cover page hereof shall have any powers, duties or responsibilities  under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the  Administrative Agent, a Lender hereunder.  9.09 Administrative Agent May File Proofs of Claim.  In case of the pendency of any  proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, 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, 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  

 

  - 60 -  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 their respective agents and counsel and all other  amounts due the Lenders and the Administrative Agent under Sections 2.09 and 10.04) 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 Sections 2.09 and 10.04.  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 any plan of reorganization, arrangement, adjustment  or composition affecting the Obligations or the rights of any Lender to authorize the Administrative Agent  to vote in respect of the claim of any Lender in any such proceeding.  9.10 Guaranty Matters.  Without limiting the provisions of Section 9.09, the Lenders  irrevocably authorize the Administrative Agent, at its option and in its discretion, to release any Guarantor  from its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a transaction  permitted under the Loan Documents. Upon request by the Administrative Agent at any time, the Required  Lenders will confirm in writing the Administrative Agent’s authority to release any Guarantor from its  obligations under the Guaranty pursuant to this Section 9.10.  9.11 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, that at least one of the following is and will be true:   (i) such Lender is not using “plan assets” (within the meaning of Section 3(42) of  ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into,  participation in, administration of and performance of the Loans, the Commitments or this  Agreement,  (ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a  class exemption for certain transactions determined by independent qualified professional asset  managers), PTE 95-60 (a class exemption for certain transactions involving insurance company  general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance  company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions  involving bank collective investment funds) or PTE 96-23 (a class exemption for certain  transactions 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 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  

 

  - 61 -  Manager made the investment decision on behalf of such Lender to enter into, participate in,  administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into,  participation in, administration of and performance of the Loans, 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 Commitments and this Agreement, or   (iv) such other representation, warranty and covenant as may be agreed in writing  between the Administrative Agent, in its sole discretion, and such Lender.  (b) In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true  with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in  accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents  and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date  such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for  the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the  Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets  of such Lender involved in such Lender’s entrance into, participation in, administration of and performance  of the Loans, the 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).  9.12 Recovery of Erroneous Payments. Without limitation of any other provision in this  Agreement, if at any time the Administrative Agent makes a payment hereunder in error to any Lender  Recipient Party, whether or not in respect of an Obligation due and owing by the Borrower at such time,  where such payment is a Rescindable Amount, then in any such event, each Lender Recipient Party  receiving a Rescindable Amount severally agrees to repay to the Administrative Agent forthwith on demand  the Rescindable Amount received by such Lender Recipient Party in immediately available funds in the  currency so received, with interest thereon, for each day from and including the date such Rescindable  Amount is received by it to but excluding the date of payment to the Administrative Agent, at the greater  of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking  industry rules on interbank compensation. Each Lender Recipient Party irrevocably waives any and all  defenses, including any “discharge for value” (under which a creditor might otherwise claim a right to retain  funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense to its  obligation to return any Rescindable Amount.  The Administrative Agent shall inform each Lender  Recipient Party promptly upon determining that any payment made to such Lender Recipient Party  comprised, in whole or in part, a Rescindable Amount.  ARTICLE X MISCELLANEOUS  10.01 Amendments, Etc.  Subject to Section 3.03, no amendment or waiver of any provision of  this Agreement or any other Loan Document, and no consent to any departure by the Borrower or any other  Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower  or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each  such waiver or consent shall be effective only in the specific instance and for the specific purpose for which  given; provided, however, that no such amendment, waiver or consent shall:  (a) waive any condition set forth in Section 4.01(a) without the written consent of each Lender;  

 

  - 62 -  (b) extend or increase the Commitment of any Lender (or reinstate any Commitment  terminated pursuant to Section 8.02) without the written consent of such Lender;  (c) postpone any date fixed by this Agreement or any other Loan Document for any payment  or mandatory prepayment of principal, interest, fees or other amounts due to the Lenders (or any of them)  hereunder or under any other Loan Document without the written consent of each Lender directly affected  thereby;  (d) reduce the principal of, or the rate of interest specified herein on, any Loan, or (subject to  the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other  Loan Document without the written consent of each Lender directly affected thereby; provided, however,  that only the consent of the Required Lenders shall be necessary to amend the definition of “Default Rate”  or to waive any obligation of the Borrower to pay interest at the Default Rate;  (e) (i) change Section 8.03 or any other provision hereof in a manner that would have the effect  of altering the ratable reduction of Commitments, pro rata payments or pro rata sharing of payments  required hereunder without the written consent of each Lender directly affected thereby;   (f) change any provision of this Section or the definition of “Required Lenders” or any other  provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise  modify any rights hereunder or make any determination or grant any consent hereunder, without the written  consent of each Lender; and  (g) release all or substantially all of the value of the Guaranty without the written consent of  each Lender, except to the extent the release of any Guarantor is permitted pursuant to Section 9.10 (in  which case such release may be made by the Administrative Agent acting alone);  and, provided, further, that no amendment, waiver or consent shall, unless in writing and signed by the  Administrative Agent in addition to the Lenders required above, affect the rights or duties of the  Administrative Agent under this Agreement or any other Loan Document.  Notwithstanding anything to  the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment,  waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent  of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other  than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased  or extended or the maturity of any of its Loans may not be extended, the rate of interest on any of its Loans  may not be reduced (provided, however, that only the consent of the Required Lenders shall be necessary  to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest at the  Default Rate) 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 waiver, amendment, consent or modification requiring the  consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more  adversely relative to other affected Lenders shall require the consent of such Defaulting Lender.  Notwithstanding any provision herein to the contrary, if the Administrative Agent and the Borrower  acting together identify any ambiguity, omission, mistake, typographical error or other defect in any  provision of this Agreement or any other Loan Document (including the schedules and exhibits thereto),  then the Administrative Agent and the Borrower shall be permitted to amend, modify or supplement such  provision to cure such ambiguity, omission, mistake, typographical error or other defect, and such  amendment shall become effective without any further action or consent of any other party to this  Agreement.  10.02 Notices; Effectiveness; Electronic Communication.  

 

  - 63 -  (a) Notices Generally.  Except in the case of notices and other communications expressly  permitted to be given by telephone (and except as provided in clause (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 facsimile or electronic mail as follows, and all  notices and other communications expressly permitted hereunder to be given by telephone shall be made to  the applicable telephone number, as follows:  (i) if to the Borrower or any other Loan Party, the Administrative Agent, to the  address, facsimile number, electronic mail address or telephone number specified for such Person  on Schedule 10.02; and   (ii) if to any other Lender, to the address, facsimile number, electronic mail address or  telephone number specified in its Administrative Questionnaire (including, as appropriate, notices  delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in  effect for the delivery of notices that may contain material non-public information relating to the  Borrower).  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 and other communications delivered through electronic communications to  the extent provided in sub clause (b) below, shall be effective as provided in such clause (b).  (b) Electronic Communications.  Notices and other communications to the Lenders hereunder  may be delivered or furnished by electronic communication (including e-mail, FpML messaging, and  Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that  the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender, as applicable,  has notified the Administrative Agent that it is incapable of receiving notices under such Article II by  electronic communication.  The Administrative Agent or the Borrower may each, in its discretion, agree to  accept notices and other communications to it hereunder by electronic communications pursuant to  procedures approved by it, provided that approval of such procedures may be limited to particular notices  or communications.  Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent  to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the  intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other  written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website  shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as  described in the foregoing clause (i) of notification that such notice or communication is available and  identifying the website address therefor; provided that, for both clauses (i) and (ii), if such notice, email or  other communication is not sent during the normal business hours of the recipient, such notice, email or  communication shall be deemed to have been sent at the opening of business on the next business day for  the recipient.  (c) The Platform.  THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.”   THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR  COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM,  AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE  BORROWER MATERIALS.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR  STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A  

 

  - 64 -  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 BORROWER MATERIALS OR THE PLATFORM.  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 for losses, claims, damages, liabilities or expenses of any  kind (whether in tort, contract or otherwise) arising out of the Borrower’s, any Loan Party’s or the  Administrative Agent’s transmission of Borrower Materials or notices through the Platform, any other  electronic platform or electronic messaging service, or through the Internet.  (d) Change of Address, Etc.  Each of the Borrower and the Administrative Agent may change  its address, facsimile or telephone number for notices and other communications hereunder by written  notice to the other parties hereto.  Each other Lender may change its address, facsimile or telephone number  for notices and other communications hereunder by written notice to the Borrower and the Administrative  Agent.  In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that  the Administrative Agent has on record (i) an effective address, contact name, telephone number, facsimile  number and electronic mail address to which notices and other communications may be sent and (ii)  accurate wire instructions for such Lender.  Furthermore, each Public Lender agrees to cause at least one  individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information”  or similar designation on the content declaration screen of the Platform in order to enable such Public  Lender or its delegate, in accordance with such Public Lender’s compliance procedures and Applicable  Law, including United States Federal and state securities Laws, to make reference to Borrower Materials  that are not made available through the “Public Side Information” portion of the Platform and that may  contain material non-public information with respect to the Borrower or its securities for purposes of United  States Federal or state securities laws.  (e) Reliance by Administrative Agent and Lenders.  The Administrative Agent and the Lenders  shall be entitled to rely and act upon any notices (including telephonic notices and Committed Loan Notices)  purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner  specified herein, were incomplete or were not preceded or followed by any other form of notice specified  herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.  The  Loan Parties shall indemnify the Administrative Agent, each Lender and the Related Parties of each of them  from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice  purportedly given by or on behalf of the Borrower.  All telephonic notices to and other telephonic  communications with the Administrative Agent may be recorded by the Administrative Agent, and each of  the parties hereto hereby consents to such recording.  10.03 No Waiver; Cumulative Remedies; Enforcement.  No failure by any Lender or the  Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power  or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any  single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further  exercise thereof or the exercise of any other right, remedy, power or privilege.  The rights, remedies, powers  and privileges herein provided, and provided under each other Loan Document, are cumulative and not  exclusive of any rights, remedies, powers and privileges provided by law.  Notwithstanding anything to the contrary contained herein or in any other Loan Document, the  authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan  Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection  with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in  accordance with Section 8.02 for the benefit of all the Lenders; provided, however, that the foregoing shall  not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that  inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan  

 

  - 65 -  Documents, (b) any Lender from exercising setoff rights in accordance with Section 10.08 (subject to the  terms of Section 2.11), or (c) any Lender from filing proofs of claim or appearing and filing pleadings on  its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief  Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder  and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed  to the Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses  (b), and (c) of the preceding proviso and subject to Section 2.11, any Lender may, with the consent of the  Required Lenders, enforce any rights and remedies available to it and as authorized by the Required  Lenders.  10.04 Expenses; Indemnity; Damage Waiver.  (a) Costs and Expenses.  The Borrower shall pay (i) all reasonable, documented and invoiced  out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable,  documented and invoiced fees charges and disbursements of counsel for the Administrative Agent), in  connection with the syndication of the credit facilities provided for herein, the preparation, negotiation,  execution, delivery and administration of this Agreement and the other Loan Documents or any  amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions  contemplated hereby or thereby shall be consummated) and (ii) all reasonable, documented and invoiced  out-of-pocket expenses incurred by the Administrative Agent and any Lender (including the fees, charges  and disbursements of (x) one counsel for the Administrative Agent and the Lenders, collectively, and (y)  in the event of one or more conflicts of interest, one additional counsel for each affected Lender or group  of Lenders (and, in the case of (x) and (y), as applicable, one additional local counsel in each applicable  material jurisdiction)) in connection with the enforcement or protection of its rights (A) in connection with  this Agreement and the other Loan Documents, including its rights under this Section 10.04, or (B) in  connection with the Loans made, including all such out-of-pocket expenses incurred during any workout,  restructuring or negotiations in respect of such Loans.  (b) Indemnification by the Borrower.  The Borrower shall indemnify the Administrative Agent  (and any sub-agent thereof), each Lender, and each Related Party of any of the foregoing Persons (each  such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all  losses, claims, damages, liabilities and related expenses (including the reasonable, documented and  invoiced fees, charges and disbursements (x) one counsel for the Indemnitees, collectively, and (y) in the  event of one or more conflicts of interest, one additional counsel for each affected Indemnitee or group of  Indemnitees (and, in the case of (x) and (y), as applicable, one additional local counsel in each applicable  material jurisdiction)), incurred by any Indemnitee or asserted against any Indemnitee by any Person  (including the Borrower or any other Loan Party) arising out of, in connection with, or as a result of (i) the  execution or delivery of this Agreement, any other Loan Document or any agreement or instrument  contemplated hereby or thereby, (including, without limitation, the Indemnitee’s reliance on any  Communication executed using an Electronic Signature, or in the form of an Electronic Record) the  performance by the parties hereto of their respective obligations hereunder or thereunder, or the  consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative  Agent (and any sub agent thereof) and its Related Parties only, the administration of this Agreement and  the other Loan Documents (including in respect of any matters addressed in Section 3.01), (ii) any Loan or  the use or proposed use of the proceeds therefrom, or (iii) any actual or prospective claim, litigation,  investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other  theory, whether brought by a third party or by the Borrower or any other Loan Party, and regardless of  whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be  available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined  by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross  negligence, bad faith or willful misconduct of such Indemnitee, (y) brought by the Borrower against an  

 

  - 66 -  Indemnitee for material breach in bad faith of such Indemnitee’s obligations hereunder or under any other  Loan Document, if the Borrower has obtained a final and nonappealable judgment in its favor on such claim  as determined by a court of competent jurisdiction or (z) result from a claim not involving an act or omission  of the Borrower and that is brought by an Indemnitee against another Indemnitee (other than against the  Arranger or the Administrative Agent in their capacities as such).  Without limiting the provisions of  Section 3.01(c), this Section 10.04(b) shall not apply with respect to Taxes other than any Taxes that  represent losses, claims, damages, etc. arising from any non-Tax claim.  (c) Reimbursement by Lenders.  To the extent that the Borrower for any reason fails to  indefeasibly pay any amount required under clauses (a) or (b) of this Section 10.04 to be paid by it to the  Administrative Agent (or any sub-agent thereof) or any Related Party of any of the foregoing, each Lender  severally agrees to pay to the Administrative Agent (or any such sub-agent) or such Related Party, as the  case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed  expense or indemnity payment is sought based on each Lender’s share of the Total Credit Exposure at such  time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such  Lender), such payment to be made severally among them based on such Lenders’ Applicable Percentage  (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought);  provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as  the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) in  its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent  (or any such sub-agent) in connection with such capacity.  The obligations of the Lenders under this  clause (c) are subject to the provisions of Section 2.10(d).  (d) Waiver of Consequential Damages, Etc.  To the fullest extent permitted by Applicable  Law, the Borrower shall not assert, and hereby waives, and acknowledges that no other Person shall have,  any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive  damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this  Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the  transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof.  No Indemnitee  referred to in clause (b) above shall be liable for any damages arising from the use by unintended recipients  of any information or other materials distributed to such unintended recipients by such Indemnitee through  telecommunications, electronic or other information transmission systems in connection with this  Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for  direct or actual damages resulting from the gross negligence, bad faith or willful misconduct of such  Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction.  (e) Payments.  All amounts due under this Section 10.04 shall be payable not later than ten  Business Days after demand therefor.  (f) Survival.  The agreements in this Section 10.04 and the indemnity provisions of  Section 10.02(e) shall survive the resignation of the Administrative Agent, the replacement of any Lender,  the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other  Obligations.  10.05 Payments Set Aside.  To the extent that any payment by or on behalf of the Borrower is  made to the Administrative Agent or any Lender, the Administrative Agent or any Lender exercises its right  of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated,  declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered  into by the Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any  other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the  extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived  

 

  - 67 -  and continued in full force and effect as if such payment had not been made or such setoff had not occurred,  and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share  (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest  thereon from the date of such demand to the date such payment is made at a rate per annum equal to the  Federal Funds Rate from time to time in effect.  The obligations of the Lenders under clause (b) of the  preceding sentence shall survive the payment in full of the Obligations and the termination of this  Agreement.  10.06 Successors and Assigns.  (a) Successors and Assigns Generally.  The provisions of this Agreement shall be binding upon  and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby,  except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder  without the prior written consent of the Administrative Agent and each Lender and no Lender may assign  or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with  the provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the provisions  of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the  restrictions of subsection (e) of this Section (and any other attempted assignment or transfer by any party  hereto shall be null and void).  Nothing in this Agreement, expressed or implied, shall be construed to  confer upon any Person (other than the parties hereto, their respective successors and assigns permitted  hereby, Participants to the extent provided in clause (d) of this Section 10.06 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) Assignments by Lenders.  Any Lender may at any time assign to one or more assignees all  or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment  and the Loans); provided that any such assignment shall be subject to the following conditions:  (i) Minimum Amounts.  (A) in the case of an assignment of the entire remaining amount of the  assigning Lender’s Commitment and/or the Loans at the time owing to it or  contemporaneous assignments to related Approved Funds (determined after giving effect  to such Assignments) that equal at least the amount specified in clause (b)(i)(B) of this  Section 10.06 in the aggregate or in the case of an assignment to a Lender, an Affiliate of  a Lender or an Approved Fund, no minimum amount need be assigned; and  (B) in any case not described in clause (b)(i)(A) of this Section 10.06,  the aggregate amount of the Commitment (which for this purpose includes Loans  outstanding thereunder) or, if the Commitment is not then in effect, the principal  outstanding balance of the Loans of the assigning Lender subject to each such assignment,  determined as of the date the Assignment and Assumption with respect to such assignment  is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment  and Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each of the  Administrative Agent and, so long as no Event of Default has occurred and is continuing,  the Borrower otherwise consents (each such consent not to be unreasonably withheld or  delayed).  (ii) Proportionate Amounts.  Each partial assignment shall be made as an assignment  of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement  with respect to the Loans or the Commitment assigned;   

 

  - 68 -  (iii) Required Consents.  No consent shall be required for any assignment except to the  extent required by clause (b)(i)(B) of this Section 10.06 and, in addition:  (A) the consent of the Borrower (such consent not to be unreasonably withheld  or delayed) shall be required unless (1) an Event of Default has occurred and is continuing  at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a  Lender or an Approved Fund; 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;  and  (B) the consent of the Administrative Agent (such consent not to be  unreasonably withheld or delayed) shall be required for assignments to a Person that is not  a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender.  (iv) Assignment and Assumption.  The parties to each assignment shall execute and  deliver to the Administrative Agent an Assignment and Assumption, together with a processing  and recordation fee in the amount of $3,500; provided, however, that the Administrative Agent  may, in its sole discretion, elect to waive such processing and recordation fee in the case of any  assignment.  The assignee, if it is not a Lender, shall deliver to the Administrative Agent an  Administrative Questionnaire.  (v) No Assignment to Certain Persons.  No such assignment shall be made (A) to the  Borrower or any of the Borrower’s Affiliates or Subsidiaries or Excluded Entities, (B) to any  Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender  hereunder, would constitute any of the foregoing Persons described in this clause (B), or (C) to a  natural Person (or a holding company, investment vehicle or trust for, or owned and operated for  the primary benefit of one or more natural Persons).  (vi) Certain Additional Payments.  In connection with any assignment of rights and  obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and  until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall  make such additional payments to the Administrative Agent in an aggregate amount sufficient,  upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee  of participations or subparticipations, or other compensating actions, including funding, with the  consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans  previously requested but not funded by the Defaulting Lender, to each of which the applicable  assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment  liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender  hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata  share of all Loans in accordance with its Applicable Percentage.  Notwithstanding the foregoing,  in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall  become effective under Applicable Law without compliance with the provisions of this clause (vi),  then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this  Agreement until such compliance occurs.   (vii) Subject to acceptance and recording thereof by the Administrative Agent pursuant  to clause (c) of this Section 10.06, from and after the effective date specified in each Assignment  and Assumption, the assignee thereunder shall be a party to this Agreement 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  

 

  - 69 -  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 3.01, 3.04, 3.05, and 10.04 with respect  to facts and circumstances occurring prior to the effective date of such assignment; provided that  except to the extent otherwise expressly agreed by the affected parties, no assignment by a  Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising  from that Lender’s having been a Defaulting Lender.  Upon request, the Borrower (at its expense)  shall execute and deliver a Note to the assignee Lender.  (c) Register.  The Administrative Agent, acting solely for this purpose as an agent of the  Borrower (and such agency being solely for Tax purposes), shall maintain at the Administrative Agent’s  Office a copy of each Assignment and Assumption delivered to it (or the equivalent thereof in electronic  form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments  of, and principal amounts (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.  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.  (d) Participations.  Any Lender may at any time, without the consent of, or notice to, the  Borrower or the Administrative Agent, sell participations to any Person (other than a natural Person, or a  holding company, investment vehicle or trust for, or owned and operated for the primary benefit of one or  more natural Persons, a Defaulting Lender or the Borrower or any of the Borrower’s Affiliates or  Subsidiaries or Excluded Entities) (each, a “Participant”) 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 (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such  Lender shall remain solely responsible to the other parties hereto for the performance of such obligations  and (iii) the Borrower, the Administrative Agent, the Lenders shall continue to deal solely and directly with  such Lender in connection with such Lender’s rights and obligations under this Agreement.  For the  avoidance of doubt, each Lender shall be responsible for the indemnity under Section 10.04(c) without  regard to the existence of any participation.  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,  waiver or other modification described in the first proviso to Section 10.01 that affects such Participant.   The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05  to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to clause (b)  of this Section 10.06 (it being understood that the documentation required under Section 3.01(g) shall be  delivered to the Lender who sells the participation) to the same extent as if it were a Lender and had acquired  its interest by assignment pursuant to clause (b) of this Section 10.06; provided that such Participant (A)  agrees to be subject to the provisions of Sections 3.06 and 10.13 as if it were an assignee under clause (b)  of this Section 10.06 and (B) shall not be entitled to receive any greater payment under Sections 3.01 or  3.04, with respect to any participation, than the Lender from whom it acquired the applicable participation  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 3.06 with respect to any Participant.   

 

  - 70 -  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 2.11 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.  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.  (e) Certain Pledges.  Any Lender may at any time pledge or assign a security interest in all or  any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of  such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided  that no such pledge or assignment shall release such Lender from any of its obligations hereunder or  substitute any such pledgee or assignee for such Lender as a party hereto.  10.07 Treatment of Certain Information; 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 Affiliates, its auditors and its Related Parties (it being understood  that the Persons to whom such disclosure is made will be informed of the confidential nature of such  Information and instructed to keep such Information confidential and the Administrative Agent or such  Lender will be responsible for any the non-compliance with this Section 10.07 of such a Person which it  controls), (b) to the extent required or requested by any regulatory authority purporting to have jurisdiction  over such Person or its Related Parties (including any self-regulatory authority, such as the National  Association of Insurance Commissioners) and such Person agrees, to the extent not prohibited by applicable  law, to inform the Borrower promptly thereof prior to disclosure or, if not practicable prior to disclosure  and not prohibited by law, to inform the Borrower promptly after disclosure, (c) to the extent required by  Applicable Laws or regulations or by any subpoena or similar legal process and such Person agrees, to the  extent not prohibited by applicable law, to inform the Borrower promptly thereof prior to disclosure or, if  not practicable prior to disclosure and not prohibited by law, promptly after disclosure, (d) to any other  party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan  Document or any action or proceeding relating to this Agreement or any other Loan Document or the  enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions  substantially the same as those of this Section 10.07, to (i) any assignee of or Participant in, or any  prospective assignee of or Participant in, any of its rights and obligations under this Agreement or (ii) any  actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which  payments are to be made by reference to the Borrower and its obligations, this Agreement or payments  hereunder, (g) on a confidential basis to (i) any rating agency in connection with rating the Borrower or its  Subsidiaries or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar  agency in connection with the application, issuance, publishing and monitoring of CUSIP numbers or other  market identifiers with respect to the credit facilities provided hereunder, (h) with the consent of the  Borrower or (i) to the extent such Information (x) becomes publicly available other than as a result of a  breach of this Section 10.07, (y) becomes available to the Administrative Agent, any Lender or any of their  respective Affiliates on a nonconfidential basis from a source other than the Borrower or (z) is  independently discovered or developed by a party hereto without utilizing any Information received from  

 

  - 71 -  the Borrower or violating the terms of this Section 10.07.  In addition, the Administrative Agent and the  Lenders may disclose the existence of this Agreement and information about this Agreement to market data  collectors, similar service providers to the lending industry and service providers to the Agents and the  Lenders in connection with the administration of this Agreement, the other Loan Documents, and the  Commitments.  For purposes of this Section 10.07, “Information” means all information received from the Borrower or any  Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses, other than any  such information that is available to the Administrative Agent, any Lender on a nonconfidential basis prior  to disclosure by the Borrower or any Subsidiary, provided that, in the case of information received from  the Borrower or any Subsidiary 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 10.07 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 of the Administrative Agent, the Lenders acknowledges that (a) the Information may include  material non-public information concerning the Borrower or a Subsidiary, as the case may be, (b) it has  developed compliance procedures regarding the use of material non-public information and (c) it will  handle such material non-public information in accordance with Applicable Law, including United States  Federal and state securities Laws.  10.08 Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender  and each of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining  the prior written consent of the Administrative Agent, to the fullest extent permitted by Applicable Law, to  set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever  currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender  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 their respective Affiliates, irrespective of whether or not such Lender or Affiliate shall have made any  demand under this Agreement or any other Loan Document and although such obligations of the Borrower  may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender different from  the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided that in the  event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be  paid over immediately to the Administrative Agent for further application in accordance with the provisions  of Section 2.13 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 and the Lenders, and (y) the  Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable  detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.  The  rights of each Lender and their respective Affiliates under this Section 10.08 are in addition to other rights  and remedies (including other rights of setoff) that such Lender or their respective Affiliates may have.   Each Lender 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.  10.09 Interest Rate Limitation.  Notwithstanding anything to the contrary contained in any  Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the  maximum rate of non-usurious interest permitted by Applicable Law (the “Maximum Rate”).  If the  Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate,  the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal,  refunded to the Borrower.  In determining whether the interest contracted for, charged, or received by the  

 

  - 72 -  Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted  by Applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather  than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate,  and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the  Obligations hereunder.  10.10 Integration; Effectiveness.  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 that, 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.  10.11 Survival of Representations and Warranties.  All representations and warranties made  hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in  connection herewith or therewith shall survive the execution and delivery hereof and thereof.  Such  representations and warranties have been or will be relied upon by the Administrative Agent and each  Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf  and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of  any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any  Loan or any other Obligation hereunder shall remain unpaid or unsatisfied.  10.12 Severability.  If any provision of this Agreement or the other Loan Documents is held to  be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions  of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the  parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions  with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid  or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or  render unenforceable such provision in any other jurisdiction.  Without limiting the foregoing provisions  of this Section 10.12, if and to the extent that the enforceability of any provisions in this Agreement relating  to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the  Administrative Agent, then such provisions shall be deemed to be in effect only to the extent not so limited.   10.13 Replacement of Lenders.  If the Borrower is entitled to replace a Lender pursuant to the  provisions of Section 3.06, or if any Lender is a Defaulting Lender or a Non-Consenting Lender or if any  other circumstance exists hereunder that gives the Borrower the right to replace a Lender as a party hereto,  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, and consents required by, Section 10.06), all of its interests, rights (other than its  existing rights to payments pursuant to Sections 3.01 and 3.04) and obligations under this Agreement and  the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee  may be another Lender, if a Lender accepts such assignment), provided that:  (a) the Borrower shall have paid to the Administrative Agent the assignment fee (if any)  specified in Section 10.06(b);  (b) 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 and under  

 

  - 73 -  the other Loan Documents (including any amounts under Section 3.05) 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);  (c) in the case of any such assignment resulting from a claim for compensation under Section  3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction  in such compensation or payments thereafter;  (d) such assignment does not conflict with Applicable Laws; and  (e) in the case of an assignment resulting from a Lender becoming a Non-Consenting Lender,  the applicable assignee shall have consented to the applicable amendment, waiver or consent.  A Lender shall not be required to make any such assignment or 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 (a) an assignment required pursuant to this Section 10.13 may be  effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent  and the assignee and (b) 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 an 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, further that any such documents shall be without  recourse to or warranty by the parties thereto.  Notwithstanding anything in this Section 10.13 to the contrary, the Lender that acts as the  Administrative Agent may not be replaced hereunder except in accordance with the terms of Section 9.06.  10.14 Governing Law; Jurisdiction; Etc.  (a) GOVERNING LAW.  THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS  AND ANY CLAIMS, 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 (EXCEPT, AS TO ANY OTHER LOAN  DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS  CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN  ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.  (b) SUBMISSION TO JURISDICTION.  EACH OF THE PARTIES HERETO  IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY  ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW  OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST ANY OTHER  PARTY HERETO, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO  THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING  HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW  YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF  THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY  THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY  SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN  RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND  DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT  

 

  - 74 -  PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.  EACH OF THE PARTIES  HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION 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.  (c) WAIVER OF VENUE.  EACH OF THE PARTIES IRREVOCABLY AND  UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,  ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF  ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR  ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN CLAUSE (B) OF THIS  SECTION 10.14.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE  FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT  FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.  (d) SERVICE OF PROCESS.  EACH PARTY HERETO IRREVOCABLY CONSENTS TO  SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02.   NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO  SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.  10.15 Waiver of Jury Trial.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES,  TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO  A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT  OF OR RELATING TO THIS AGREEMENT OR 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 PERSON HAS REPRESENTED,  EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF  LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT  IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS  AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE  MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.15.  10.16 No Advisory or Fiduciary Responsibility.  In connection with all aspects of each  transaction contemplated hereby (including in connection with any amendment, waiver or other  modification hereof or of any other Loan Document), the Borrower acknowledges and agrees, and  acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other services regarding this  Agreement provided by the Administrative Agent, the Arranger, and the Lenders are arm’s-length  commercial transactions between the Borrower and its Affiliates, on the one hand, and the Administrative  Agent, the Arranger, 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  contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative Agent, the Arranger  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 or any of its Affiliates, or any other Person and (B) neither the Administrative Agent, the Arranger  nor any Lender has any obligation to the Borrower or any of its Affiliates with respect to the transactions  contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents;  and (iii) the Administrative Agent, the Arranger and the Lenders and their respective Affiliates may be  engaged in a broad range of transactions that involve interests that differ from those of the Borrower and  its Affiliates, and neither the Administrative Agent, the Arranger, nor any Lender has any obligation to  disclose any of such interests to the Borrower or its Affiliates.  To the fullest extent permitted by law, the  

 

  - 75 -  Borrower hereby waives and releases any claims that it may have against the Administrative Agent, the  Arranger or any Lender with respect to any breach or alleged breach of agency or fiduciary duty in  connection with any aspect of any transaction contemplated hereby.  10.17 Electronic Execution; Electronic Records; Counterparts.  This Agreement, any Loan  Document and any other Communication, including Communications required to be in writing, may be in  the form of an Electronic Record and may be executed using Electronic Signatures.  The Borrower and each  of the Administrative Agent and the Lender Parties agrees that any Electronic Signature on or associated  with any Communication shall be valid and binding on such Person to the same extent as a manual, original  signature, and that any Communication entered into by Electronic Signature, will constitute the legal, valid  and binding obligation of such Person enforceable against such Person in accordance with the terms thereof  to the same extent as if a manually executed original signature was delivered.  Any Communication may  be executed in as many counterparts as necessary or convenient, including both paper and electronic  counterparts, but all such counterparts are one and the same Communication.  For the avoidance of doubt,  the authorization under this paragraph may include, without limitation, use or acceptance of a manually  signed paper Communication which has been converted into electronic form (such as scanned into PDF  format), or an electronically signed Communication converted into another format, for transmission,  delivery and/or retention.  The Administrative Agent and each of the Lender Parties may, at its option,  create one or more copies of any Communication in the form of an imaged Electronic Record (“Electronic  Copy”), which shall be deemed created in the ordinary course of such Person’s business, and destroy the  original paper document.  All Communications in the form of an Electronic Record, including an Electronic  Copy, shall be considered an original for all purposes, and shall have the same legal effect, validity and  enforceability as a paper record.  Notwithstanding anything contained herein to the contrary, the  Administrative Agent is not under any obligation to accept an Electronic Signature in any form or in any  format unless expressly agreed to by such Person pursuant to procedures approved by it; provided, further,  without limiting the foregoing, (a) to the extent the Administrative Agent has agreed to accept such  Electronic Signature, the Administrative Agent and each of the Lender Parties shall be entitled to rely on  any such Electronic Signature purportedly given by or on behalf of the Borrower and/or any Lender Party  without further verification and (b) upon the request of the Administrative Agent or any Lender Party, any  Electronic Signature shall be promptly followed by such manually executed counterpart.  For purposes  hereof, “Electronic Record” and “Electronic Signature” shall have the meanings assigned to them,  respectively, by 15 USC §7006, as it may be amended from time to time.  The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into  the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other  agreement, instrument or document (including, for the avoidance of doubt, in connection with the  Administrative Agent’s reliance on any Electronic Signature transmitted by telecopy, emailed .pdf or any  other electronic means). The Administrative Agent 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 Communication  (which writing may be a fax, any electronic message, Internet or intranet website posting or other  distribution or signed using an Electronic Signature) or any statement made to it orally or by telephone and  believed by it to be genuine and signed or sent or otherwise authenticated (whether or not such Person in  fact meets the requirements set forth in the Loan Documents for being the maker thereof).    The Borrower and each Lender Party hereby waives (i) any argument, defense or right to contest  the legal effect, validity or enforceability of this Agreement, any other Loan Document based solely on the  lack of paper original copies of this Agreement, such other Loan Document, and (ii) waives any claim  against the Administrative Agent, each Lender Party and each Related Party for any liabilities arising solely  from the Administrative Agent’s and/or any Lender Party’s reliance on or use of Electronic Signatures,  including any liabilities arising as a result of the failure of the Loan Parties to use any available security  measures in connection with the execution, delivery or transmission of any Electronic Signature.  

 

  - 76 -  10.18 USA PATRIOT Act.  Each Lender that is subject to the Act (as hereinafter defined) 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 “Act”), it is required to obtain, verify and record information that identifies the Borrower  and each other Loan Party, which information includes the name and address of the Borrower and each  other Loan Party and other information that will allow such Lender or the Administrative Agent, as  applicable, to identify the Borrower and each other Loan Party in accordance with the Act.  The Borrower  and each other Loan Party shall, promptly following a request by the Administrative Agent or any Lender,  provide all documentation and other information that the Administrative Agent or such Lender requests in  order to comply with its ongoing obligations under applicable “know your customer” and anti-money  laundering rules and regulations, including the Act.  10.19 Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Solely  to the extent any Lender that is an Affected Financial Institution is a party to this Agreement and  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 Lender that is an  Affected Financial Institution; and  (b) the effects of any Bail-In Action on any such liability, including, if applicable:  (i) a reduction in full or in part or cancellation of any such liability;  (ii) a conversion of all, or a portion of, such liability into shares or other instruments  of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution  that may be issued to it or otherwise conferred on it, and that such shares or other instruments of  ownership will be accepted by it in lieu of any rights with respect to any such liability under this  Agreement or any other Loan Document; or  (iii) the variation of the terms of such liability in connection with the exercise of the  Write-Down and Conversion Powers of the applicable Resolution Authority.  10.20 Acknowledgement Regarding Any Supported QFCs.  To the extent that the Loan  Documents provide support, through a guarantee or otherwise, for any Swap Contract 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):   (a) In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”)  becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported  QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported  

 

  - 77 -  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.  (b) As used in this Section 10.20, the following terms have the following meanings:  “BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and  interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.  “Covered Entity” means any of the following:  (i) a “covered entity” as that term is defined  in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is  defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that  term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).  “Default Right” has the meaning assigned to that term in, and shall be interpreted in  accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.  “QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be  interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).  10.21 Amendment and Restatement.  The terms, conditions, agreements, covenants,  representations and warranties set forth in the Existing Credit Agreement are simultaneously amended and  restated in their entirety, and as so amended and restated, are hereby replaced and superseded, by the terms,  conditions, agreements, covenants, representations and warranties set forth in this Agreement, and as of the  Closing Date neither the Borrower nor the Administrative Agent and Lenders shall be subject to or bound  by any of the terms of the Existing Credit Agreement and shall only be subject to or bound by the terms  and provisions of this Agreement, except that nothing herein or in the other Loan Documents shall, in any  manner, be construed to constitute payment of, or impair, limit, cancel or extinguish, or constitute a  novation in respect of any of the “Obligations” existing under (and as defined in) the Existing Credit  Agreement (the “Existing Obligations”) or any other obligations, liabilities and indebtedness of the  Borrower evidenced by or arising under the Existing Credit Agreement.  All Existing Obligations and all  other loans, advances and other financial accommodations under the Existing Credit Agreement of  Borrower to Administrative Agent and Lenders that are outstanding and unpaid as of the date hereof  pursuant to the Existing Credit Agreement or otherwise shall be deemed Obligations of Borrower pursuant  to the terms of this Agreement.  [signature pages follow]    

 

  [Signature Page to Credit Agreement]  IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of  the date first above written.    FRANKLIN RESOURCES, INC.      By: /s/  Mark Constant   Name: Mark Constant  Title: Vice President and Treasurer      

 

  [Signature Page to Credit Agreement]  BANK OF AMERICA, N.A.,  as Administrative Agent      By: /s/  Aamir Saleem   Name: Aamir Saleem  Title: Vice President      

 

  [Signature Page to Credit Agreement]  BANK OF AMERICA, N.A.,   as a Lender      By: /s/  Alexandra M. Knights   Name: Alexandra M. Knights  Title: Vice President      

 

  [Signature Page to Credit Agreement]  CITIBANK, N.A.,   as a Lender      By: /s/  William Wilson   Name: William Wilson  Title: Vice President        

 

  [Signature Page to Credit Agreement]  WELLS FARGO BANK, NATIONAL  ASSOCIATION,   as a Lender      By: /s/  Heidi Samuels   Name: Heidi Samuels  Title: Director        

 

  [Signature Page to Credit Agreement]  HSBC BANK USA, N.A.,   as a Lender      By: /s/  Kieran Patel   Name: Kieran Patel  Title: Managing Directorexhibit102termloancredit

EXHIBIT 10.2            TERM LOAN CREDIT AGREEMENT  dated as of September 8, 2022  among  FRANKLIN RESOURCES, INC.,  as the Borrower,  BANK OF AMERICA, N.A.,  as Administrative Agent,  and  the Lenders party hereto    BANK OF AMERICA, N.A.,  as  Sole Lead Arranger and Sole Bookrunner              

 

    TABLE OF CONTENTS  Section Page  ARTICLE I DEFINITIONS AND ACCOUNTING TERMS ............................................................... 1  1.01 Defined Terms .................................................................................................................. 1  1.02 Other Interpretive Provisions ....................................................................................... 21  1.03 Accounting Terms. ......................................................................................................... 21  1.04 Rounding......................................................................................................................... 22  1.05 Times of Day ................................................................................................................... 22  1.06 Interest Rates .................................................................................................................. 22  ARTICLE II THE LOANS ................................................................................................................... 23  2.01 Term Loans .................................................................................................................... 23  2.02 Borrowings, Conversions and Continuations of Term Loans. ................................... 23  2.03 Prepayments. .................................................................................................................. 24  2.04 [Reserved] ....................................................................................................................... 25  2.05 Repayment of Loans ...................................................................................................... 25  2.06 Interest. ........................................................................................................................... 25  2.07 Fees .................................................................................................................................. 25  2.08 Computation of Interest and Fees ................................................................................ 25  2.09 Evidence of Debt ............................................................................................................ 26  2.10 Payments Generally; Administrative Agent’s Clawback. .......................................... 26  2.11 Sharing of Payments by Lenders .................................................................................. 28  2.12 Increase in Term Loans. ................................................................................................ 28  2.13 Defaulting Lenders. ....................................................................................................... 29  2.14 Defaulting Lender Cure ................................................................................................ 30  ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY ................................................... 30  3.01 Taxes. .............................................................................................................................. 30  3.02 Illegality .......................................................................................................................... 33  3.03 Inability to Determine Rates. ........................................................................................ 34  3.04 Increased Costs. ............................................................................................................. 36  3.05 Compensation for Losses ............................................................................................... 37  3.06 Mitigation Obligations; Replacement of Lenders ....................................................... 37  3.07 Survival ........................................................................................................................... 38  ARTICLE IV CONDITIONS PRECEDENT TO BORROWING ......................................................... 38  4.01 Conditions Precedent to Borrowing ............................................................................. 38  ARTICLE V REPRESENTATIONS AND WARRANTIES ................................................................ 40  

 

   - ii -   5.01 Existence, Qualification and Power .............................................................................. 40  5.02 Authorization; No Contravention ................................................................................ 40  5.03 Governmental Authorization; Other Consents ........................................................... 40  5.04 Binding Effect ................................................................................................................. 40  5.05 Financial Statements; No Material Adverse Effect. ................................................... 40  5.06 Litigation......................................................................................................................... 41  5.07 No Default ....................................................................................................................... 41  5.08 Taxes ............................................................................................................................... 41  5.09 ERISA Compliance. ....................................................................................................... 41  5.10 Margin Regulations; Investment Company Act. ........................................................ 42  5.11 Disclosure ........................................................................................................................ 42  5.12 Compliance with Laws .................................................................................................. 42  5.13 OFAC .............................................................................................................................. 43  5.14 Anti-Corruption Laws ................................................................................................... 43  5.15 Affected Financial Institutions ...................................................................................... 43  5.16 Covered Entities ............................................................................................................. 43  ARTICLE VI AFFIRMATIVE COVENANTS ..................................................................................... 43  6.01 Financial Statements ...................................................................................................... 43  6.02 Certificates; Other Information ................................................................................... 44  6.03 Notices ............................................................................................................................. 45  6.04 Payment of Taxes ........................................................................................................... 45  6.05 Preservation of Existence, Etc ...................................................................................... 46  6.06 Maintenance of Properties ............................................................................................ 46  6.07 Maintenance of Insurance ............................................................................................. 46  6.08 Compliance with Laws .................................................................................................. 46  6.09 Books and Records ......................................................................................................... 46  6.10 Visitation Rights ............................................................................................................. 46  6.11 Use of Proceeds ............................................................................................................... 47  6.12 Anti-Corruption Laws; Sanctions ................................................................................ 47  ARTICLE VII NEGATIVE COVENANTS ............................................................................................ 47  7.01 Liens ................................................................................................................................ 47  7.02 Subsidiary Indebtedness ................................................................................................ 49  7.03 Fundamental Changes ................................................................................................... 50  7.04 Dispositions ..................................................................................................................... 51  7.05 Change in Nature of Business ....................................................................................... 52  

 

   - iii -   7.06 Sanctions ......................................................................................................................... 52  7.07 Anti-Corruption Laws ................................................................................................... 52  7.08 Consolidated Net Leverage Ratio ................................................................................. 52  ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES .................................................................. 52  8.01 Events of Default ............................................................................................................ 52  8.02 Remedies Upon Event of Default .................................................................................. 54  8.03 Application of Funds ..................................................................................................... 54  ARTICLE IX ADMINISTRATIVE AGENT ......................................................................................... 55  9.01 Appointment and Authority ......................................................................................... 55  9.02 Rights as a Lender ......................................................................................................... 55  9.03 Exculpatory Provisions .................................................................................................. 55  9.04 Reliance by Administrative Agent ................................................................................ 56  9.05 Delegation of Duties ....................................................................................................... 56  9.06 Resignation of Administrative Agent. .......................................................................... 57  9.07 Non-Reliance on the Administrative Agent, the Arranger and the Other  Lenders ........................................................................................................................... 58  9.08 No Other Duties, Etc ...................................................................................................... 58  9.09 Administrative Agent May File Proofs of Claim ......................................................... 58  9.10 Guaranty Matters .......................................................................................................... 59  9.11 Certain ERISA Matters. ................................................................................................ 59  9.12 Recovery of Erroneous Payments. ................................................................................ 60  ARTICLE X MISCELLANEOUS ........................................................................................................ 60  10.01 Amendments, Etc ........................................................................................................... 60  10.02 Notices; Effectiveness; Electronic Communication. ................................................... 61  10.03 No Waiver; Cumulative Remedies; Enforcement ....................................................... 63  10.04 Expenses; Indemnity; Damage Waiver. ....................................................................... 64  10.05 Payments Set Aside ........................................................................................................ 65  10.06 Successors and Assigns. ................................................................................................. 66  10.07 Treatment of Certain Information; Confidentiality ................................................... 69  10.08 Right of Setoff ................................................................................................................. 70  10.09 Interest Rate Limitation ................................................................................................ 70  10.10 Integration; Effectiveness .............................................................................................. 71  10.11 Survival of Representations and Warranties .............................................................. 71  10.12 Severability ..................................................................................................................... 71  10.13 Replacement of Lenders ................................................................................................ 71  

 

   - iv -   10.14 Governing Law; Jurisdiction; Etc ................................................................................ 72  10.15 Waiver of Jury Trial ...................................................................................................... 73  10.16 No Advisory or Fiduciary Responsibility .................................................................... 73  10.17 Electronic Execution; Electronic Records; Counterparts .......................................... 74  10.18 USA PATRIOT Act ....................................................................................................... 75  10.19 Acknowledgement and Consent to Bail-In of Affected Financial Institutions ......... 75  10.20 Acknowledgement Regarding Any Supported QFCs ................................................. 75    

 

   - v -   SCHEDULES  2.01 Commitments and Applicable Percentages  7.01 Existing Liens  7.02 Existing Subsidiary Indebtedness  10.02 Administrative Agent’s Office; Certain Addresses for Notices    EXHIBITS  A Form of Loan Notice  B Form of Note  C Form of Compliance Certificate  D-1 Assignment and Assumption  D-2 Form of Administrative Questionnaire  E-1 Form of U.S. Tax Compliance Certificate – Foreign Lenders (Not Partnerships)  E-2 Form of U.S. Tax Compliance Certificate – Non-U.S. Participants (Not Partnerships)  E-3 Form of U.S. Tax Compliance Certificate – Non-U.S. Participants (Partnerships)  E-4 Form of U.S. Tax Compliance Certificate – Foreign Lenders (Partnerships)  F Form of Notice of Loan Prepayment      

 

    TERM LOAN CREDIT AGREEMENT  This TERM LOAN CREDIT AGREEMENT (“Agreement”) is entered into as of September 8,  2022, among FRANKLIN RESOURCES, INC., a Delaware corporation (the “Borrower”), each lender from  time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and BANK OF  AMERICA, N.A., as Administrative Agent.  The Borrower has requested that the Lenders advance a term loan on the Closing Date, and the  Lenders are willing to do so on the terms and conditions set forth herein.  In consideration of the mutual covenants and agreements herein contained, the parties hereto  covenant and agree as follows:  ARTICLE I DEFINITIONS AND ACCOUNTING TERMS  1.01 Defined Terms.  As used in this Agreement, the following terms shall have the meanings  set forth below:  “Act” has the meaning specified in Section 10.18.  “Administrative Agent” means Bank of America in its capacity as administrative agent under any  of the Loan Documents, or any successor administrative agent.  “Administrative Agent’s Office” means the Administrative Agent’s address and, as appropriate,  account as set forth on Schedule 10.02, or such other address or account as the Administrative Agent may  from time to time notify in writing to the Borrower and the Lenders.  “Administrative Questionnaire” means an Administrative Questionnaire in substantially the form  of Exhibit D-2 or any other form approved 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 (other than, with respect to  the Borrower, an Excluded Entity of the Borrower) that directly, or indirectly through one or more  intermediaries, Controls or is Controlled by or is under common Control with the Person specified.  “Aggregate Commitments” means the Commitments of all the Lenders.  “Agreement” has the meaning specified in the introductory paragraph hereto.  “Applicable Law” means, as to any Person, all applicable Laws binding upon such Person or to  which such a Person is subject.  “Applicable Percentage” means with respect to any Lender at any time, the percentage (carried out  to the ninth decimal place) of the aggregate outstanding principal amount of such Lender’s Term Loans at  such time (giving effect to any subsequent assignments), subject to adjustment as provided in Section 2.13.   The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule  2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as  applicable.  

 

  - 2 -  “Applicable Rate” means, from time to time, the following percentages per annum, based upon the  Debt Rating as set forth below:  Applicable Rate  Pricing  Level  Debt Ratings  S&P/Moody’s/Fitch Term SOFR Loans   1 ≥ A / A2 / A 0.75%  2 A- / A3 / A- 0.875%  3 ≤ BBB+ / Baa1 / BBB+ 1.00%    Initially, the Applicable Rate shall be determined based upon Pricing Level 1.  Thereafter, each  change in the Applicable Rate resulting from a publicly announced change in the Debt Rating shall be  effective during the period commencing on the date of the public announcement thereof and ending on the  date immediately preceding the effective date of the next such change.  If the rating system of Moody’s,  S&P or Fitch shall change, or if either such rating agency shall cease to be in the business of rating corporate  debt obligations, the Borrower and the Lenders shall negotiate in good faith to amend this definition to  reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the  effectiveness of any such amendment, the Applicable Rate shall be determined by reference to the rating  most recently in effect prior to such change or cessation.  “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate  of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.  “Arranger” means Bank of America, N.A., an affiliate of BofA Securities, Inc., in its capacity as  sole lead arranger and sole bookrunner.  “Assignment and Assumption” means an assignment and assumption entered into by a Lender and  an Eligible Assignee (with the consent of any party whose consent is required by Section 10.06(b)), in  substantially the form of Exhibit D-1 or any other form (including electronic documentation generated by  use of an electronic platform) approved by the Administrative Agent.  “Attributable Indebtedness” means, on any date, (a) in respect of any Capital Lease of any Person,  the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date  in accordance with GAAP, and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of  the remaining lease or similar payments under the relevant lease or other applicable agreement or instrument  that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if  such lease or other agreement or instrument were accounted for as a Capital Lease.  “Audited Financial Statements” means the audited consolidated balance sheet of the Borrower and  its Subsidiaries for the fiscal year ended September 30, 2021, and the related consolidated statements of  income, stockholders’ equity and cash flows for such fiscal year of the Borrower and its Subsidiaries,  including the notes thereto.  “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, rule, regulation 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  

 

  - 3 -  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).   “Bank of America” means Bank of America, N.A. and its successors.  “Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal  Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time  to time by Bank of America as its “prime rate,” (c) Term SOFR plus 1.00% and (d) 1.00%.  The “prime  rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and  desired return, general economic conditions and other factors, and is used as a reference point for pricing  some loans, which may be priced at, above, or below such announced rate.  Any change in such prime rate  announced by Bank of America shall take effect at the opening of business on the day specified in the public  announcement of such change.  If the Base Rate is being used as an alternate rate of interest pursuant to  Section 3.03 hereof, then the Base Rate shall be the greater of clauses (a), (b) and (d) above and shall be  determined without reference to clause (c) above.  “Base Rate Loan” means a Loan that bears interest based on the Base Rate.  “Beneficial Ownership Certification” means a certification regarding beneficial ownership required  by the Beneficial Ownership Regulation.  “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.  “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject  to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person  whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA  or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.  “Borrower” has the meaning specified in the introductory paragraph hereto.  “Borrower Materials” has the meaning specified in Section 6.02.  “Borrowing” means a borrowing consisting of simultaneous Term Loans of the same Type and, in  the case of Term SOFR Loans, having the same Interest Period made by each of the Lenders pursuant to  Section 2.01.  “Business Day” means any day other than a Saturday, Sunday or other day on which commercial  banks are authorized to close under the Laws of, or are in fact closed in, the state where the Administrative  Agent’s Office is located.   “Capital Lease” means each lease that has been or is required to be, in accordance with GAAP,  classified and accounted for as a capital lease or financing lease.  “Cash Equivalents” means, at any time (a) debt issued or guaranteed by the United States  government or any agency thereof, maturing not more than one (1) year after such time, (b) commercial  paper, maturing not more than one (1) year from the date of issue, or corporate demand notes, in each case  which is issued by a corporation (other than an Affiliate of the Borrower) rated at least A-1 by S&P, F1 by  Fitch or P-1 by Moody’s (or carrying an equivalent rating by an internationally-recognized rating agency),  (c) any certificate of deposit (or time deposits represented by such certificates of deposit) or banker’s  

 

  - 4 -  acceptance, maturing not more than one (1) year after the date of issue, or overnight Federal Funds  transactions or money market deposit accounts, which is issued or sold by, or maintained with, a  commercial bank or financial institution which is rated at least A- by S&P, A- by Fitch or A3 by Moody’s  (or carrying an equivalent rating by an internationally-recognized rating agency), and (d) any repurchase  agreement entered into with a commercial bank or financial institution meeting the requirements of clause  (c) above which (i) is secured by a fully perfected security interest in any obligation of the type described  in any of clauses (a) through (c) above and (ii) has a market value at the time such repurchase agreement is  entered into of not less than 100% of the repurchase obligation of such commercial bank or financial  institution thereunder, (e) securities with maturities of six (6) months or less from the date of acquisition  backed by standby letters of credit issued by any commercial bank or financial institution meeting the  requirements of clause (c) above, (f) any short-term (or readily marketable or immediately redeemable)  investment in a structured investment vehicle, structured investment deposit or similar instrument with  financial strength rating of A by S&P or Moody’s, (g) shares of money market mutual or similar funds  which invest substantially all of their assets in Cash Equivalents of the types described in clauses (a) through  (f) above, or (h) instruments equivalent to those referred to in any of clauses (a) through (g) above that are  comparable in credit quality and tenor to that referenced in the applicable clause and are customarily used  by corporations similar to the Borrower for cash management purposes outside the United States.  “Change in Law” means the occurrence, after the date of this Agreement or, with respect to any  Lender, such later date on which such Lender became 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 administration, interpretation, implementation or application thereof by any  Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether  or not having the force of law) by any Governmental Authority; provided that notwithstanding anything  herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all  requests, rules, guidelines or directives thereunder or issued in connection therewith or in the  implementation thereof and (y) all requests, rules, guidelines or directives promulgated by the Bank for  International Settlements, the Basel Committee on Banking Supervision (or any successor or similar  authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in  each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, issued or  implemented.  “Change of Control” means an event or series of events by which:  (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the  Exchange Act, but excluding any employee benefit plan of such person or its subsidiaries, and any  person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any  such plan), in each case, other than any Permitted Holder, becomes the “beneficial owner” (as  defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a person or group shall be  deemed to have “beneficial ownership” of all securities that such person or group has the right to  acquire, whether such right is exercisable immediately or only after the passage of time (such right,  an “option right”)), directly or indirectly, of 50% or more of the equity securities of the Borrower  entitled to vote for members of the board of directors or equivalent governing body of the Borrower  on a fully-diluted basis (and taking into account all such securities that such person or group has  the right to acquire pursuant to any option right); or  (b) during any period of twelve (12) consecutive months, a majority of the members  of the board of directors or other equivalent governing body of the Borrower cease 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  

 

  - 5 -  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.  “CIV” has the meaning assigned to it in the definition of “Non-Recourse CIV Indebtedness.”  “Closing Date” means the first date all the conditions precedent in Section 4.01 are satisfied or  waived in accordance with Section 10.01.  “Code” means the Internal Revenue Code of 1986.  “CME” means CME Group Benchmark Administration Limited.  “Commitment” means, as to each Lender, its obligation to make Term Loans to the Borrower  pursuant to Section 2.01 in an aggregate principal amount at any one time outstanding not to exceed the  amount set forth opposite such Lender’s name on Schedule 2.01.  For the avoidance of doubt, the  Commitments shall terminate on the Closing Date after the making of the Term Loans in accordance with  Section 2.01.  “Communication” means this Agreement, any Loan Document and any document, any amendment,  approval, consent, information, notice, certificate, request, statement, disclosure or authorization related to  any Loan Document.   “Compliance Certificate” means a certificate substantially in the form of Exhibit C.  “Conforming Changes” means, with respect to the use, administration of or any conventions  associated with SOFR or any proposed Successor Rate, as applicable, any conforming changes to the  definitions of “Base Rate”, “SOFR”, “Term SOFR”, and “Interest Period”, timing and frequency of  determining rates and making payments of interest and other technical, administrative or operational  matters (including, for the avoidance of doubt, the definitions of “Business Day” and “U.S. Governmental  Securities Business Day”, timing of borrowing requests or prepayment, conversion or continuation notices  and length of lookback periods) as may be appropriate, in the discretion of the Administrative Agent, to  reflect the adoption and implementation of such applicable rate, and to permit the administration thereof by  the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative  Agent determines that adoption of any portion of such market practice is not administratively feasible or  that no market practice for the administration of such rate(s) exists, in such other manner of administration  as the Administrative Agent determines is reasonably necessary in connection with the administration of  this Agreement and any other Loan Document).  “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by  net income (however denominated) or that are franchise Taxes or branch profits Taxes.  “Consolidated EBITDA” means, for any period, for the Borrower and its Subsidiaries on a  consolidated basis, an amount equal to Consolidated Net Income for such period plus (a) the following to  the extent deducted in calculating such Consolidated Net Income (but without duplication): (i) Consolidated  Interest Charges for such period, (ii) the provision for Federal, state, local and foreign income taxes payable  by the Borrower and its Subsidiaries for such period, (iii) depreciation and amortization expense, (iv)  extraordinary or non-recurring expenses or losses of the Borrower and its Subsidiaries reducing such  Consolidated Net Income, (v) transaction fees, costs and expenses incurred in connection with any  investments, acquisitions, dispositions, mergers, consolidations or amalgamations (whether or not  

 

  - 6 -  consummated) not prohibited hereunder, and any debt financing or equity offerings related thereto, (vi)  amortization of intangibles (including, but not limited to goodwill), (vii) fees, costs, expenses and all other  amounts attributable to, or directly or indirectly in respect of, any restructurings, business process  optimizations or other similar actions taken in connection with any acquisition or disposition, in an  aggregate amount not to exceed $100,000,000 for any period of four consecutive fiscal quarters, and (viii)  any other non-cash charges, including the cumulative effect of foreign currency losses and minus (b) the  following to the extent included in calculating such Consolidated Net Income: (i) Federal, state, local and  foreign income tax credits of the Borrower and its Subsidiaries for such period and (ii) all non-cash items  increasing Consolidated Net Income for such period, including the cumulative effect of foreign currency  gains; provided, that, for purposes of calculating EBITDA for the Borrower and its Subsidiaries for any  period, the EBITDA of any Person (or assets or division of such Person) acquired by or disposed of by the  Borrower or any of its Subsidiaries during such period shall be included (or excluded, as the case may be)  on a pro forma basis for such period (assuming the consummation of such acquisition or disposition  occurred on the first day of such period).  “Consolidated Funded Indebtedness” means, as of any date of determination, for the Borrower and  its Subsidiaries on a consolidated basis, the sum of (a) the outstanding principal amount of all obligations,  whether current or long-term, for borrowed money (including Obligations hereunder) and the outstanding  principal amount of all obligations evidenced by bonds, debentures, notes, loan agreements or other similar  instruments, (b) the outstanding principal amount of all purchase money Indebtedness, (c) the face amount  (or the outstanding principal amount, if applicable) of all direct obligations arising under letters of credit  (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar  instruments, except to the extent the underlying instruments remain undrawn or are cash collateralized, (d)  the outstanding principal amount of all Attributable Indebtedness, (e) without duplication, all Guarantees  with respect to outstanding Indebtedness of the types specified in clauses (a) through (d) above of Persons  other than the Borrower or any Subsidiary, and (f) the outstanding principal amount of all Indebtedness of  the types referred to in clauses (a) through (e) above of any partnership or joint venture (other than a joint  venture that is itself a corporation or limited liability company) in which the Borrower or a Subsidiary is a  general partner or joint venturer, unless such Indebtedness is expressly made non-recourse to the Borrower  or such Subsidiary. Consolidated Funded Indebtedness shall not include (i) any of the foregoing clauses (a)  through (f) of this definition of any Excluded Entity, except to the extent there is recourse for such  obligation to the Borrower or any Subsidiary (other than an Excluded Entity), (ii) any Non-Recourse  Indebtedness or (iii) any obligations or liabilities arising under or in connection with any annuities,  insurance policies, insurance contracts or any other similar agreements.  Any Indebtedness for which  proceeds have been escrowed or otherwise deposited to repay, defease, redeem or satisfy and discharge  such Indebtedness shall not be deemed outstanding.  “Consolidated Interest Charges” means, for any period, for the Borrower and its Subsidiaries on a  consolidated basis, the sum of (a) all interest, premium payments, amortization or write off of debt discount,  fees, charges and related expenses of the Borrower and its Subsidiaries in connection with Indebtedness  (including capitalized interest but excluding Non-Recourse Indebtedness) or in connection with the deferred  purchase price of assets, in each case to the extent treated as interest in accordance with GAAP, and (b) the  portion of rent expense of the Borrower and its Subsidiaries with respect to such period under Capital Leases  that is treated as interest in accordance with GAAP.  “Consolidated Net Leverage Ratio” means, as of any date of determination, the ratio of (a)  Consolidated Funded Indebtedness as of such date minus unrestricted and unencumbered (other than to the  extent such restriction or encumbrance would be permitted under Section 7.01(q)) cash and Cash  Equivalents of Borrower and its Subsidiaries (which, for clarity, shall not include such cash and Cash  Equivalents (i) held by Excluded Entities or (ii) which have been escrowed or otherwise deposited to repay,  

 

  - 7 -  defease, redeem or satisfy and discharge Indebtedness) to (b) Consolidated EBITDA for the period of the  four fiscal quarters most recently ended.  “Consolidated Net Income” means, for any period, for the Borrower and its Subsidiaries on a  consolidated basis, the net income of the Borrower and its Subsidiaries (excluding extraordinary gains and  extraordinary losses) for that period. “Consolidated Net Income” shall include the amount of dividends or  distributions or other payments received by the Borrower or any Subsidiary from an Excluded Entity (but  only to the extent actually received).  “Contractual Obligation” means, as to any Person, any provision of any security issued by such  Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it  or any of its property is bound.  “Control” means the possession, directly or indirectly, of the power to direct or cause the direction  of the management or policies of a Person, whether through the ability to exercise voting power, by contract  or otherwise.  “Controlling” and “Controlled” have meanings correlative thereto.  “Covered Entity” has the meaning specified in Section 10.20(b).  “Daily Simple SOFR” with respect to any applicable determination date means the SOFR published  on such date on the Federal Reserve Bank of New York’s website (or any successor source).  “Debt Rating” means, as of any date of determination, the rating as determined by any of S&P,  Moody’s or Fitch (collectively, the “Debt Ratings”) of the Borrower’s non-credit-enhanced, senior  unsecured long-term debt; provided that (a) if all three Debt Ratings are in effect, and two or more Debt  Ratings are at the same Pricing Level, that Pricing Level will apply; (b) if all three Debt Ratings are in  effect, each at a different Pricing Level, the Pricing Level of the middle Debt Rating shall apply; (c) if only  two Debt Ratings are in effect, the Pricing Level of the higher of such Debt Ratings shall apply (with the  Debt Rating for Pricing Level 1 being the highest and the Debt Rating for Pricing Level 3 being the lowest),  unless the ratings differential is two levels or more, in which case, the Pricing Level associated with the  Debt Rating that is one level lower than the higher Debt Rating shall apply; (d) if only one Debt Rating is  in effect, the Pricing Level of such Debt Rating shall apply; and (e) if the Borrower does not have any Debt  Rating, Pricing Level 3 shall apply.  “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation,  conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement,  receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other  applicable jurisdictions from time to time in effect.  “Default” means any event or condition that constitutes an Event of Default or that, with the giving  of any notice, the passage of time, or both, would be an Event of Default.  “Default Rate” means an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate, if any,  applicable to Base Rate Loans plus (iii) 2% per annum; provided, however, that with respect to a Term  SOFR Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable  Rate) otherwise applicable to such Loan plus 2% per annum.  “Defaulting Lender” means, subject to Section 2.14, any Lender that (a) has failed to (i) fund all or  any portion of its Loans within two Business Days of the date such Loans were required to be funded  hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such  failure is the result of such Lender’s determination that one or more conditions precedent to funding (each  

 

  - 8 -  of which conditions precedent, together with any applicable default, shall be specifically identified in such  writing) has not been satisfied, or (ii) pay to the Administrative Agent or any other Lender any other amount  required to be paid by it hereunder within two Business Days of the date when due, (b) has notified the  Borrower or the Administrative Agent in writing that it does not intend to comply with its funding  obligations hereunder, or has made a public statement to that effect (unless such writing or public statement  relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such  Lender’s determination that a condition precedent to funding (which condition precedent, together with any  applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied),  (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower,  to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective  funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to  this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower),  or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under  any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator,  assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its  business or assets, including the Federal Deposit Insurance Corporation or any other state or federal  regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-In Action; provided that  a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity  Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so  long as such ownership interest does not result in or provide such Lender with immunity from the  jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment  on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or  disaffirm any contracts or agreements made with such Lender.  Any determination by the Administrative  Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of  the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender  shall be deemed to be a Defaulting Lender (subject to Section 2.14) as of the date established therefor by  the Administrative Agent in a written notice of such determination, which shall be delivered by the  Administrative Agent to the Borrower and each other Lender promptly following such determination.  “Designated Jurisdiction” means any country or territory to the extent that such country or territory  itself is the subject of any Sanction, including, without limitation, the Crimea, Donetsk and Luhansk regions  of Ukraine, Cuba, Iran, North Korea and Syria.  “Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (in one  transaction or in a series of transactions and whether effected pursuant to a Division or otherwise) of any  property by any Person (including any sale and leaseback transaction), including any sale, assignment,  transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and  claims associated therewith.   “Dividing Person” has the meaning assigned to it in the definition of “Division.”  “Division” means the division of the assets, liabilities and/or obligations of a Person (the “Dividing  Person”) among two or more Persons (whether pursuant to a “plan of division” or similar arrangement),  which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may  not survive.  “Dollar” and “$” mean lawful money of the United States.  “EEA Financial Institution” means (a) any credit institution or investment firm established in any  EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity  established in an EEA Member Country which is a parent of an institution described in clause (a) of this  

 

  - 9 -  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 Copy” has the meaning specified in Section 10.17.  “Electronic Record” and “Electronic Signature” shall have the meanings assigned to them,  respectively, by 15 USC §7006, as it may be amended from time to time.   “Eligible Assignee” means any Person that meets the requirements to be an assignee under Section  10.06(b)(iii), and (v) (subject to such consents, if any, as may be required under Section 10.06(b)(iii)).  “Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other  ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or  acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such  Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other  ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition  from such Person of such shares (or such other interests), and all of the other ownership or profit interests  in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and  whether or not such shares, warrants, options, rights or other interests are outstanding on any date of  determination.  “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the rules  and regulations promulgated thereunder.  “ERISA Affiliate” means any trade or business (whether or not incorporated) under common  control with the Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m)  and (o) of the Code for purposes of provisions relating to Section 412 of the Code).   “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal  of the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a  plan year in which such entity was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or  a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a  complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or the  receipt by Borrower of any notification that a Multiemployer Plan is insolvent; (d) the filing of a notice of  intent to terminate, the treatment of a Pension Plan amendment as a termination under Section 4041 or  4041A of ERISA; (e) the institution by the PBGC of proceedings to terminate a Pension Plan; (f) any event  or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the  appointment of a trustee to administer, any Pension Plan; (g) any Pension Plan is an at-risk plan or a plan  in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections  303, 304 and 305 of ERISA; (h) the imposition of any material liability under Title IV of ERISA, other  than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any  ERISA Affiliate; or (i) a material failure by the Borrower or any ERISA Affiliate to meet all applicable  requirements under the Pension Funding Rules in respect of a Pension Plan, whether or not waived, or the  

 

  - 10 -  failure by the Borrower or any ERISA Affiliate to make any material required contribution to a  Multiemployer Plan.  “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the  Loan Market Association (or any successor person), as in effect from time to time.  “Event of Default” has the meaning specified in Section 8.01.  “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and  regulations promulgated thereunder.  “Excluded Entity” means (i) any investment fund or other investment vehicle in which the  Borrower or any of its Affiliates participates as an investor (including for warehousing, seeding or other  similar purposes), or acts as a managing member, adviser, manager, co-manager or any comparable  position, or any entity intended to be or become any of the foregoing (any such entity, an “Investment  Fund”), (ii) any Subsidiary of such an Investment Fund, and (iii) any entity whose primary purpose is to  acquire investments of any nature whatsoever pending their transfer to an Investment Fund. For the  avoidance of doubt, each Excluded Entity shall not be subject to any of the covenants contained in Article  VII hereof.  “Excluded Taxes” means any of the following Taxes imposed on or with respect to any 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 Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision  thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes  imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in  a Loan pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan  (other than pursuant to an assignment request by the Borrower under Section 10.13) or (ii) such Lender  changes its Lending Office, except in each case to the extent that, pursuant to Section 3.06(a)(ii), (a)(iii) or  (c), amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before  such Lender became a party hereto or to such Lender immediately before it changed its Lending Office, (c)  Taxes attributable to such Recipient’s failure to comply with Section 3.01(g) and (d) any withholding Taxes  imposed pursuant to FATCA.  “FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards  Board.  “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any  amended or successor version that is substantively comparable and not materially more onerous to comply  with) and any current or future regulations or official interpretations thereof and any agreements entered  into pursuant to Section 1471(b)(1) of the Code, as of the date of this Agreement (or any amended or  successor version described above)  and any intergovernmental agreement (and related fiscal or regulatory  legislation, or related official rules or practices) implementing the foregoing.  “Federal Funds Rate” means, for any day, the rate per annum calculated by the Federal Reserve  Bank of New York based on such day’s federal funds transactions by depository institutions (as determined  in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to  time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the  federal funds effective rate; provided that if the Federal Funds Rate as so determined would be less than  zero, such rate shall be deemed to be zero for purposes of this Agreement.  

 

  - 11 -  “Fee Letter” means that certain letter agreement dated as of September 8, 2022, among the  Borrower, the Administrative Agent and the Arranger.  “Fitch” means Fitch Ratings Inc., and any successor thereto.  “Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person,  and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a  jurisdiction other than that in which the Borrower is resident for tax purposes.  For purposes of this  definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute  a single jurisdiction.  “FRB” means the Board of Governors of the Federal Reserve System of the United States.  “Fund” means any Person (other than a natural Person (or a holding company, investment vehicle  or trust for, or owned and operated for the primary benefit of, a natural Person)) that is engaged in making,  purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the  ordinary course of its activities.  “GAAP” means generally accepted accounting principles in the United States set forth in the  opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified  Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or  such other principles as may be approved by a significant segment of the accounting profession in the  United States, that are applicable to the circumstances as of the date of determination, consistently applied.  “Governmental Authority” means the government of the United States or any other nation, or of  any political subdivision thereof, whether state or local, and any agency, authority, instrumentality,  regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,  regulatory or administrative powers or functions of or pertaining to government (including any supra- national bodies such as the European Union or the European Central Bank).  “Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise, of such Person  guaranteeing or having the economic effect of guaranteeing any Indebtedness payable by another Person  (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such  Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment  of) such Indebtedness, (ii) to purchase or lease property, securities or services for the purpose of assuring  the obligee in respect of such Indebtedness of the payment of such Indebtedness, (iii) to maintain working  capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow  of the primary obligor so as to enable the primary obligor to pay such Indebtedness, or (iv) entered into for  the purpose of assuring in any other manner the obligee in respect of such Indebtedness of the payment  thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any  assets of such Person securing any Indebtedness of any other Person, whether or not such Indebtedness is  assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain  any such Lien).  The amount of any Guarantee shall be deemed to be an amount equal to the stated or  determinable amount of the related primary obligation, or portion thereof, in respect of which such  Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect  thereof as determined by the guaranteeing Person in good faith.  The term “Guarantee” as a verb has a  corresponding meaning.  “Guarantors” means, each Person, if any, that executes a Guaranty.  

 

  - 12 -  “Guaranty” means, collectively, each guaranty of the Obligations made by a Guarantor in favor of  the Administrative Agent and the Lenders, in form and substance reasonably satisfactory to the  Administrative Agent.  “Indebtedness” means, as to any Person at a particular time, without duplication, all of the  following, whether or not included as indebtedness or liabilities in accordance with GAAP:  (a) all obligations of such Person for borrowed money and all obligations of such  Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;  (b) all direct or contingent obligations of such Person arising under letters of credit  (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and  similar instruments;  (c) net obligations of such Person under any Swap Contract;  (d) all obligations of such Person to pay the deferred purchase price of property or  services (other than trade accounts payable in the ordinary course of business and excluding  obligations in respect of deferred compensation or equity-based compensation to employees);  (e) indebtedness (excluding prepaid interest thereon) of the type described in the  foregoing clauses (a) through (d) above and (f) through (h) below secured by a Lien on property  owned or being purchased by such Person (including indebtedness arising under conditional sales  or other title retention agreements), whether or not such indebtedness shall have been assumed by  such Person or is limited in recourse (provided that, if such Person has not assumed or otherwise  become liable in respect of such Indebtedness, such Indebtedness shall be deemed to be in an  amount equal to the lesser of (i) the aggregate unpaid amount of Indebtedness secured by such Lien  and (ii) the fair market value of the property to which such Lien relates as determined in good faith  by such Person);  (f) Capital Leases and Synthetic Lease Obligations;  (g) all obligations of such Person to purchase, redeem, retire, defease or otherwise  make any payment in respect of any Equity Interest in such Person or any other Person, valued, in  the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation  preference plus accrued and unpaid dividends; and  (h) all Guarantees of such Person in respect of any of the foregoing.  For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any  partnership or joint venture (other than a joint venture that is itself a corporation or limited liability  company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly  made non-recourse to such Person.  The amount of any net obligation under any Swap Contract on any date  shall be deemed to be the Swap Termination Value thereof as of such date.  The amount of any Capital  Lease or Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable  Indebtedness in respect thereof as of such date. Indebtedness shall not include (i) any of the foregoing  clauses (a) through (h) of this definition of any Excluded Entity, except to the extent there is recourse for  such obligation to the Borrower or any Subsidiary (other than an Excluded Entity), (ii) earn-outs and  contingent payments in respect of acquisitions except to the extent that the liability on account of such earn- out or contingent payment becomes fixed and is required by GAAP to be reflected on the consolidated  balance sheet of the Borrower and its Subsidiaries and is due and payable and remains unpaid for a period  

 

  - 13 -  of thirty (30) days, or (iii) any obligations or liabilities arising under or in connection with any annuities,  insurance policies, insurance contracts or any other similar agreements.  Any Indebtedness for which  proceeds have been escrowed or otherwise deposited to repay, defease, redeem or satisfy and discharge  such Indebtedness shall not be deemed outstanding.  “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to  any payment made by or on account of any obligation of any Loan Party under any Loan Document and  (b) to the extent not otherwise described in (a), Other Taxes.  “Indemnitees” has the meaning specified in Section 10.04(b).  “Information” has the meaning specified in Section 10.07.  “Increase Effective Date” has the meaning specified in Section 2.12(c).  “Increasing Lender” has the meaning specified in Section 2.12(b).  “Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of  each Interest Period applicable to such Loan and the Maturity Date; and (b) as to any Base Rate Loan, the  last Business Day of each March, June, September and December and the Maturity Date.  “Interest Period” means as to each Term SOFR Loan, the period commencing on the date such  Term SOFR Loan is disbursed or converted to or continued as a Term SOFR Loan and ending on the date  one or three months thereafter, as selected by the Borrower in its Loan Notice (in the case of each requested  Interest Period, subject to availability); provided that:  (i) any Interest Period that would otherwise end on a day that is not a Business Day  shall be extended to the next succeeding Business Day unless, in the case of a Term SOFR Loan,  such Business Day falls in another calendar month, in which case such Interest Period shall end on  the next preceding Business Day;  (ii) any Interest Period pertaining to a Term SOFR Loan that begins on the last  Business Day of a calendar month (or on a day for which there is no numerically corresponding  day in the calendar month at the end of such Interest Period) shall end on the last Business Day of  the calendar month at the end of such Interest Period; and  (iii) no Interest Period shall extend beyond the Maturity Date.  “IRS” means the United States Internal Revenue Service.  “Joinder Agreement” has the meaning specified in Section 2.12(b).  “Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties,  rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities,  including the interpretation or administration thereof by any Governmental Authority charged with the  enforcement, interpretation or administration thereof, and all applicable administrative orders, directed  duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority,  in each case whether or not having the force of law.  “Lender” has the meaning specified in the introductory paragraph hereto.  

 

  - 14 -  “Lender Party” and “Lender Recipient Party” means collectively, the Lenders.  “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 in writing 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. Unless the context  otherwise requires each reference to a Lender shall include its applicable Lending Office.  “Lien” means any mortgage, pledge, hypothecation, collateral assignment, deposit arrangement,  encumbrance, easement, right-of-way or other encumbrance on title to real property, lien (statutory or  other), charge, or preference, priority or other security interest or preferential arrangement in the nature of  a security interest of any kind or nature whatsoever (including any conditional sale or other title retention  agreement, any easement, right of way or other encumbrance on title to real property and any financing  lease having substantially the same economic effect as any of the foregoing).  “Loan” means an extension of credit by a Lender to the Borrower under Article II in the form of a  Term Loan.  “Loan Documents” means this Agreement, including schedules and exhibits hereto, each Note, any  Guaranty, the Fee Letter and any amendments, modifications or supplements hereto or to any other Loan  Document or waivers hereof or to any other Loan Document.  “Loan Notice” means a notice of (a) a Borrowing, (b) a conversion of Term Loans from one Type  to the other, or (c) a continuation of Term SOFR Loans, pursuant to Section 2.02(a), which shall be  substantially in the form of Exhibit A or such other form as may be approved by the Administrative Agent  (including any form on an electronic platform or electronic transmission system as shall be approved by the  Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.  “Loan Parties” means, collectively, the Borrower and each Guarantor (if any).  “Material Adverse Effect” means a material adverse effect on (a) the business, operations, property  or financial condition of the Borrower and its Subsidiaries taken as a whole, (b) the ability of the Borrower  to perform its payment obligations under any Loan Document to which it is a party or (c) the validity or  enforceability against the Borrower of any Loan Document to which it is a party or the rights or remedies  of the Administrative Agent or the Lenders hereunder or thereunder.  “Material Subsidiary” means, at any time, Subsidiaries of the Borrower which, together with their  respective Subsidiaries, individually or in the aggregate, (a) contribute at least ten percent (10%) of the  Consolidated EBITDA of the Borrower and its Subsidiaries for the four consecutive fiscal quarters of the  Borrower most recently ended or (b) constitute at least ten percent (10%) of the consolidated assets of the  Borrower and its Subsidiaries as of the last day of the most recently ended fiscal quarter, in each case,  determined by reference to the financial statements most recently delivered to the Administrative Agent  and the Lenders.  “Maturity Date” means September 8, 2025; provided, however, that, in each case, 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. and any successor thereto.  

 

  - 15 -  “Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3)  of ERISA, to which the Borrower or any ERISA Affiliate makes or is obligated to make contributions, or  during the preceding five plan years, has made or been obligated to make contributions.  “Multiple Employer Plan” means a Plan which has two or more contributing sponsors (including  the Borrower or any ERISA Affiliate) at least two of whom are not under common control, as such a plan  is described in Section 4064 of ERISA.  “Non-Consenting Lender” means any Lender that does not approve any consent, waiver or  amendment that (a) requires the approval of all Lenders or all affected Lenders in accordance with the terms  of Section 10.01 and (b) has been approved by the Required Lenders.  “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such  time.  “Non-Recourse CIV Indebtedness” means Indebtedness of any sponsored investment vehicle  which is Consolidated and reported on the Borrower’s financial statements (each, a “CIV”) to the extent  that the holders of such Indebtedness have no recourse to the general assets (other than the amounts invested  by the Borrower or its Subsidiaries in each such CIV) or credit of the Borrower or its Subsidiaries.  “Non-Recourse Indebtedness” means (i) Indebtedness of a Permitted Purchaser pursuant to a  Permitted True Sale Transaction (so long as the holders of such Indebtedness have no recourse to the general  assets or credit of the Borrower or its Subsidiaries (other than such Permitted Purchasers)) and (ii) Non- Recourse CIV Indebtedness.  “Note” means a promissory note made by the Borrower in favor of a Lender evidencing Loans  made by such Lender, substantially in the form of Exhibit B.  “Notice of Loan Prepayment” means a notice of prepayment with respect to a Loan, which shall be  substantially in the form of Exhibit F or such other form as may be approved by the Administrative Agent  (including any form on an electronic platform or electronic transmission system as shall be approved by the  Administrative Agent), appropriately completed and signed by a Responsible Officer.   “Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of,  any Loan Party arising under any Loan Document or otherwise with respect to any Loan, whether direct or  indirect (including those acquired by assumption), absolute or contingent, due or to become due, now  existing or hereafter arising and including interest and fees that accrue after the commencement by or  against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming  such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed  claims in such proceeding; provided that, without limiting the foregoing, the Obligations include (a) the  obligation to pay principal, interest, charges, expenses, fees, indemnities and other amounts payable by any  Loan Party under any Loan Document and (b) the obligation of the Loan Parties to reimburse any amount  in respect of any of the foregoing that the Administrative Agent or any Lender, in each case in its sole  discretion, may elect to pay or advance on behalf of the Loan Parties.  “OFAC” means the Office of Foreign Assets Control of the United States Department of the  Treasury.  “Organization Documents” means, (a) with respect to any corporation, the charter or certificate or  articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect  to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of  

 

  - 16 -  formation or organization and operating or limited liability agreement; and (c) with respect to any  partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other  applicable agreement of formation or organization and any agreement, instrument, filing or notice with  respect thereto filed in connection with its formation or organization with the applicable Governmental  Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of  formation or organization of such entity.  “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 3.06).  “Outstanding Amount” means with respect to Term Loans on any date, the aggregate outstanding  principal amount thereof after giving effect to any borrowings and prepayments or repayments of Term  Loans, as the case may be, occurring on such date.  “Participant” has the meaning specified in Section 10.06(d).  “Participant Register” has the meaning specified in Section 10.06(d).  “PBGC” means the Pension Benefit Guaranty Corporation.  “Pension Funding Rules” means the rules of the Code and ERISA regarding minimum funding  standards with respect to Pension Plans and set forth in Sections 412, 430, 431, 432 and 436 of the Code  and Sections 302, 303, 304 and 305 of ERISA.  “Pension Plan” means any employee pension benefit plan (including a Multiple Employer Plan or  a Multiemployer Plan) that is maintained or is contributed to by the Borrower and any ERISA Affiliate or  with respect to which the Borrower or any ERISA Affiliate has any liability and is either covered by Title  IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code.  “Permitted Holder” means (i) Charles B. Johnson, (ii) Rupert H. Johnson, Jr., (iii) any Permitted  Holder Related Party of Charles B. Johnson or Rupert H. Johnson, Jr., and (iv) any “group” (within the  meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) of which  any of the foregoing are members; provided that in the case of such “group” and without giving effect to  the existence of such “group” or any other “group,” such Persons specified in clauses (i), (ii) or (iii) above,  collectively, have beneficial ownership, directly or indirectly, of more than 50% of the total voting power  of the voting Equity Interests of the Borrower or any of its direct or indirect parent entities held by such  “group.”  “Permitted Holder Related Party” shall mean with respect to Charles B. Johnson and Rupert H.  Johnson, Jr., (i) any spouse or lineal descendant of such Person, (ii) any trust, corporation or partnership or  other entity of which a 50% or more controlling interest is held by the beneficiaries, stockholders, partners  

 

  - 17 -  or owners who are either Charles B. Johnson, Rupert H. Johnson, Jr., any of the persons described in clause  (i) above or any combination of these identified relationships and (iii) any trust or charitable foundation the  trustee of which is either Charles B. Johnson, Rupert H. Johnson, Jr. or any of the persons described in  clause (i) above.  “Permitted Purchaser” means a Subsidiary or a financial institution or trust that purchases 12b-1 or  Other Fees in connection with a Permitted True Sale Transaction.  “Permitted Recourse Financing Transaction” means a pledge by the Borrower or a Subsidiary of  12b-1 or Other Fees to a third party in order to secure Indebtedness extended by such third party to the  Borrower or such Subsidiary.  “Permitted Transaction” means a Permitted True Sale Transaction or a Permitted Recourse  Financing Transaction.  “Permitted True Sale Transaction” means a sale by the Borrower or a Subsidiary of 12b-1 or Other  Fees to a Permitted Purchaser in a true sale transaction without recourse based upon the collectability of  the 12b-1 or Other Fees sold and the sale or pledge of such 12b-1 or Other Fees (or an interest therein) by  such Permitted Purchaser, in each case without any Guarantee by, or other recourse to or credit support by,  the Borrower or any Subsidiary or recourse to any assets of the Borrower or any Subsidiary other than  customary recourse in similar transactions.  “Person” means any natural person, corporation, limited liability company, trust, joint venture,  association, company, partnership, Governmental Authority or other entity.  “Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA (including  a Pension Plan), maintained for employees of the Borrower or any ERISA Affiliate or any such Plan to  which the Borrower or any ERISA Affiliate is required to contribute on behalf of any of its employees.  “Platform” has the meaning specified in Section 6.02.  “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.  “Public Lender” has the meaning specified in Section 6.02.  “Recipient” means the Administrative Agent, any Lender, or any other recipient of any payment to  be made by or on account of any obligation of any Loan Party hereunder.  “Register” has the meaning specified in Section 10.06(c).  “Regulation U” means Regulation U of the FRB, as in effect from time to time and all official  rulings and interpretations thereunder or thereof.   “Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners,  directors, officers, employees, agents, trustees, administrators, managers, advisors, consultants, service  providers and representatives of such Person and of such Person’s Affiliates.  “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  

 

  - 18 -  Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor  thereto.  “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than  events for which the 30 day notice period has been waived.  “Required Lenders” means, at any time, Lenders having Total Credit Exposures representing more  than 50% of the Total Credit Exposures of all Lenders; provided, that, additionally, so long as there are  three (3) or fewer unaffiliated Lenders, Required Lenders shall be comprised of at least two (2) unaffiliated  Lenders.  The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Required  Lenders at any time; provided, further that, this definition is subject to Section 3.03.  “Rescindable Amount” has the meaning as defined in Section 2.10(b).  “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, chief financial officer, chief  accounting officer, treasurer, assistant treasurer, controller, senior vice president, or vice president of a Loan  Party, solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01, the secretary  or any assistant secretary of a Loan Party and, solely for purposes of notices given pursuant to Article II,  any other officer or employee of the applicable Loan Party so designated by any of the foregoing officers  in a notice to the Administrative Agent or any other officer or employee of the applicable Loan Party  designated in or pursuant to an agreement between the applicable Loan Party and the Administrative Agent.   Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be  conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action  on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted  on behalf of such Loan Party.  “S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., and  any successor thereto.  “Sanction(s)” means any sanction administered or enforced by the United States Government  (including without limitation, OFAC), the United Nations Security Council, the European Union, Her  Majesty’s Treasury (“HMT”), the Hong Kong Monetary Authority or other relevant sanctions authority.  “Scheduled Unavailability Date” has the meaning specified in Section 3.03(b).  “SEC” means the Securities and Exchange Commission, or any Governmental Authority  succeeding to any of its principal functions.  “SOFR” means the Secured Overnight Financing Rate as administered by the Federal Reserve Bank  of New York (or a successor administrator).  “SOFR Adjustment” means 0.10% (10 basis points).  “Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company  or other business entity of which a majority of the shares of securities or other interests having ordinary  voting power for the election of directors or other governing body (other than securities or interests having  such power only by reason of the happening of a contingency) are at the time beneficially owned, or the  management of which is otherwise controlled, directly, or indirectly through one or more intermediaries,  

 

  - 19 -  or both, by such Person; provided, however, that a Subsidiary shall not include any Excluded Entity.  Unless  otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary  or Subsidiaries of the Borrower.  “Successor Rate” has the meaning specified in Section 3.03(b).  “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative  transactions, forward rate transactions, commodity swaps, commodity options, forward commodity  contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or  forward bond or forward bond price or forward bond index transactions, interest rate options, forward  foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap  transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar  transactions or any combination of any of the foregoing (including any options to enter into any of the  foregoing), whether or not any such transaction is governed by or subject to any master agreement, and  (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and  conditions of, or governed by, any form of master agreement published by the International Swaps and  Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master  agreement (any such master agreement, together with any related schedules, a “Master Agreement”),  including any such obligations or liabilities under any Master Agreement.  “Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into  account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any  date on or after the date such Swap Contracts have been closed out and termination value(s) determined in  accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause  (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based  upon one or more mid-market or other readily available quotations provided by any recognized dealer in  such Swap Contracts (which may include a Lender or any Affiliate of a Lender).  “Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a so-called  synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property  creating obligations that do not appear on the balance sheet of such Person but which, upon the application  of any Debtor Relief Laws to such Person, would be characterized as the indebtedness of such Person  (without regard to accounting treatment).  “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings  (including backup withholding), assessments, fees or other charges imposed by any Governmental  Authority, including any interest, additions to tax or penalties applicable thereto.  “Term Loan” and “Term Loans” means the term loan made by each Lender to the Borrowers  pursuant to Section 2.01, as more particularly set forth in such Section 2.01 (or, if context so requires, the  aggregate term loan made by all of the Lenders).   “Term SOFR” means:  (a) for any Interest Period with respect to a Term SOFR Loan, the rate per annum equal to the  Term SOFR Screen Rate two U.S. Government Securities Business Days prior to the commencement of  such Interest Period with a term equivalent to such Interest Period; provided, that if the rate is not published  prior to 11:00 a.m. on such determination date then Term SOFR means the Term SOFR Screen Rate on the  first U.S. Government Securities Business Day immediately prior thereto, in each case, plus the SOFR  Adjustment for such Interest Period; and  

 

  - 20 -  (b) for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum  equal to the Term SOFR Screen Rate with a term of one month commencing that day;  provided that if Term SOFR determined in accordance with either of the foregoing provisions (a) or (b) of  this definition would otherwise be less than zero, Term SOFR shall be deemed zero for purposes of this  Agreement.  “Term SOFR Loan” means a Term Loan that bears interest at a rate based on clause (a) of the  definition of Term SOFR.  “Term SOFR Screen Rate” means the forward-looking SOFR term rate administered by CME (or  any successor administrator satisfactory to the Administrative Agent) and published on the applicable  Reuters screen page (or such other commercially available source providing such quotations as may be  designated by the Administrative Agent from time to time).  “Threshold Amount” means $300,000,000.00.  “Total Credit Exposure” means, as to any Lender at any time, the aggregate outstanding principal  amount of Term Loans of such Lender at such time.  “Total Outstandings” means the aggregate Outstanding Amount of all Loans.  “12b-1 or Other Fees” means charges and fees, permitted by Rule 12b-1 of the Investment  Company Act of 1940, payable by an investor in a fund offered by the Borrower or any Subsidiary, and  other similar charges and fees.  “Type” means, with respect to a Term Loan, its character as a Base Rate Loan or a Term SOFR  Loan.  “UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA  Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation  Authority) or any person subject to 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.  “United States” and “U.S.” mean the United States of America.  “U.S. Government Securities Business Day” means any Business Day, except any Business Day  on which any of the Securities Industry and Financial Markets Association, the New York Stock Exchange  or the Federal Reserve Bank of New York is not open for business because such day is a legal holiday under  the federal laws of the United States or the laws of the State of New York, as applicable.  “U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30)  of the Code.  “U.S. Tax Compliance Certificate” has the meaning specified in Section 3.01(g)(ii)(B)(III).  

 

  - 21 -  “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.  1.02 Other Interpretive Provisions.  With reference to this Agreement and each other Loan  Document, unless otherwise specified herein or in such other Loan Document:  (a) The definitions of terms herein shall apply equally to the singular and plural forms of the  terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine,  feminine and neuter forms.  The words “include,” “includes” and “including” shall be deemed to be  followed by the phrase “without limitation.”  The word “will” shall be construed to have the same meaning  and effect as the word “shall.”  Unless the context requires otherwise, (i) any definition of or reference to  any agreement, instrument or other document (including any Organization Document) shall be construed  as referring to such agreement, instrument or other document as from time to time amended, supplemented  or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set  forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to  include such Person’s successors and assigns, (iii) the words “hereto,” “herein,” “hereof” and “hereunder,”  and words of similar import when used in any Loan Document, shall be construed to refer to such Loan  Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document  to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and  Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any  law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting  such law and any reference to any law, rule or regulation shall, unless otherwise specified, refer to such  law, rule or regulation as amended, modified or supplemented from time to time, and (vi) the words “asset”  and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible  and intangible assets and properties, including cash, securities, accounts and contract rights.  (b) In the computation of periods of time from a specified date to a later specified date, the  word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and  the word “through” means “to and including.”  (c) Section headings herein and in the other Loan Documents are included for convenience of  reference only and shall not affect the interpretation of this Agreement or any other Loan Document.  (d) Any reference herein to a merger, transfer, consolidation, amalgamation, consolidation,  assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a  limited liability company, or an allocation of assets to a series of a limited liability company (or the  unwinding of such a division or allocation), as if it were a merger, transfer, consolidation, amalgamation,  consolidation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a  separate Person. Any division of a limited liability company shall constitute a separate Person hereunder  (and each division of any limited liability company that is a Subsidiary, joint venture or any other like term  shall also constitute such a Person or entity).  1.03 Accounting Terms.  

 

  - 22 -  (a) Generally.  All accounting terms not specifically or completely defined herein shall be  construed in conformity with, and all financial data (including financial ratios and other financial  calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with,  GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that  used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein.  Notwithstanding the foregoing, (i) for purposes of determining compliance with any covenant (including  the computation of any financial covenant) contained herein, Indebtedness of the Borrower and its  Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the  effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded and (ii) any  lease (or similar arrangement conveying the right to use) that was treated as an operating lease for purposes  of GAAP prior to the issuance by the Financial Accounting Standards Board on February 25, 2016 of  Accounting Standards Update 842 (“ASU 842”) shall not be treated as Indebtedness, Attributable  Indebtedness, a Synthetic Lease Obligation or a Capital Lease and shall continue to be treated as an  operating lease (and any future lease or similar arrangement conveying the right to use), without giving  effect to the implementation of ASC 842, in each case, for all purposes of Indebtedness, Attributable  Indebtedness, Synthetic Lease Obligation or as Capital Lease under this Agreement.  (b) Changes in GAAP.  If at any time any change in GAAP would affect the computation of  any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the 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 that, until so amended, (A) such ratio  or requirement shall continue to be computed in accordance with GAAP prior to such change therein 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. Without limiting the foregoing, leases shall continue to be classified and accounted for  on a basis consistent with that reflected in the Audited Financial Statements for all purposes of this  Agreement, notwithstanding any change in GAAP relating thereto, unless the parties hereto shall enter into  a mutually acceptable amendment addressing such changes, as provided for above.  (c) Consolidation of Variable Interest Entities.  All references herein to consolidated financial  statements of the Borrower and its Subsidiaries or to the determination of any amount for the Borrower and  its Subsidiaries on a consolidated basis or any similar reference shall, in each case, be deemed to include  each variable interest entity that the Borrower is required to consolidate pursuant to FASB ASC 810 as if  such variable interest entity were a Subsidiary as defined herein.  1.04 Rounding.  Any financial ratios required to be maintained by the Borrower pursuant to  this Agreement shall be calculated by dividing the appropriate component by the other component, carrying  the result to one place more than the number of places by which such ratio is expressed herein and rounding  the result up or down to the nearest number (with a rounding-up if there is no nearest number).  1.05 Times of Day.  Unless otherwise specified, all references herein to times of day shall be  references to Eastern time (daylight or standard, as applicable).  1.06 Interest Rates.  The Administrative Agent does not warrant, nor accept responsibility, nor  shall the Administrative Agent have any liability with respect to the administration, submission or any other  matter related to any reference rate referred to herein or with respect to any rate (including, for the avoidance  of doubt, the selection of such rate and any related spread or other adjustment) that is an alternative or  replacement for or successor to any such rate (including, without limitation, any Successor Rate) (or any  component of any of the foregoing) or the effect of any of the foregoing, or of any Conforming Changes.   

 

  - 23 -  The Administrative Agent and its affiliates or other related entities may engage in transactions or other  activities that affect any reference rate referred to herein, or any alternative, successor or replacement rate  (including, without limitation, any Successor Rate) (or any component of any of the foregoing) or any  related spread or other 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 reference rate referred to herein or any alternative, successor or replacement rate (including, without  limitation, any Successor Rate) (or any component of any of the foregoing), 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 other action or omission related to or affecting the selection, determination, or calculation  of any rate (or component thereof) provided by any such information source or service.  ARTICLE II THE LOANS  2.01 Term Loans.  Subject to the terms and conditions set forth herein, each Lender severally  agrees to make a Term Loan in Dollars to the Borrower on the Closing Date, in an aggregate amount not to  exceed the amount of such Lender’s Commitment; provided, that the Commitments shall be automatically  and permanently reduced to zero and irrevocably terminated after the making of such Term Loans on the  Closing Date.  Term Loans may be Base Rate Loans or Term SOFR Loans, as further provided herein.   Once prepaid or repaid, Term Loans under this Agreement may not be reborrowed.  2.02 Borrowings, Conversions and Continuations of Term Loans.  (a) Each Borrowing, each conversion of Term Loans from one Type to the other, and each  continuation of Term SOFR Loans shall be made upon the Borrower’s irrevocable notice to the  Administrative Agent, which may be given by (A) telephone or (B) a Loan Notice; provided that any  telephonic notice must be confirmed promptly by delivery to the Administrative Agent of a Loan Notice.  Each such Loan Notice must be received by the Administrative Agent not later than 11:00 a.m. (i) two (2)  Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Term SOFR  Loans and (ii) on the requested date of any Borrowing of Base Rate Loans or of any conversion of Term  SOFR Loans to Base Rate Loans.  Each Borrowing of, conversion to or continuation of Term SOFR Loans  shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof.  Each  Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $500,000 or a whole  multiple of $100,000 in excess thereof.  Each Loan Notice shall specify (i) whether the Borrower is  requesting a Borrowing, a conversion of Term Loans from one Type to the other, or a continuation of Term  SOFR Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be  (which shall be a Business Day), (iii) the principal amount of Term Loans to be borrowed, converted or  continued, (iv) the Type of Term Loans to be borrowed or to which existing Term Loans are to be converted,  and (v) if applicable, the duration of the Interest Period with respect thereto.  If the Borrower fails to specify  a Type of Term Loan in a Loan Notice or if the Borrower fails to give a timely notice requesting a  conversion or continuation, then the applicable Term Loans shall be made as, or converted to, Base Rate  Loans.  Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the  Interest Period then in effect with respect to the applicable Term SOFR Loans.  If the Borrower requests a  Borrowing of, conversion to, or continuation of Term SOFR Loans in any such Loan Notice, but fails to  specify an Interest Period, it will be deemed to have specified an Interest Period of one month.  (b) Following receipt of a Loan Notice, the Administrative Agent shall promptly notify each  Lender of the amount of its Applicable Percentage of the applicable Term Loans, and if no timely notice of  a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each  Lender of the details of any automatic conversion to Base Rate Loans described in the preceding subsection.   

 

  - 24 -  In the case of a Borrowing, each Lender shall make the amount of its Term Loan available to the  Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than  1:00 p.m. on the Business Day specified in the applicable Loan Notice.  Upon satisfaction of the applicable  conditions set forth in Section 4.01, the Administrative Agent shall make all funds so received available to  the Borrower in like funds as received by the Administrative Agent either by (i) crediting the account of  the Borrower on the books of Bank of America with the amount of such funds or (ii) wire transfer of such  funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the  Administrative Agent by the Borrower.  (c) Except as otherwise provided herein, a Term SOFR Loan may be continued or converted  only on the last day of an Interest Period for such Term SOFR Loan.  During the existence of a Default, no  Loans may be requested as, converted to or continued as Term SOFR Loans without the consent of the  Required Lenders.  (d) The Administrative Agent shall promptly notify the Borrower and the Lenders of the  interest rate applicable to any Interest Period for Term SOFR Loans upon determination of such interest  rate.  (e) After giving effect to all Borrowings, all conversions of Term Loans from one Type to the  other, and all continuations of Term Loans as the same Type, there shall not be more than ten Interest  Periods in effect with respect to Term Loans.  (f) Notwithstanding anything to the contrary in this Agreement, any Lender may exchange,  continue or rollover all of the 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.  (g) With respect to SOFR or Term SOFR the Administrative Agent will have the right to make  Conforming Changes from time to time (in consultation with the Borrower) and, notwithstanding anything  to the contrary herein or in any other Loan Document, any amendments implementing such Conforming  Changes will become effective without any further action or consent of any other party to this Agreement  or any other Loan Document; provided, that, with respect to any such amendment effected, the  Administrative Agent shall post each such amendment implementing such Conforming Changes to the  Borrower and the Lenders reasonably promptly after such amendment becomes effective.  2.03 Prepayments.  The Borrower may, upon notice to the Administrative Agent pursuant to  delivery to the Administrative Agent of a Notice of Loan Prepayment, at any time or from time to time  voluntarily prepay Term Loans in whole or in part without premium or penalty; provided that (i) such notice  must be received by the Administrative Agent not later than 11:00 a.m. (A) two (2) Business Days prior to  any date of prepayment of Term SOFR Loans and (B) on the date of prepayment of Base Rate Loans; (ii)  any prepayment of Term SOFR Loans shall be in a principal amount of $5,000,000 or a whole multiple of  $1,000,000 in excess thereof; (iii) any prepayment of Base Rate Loans shall be in a principal amount of  $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal  amount thereof then outstanding; and (iv) such notice may be conditioned upon the effectiveness of other  transactions, 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.  Each such notice shall  specify the date and amount of such prepayment and the Type(s) of Term Loans to be prepaid and, if Term  SOFR Loans are to be prepaid, the Interest Period(s) of such Loans.  The Administrative Agent will  promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s  Applicable Percentage of such prepayment.  If such notice is given by the Borrower, the Borrower shall  make such prepayment and the payment amount specified in such notice shall be due and payable on the  

 

  - 25 -  date specified therein.  Any prepayment of any Loan shall be accompanied by all accrued interest on the  amount prepaid, together with, in the case of any Term SOFR Loan, any additional amounts required  pursuant to Section 3.05.  Subject to Section 2.13, each such prepayment shall be applied to the Term Loans  of the Lenders in accordance with their respective Applicable Percentages.  2.04 [Reserved].  2.05 Repayment of Loans.  The Borrower shall repay to the Lenders on the Maturity Date the  aggregate principal amount of Term Loans outstanding on such date.  2.06 Interest.  (a) Subject to the provisions of subsection (b) below, (i) each Term SOFR Loan shall bear  interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to  the sum of Term SOFR for such Interest Period plus the Applicable Rate and (ii) each Base Rate Loan shall  bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per  annum equal to the Base Rate.  (b) (i) If any amount of principal of any Loan is not paid when due (without regard to any  applicable grace periods), whether at stated maturity, by acceleration or otherwise, such overdue amount  shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to  the fullest extent permitted by Applicable Laws.  (ii) If any amount (other than principal of any Loan) payable by the Borrower under  any Loan Document is not paid when due (without regard to any applicable grace periods), whether  at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders,  such overdue amount shall thereafter bear interest at a fluctuating interest rate per annum at all  times equal to the Default Rate to the fullest extent permitted by Applicable Laws.  (iii) Accrued and unpaid interest on past due amounts (including interest on past due  interest) shall be due and payable upon demand.  (c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date  applicable thereto and at such other times as may be specified herein.  Interest hereunder shall be due and  payable in accordance with the terms hereof before and after judgment, and before and after the  commencement of any proceeding under any Debtor Relief Law.  2.07 Fees.  (a) The Borrower shall pay to the Arranger and the Administrative Agent for their  own respective accounts fees in the amounts and at the times specified in the Fee Letter.  Such fees shall  be fully earned when paid and shall not be refundable for any reason whatsoever.  (b) The Borrower shall  pay to any Lender such fees (if any) as shall have been separately agreed upon in writing in the amounts  and at the times so specified.  Such fees shall be fully earned when paid and shall not be refundable for any  reason whatsoever.  2.08 Computation of Interest and Fees.  All computations of interest for Base Rate Loans  (including Base Rate Loans determined by reference to Term SOFR) shall be made on the basis of a year  of 365 or 366 days, as the case may be, and actual days elapsed.  All other computations of fees and interest  shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest,  as applicable, being paid than if computed on the basis of a 365-day year).  Interest shall accrue on each  Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the  day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on  

 

  - 26 -  which it is made shall, subject to Section 2.10(a), bear interest for one day.  Each determination by the  Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes,  absent manifest error.  2.09 Evidence of Debt.  The Loans made by each Lender shall be evidenced by one or more  accounts or records maintained by such Lender in the ordinary course of business.  The Administrative  Agent shall maintain the Register in accordance with Section 10.06(c).  The accounts or records maintained  by each Lender shall be conclusive absent manifest error of the amount of the Loans made by the Lenders  to the Borrower and the interest and payments thereon.  Any failure to so record or any error in doing so  shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount  owing with respect to the Obligations.  In the event of any conflict between the accounts and records  maintained by any Lender and the Register, the Register shall control in the absence of manifest error.   Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and  deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s  Loans in addition to such accounts or records.  Each Lender may attach schedules to its Note and endorse  thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.  2.10 Payments Generally; Administrative Agent’s Clawback.  (a) General.  All payments to be made by the Borrower shall be made free and clear of and  without condition or deduction for any counterclaim, defense, recoupment or setoff (except as set forth in  Section 3.01(b)).  Except as otherwise expressly provided herein, all payments by the Borrower hereunder  shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment  is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than  2:00 p.m. on the date specified herein.  The Administrative Agent will promptly distribute to each Lender  its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds as  received by wire transfer to such Lender’s Lending Office.  All payments received by the Administrative  Agent after 2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable  interest or fee shall continue to accrue.  If any payment to be made by the Borrower shall come due on a  day other than a Business Day, payment shall be made on the next following Business Day, and such  extension of time shall be reflected in computing interest or fees, as the case may be.  (b) (i) Funding by Lenders; Presumption by Administrative Agent.  Unless the  Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing  of Term SOFR Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon on the date  of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s  share of such Borrowing, the Administrative Agent may assume that such Lender has made such share  available on such date in accordance with Section 2.02 (or, in the case of a Borrowing of Base Rate Loans,  that such Lender has made such share available in accordance with and at the time required by Section 2.02)  and may, in reliance upon such assumption, make available to the Borrower a corresponding amount.  In  such event, if a Lender has not in fact made its share of the applicable Borrowing available to the  Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the  Administrative Agent forthwith on demand such corresponding amount in immediately available funds  with interest thereon, for each day from and including the date such amount is made available to the  Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment  to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the  Administrative Agent in accordance with banking industry rules on interbank compensation, plus any  administrative, processing or similar fees customarily charged by the Administrative Agent in connection  with the foregoing, and (B) in the case of a payment to be made by the Borrower, the interest rate applicable  to Base Rate Loans.  If the Borrower and such Lender shall pay such interest to the Administrative Agent  for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the  

 

  - 27 -  amount of such interest paid by the Borrower for such period.  If such Lender pays its share of the applicable  Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Term Loan  included in such Borrowing.  Any payment by the Borrower shall be without prejudice to any claim the  Borrower may have against a Lender that shall have failed to make such payment to the Administrative  Agent.  (ii) Payments by Borrower; Presumptions by Administrative Agent.  Unless the  Administrative Agent shall have received notice from the Borrower prior to the date on which any  payment is due to the Administrative Agent for the account of the Lenders hereunder that the  Borrower will not make such payment, the Administrative Agent may assume that the Borrower  has made such payment on such date in accordance herewith and may, in reliance upon such  assumption, distribute to the Lenders, as the case may be, the amount due.  With respect to any payment that the Administrative Agent makes for the account of the Lenders  hereunder as to which the Administrative Agent determines (which determination shall be conclusive absent  manifest error) that any of the following applies (such payment referred to as the “Rescindable Amount”):  (1) the Borrower has not in fact made such payment; (2) the Administrative Agent has made a payment  in excess of the amount so paid by the Borrower (whether or not then owed); or (3) the Administrative  agent has for any reason otherwise erroneously made such payment; then each of the Lenders, as the  case may be, severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable  Amount so distributed to such Lender, in immediately available funds 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 Rate and a rate determined by the Administrative  Agent in accordance with banking industry rules on interbank compensation.  A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing  under this clause (b) shall be conclusive, absent manifest error.    (c) Failure to Satisfy Conditions Precedent.  If any Lender makes available to the  Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions  of this Article II, and such funds are not made available to the Borrower by the Administrative Agent  because the conditions to the applicable Borrowing set forth in Article IV are not satisfied or waived in  accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as  received from such Lender) to such Lender, without interest.  (d) Obligations of Lenders Several.  The obligations of the Lenders hereunder to make Term  Loans and to make payments pursuant to Section 10.04(c) are several and not joint.  The failure of any  Lender to make any Term Loan, to fund any such participation or to make any payment under Section  10.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation  to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its  Term Loan, to purchase its participation or to make its payment under Section 10.04(c).  (e) Funding Source.  Nothing herein shall be deemed to obligate any Lender to obtain the funds  for any Loan in any particular place or manner or to constitute a representation by any Lender that it has  obtained or will obtain the funds for any Loan in any particular place or manner.  (f) Insufficient Funds.  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, toward 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,  

 

  - 28 -  toward payment of principal then due hereunder, ratably among the parties entitled thereto in accordance  with the amounts of principal then due to such parties.  2.11 Sharing of Payments by Lenders.  If any Lender shall, by exercising any right of setoff  or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the Term  Loans made by it, then the Lender receiving such greater proportion shall (a) notify the Administrative  Agent of such fact, and (b) purchase (for cash at face value) participations in the Term Loans, or make such  other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the  Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their  respective Term Loans and other amounts owing them, provided that:  (i) if any such participations or subparticipations are purchased and all or any portion  of the payment giving rise thereto is recovered, such participations or subparticipations shall be  rescinded and the purchase price restored to the extent of such recovery, without interest; and  (ii) the provisions of this Section 2.11 shall not be construed to apply to (x) any  payment made by or on behalf of the Borrower pursuant to and in accordance with the express  terms of this Agreement (including the application of funds arising from the existence of a  Defaulting Lender) or (y) any payment obtained by a Lender as consideration for the assignment  of or sale of a participation in any of its Term Loans to any assignee or participant, other than an  assignment to the Borrower or any Subsidiary thereof (as to which the provisions of this  Section 2.11 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 setoff and counterclaim with respect to such participation as fully  as if such Lender were a direct creditor of the Borrower in the amount of such participation.  2.12 Increase in Term Loans.  (a) Request for Increase.  Provided no Event of Default has occurred and is continuing or  would result therefrom, upon notice to the Administrative Agent (which shall promptly notify the Lenders),  the Borrower may from time to time, request an increase in the aggregate principal amount of the Term  Loans by an amount (for all such requests) not exceeding $200,000,000; provided, that (i) any such request  for an increase shall be in a minimum amount of $10,000,000, (ii) the Borrower may make a maximum of  five such requests and (iii) no Lender shall be obligated to increase the principal amount of its Term Loans.  (b) Increasing Lenders.  Each increase in the principal amount of the Term Loans pursuant to  Section 2.12(a) may be provided by the Lenders (other than any Defaulting Lender) or any Eligible  Assignees designated by the Borrower that are willing to provide such increase (together with any existing  Lender participating in such increase, each, an “Increasing Lender”) and to become Lenders pursuant to a  joinder agreement in form and substance reasonably satisfactory to the Administrative Agent (each, a  “Joinder Agreement”), pursuant to which such Increasing Lender shall become a party to this Agreement.   Nothing contained herein shall constitute, or otherwise be deemed to be, a commitment on the part of any  existing Lender to increase its Term Loans or any other commitments hereunder.  (c) Effective Date and Allocations.  If the principal amount of the Term Loans is increased in  accordance with this Section 2.12, the Administrative Agent and the Borrower shall determine the effective  date (the “Increase Effective Date”) and the final allocation of such increase.  The Administrative Agent  shall promptly notify the Borrower and the Lenders (including the Increasing Lenders) of the final  allocation of such increase and the Increase Effective Date.  Each of the parties hereto agrees that, upon the  

 

  - 29 -  Increase Effective Date, this Agreement shall be deemed amended to the extent (but only to the extent)  necessary to reflect the existence of the additional principal amounts of the Term Loans and any additional  Loans made in connection therewith and the Administrative Agent, each applicable Increasing Lender and  the Borrower may revise this agreement to evidence such additional Term Loans (and, for the avoidance of  doubt, no consent of any Lender that is not an Increasing Lender will be required to effect the revisions  contemplated by this Section 2.12(c)).  (d) Conditions to Effectiveness of Increase.  As conditions precedent to such increase, (A)  each of the representations and warranties contained in Article V and the other Loan Documents shall be  true and correct in all material respects (except that such materiality qualifier shall not be applicable to any  representations and warranties that already are qualified or modified by materiality in the text thereof) on  and as of the Increase Effective Date, except to the extent that such representations and warranties  specifically refer to an earlier date, in which case they shall be true and correct in all material respects  (except that such materiality qualifier shall not be applicable to any representations and warranties that  already are qualified or modified by materiality in the text thereof) as of such earlier date, and except that  for purposes of this Section 2.12, the representations and warranties contained in subsections (a) and (b) of  Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a)  and (b), respectively, of Section 6.01, (B) no Event of Default shall have occurred and be continuing or  would result therefrom and (C) if applicable, the Borrower shall have delivered to the Administrative Agent  a Joinder Agreement executed by the Borrower, the applicable Increasing Lenders(s) and acknowledged by  the Administrative Agent.  (e) Conflicting Provisions.  This Section 2.12 shall supersede any provisions in Section 2.11  or Section 10.01 to the contrary.  2.13 Defaulting Lenders.  (a) Adjustments.  Notwithstanding anything to the contrary contained in this Agreement, if  any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting  Lender, to the extent permitted by Applicable Law:  (b) Waivers and Amendments.  Such Defaulting Lender’s right to approve or disapprove any  amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition  of “Required Lenders” and Section 10.01.  (c) Defaulting Lender Waterfall.  Any payment of principal, interest, fees or other amounts  received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or  mandatory, at maturity, pursuant to Article VIII 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 (x) 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  

 

  - 30 -  such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if 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, such payment shall be applied solely to pay the Loans of all Non- Defaulting Lenders on a pro rata 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 its Applicable  Percentage. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are  applied (or held) to pay amounts owed by a Defaulting Lender shall be deemed paid to and redirected by  such Defaulting Lender, and each Lender irrevocably consents hereto.  (d) Certain Fees.  No Defaulting Lender shall be entitled to receive any fee payable under  Section 2.07 for any period during which that Lender is a Defaulting Lender (and the Borrower shall not  be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting  Lender).  2.14 Defaulting Lender Cure.  If the Borrower and the Administrative Agent agree in writing  that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto,  whereupon as of the effective date specified in such notice and subject to any conditions set forth therein,  that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other  Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the  Term Loans to be held pro rata by the Lenders in accordance with their respective Applicable Percentages,  whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made  retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that  Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed  by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or  release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.  ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY  3.01 Taxes.  (a) Defined Terms. For purposes of this Section 3.01, the term “Applicable Law” includes  FATCA.  (b) Payments Free of Taxes.  Any and all payments by or on account of any obligation of any  Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes,  except as required by Applicable Law.  If any Applicable Law (as determined in the good faith discretion  of an applicable withholding agent) requires the deduction or withholding of any Tax from any such  payment by the applicable withholding agent, then the applicable withholding agent shall be entitled to  make such deduction or withholding and shall timely pay the full amount deducted or withheld to the  relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified  Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such  deduction or withholding has been made (including such deductions and withholdings applicable to  additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the  sum it would have received had no such deduction or withholding been made.  (c) Payment of Other Taxes by 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.  (d) Indemnification by Borrower.  The Borrower shall indemnify each Recipient,  within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified  

 

  - 31 -  Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01) payable or paid  by such Recipient or required to be withheld or deducted from a payment to such Recipient and any  reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were  correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the  amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the  Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be  conclusive absent manifest error.  (e) Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative  Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but  only to the extent that 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 10.06(d) relating to the maintenance of a  Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable  or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses  arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or  asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability  delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each  Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time  owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the  Lender from any other source against any amount due to the Administrative Agent under this clause (e).  (f) Evidence of Payments.  As soon as practicable after any payment of Taxes by the Borrower  to a Governmental Authority as provided in this Section 3.01, 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 any return required by Laws to report such payment or other evidence  of such payment reasonably satisfactory to the Administrative Agent.  (g) Status of Lenders; Tax Documentation.  (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax  with respect to payments made under any Loan Document shall deliver to the Borrower and the  Administrative Agent, at the time or times reasonably requested by the Borrower or the  Administrative Agent, such properly completed and executed documentation reasonably requested  by the Borrower or the Administrative Agent as will permit such payments to be made without  withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested  by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by  Applicable Law or reasonably requested by the Borrower or the Administrative Agent as will  enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject  to backup withholding or information reporting requirements.  Notwithstanding anything to the  contrary in the preceding two sentences, the completion, execution and submission of such  documentation (other than such documentation set forth in Section 3.01(g)(ii)(A), (ii)(B) and  (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion,  execution or submission would subject such Lender to any material unreimbursed cost or expense  or would materially prejudice the legal or commercial position of such Lender.  (ii) Without limiting the generality of the foregoing, in the event that the Borrower is  a U.S. Person,  (A) any Lender that is a U.S. Person shall deliver to the Borrower and  the Administrative Agent on or prior to the date on which such Lender becomes a Lender  

 

  - 32 -  under this Agreement (and from time to time thereafter upon the reasonable request of the  Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that  such Lender is exempt from U.S. federal backup withholding tax;   (B) any Foreign Lender shall, to the extent it is legally entitled to do  so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall  be requested by the recipient) on or prior to the date on which such Foreign Lender becomes  a Lender under this Agreement (and from time to time thereafter upon the reasonable  request of the Borrower or the Administrative Agent), whichever of the following is  applicable:  (I) in the case of a Foreign Lender claiming the benefits of  an income tax treaty to which the United States is a party (x) with respect to  payments of interest under any Loan Document, executed copies of IRS Form W- 8BEN-E (or W-8BEN, as applicable) establishing an exemption from, or reduction  of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty  and (y) with respect to any other applicable payments under any Loan Document,  IRS Form W-8BEN-E (or W-8BEN, 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;  (II) executed copies of IRS Form W-8ECI;  (III) in the case of a Foreign Lender claiming the benefits of  the exemption for portfolio interest under Section 881(c) of the Code, (x) a  certificate substantially in the form of Exhibit E-1 to the effect that such Foreign  Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a  “10 percent shareholder” of the Borrower within the meaning of Section  881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in  Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y)  executed copies of IRS Form W-8BEN-E (or W-8BEN, as applicable); or  (IV) to the extent a Foreign Lender is not the beneficial owner,  executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS  Form W-8BEN-E (or W-8BEN, as applicable), a U.S. Tax Compliance Certificate  substantially in the form of Exhibit E-2 or Exhibit E-3, IRS Form W-9, and/or  other certification documents from each beneficial owner, as applicable; provided  that if the Foreign Lender is a partnership and one or more direct or indirect  partners of such Foreign Lender are claiming the portfolio interest exemption, such  Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in  the form of Exhibit E-4 on behalf of each such direct and indirect partner;  (C) any Foreign Lender shall, to the extent it is legally entitled to do  so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall  be requested by the recipient) on or prior to the date on which such Foreign Lender becomes  a Lender under this Agreement (and from time to time thereafter upon the reasonable  request of the Borrower or the Administrative Agent), executed copies of any other form  prescribed by Applicable Law as a basis for claiming exemption from or a reduction in  U.S. federal withholding Tax, duly completed, together with such supplementary  documentation as may be prescribed by Applicable Law to permit the Borrower or the  Administrative Agent to determine the withholding or deduction required to be made; and  

 

  - 33 -  (D) if a payment made to a Lender under any Loan Document would  be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail  to comply with the applicable reporting requirements of FATCA (including those  contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall  deliver to the Borrower and the Administrative Agent at the time or times prescribed by  law and at such time or times reasonably requested by the Borrower or the Administrative  Agent such documentation prescribed by Applicable Law (including as prescribed by  Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably  requested by the Borrower or the Administrative Agent as may be necessary for the  Borrower and the Administrative Agent to comply with their obligations under FATCA  and to determine that such Lender has complied with such Lender’s obligations under  FATCA or to determine the amount to deduct and withhold from such payment.  Solely for  purposes of this clause (D), “FATCA” shall include any amendments made to FATCA  after the date of this Agreement.  (iii) Each Lender agrees that if any form or certification it previously delivered  pursuant to this Section 3.01 expires or becomes obsolete or inaccurate in any respect, it shall  update such form or certification or promptly notify the Borrower and the Administrative Agent in  writing of its legal inability to do so.  (h) Treatment of Certain Refunds.  Unless required by Applicable Laws, at no time shall the  Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender, or have any  obligation to pay to any Lender, any refund of Taxes withheld or deducted from funds paid for the account  of such Lender, as the case may be.  If any Recipient 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 by the Borrower or with  respect to which the Borrower has paid additional amounts pursuant to this Section 3.01, it shall pay to the  Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional  amounts paid, by the Borrower under this Section 3.01 with respect to the Taxes giving rise to such refund),  net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other  than any interest paid by the relevant Governmental Authority with respect to such refund), provided that  the Borrower, upon the request of the Recipient, agrees to repay the amount paid over to the Borrower (plus  any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Recipient  in the event the Recipient is required to repay such refund to such Governmental Authority.   Notwithstanding anything to the contrary in this clause (h), in no event will the applicable Recipient be  required to pay any amount to the Borrower pursuant to this clause (h) the payment of which would place  the Recipient in a less favorable net after-Tax position than such Recipient 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 subsection shall not be construed to require any Recipient to make available its Tax returns (or  any other information relating to its Taxes that it deems confidential) to the Borrower or any other Person.  (i) Survival.  Each party’s obligations under this Section 3.01 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 other Obligations.  3.02 Illegality.  If any Lender determines that any Law has made it unlawful, or that any  Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to  make, maintain or fund Loans whose interest is determined by reference to SOFR or Term SOFR, or to  determine or charge interest rates based upon SOFR or Term SOFR then, upon notice thereof by such  Lender to the Borrower (through the Administrative Agent), (a) any obligation of such Lender to make or  continue Loans based upon SOFR or to convert Base Rate Loans to Loans based upon SOFR shall be  

 

  - 34 -  suspended, and (b) if such notice asserts the illegality of such Lender making or maintaining Base Rate  Loans the interest rate on which is determined by reference to the Term SOFR component of the Base Rate,  the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be  determined by the Administrative Agent without reference to the Term SOFR component of the 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, if applicable, convert all  Loans based upon SOFR of such Lender to Base Rate Loans (the interest rate on which Base Rate Loans  of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent  without reference to the Term SOFR component of the Base Rate), either on the last day of the Interest  Period therefor, if such Lender may lawfully continue to maintain such Loans based upon SOFR to such  day, or immediately, if such Lender may not lawfully continue to maintain such Loans based upon SOFR  and (ii) if such notice asserts the illegality of such Lender determining or charging interest rates based upon  SOFR, the Administrative Agent shall during the period of such suspension compute the Base Rate  applicable to such Lender without reference to the Term SOFR 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 SOFR.  Upon any such prepayment or conversion, the Borrower shall also pay  accrued interest on the amount so prepaid or converted., together with any additional amounts required  pursuant to Section 3.05.  3.03 Inability to Determine Rates.  (a) Inability to Determine Rates.  If in connection with any request for a Term SOFR Loan or  a conversion of Base Rate Loans to Term SOFR Loans or a continuation of any of such Loans, as applicable,  (i) the Administrative Agent determines (which determination shall be conclusive absent manifest error)  that (A) no Successor Rate has been determined in accordance with Section 3.03(b), and the circumstances  under clause (i) of Section 3.03(b) or the Scheduled Unavailability Date has occurred or (B) adequate and  reasonable means do not otherwise exist for determining Term SOFR for any requested Interest Period with  respect to a proposed Term SOFR Loan or in connection with an existing or proposed Base Rate Loan, or  (ii) the Administrative Agent or the Required Lenders determine that for any reason that Term SOFR for  any requested Interest Period with respect to a proposed Term SOFR Loan does not adequately and fairly  reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the  Borrower and each Lender.  Thereafter, (x) the obligation of the Lenders to make or maintain Term SOFR  Loans or to convert Base Rate Loans to Term SOFR Loans, shall be suspended (to the extent of the affected  Term SOFR Loans or Interest Periods), and (y) in the event of a determination described in the preceding  sentence with respect to the Term SOFR component of the Base Rate, the utilization of the Term SOFR  component in determining the Base Rate shall be suspended, in each case until the Administrative Agent  (or, in the case of a determination by the Required Lenders described in clause (ii) of this Section 3.03(a),  until the Administrative Agent upon instruction of the Required Lenders) revokes such notice.  Upon receipt  of such notice, (i) the Borrower may revoke any pending request for a Borrowing of, or conversion to, or  continuation of Term SOFR Loans (to the extent of the affected Term SOFR Loans or Interest Periods) or,  failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate  Loans in the amount specified therein and (ii) any outstanding Term SOFR Loans shall be deemed to have  been converted to Base Rate Loans immediately at the end of their respective applicable Interest Period.  (b) Replacement of Term SOFR or Successor Rate.  Notwithstanding anything to the contrary  in this Agreement or any other Loan Documents, if the Administrative Agent determines (which  determination shall be conclusive absent manifest error), or the Borrower or Required Lenders notify the  Administrative Agent (with, in the case of the Required Lenders, a copy to the Borrower) that the Borrower  or Required Lenders (as applicable) have determined, that:  

 

  - 35 -  (i) adequate and reasonable means do not exist for ascertaining one month and three  month interest periods of Term SOFR, including, without limitation, because the Term SOFR  Screen Rate is not available or published on a current basis and such circumstances are unlikely to  be temporary; or  (ii) CME or any successor administrator of the Term SOFR Screen Rate or a  Governmental Authority having jurisdiction over the Administrative Agent or such administrator  with respect to its publication of Term SOFR, in each case acting in such capacity, has made a  public statement identifying a specific date after which one month and three month interest periods  of Term SOFR or the Term SOFR Screen Rate shall or will no longer be made available, or  permitted to be used for determining the interest rate of U.S. dollar denominated syndicated loans,  or shall or will otherwise cease, provided, that, at the time of such statement, there is no successor  administrator that is satisfactory to the Administrative Agent, that will continue to provide such   interest periods of Term SOFR after such specific date (the latest date on which one month and  three month interest periods of Term SOFR or the Term SOFR Screen Rate are no longer available  permanently or indefinitely, the “Scheduled Unavailability Date”);   then, on a date and time determined by the Administrative Agent (any such date, the “Term SOFR  Replacement Date”), which date shall be, in the case of Term SOFR Loans, at the end of an Interest Period  or on the relevant interest payment date, as applicable, for interest calculated and, solely with respect to  clause (ii) above, no later than the Scheduled Unavailability Date, Term SOFR will be replaced hereunder  and under any Loan Document with Daily Simple SOFR plus the SOFR Adjustment for any payment period  for interest calculated that can be determined by the Administrative Agent, in each case, without any  amendment to, or further action or consent of any other party to, this Agreement or any other Loan  Document (the “Successor Rate).  If the Successor Rate is Daily Simple SOFR plus the SOFR Adjustment, all interest payments will  be payable on a monthly basis.  Notwithstanding anything to the contrary herein, (A) if the Administrative Agent determines that  Daily Simple SOFR is not available on or prior to the Term SOFR Replacement Date, or (B) if the events  or circumstances of the type described in Section 3.03(b)(i) or 3.03(b)(ii) have occurred with respect to the  Successor Rate then in effect, then in each case, the Administrative Agent and the Borrower may amend  this Agreement and the other Loan Documents solely for the purpose of replacing Term SOFR or any then  current Successor Rate in accordance with this Section 3.03(b) at the end of any Interest Period, relevant  interest payment date or payment period for interest calculated, as applicable, with an alternative benchmark  rate giving due consideration to any evolving or then existing convention for similar U.S. dollar  denominated credit facilities syndicated and agented in the United States for such alternative benchmark.  and, in each case, including any mathematical or other adjustments to such benchmark giving due  consideration to any evolving or then existing convention for similar U.S. dollar denominated credit  facilities syndicated and agented in the United States for such benchmark, which adjustment or method for  calculating such adjustment shall be published on an information service as selected by the Administrative  Agent from time to time in its reasonable discretion and may be periodically updated.  For the avoidance  of doubt, any such proposed rate and adjustments, shall constitute a “Successor Rate”.  Any such  amendment shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent  shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time,  Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that  such Required Lenders object to such amendment.  The Administrative Agent will promptly (in one or more notices) notify each Lender of the  implementation of any Successor Rate.  

 

  - 36 -  Any Successor Rate shall be applied in a manner consistent with market practice; provided that to  the extent such market practice is not administratively feasible for the Administrative Agent, such Successor  Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent.  Notwithstanding anything else herein, if at any time any Successor Rate as so determined would  otherwise be less than zero, the Successor Rate will be deemed to be zero for the purposes of this Agreement  and the other Loan Documents.  In connection with the implementation of a Successor Rate, the Administrative Agent will have the  right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein  or in any other Loan Document, any amendments implementing such Conforming Changes will become  effective without any further action or consent of any other party to this Agreement; provided that, with  respect to any such amendment effected, the Administrative Agent shall post each such amendment  implementing such Conforming Changes to the Borrower and the Lenders reasonably promptly after such  amendment becomes effective.  For purposes of this Section 3.03, those Lenders that either have not made, or do not have an  obligation under this Agreement to make, the relevant Loans in Dollars shall be excluded from any  determination of Required Lenders.  3.04 Increased Costs.  (a) Increased Costs Generally.  If any Change in Law shall:  (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan,  insurance charge or similar requirement against assets of, deposits with or for the account of, or  credit extended or participated in by, any Lender;   (ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes  described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income  Taxes) on its loans, loan principal, commitments, or other obligations, or its deposits, reserves,  other liabilities or capital attributable thereto; or  (iii) impose on any Lender any other condition, cost or expense (other than Taxes)  affecting this Agreement or Loans based upon SOFR made by such Lender;  and the result of any of the foregoing shall be to increase the cost to such Lender of making, converting to,  continuing or maintaining any Loan (or of maintaining its obligation to make any such Loan), or to reduce  the amount of any sum received or receivable by such Lender (whether of principal, interest or any other  amount) then, upon request of such Lender, the Borrower will pay to such Lender, as the case may be, such  additional amount or amounts as will compensate such Lender, as the case may be, for such additional costs  incurred or reduction suffered.  (b) Capital Requirements.  If any Lender determines that any Change in Law affecting such  Lender or any Lending Office of such Lender or such Lender’s 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 Loans  of 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), then from time to time the Borrower will  

 

  - 37 -  pay to such Lender, as the case may be, such additional amount or amounts as will compensate such Lender  or such Lender’s holding company for any such reduction suffered.  (c) Certificates for Reimbursement.  A certificate of a Lender setting forth the amount or  amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in  clauses (a) or (b) of this Section 3.04 and delivered to the Borrower shall be conclusive absent manifest  error.  The Borrower shall pay such Lender, as the case may be, the amount shown as due on any such  certificate within 10 days after receipt thereof.  (d) Delay in Requests.  Failure or delay on the part of any Lender to demand compensation  pursuant to the foregoing provisions of this Section 3.04 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 foregoing provisions of this Section 3.04 for any increased costs incurred or reductions  suffered more than nine months prior to the date that such Lender, 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 intention to  claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or  reductions is retroactive, then the nine-month period referred to above shall be extended to include the  period of retroactive effect thereof).  3.05 Compensation for Losses.  Upon demand of any Lender (with a copy to the  Administrative Agent) from time to time, the Borrower shall promptly compensate such Lender for and  hold such Lender harmless from any loss, cost or expense (excluding any loss of profit or margin) incurred  by it as a result of:  (a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate  Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory,  automatic, by reason of acceleration, or otherwise);  (b) any failure by the Borrower (for a reason other than the failure of such Lender to make a  Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the  amount notified by the Borrower; or  (c) any assignment of a Term SOFR Loan on a day other than the last day of the Interest Period  therefor as a result of a request by the Borrower pursuant to Section 10.13;  including any loss or expense (excluding any loss of profit or margin) arising from the liquidation or  reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits  from which such funds were obtained.  3.06 Mitigation Obligations; Replacement of Lenders.    (a) Designation of a Different Lending Office.  Each Lender may make any Loan to the  Borrower through any Lending Office, provided that the exercise of this option shall not affect the  obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. If any Lender  requests compensation under Section 3.04, or requires the Borrower to pay any Indemnified Taxes or  additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant  to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then at the request of the Borrower  such Lender shall, as applicable, 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 3.01 or 3.04, as the case may be, in the future, or eliminate  

 

  - 38 -  the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such  Lender, as the case may be, to any unreimbursed cost or expense and would not otherwise be  disadvantageous to such Lender, as the case may be.  The Borrower hereby agrees to pay all reasonable  costs and expenses incurred by any Lender in connection with any such designation or assignment.  (b) Replacement of Lenders.  If any Lender requests compensation under Section 3.04, 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 3.01 and, in each case, such  Lender has declined or is unable to designate a different lending office in accordance with Section 3.06(a),  the Borrower may replace such Lender in accordance with Section 10.13.  3.07 Survival.  All of the Borrower’s obligations under this Article III shall survive termination  of the Aggregate Commitments, repayment of all other Obligations hereunder, and resignation of the  Administrative Agent.  ARTICLE IV CONDITIONS PRECEDENT TO BORROWING  4.01 Conditions Precedent to Borrowing.  The obligation of each Lender to make its Loan  hereunder is subject to satisfaction of the following conditions precedent:  (a) The Administrative Agent’s receipt of the following, each of which shall be originals or  telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a  Responsible Officer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates  of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably  satisfactory to the Administrative Agent and each of the Lenders:  (i) executed counterparts of this Agreement, sufficient in number for distribution to  the Administrative Agent, each Lender and the Borrower;  (ii) a Note executed by the Borrower in favor each Lender requesting a Note (to the  extent requested at least three (3) Business Days prior to the Closing Date);  (iii) such certificates of resolutions or other action, incumbency certificates and/or  other certificates of Responsible Officers of each Loan Party as the Administrative Agent may  require evidencing the identity, authority and capacity of each Responsible Officer thereof  authorized to act as a Responsible Officer in connection with this Agreement and the other Loan  Documents to which such Loan Party is a party or is to be a party;  (iv) such documents and certifications as the Administrative Agent may reasonably  require to evidence that each Loan Party is validly existing and in good standing in its jurisdiction  of incorporation or formation, as applicable;  (v) a favorable opinion of Willkie Farr & Gallagher, LLP, special New York counsel  to the Loan Parties, addressed to the Administrative Agent and each Lender, in customary form;  (vi) a certificate of a Responsible Officer of each Loan Party either (A) attaching copies  of all consents, licenses and approvals required in connection with the execution, delivery and  performance by such Loan Party and the validity against such Loan Party of the Loan Documents  to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or  (B) stating that no such consents, licenses or approvals are so required;  

 

  - 39 -  (vii) a certificate signed by a Responsible Officer of the Borrower certifying (A) that  the conditions specified in Sections 4.01(e) and (f) have been satisfied, (B) that there has been no  event or circumstance since the date of the Audited Financial Statements that has had or would be  reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect and  (C) the current Debt Rating;  (viii) the Audited Financial Statements and the unaudited financial statements of the  Borrower referred to in Section 5.05(a) and (b); and  (ix) such other assurances, certificates, documents, consents or opinions as the  Administrative Agent or the Required Lenders reasonably may require.  (b) (i) Upon the reasonable request of any Lender made at least ten (10) days prior to the  Closing Date, the Borrower shall have provided to such Lender, and such Lender shall be reasonably  satisfied with, the documentation and other information so requested in connection with applicable “know  your customer” and anti-money-laundering rules and regulations, including, without limitation, the  PATRIOT Act, in each case at least three (3) days prior to the Closing Date and (ii) at least three (3) days  prior to the Closing Date, any Loan Party that qualifies as a “legal entity customer” under the Beneficial  Ownership Regulation shall have delivered, to each Lender that so requests, a Beneficial Ownership  Certification in relation to such Loan Party.  (c) All fees required to be paid on or before the Closing Date shall have been paid on or  substantially concurrently with the Closing Date provided that the payment of fees and expenses of counsel  shall be subject to the receipt of an invoice with respect thereto at least two (2) Business Days prior to the  Closing Date.  (d) Unless waived by the Administrative Agent, the Borrower shall have paid, on or  substantially concurrently with the Closing Date, all fees, charges and disbursements of one counsel to the  Administrative Agent and the Lenders collectively (directly to such counsel if requested by the  Administrative Agent) to the extent invoiced in reasonable detail at least two (2) Business Days prior to or  on the Closing Date.  (e) The representations and warranties of the Borrower and each other Loan Party contained  in Article V or any other Loan Document, other than those set forth in Section 5.05(c) and Section 5.06,  shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable  to any representations and warranties that already are qualified or modified by materiality in the text thereof)  on and as of the date of such Borrowing, except to the extent that such representations and warranties  specifically refer to an earlier date, in which case they shall be true and correct in all material respects  (except that such materiality qualifier shall not be applicable to any representations and warranties that  already are qualified or modified by materiality in the text thereof) as of such earlier date, and except that  for purposes of this Section 4.01, the representations and warranties contained in subsections (a) and (b) of  Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a)  and (b), respectively, of Section 6.01.  (f) No Default shall exist, or would result from such proposed Borrowing or from the  application of the proceeds thereof.  Without limiting the generality of the provisions of the last paragraph of Section 9.03, for purposes  of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed  this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each  document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory  

 

  - 40 -  to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the  proposed Closing Date specifying its objection thereto.  ARTICLE V REPRESENTATIONS AND WARRANTIES  The Borrower represents and warrants to the Administrative Agent and the Lenders that:  5.01 Existence, Qualification and Power.  Each Loan Party (a) is duly organized or formed,  validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation  or organization, (b) has all requisite power and authority and all requisite governmental licenses,  authorizations, consents and approvals to (i) own or lease its assets and carry on its business and (ii) execute,  deliver and perform its obligations under the Loan Documents to which it is a party, and (c) is duly qualified  and is licensed and, as applicable, in good standing under the Laws of each jurisdiction where its ownership,  lease or operation of properties or the conduct of its business requires such qualification or license; except  in each case referred to in clause (b)(i) or (c), to the extent that failure to do so would not reasonably be  expected to have a Material Adverse Effect.  5.02 Authorization; No Contravention.  The execution, delivery and performance by each  Loan Party of each Loan Document to which such Person is or is to be a party, have been duly authorized  by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms  of any of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention  of, or the creation of (or the requirement to create) any Lien under, or require any payment to be made  under (i) any Contractual Obligation to which such Person is a party or affecting such Person or the  properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any  Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate  any Applicable Law, except in each case referred to in clause (b) or (c), to the extent that such breach,  contravention or violation would not reasonably be expected to have a Material Adverse Effect.  5.03 Governmental Authorization; Other Consents.  No approval, consent, exemption,  authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other  Person is necessary or required in connection with the execution, delivery or performance by, or  enforcement against, any Loan Party of this Agreement or any other Loan Document, except those that  have been duly obtained, given or made or for which the failure to obtain or make would not reasonably be  expected to have a Material Adverse Effect.  5.04 Binding Effect.  This Agreement has been, and each other Loan Document, when  delivered hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto.   This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid  and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto in  accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency,  reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by  general equitable principles (whether enforcement is sought by proceedings in equity or at law).  5.05 Financial Statements; No Material Adverse Effect.  (a) The Audited Financial Statements (i) were prepared in accordance with GAAP consistently  applied throughout the period covered thereby, except as otherwise expressly noted therein and (ii) fairly  present the financial condition of the Borrower and its Subsidiaries as of the date thereof and their results  of operations, cash flows and changes in shareholders’ equity for the period covered thereby in accordance  with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly  noted therein.  

 

  - 41 -  (b) The unaudited consolidated balance sheet of the Borrower and its Subsidiaries dated  June 30, 2022, and the related consolidated statements of income, stockholders’ equity and cash flows for  the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied  throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly present  the financial condition of the Borrower and its Subsidiaries as of the date thereof and their results of  operations, cash flows and changes in shareholders’ equity for the period covered thereby, subject, in the  case of clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments.    (c) Since the date of the Audited Financial Statements, there has been no event or  circumstance, either individually or in the aggregate, that has had or would reasonably be expected to have  a Material Adverse Effect.  5.06 Litigation.  There are no actions, suits, proceedings, claims or disputes pending or, to the  knowledge of the Borrower threatened in writing, at law, in equity, in arbitration or before any  Governmental Authority, by or against the Borrower or any of its Subsidiaries or against any of their  properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document,  or any of the transactions contemplated hereby, or (b) either individually or in the aggregate would  reasonably be expected to have a Material Adverse Effect.  5.07 No Default.  Neither any Loan Party nor any Subsidiary thereof is in default under or with  respect to any Contractual Obligation that would, either individually or in the aggregate, reasonably be  expected to have a Material Adverse Effect.  No Default has occurred and is continuing.  5.08 Taxes.  The Borrower and each of its Subsidiaries have timely filed all federal, state and  other material tax returns and reports required to be filed, and have timely paid all federal, state and other  material Taxes (whether or not shown on a tax return), including in its capacity as a withholding agent,  levied or imposed upon it or its properties, income or assets otherwise due and payable, except (i) where  failure to file such tax returns or pay such taxes would not reasonably be expected to have a Material  Adverse Effect or (ii) those which are being contested in good faith by appropriate proceedings diligently  conducted and for which adequate reserves have been provided in accordance with GAAP.    5.09 ERISA Compliance.  (a) Each Plan is in compliance in all material respects with the applicable provisions of ERISA,  the Code and other Federal or state laws.  Except as would not reasonably be expected to have a Material  Adverse Effect, each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code  has received a favorable determination letter or form of opinion letter from the Internal Revenue Service to  the effect that the form of such Plan is qualified under Section 401(a) of the Code and the trust related  thereto has been determined by the Internal Revenue Service to be exempt from federal income tax under  Section 501(a) of the Code, or an application for such a letter or opinion is currently being processed by the  Internal Revenue Service.  To the best knowledge of the Borrower, nothing has occurred that would  reasonably be expected to prevent or cause the loss of such tax-qualified status.  (b) There are no pending or, to the best knowledge of the Borrower, threatened claims, actions  or lawsuits, or action by any Governmental Authority, with respect to any Plan that would reasonably be  expected to have a Material Adverse Effect.  There has been no prohibited transaction or violation of the  fiduciary responsibility rules with respect to any Plan that has resulted or would reasonably be expected to  result in a Material Adverse Effect.  (c) (i) No ERISA Event has occurred, and neither the Borrower nor any ERISA Affiliate is  aware of any fact, event or circumstance that would reasonably be expected to constitute or result in an  

 

  - 42 -  ERISA Event with respect to any Pension Plan or Multiemployer Plan; (ii) except as would not reasonably  be expected to have a Material Adverse Effect, as of the most recent valuation date for any Pension Plan,  the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is 60% or higher and  neither the Borrower nor any ERISA Affiliate knows of any facts or circumstances that would reasonably  be expected to cause the funding target attainment percentage for any such plan to drop below 60% as of  the most recent valuation date; (iii) neither the Borrower nor any ERISA Affiliate has incurred any liability  to the PBGC other than for the payment of premiums, and there are no premium payments which have  become due that are unpaid; (iv) neither the Borrower nor any ERISA Affiliate has engaged in a transaction  that could be subject to Section 4069 or Section 4212(c) of ERISA; and (v) no Pension Plan has been  terminated by the plan administrator thereof nor by the PBGC, and no event or circumstance has occurred  or exists that would reasonably be expected to cause the PBGC to institute proceedings under Title IV of  ERISA to terminate any Pension Plan.  (d) The Borrower represents and warrants as of the Closing Date that the Borrower is not and  will not be using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42)  of ERISA or otherwise) of one or more Benefit Plans in connection with the Loans or the Commitments.  5.10 Margin Regulations; Investment Company Act.  (a) Following the application of the proceeds of each Borrowing, not more than 25% of the  value of the assets (either of the Borrower only or of the Borrower and its Subsidiaries on a consolidated  basis) subject to the provisions of Section 7.01 or Section 7.04 or subject to any restriction contained in any  agreement or instrument between the Borrower and any Lender or any Affiliate of any Lender relating to  Indebtedness and within the scope of Section 8.01(e) will be margin stock.  None of the proceeds of any  Loan will be used, directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of  buying or carrying any margin stock.  (b) None of the Borrower or any Subsidiary is or is required to be registered as an “investment  company” under the Investment Company Act of 1940.  5.11 Disclosure.  (a) No written report, financial statement, certificate or other written  information furnished by or on behalf of any Loan Party to the Administrative Agent or any Lender in  connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered  hereunder or under any other Loan Document (in each case, as modified or supplemented by other  information so furnished) when taken as a whole, 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 and agreed, however, that projections are as to  future events and are not to be viewed as facts, that such projections are subject to significant uncertainties  and contingencies, many of which are beyond the Borrower’s control, that no assurances can be given that  any particular projection will be realized and that actual results during the period or periods covered by  such projections may differ significantly from the projected results and such differences may be material.  (b) As of the Closing Date, the information included in the Beneficial Ownership Certification,  if applicable, is true and correct in all material respects.   5.12 Compliance with Laws.  Each Loan Party and each Subsidiary thereof is in compliance  in all material respects with the requirements of all Applicable Laws and all orders, writs, injunctions and  decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law  or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently  

 

  - 43 -  conducted or (b) the failure to comply therewith, either individually or in the aggregate, would not  reasonably be expected to have a Material Adverse Effect.  5.13 OFAC.  Neither the Borrower, nor any of its Subsidiaries, nor, to the knowledge of the  Borrower and its Subsidiaries, any director, officer, employee, agent or affiliate thereof, is an individual or  entity that is, or is owned or controlled by one or more individuals or entities that are (a) currently the  subject or target of any Sanctions, (b) included on OFAC’s List of Specially Designated Nationals or  HMT’s Consolidated List of Financial Sanctions Targets, or any similar list enforced by any other relevant  sanctions authority or (c) located, organized or resident in a Designated Jurisdiction.  The Borrower and its  Subsidiaries have conducted their businesses in compliance in all material respects with all applicable  Sanctions and have instituted and maintained policies and procedures reasonably designed to promote and  achieve compliance with such Sanctions.  5.14 Anti-Corruption Laws.  The Borrower, its Subsidiaries and their respective directors,  officers, employees and agents have conducted their businesses in compliance in all material respects with  the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other applicable  anti-corruption legislation in other jurisdictions and have instituted and maintained policies and procedures  reasonably designed to promote and achieve compliance with such laws.  5.15 Affected Financial Institutions.  No Loan Party is an Affected Financial Institution.  5.16 Covered Entities.  No Loan Party is a Covered Entity.  ARTICLE VI AFFIRMATIVE COVENANTS  So long as any Loan or other Obligation (other than contingent indemnification Obligations for  which no claim has been asserted) hereunder shall remain unpaid or unsatisfied, the Borrower shall, and  shall (except in the case of the covenants set forth in Sections 6.01, 6.02, and 6.03) cause each Subsidiary  to:  6.01 Financial Statements.  Deliver to the Administrative Agent:  (a) as soon as available, but in any event within 120 days after the end of each fiscal year of  the Borrower, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal  year, and the related consolidated statements of income or operations, changes in shareholders’ equity, and  cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous  fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a  report and opinion of an independent certified public accountant of nationally recognized standing, which  report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not  be subject to any “going concern” or like qualification or exception or any qualification or exception as to  the scope of such audit (except, in each case, as may be required as a result of the impending maturity of  this Agreement or any other Indebtedness of the Borrower or its Subsidiaries); and  (b) as soon as available, but in any event within 60 days after the end of each of the first three  fiscal quarters of each fiscal year of the Borrower, a consolidated balance sheet of the Borrower and its  Subsidiaries as at the end of such fiscal quarter, the related consolidated statements of income or operations  for such fiscal quarter and for the portion of the Borrower’s fiscal year then ended, and the related  consolidated statements of changes in shareholders’ equity, and cash flows for the portion of the Borrower’s  fiscal year then ended, in each case setting forth in comparative form, as applicable, the figures for the  corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal  year, all in reasonable detail, certified by the chief executive officer, chief financial officer, treasurer or  

 

  - 44 -  controller of the Borrower as fairly presenting the financial condition, results of operations, shareholders’  equity and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to normal  year-end audit adjustments and the absence of footnotes.  As to any information contained in materials furnished pursuant to Section 6.02(b), the Borrower shall not  be separately required to furnish such information under subsection (a) or (b) above, but the foregoing shall  not be in derogation of the obligation of the Borrower to furnish the information and materials described in  subsections (a) and (b) above at the times specified therein.  6.02 Certificates; Other Information.  Deliver to the Administrative Agent:  (a) concurrently with the delivery of the financial statements referred to in Sections 6.01(a)  and (b), a duly completed Compliance Certificate signed by the chief executive officer, chief financial  officer, treasurer or controller of the Borrower (which delivery may, unless the Administrative Agent, or a  Lender requests executed originals, be by electronic communication including fax or email and shall be  deemed to be an original authentic counterpart thereof for all purposes);  (b) promptly after the same are available, copies of each annual report, proxy or financial  statement or other report or communication sent to the stockholders of the Borrower, and copies of all  annual, regular, periodic and special reports and registration statements which the Borrower may file or be  required to file with the SEC under Section 13 or 15(d) of the Exchange Act, and not otherwise required to  be delivered to the Administrative Agent pursuant hereto;  (c) promptly following any request therefor, provide information and documentation  reasonably requested by the Administrative Agent or any Lender for purposes of compliance with  applicable “know your customer” and anti-money-laundering rules and regulations, including, without  limitation, the PATRIOT Act and the Beneficial Ownership Regulation; and  (d) promptly, such additional information regarding the business, financial, legal or corporate  affairs of any Loan Party or any Subsidiary thereof, or compliance with the terms of the Loan Documents,  as the Administrative Agent or any Lender may from time to time reasonably request. Notwithstanding the  foregoing or anything contained in Section 6.10, neither the Borrower nor any of its Subsidiaries will be  required to provide any information pursuant to this clause (d) or Section 6.10 to the extent that the  provision thereof would violate any law, rule or regulation or result in the breach of any binding contractual  obligation or the loss of any professional privilege; provided, that in the event that the Borrower or any of  its Subsidiaries does not provide information that otherwise would be required to be provided hereunder in  reliance on such exception, the Borrower shall use commercially reasonable efforts to provide notice to the  Administrative Agent promptly upon obtaining knowledge that such information is being withheld (but  solely if providing such notice would not violate such law, rule or regulation or result in the breach of any  binding contractual obligation or the loss of any professional privilege).  Documents required to be delivered pursuant to Sections 6.01(a), 6.01(b) or 6.02(b) may be  delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which  the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at  the website address listed on Schedule 10.02; (ii) on which such documents are posted on the Borrower’s  behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have  access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); or  (iii) on which such items have been made available on the SEC website or the website of the relevant  analogous governmental or private regulatory authority or securities exchange (including, for the avoidance  of doubt, by way of “EDGAR”); provided, that the Borrower shall deliver paper copies of such documents  to the Administrative Agent or any Lender upon its request to the Borrower to deliver such paper copies  

 

  - 45 -  until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender.   The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of  the documents referred to above, and in any event shall have no responsibility to monitor compliance by  the Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible  for requesting delivery to it or maintaining its copies of such documents.  The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Arranger may,  but shall not be obligated to, make available to the Lenders materials and/or information provided by or on  behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials  on IntraLinks, Syndtrak, ClearPar, or a substantially similar electronic transmission system (the “Platform”)  and (b) 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 agrees that (w) all Borrower Materials that are to  be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a  minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by  marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the  Administrative Agent, the Arranger, and the Lenders to treat such Borrower Materials as not containing  any material non-public information with respect to the Borrower or its securities for purposes of United  States Federal and state securities laws (provided, however, that to the extent such Borrower Materials  constitute Information, they shall be treated as set forth in Section 10.07); (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 Arranger shall be entitled to treat any Borrower  Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not  designated “Public Side Information.” Notwithstanding the foregoing, the Borrower shall be under no  obligation to mark any Borrower Materials “PUBLIC.”  6.03 Notices.  Promptly notify the Administrative Agent:  (a) of the occurrence of any Default;  (b) of the occurrence of any ERISA Event that has had or would reasonably be expected to  result in a Material Adverse Effect;  (c) of any material change in accounting policies or financial reporting practices by the  Borrower or any Subsidiary; and  (d) of any announcement by Moody’s, S&P or Fitch of any change in a Debt Rating.  Each notice pursuant to this Section 6.03 shall be accompanied by a statement of a Responsible  Officer of the Borrower setting forth details of the occurrence referred to therein and stating what action  the Borrower has taken and proposes to take with respect thereto.  Each notice pursuant to Section 6.03(a)  shall describe with particularity any and all provisions of this Agreement and any other Loan Document  that have been breached.  6.04 Payment of Taxes.  Pay and discharge as the same shall become due and payable, all Tax  liabilities, unless (i) the failure to do so would not reasonably be expected to have a Material Adverse Effect  or (ii) the same are being contested in good faith by appropriate proceedings diligently conducted and  adequate reserves in accordance with GAAP are being maintained by the Borrower or such Subsidiary.  

 

  - 46 -  6.05 Preservation of Existence, Etc.  (a) Preserve, renew and maintain in full force and effect  its legal existence and good standing under the Laws of the jurisdiction of its organization except in a  transaction permitted by Section 7.03 or 7.04; (b) take all reasonable action to maintain all rights, privileges,  permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the  extent that failure to do so would not reasonably be expected to have a Material Adverse Effect; and (c)  preserve or renew all of its registered patents, trademarks, trade names and service marks, the non- preservation of which would reasonably be expected to have a Material Adverse Effect.  6.06 Maintenance of Properties.  (a) Maintain, preserve and protect all of its material  properties and equipment necessary in the operation of its business in good working order and condition,  ordinary wear and tear excepted and (b) make all necessary repairs thereto and renewals and replacements  thereof except where the failure to do so would not reasonably be expected to have a Material Adverse  Effect.  6.07 Maintenance of Insurance.  Maintain with financially sound and reputable insurance  companies, or, if such Borrower deems it consistent with prudent business practices, maintain self- insurance, in either case, insurance with respect to its properties and business against loss or damage of the  kinds customarily insured against by Persons engaged in the same or similar business, of such types and in  such amounts as are customarily carried under similar circumstances by such other Persons, except where  the failure to do so would not reasonably be expected to have a Material Adverse Effect.  6.08 Compliance with Laws.  Comply in all material respects with the requirements of all  Applicable Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property,  except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being  contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply  therewith would not reasonably be expected to have a Material Adverse Effect.  6.09 Books and Records.  Maintain proper books of record and account, in which full, true and  correct entries in conformity with GAAP consistently applied shall be made of all financial transactions  and matters involving the assets and business of the Borrower or such Subsidiary, as the case may be, except  where the failure to do so would not reasonably be expected to have a Material Adverse Effect.  6.10 Visitation Rights.  At any reasonable time and from time to time, permit the  Administrative Agent or any of the Lenders or any agents or representatives thereof, to examine and make  copies of and abstracts from the records and books of account of, and visit the properties of, the Borrower  and any of its Subsidiaries, and to discuss the affairs, finances and accounts of the Borrower and any of its  Subsidiaries with any of their officers or directors and with their independent certified public accountants;  provided that (i) the Borrower shall bear no expense for any such visit or inspection, except for any such  which occur upon and during the continuance of an Event of Default, (ii) any such visit and inspection shall  be during normal business hours and upon at least three (3) days’ prior notice or such lesser period of time  as may be acceptable to the Borrower, (iii) excluding any such visits and inspections which occur during  the continuation of an Event of Default, only one such visit and inspection may be conducted during any  calendar year, and (iv) excluding any such visits and inspections during the continuation of an Event of  Default, only the Administrative Agent on behalf of the Lenders may exercise rights of the Administrative  Agent and the Lenders under this Section 6.10.  Notwithstanding anything to the contrary in this Section  6.10, none of the Borrower or any of its Subsidiaries will be required to disclose, permit the inspection,  examination or making copies or abstracts of, or discussion of, any document, information or other matter  that (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of  which disclosure to the Administrative Agent or any Lender (or their respective representatives or  contractors) is prohibited by Applicable Law or any binding agreement or (iii) is subject to attorney-client  or similar privilege or constitutes attorney work product.  

 

  - 47 -  6.11 Use of Proceeds.  Use the proceeds of the Loans for general corporate purposes (including,  but not limited to acquisition financing) not in contravention of any Law or of any Loan Document.  6.12 Anti-Corruption Laws; Sanctions.  Conduct its businesses in compliance in all material  respects with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other  applicable anti-corruption legislation in other jurisdictions and with all applicable Sanctions, and maintain  policies and procedures reasonably designed to promote and achieve compliance with such laws and  Sanctions.  ARTICLE VII NEGATIVE COVENANTS  So long as any Loan or other Obligation (other than contingent indemnification Obligations for  which no claim has been asserted) hereunder shall remain unpaid or unsatisfied, the Borrower shall not, nor  shall it permit any Subsidiary to, directly or indirectly:  7.01 Liens.  Create, incur, or assume any Lien upon any of its property, assets or revenues,  whether now owned or hereafter acquired, other than the following:   (a) Liens pursuant to any Loan Document;  (b) Liens existing on the date hereof and listed on Schedule 7.01 and any renewals or  extensions thereof;  (c) Liens for Taxes not yet due or Liens for Taxes which are being contested in good faith and  by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained  on the books of the applicable Person in accordance with GAAP;  (d) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens  arising in the ordinary course of business which are not overdue for a period of more than 60 days or which  are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves  with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;  (e) pledges or deposits in the ordinary course of business in connection with workers’  compensation, unemployment insurance and other social security legislation, regulation, other than any  Lien imposed by ERISA;  (f) deposits to secure the performance of bids, trade contracts and leases (other than  Indebtedness), statutory obligations, surety and appeal bonds, performance bonds, financial assurances,  completion obligations, and other obligations of a like nature incurred in the ordinary course of business;  (g) leases or subleases granted to others, easements, rights-of-way, restrictions and other  similar encumbrances affecting real property which, in the aggregate, are not substantial in amount, and  which do not in any case materially detract from the value of the property subject thereto or materially  interfere with the ordinary conduct of the business of the applicable Person;  (h) Liens securing judgments for the payment of money not constituting an Event of Default  under Section 8.01(h);  (i) Liens securing Indebtedness permitted by Section 7.02(b); provided, that no such Lien shall  extend to or cover any properties of any character other than the property or equipment being acquired;  provided, further, that individual financings of real property, fixed or capital property, equipment or other  

 

  - 48 -  assets provided by a lender may be cross collateralized to other financings of equipment or other assets  financed by such lender;  (j) Liens on property of a Person existing at the time such Person is merged or consolidated  into or consolidated with the Borrower or any Subsidiary of the Borrower or becomes a Subsidiary of the  Borrower or liens on any assets acquired by the Borrower or a Subsidiary in connection with an acquisition  or other investment permitted hereunder; provided, that such Liens were not created in contemplation of  such merger, consolidation, acquisition or investment and do not extend to any assets other than those of  the Person merged into or consolidated with the Borrower or such Subsidiary or acquired by the Borrower  or such Subsidiary;  (k) Liens consisting of statutory, common law or contractual setoff rights provided by the  Borrower and its Subsidiaries in the ordinary course of business;  (l) Liens on assets sold and leased back pursuant to sale and leaseback transactions permitted  by Section 7.04(e);  (m) Liens not otherwise permitted by this Section 7.01 on assets of the Borrower and its  Subsidiaries securing Indebtedness or other obligations in an aggregate principal amount which, when  aggregated with Indebtedness of Subsidiaries of the Borrower permitted by Section 7.02(e), would not  exceed $250,000,000;  (n) precautionary or purported Liens evidenced by the filing of UCC financing statements or  similar financing statements under applicable requirements of Law relating solely to (i) operating leases or  consignment or bailee arrangements entered into in the ordinary course of business or (ii) the sale of  accounts receivable in the ordinary course of business for which a UCC financing statement or similar  financing statement is required;  (o) Liens in favor of customs and revenue authorities arising as a matter of law to secure  payment of customs duties in connection with the importation of goods;  (p) Liens securing Indebtedness permitted pursuant to Section 7.02(c) on the relevant acquired  assets or on the Equity Interests or assets of the relevant Subsidiary; provided that such Lien (x) shall not  extend to or cover any other assets (other than the proceeds or products thereof, accessions or additions  thereto and improvements thereon) and (y) was not created in contemplation of the applicable acquisition  of assets or Equity Interests;  (q) Liens that are contractual rights of setoff or netting relating to (A) the establishment of  depositary relations with banks not granted in connection with the issuance of Indebtedness, (B) pooled  deposit or sweep accounts of the Borrower or any Subsidiary to permit satisfaction of overdraft or similar  obligations incurred in the ordinary course of business of the Borrower or any Subsidiary, (C) purchase  orders and other agreements entered into with customers of the Borrower or any Subsidiary in the ordinary  course of business and (D) commodity trading or other brokerage accounts incurred in the ordinary course  of business, (ii) Liens encumbering reasonable customary initial deposits and margin deposits, (iii) bankers  Liens and rights and remedies as to deposit accounts, (iv) Liens of a collection bank arising under Section  4-208 of the UCC on items in the ordinary course of business, (v) Liens in favor of banking or other financial  institutions arising as a matter of law or under customary general terms and conditions encumbering  deposits or other funds maintained with a financial institution and that are within the general parameters  customary in the banking industry or arising pursuant to such banking institution’s general terms and  conditions and (vi) Liens on the proceeds of any Indebtedness incurred in connection with any transaction  

 

  - 49 -  permitted hereunder, which proceeds have been deposited into an escrow account on customary terms to  secure such Indebtedness pending the application of such proceeds to finance such transaction;  (r) Liens arising (i) out of conditional sale, title retention, consignment or similar  arrangements for the sale of any asset in the ordinary course of business and permitted by this Agreement  or (ii) by operation of law under Article 2 of the UCC (or similar requirement of Law under any  jurisdiction);  (s) Liens on cash or Cash Equivalents arising in connection with the defeasance, discharge or  redemption of Indebtedness otherwise permitted hereunder;  (t) Liens on insurance policies and the proceeds thereof securing the financing of the  premiums with respect thereto; and  (u) Lien on any property or asset of the Borrower or any of its Subsidiaries arising in  connection with a Permitted Transaction.  7.02 Subsidiary Indebtedness.  Permit, at any time, any Subsidiary of the Borrower that is not  a Loan Party to create, incur, or assume any Indebtedness other than:  (a) Indebtedness owing to (i) the Borrower or a wholly-owned Subsidiary and (ii) any other  Subsidiary in an aggregate principal amount not exceeding $250,000,000; provided, that such Indebtedness  shall not have been transferred to any Person other than the Borrower or wholly-owned Subsidiary or any  other Subsidiary, as applicable;  (b) Indebtedness (including Capital Lease Obligations and purchase money Indebtedness)  incurred, issued or assumed to finance the acquisition, purchase, lease, construction, repair, replacement or  improvement of real property, fixed or capital property, equipment or other assets acquired or held by the  Borrower or any of its Subsidiaries in the ordinary course of business not exceeding the purchase price of  such property or equipment or incurred solely for the purpose of financing the acquisition of any such  property, equipment or other assets, or Indebtedness existing on any such property or equipment at the time  of acquisition (other than any such Liens created in contemplation of such acquisition that were not incurred  to finance the acquisition of such property);  (c) Indebtedness of a Person existing at the time such Person is merged into or consolidated  with the Borrower or any Subsidiary of the Borrower or becomes a Subsidiary of the Borrower; provided,  that such Indebtedness was not created in contemplation of such merger, consolidation or investment and  do not extend to any Person other than the Person merged into or consolidated with the Borrower or such  Subsidiary or acquired by the Borrower or such Subsidiary;  (d) Indebtedness existing on the date hereof and listed on Schedule 7.02 (and any refinancings,  refundings, renewals or extensions thereof (without increasing, or shortening the maturity of, the principal  amount thereof));  (e) additional Indebtedness, the aggregate principal amount of which, when combined with the  aggregate principal amount of Indebtedness of the Borrower and its Subsidiaries secured by any Lien  permitted by Section 7.01(m), would exceed $250,000,000;  (f) Indebtedness in respect of any bankers’ acceptance, bank guarantees, letter of credit or  similar facilities entered into in the ordinary course of business and not in support of borrowed money  (including in respect of workers compensation claims, health, disability or other employee benefits or  

 

  - 50 -  property, casualty or liability insurance or self-insurance or other Indebtedness with respect to  reimbursement-type obligations regarding workers compensation claims);  (g) Guarantees incurred in respect of Indebtedness of any Subsidiary that is permitted to be  incurred under this Agreement;  (h) Indebtedness in respect of non-speculative Swap Contracts;  (i) Indebtedness in respect of commercial credit cards, stored value cards, purchasing cards,  treasury management services, netting services, overdraft protections, check drawing services, automated  payment services (including depository, overdraft, controlled disbursement, ACH transactions, return items  and interstate depository network services), employee credit card programs, cash pooling services,  operational foreign exchange management, current account facilities and any arrangements or services  similar to any of the foregoing or otherwise in connection with cash management, in each case incurred in  the ordinary course of business;  (j) Indebtedness of the Borrower or any Subsidiary consisting of (i) the financing of insurance  premiums, (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary  course of business or (iii) obligations to reacquire assets or inventory in connection with customer financing  arrangements in the ordinary course of business;  (k) Indebtedness in respect of customary “spring recourse” or “bad boy” guarantees with  respect to real estate financing transactions entered into by the Borrower or any Subsidiary; provided, that  such Guarantee is non-recourse to the Borrower or such Subsidiary other than with respect to losses  resulting from customary “bad acts” of the Borrower or such Subsidiary;  (l) Guarantees in favor of clearing agencies, clearing firms, settlement banks and similar  entities (acting in their capacities as such) involved in the clearance and settlement of transactions in, and  custody of, financial assets;  (m) unfunded pension fund and other employee benefit plan obligations and liabilities incurred  by the Borrower or any Subsidiary in the ordinary course of business to the extent that the unfunded amounts  would not otherwise cause an Event of Default under Section 8.01(i);  (n) Indebtedness incurred in connection with any Permitted Recourse Financing Transactions,  provided that the aggregate principal amount of such Indebtedness shall not exceed $250,000,000 at any  time outstanding; and  (o) Indebtedness incurred in connection with any Permitted True Sale Transactions by  Permitted Purchasers, provided that the aggregate principal amount of all Indebtedness of all such Permitted  Purchasers incurred in connection with such true sale transactions shall not exceed $250,000,000 at any  time outstanding.  7.03 Fundamental Changes.  Merge, dissolve, liquidate, consolidate with or into another  Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its  assets (whether now owned or hereafter acquired) to or in favor of any Person (including, in each case,  pursuant to a Division), except that, so long as no Default exists or would result therefrom:  (a) any Subsidiary may merge with (i) the Borrower, provided that the Borrower shall be the  continuing or surviving Person, or (ii) any one or more other Subsidiaries, provided that when any  Guarantor is merging with another Subsidiary, the Guarantor shall be the continuing or surviving Person;   

 

  - 51 -  (b) any Subsidiary may Dispose of all or substantially all of its assets (upon voluntary  liquidation or otherwise) to the Borrower or to another Subsidiary; provided that if the transferor in such a  transaction is a Guarantor, then the transferee must either be the Borrower or a Guarantor; and  (c) any Subsidiary of the Borrower may merge or consolidate with any other Person; provided  that such merger does not result in the loss by the Borrower in any fiscal year of business operations or  assets which, when aggregated with all other such mergers pursuant to this Section 7.03(c) and all  dispositions of assets permitted by Section 7.04(f) (taking into account the proviso in such Section 7.04(f))  for such fiscal year, generated more than thirty percent (30%) of the consolidated operating income of the  Borrower during the immediately preceding fiscal year of the Borrower; provided, further, that no Default  shall exist or would result from such merger or consolidation.  7.04 Dispositions.  Make any Disposition or enter into any agreement to make any Disposition,  except:  (a) Dispositions of obsolete or worn out property, whether now owned or hereafter acquired,  in the ordinary course of business;  (b) Dispositions of equipment or real property to the extent that (i) such property is exchanged  for credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition  are reasonably promptly applied to the purchase price of such replacement property;  (c) Dispositions of property by the Borrower or any Subsidiary (i) to the Borrower or a wholly- owned Subsidiary and (ii) to any other Subsidiary in an aggregate amount (excluding the value of such  Disposition attributable to the equity of such other Subsidiary that is owned by the Borrower or any other  wholly-owned Subsidiary) for all such transfers made during any fiscal year not exceeding $250,000,000;  provided that if the transferor of such property is a Guarantor, the transferee thereof must either be the  Borrower or a Guarantor;  (d) the sale, transfer or other disposition of cash, cash equivalents and securities in the ordinary  course of business;  (e) Dispositions by the Borrower and its Subsidiaries of property pursuant to sale-leaseback  transactions;  (f) Dispositions by the Borrower and its Subsidiaries not otherwise permitted under this  Section 7.04; provided that (i) at the time of such Disposition, no Event of Default shall exist or would  result from such Disposition and (ii) the assets disposed of pursuant to this Section 7.04(f), when aggregated  with all assets subject to mergers and consolidations permitted by Section 7.03(c) (where such merger  resulted in the loss by the Borrower or a Subsidiary, as applicable, of business operations or assets), for  such fiscal year, did not result in a loss by the Borrower of assets that generated in excess of thirty percent  (30%) of the consolidated operating income of the Borrower during the immediately preceding fiscal year  of the Borrower; provided, that any determination of compliance with this clause (f) shall take into account  contributions to consolidated operating income as measured on a pro forma basis for such immediately  preceding fiscal year resulting from any acquisition by the Borrower or its Subsidiaries of operating assets  (or acquisition of equity securities of any Person holding such assets) that occurred during such fiscal year  or that is anticipated to occur within the twelve (12) month period immediately following the date on which  the Borrower or its Subsidiary, as applicable, shall have entered into a definitive agreement for such  acquisition if such definitive agreement is entered into during such fiscal year;  (g) the sale or other disposition of property in the ordinary course of business;  

 

  - 52 -  (h) the sale or discount without recourse of accounts receivable arising in the ordinary course  of business in connection with the compromise or collection thereof;   (i) transactions permitted by Section 7.03(a) or (b);   (j) Dispositions of property subject to foreclosure, casualty, eminent domain or condemnation  proceedings (including in lieu thereof or any similar proceeding);  (k) terminations or unwinds of Swap Contracts; and  (l) Dispositions of interests in Excluded Entities after the initial creation thereof to investors.  7.05 Change in Nature of Business.  Engage in any material line of business substantially  different from those lines of business conducted by the Borrower and its Subsidiaries on the date hereof or  any business reasonably related, similar to, complementary or corollary or incidental thereto or any business  activity that is a reasonable extension, development or expansion thereof or ancillary thereto.  7.06 Sanctions.  Directly or indirectly, use the proceeds of any Loan, or lend, contribute or  otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person, to fund  any activities of or business with any Person, or in any country or territory, that, at the time of such funding,  is the subject of Sanctions, except to the extent permissible for a Person required to comply with Sanctions,  or in any other manner that will result in a violation by any Person (including any Person participating in  the transaction, whether as Lender, Arranger, Administrative Agent or otherwise) of Sanctions.   7.07 Anti-Corruption Laws.  Directly or, to the best knowledge of the Borrower, indirectly use  the proceeds of any Loan for any purpose which would breach the United States Foreign Corrupt Practices  Act of 1977, the UK Bribery Act 2010, and other anti-corruption legislation in other jurisdictions.  7.08 Consolidated Net Leverage Ratio.  Permit the Consolidated Net Leverage Ratio as of the  end of any period of four fiscal quarters of the Borrower to be greater than 3.00:1.00.  ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES   8.01 Events of Default.  Any of the following shall constitute an event of default (each, an  “Event of Default”):  (a) Non-Payment.  The Borrower or any other Loan Party fails to pay (i) when and as required  to be paid herein, any amount of principal of any Loan, or (ii) within five (5) days after the same becomes  due, any interest on any Loan, or any fee due hereunder, or (iii) within five (5) days after the same becomes  due, any other amount payable hereunder or under any other Loan Document; or  (b) Specific Covenants.  The Borrower fails to perform or observe any term, covenant or  agreement contained in any of Sections 6.01, 6.02, 6.05 (with respect to the Borrower’s existence), or  Article VII; or  (c) Other Defaults.  Any Loan Party fails to perform or observe any other covenant or  agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part to be  performed or observed and such failure continues for thirty (30) days after notice thereof shall have been  given to the Borrower by the Administrative Agent; or  

 

  - 53 -  (d) Representations and Warranties.  Any representation, warranty, certification or statement  of fact made or deemed made by or on behalf of the Borrower or any other Loan Party herein, in any other  Loan Document, or in any document delivered in connection herewith or therewith shall be incorrect or  misleading in any material respect when made or deemed made; or  (e) Cross-Default.  (i) The Borrower or any Material Subsidiary (A) fails to make any payment  when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in  respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap  Contracts) having an aggregate principal amount (including undrawn committed or available amounts and  including amounts owing to all creditors under any combined or syndicated credit arrangement) of more  than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to  any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or  relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit  the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee  or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of  notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid,  defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem  such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash  collateral in respect thereof to be demanded; provided, that clause (B) of this Section 8.01(e)(i) shall not  apply to secured Indebtedness that becomes due as a result of the voluntary Disposition of, or a casualty or  condemnation event in respect of, the property securing such Indebtedness if such Disposition or casualty  or condemnation event is permitted hereunder; or (ii) there occurs under any Swap Contract an Early  Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such  Swap Contract as to which the Borrower or any Material Subsidiary is the Defaulting Party (as defined in  such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which  the Borrower or any Material Subsidiary is an Affected Party (as so defined) and, in either event, the Swap  Termination Value owed by the Borrower or such Material Subsidiary as a result thereof is greater than the  Threshold Amount; or  (f) Insolvency Proceedings, Etc.  Any Loan Party or any of its Material Subsidiaries institutes  or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for  the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian,  conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or  any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without  the application or consent of such Person and the appointment continues undischarged or unstayed for 60  calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any  material part of its property is instituted without the consent of such Person and continues undismissed or  unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or  (g) Inability to Pay Debts; Attachment.  (i) The Borrower or any Material Subsidiary becomes  unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any  writ or warrant of attachment or execution or similar process is issued or levied against all or any material  part of the property of any such Person and is not released, vacated or fully bonded within 60 days after its  issue or levy; or  (h) Judgments.  There is entered against the Borrower or any Material Subsidiary one or more  final judgments or orders for the payment of money in an aggregate amount (as to all such judgments or  orders) exceeding the Threshold Amount (to the extent not covered by independent third-party insurance  as to which the insurer does not dispute coverage); or   

 

  - 54 -  (i) ERISA.  (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan  which has resulted or would reasonably be expected to result in liability of the Borrower or any of its  Material Subsidiaries to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in  excess of the Threshold Amount, or (ii) the Borrower or any ERISA Affiliate fails to pay when due, after  the expiration of any applicable grace period, any installment payment with respect to its withdrawal  liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of the  Threshold Amount; or  (j) Invalidity of Guaranty.  In the event that any Guaranty is ever issued in respect of the  Obligations, any material provision of any Guaranty, at any time after its execution and delivery and for  any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the  Obligations, ceases to be in full force and effect; or any Loan Party or any other Person contests in any  manner the validity or enforceability of any material provision of any Guaranty; or any Loan Party denies  in writing that it has any or further liability or obligation under any Guaranty, or purports to revoke,  terminate or rescind any material provision of any Guaranty, in each case, only if such event would  reasonably be expected to have a Material Adverse Effect; or  (k) Change of Control.  There occurs any Change of Control.  8.02 Remedies Upon Event of Default.  If any Event of Default occurs and is continuing, the  Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any  or all of the following actions:  (a) declare the commitment of each Lender to make Loans to be terminated, whereupon such  commitments and obligation shall be terminated;   (b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and  unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to  be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of  which are hereby expressly waived by the Borrower; and  (c) exercise on behalf of itself, the Lenders all rights and remedies available to it, the Lenders  under the Loan Documents;  provided, however, that upon the occurrence of an event described in Section 8.01(f), the obligation of each  Lender to make Loans shall automatically terminate, and the unpaid principal amount of all outstanding  Loans and all interest and other amounts as aforesaid shall automatically become due and payable, in each  case without further act of the Administrative Agent or any Lender.  8.03 Application of Funds.  After the exercise of remedies provided for in Section 8.02 (or  after the Loans have automatically become immediately due and payable as set forth in the proviso to  Section 8.02), any amounts received on account of the Obligations shall, subject to the provisions of  Section 2.13, be applied by the Administrative Agent in the following order:  First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and  other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and  amounts payable under Article III) payable to the Administrative Agent in its capacity as such;  Second, to payment of that portion of the Obligations constituting fees, indemnities and other  amounts (other than principal and interest) payable to the Lenders (including fees, charges and  

 

  - 55 -  disbursements of counsel to the respective Lenders and amounts payable under Article III), ratably among  them in proportion to the respective amounts described in this clause Second payable to them;  Third, to payment of that portion of the Obligations constituting accrued and unpaid interest on the  Loans and other Obligations, ratably among the Lenders in proportion to the respective amounts described  in this clause Third payable to them;  Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans,  ratably among the Lenders in proportion to the respective amounts described in this clause Fourth held by  them; and  Last, the balance, if any, after all of the Obligations have been paid in full, to the Borrower or as  otherwise required by Law.  ARTICLE IX ADMINISTRATIVE AGENT  9.01 Appointment and Authority.  Each of the Lenders hereby irrevocably appoints Bank of  America to act on its behalf as the Administrative 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.  The provisions of this Article IX are solely for the benefit of  the Administrative Agent, the Lenders, and the Borrower shall not have rights as a third party beneficiary  of any of such provisions.  It is understood and agreed that the use of the term “agent” herein or in any other  Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to  connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any  Applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect  only an administrative relationship between contracting parties.  9.02 Rights as a Lender.  The Person serving as the Administrative Agent hereunder shall have  the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as  though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise  expressly indicated or unless the context otherwise requires, include the Person serving as the  Administrative Agent hereunder in its individual capacity.  Such Person and its Affiliates may accept  deposits from, lend money to, 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 such Person were not the Administrative Agent hereunder and without any duty to account  therefor to the Lenders.  9.03 Exculpatory Provisions.  The Administrative Agent or the Arranger, as applicable, 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,  the Administrative Agent or the Arranger, as applicable:  (a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default  has occurred and is continuing;  (b) shall not have any duty to take any discretionary action or exercise any discretionary  powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan  Documents that the Administrative Agent is required to exercise as directed in writing by the Required  Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in  the other Loan Documents), provided that the Administrative Agent shall not be required to take any action  

 

  - 56 -  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, including for the avoidance of doubt any action that  may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture,  modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law;   (c) shall not have any duty or responsibility to disclose, and shall not be liable for the failure  to disclose, to any Lender, any credit or other information concerning the business, prospects, operations,  property, financial and other condition or creditworthiness of any of the Loan Parties or any of their  Affiliates, that is communicated to, obtained or in the possession of, the Administrative Agent, Arranger or  any of their Related Parties in any capacity, except for notices, reports and other documents expressly  required to be furnished to the Lenders by the Administrative Agent herein;  (d) 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, or as the  Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in  Sections 10.01 and 8.02) or (ii) in the absence of its own gross negligence, bad faith or willful misconduct  as determined by a court of competent jurisdiction by final and nonappealable judgment.  The  Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice  describing such Default is given in writing to the Administrative Agent by the Borrower or a Lender; and  (e) shall not be responsible for or have any duty to ascertain or inquire into (i) any statement,  warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii)  the contents of any certificate, report or other document delivered hereunder or thereunder or in connection  herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other  terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity,  enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other  agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or  elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the  Administrative Agent.  9.04 Reliance by Administrative Agent.  The Administrative Agent shall be entitled to rely  upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement,  instrument, document or other writing (including any electronic message, Internet or intranet website  posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise  authenticated by the proper Person.  The Administrative Agent also may rely upon any statement made to  it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any  liability for relying thereon.  In determining compliance with any condition hereunder to the making of a  Loan, that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may  presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have  received notice to the contrary from such Lender prior to the making of such Loan.  The Administrative  Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants  and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance  with the advice of any such counsel, accountants or experts.  9.05 Delegation of Duties.  The Administrative Agent may perform any and all of its duties and  exercise its rights and powers hereunder or under any other Loan Document by or through any one or more  sub-agents appointed by the Administrative Agent.  The Administrative Agent and any such sub-agent may  perform any and all of its duties and exercise its rights and powers by or through their respective Related  Parties.  The exculpatory provisions of this Article IX shall apply to any such sub-agent and to the Related  Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in  connection with the syndication of the credit facilities provided for herein as well as activities as  

 

  - 57 -  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  nonappealable judgment that the Administrative Agent acted with gross negligence, bad faith or willful  misconduct in the selection of such sub-agents.  9.06 Resignation of Administrative Agent.  (a) 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, in  consultation with the Borrower, to appoint a successor, which shall be a bank with an office in the United  States, or an Affiliate of any such bank with an office in the United States.  If no such 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 meeting the  qualifications set forth above, 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.  (b) 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, in  consultation with the Borrower, 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.  (c) With effect from the Resignation Effective Date or the Removal Effective Date (as  applicable) (1) the retiring or removed Administrative Agent shall be discharged from its duties and  obligations hereunder and under the other Loan Documents and (2) except for any indemnity payments or  other amounts then 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 as provided in  Section 3.01(g) and other than any rights to indemnity payments or other amounts owed to the retiring or  removed Administrative Agent as of the Resignation Effective Date or the Removal Effective Date, as  applicable), and the retiring or removed Administrative Agent shall be discharged from all of its duties and  obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided  above in this Section 9.06).  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 IX and Section 10.04 shall continue in effect  for the benefit of such retiring or removed 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 (i) while the retiring or removed  Administrative Agent was acting as Administrative Agent and (ii) after such resignation or removal for as  long as any of them continues to act in any capacity hereunder or under the other Loan Documents,  including in respect of any actions taken in connection with transferring the agency to any successor  Administrative Agent.   

 

  - 58 -  9.07 Non-Reliance on the Administrative Agent, the Arranger and the Other Lenders.   Each Lender expressly acknowledges that none of the Administrative Agent nor the Arranger has made any  representation or warranty to it, and that no act by the Administrative Agent or the Arranger hereafter taken,  including any consent to, and acceptance of any assignment or review of the affairs of any Loan Party of  any Affiliate thereof, shall be deemed to constitute any representation or warranty by the Administrative  Agent or the Arranger to any Lender as to any matter, including whether the Administrative Agent or the  Arranger have disclosed material information in their (or their Related Parties’) possession.  Each Lender  represents to the Administrative Agent and the Arranger that it has, independently and without reliance  upon the Administrative Agent, the Arranger, any other Lender or any of their Related Parties and based  on such documents and information as it has deemed appropriate, made its own credit analysis of, appraisal  of, and investigation into, the business, prospects, operations, property, financial and other condition and  creditworthiness of the Loan Parties and their Subsidiaries, and all applicable bank or other regulatory Laws  relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement  and to extend credit to the Borrower hereunder.  Each Lender also acknowledges that it will, independently  and without reliance upon the Administrative Agent, the Arranger, any other Lender or any of their Related  Parties and based on such documents and information as it shall from time to time deem appropriate,  continue to make its own credit analysis, appraisals and 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 to make such investigations as it deems necessary to inform itself as to the  business, prospects, operations, property, financial and other condition and creditworthiness of the Loan  Parties.  Each Lender represents and warrants that (i) the Loan Documents set forth the terms of a  commercial lending facility and (ii) it is engaged in making, acquiring or holding commercial loans in the  ordinary course and is entering into this Agreement as a Lender for the purpose of making, acquiring or  holding commercial loans and providing other facilities set forth herein as may be applicable to such  Lender, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument,  and each Lender agrees not to assert a claim in contravention of the foregoing. Each Lender represents and  warrants that 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, 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.  9.08 No Other Duties, Etc.  Anything herein to the contrary notwithstanding, none of the  Bookrunners, Arrangers or listed on the cover page hereof shall have any powers, duties or responsibilities  under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the  Administrative Agent, a Lender hereunder.  9.09 Administrative Agent May File Proofs of Claim.  In case of the pendency of any  proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, 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, 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 their respective agents and counsel and all other  amounts due the Lenders and the Administrative Agent under Sections 2.09 and 10.04) allowed in such  judicial proceeding; and  

 

  - 59 -  (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 Sections 2.09 and 10.04.  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 any plan of reorganization, arrangement, adjustment  or composition affecting the Obligations or the rights of any Lender to authorize the Administrative Agent  to vote in respect of the claim of any Lender in any such proceeding.  9.10 Guaranty Matters.  Without limiting the provisions of Section 9.09, the Lenders  irrevocably authorize the Administrative Agent, at its option and in its discretion, to release any Guarantor  from its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a transaction  permitted under the Loan Documents. Upon request by the Administrative Agent at any time, the Required  Lenders will confirm in writing the Administrative Agent’s authority to release any Guarantor from its  obligations under the Guaranty pursuant to this Section 9.10.  9.11 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, that at least one of the following is and will be true:   (i) such Lender is not using “plan assets” (within the meaning of Section 3(42) of  ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into,  participation in, administration of and performance of the Loans, the Commitments or this  Agreement,  (ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a  class exemption for certain transactions determined by independent qualified professional asset  managers), PTE 95-60 (a class exemption for certain transactions involving insurance company  general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance  company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions  involving bank collective investment funds) or PTE 96-23 (a class exemption for certain  transactions 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 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 Commitments and this Agreement, (C) the entrance into,  participation in, administration of and performance of the Loans, 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- 

 

  - 60 -  14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and  performance of the Loans, the Commitments and this Agreement, or   (iv) such other representation, warranty and covenant as may be agreed in writing  between the Administrative Agent, in its sole discretion, and such Lender.  (b) In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true  with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in  accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents  and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date  such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for  the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the  Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets  of such Lender involved in such Lender’s entrance into, participation in, administration of and performance  of the Loans, the 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).  9.12 Recovery of Erroneous Payments. Without limitation of any other provision in this  Agreement, if at any time the Administrative Agent makes a payment hereunder in error to any Lender  Recipient Party, whether or not in respect of an Obligation due and owing by the Borrower at such time,  where such payment is a Rescindable Amount, then in any such event, each Lender Recipient Party  receiving a Rescindable Amount severally agrees to repay to the Administrative Agent forthwith on demand  the Rescindable Amount received by such Lender Recipient Party in immediately available funds in the  currency so received, with interest thereon, for each day from and including the date such Rescindable  Amount is received by it to but excluding the date of payment to the Administrative Agent, at the greater  of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking  industry rules on interbank compensation. Each Lender Recipient Party irrevocably waives any and all  defenses, including any “discharge for value” (under which a creditor might otherwise claim a right to retain  funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense to its  obligation to return any Rescindable Amount.  The Administrative Agent shall inform each Lender  Recipient Party promptly upon determining that any payment made to such Lender Recipient Party  comprised, in whole or in part, a Rescindable Amount.  ARTICLE X MISCELLANEOUS  10.01 Amendments, Etc.  Subject to Section 3.03, no amendment or waiver of any provision of  this Agreement or any other Loan Document, and no consent to any departure by the Borrower or any other  Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower  or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each  such waiver or consent shall be effective only in the specific instance and for the specific purpose for which  given; provided, however, that no such amendment, waiver or consent shall:  (a) waive any condition set forth in Section 4.01(a) without the written consent of each Lender;  (b) extend or increase the Commitment of any Lender (or reinstate any Commitment  terminated (x) pursuant to Section 8.02 or (y) as described in Section 2.01) without the written consent of  such Lender;  (c) postpone any date fixed by this Agreement or any other Loan Document for any payment  or mandatory prepayment of principal, interest, fees or other amounts due to the Lenders (or any of them)  

 

  - 61 -  hereunder or under any other Loan Document without the written consent of each Lender directly affected  thereby;  (d) reduce the principal of, or the rate of interest specified herein on, any Loan, or (subject to  the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other  Loan Document without the written consent of each Lender directly affected thereby; provided, however,  that only the consent of the Required Lenders shall be necessary to amend the definition of “Default Rate”  or to waive any obligation of the Borrower to pay interest at the Default Rate;  (e) (i) change Section 8.03 or any other provision hereof in a manner that would have the effect  of altering the pro rata payments or pro rata sharing of payments required hereunder without the written  consent of each Lender directly affected thereby;   (f) change any provision of this Section or the definition of “Required Lenders” or any other  provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise  modify any rights hereunder or make any determination or grant any consent hereunder, without the written  consent of each Lender; and  (g) release all or substantially all of the value of the Guaranty without the written consent of  each Lender, except to the extent the release of any Guarantor is permitted pursuant to Section 9.10 (in  which case such release may be made by the Administrative Agent acting alone);  and, provided, further, that no amendment, waiver or consent shall, unless in writing and signed by the  Administrative Agent in addition to the Lenders required above, affect the rights or duties of the  Administrative Agent under this Agreement or any other Loan Document.  Notwithstanding anything to  the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment,  waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent  of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other  than Defaulting Lenders), except that (x) the aggregate principal amount of Loans of any Defaulting Lender  may not be increased or extended or the maturity of any of its Loans may not be extended, the rate of  interest on any of its Loans may not be reduced (provided, however, that only the consent of the Required  Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of the  Borrower to pay interest at the Default Rate) 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 waiver, amendment,  consent or modification requiring the consent of all Lenders or each affected Lender that by its terms affects  any Defaulting Lender more adversely relative to other affected Lenders shall require the consent of such  Defaulting Lender.  Notwithstanding any provision herein to the contrary, if the Administrative Agent and the Borrower  acting together identify any ambiguity, omission, mistake, typographical error or other defect in any  provision of this Agreement or any other Loan Document (including the schedules and exhibits thereto),  then the Administrative Agent and the Borrower shall be permitted to amend, modify or supplement such  provision to cure such ambiguity, omission, mistake, typographical error or other defect, and such  amendment shall become effective without any further action or consent of any other party to this  Agreement.  10.02 Notices; Effectiveness; Electronic Communication.  (a) Notices Generally.  Except in the case of notices and other communications expressly  permitted to be given by telephone (and except as provided in clause (b) below), all notices and other  communications provided for herein shall be in writing and shall be delivered by hand or overnight courier  

 

  - 62 -  service, mailed by certified or registered mail or sent by facsimile or electronic mail as follows, and all  notices and other communications expressly permitted hereunder to be given by telephone shall be made to  the applicable telephone number, as follows:  (i) if to the Borrower or any other Loan Party, the Administrative Agent, to the  address, facsimile number, electronic mail address or telephone number specified for such Person  on Schedule 10.02; and   (ii) if to any other Lender, to the address, facsimile number, electronic mail address or  telephone number specified in its Administrative Questionnaire (including, as appropriate, notices  delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in  effect for the delivery of notices that may contain material non-public information relating to the  Borrower).  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 and other communications delivered through electronic communications to  the extent provided in sub clause (b) below, shall be effective as provided in such clause (b).  (b) Electronic Communications.  Notices and other communications to the Lenders hereunder  may be delivered or furnished by electronic communication (including e-mail, FpML messaging, and  Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that  the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender, as applicable,  has notified the Administrative Agent that it is incapable of receiving notices under such Article II by  electronic communication.  The Administrative Agent or the Borrower may each, in its discretion, agree to  accept notices and other communications to it hereunder by electronic communications pursuant to  procedures approved by it, provided that approval of such procedures may be limited to particular notices  or communications.  Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent  to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the  intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other  written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website  shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as  described in the foregoing clause (i) of notification that such notice or communication is available and  identifying the website address therefor; provided that, for both clauses (i) and (ii), if such notice, email or  other communication is not sent during the normal business hours of the recipient, such notice, email or  communication shall be deemed to have been sent at the opening of business on the next business day for  the recipient.  (c) The Platform.  THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.”   THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR  COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM,  AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE  BORROWER MATERIALS.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR  STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A  PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM  FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN  CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM.  In no event shall the  

 

  - 63 -  Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to  the Borrower, any Lender, or any other Person for losses, claims, damages, liabilities or expenses of any  kind (whether in tort, contract or otherwise) arising out of the Borrower’s, any Loan Party’s or the  Administrative Agent’s transmission of Borrower Materials or notices through the Platform, any other  electronic platform or electronic messaging service, or through the Internet.  (d) Change of Address, Etc.  Each of the Borrower and the Administrative Agent may change  its address, facsimile or telephone number for notices and other communications hereunder by written  notice to the other parties hereto.  Each other Lender may change its address, facsimile or telephone number  for notices and other communications hereunder by written notice to the Borrower and the Administrative  Agent.  In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that  the Administrative Agent has on record (i) an effective address, contact name, telephone number, facsimile  number and electronic mail address to which notices and other communications may be sent and (ii)  accurate wire instructions for such Lender.  Furthermore, each Public Lender agrees to cause at least one  individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information”  or similar designation on the content declaration screen of the Platform in order to enable such Public  Lender or its delegate, in accordance with such Public Lender’s compliance procedures and Applicable  Law, including United States Federal and state securities Laws, to make reference to Borrower Materials  that are not made available through the “Public Side Information” portion of the Platform and that may  contain material non-public information with respect to the Borrower or its securities for purposes of United  States Federal or state securities laws.  (e) Reliance by Administrative Agent and Lenders.  The Administrative Agent and the Lenders  shall be entitled to rely and act upon any notices (including telephonic notices and Loan Notices)  purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner  specified herein, were incomplete or were not preceded or followed by any other form of notice specified  herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.  The  Loan Parties shall indemnify the Administrative Agent, each Lender and the Related Parties of each of them  from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice  purportedly given by or on behalf of the Borrower.  All telephonic notices to and other telephonic  communications with the Administrative Agent may be recorded by the Administrative Agent, and each of  the parties hereto hereby consents to such recording.  10.03 No Waiver; Cumulative Remedies; Enforcement.  No failure by any Lender or the  Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power  or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any  single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further  exercise thereof or the exercise of any other right, remedy, power or privilege.  The rights, remedies, powers  and privileges herein provided, and provided under each other Loan Document, are cumulative and not  exclusive of any rights, remedies, powers and privileges provided by law.  Notwithstanding anything to the contrary contained herein or in any other Loan Document, the  authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan  Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection  with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in  accordance with Section 8.02 for the benefit of all the Lenders; provided, however, that the foregoing shall  not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that  inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan  Documents, (b) any Lender from exercising setoff rights in accordance with Section 10.08 (subject to the  terms of Section 2.11), or (c) any Lender from filing proofs of claim or appearing and filing pleadings on  its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief  

 

  - 64 -  Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder  and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed  to the Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses  (b), and (c) of the preceding proviso and subject to Section 2.11, any Lender may, with the consent of the  Required Lenders, enforce any rights and remedies available to it and as authorized by the Required  Lenders.  10.04 Expenses; Indemnity; Damage Waiver.  (a) Costs and Expenses.  The Borrower shall pay (i) all reasonable, documented and invoiced  out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable,  documented and invoiced fees charges and disbursements of counsel for the Administrative Agent), in  connection with the syndication of the credit facilities provided for herein, the preparation, negotiation,  execution, delivery and administration of this Agreement and the other Loan Documents or any  amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions  contemplated hereby or thereby shall be consummated) and (ii) all reasonable, documented and invoiced  out-of-pocket expenses incurred by the Administrative Agent and any Lender (including the fees, charges  and disbursements of (x) one counsel for the Administrative Agent and the Lenders, collectively, and (y)  in the event of one or more conflicts of interest, one additional counsel for each affected Lender or group  of Lenders (and, in the case of (x) and (y), as applicable, one additional local counsel in each applicable  material jurisdiction)) in connection with the enforcement or protection of its rights (A) in connection with  this Agreement and the other Loan Documents, including its rights under this Section 10.04, or (B) in  connection with the Loans made, including all such out-of-pocket expenses incurred during any workout,  restructuring or negotiations in respect of such Loans.  (b) Indemnification by the Borrower.  The Borrower shall indemnify the Administrative Agent  (and any sub-agent thereof), each Lender, and each Related Party of any of the foregoing Persons (each  such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all  losses, claims, damages, liabilities and related expenses (including the reasonable, documented and  invoiced fees, charges and disbursements (x) one counsel for the Indemnitees, collectively, and (y) in the  event of one or more conflicts of interest, one additional counsel for each affected Indemnitee or group of  Indemnitees (and, in the case of (x) and (y), as applicable, one additional local counsel in each applicable  material jurisdiction)), incurred by any Indemnitee or asserted against any Indemnitee by any Person  (including the Borrower or any other Loan Party) arising out of, in connection with, or as a result of (i) the  execution or delivery of this Agreement, any other Loan Document or any agreement or instrument  contemplated hereby or thereby, (including, without limitation, the Indemnitee’s reliance on any  Communication executed using an Electronic Signature, or in the form of an Electronic Record) the  performance by the parties hereto of their respective obligations hereunder or thereunder, or the  consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative  Agent (and any sub agent thereof) and its Related Parties only, the administration of this Agreement and  the other Loan Documents (including in respect of any matters addressed in Section 3.01), (ii) any Loan or  the use or proposed use of the proceeds therefrom, or (iii) any actual or prospective claim, litigation,  investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other  theory, whether brought by a third party or by the Borrower or any other Loan Party, and regardless of  whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be  available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined  by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross  negligence, bad faith or willful misconduct of such Indemnitee, (y) brought by the Borrower against an  Indemnitee for material breach in bad faith of such Indemnitee’s obligations hereunder or under any other  Loan Document, if the Borrower has obtained a final and nonappealable judgment in its favor on such claim  as determined by a court of competent jurisdiction or (z) result from a claim not involving an act or omission  

 

  - 65 -  of the Borrower and that is brought by an Indemnitee against another Indemnitee (other than against the  Arranger or the Administrative Agent in their capacities as such).  Without limiting the provisions of  Section 3.01(c), this Section 10.04(b) shall not apply with respect to Taxes other than any Taxes that  represent losses, claims, damages, etc. arising from any non-Tax claim.  (c) Reimbursement by Lenders.  To the extent that the Borrower for any reason fails to  indefeasibly pay any amount required under clauses (a) or (b) of this Section 10.04 to be paid by it to the  Administrative Agent (or any sub-agent thereof) or any Related Party of any of the foregoing, each Lender  severally agrees to pay to the Administrative Agent (or any such sub-agent) or such Related Party, as the  case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed  expense or indemnity payment is sought based on each Lender’s share of the Total Credit Exposure at such  time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such  Lender), such payment to be made severally among them based on such Lenders’ Applicable Percentage  (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought);  provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as  the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) in  its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent  (or any such sub-agent) in connection with such capacity.  The obligations of the Lenders under this  clause (c) are subject to the provisions of Section 2.10(d).  (d) Waiver of Consequential Damages, Etc.  To the fullest extent permitted by Applicable  Law, the Borrower shall not assert, and hereby waives, and acknowledges that no other Person shall have,  any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive  damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this  Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the  transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof.  No Indemnitee  referred to in clause (b) above shall be liable for any damages arising from the use by unintended recipients  of any information or other materials distributed to such unintended recipients by such Indemnitee through  telecommunications, electronic or other information transmission systems in connection with this  Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for  direct or actual damages resulting from the gross negligence, bad faith or willful misconduct of such  Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction.  (e) Payments.  All amounts due under this Section 10.04 shall be payable not later than ten  Business Days after demand therefor.  (f) Survival.  The agreements in this Section 10.04 and the indemnity provisions of  Section 10.02(e) shall survive the resignation of the Administrative Agent, the replacement of any Lender,  the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other  Obligations.  10.05 Payments Set Aside.  To the extent that any payment by or on behalf of the Borrower is  made to the Administrative Agent or any Lender, the Administrative Agent or any Lender exercises its right  of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated,  declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered  into by the Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any  other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the  extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived  and continued in full force and effect as if such payment had not been made or such setoff had not occurred,  and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share  (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest  

 

  - 66 -  thereon from the date of such demand to the date such payment is made at a rate per annum equal to the  Federal Funds Rate from time to time in effect.  The obligations of the Lenders under clause (b) of the  preceding sentence shall survive the payment in full of the Obligations and the termination of this  Agreement.  10.06 Successors and Assigns.  (a) Successors and Assigns Generally.  The provisions of this Agreement shall be binding upon  and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby,  except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder  without the prior written consent of the Administrative Agent and each Lender and no Lender may assign  or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with  the provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the provisions  of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the  restrictions of subsection (e) of this Section (and any other attempted assignment or transfer by any party  hereto shall be null and void).  Nothing in this Agreement, expressed or implied, shall be construed to  confer upon any Person (other than the parties hereto, their respective successors and assigns permitted  hereby, Participants to the extent provided in clause (d) of this Section 10.06 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) Assignments by Lenders.  Any Lender may at any time assign to one or more assignees all  or a portion of its rights and obligations under this Agreement (including all or a portion of its Loans);  provided that any such assignment shall be subject to the following conditions:  (i) Minimum Amounts.  (A) in the case of an assignment of the entire remaining amount of the  assigning Lender’s Loans at the time owing to it or contemporaneous assignments to  related Approved Funds (determined after giving effect to such Assignments) that equal at  least the amount specified in clause (b)(i)(B) of this Section 10.06 in the aggregate or in  the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no  minimum amount need be assigned; and  (B) in any case not described in clause (b)(i)(A) of this Section 10.06,  the principal outstanding balance of the Loans of the assigning Lender subject to each such  assignment, determined as of the date the Assignment and Assumption with respect to such  assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the  Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000 unless  each of the Administrative Agent and, so long as no Event of Default has occurred and is  continuing, the Borrower otherwise consents (each such consent not to be unreasonably  withheld or delayed).  (ii) Proportionate Amounts.  Each partial assignment shall be made as an assignment  of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement  with respect to the Loans assigned;   (iii) Required Consents.  No consent shall be required for any assignment except to the  extent required by clause (b)(i)(B) of this Section 10.06 and, in addition:  

 

  - 67 -  (A) the consent of the Borrower (such consent not to be unreasonably withheld  or delayed) shall be required unless (1) an Event of Default has occurred and is continuing  at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a  Lender or an Approved Fund; 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;  and  (B) the consent of the Administrative Agent (such consent not to be  unreasonably withheld or delayed) shall be required for assignments to a Person that is not  a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender.  (iv) Assignment and Assumption.  The parties to each assignment shall execute and  deliver to the Administrative Agent an Assignment and Assumption, together with a processing  and recordation fee in the amount of $3,500; provided, however, that the Administrative Agent  may, in its sole discretion, elect to waive such processing and recordation fee in the case of any  assignment.  The assignee, if it is not a Lender, shall deliver to the Administrative Agent an  Administrative Questionnaire.  (v) No Assignment to Certain Persons.  No such assignment shall be made (A) to the  Borrower or any of the Borrower’s Affiliates or Subsidiaries or Excluded Entities, (B) to any  Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender  hereunder, would constitute any of the foregoing Persons described in this clause (B), or (C) to a  natural Person (or a holding company, investment vehicle or trust for, or owned and operated for  the primary benefit of one or more natural Persons).  (vi) Certain Additional Payments.  In connection with any assignment of rights and  obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and  until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall  make such additional payments to the Administrative Agent in an aggregate amount sufficient,  upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee  of participations or subparticipations, or other compensating actions, including funding, with the  consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans  previously requested but not funded by the Defaulting Lender, to each of which the applicable  assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment  liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender  hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata  share of all Loans in accordance with its Applicable Percentage.  Notwithstanding the foregoing,  in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall  become effective under Applicable Law without compliance with the provisions of this clause (vi),  then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this  Agreement until such compliance occurs.   (vii) Subject to acceptance and recording thereof by the Administrative Agent pursuant  to clause (c) of this Section 10.06, from and after the effective date specified in each Assignment  and Assumption, the assignee thereunder shall be a party to this Agreement 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)  

 

  - 68 -  but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05, and 10.04 with respect  to facts and circumstances occurring prior to the effective date of such assignment; provided that  except to the extent otherwise expressly agreed by the affected parties, no assignment by a  Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising  from that Lender’s having been a Defaulting Lender.  Upon request, the Borrower (at its expense)  shall execute and deliver a Note to the assignee Lender.  (c) Register.  The Administrative Agent, acting solely for this purpose as an agent of the  Borrower (and such agency being solely for Tax purposes), shall maintain at the Administrative Agent’s  Office a copy of each Assignment and Assumption delivered to it (or the equivalent thereof in electronic  form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments  of, and principal amounts (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.  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.  (d) Participations.  Any Lender may at any time, without the consent of, or notice to, the  Borrower or the Administrative Agent, sell participations to any Person (other than a natural Person, or a  holding company, investment vehicle or trust for, or owned and operated for the primary benefit of one or  more natural Persons, a Defaulting Lender or the Borrower or any of the Borrower’s Affiliates or  Subsidiaries or Excluded Entities) (each, a “Participant”) in all or a portion of such Lender’s rights and/or  obligations under this Agreement (including all or a portion of the Loans owing to it); provided that (i) such  Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely  responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the  Administrative Agent, the Lenders shall continue to deal solely and directly with such Lender in connection  with such Lender’s rights and obligations under this Agreement.  For the avoidance of doubt, each Lender  shall be responsible for the indemnity under Section 10.04(c) without regard to the existence of any  participation.  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,  waiver or other modification described in the first proviso to Section 10.01 that affects such Participant.   The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05  to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to clause (b)  of this Section 10.06 (it being understood that the documentation required under Section 3.01(g) shall be  delivered to the Lender who sells the participation) to the same extent as if it were a Lender and had acquired  its interest by assignment pursuant to clause (b) of this Section 10.06; provided that such Participant (A)  agrees to be subject to the provisions of Sections 3.06 and 10.13 as if it were an assignee under clause (b)  of this Section 10.06 and (B) shall not be entitled to receive any greater payment under Sections 3.01 or  3.04, with respect to any participation, than the Lender from whom it acquired the applicable participation  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 3.06 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 2.11 as though it  were a Lender.  Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary  

 

  - 69 -  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.  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.  (e) Certain Pledges.  Any Lender may at any time pledge or assign a security interest in all or  any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of  such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided  that no such pledge or assignment shall release such Lender from any of its obligations hereunder or  substitute any such pledgee or assignee for such Lender as a party hereto.  10.07 Treatment of Certain Information; 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 Affiliates, its auditors and its Related Parties (it being understood  that the Persons to whom such disclosure is made will be informed of the confidential nature of such  Information and instructed to keep such Information confidential and the Administrative Agent or such  Lender will be responsible for any the non-compliance with this Section 10.07 of such a Person which it  controls), (b) to the extent required or requested by any regulatory authority purporting to have jurisdiction  over such Person or its Related Parties (including any self-regulatory authority, such as the National  Association of Insurance Commissioners) and such Person agrees, to the extent not prohibited by applicable  law, to inform the Borrower promptly thereof prior to disclosure or, if not practicable prior to disclosure  and not prohibited by law, to inform the Borrower promptly after disclosure, (c) to the extent required by  Applicable Laws or regulations or by any subpoena or similar legal process and such Person agrees, to the  extent not prohibited by applicable law, to inform the Borrower promptly thereof prior to disclosure or, if  not practicable prior to disclosure and not prohibited by law, promptly after disclosure, (d) to any other  party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan  Document or any action or proceeding relating to this Agreement or any other Loan Document or the  enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions  substantially the same as those of this Section 10.07, to (i) any assignee of or Participant in, or any  prospective assignee of or Participant in, any of its rights and obligations under this Agreement or (ii) any  actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which  payments are to be made by reference to the Borrower and its obligations, this Agreement or payments  hereunder, (g) on a confidential basis to (i) any rating agency in connection with rating the Borrower or its  Subsidiaries or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar  agency in connection with the application, issuance, publishing and monitoring of CUSIP numbers or other  market identifiers with respect to the credit facilities provided hereunder, (h) with the consent of the  Borrower or (i) to the extent such Information (x) becomes publicly available other than as a result of a  breach of this Section 10.07, (y) becomes available to the Administrative Agent, any Lender or any of their  respective Affiliates on a nonconfidential basis from a source other than the Borrower or (z) is  independently discovered or developed by a party hereto without utilizing any Information received from  the Borrower or violating the terms of this Section 10.07.  In addition, the Administrative Agent and the  Lenders may disclose the existence of this Agreement and information about this Agreement to market data  

 

  - 70 -  collectors, similar service providers to the lending industry and service providers to the Agents and the  Lenders in connection with the administration of this Agreement, the other Loan Documents, and the Loans.  For purposes of this Section 10.07, “Information” means all information received from the Borrower or any  Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses, other than any  such information that is available to the Administrative Agent, any Lender on a nonconfidential basis prior  to disclosure by the Borrower or any Subsidiary, provided that, in the case of information received from  the Borrower or any Subsidiary 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 10.07 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 of the Administrative Agent, the Lenders acknowledges that (a) the Information may include  material non-public information concerning the Borrower or a Subsidiary, as the case may be, (b) it has  developed compliance procedures regarding the use of material non-public information and (c) it will  handle such material non-public information in accordance with Applicable Law, including United States  Federal and state securities Laws.  10.08 Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender  and each of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining  the prior written consent of the Administrative Agent, to the fullest extent permitted by Applicable Law, to  set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever  currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender  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 their respective Affiliates, irrespective of whether or not such Lender or Affiliate shall have made any  demand under this Agreement or any other Loan Document and although such obligations of the Borrower  may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender different from  the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided that in the  event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be  paid over immediately to the Administrative Agent for further application in accordance with the provisions  of Section 2.13 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 and the Lenders, and (y) the  Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable  detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.  The  rights of each Lender and their respective Affiliates under this Section 10.08 are in addition to other rights  and remedies (including other rights of setoff) that such Lender or their respective Affiliates may have.   Each Lender 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.  10.09 Interest Rate Limitation.  Notwithstanding anything to the contrary contained in any  Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the  maximum rate of non-usurious interest permitted by Applicable Law (the “Maximum Rate”).  If the  Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate,  the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal,  refunded to the Borrower.  In determining whether the interest contracted for, charged, or received by the  Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted  by Applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather  than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate,  

 

  - 71 -  and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the  Obligations hereunder.  10.10 Integration; Effectiveness.  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 that, 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.  10.11 Survival of Representations and Warranties.  All representations and warranties made  hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in  connection herewith or therewith shall survive the execution and delivery hereof and thereof.  Such  representations and warranties have been or will be relied upon by the Administrative Agent and each  Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf  and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of  any Default at the time of any Borrowing, and shall continue in full force and effect as long as any Loan or  any other Obligation hereunder shall remain unpaid or unsatisfied.  10.12 Severability.  If any provision of this Agreement or the other Loan Documents is held to  be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions  of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the  parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions  with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid  or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or  render unenforceable such provision in any other jurisdiction.  Without limiting the foregoing provisions  of this Section 10.12, if and to the extent that the enforceability of any provisions in this Agreement relating  to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the  Administrative Agent, then such provisions shall be deemed to be in effect only to the extent not so limited.   10.13 Replacement of Lenders.  If the Borrower is entitled to replace a Lender pursuant to the  provisions of Section 3.06, or if any Lender is a Defaulting Lender or a Non-Consenting Lender or if any  other circumstance exists hereunder that gives the Borrower the right to replace a Lender as a party hereto,  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, and consents required by, Section 10.06), all of its interests, rights (other than its  existing rights to payments pursuant to Sections 3.01 and 3.04) and obligations under this Agreement and  the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee  may be another Lender, if a Lender accepts such assignment), provided that:  (a) the Borrower shall have paid to the Administrative Agent the assignment fee (if any)  specified in Section 10.06(b);  (b) 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 and under  the other Loan Documents (including any amounts under Section 3.05) 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);  

 

  - 72 -  (c) in the case of any such assignment resulting from a claim for compensation under Section  3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction  in such compensation or payments thereafter;  (d) such assignment does not conflict with Applicable Laws; and  (e) in the case of an assignment resulting from a Lender becoming a Non-Consenting Lender,  the applicable assignee shall have consented to the applicable amendment, waiver or consent.  A Lender shall not be required to make any such assignment or 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 (a) an assignment required pursuant to this Section 10.13 may be  effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent  and the assignee and (b) 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 an 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, further that any such documents shall be without  recourse to or warranty by the parties thereto.  Notwithstanding anything in this Section 10.13 to the contrary, the Lender that acts as the  Administrative Agent may not be replaced hereunder except in accordance with the terms of Section 9.06.  10.14 Governing Law; Jurisdiction; Etc.  (a) GOVERNING LAW.  THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS  AND ANY CLAIMS, 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 (EXCEPT, AS TO ANY OTHER LOAN  DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS  CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN  ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.  (b) SUBMISSION TO JURISDICTION.  EACH OF THE PARTIES HERETO  IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY  ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW  OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST ANY OTHER  PARTY HERETO, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO  THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING  HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW  YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF  THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY  THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY  SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN  RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND  DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT  PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.  EACH OF THE PARTIES  HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR  

 

  - 73 -  PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS  BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.  (c) WAIVER OF VENUE.  EACH OF THE PARTIES IRREVOCABLY AND  UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,  ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF  ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR  ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN CLAUSE (B) OF THIS  SECTION 10.14.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE  FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT  FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.  (d) SERVICE OF PROCESS.  EACH PARTY HERETO IRREVOCABLY CONSENTS TO  SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02.   NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO  SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.  10.15 Waiver of Jury Trial.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES,  TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO  A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT  OF OR RELATING TO THIS AGREEMENT OR 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 PERSON HAS REPRESENTED,  EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF  LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT  IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS  AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE  MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.15.  10.16 No Advisory or Fiduciary Responsibility.  In connection with all aspects of each  transaction contemplated hereby (including in connection with any amendment, waiver or other  modification hereof or of any other Loan Document), the Borrower acknowledges and agrees, and  acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other services regarding this  Agreement provided by the Administrative Agent, the Arranger, and the Lenders are arm’s-length  commercial transactions between the Borrower and its Affiliates, on the one hand, and the Administrative  Agent, the Arranger, 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  contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative Agent, the Arranger  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 or any of its Affiliates, or any other Person and (B) neither the Administrative Agent, the Arranger  nor any Lender has any obligation to the Borrower or any of its Affiliates with respect to the transactions  contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents;  and (iii) the Administrative Agent, the Arranger and the Lenders and their respective Affiliates may be  engaged in a broad range of transactions that involve interests that differ from those of the Borrower and  its Affiliates, and neither the Administrative Agent, the Arranger, nor any Lender has any obligation to  disclose any of such interests to the Borrower or its Affiliates.  To the fullest extent permitted by law, the  Borrower hereby waives and releases any claims that it may have against the Administrative Agent, the  

 

  - 74 -  Arranger or any Lender with respect to any breach or alleged breach of agency or fiduciary duty in  connection with any aspect of any transaction contemplated hereby.  10.17 Electronic Execution; Electronic Records; Counterparts.  This Agreement, any Loan  Document and any other Communication, including Communications required to be in writing, may be in  the form of an Electronic Record and may be executed using Electronic Signatures.  The Borrower and each  of the Administrative Agent and the Lender Parties agrees that any Electronic Signature on or associated  with any Communication shall be valid and binding on such Person to the same extent as a manual, original  signature, and that any Communication entered into by Electronic Signature, will constitute the legal, valid  and binding obligation of such Person enforceable against such Person in accordance with the terms thereof  to the same extent as if a manually executed original signature was delivered.  Any Communication may  be executed in as many counterparts as necessary or convenient, including both paper and electronic  counterparts, but all such counterparts are one and the same Communication.  For the avoidance of doubt,  the authorization under this paragraph may include, without limitation, use or acceptance of a manually  signed paper Communication which has been converted into electronic form (such as scanned into PDF  format), or an electronically signed Communication converted into another format, for transmission,  delivery and/or retention.  The Administrative Agent and each of the Lender Parties may, at its option,  create one or more copies of any Communication in the form of an imaged Electronic Record (“Electronic  Copy”), which shall be deemed created in the ordinary course of such Person’s business, and destroy the  original paper document.  All Communications in the form of an Electronic Record, including an Electronic  Copy, shall be considered an original for all purposes, and shall have the same legal effect, validity and  enforceability as a paper record.  Notwithstanding anything contained herein to the contrary, the  Administrative Agent is not under any obligation to accept an Electronic Signature in any form or in any  format unless expressly agreed to by such Person pursuant to procedures approved by it; provided, further,  without limiting the foregoing, (a) to the extent the Administrative Agent has agreed to accept such  Electronic Signature, the Administrative Agent and each of the Lender Parties shall be entitled to rely on  any such Electronic Signature purportedly given by or on behalf of the Borrower and/or any Lender Party  without further verification and (b) upon the request of the Administrative Agent or any Lender Party, any  Electronic Signature shall be promptly followed by such manually executed counterpart.  For purposes  hereof, “Electronic Record” and “Electronic Signature” shall have the meanings assigned to them,  respectively, by 15 USC §7006, as it may be amended from time to time.  The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into  the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other  agreement, instrument or document (including, for the avoidance of doubt, in connection with the  Administrative Agent’s reliance on any Electronic Signature transmitted by telecopy, emailed .pdf or any  other electronic means). The Administrative Agent 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 Communication  (which writing may be a fax, any electronic message, Internet or intranet website posting or other  distribution or signed using an Electronic Signature) or any statement made to it orally or by telephone and  believed by it to be genuine and signed or sent or otherwise authenticated (whether or not such Person in  fact meets the requirements set forth in the Loan Documents for being the maker thereof).    The Borrower and each Lender Party hereby waives (i) any argument, defense or right to contest  the legal effect, validity or enforceability of this Agreement, any other Loan Document based solely on the  lack of paper original copies of this Agreement, such other Loan Document, and (ii) waives any claim  against the Administrative Agent, each Lender Party and each Related Party for any liabilities arising solely  from the Administrative Agent’s and/or any Lender Party’s reliance on or use of Electronic Signatures,  including any liabilities arising as a result of the failure of the Loan Parties to use any available security  measures in connection with the execution, delivery or transmission of any Electronic Signature.  

 

  - 75 -  10.18 USA PATRIOT Act.  Each Lender that is subject to the Act (as hereinafter defined) 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 “Act”), it is required to obtain, verify and record information that identifies the Borrower  and each other Loan Party, which information includes the name and address of the Borrower and each  other Loan Party and other information that will allow such Lender or the Administrative Agent, as  applicable, to identify the Borrower and each other Loan Party in accordance with the Act.  The Borrower  and each other Loan Party shall, promptly following a request by the Administrative Agent or any Lender,  provide all documentation and other information that the Administrative Agent or such Lender requests in  order to comply with its ongoing obligations under applicable “know your customer” and anti-money  laundering rules and regulations, including the Act.  10.19 Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Solely  to the extent any Lender that is an Affected Financial Institution is a party to this Agreement and  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 Lender that is an  Affected Financial Institution; and  (b) the effects of any Bail-In Action on any such liability, including, if applicable:  (i) a reduction in full or in part or cancellation of any such liability;  (ii) a conversion of all, or a portion of, such liability into shares or other instruments  of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution  that may be issued to it or otherwise conferred on it, and that such shares or other instruments of  ownership will be accepted by it in lieu of any rights with respect to any such liability under this  Agreement or any other Loan Document; or  (iii) the variation of the terms of such liability in connection with the exercise of the  Write-Down and Conversion Powers of the applicable Resolution Authority.  10.20 Acknowledgement Regarding Any Supported QFCs.  To the extent that the Loan  Documents provide support, through a guarantee or otherwise, for any Swap Contract 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):   (a) In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”)  becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported  QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported  

 

  - 76 -  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.  (b) As used in this Section 10.20, the following terms have the following meanings:  “BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and  interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.  “Covered Entity” means any of the following:  (i) a “covered entity” as that term is defined  in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is  defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that  term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).  “Default Right” has the meaning assigned to that term in, and shall be interpreted in  accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.  “QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be  interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).  [signature pages follow]    

 

  [Signature Page to Term Loan Credit Agreement]  IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of  the date first above written.    FRANKLIN RESOURCES, INC.      By: /s/  Mark Constant   Name: Mark Constant  Title: Vice President and Treasurer      

 

  [Signature Page to Term Loan Credit Agreement]  BANK OF AMERICA, N.A.,  as Administrative Agent      By: /s/  Aamir Saleem   Name: Aamir Saleem  Title: Vice President      

 

  [Signature Page to Term Loan Credit Agreement]  BANK OF AMERICA, N.A.,   as a Lender      By: /s/  Alexandra M. Knights   Name: Alexandra M. Knights  Title: Vice President      

 

  [Signature Page to Term Loan Credit Agreement]  HSBC BANK USA, N.A.,   as a Lender      By: /s/  Kieran Patel   Name: Kieran Patel  Title: Managing Director        

 

  [Signature Page to Term Loan Credit Agreement]  CITIBANK, N.A.,   as a Lender      By: /s/  William Wilson   Name: William Wilson  Title: Vice President      

 

  [Signature Page to Term Loan Credit Agreement]  WELLS FARGO BANK, NATIONAL  ASSOCIATION,   as a Lender      By: /s/  Heidi Samuels   Name: Heidi Samuels  Title: Director

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