Document:

EXHIBIT 10.1

 

	 	
         

        Execution Version

         

 

Published CUSIP Number: 09983FAF5

 

 

 

 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

dated as of

 

June 30, 2014

 

among

 

BORGWARNER INC.,

as Borrower

 

The Lenders Party Hereto

 

 

BANK OF AMERICA, N.A.,

as Administrative Agent, the Swingline Lender,

an Issuing Bank and a Lender

 

 

DEUTSCHE BANK SECURITIES INC.,

CITIBANK, N.A.,

HSBC BANK USA, NATIONAL ASSOCIATION,

PNC BANK, NATIONAL ASSOCIATION, and

WELLS FARGO BANK, NATIONAL ASSOCIATION

as Co-Syndication Agents

 

 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

DEUTSCHE BANK SECURITIES INC.,

CITIGROUP GLOBAL MARKETS INC.,

HSBC BANK USA, NATIONAL ASSOCIATION,

PNC CAPITAL MARKETS LLC, and

WELLS FARGO SECURITIES, LLC,

as Joint Lead Arrangers and Joint Bookrunners

 

 

 

    	 

	

    	 

    

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I	DEFINITIONS	1

 

	 	SECTION 1.1	Defined Terms	1
	 	 	 	 
	 	SECTION 1.2	Classification of Loans and Borrowings	27
	 	 	 	 
	 	SECTION 1.3	Terms Generally	27
	 	 	 	 
	 	SECTION 1.4	Accounting Terms; GAAP	27
	 	 	 	 
	 	SECTION 1.5	Change of Currency	27
	 	 	 	 
	 	SECTION 1.6	Exchange Rates; Currency Equivalents	28
	 	 	 	 
	 	SECTION 1.7	Letter of Credit Amounts	28

 

	ARTICLE II	THE CREDITS	29

 

	 	SECTION 2.1	Commitments	29
	 	 	 	 
	 	SECTION 2.2	Loans and Borrowings	30
	 	 	 	 
	 	SECTION 2.3	Requests for Revolving Borrowings	31
	 	 	 	 
	 	SECTION 2.4	Swingline Loans	32
	 	 	 	 
	 	SECTION 2.5	Letters of Credit	33
	 	 	 	 
	 	SECTION 2.6	Extension of Maturity Date	41
	 	 	 	 
	 	SECTION 2.7	Funding of Borrowings	42
	 	 	 	 
	 	SECTION 2.8	Interest Elections	43
	 	 	 	 
	 	SECTION 2.9	Termination and Reduction of Commitments	45
	 	 	 	 
	 	SECTION 2.10	Repayment of Loans; Evidence of Debt	46
	 	 	 	 
	 	SECTION 2.11	Prepayment of Loans	46
	 	 	 	 
	 	SECTION 2.12	Fees	48
	 	 	 	 
	 	SECTION 2.13	Interest	49
	 	 	 	 
	 	SECTION 2.14	Alternate Rate of Interest; Illegality	50
	 	 	 	 
	 	SECTION 2.15	Increased Costs	53
	 	 	 	 
	 	SECTION 2.16	Break Funding Payments	54
	 	 	 	 
	 	SECTION 2.17	Taxes	55
	 	 	 	 
	 	SECTION 2.18	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	56
	 	 	 	 
	 	SECTION 2.19	Mitigation Obligations; Replacement of Lenders	58
	 	 	 	 
	 	SECTION 2.20	Increase in Commitments	59
	 	 	 	 
	 	SECTION 2.21	Cash Collateral	60
	 	 	 	 
	 	SECTION 2.22	Defaulting Lenders	61

 

    	i

	

    	 

    

 

 

	ARTICLE III	REPRESENTATIONS AND WARRANTIES	64

 

	 	SECTION 3.1	Organization; Powers	64
	 	 	 	 
	 	SECTION 3.2	Authorization; Enforceability	64
	 	 	 	 
	 	SECTION 3.3	Governmental Approvals; No Conflicts	64
	 	 	 	 
	 	SECTION 3.4	Financial Condition; No Material Adverse Effect	64
	 	 	 	 
	 	SECTION 3.5	Properties	65
	 	 	 	 
	 	SECTION 3.6	Litigation and Environmental Matters	65
	 	 	 	 
	 	SECTION 3.7	Compliance with Laws and Agreements	65
	 	 	 	 
	 	SECTION 3.8	Investment Company Status	66
	 	 	 	 
	 	SECTION 3.9	Taxes	66
	 	 	 	 
	 	SECTION 3.10	ERISA	66
	 	 	 	 
	 	SECTION 3.11	Federal Regulations	66
	 	 	 	 
	 	SECTION 3.12	Disclosure	66
	 	 	 	 
	 	SECTION 3.13	Insurance	67
	 	 	 	 
	 	SECTION 3.14	Subsidiaries	67
	 	 	 	 
	 	SECTION 3.15	OFAC	67
	 	 	 	 
	 	SECTION 3.16	Anti-Corruption Laws	67

 

	ARTICLE IV	CONDITIONS	67

 

	 	SECTION 4.1	Effective Date	67
	 	 	 	 
	 	SECTION 4.2	Each Credit Event	68

 

	ARTICLE V	AFFIRMATIVE COVENANTS	69

 

	 	SECTION 5.1	Financial Statements and Other Information	69
	 	 	 	 
	 	SECTION 5.2	Notices of Material Events	71
	 	 	 	 
	 	SECTION 5.3	Existence; Conduct of Business	72
	 	 	 	 
	 	SECTION 5.4	Payment of Obligations	72
	 	 	 	 
	 	SECTION 5.5	Maintenance of Properties; Insurance	72
	 	 	 	 
	 	SECTION 5.6	Books and Records; Inspection Rights	72
	 	 	 	 
	 	SECTION 5.7	Compliance with Laws	72
	 	 	 	 
	 	SECTION 5.8	Use of Proceeds and Letters of Credit	72
	 	 	 	 
	 	SECTION 5.9	Further Assurances	72
	 	 	 	 
	 	SECTION 5.10	Anti-Corruption Laws	73

 

	ARTICLE VI	NEGATIVE COVENANTS	73

 

	 	SECTION 6.1	Leverage Ratio	73
	 	 	 	 

 

    	ii

	

    	 

    

 

 

	 	SECTION 6.2	Liens	73
	 	 	 	 
	 	SECTION 6.3	Fundamental Changes	74
	 	 	 	 
	 	SECTION 6.4	Third Party Guarantees	75
	 	 	 	 
	 	SECTION 6.5	Subsidiary Indebtedness	75
	 	 	 	 
	 	SECTION 6.6	Certain Dispositions	75
	 	 	 	 
	 	SECTION 6.7	Sanctions	76
	 	 	 	 
	 	SECTION 6.8	Material Indebtedness	76
	 	 	 	 
	 	SECTION 6.9	Receivables Corporation	76
	 	 	 	 
	 	SECTION 6.10	Anti-Corruption Laws	76

 

	ARTICLE VII	EVENTS OF DEFAULT	77

 

	 	SECTION 7.1	Events of Default	77
	 	 	 	 
	 	SECTION 7.2	Remedies Upon Event of Default	79
	 	 	 	 
	 	SECTION 7.3	Application of Funds	79

 

	ARTICLE VIII	THE ADMINISTRATIVE AGENT	80

 

	 	SECTION 8.1	Appointment and Authority	80
	 	 	 	 
	 	SECTION 8.2	Rights as a Lender	81
	 	 	 	 
	 	SECTION 8.3	Exculpatory Provisions	81
	 	 	 	 
	 	SECTION 8.4	Reliance by Administrative Agent	82
	 	 	 	 
	 	SECTION 8.5	Delegation of Duties	82
	 	 	 	 
	 	SECTION 8.6	Resignation of Administrative Agent	82
	 	 	 	 
	 	SECTION 8.7	Non-Reliance on Administrative Agent and Other Lenders	83
	 	 	 	 
	 	SECTION 8.8	No Other Duties, Etc	84
	 	 	 	 
	 	SECTION 8.9	Administrative Agent May File Proofs of Claim	84
	 	 	 	 
	 	SECTION 8.10	Enforcement	85

 

	ARTICLE IX	MISCELLANEOUS	85

 

	 	SECTION 9.1	Notices; Effectiveness; Electronic Communication	85
	 	 	 	 
	 	SECTION 9.2	Waivers; Amendments	87
	 	 	 	 
	 	SECTION 9.3	Expenses; Indemnity; Damage Waiver	89
	 	 	 	 
	 	SECTION 9.4	Successors and Assigns	91
	 	 	 	 
	 	SECTION 9.5	Survival	96
	 	 	 	 
	 	SECTION 9.6	Counterparts; Integration; Effectiveness	96
	 	 	 	 
	 	SECTION 9.7	Severability	96
	 	 	 	 
	 	SECTION 9.8	Right of Setoff	97

 

    	iii

	

    	 

    

 

 

	 	SECTION 9.9	Governing Law; Jurisdiction; Consent to Service of Process	97
	 	 	 	 
	 	SECTION 9.10	WAIVER OF JURY TRIAL	98
	 	 	 	 
	 	SECTION 9.11	Headings	98
	 	 	 	 
	 	SECTION 9.12	Confidentiality	98
	 	 	 	 
	 	SECTION 9.13	Judgment Currency	99
	 	 	 	 
	 	SECTION 9.14	Loan Conversion/Participation	100
	 	 	 	 
	 	SECTION 9.15	USA PATRIOT Act	101
	 	 	 	 
	 	SECTION 9.16	Payments Set Aside	101
	 	 	 	 
	 	SECTION 9.17	Other Loan Document Waivers and Amendments	101
	 	 	 	 
	 	SECTION 9.18	No Advisory or Fiduciary Responsibility	102
	 	 	 	 
	 	SECTION 9.19	Amendment and Restatement; No Novation; Reallocations and

Break Funding	

102
	 	 	 	 
	 	SECTION 9.20	Electronic Execution of Assignments and Certain Other

Documents	

103

 

 

 

    	iv

	

    	 

    

	SCHEDULES:	 
	Schedule 1.2	Existing Letters of Credit
	Schedule 2.1	Commitments
	Schedule 3.6	Disclosed Matters
	Schedule 6.2	Existing Liens
	Schedule 9.1	Administrative Agent’s Office, Certain Addresses for Notices
	 	 
	EXHIBITS:	 
	Exhibit A	Form of Assignment and Acceptance
	Exhibit B	Form of Opinion of Borrower’s Counsel

 

 

 

 

 

 

    	v

	

    	 

    

SECOND AMENDED AND
RESTATED CREDIT AGREEMENT, dated as of June 30, 2014, among BORGWARNER INC., a Delaware corporation (the “Borrower”),
the several banks and other financial institutions from time to time parties hereto (the “Lenders”), and BANK
OF AMERICA, N.A., as administrative agent for the Lenders and as Swingline Lender (defined below) and an Issuing Bank (defined
below).

The Borrower is party
to that certain Amended and Restated Credit Agreement, dated as of June 30, 2011, among the Borrower, the banks and other financial
institutions from time to time parties thereto, and Bank of America (defined below), as administrative agent (as the same may have
been amended, supplemented or otherwise modified from time to time through the date hereof, the “Existing Credit Agreement”).

The Borrower has requested,
and the Lenders have agreed, to amend and restate the Existing Credit Agreement and extend certain credit facilities to the Borrower
on the terms and conditions set forth herein. The amendment and restatement of the Existing Credit Agreement, and the continuation
of the loans and other obligations (including the Existing Letters of Credit (defined below)) thereunder as Loans (defined below)
and Obligations (defined below) (including Letters of Credit (defined below)) hereunder, are subject to the occurrence of the Effective
Date (defined below) and the provisions of this Agreement (defined below), including the application of Section 9.19 hereof.

In consideration of
the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

ARTICLE
I

DEFINITIONS

SECTION
1.1           Defined
Terms. As used in this Agreement, the following terms have the meanings specified below:

“ABR”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the Alternate Base Rate.

“Adjusted
Eurocurrency Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period, an interest rate per annum
determined by the Administrative Agent pursuant to the following formula:

	Adjusted Eurocurrency Rate  =	Eurocurrency Rate
	1.00 – Statutory Reserve Rate

 

“Adjusted
Revolving Credit Exposure” shall mean, with respect to each Lender, the Revolving Credit Exposure of such Lender, plus
the amount of any participating interests purchased by such Lender pursuant to Section 9.14, minus the amount of any participating
interests sold by such Lender pursuant to Section 9.14.

    	 

	

    	 

    

“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
9.1, or such other address or account as the Administrative Agent may from time to time notify to the Borrower and the Lenders.

“Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

“Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified.

“Agreement”
means this Credit Agreement, as amended, supplemented or otherwise modified from time to time.

“Alternate
Base Rate” means, for any day, a fluctuating rate per annum equal to the highest of (a) the Prime Rate in effect on such
day, (b) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1%, and (c) except during a Eurocurrency Unavailability
Period, a reference rate equal to the Eurocurrency Rate (for ABR Loans) plus 1.00%. Any change in the Alternate Base Rate due to
a change in the Prime Rate, the Federal Funds Effective Rate or the Eurocurrency Rate (for ABR Loans) shall be effective from and
including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Eurocurrency Rate (for ABR
Loans), respectively.

“Alternative
Currency” means Sterling, Yen or Euros.

“Alternative
Currency Equivalent” means, at any time, with respect to any amount denominated in Dollars, the equivalent amount thereof
in the applicable Alternative Currency as determined by the Administrative Agent at such time on the basis of the Exchange Rate
(determined by the Administrative Agent in respect of the most recent Revaluation Date) for the purchase of such Alternative Currency
with Dollars.

“Alternative
Currency Loan” means a Revolving Loan that is a Eurocurrency Rate Loan and that is made in an Alternative Currency pursuant
to the applicable Borrowing Request.

“Alternative
Currency Sublimit” means, with respect to any Alternative Currency, the Dollar Amount of such Alternative Currency set
forth below:

	Currency	Alternative Currency Sublimit
	Sterling	$100,000,000
	Yen	$250,000,000
	Euros	$500,000,000

 

    	2

	

    	 

    

in each case, as any such amount may be reduced
from time to time in accordance with the terms hereof.

 

“Applicable
Percentage” means, with respect to any Lender under any Revolving Facility (or, as applicable, under all the Revolving
Facilities) at any time, the percentage (carried out to the ninth decimal place) of the total Commitments represented by such Lender’s
Commitment under such Facility (or, as applicable, under all the Facilities) at such time, subject to adjustment as provided in
Section 2.22. If the commitment of each Lender to make Loans and the obligation of the Issuing Banks to make LC Credit Extensions
have been terminated pursuant to Section 7.2 or if the Commitments under such Facility or all the Facilities have expired,
then the Applicable Percentage of each Lender shall be determined based upon the Applicable Percentage of such Lender most recently
in effect, giving effect to any subsequent assignments. The initial Applicable Percentage of each Lender is set forth opposite
the name of such Lender on Schedule 2.1 or in the Assignment and Acceptance pursuant to which such Lender becomes a party
hereto, as applicable.

“Applicable
Rate” means, for any day, with respect to any Eurocurrency Revolving Loan or ABR Loan, or with respect to the facility
fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Eurocurrency
Margin”, “Alternate Base Rate Margin” or “Facility Fee Rate”, as the case may be, based upon the
ratings by Moody’s, S&P and Fitch (collectively, the “Rating Agencies”), respectively, applicable
on such date to the Index Debt:

	
        Index Debt Ratings:

        (S&P/Moody’s/Fitch)
	Eurocurrency Margin	Alternate Base Rate Margin	Facility Fee Rate
	Category 1

A/A2/A or higher	0.795%	0.000%	0.080%
	Category 2

A-/A3/A- 	0.900%	0.000%	0.100%
	Category 3

BBB+/Baa1/BBB+ 	1.015%	0.015%	0.110%
	Category 4

BBB/Baa2/BBB	1.100%	0.100%	0.150%
	Category 5

BBB-/Baa3/BBB- or

lower	1.300%	0.300%	0.200%

 

For purposes of the
foregoing, (i) the rating of Index Debt on any day shall be deemed to be the rating in effect at the close of business on such
day; (ii) if the ratings established or deemed to have been established by the Rating Agencies for the Index Debt shall be changed
(other than as a result of a change in the rating system of the Rating Agencies), such change shall be effective as of the date
on which it is first announced by the applicable Rating Agency; (iii) if the ratings established by the Rating Agencies for the
Index Debt shall fall within different Categories and 

    	3

	

    	 

    

ratings are maintained by all Rating Agencies, (A) if two ratings are equal
and higher than the third rating, the higher rating will apply (e.g., BBB/Baa3/BBB results in Category 4 status), (B) if two ratings
are equal and lower than the third rating, the lower rating will apply, (C) if no ratings are equal, the intermediate rating will
apply; (iv) if the ratings established by the Rating Agencies for the Index Debt shall fall within different Categories and ratings
are then maintained by only two Rating Agencies, the Applicable Rate shall be based on the higher of the two ratings (e.g., BBB/Baa3
results in Category 4 status) unless one of the two applicable ratings is two or more Categories lower than the other, in which
case the Applicable Rate shall be determined by reference to the Category one rating higher than the lower of the two ratings (e.g.,
A-/Baa3 results in Category 4 status); and (v) if ratings are only maintained by one Rating Agency or no Rating Agencies (other
than by reason of the circumstances referred to in the last sentence of this definition), the Applicable Rate shall be equal to
Category 5. Each change in the Applicable Rate shall apply during the period commencing on the effective date of such change and
ending on the date immediately preceding the effective date of the next such change. If the rating system of any Rating Agency
shall change, or if any 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.

“Applicable
Time” means, with respect to any Borrowings and payments in any Alternative Currency the local time in the place of settlement
for such Alternative Currency, as may be reasonably determined by the Administrative Agent to be necessary for timely settlement
on the relevant date in accordance with normal banking procedures in the place of payment.

“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.

“Assignee
Group” means two or more Eligible Assignees that are Affiliates of one another.

“Assignment
and Acceptance” means an assignment and acceptance entered into by a Lender and an assignee (with the consent of any
party whose consent is required by Section 9.4), and accepted by the Administrative Agent, in the form of Exhibit A
or any other form (including electronic documentation generated by MarkitClear or other electronic platform) approved by the Administrative
Agent.

“Available
Dollar Commitment” means at any date of determination with respect to any Dollar Lender, an amount in Dollars equal to
the excess, if any, of (a) the amount of such Dollar Lender’s Dollar Commitment in effect on such date over (b) the Revolving
Credit Exposure of such Dollar Lender on such date.

“Availability
Period” means the period from and including the Effective Date to but excluding the earlier of the Maturity Date and
the date of termination of the Commitments.

“Bank of
America” means Bank of America, N.A.

    	4

	

    	 

    

“Board”
means the Board of Governors of the Federal Reserve System of the United States of America.

“BorgWarner
Foundation” means BorgWarner Foundation, an Illinois non-profit corporation.

“Borrower”
has the meaning assigned to such term in the preamble.

“Borrower
Materials” has the meaning specified in Section 5.1.

“Borrowing”
means a Revolving Borrowing or a Swingline Borrowing, as the context may require.

“Borrowing
Request” means a request by the Borrower for a Revolving Borrowing in accordance with Section 2.3.

“Business
Day” means any day that is not 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 with respect to Obligations denominated
in Dollars is located and:

(a) if such day
relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in Dollars, any fundings, disbursements, settlements
and payments in Dollars in respect of any such Eurocurrency Rate Loan, or any other dealings in Dollars to be carried out pursuant
to this Agreement in respect of any such Eurocurrency Rate Loan, means any such day that is also a London Banking Day;

 

(b) if such day
relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in Euro, any fundings, disbursements, settlements
and payments in Euro in respect of any such Eurocurrency Rate Loan, or any other dealings in Euro to be carried out pursuant to
this Agreement in respect of any such Eurocurrency Rate Loan, means a TARGET Day;

 

(c) if such day
relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in a currency other than Dollars or Euro, means
any such day on which dealings in deposits in the relevant currency are conducted by and between banks in the London or other applicable
offshore interbank market for such currency; and

 

(d) if such day
relates to any fundings, disbursements, settlements and payments in a currency other than Dollars or Euro in respect of a Eurocurrency
Rate Loan denominated in a currency other than Dollars or Euro, or any other dealings in any currency other than Dollars or Euro
to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan (other than any interest rate settings),
means any such day on which banks are open for foreign exchange business in the principal financial center of the country of such
currency.

 

“Capital
Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of
(or other arrangement conveying the right to use) 

    	5

	

    	 

    

real or personal property, or a combination thereof, which obligations are required
to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations
shall be the capitalized amount thereof determined in accordance with GAAP.

“Capital
Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital stock
of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants or
options to purchase any of the foregoing.

“Cash Collateralize”
means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more of the Issuing Banks or
the Lenders, as collateral for the LC Exposures or obligations of Lenders to fund participations in respect thereof (as the context
may require), cash or deposit account balances or, if the Issuing Bank benefitting from such collateral shall agree in its sole
discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to (a) the Administrative
Agent and (b) the applicable Issuing Bank, which documents are hereby consented to by the Lenders. “Cash Collateral”
shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

“Change in
Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or
group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder
as in effect on the date hereof), of shares representing more than 30% of the aggregate ordinary voting power represented by the
issued and outstanding capital stock of the Borrower; (b) occupation of a majority of the seats (other than vacant seats) on the
board of directors of the Borrower by Persons who were neither (i) nominated by the board of directors of the Borrower nor (ii)
appointed by directors so nominated; or (c) the acquisition of direct or indirect Control of the Borrower by any Person or group.

“Change in
Law” means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law,
rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement
or (c) compliance by any Lender or the Issuing Bank (or, for purposes of Section 2.15(b), by any Lending Office of such
Lender or by such Lender’s or the Issuing Bank’s holding company, if any) with any request, guideline or directive
(whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided
that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all
requests, rules, guidelines or directives thereunder or issued in connection therewith 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 regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed
to be a “Change in Law”, regardless of the date enacted, adopted or issued.

“Citi”
means Citibank, N.A.

    	6

	

    	 

    

“Class”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Dollar
Revolving Loans, Euro Revolving Loans, Sterling Revolving Loans, Yen Revolving Loans or Swingline Loans.

“Code”
means the Internal Revenue Code of 1986, as amended from time to time.

“Committed
Exposure Percentage” shall mean, on any date with respect to any Lender, the percentage which the Adjusted Revolving
Credit Exposure of such Lender constitutes of the Adjusted Revolving Credit Exposures of all Lenders.

“Commitments”
means, the collective reference to the Dollar Commitments and the Euro Commitments, the Sterling Commitments and the Yen Commitments,
which are part of (and not in addition to), the Dollar Commitments. The initial aggregate amount of the Commitments is $1,000,000,000.

“Consolidated
EBITDA” means, for any period, Consolidated Net Income for such period plus, without duplication and to the extent
reflected as a charge in the statement of such Consolidated Net Income for such period, the sum of (a) income tax expense, (b)
interest expense, amortization or writeoff of debt discount and debt issuance costs and commissions, discounts and other fees and
charges associated with Indebtedness (including the Loans), (c) depreciation and amortization expense, (d) amortization of intangibles
(including, but not limited to, goodwill) and organization costs, (e) any extraordinary, unusual or non-recurring non-cash expenses
or losses (including, whether or not otherwise includable as a separate item in the statement of such Consolidated Net Income for
such period, non-cash losses on sales of assets outside of the ordinary course of business), and (f) minority interest charges
and any other non-cash charges, and minus, to the extent included in the statement of such Consolidated Net Income for such
period, the sum of (a) interest income, (b) any extraordinary, unusual or non-recurring income or gains (including, whether or
not otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, gains on the sales
of assets outside of the ordinary course of business) and (c) minority interest credits and any other non-cash income (except for
all amounts that would, in conformity with GAAP, be set forth opposite the caption “equity in affiliate earnings and other
income” (or any like caption) on a consolidated income statement of the Borrower and its Subsidiaries), all as determined
on a consolidated basis. For the purposes of calculating Consolidated EBITDA for any period of four consecutive fiscal quarters
(each, a “Reference Period”) pursuant to any determination of the Leverage Ratio, (i) if at any time during
such Reference Period the Borrower or any Subsidiary shall have made any Material Disposition, the Consolidated EBITDA for such
Reference Period shall be reduced by an amount equal to the Consolidated EBITDA (if positive) attributable to the property that
is the subject of such Material Disposition for such Reference Period or increased by an amount equal to the Consolidated EBITDA
(if negative) attributable thereto for such Reference Period and (ii) if during such Reference Period the Borrower or any Subsidiary
shall have made a Material Acquisition, Consolidated EBITDA for such Reference Period shall be calculated after giving pro forma
effect thereto as if such Material Acquisition occurred on the first day of such Reference Period. As used in this definition,
“Material Acquisition” means any acquisition of property or series of related acquisitions of property that
either (a) would result in an increase to Consolidated EBITDA to the extent deemed to be material by the Borrower or (b) would
result in a reduction to Consolidated EBITDA; and “Material Disposition” means any disposition of 

    	7

	

    	 

    

property or
series of related dispositions of property that yields gross proceeds to the Borrower or any of its Subsidiaries in excess of $100,000,000.

“Consolidated
Intangible Assets” means, at any date, all assets of the Borrower and its Subsidiaries that are considered to be intangible
assets under GAAP, including, without limitation, customer lists, goodwill, computer software, copyrights, trade names, trademarks,
patents, franchises, licenses, unamortized deferred charges, unamortized debt discount and capitalized research and development
costs.

“Consolidated
Net Income” means, for any period, the consolidated net income (or loss) of the Borrower and its Subsidiaries, determined
on a consolidated basis in accordance with GAAP.

“Consolidated
Tangible Assets” means, at any date, Consolidated Total Assets at such date minus Consolidated Intangible Assets
on a consolidated balance sheet of the Borrower and its Subsidiaries at such date.

“Consolidated
Total Assets” means, at any date, all amounts that would, in conformity with GAAP, be set forth opposite the caption
“total assets” (or any like caption) on a consolidated balance sheet of the Borrower and its Subsidiaries at such date.

“Consolidated
Total Debt” means, at any date, the aggregate principal amount of all Indebtedness of the Borrower and its Subsidiaries
at such date (including outstanding Loans hereunder and obligations with respect to drawn letters of credit (including the Letters
of Credit), but excluding obligations with respect to any undrawn letters of credit (including the Letters of Credit)), determined
on a consolidated basis in accordance with GAAP. Notwithstanding the foregoing, all Receivables Facilities shall, regardless of
their respective treatment under GAAP, be included in each calculation of Consolidated Total Debt under this Agreement, but only
to the extent of that portion of the principal amount of all such Receivables Facilities (determined on an aggregate basis for
all such Receivables Facilities) that is in excess of $200,000,000.

“Continuing
Lenders” has the meaning assigned to such term in Section 2.6(a).

“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.

“Conversion
Date” shall mean any date on which either (a) an Event of Default under paragraph (h) or (i) of Section 7.1 has
occurred with respect to the Borrower or (b) the Commitments shall have been terminated prior to the Maturity Date and/or the Loans
shall have been declared immediately due and payable, in either case pursuant to Section 7.2.

“Conversion
Sharing Percentage” means on any date with respect to any Lender and any Revolving Loans of such Lender outstanding in
any currency other than Dollars, the 

    	8

	

    	 

    

percentage of such Revolving Loans such that, after giving effect to the conversion of such
Revolving Loans to Dollars and the purchase and sale by such Lender of participating interests as contemplated by Section 9.14,
the Committed Exposure Percentage of such Lender will equal such Lender’s Applicable Percentage under the Dollar Facility
on such date (calculated immediately prior to giving effect to any termination or expiration of the Commitments on the Conversion
Date).

“Converted
Loans” shall have the meaning set forth in Section 9.14.

“Default”
means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured
or waived, become an Event of Default.

“Default
Rate” means (a) when used with respect to Obligations other than Letter of Credit participation fees, an interest rate
equal to (i) the Alternate Base Rate plus (ii) the Applicable Rate, if any, applicable to ABR Loans plus (iii) 2%
per annum; provided, however, that with respect to a Eurocurrency Rate Loan or Swingline Loan (the rate of which
is determined by reference to the Swingline Rate), 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, and (b) when used with respect to Letter of Credit participation
fees, a rate equal to the Applicable Rate applicable to interest on Eurocurrency Rate Loans plus 2% per annum.

“Defaulting
Lender” means, subject to Section 2.22(b), any Lender that, as determined by the Administrative Agent, (a) has
failed to perform any of its funding obligations hereunder, including in respect of its Loans or participations in respect of Letters
of Credit or Swingline Loans, within three Business Days of the date required to be funded by it hereunder unless such Lender notifies
the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s good faith 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, (b) has notified the Borrower, the Administrative Agent or
any Lender in writing that it does not intend to comply with its funding obligations or has made a public statement to that effect
with respect to its funding obligations hereunder or under other agreements in which it commits to extend credit (unless such writing
or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on
such Lender’s good faith 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 request by the Administrative Agent, to confirm in a manner satisfactory to the Administrative
Agent that it will comply with its funding obligations (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 bankruptcy or other debtor
relief law, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged
with reorganization or liquidation of its business or a custodian appointed for it, or (iii) taken any action in furtherance of,
or indicated its consent to, approval of or acquiescence in any such proceeding or appointment; 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 

    	9

	

    	 

    

by a Governmental Authority. 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
2.22(b)) 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, each Issuing Bank, the Swingline Lender 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.

“Deutsche
Bank” means Deutsche Bank AG New York Branch.

“Disclosed
Matters” means the actions, suits and proceedings and the environmental matters disclosed in Schedule 3.6.

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale and leaseback
transaction) of any property by any Person (or the granting of any option or other right to do any of the foregoing), 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.

“Dollar Amount”
means, at any time:

(a)with
respect to any Loan denominated in Dollars (including, with respect to any Swingline Loan, any funded participation therein), the
principal amount thereof then outstanding (or in which such participation is held);

(b)with
respect to any Alternative Currency Loan, the principal amount thereof then outstanding in the relevant Alternative Currency, converted
to Dollars at the Exchange Rate (determined by the Administrative Agent in respect of the most recent Revaluation Date); and

(c)with
respect to any LC Exposure (or any risk participation therein), the amount thereof.

“Dollar Commitment”
means, with respect to each Lender, the commitment of such Lender to make Dollar Revolving Loans and to acquire participations
in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s
Revolving Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.9, (b)
reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.4 or (c) increased
from time to time pursuant to Section 2.20. The initial amount of each Lender’s Dollar Commitment is set forth on
Schedule 2.1, or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Dollar Commitment,
as applicable.

“Dollar Facility”
shall have the meaning set forth in the definition of “Facility”.

“Dollar Lender”
means each Lender holding a Dollar Commitment.

    	10

	

    	 

    

“Dollar Revolving
Loan” mean a Revolving Loan made pursuant to Section 2.1(a).

“Dollars”
or “$” refers to lawful money of the United States of America.

“Domestic
Subsidiary” means any Subsidiary of the Borrower organized under the laws of any jurisdiction within the United States.

“Effective
Date” means the date on which the conditions specified in Section 4.1 are satisfied (or waived in accordance with
Section 9.2).

“Eligible
Assignee” means any Person that meets the requirements to be an assignee under Section 9.4(b)(iii) and (v)
(subject to such consents, if any, as may be required under Section 9.4(b)(iii)).

“EMU”
means the economic and monetary union in accordance with the Treaty of Rome 1957, as amended by the Single European Act 1986, the
Maastricht Treaty of 1992 and the Amsterdam Treaty of 1998.

“EMU Legislation”
means the legislative measures of the European Council for the introduction of, changeover to or operation of a single or unified
European currency.

“Environmental
Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding
agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation
or reclamation of natural resources, the management, release or threatened release of any Hazardous Material or to health and safety
matters.

“Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based
upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal
of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials
into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed
with respect to any of the foregoing.

“Equity Interest”
means, with respect to any Person, any of the shares of capital stock of (or other ownership or profit interests in) such Person,
any 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, any 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 any 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.

    	11

	

    	 

    

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time.

“ERISA Affiliate”
means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under
Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a
single employer under Section 414 of the Code.

“ERISA Event”
means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect
to a Plan (other than an event for which the 30 day notice period is waived); (b) the failure to meet the minimum funding standard
with respect to any Plan (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing
pursuant to Section 412 of the Code or Section 302 of ERISA of an application for a waiver of the minimum funding standard with
respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA
with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator
of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence
by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan
or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer
Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination
that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.

“Euro”
and “EUR” means the lawful currency of the Participating Member States introduced in accordance with EMU Legislation.

“Euro Commitment”
means, with respect to each Lender, the commitment of such Lender to make Euro Revolving Loans, as such commitment may be (a) reduced
from time to time pursuant to Section 2.9 or (b) reduced or increased from time to time pursuant to assignments by or to
such Lender pursuant to Section 9.4. The initial amount of each Lender’s Euro Commitment is set forth on Schedule
2.1, or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Euro Commitment, as applicable.
The Euro Commitment is a part of, but not in addition to, each Lender’s Dollar Commitment.

“Euro Facility”
shall have the meaning set forth in the definition of “Facility”. The Euro Facility shall be a subfacility of the Dollar
Facility.

“Euro Lender”
means each Lender holding a Euro Commitment.

“Euro Revolving
Loan” mean a Revolving Loan made pursuant to Section 2.1(b).

“Eurocurrency”
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the Adjusted Eurocurrency Rate.

“Eurocurrency
Rate” means:

    	12

	

    	 

    

(a)           
for any Interest Period with respect to a Eurocurrency Rate Loan, the rate per annum equal to the London Interbank Offered
Rate (or if such rate is not available at such time for any reason, a comparable or successor rate which rate is approved by the
Administrative Agent), as published on the applicable Bloomberg screen page (or if such rate is not available at such time for
any reason, other commercially available source providing such quotations as may be designated by the Administrative Agent from
time to time) (“LIBOR”) at approximately 11:00 a.m., London time, two Business Days prior to the commencement
of such Interest Period, for deposits in the relevant currency (for delivery on the first day of such Interest Period) with a term
equivalent to such Interest Period; and

(b)          
for any interest rate calculation with respect to an ABR Loan or a Swingline Loan on any date, the rate per annum equal
to LIBOR, at approximately 11:00 a.m., London time, determined two Business Days prior to such date for Dollar deposits being delivered
in the London interbank market for a term of one month commencing that day;

provided that to the extent a comparable
or successor rate is approved by the Administrative Agent in connection with any rate set forth in this definition, the approved
rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market
practice is not administratively feasible for the Administrative Agent, such approved rate shall be applied in a manner as otherwise
reasonably determined by the Administrative Agent.

 

“Eurocurrency
Rate Loan” means a Loan, whether denominated in Dollars or in an Alternative Currency, that bears interest at a rate
based on the Eurocurrency Rate other than an ABR Loan with respect to which the Alternate Base Rate is determined at a rate based
on the Eurocurrency Rate.

“Eurocurrrency
Unavailability Period” means any period of time during which a notice delivered to the Borrower in accordance with Section
2.14 shall remain in effect.

“Event of
Default” has the meaning assigned to such term in Section 7.1.

“Exchange
Rate” for a currency means the rate determined by the Administrative Agent to be the rate quoted by the Person acting
in such capacity as the spot rate for the purchase by such Person of such currency with another currency through its principal
foreign exchange trading office at approximately 11:00 a.m., New York City time, on the date two Business Days prior to the date
as of which the foreign exchange computation is made; provided that the Administrative Agent may obtain such spot rate from
another financial institution designated by the Administrative Agent if the Person acting in such capacity does not have as of
the date of determination a spot buying rate for any such currency.

“Excluded
Taxes” means, with respect to the Administrative Agent, any Lender, the Issuing Bank or any other recipient of any payment
to be made by or on account of any obligation of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured
by) its net income by the United States of America, or by the jurisdiction under the laws of which such recipient is organized
or in which its principal office is located or, in the case of any Lender, in which its applicable Lending Office is located, (b)
any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which
the Borrower is located, (c) in the case of a Foreign Lender (other than an assignee pursuant to a 

    	13

	

    	 

    

request by the Borrower under
Section 2.19(b)), any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign
Lender becomes a party to this Agreement or is attributable to such Foreign Lender’s failure to comply with Section 2.17(e),
except to the extent that such Foreign Lender’s assignor (if any) was entitled, at the time of assignment, to receive additional
amounts from the Borrower with respect to such withholding tax pursuant to Section 2.17(a), and (d) any taxes imposed under
FATCA.

“Existing
Credit Agreement” has the meaning assigned to such term in the introductory paragraphs hereto.

“Existing
Letters of Credit” means those letters of credit set forth on Schedule 1.2 hereto, all of which were issued and
outstanding under the Existing Credit Agreement as of the date hereof, immediately prior to the occurrence of the Effective Date,
and shall continue as Letters of Credit under this Agreement in connection with this amendment and restatement of the Existing
Credit Agreement.

“Extended
Maturity Date” has the meaning assigned to such term in Section 2.6(a).

“Extension
Acceptance Notice” has the meaning assigned to such term in Section 2.6(a).

“Extension
Date” has the meaning assigned to such term in Section 2.6(a).

“Extension
Notice” has the meaning assigned to such term in Section 2.6(a).

“Facility”
means any of (a) the credit facility constituted by the Dollar Commitments and the extensions of credit thereunder (the “Dollar
Facility”), (b) the credit facility constituted by the Euro Commitments and the extensions of credit thereunder (the
“Euro Facility”), (c) the credit facility constituted by the Sterling Commitments and the extensions of credit
thereunder (the “Sterling Facility”) and (d) the credit facility constituted by the Yen Commitments and the
extensions of credit thereunder (the “Yen Facility”).

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version thereof that
is substantially comparable and not materially more onerous to comply with), any current or future regulations or official interpretations
thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code.

“Federal
Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%)
of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers,
as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published
for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for
such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected
by it.

    	14

	

    	 

    

“Fee Letters”
means (a) the fee letter dated as May 28, 2014 among the Borrower, Bank of America, MLPFS, Deutsche Bank, Deutsche Bank Securities
Inc., Citigroup Global Markets Inc. (on behalf of itself and Citi), HSBC, PNC Bank, PNC Capital Markets LLC, Wells Fargo and Wells
Fargo Securities, LLC, and (b) any other fee letter entered into between the Borrower and any Joint Lead Arranger in connection
with the transactions contemplated by this Agreement.

“Financial
Officer” means the chief financial officer, principal accounting officer, treasurer or assistant treasurer of the Borrower.
Any document delivered hereunder that is signed by a Financial Officer of the Borrower shall be conclusively presumed to have been
authorized by all necessary corporate, partnership and/or other action on the part of the Borrower and such Financial Officer shall
be conclusively presumed to have acted on behalf of the Borrower.

“Fitch”
means Fitch, Inc.

“Foreign
Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is
located. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be
deemed to constitute a single jurisdiction.

“Foreign
Subsidiary” means any Subsidiary of the Borrower that is not a Domestic Subsidiary.

“Fronting
Exposure” means, at any time there is a Defaulting Lender, (a) with respect to the Issuing Banks, such Defaulting Lender’s
Applicable Percentage of the outstanding LC Exposures other than LC Exposures as to which such Defaulting Lender’s participation
obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect
to the Swingline Lender, such Defaulting Lender’s Applicable Percentage of Swingline Loans other than Swingline Loans as
to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders in accordance with the terms
hereof.

“Fund”
means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial loans and similar extensions of credit in the ordinary course of its activities.

“GAAP”
means generally accepted accounting principles in the United States of America.

“Governmental
Authority” means any government or nation or any political subdivision thereof, whether state or local, and any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the
European Union or the European Central Bank).

“Guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing
or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”)
in 

    	15

	

    	 

    

any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to
advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities
or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain
working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable
the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit
or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include
endorsements for collection or deposit in the ordinary course of business.

“Hazardous
Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other
pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls,
radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental
Law.

“Hedging
Agreement” 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.

“HSBC”
means HSBC Bank USA, National Association.

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or
advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all
obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional
sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect
of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business),
(f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise,
to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been
assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all
obligations, contingent or otherwise, of such Person as an 

    	16

	

    	 

    

account party in respect of letters of credit and letters of guaranty
and (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances. The Indebtedness of
any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner)
to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with
such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor.

“Indemnified
Taxes” means Taxes other than Excluded Taxes.

“Index Debt”
means (i) senior, unsecured, long-term indebtedness for borrowed money of the Borrower that is not guaranteed by any other Person
or subject to any other credit enhancement or (ii) if no indebtedness of the type described in clause (i) is outstanding, all senior,
unsecured, long-term indebtedness of the Borrower (that is not guaranteed by any other Person or subject to any other credit enhancement)
registered under an effective shelf registration under Rule 415 of the Securities Act of 1933, as amended.

“Interest
Election Request” means a request by the Borrower to convert or continue a Revolving Borrowing in accordance with Section
2.8.

“Interest
Payment Date” means (a) with respect to any ABR Loan (including a Swingline Loan), the last day of each March, June,
September and December and (b) with respect to any Eurocurrency Loan, the last day of the Interest Period applicable to the Borrowing
of which such Loan is a part and, in the case of a Eurocurrency Borrowing with an Interest Period of more than three months’
duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after
the first day of such Interest Period.

“Interest
Period” means, with respect to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing and ending
on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter, as the Borrower may
elect; provided, that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall
be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month,
in which case such Interest Period shall end on the next preceding Business Day and (b) any Interest Period that commences on the
last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month
of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof,
the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the case of a Revolving Borrowing,
thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

“IP Rights”
has the meaning specified in Section 3.5(b).

“ISP”
means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute
of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

“Issuer Documents”
means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument
entered into by the 

    	17

	

    	 

    

Issuing Bank and the Borrower or in favor of the Issuing Bank and relating to such Letter of Credit.

“Issuer Maximum
LC Exposure” means (a) with respect to Bank of America as an Issuing Bank, $60,000,000, (b) with respect to Citi as an
Issuing Bank, $20,000,000, (c) with respect to HSBC as an Issuing Bank, $20,000,000, (d) with respect to PNC Bank as an Issuing
Bank, $30,000,000, (e) with respect to Wells Fargo as an Issuing Bank, $20,000,000 and (f) with respect to any replacement Issuing
Bank referred to in the definition of “Issuing Bank” an amount to be agreed to by the Borrower and such replacement
Issuing Bank and confirmed in writing to the Administrative Agent.

“Issuing
Bank” means each of Bank of America, Citi, HSBC, PNC Bank and Wells Fargo, or any of their respective Affiliates, in
its respective capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided herein, including
any Lender appointed by the Borrower, with the consent of the Administrative Agent and such Lender, by notice to the Lenders as
a replacement for any Issuing Bank that at such time is a Defaulting Lender. References to the Issuing Bank herein shall, as the
context may indicate (including with respect to any particular Letter of Credit, LC Credit Extension or LC Disbursement), may mean
the applicable Issuing Bank, each Issuing Bank, any Issuing Bank, or all Issuing Banks.

“Joint Lead
Arrangers” means MLPFS, Deutsche Bank Securities Inc., Citigroup Global Markets Inc., HSBC Bank USA, National Association,
PNC Capital Markets LLC and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners for this Agreement.

“Law”
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.

“LC Advance”
means, with respect to each Lender, such Lender’s funding of its participation in any LC Borrowing in accordance with its
Applicable Percentage. All LC Advances shall be denominated in Dollars.

“LC Borrowing”
means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when
made or refinanced as a Borrowing. All LC Borrowings shall be denominated in Dollars.

“LC Credit
Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof,
or the increase of the amount thereof.

“LC Disbursement”
means a payment made by the Issuing Bank pursuant to a Letter of Credit.

“LC Exposure”
means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus
the aggregate of all 

    	18

	

    	 

    

Unreimbursed Amounts, including all LC Borrowings. For purposes of computing the amount available to be drawn
under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.7. For
all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may
still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding”
in the amount so remaining available to be drawn. The LC Exposure of (a) any Lender at any time shall be its Applicable Percentage
of the total LC Exposure at such time, and (b) any particular Issuing Bank, in its capacity as such, at any time shall mean the
LC Exposure allocable to Letters of Credit issued by such Issuing Bank.

“Lenders”
means the Persons listed on Schedule 2.1 and any other Person that shall have become a party hereto pursuant to an Assignment
and Acceptance, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance. Unless the
context otherwise requires, the term “Lenders” includes the Swingline Lender. Notwithstanding anything to the contrary
contained in this Agreement or any other Loan Document, each Lender (other than the Swingline Lender) shall be a Dollar Lender,
Euro Lender, Sterling Lender and a Yen Lender.

“Lending
Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative
Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent.

“Letter of
Credit” means any standby letter of credit issued pursuant to this Agreement, and shall include the Existing Letters
of Credit. Letters of Credit shall be a subfacility of the Dollar Facility.

“Letter of
Credit Application” means an application and agreement for the issuance or amendment of a Letter of Credit in the form
from time to time in use by the Issuing Bank.

“Letter of
Credit Expiration Date” means the day that is seven days prior to the Maturity Date then in effect (or, if such day is
not a Business Day, the next preceding Business Day).

“Leverage
Ratio” means, as at the last day of any period, the ratio of (a) Consolidated Total Debt on such day to (b) Consolidated
EBITDA for such period.

“Lien”
means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security
interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease
or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating
to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such
securities.

“Loan Documents”
means this Agreement, each written Request for Credit Extension, each Issuer Document, each Fee Letter, any agreement creating
or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.21 of this Agreement, and all other instruments
and documents heretofore or hereafter executed or delivered to or in favor of the 

    	19

	

    	 

    

Administrative Agent, any Lender or any Issuing
Bank in connection with the Loans made, Letters of Credit issued and transactions contemplated by this Agreement.

“Loans”
means the loans made by the Lenders to the Borrower pursuant to this Agreement, including Revolving Loans and Swingline Loans.

“Loans to
be Converted” shall have the meaning set forth in Section 9.14(a).

“London Banking
Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank Eurodollar
market.

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, assets, liabilities (actual or contingent), operations,
prospects or condition, financial or otherwise, of the Borrower and the Subsidiaries taken as a whole, (b) the ability of the Borrower
to perform any of its obligations under any Loan Documents or (c) the rights of or benefits available to the Lenders under any
Loan Document.

“Material
Indebtedness” means any single Indebtedness (other than the Loans and Letters of Credit), or obligation in respect of
one or more Hedging Agreements, of any one or more of the Borrower and its Subsidiaries in an aggregate principal amount exceeding
$100,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Borrower
or any Subsidiary in respect of any Hedging Agreement at any time shall be the maximum aggregate amount (giving effect to any netting
agreements) that the Borrower or such Subsidiary would be required to pay if such Hedging Agreement were terminated at such time.

“Material
Subsidiary” means, as of any date of measurement, (a) each Subsidiary of the Borrower that has revenues (on a standalone
basis, without consolidation with its subsidiaries or its parent) for the most recently ended fiscal year greater than 10% of total
revenues for the Borrower and its Subsidiaries for such period, and (b) each other Subsidiary of the Borrower identified by the
Borrower so that, after all such identifications, the combined assets and revenues of the Borrower and the Material Subsidiaries
(each measured on a standalone basis, without consolidation with its subsidiaries or parent) constitute at least 80% of the assets
and revenues of the Borrower and its Subsidiaries as of the end of, and for, the most recently ended fiscal year; provided
that (i) BorgWarner Foundation shall not be a Material Subsidiary for so long as it is a non-profit foundation under Section 501(c)(3)
of the Code, (ii) no Receivables Corporation shall be required to constitute a Material Subsidiary at any time and (iii) all calculations
in (a) and (b) above shall exclude entirely the assets and revenues of any Receivables Corporation and of BorgWarner Foundation
(but only for so long as it is a non-profit foundation under Section 501(c)(3) of the Code).

“Maturity
Date” means June 30, 2019, as such date may be extended with respect
to any particular Lender pursuant to Section 2.6.

“MLPFS”
means Merrill Lynch, Pierce, Fenner & Smith Incorporated.

“Moody’s”
means Moody’s Investors Service, Inc.

    	20

	

    	 

    

“Multiemployer
Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

“Net Cash
Proceeds” means in connection with any issuance or sale of any common equity, the cash proceeds received from such issuance
or incurrence, net of attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions
and other customary fees and expenses actually incurred in connection therewith.

“Non-Extending
Lenders” has the meaning assigned to such term in Section 2.6(a).

“Notice Date”
has the meaning assigned to such term in Section 2.6(a).

“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties of, the Borrower arising under any Loan Document
or otherwise with respect to any Loan, Letter of Credit, in each case 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 the Borrower or any Affiliate thereof of any proceeding under any bankruptcy or other debtor relief
laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such
proceeding.

“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.

“Other Loan
Documents” has the meaning specified in Section 9.17.

“Other Taxes”
means any and all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies
arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement
or any other Loan Documents.

“Overnight
Rate” means, for any day, (a) with respect to any amount denominated in Dollars, the greater of (i) the Federal Funds
Effective Rate and (ii) an overnight rate determined by the Administrative Agent, the Issuing Bank, or the Swingline Lender, as
the case may be, in accordance with banking industry rules on interbank compensation, and (b) with respect to any amount denominated
in an Alternative Currency, the rate of interest per annum at which overnight deposits in the applicable Alternative Currency,
in an amount approximately equal to the amount with respect to which such rate is being determined, would be offered for such day
by a branch or Affiliate of Bank of America in the applicable offshore interbank market for such currency to major banks in such
interbank market.

“Participant”
has the meaning specified in Section 9.4(d).

“Participant
Register” has the meaning set forth in Section 9.4(d).

“Participating
Member State” means any member state of the EMU which has the Euro as its lawful currency.

    	21

	

    	 

    

“PBGC”
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

“Permitted
Encumbrances” means:

(a)Liens
for taxes not yet due or which are being contested in good faith by appropriate proceedings, provided that adequate reserves with
respect thereto are maintained on the books of the Borrower or its Subsidiaries, as the case may be, in conformity with GAAP (or,
in the case of Foreign Subsidiaries, generally accepted accounting principles in effect from time to time in their respective jurisdictions
of incorporation);

(b)carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in
the ordinary course of business and securing obligations that are not overdue by more than 60 days or are being contested in compliance
with Section 5.4;

(c)pledges
and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and
other social security laws or regulations;

(d)deposits
to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and
other obligations of a like nature, in each case in the ordinary course of business; and

(e)easements,
zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of
business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere
with the ordinary conduct of business of the Borrower or any Subsidiary;

provided that the term “Permitted Encumbrances”
shall not include any Lien securing Indebtedness.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

“Plan”
means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section
412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were
terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

“Platform”
has the meaning specified in Section 5.1.

“PNC Bank”
means PNC Bank, National Association.

“Prime Rate”
means the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime
rate.” The “prime rate” is a rate 

    	22

	

    	 

    

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 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.

“Public Lender”
has the meaning specified in Section 5.1.

“Rating Agency”
has the meaning specified in the definition of Applicable Rate.

“Receivables
Corporation” means BWA Receivables Corporation, a Delaware corporation and a wholly-owned Domestic Subsidiary, and each
other special purpose vehicle created solely for the purpose of being the transferee of accounts receivable in connection with,
and the borrower under, a Receivables Facility described and permitted in the definition of “Receivables Facility”
herein; provided, that all obligations of Receivables Corporations shall be non-recourse to the Borrower and any Subsidiary
that is not a Receivables Corporation (other than customary obligations of transferors to repurchase certain transferred receivables
and related transferred assets under usual and customary conditions for receivables financing facilities).

“Receivables
Facility” means (a) receivables financings of the Borrower and its Domestic Subsidiaries, through one or more Receivables
Corporations, upon terms and subject to conditions reasonably satisfactory to the Required Lenders, in an aggregate principal amount
not to exceed $300,000,000 at any time outstanding; and (b) receivables financings of Foreign Subsidiaries of the Borrower, through
one or more Receivables Corporation, solely for receivables generated and held outside the U.S., upon terms and subject to conditions
reasonably satisfactory to the Required Lenders, in an aggregate principal amount not to exceed $300,000,000 at any time outstanding;
provided that in no event shall either (i) the aggregate principal amount at any time outstanding of all receivables facilities
permitted under clauses (a) and (b) exceed $500,000,000 or (ii) the obligations with respect to any Receivables Facility, or of
any Receivables Corporation with respect to any Receivables Facility, be recourse to the Borrower or any Subsidiary that is not
a Receivables Corporation (other than customary obligations of transferors to repurchase certain transferred receivables and related
transferred assets under usual and customary conditions for receivables financing facilities).

“Register”
has the meaning set forth in Section 9.4.

“Related
Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective partners, directors,
officers, employees, agents and advisors of such Person and such Person’s Affiliates. With respect to each Lender (other
than the Administrative Agent) and for the purpose of Section 9.3, it is hereby understood that such Lender’s “agents”
(as such term is used in the preceding sentence) shall not include the Administrative Agent or agents of the Administrative Agent.

“Request
for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of Revolving Loans, a Borrowing
Request, (b) with respect to an LC Credit Extension, a Letter of Credit Application, and (c) with respect to a Swingline Loan,
a written notice in accordance with Section 2.4(c).

    	23

	

    	 

    

“Required
Lenders” means, at any time, Lenders having Dollar Commitments representing more than 50% of the total Dollar Commitments
at such time; provided that, for purposes of declaring the Loans to be due and payable pursuant to Section 7.2, and
for all purposes after the Loans become due and payable pursuant to Section 7.2 or the Dollar Commitments expire or terminate,
“Required Lenders” shall mean Lenders having Revolving Credit Exposures representing more than 50% of the total
Revolving Credit Exposures; provided that for purposes of this definition the Revolving Credit Exposure of (a) each Lender
shall be adjusted up or down so as to give effect to any participations purchased or sold pursuant to Section 9.14 and (b)
any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.

“Responsible
Officer” means the chief executive officer, president, or any Financial Officer of the Borrower, and solely for purposes
of the delivery of incumbency certificates pursuant to Section 4.1, the secretary or any assistant secretary of the Borrower
and, solely for purposes of notices given pursuant to Article II, any other officer or employee of the Borrower so designated by
any of the foregoing officers in a notice to the Administrative Agent. Any document delivered hereunder that is signed by a Responsible
Officer of the Borrower shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other
action on the part of the Borrower and such Responsible Officer shall be conclusively presumed to have acted on behalf of the Borrower.

“Revaluation
Date” means, with respect to any Loan, each of the following: (a) each date of a Borrowing of a Eurocurrency Rate Loan
denominated in an Alternative Currency, (b) each date of a continuation of a Eurocurrency Rate Loan denominated in an Alternative
Currency pursuant to Section 2.8, and (c) such additional dates as the Administrative Agent shall determine or the Required
Lenders shall require.

“Revolving
Borrowing” means a borrowing consisting of Revolving Loans of the same Type and under the same Facility, made, converted
or continued on the same date and, in the case of Eurocurrency Loans, as to which a single Interest Period is in effect.

“Revolving
Credit Exposure” means, with respect to any Lender at any time, the Dollar Amount of the sum of the outstanding principal
amount of such Lender’s Revolving Loans and its LC Exposure and Swingline Exposure at such time.

“Revolving
Facility” means any of the Dollar Facility, the Euro Facility, the Sterling Facility or the Yen Facility.

“Revolving
Loan” means a Loan made pursuant to Section 2.3.

“Same Day
Funds” means (a) with respect to disbursements and payments in Dollars, immediately available funds, and (b) with respect
to disbursements and payments in an Alternative Currency, same day or other funds as may be determined by the Administrative Agent,
to be customary in the place of disbursement or payment for the settlement of international banking transactions in the relevant
Alternative Currency.

“Sanction(s)”
means any economic or financial sanction administered or enforced by the United States Government (including without limitation,
OFAC), the United Nations 

    	24

	

    	 

    

Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority.

“S&P”
means Standard & Poor’s Ratings Services, a division of the McGraw Hill Companies, Inc.

“Statutory
Reserve Rate” means, for any day during any Interest Period, the reserve percentage (expressed as a decimal, carried
out to five decimal places) in effect on such day, whether or not applicable to any Lender, under regulations issued from time
to time by the Board of Governors of the Federal Reserve System of the United States for determining the maximum reserve requirement
(including any emergency, supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently referred
to as “Eurocurrency liabilities”). The Eurocurrency Rate for each outstanding Eurocurrency Rate Loan shall be adjusted
automatically as of the effective date of any change in the Statutory Reserve Percentage.

“Sterling”
and “£” means the lawful currency of the United Kingdom.

“Sterling
Commitment” means, with respect to each Lender, the commitment of such Lender to make Sterling Revolving Loans, as such
commitment may be (a) reduced from time to time pursuant to Section 2.9 or (b) reduced or increased from time to time pursuant
to assignments by or to such Lender pursuant to Section 9.4. The initial amount of each Lender’s Sterling Commitment
is set forth on Schedule 2.1, or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Sterling
Commitment, as applicable. The Sterling Commitment is a part of, but not in addition to, each Lender’s Dollar Commitment.

“Sterling
Facility” shall have the meaning set forth in the definition of “Facility”. The Sterling Facility shall be
a subfacility of the Dollar Facility.

“Sterling
Lender” means each Lender holding a Sterling Commitment.

“Sterling
Revolving Loan” mean a Revolving Loan made pursuant to Section 2.1(c).

“subsidiary”
means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership,
association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated
financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation,
limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing
more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the
general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled,
by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.

“Subsidiary”
means any subsidiary of the Borrower.

“Swingline
Borrowing” means a borrowing of a Swingline Loan.

    	25

	

    	 

    

“Swingline
Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline
Exposure of any Lender at any time shall be its Applicable Percentage of the total Swingline Exposure at such time.

“Swingline
Lender” means Bank of America, in its capacity as lender of Swingline Loans hereunder, and its successors in such capacity
as provided herein.

“Swingline
Loan” means a Loan made pursuant to Section 2.4. Swingline Loans shall be a subfacility of the Dollar Facility.

“Swingline
Rate” means, for any day (except during a Eurocurrency Unavailability Period), a fluctuating rate per annum equal to
a reference rate equal to the Eurocurrency Rate (for Swingline Loans) plus 0.50%. Any change in the Swingline Rate due to a change
in the Eurocurrency Rate (for Swingline Loans) shall be effective from and including the effective date of such change in the Eurocurrency
Rate (for Swingline Loans), respectively.

“TARGET Day”
means any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) payment system (or if
such payment system ceases to be operative, such other payment system (if any) determined by the Administrative Agent to be a suitable
replacement) is open for the settlement of payments in Euro.

“Taxes”
means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental
Authority.

“Transactions”
means the execution, delivery and performance by the Borrower of this Agreement and the other Loan Documents, the borrowing of
Loans, the use of the proceeds thereof and the issuance of Letters of Credit hereunder.

“Type”,
when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising
such Borrowing, is determined by reference to the Adjusted Eurocurrency Rate or the Alternate Base Rate.

“Unreimbursed
Amount” has the meaning specified in Section 2.5(c)(i).

“Wells Fargo”
means Wells Fargo Bank, National Association.

“Withdrawal
Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

“Yen”
and “¥” means the lawful currency of Japan.

“Yen Commitment”
means, with respect to each Lender, the commitment of such Lender to make Yen Revolving Loans, as such commitment may be (a) reduced
from time to time pursuant to Section 2.9 or (b) reduced or increased from time to time pursuant to assignments by or to
such Lender pursuant to Section 9.4. The initial amount of each Lender’s Yen Commitment is set forth on Schedule
2.1, or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Yen Commitment, as applicable.
The Yen Commitment is a part of, but not in addition to, each Lender’s Dollar Commitment.

    	26

	

    	 

    

“Yen Facility”
shall have the meaning set forth in the definition of “Facility”. The Yen Facility shall be a subfacility of the Dollar
Facility.

“Yen Lender”
means each Lender holding a Yen Commitment.

“Yen Revolving
Loan” means a Revolving Loan made pursuant to Section 2.1(d).

SECTION
1.2           Classification
of Loans and Borrowings. For purposes of this Agreement and each other Loan Document, Loans may be classified and referred
to by Class (e.g., a “Dollar Revolving Loan”) or by Type (e.g., a “Eurocurrency Loan”) or
by Class and Type (e.g., a “Dollar Eurocurrency Revolving Loan”). Borrowings also may be classified and referred
to by Class (e.g., a “Dollar Revolving Borrowing”) or by Type (e.g., a “Eurocurrency Borrowing”)
or by Class and Type (e.g., a “Dollar Eurocurrency Revolving Borrowing”).

SECTION
1.3           Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”.
The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed
as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject
to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (b) any reference
herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “hereto”,
“herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer
to this Agreement and each other Loan Document in its entirety and not to any particular provision hereof, (d) all references herein
or in any other 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 and (e) 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.

SECTION
1.4           Accounting
Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed
in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent
that the Borrower requests an amendment to any provision hereof or of any other Loan Document to eliminate the effect of any change
occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative
Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless
of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall
be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such
notice shall have been withdrawn or such provision amended in accordance herewith.

SECTION
1.5           Change
of Currency.

    	27

	

    	 

    

(a)           
Each obligation of the Borrower to make a payment denominated in the national currency unit of any member state of the European
Union that adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euro at the time of such adoption
(in accordance with the EMU Legislation). If, in relation to the currency of any such member state, the basis of accrual of interest
expressed in this Agreement in respect of that currency shall be inconsistent with any convention or practice in the London interbank
market for the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention or
practice with effect from the date on which such member state adopts the Euro as its lawful currency; provided that if any
Borrowing in the currency of such member state is outstanding immediately prior to such date, such replacement shall take effect,
with respect to such Borrowing, at the end of the then current Interest Period.

(b)          
Each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent
may from time to time specify to be appropriate to reflect the adoption of the Euro by any member state of the European Union and
any relevant market conventions or practices relating to the Euro.

(c)           
Each provision of this Agreement also shall be subject to such reasonable changes of construction as the Administrative
Agent may from time to time specify after consultation with (but without the consent of) the Borrower, to be appropriate to reflect
a change in currency of any other country and any relevant market conventions or practices relating to the change in currency.

SECTION
1.6           Exchange
Rates; Currency Equivalents.

(a)           
The Administrative Agent or the Issuing Bank, as applicable, shall determine the Exchange Rates as of each Revaluation Date
to be used for calculating Dollar Amounts of Borrowings and outstanding amounts of Loans denominated in Alternative Currencies.
Such Exchange Rates shall become effective as of such Revaluation Date and shall be the Exchange Rates employed in converting any
amounts between the applicable currencies until the next Revaluation Date to occur. Except for purposes of financial statements
delivered by the Borrower hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the applicable
amount of any currency (other than Dollars) for purposes of the Loan Documents shall be such Dollar Amount as so determined by
the Administrative Agent or the Issuing Bank, as applicable.

(b)          
Wherever in this Agreement in connection with a Borrowing, conversion, continuation or prepayment of a Eurocurrency Rate
Loan an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Borrowing or Eurocurrency Rate
Loan is denominated in an Alternative Currency, such amount shall be the relevant Alternative Currency Equivalent of such Dollar
amount (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded upward), as determined by the
Administrative Agent or the Issuing Bank, as the case may be.

SECTION
1.7           Letter
of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the
stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter
of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or 

    	28

	

    	 

    

more automatic increases
in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter
of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.

ARTICLE
II

THE CREDITS

SECTION
2.1           Commitments.

(a)           
Subject to the terms and conditions set forth herein, each Dollar Lender agrees to make Revolving Loans to the Borrower
denominated in Dollars (each such Loan, a “Dollar Revolving Loan”) from time to time during the Availability
Period in an aggregate principal amount that will not result in (i) such Lender’s Revolving Credit Exposure under the Dollar
Commitments exceeding such Lender’s Dollar Commitment or (ii) the total Revolving Credit Exposures exceeding the total Commitments.
Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow
Dollar Revolving Loans.

(b)          
Subject to the terms and conditions set forth herein, each Euro Lender agrees to make Revolving Loans to the Borrower denominated
in Euros (each such Loan, a “Euro Revolving Loan”) from time to time during the Availability Period in an aggregate
principal amount that will not result in (i) the Dollar Amount of such Lender’s Euro Revolving Loans exceeding such Lender’s
Euro Commitment, (ii) the total Revolving Credit Exposures exceeding the total Dollar Commitments or (iii) the Dollar Amount of
Euro Revolving Loans exceeding the applicable Alternative Currency Sublimit. Within the foregoing limits and subject to the terms
and conditions set forth herein, the Borrower may borrow, prepay and reborrow Euro Revolving Loans.

(c)           
Subject to the terms and conditions set forth herein, each Sterling Lender agrees to make Revolving Loans to the Borrower
denominated in Sterling (each such Loan, a “Sterling Revolving Loan”) from time to time during the Availability
Period in an aggregate principal amount that will not result in (i) the Dollar Amount of such Lender’s Sterling Revolving
Loans exceeding such Lender’s Sterling Commitment, (ii) the total Revolving Credit Exposures exceeding the total Dollar Commitments
or (iii) the Dollar Amount of Sterling Revolving Loans exceeding the applicable Alternative Currency Sublimit. Within the foregoing
limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Sterling Revolving
Loans.

(d)          
Subject to the terms and conditions set forth herein, each Yen Lender agrees to make Revolving Loans to the Borrower denominated
in Yen (each such loan, a “Yen Revolving Loan”) from time to time during the Availability Period in an aggregate
principal amount that will not result in (i) the Dollar Amount of such Lender’s Yen Revolving Loans exceeding such Lender’s
Yen Commitment, (ii) the total Revolving Credit Exposures exceeding the total Dollar Commitments or (iii) the Dollar Amount of
Yen Revolving Loans exceeding the applicable Alternative Currency Sublimit. Within the foregoing limits and subject to the terms

    	29

	

    	 

    

and conditions set forth herein, the Borrower may borrow, prepay and reborrow Yen Revolving Loans.

(e)           
Notwithstanding any other provision of this Agreement to the contrary:

(i)            
The Lenders shall not be required to make any Revolving Loans or Swingline Loans hereunder or issue any Letter of Credit
if, after giving effect thereto, the Revolving Credit Exposure of any Dollar Lender would exceed such Dollar Lender’s Dollar
Commitment (unless such Dollar Lender consents thereto); and

(ii)          
At the election of the Borrower and the Administrative Agent, Dollar Revolving Loans shall be made on the ratable basis
of Available Dollar Commitments (rather than on the basis of Dollar Commitments) of the Dollar Lenders in the event that the Dollar
Lenders have disproportionate commitments to the Euro Facility, the Sterling Facility or the Yen Facility. In such event the Administrative
Agent may also advise the Lenders of changes as it may determine in the borrowing and payment provisions herein in order to provide
maximum availability of the Dollar Commitments to the Borrower and generally ratable treatment of the Lenders.

SECTION
2.2           Loans
and Borrowings.

(a)           
Each Revolving Loan under a Facility shall be made as part of a Borrowing consisting of Revolving Loans made by the Lenders
ratably in accordance with their respective Commitments under such Facility, subject to Section 2.1(e). The failure of any
Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided
that the Commitments of the Lenders are several and not joint, and no Lender shall be responsible for any other Lender’s
failure to make Loans as required.

(b)          
Subject to Section 2.14, (i) each Revolving Borrowing of Dollar Revolving Loans shall be comprised entirely of ABR
Loans or Eurocurrency Loans as the Borrower may request in accordance herewith, (ii) each Revolving Borrowing of Euro Revolving
Loans, Sterling Revolving Loans or Yen Revolving Loans shall comprised entirely of Eurocurrency Loans and (iii) each Swingline
Loan shall be an ABR Loan. Each Lender at its option may make any Eurocurrency Loan by causing any domestic or foreign branch or
Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of
the Borrower to repay such Loan in accordance with the terms of this Agreement.

(c)           
At the commencement of each Interest Period for any Eurocurrency Revolving Borrowing, such Borrowing shall be in an aggregate
amount that is an integral multiple of $1,000,000 and not less than $5,000,000 (or comparable amounts determined by the Administrative
Agent in the case of Alternative Currency). At the time that each ABR Revolving Borrowing is made, such Borrowing shall be in an
aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000; provided that an ABR Revolving
Dollar Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Dollar Commitments or that
is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.5(c). Each Swingline Loan shall
be in an amount 

    	30

	

    	 

    

that is an integral multiple of $100,000 and not less than $500,000. Notwithstanding anything herein to the contrary,
any borrowing of Revolving Loans to be used solely to pay the aggregate amount of Swingline Loans then outstanding may be in the
aggregate principal amount of such Swingline Loans. Borrowings of more than one Type and Class may be outstanding at the same time;
provided that there shall not at any time be more than a total of 15 Eurocurrency Revolving Borrowings outstanding.

(d)          
Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert
or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.

SECTION
2.3           Requests
for Revolving Borrowings. To request a Revolving Borrowing, the Borrower shall notify the Administrative Agent of such request
by telephone (a) in the case of a Eurocurrency Borrowing denominated in Dollars, not later than 11:00 a.m., New York City time,
three Business Days before the date of the proposed Borrowing, (b) in the case of a Eurocurrency Borrowing denominated in an Alternative
Currency, not later than 11:00 a.m., New York City time, four Business Days before the date of the proposed Borrowing and (c) in
the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, on the date of the proposed Borrowing; provided
that any such notice of an ABR Revolving Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section
2.5(c) may be given not later than 1:00 p.m., New York City time, on the date of the proposed Borrowing. Each such telephonic
Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy (or transmitted by electronic
communication, if arrangements for doing so have been approved by the Administrative Agent) to the Administrative Agent of a written
Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower. Each such telephonic and written Borrowing
Request shall specify the following information in compliance with Section 2.2:

(i)            
the aggregate amount of the requested Borrowing;

(ii)          
the date of such Borrowing, which shall be a Business Day;

(iii)        
whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;

(iv)         
the currency in which such Borrowing is to be denominated and the Facility under which such Borrowing is to be made;

(v)          
in the case of a Eurocurrency Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated
by the definition of the term “Interest Period”; and

(vi)         
the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the
requirements of Section 2.7.

If no election as to the Type of Revolving
Borrowing is specified, then the requested Revolving Borrowing shall be an ABR Borrowing. If no Interest Period is specified with
respect to any requested Eurocurrency Revolving Borrowing, then the Borrower shall be deemed to have selected an Interest Period
of one month’s duration. If no currency or Facility is specified, the 

    	31

	

    	 

    

requested Borrowing shall be in Dollars under the Dollar
Facility. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise
each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.
In making any determination of the Dollar Amount for purposes of calculating the amount of Loans to be borrowed from the respective
Lenders on any date, the Administrative Agent shall act in accordance with Section 1.6.

 

SECTION
2.4           Swingline
Loans.

(a)           
Subject to the terms and conditions set forth herein, the Swingline Lender, in reliance upon the agreements of the other
Lenders set forth in this Section 2.4, shall make Swingline Loans to the Borrower from time to time during the Availability
Period, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of
outstanding Swingline Loans exceeding $75,000,000 or (ii) the total Revolving Credit Exposures exceeding the total Dollar Commitments.
Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow
Swingline Loans.

(b)          
All Swingline Loans shall be made and maintained as Swingline Rate Loans (except during a Eurocurrency Unavailability Period)
and shall not be entitled to be converted into Eurocurrency Loans. To request a Swingline Loan, the Borrower shall notify the Administrative
Agent of such request by telephone (confirmed by telecopy or by electronic communication (if arrangements for doing so have been
approved by the Administrative Agent)), not later than 12:00 noon, New York, New York time, on the day of a proposed Swingline
Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day) and the amount
of the requested Swingline Loan, which shall be in a minimum amount of $100,000. The Administrative Agent will promptly advise
the Swingline Lender of any such notice received from the Borrower. The Swingline Lender shall make each Swingline Loan available
to the Borrower by means of a credit to the general deposit account of the Borrower designated by the Borrower (or, in the case
of a Swingline Loan made to finance the reimbursement of an LC Disbursement, by remittance to the Issuing Bank) by 3:00 p.m., New
York City time, on the requested date of such Swingline Loan.

(c)           
The Swingline Lender may, in its sole discretion by written notice given to the Administrative Agent not later than 10:00
a.m., New York City time, on any Business Day, require the Lenders to acquire irrevocable and unconditional pro rata participations
on such Business Day in all or a portion of the Swingline Loans outstanding. Such notice shall specify the aggregate amount of
Swingline Loans in which Lenders will participate. In addition, upon the occurrence of any of the events described in paragraph
(h), (i) or (j) of Section 7.1, each Lender shall automatically acquire a participation in all of the Swingline Loans then
outstanding. Promptly upon receipt of such notice or the occurrence of any event described in paragraph (h), (i) or (j) of Section
7.1, the Administrative Agent will give notice thereof to each Lender, specifying in such notice such Lender’s Applicable
Percentage of such Swingline Loan or Loans. Each Lender hereby absolutely and unconditionally agrees, upon receipt of notice as
provided above, to pay to the Administrative Agent for the account of the Swingline Lender, such Lender’s Applicable Percentage
of such Swingline Loan or Loans. Each Lender acknowledges and agrees that its obligation to acquire participations in Swingline
Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance 

    	32

	

    	 

    

whatsoever, including
the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be
made without any offset, abatement, withholding or reduction whatsoever. Each Lender shall comply with its obligation under this
paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.7 with respect to
Loans made by such Lender (and Section 2.7 shall apply, mutatis mutandis, to the payment obligations of the Lenders),
and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Lenders. The Administrative
Agent shall notify the Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter
payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender. Any amounts
received by the Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after
receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative
Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders
that shall have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear. The
purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default in the
payment thereof. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the
termination of this Agreement.

SECTION
2.5           Letters
of Credit.

(a)           
The Letter of Credit Commitment.

(i)            
Subject to the terms and conditions set forth herein, (A) each Issuing Bank agrees, in reliance upon the agreements of the
Lenders set forth in this Section 2.5, (1) from time to time on any Business Day during the period from the Effective Date
until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars for the account of the Borrower,
and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings
under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of
the Borrower and any drawings thereunder; provided that after giving effect to any LC Credit Extension with respect to any
Letter of Credit, (w) the total Revolving Credit Exposures shall not exceed the total Dollar Commitments, (x) the Revolving Credit
Exposure of any Lender shall not exceed such Lender’s Dollar Commitments, (y) the LC Exposure of the Issuing Bank of all
Letters of Credit shall not exceed its Issuer Maximum LC Exposure, and (z) the LC Exposure shall not exceed $150,000,000. Each
request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower
that the LC Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within
the foregoing limits, and subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit
shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters
of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have
been issued pursuant hereto, and from and after the date hereof and the effectiveness of 

    	33

	

    	 

    

this Agreement shall be subject to and
governed by the terms and conditions hereof.

(ii)          
No Issuing Bank shall issue any Letter of Credit, if:

(A)         
the expiry date of the requested Letter of Credit would occur more than twelve months after the date of issuance or last
extension, unless the Required Lenders have approved such expiry date; or

(B)         
the expiry date of the requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the
Lenders have approved such expiry date.

(iii)        
No Issuing Bank shall be under any obligation to issue any Letter of Credit if:

(A)         
any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain
such Issuing Bank from issuing the Letter of Credit, or any law applicable to such Issuing Bank or any request or directive (whether
or not having the force of law) from any Governmental Authority with jurisdiction over such Issuing Bank shall prohibit, or request
that such Issuing Bank refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or shall
impose upon such Issuing Bank with respect to the Letter of Credit any restriction, reserve or capital requirement (for which such
Issuing Bank is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon such Issuing Bank
any unreimbursed loss, cost or expense which was not applicable on the Effective Date and which such Issuing Bank in good faith
deems material to it;

(B)         
the issuance of the Letter of Credit would violate one or more policies of such Issuing Bank applicable to letters of credit
generally;

(C)         
except as otherwise agreed by the Administrative Agent and such Issuing Bank, the Letter of Credit is in an initial stated
amount less than $500,000;

(D)         
except as otherwise agreed by the Administrative Agent and such Issuing Bank, the Letter of Credit is to be denominated
in a currency other than Dollars;

(E)          
the Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunder;

(F)          
any Lender is at that time a Defaulting Lender, unless the applicable Issuing Bank has entered into arrangements, including
the delivery of Cash Collateral, satisfactory to such Issuing Bank (in its sole 

    	34

	

    	 

    

discretion) with the Borrower or such Lender to
eliminate the Issuing Bank’s actual or potential Fronting Exposure (after giving effect to Section 2.22(a)(iv)) with
respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and
all other LC Exposures as to which the Issuing Bank has actual or potential Fronting Exposure, as it may elect in its sole discretion.

(iv)         
No Issuing Bank shall amend any Letter of Credit if such Issuing Bank would not be permitted at such time to issue the Letter
of Credit in its amended form under the terms hereof.

(v)          
No Issuing Bank shall be under any obligation to amend any Letter of Credit if (A) such Issuing Bank would have no obligation
at such time to issue the Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of the Letter of
Credit does not accept the proposed amendment to the Letter of Credit.

(vi)         
Each Issuing Bank shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents
associated therewith, and each Issuing Bank shall have all of the benefits and immunities (A) provided to the Administrative Agent
in Article VIII with respect to any acts taken or omissions suffered by the Issuing Bank in connection with Letters of Credit
issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative
Agent” as used in Article IX included the Issuing Banks with respect to such acts or omissions, and (B) as additionally
provided herein with respect to the Issuing Banks.

(b)          
Procedures for Issuance and Amendment of Letters of Credit.

(i)            
Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to an Issuing
Bank (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed
by a Financial Officer of the Borrower. Such Letter of Credit Application must be received by the Issuing Bank and the Administrative
Agent not later than 11:00 a.m., New York City time, at least two Business Days (or such later date and time as the Administrative
Agent and the Issuing Bank may agree in a particular instance in their sole discretion) prior to the proposed issuance date or
date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit
Application shall specify in form and detail satisfactory to the Issuing Bank: (A) the proposed issuance date of the requested
Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address
of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full
text of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the purpose and nature of the
requested Letter of Credit; and (H) such other matters as the Issuing Bank may require. In the case of a request for an amendment
of any outstanding Letter of Credit, such Letter of Credit Application shall specify in 

    	35

	

    	 

    

form and detail satisfactory to the Issuing
Bank (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the
nature of the proposed amendment; and (D) such other matters as the Issuing Bank may require. Additionally, the Borrower shall
furnish to the Issuing Bank and the Administrative Agent such other documents and information pertaining to such requested Letter
of Credit issuance or amendment, including any Issuer Documents, as the Issuing Bank or the Administrative Agent may require.

(ii)          
Promptly after receipt of any Letter of Credit Application, the Issuing Bank will confirm with the Administrative Agent
(by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Borrower
and, if not, the Issuing Bank will provide the Administrative Agent with a copy thereof. Unless the Issuing Bank has received written
notice from any Lender, the Administrative Agent or the Borrower, at least one Business Day prior to the requested date of issuance
or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Article IV shall not
then be satisfied, then, subject to the terms and conditions hereof, the Issuing Bank shall, on the requested date, issue a Letter
of Credit for the account of the Borrower or enter into the applicable amendment, as the case may be, in each case in accordance
with the Issuing Bank’s usual and customary business practices. Immediately upon the issuance of each Letter of Credit, each
Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank a risk participation
in such Letter of Credit in an amount equal to the product of such Lender’s Applicable Percentage times the amount
of such Letter of Credit.

(iii)        
Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect
thereto or to the beneficiary thereof, the Issuing Bank will also deliver to the Borrower and the Administrative Agent a true and
complete copy of such Letter of Credit or amendment.

(c)           
Drawings and Reimbursements; Funding of Participations.

(i)            
Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the Issuing
Bank shall notify the Borrower and the Administrative Agent thereof. Not later than 11:00 a.m., New York City time, on the date
of any payment by the Issuing Bank under a Letter of Credit (each such date, an “Honor Date”), the Borrower
shall reimburse the Issuing Bank through the Administrative Agent in an amount equal to the amount of such drawing. If the Borrower
fails to so reimburse the Issuing Bank by such time, the Administrative Agent shall promptly notify each Lender of the Honor Date,
the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Lender’s Applicable
Percentage thereof. In such event, the Borrower shall be deemed to have requested a Borrowing of ABR Loans to be disbursed on the
Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.2
for the 

    	36

	

    	 

    

principal amount of ABR Loans, but subject to the amount of the unutilized portion of the total Dollar Commitments and
the conditions set forth in Section 4.2 (other than the delivery of a Borrowing Request). Any notice given by the Issuing
Bank or the Administrative Agent pursuant to this Section 2.5(c)(i) may be given by telephone if immediately confirmed in
writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect
of such notice.

(ii)          
Each Lender shall upon any notice pursuant to Section 2.5(c)(i) make funds available (and the Administrative Agent
may apply Cash Collateral provided for this purpose) for the account of the Issuing Bank at the Administrative Agent’s Office
in an amount equal to its Applicable Percentage of the Unreimbursed Amount not later than 1:00 p.m., New York City time, on the
Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.5(c)(iii),
each Lender that so makes funds available shall be deemed to have made a ABR Loan to the Borrower in such amount. The Administrative
Agent shall remit the funds so received to the Issuing Bank.

(iii)        
With respect to any Unreimbursed Amount that is not fully refinanced by a Borrowing of ABR Loans because the conditions
set forth in Section 4.2 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from
the Issuing Bank an LC Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which LC Borrowing shall be
due and payable on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Lender’s
payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.5(c)(ii) shall be deemed payment
in respect of its participation in such LC Borrowing and shall constitute an LC Advance from such Lender in satisfaction of its
participation obligation under this Section 2.5.

(iv)         
Until each Lender funds its Loan or LC Advance pursuant to this Section 2.5(c) to reimburse the Issuing Bank for
any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Percentage of such amount shall
be solely for the account of the Issuing Bank.

(v)          
Each Lender’s obligation to make Loans or LC Advances to reimburse the Issuing Bank for amounts drawn under Letters
of Credit, as contemplated by this Section 2.5(c), shall be absolute and unconditional and shall not be affected by any
circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the
Issuing Bank, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C)
any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that
each Lender’s obligation to make Loans pursuant to this Section 2.5(c) is subject to the conditions set forth in Section
4.2 (other than delivery by the Borrower of a Borrowing Request). No such making of an LC Advance shall relieve or otherwise
impair the obligation of the Borrower to reimburse the Issuing Bank for 

    	37

	

    	 

    

the amount of any payment made by the Issuing Bank under
any Letter of Credit, together with interest as provided herein.

(vi)         
If any Lender fails to make available to the Administrative Agent for the account of the Issuing Bank any amount required
to be paid by such Lender pursuant to the foregoing provisions of this Section 2.5(c) by the time specified in Section
2.5(c)(ii), then, without limiting the other provisions of this Agreement, the Issuing Bank shall be entitled to recover from
such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date
such payment is required to the date on which such payment is immediately available to the Issuing Bank at a rate per annum equal
to the greater of the Federal Funds Effective Rate and a rate determined by the Issuing Bank in accordance with banking industry
rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the Issuing Bank in
connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall
constitute such Lender’s Loan included in the relevant Borrowing or LC Advance in respect of the relevant LC Borrowing, as
the case may be. A certificate of the Issuing Bank submitted to any Lender (through the Administrative Agent) with respect to any
amounts owing under this Section 2.5(c)(vi) shall be conclusive absent manifest error.

(d)          
Repayment of Participations.

(i)            
At any time after the Issuing Bank has made a payment under any Letter of Credit and has received from any Lender such Lender’s
LC Advance in respect of such payment in accordance with Section 2.5(c), if the Administrative Agent receives for the account
of the Issuing Bank any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the Borrower
or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will
distribute to such Lender its Applicable Percentage thereof in the same funds as those received by the Administrative Agent.

(ii)          
If any payment received by the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.5(c)(i)
is required to be returned under any of the circumstances described in Section 9.16 (including pursuant to any settlement
entered into by the Issuing Bank in its discretion), each Lender shall pay to the Administrative Agent for the account of the Issuing
Bank its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand
to the date such amount is returned by such Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect.
The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this
Agreement.

(e)           
Obligations Absolute. The obligation of the Borrower to reimburse the Issuing Bank for each drawing under each Letter
of Credit and to repay each LC Borrowing shall 

    	38

	

    	 

    

be absolute, unconditional and irrevocable, and shall be paid strictly in accordance
with the terms of this Agreement under all circumstances, including the following:

(i)            
any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;

(ii)          
the existence of any claim, counterclaim, setoff, defense or other right that the Borrower or any Subsidiary may have at
any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any
such transferee may be acting), the Issuing Bank or any other Person, whether in connection with this Agreement, the transactions
contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

(iii)        
any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent,
invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay
in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

(iv)         
waiver by any Issuing Bank of any requirement that exists for such Issuing Bank’s protection and not the protection
of the Borrower or any waiver by any Issuing Bank which does not in fact materially prejudice the Borrower;

(v)          
honor of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form
of a draft;

(vi)         
any payment made by the applicable Issuing Bank in respect of an otherwise complying item presented after the date specified
as the expiration date of, or the date by which documents must be received under such Letter of Credit if presentation after such
date is authorized by the UCC or the ISP, as applicable;

(vii)       
any payment by the Issuing Bank under such Letter of Credit against presentation of a draft or certificate that does not
strictly comply with the terms of such Letter of Credit; or any payment made by the Issuing Bank under such Letter of Credit to
any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver
or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in
connection with any proceeding under any bankruptcy or other debtor relief law; or

(viii)     
any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance
that might otherwise constitute a defense available to, or a discharge of, the Borrower or any of its Subsidiaries.

The Borrower shall promptly examine a copy
of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with
the Borrower’s instructions or other irregularity, the Borrower will immediately notify the Issuing 

    	39

	

    	 

    

Bank. The Borrower shall
be conclusively deemed to have waived any such claim against the Issuing Bank and its correspondents unless such notice is given
as aforesaid.

 

(f)           
Role of Issuing Bank. Each Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, the
Issuing Bank shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly
required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority
of the Person executing or delivering any such document. None of the Issuing Bank, the Administrative Agent, any of their respective
Related Parties nor any correspondent, participant or assignee of the Issuing Bank shall be liable to any Lender for (i) any action
taken or omitted in connection herewith at the request or with the approval of the Lenders or the Required Lenders, as applicable;
(ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness,
validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. The Borrower hereby
assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided,
however, that this assumption is not intended to, and shall not, preclude the Borrower’s pursuing such rights and remedies
as it may have against the beneficiary or transferee at law or under any other agreement. None of the Issuing Bank, the Administrative
Agent, any of their respective Related Parties nor any correspondent, participant or assignee of the Issuing Bank shall be liable
or responsible for any of the matters described in clauses (i) through (viii) of Section 2.5(e); provided, however,
that anything in such clauses to the contrary notwithstanding, the Borrower may have a claim against the Issuing Bank, and the
Issuing Bank may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or
exemplary, damages suffered by the Borrower which the Borrower proves were caused by the Issuing Bank’s willful misconduct
or gross negligence or the Issuing Bank’s willful failure to pay under any Letter of Credit after the presentation to it
by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit.
In furtherance and not in limitation of the foregoing, the Issuing Bank may accept documents that appear on their face to be in
order, without responsibility for further investigation, regardless of any notice or information to the contrary, and the Issuing
Bank shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer
or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to
be invalid or ineffective for any reason. Each Issuing Bank may send a Letter of Credit or conduct any communication to or from
the beneficiary via the Society for Worldwide Interbank Financial Telecommunication ("SWIFT") message or overnight
courier, or any other commercially reasonable means of communicating with a beneficiary.

(g)          
Applicability of ISP. Unless otherwise expressly agreed by the Issuing Bank and the Borrower when a Letter of Credit
is issued (including any such agreement applicable to an Existing Letter of Credit), the rules of the ISP shall apply to each Letter
of Credit. Notwithstanding the foregoing, no Issuing Bank shall be responsible to the Borrower for, and no Issuing Bank’s
rights and remedies against the Borrower shall be impaired by, any action or inaction of such Issuing Bank required or permitted
under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including
the Law or any order of a jurisdiction where such Issuing Bank or the beneficiary is located, the practice stated in the ISP, or
in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association
for Finance and Trade - International 

    	40

	

    	 

    

Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law
& Practice, whether or not any Letter of Credit chooses such law or practice.

(h)          
Conflict with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any Issuer
Document, the terms hereof shall control.

(i)            
Reporting of Letter of Credit Information. At any time that there is more than one Issuing Bank, then on (i) the
last Business Day of each calendar month, and (ii) each date that an LC Credit Extension occurs with respect to any Letter of Credit,
each Issuing Bank (or, in the case of part (ii), the applicable Issuing Bank) shall deliver to the Administrative Agent a report
setting forth in form and detail reasonably satisfactory to the Administrative Agent information with respect to each Letter of
Credit issued by such Issuing Bank that is outstanding hereunder.

SECTION
2.6           Extension
of Maturity Date.

(a)           
The Borrower may, by written notice to the Administrative Agent (such notice being an “Extension Notice”)
given at any time, from time to time but in any event, no later than 45 days prior to the Maturity Date then in effect (the date
of such notice, the “Notice Date”), request the Lenders to extend the then applicable Maturity Date to a date
specified in the Extension Notice (the “Extended Maturity Date”). The Administrative Agent shall promptly transmit
any Extension Notice to each Lender. Each Lender shall notify the Administrative Agent whether it wishes to extend the then applicable
Maturity Date no later than twenty days after the Notice Date, and any such notice given by a Lender to the Administrative Agent,
once given, shall be irrevocable as to such Lender. The Administrative Agent shall promptly notify the Borrower of each Lender’s
notice that it wishes to extend (each, an “Extension Acceptance Notice”). Any Lender which does not expressly
notify the Administrative Agent during such twenty day period that it wishes to so extend the then applicable Maturity Date shall
be deemed to have rejected the Borrower’s request for extension of such Maturity Date. Lenders consenting to extend the then
applicable Maturity Date are hereinafter referred to as “Continuing Lenders”, and Lenders declining to consent
to extend such Maturity Date (or Lenders deemed to have so declined) are hereinafter referred to as “Non-Extending Lenders”.
If the Required Lenders have elected (in their sole and absolute discretion) to so extend the Maturity Date, the Administrative
Agent shall notify the Borrower of such election by such Required Lenders no later than five days after the date when Extension
Acceptance Notices are due, and effective on the date of such notice by the Administrative Agent to the Borrower (the “Extension
Date”), the Maturity Date shall be automatically and immediately so extended to the Extended Maturity Date. No extension
will be permitted hereunder without the consent of the Required Lenders and in no event shall the period from the Extension Date
to the Extended Maturity Date exceed five years. Upon the delivery of an Extension Notice and upon the extension of the Maturity
Date pursuant to this Section 2.6, the Borrower shall be deemed to have represented and warranted on and as of the Notice
Date and the Extension Date, as the case may be, that no Default or Event of Default has occurred and is continuing. Notwithstanding
anything contained in this Agreement to the contrary, no Lender shall have any obligation to extend the Maturity Date, and each
Lender may at its option, unconditionally and without cause, decline to extend the Maturity Date.

    	41

	

    	 

    

(b)          
If the Maturity Date shall have been extended in accordance with Section 2.6(a), all references herein to the
“Maturity Date” shall refer to the Extended Maturity Date.

(c)           
If any Lender shall determine not to extend the Maturity Date as requested by any Extension Notice given by the Borrower
pursuant to Section 2.6(a), the Commitments of such Lender and its participation obligations under Sections 2.4(c)
(except in respect of then outstanding Swingline Loans) and 2.5(c) (except in respect of unreimbursed drawings under Letters
of Credit existing on the Maturity Date) shall terminate on the Maturity Date without giving any effect to such proposed extension,
and the Borrower shall on such date pay to the Administrative Agent, for the account of such Lender, the principal amount of, and
accrued interest on, such Lender’s Loans, together with any fees or other amounts owing to such Lender under this Agreement;
provided that if the Borrower has replaced such Non-Extending Lender pursuant to Section 2.6(d) below, then the provisions
of Section 2.6(d) shall apply. The total Commitments under each Revolving Facility shall be reduced by the amount of the
Commitment of such Non-Extending Lender under such Revolving Facility to the extent the Commitment of such Non-Extending Lender
under such Revolving Facility has not been transferred to one or more Continuing Lenders pursuant to Section 2.6(d) below.

(d)          
A Non-Extending Lender shall be obligated, at the request of the Borrower and subject to payment by the Borrower to the
Administrative Agent for the account of such Non-Extending Lender of the principal amount of, and accrued interest on, such Lender’s
Loans, together with any fees or other amounts owing to such Lender under this Agreement, to transfer without recourse, representation
or warranty (other than good title to its Loans), Extending Lender, at any time prior to the Maturity Date applicable to such Non-Extending
Lender, all of its rights and obligations hereunder to another financial institution or group of financial institutions nominated
by the Borrower and willing to participate in the Commitments in the place of such Non-Extending Lender; provided that,
if such transferee is not a Lender, such transferee(s) satisfies all the requirements of this Agreement and the Administrative
Agent shall have consented to such transfer, which consent shall not be unreasonably withheld. Each such transferee shall become
a Continuing Lender hereunder in replacement of the Non-Extending Lender, with the Maturity Date applicable to such Continuing
Lender’s Commitments being the Extended Maturity Date, and shall enjoy all rights and assume all obligations on the part
of the Lenders set forth in this Agreement. Simultaneously with such transfer, each such transferee shall execute and deliver to
the Administrative Agent a written agreement assuming all obligations of the Lenders set forth in this Agreement, which agreement
shall be reasonably satisfactory in form and substance to the Administrative Agent.

(e)           
If the Maturity Date shall have been extended in respect of the Continuing Lenders in accordance with Section 2.6(a)
any notice of borrowing pursuant to Section 2.3 or 2.4 specifying a borrowing date occurring after the Maturity Date
applicable to a Non-Extending Lender or requesting an Interest Period extending beyond such date (a) shall have no effect in respect
of such Non-Extending Lender and (b) shall not specify a requested aggregate principal amount exceeding the total applicable Commitments.

SECTION
2.7           Funding
of Borrowings.

    	42

	

    	 

    

(a)           
Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of Same Day Funds
by 2:00 p.m., New York City time, in the case of any Loan denominated in Dollars, and by the Applicable Time specified by the Administrative
Agent, in the case of any Loan denominated in an Alternative Currency, to the account of the Administrative Agent most recently
designated by it for such purpose by notice to the Lenders; provided that Swingline Loans shall be made as provided in Section
2.4. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received,
in like funds, to an account of the Borrower designated by the Borrower in the applicable Borrowing Request; provided that
ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.5(c) shall be remitted
by the Administrative Agent to the Issuing Bank.

(b)          
Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that
such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative
Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and
may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not
in fact made its share of the applicable Borrowing available to the Administrative Agent in Same Day Funds, then the applicable
Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest
thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment
to the Administrative Agent, in Same Day Funds at (i) in the case of such Lender, the applicable Overnight Rate from time to time
in effect, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with
the foregoing, and (ii) in the case of the Borrower, the interest rate on the applicable Borrowing. 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 such amount to the
Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.

SECTION
2.8           Interest
Elections.

(a)           
Each Revolving Borrowing denominated in Dollars initially shall be of the Type and under the Facility specified in the applicable
Borrowing Request and, in the case of a Eurocurrency Revolving Borrowing, shall have an initial Interest Period as specified in
such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing
and, in the case of a Eurocurrency Revolving Borrowing, may elect Interest Periods therefor, all as provided in this Section. The
Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion
shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion
shall be considered a separate Borrowing. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.

(b)          
Each Revolving Borrowing denominated in an Alternative Currency shall have an initial Interest Period as specified in the
applicable Borrowing Request. Thereafter, the Borrower may elect to continue such Borrowing and may elect Interest Periods thereafter,
all as 

    	43

	

    	 

    

provided in this Section. The Borrower may elect different Interest Periods with respect to different portions of the affected
Borrowing, in which case such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing,
and the Loans comprising each such portion shall be considered a separate Borrowing.

(c)           
To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone
or by electronic communication (if arrangements for doing so have been approved by the Administrative Agent) by the time that a
Borrowing Request would be required under Section 2.3 if the Borrower were requesting a Revolving Borrowing of the Type
resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request
shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy or by electronic communication (if arrangements
for doing so have been approved by the Administrative Agent) to the Administrative Agent of a written Interest Election Request
in a form approved by the Administrative Agent and signed by the Borrower.

(d)          
Each telephonic and written Interest Election Request shall specify the following information in compliance with Section
2.2:

(i)            
the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to
different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to
be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

(ii)          
the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

(iii)        
in the case of Borrowings denominated in Dollars, whether the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency
Borrowing; and

(iv)         
if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period to be applicable thereto after giving effect
to such election, which shall be a period contemplated by the definition of the term “Interest Period”.

If any such Interest Election Request requests
a Eurocurrency Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest
Period of one month’s duration.

 

(e)           
Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each applicable Lender
of the details thereof and of such Lender’s portion of each resulting Borrowing.

(f)           
If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Revolving Borrowing prior
to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such
Interest Period (i) such Borrowing shall be converted to an ABR Borrowing if it is denominated in 

    	44

	

    	 

    

Dollars or (ii) such Borrowing
shall be continued as such for an Interest Period of one month if it is denominated in an Alternative Currency. Notwithstanding
any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request
of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Revolving
Borrowing denominated in Dollars may be converted to or continued as a Eurocurrency Borrowing, (ii) unless repaid, each Eurocurrency
Revolving Borrowing denominated in Dollars shall be converted to an ABR Borrowing at the end of the Interest Period applicable
thereto and (iii) each Eurocurrency Revolving Borrowing denominated in an Alternative Currency may be continued as such for an
Interest Period of one month.

SECTION
2.9           Termination
and Reduction of Commitments.

(a)           
Unless previously terminated, the Commitments shall terminate on the Maturity Date.

(b)          
The Borrower may at any time terminate, or from time to time reduce, the Dollar Commitments; provided that (i) each
reduction of the Dollar Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $10,000,000
and (ii) the Borrower shall not terminate or reduce the Dollar Commitments if, (A) after giving effect to any concurrent prepayment
of the Loans, the Revolving Credit Exposures would exceed the total Commitments or (B) the Dollar Commitments as so reduced would
be less than the aggregate Euro Commitments, Sterling Commitments or Yen Commitments.

(c)           
The Borrower may at any time terminate, or from time to time reduce, the Euro Commitments; provided that (i) each
reduction of the Euro Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $10,000,000
and (ii) the Borrower shall not terminate or reduce the Euro Commitments if, after giving effect to any concurrent prepayment of
the Loans, the Dollar Amount of the aggregate principal amount of outstanding Euro Revolving Loans would exceed the total Euro
Commitments.

(d)          
The Borrower may at any time terminate, or from time to time reduce, the Sterling Commitments; provided that (i)
each reduction of the Sterling Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $10,000,000
and (ii) the Borrower shall not terminate or reduce the Sterling Commitments if, after giving effect to any concurrent prepayment
of the Loans, the Dollar Amount of the aggregate principal amount of outstanding Sterling Revolving Loans would exceed the total
Sterling Commitments.

(e)           
The Borrower may at any time terminate, or from time to time reduce, the Yen Commitments; provided that (i) each
reduction of the Yen Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $10,000,000
and (ii) the Borrower shall not terminate or reduce the Yen Commitments if, after giving effect to any concurrent prepayment of
the Loans, the Dollar Amount of the aggregate principal amount of outstanding Yen Revolving Loans would exceed the total Yen Commitments.

(f)           
The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph
(b), (c), (d) or (e) of this Section at least three Business Days prior to the effective date of such termination or reduction,
specifying such election and the effective date thereof. Promptly following receipt of any notice, the 

    	45

	

    	 

    

Administrative Agent shall
advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be
irrevocable; provided that a notice of termination of any Commitments delivered by the Borrower may state that such notice
is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by
notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination
or reduction of the Commitments shall be permanent. Each reduction of any Commitments shall be made ratably among the applicable
Lenders in accordance with their respective applicable Commitments.

SECTION
2.10        Repayment
of Loans; Evidence of Debt.

(a)           
The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then
unpaid principal amount of each Revolving Loan on the Maturity Date and (ii) to the Swingline Lender the then unpaid principal
amount of each Swingline Loan on the earlier to occur of (x) the date ten Business Days after such Swingline Loan is made and (y)
the Maturity Date.

(b)          
Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the
Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and
paid to such Lender from time to time hereunder.

(c)           
The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the
Class, Type and Facility thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and
payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the
Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof.

(d)          
The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie
evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the
Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower
to repay the Loans and other Obligations in accordance with the terms of this Agreement.

(e)           
Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower shall prepare,
execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such
Lender and its registered assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such
promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.4) be represented
by one or more promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a
registered note, to such payee and its registered assigns).

SECTION
2.11        Prepayment
of Loans.

    	46

	

    	 

    

(a)           
The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject
to prior notice in accordance with paragraph (b) of this Section.

(b)          
The Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender)
by telephone (confirmed by telecopy or by electronic communication (if arrangements for doing so have been approved by the Administrative
Agent, and in the case of a prepayment of a Swingline Loan, the Swingline Lender)) of any prepayment hereunder (i) in the case
of prepayment of a Eurocurrency Revolving Borrowing denominated in Dollars, not later than 11:00 a.m., New York City time, three
Business Days before the date of prepayment, (ii) in the case of prepayment of a Eurocurrency Revolving Borrowing denominated in
Alternative Currency, not later than 11:00 a.m., New York City time, four Business Days before the date of prepayment, (iii) in
the case of prepayment of an ABR Revolving Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the
date of prepayment or (iv) in the case of prepayment of a Swingline Loan, not later than 12:00 noon, New York City time, on the
date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each
Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional
notice of termination of any Commitments as contemplated by Section 2.9, then such notice of prepayment may be revoked if
such notice of termination is revoked in accordance with Section 2.9. Promptly following receipt of any such notice relating
to a Revolving Borrowing, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each partial prepayment
of any Revolving Borrowing shall be in an amount that would be permitted in the case of an advance of a Revolving Borrowing of
the same Type as provided in Section 2.2. Each prepayment of a Revolving Borrowing shall be applied ratably to the Loans
included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.13,
together with any additional amounts required pursuant to Section 2.16. Subject to Section 2.22, each such prepayment
shall be applied to the applicable Loans of the applicable Lenders in accordance with their respective Applicable Percentages.

(c)           
If on the last day of any fiscal quarter of the Borrower,

(i)            
solely as a result of currency fluctuation, the total Revolving Credit Exposures exceeds the total Dollar Commitments then
in effect by more than 5%, or

(ii)          
for any reason other than currency fluctuation, the total Revolving Credit Exposures exceeds the total Dollar Commitments
then in effect,

then the Borrower
shall upon learning thereof, or upon the request of the Administrative Agent, immediately prepay Revolving Loans and LC Borrowings,
cancel or reduce Letters of Credit and/or Cash Collateralize the LC Exposures (other than the LC Borrowings), in an aggregate principal
amount at least equal to the amount of such excess.

(d)          
If on the last day of any fiscal quarter of the Borrower for any reason the Dollar Amount of the aggregate principal amount
of outstanding Euro Revolving Loans exceeds 

    	47

	

    	 

    

the total Euro Commitments then in effect by more than 5%, the Borrower shall upon
learning thereof, or upon request of the Administrative Agent, immediately prepay Euro Revolving Loans in an aggregate principal
amount at least equal to the amount of such excess.

(e)           
If on the last day of any fiscal quarter of the Borrower for any reason the Dollar Amount of the aggregate principal amount
of outstanding Sterling Revolving Loans exceeds the total Sterling Commitments then in effect by more than 5%, the Borrower shall
upon learning thereof, or upon request of the Administrative Agent, immediately prepay Sterling Revolving Loans in an aggregate
principal amount at least equal to the amount of such excess.

(f)           
If on the last day of any fiscal quarter of the Borrower for any reason the Dollar Amount of the aggregate principal amount
of outstanding Yen Revolving Loans exceeds the total Yen Commitments then in effect by more than 5%, the Borrower shall upon learning
thereof, or upon request of the Administrative Agent, immediately prepay Yen Revolving Loans in an aggregate principal amount at
least equal to the amount of such excess.

(g)          
The Borrower will implement and maintain internal controls to monitor the Borrowings and repayments, with the object of
preventing any request for a Borrowing that would cause conditions specified in the first sentences of Sections 2.1(a),
(b), (c) and (d) and 2.4(a) and the proviso to the first sentence of Section 2.5(a) not to be
satisfied.

(h)          
The Administrative Agent shall not be obligated to calculate the Dollar Amount of any Alternative Currency more frequently
than monthly but may do so from time to time in its sole discretion.

SECTION
2.12        Fees.

(a)           
The Borrower agrees to pay to the Administrative Agent for the account of each Lender, subject to adjustment as provided
in Section 2.22, a facility fee, which shall accrue at the Applicable Rate on the daily amount of the Dollar Commitment
of such Lender (whether used or unused) during the period from and including the Effective Date to but excluding the date on which
such Dollar Commitment terminates; provided that, if such Lender continues to have any Revolving Credit Exposure after its
Dollar Commitment terminates, then such facility fee shall continue to accrue on the daily amount of such Lender’s Revolving
Credit Exposure from and including the date on which its Dollar Commitment terminates to but excluding the date on which such Lender
ceases to have any Revolving Credit Exposure. Accrued facility fees shall be payable in arrears on the last day of March, June,
September and December of each year and on the date on which the Dollar Commitments terminate, commencing on the first such date
to occur after the date hereof; provided that any facility fees accruing after the date on which the Dollar Commitments
terminate shall be payable on demand. All facility fees shall be computed on the basis of a year of 360 days and shall be payable
for the actual number of days elapsed (including the first day but excluding the last day).

(b)          
The Borrower agrees to pay (i) to the Administrative Agent for the account of each Lender a participation fee with respect
to its participations in Letters of Credit, which shall accrue at a rate per annum equal to the Applicable Rate applicable to interest
on Eurocurrency Rate Loans on the average daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable
to unreimbursed LC Disbursements) during the period from and 

    	48

	

    	 

    

including the Effective Date to but excluding the later of the date
on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any LC Exposure, provided
that any such participation fee otherwise payable for the account of a Defaulting Lender with respect to any Letter of Credit as
to which such Defaulting Lender has not provided Cash Collateral satisfactory to the Issuing Bank pursuant to Section 2.5
shall be payable, to the maximum extent permitted by applicable Law, to the other Lenders in accordance with the upward adjustments
in their respective Applicable Percentages allocable to such Letter of Credit pursuant to Section 2.22(a)(iv), with the
balance of such fee, if any, payable to the Issuing Bank for its own account, and (ii) to the Issuing Bank a fronting fee, which
shall accrue at a rate agreed upon in the applicable Fee Letter between the Issuing Bank and the Borrower on the average daily
amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from
and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which
there ceases to be any LC Exposure, as well as the Issuing Bank’s standard fees with respect to the issuance, amendment,
renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees accrued
through and including the last day of March, June, September and December of each year shall be payable on the third Business Day
following such last day, commencing on the first such date to occur after the Effective Date; provided that all such fees
shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments
terminate shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within
10 days after demand. All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be
payable for the actual number of days elapsed (including the first day but excluding the last day). For purposes of computing the
daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance
with Section 1.7. Notwithstanding anything to the contrary contained herein, upon the request of the Required Lenders, while
any Event of Default exists, all Letter of Credit participation fees shall accrue at the Default Rate.

(c)           
The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times
separately agreed upon between the Borrower and the Administrative Agent, including those fees set forth in the Fee Letters.

(d)          
All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent (or
to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of facility fees and participation fees,
to the Lenders. Fees paid shall not be refundable under any circumstances.

SECTION
2.13        Interest.

(a)           
The Loans comprising each ABR Borrowing shall bear interest at a rate per annum equal to the Alternate Base Rate plus
the Applicable Rate.

(b)          
Swingline Loans shall bear interest at a rate per annum equal to the Swingline Rate plus the Applicable Rate for Eurocurrency
Rate Loans.

    	49

	

    	 

    

(c)           
The Loans comprising each Eurocurrency Borrowing shall bear interest at a rate per annum equal to the Adjusted Eurocurrency
Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.

(d)          
(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 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 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)        
Upon the request of the Required Lenders, while any Event of Default exists, the Borrower shall pay interest on the principal
amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate
to the fullest extent permitted by applicable Laws.

(iv)         
Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon
demand.

(e)           
Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that
(i) in the event of any repayment or prepayment of any Loan (other than a repayment or prepayment of an ABR Loan or a Swingline
Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable
on the date of such repayment or prepayment, (ii) in the event of any conversion of any Eurocurrency Revolving Loan prior to the
end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion
and (iii) all accrued interest shall be payable upon termination of the Commitments. Each determination by the Administrative Agent
of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

(f)           
Unless customary market practice with respect to any Alternative Currency dictates otherwise, all interest hereunder shall
be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate (including
when the ABR Loans is determined by reference to the Eurocurrency Rate) shall be computed on the basis of a year of 365 days (or
366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but
excluding the last day). The applicable Alternate Base Rate, Adjusted Eurocurrency Rate, Eurocurrency Rate and Overnight Rate shall
be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

SECTION
2.14        Alternate
Rate of Interest; Illegality.

    	50

	

    	 

    

(a)           
Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurocurrency Borrowing or prior
to any ABR Borrowing or Swingline Loan as to which the interest rate is determined with reference to the Eurocurrency Rate, or
any conversion to or continuation thereof:

(i)            
the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (A) deposits (whether
in Dollars or an Alternative Currency) are not being offered to banks in the applicable offshore interbank market for such currency
for the applicable amount and Interest Period of such Eurocurrency Rate Loan, or (B) adequate and reasonable means do not exist
for ascertaining the Adjusted Eurocurrency Rate or the Eurocurrency Rate, as applicable, for the relevant currency for such Interest
Period (in each case with respect to this clause (i), “Impacted Loans”); or

(ii)          
the Administrative Agent is advised by the Required Lenders or by the holders of at least a majority of the Commitments
under a Facility that the Adjusted Eurocurrency Rate or the Eurocurrency Rate, as applicable, for such Interest Period will not
adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included
in such Borrowing for such Interest Period;

then the Administrative
Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter
and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no
longer exist, (i) any Interest Election Request that requests the conversion of any Revolving Borrowing to, or continuation of
any Revolving Borrowing as, a Eurocurrency Borrowing shall be ineffective, (ii) the obligation of the Lenders to make or maintain
ABR Loans as to which the interest rate is determined with reference to the Eurocurrency Rate shall be suspended, but during such
period ABR Loans shall be made and continued based on the interest rate determined by the greater of clauses (a) and (b) in the
definition of Alternate Base Rate, (iii) the obligation of the Swingline Lenders to make or maintain Swingline Loans as to which
the interest rate is determined with reference to the Eurocurrency Rate shall be suspended, but during such period Swingline Loans
shall be made and continued based on the interest rate determined by the greater of clauses (a) and (b) in the definition of Alternate
Base Rate, plus the Applicable Rate with respect to ABR Loans, and (iv) if any Borrowing Request requests a Eurocurrency
Revolving Borrowing, such Borrowing, if denominated in Dollars, shall be made as an ABR Borrowing (with the interest rate determined
by the greater of clauses (a) and (b) in the definition of Alternate Base Rate) and, if denominated in an Alternative Currency,
shall be made as a Borrowing bearing interest at an interest rate reasonably determined by the Administrative Agent, after consultation
with the Borrower and the applicable Lenders, to compensate the applicable Lenders for such Borrowing in such currency for the
applicable period. Upon receipt of such notice from the Administrative Agent, the Borrower may revoke any pending request for a
Borrowing of, conversion to or continuation of Eurocurrency Rate Loans in the affected currency or currencies (to the extent of
the affected Eurocurrency Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such request into
a request for a Borrowing of (or conversion to) (A) if such Loans are (or are proposed to be) made in Dollars, ABR 

    	51

	

    	 

    

Loans (with
the interest rate determined by the greater of clauses (a) and (b) in the definition of Alternate Base Rate) in the
amount specified therein or (B) with respect to any other Loan, and subject to the next ensuing paragraph, a Loan bearing interest
at the applicable Overnight Rate for the requested currency or, in the case of a conversion of an existing Loan, the currency in
which such Loan was denominated prior to such conversion, in each case plus the Applicable Rate for Eurocurrency Rate Loans.

 

Notwithstanding the foregoing,
if the Administrative Agent has made the determination described in this section, the Administrative Agent, in consultation with
the Borrower and the Required Lenders, may establish an alternative interest rate for the Impacted Loans,  in which case,
such alternative rate of interest shall apply with respect to the Impacted Loans until (1) the Administrative Agent revokes the
notice delivered with respect to the Impacted Loans under clause (a)(i) of this section, (2) the Administrative Agent or
the Required Lenders notify the Administrative Agent and the Borrower that such alternative interest rate does not adequately and
fairly reflect the cost to such Lenders of funding the Impacted Loans, or (3) any Lender determines that any Law has made it unlawful,
or that any Governmental Authority has asserted that it is unlawful, for such Lender or its applicable Lending Office to make,
maintain or fund Loans whose interest is determined by reference to such alternative rate of interest or to determine or charge
interest rates based upon such rate or any Governmental Authority has imposed material restrictions on the authority of such Lender
to do any of the foregoing and provides the Administrative Agent and the Borrower written notice thereof.

 

(b)          
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 the Eurocurrency Rate, or to determine or charge interest rates based upon the Eurocurrency Rate, or any Governmental
Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars
in the London interbank market, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, (i) any
obligation of such Lender to make or continue Eurocurrency Rate Loans or to convert ABR Loans to Eurocurrency Rate Loans shall
be suspended, (ii) if such notice asserts the illegality of such Lender making or maintaining ABR Loans or Swingline Loans the
interest rate on which is determined by reference to the Eurocurrency Rate component of the Alternate Base Rate or the Swingline
Rate, the interest rate on which ABR Loans or Swingline Loans of such Lender shall, if necessary to avoid such illegality, be determined
by the Administrative Agent without reference to the Eurocurrency Rate component of the Alternate Base Rate or the Swingline 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, (x) the Borrower shall, upon demand from such Lender (with a copy to the Administrative
Agent), prepay or convert all Eurocurrency Rate Loans of such Lender to ABR Loans (the interest rate on which ABR Loans of such
Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurocurrency
Rate component of the Alternate Base Rate) in the case of such Eurocurrency Rate Loans denominated in Dollars or to Loans bearing
interest at an interest rate reasonably determined by the Administrative Agent, after consultation with the Borrower and the applicable
Lenders, to compensate the applicable Lenders for such Borrowing in such currency for the applicable period in the case of such
Eurocurrency Rate Loans denominated in an Alternative Currency, either on the last day of the 

    	52

	

    	 

    

Interest Period therefor, if such
Lender may lawfully continue to maintain such Eurocurrency Rate Loans to such day, or immediately, if such Lender may not lawfully
continue to maintain such Eurocurrency Rate Loans and (y) if such notice asserts the illegality of such Lender determining or charging
interest rates based upon the Eurocurrency Rate, the Administrative Agent shall during the period of such suspension compute the
Alternate Base Rate or the Swingline Rate applicable to such Lender without reference to the Eurocurrency Rate component thereof
until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or
charge interest rates based upon the Eurocurrency Rate. Upon any such prepayment or conversion, the Borrower shall also pay accrued
interest on the amount so prepaid or converted.

 

SECTION
2.15        Increased
Costs.

(a)           
If any Change in Law shall:

(i)            
impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement
reflected in the Adjusted Eurocurrency Rate, other than as set forth below) or the Issuing Bank; or

(ii)          
impose on any Lender or the Issuing Bank or the London interbank market any other condition, cost or expense affecting this
Agreement or Eurocurrency Loans made by such Lender or any Letter of Credit or participation therein;

and the result of any of the foregoing shall
be to increase the cost to such Lender of making, converting to, continuing or maintaining any Loan the interest on which is determined
by reference to the Eurocurrency Rate (or of maintaining its obligation to make any such Loan) or to increase the cost to such
Lender or the Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum
received or receivable by such Lender or the Issuing Bank hereunder (whether of principal, interest or otherwise), then the Borrower
will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender
or the Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered.

 

(b)          
If any Lender or the Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would
have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of
such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by,
or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below
that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company could have achieved
but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies and the policies
of such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy), then from time to time the
Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional 

    	53

	

    	 

    

amount or amounts as will compensate
such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any such reduction suffered.

(c)           
A certificate of a Lender or the Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or
the Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered
to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Bank, as the case
may be, the amount shown as due on any such certificate within 10 days after receipt thereof.

(d)          
Failure or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section shall not
constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that the Borrower
shall not be required to compensate a Lender or the Issuing Bank pursuant to this Section for any increased costs or reductions
incurred more than six months prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Borrower
of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the Issuing Bank’s intention
to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is
retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof.

SECTION
2.16        Break Funding
Payments. In the event of (a) the payment of any principal of any Eurocurrency Loan other than on the last day of an Interest
Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurocurrency Loan other than
on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Revolving
Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice is permitted to be revocable
under Section 2.11(b) and is revoked in accordance herewith) or (d) the assignment of any Eurocurrency Loan other than on
the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19,
then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. In
the case of a Eurocurrency Loan, the loss to any Lender attributable to any such event shall be deemed to include an amount determined
by such Lender to be equal to the excess, if any, of (i) the amount of interest that such Lender would pay for a deposit equal
to the principal amount of such Loan for the period from the date of such payment, conversion, failure or assignment to the last
day of the then current Interest Period for such Loan (or, in the case of a failure to borrow, convert or continue, the duration
of the Interest Period that would have resulted from such borrowing, conversion or continuation) if the interest rate payable on
such deposit were equal to the Adjusted Eurocurrency Rate for such Interest Period, over (ii) the amount of interest that such
Lender would earn on such principal amount for such period if such Lender were to invest such principal amount for such period
at the interest rate that would be bid by such Lender (or an affiliate of such Lender) for dollar deposits from other banks in
the Eurocurrency market at the commencement of such period. A certificate of any Lender setting forth (i) any amount or amounts
that such Lender is entitled to receive pursuant to this Section and (ii) the calculations used to arrive at such amount shall
be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown
as due on any such certificate within 10 days after receipt thereof.

    	54

	

    	 

    

SECTION
2.17        Taxes.

(a)           
Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document shall
be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the Borrower
shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased
as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this
Section) the Administrative Agent, Lender or Issuing Bank (as the case may be) receives an amount equal to the sum it would have
received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full
amount deducted to the relevant Governmental Authority in accordance with applicable law. For the avoidance of doubt, and without
limitation of the foregoing, if the Borrower is required to withhold from any payment any Taxes not constituting Indemnified Taxes
or Other Taxes, the Borrower shall pay the full amount of such withholding to the relevant Governmental Authority in accordance
with applicable law.

(b)          
In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable
law.

(c)           
The Borrower shall indemnify the Administrative Agent, each Lender and the Issuing Bank, within 10 days after written demand
therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted
on or attributable to amounts payable under this Section) paid by the Administrative Agent, such Lender or the Issuing Bank, as
the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not
such Indemnified Taxes or Other 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 or the Issuing Bank, or by the Administrative
Agent on its own behalf or on behalf of a Lender or the Issuing Bank, shall be conclusive absent manifest error.

(d)          
As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority,
the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory
to the Administrative Agent.

(e)           
Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction
in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement
or any other Loan Document shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed
by applicable law or reasonably requested by the Borrower, such properly completed and executed documentation prescribed by applicable
law as will permit such payments to be made without withholding or at a reduced rate.

(f)           
Without limiting the provisions of subsection (a) or (b) above, each Lender and the Issuing Bank shall, and does hereby,
indemnify the Borrower and the Administrative Agent, and shall make payment in respect thereof within 10 days after demand therefor,
against (i) any and all Taxes and any and all related losses, claims, liabilities, penalties, 

    	55

	

    	 

    

interest and expenses (including
the fees, charges and disbursements of any counsel for the Borrower or the Administrative Agent) incurred by or asserted against
the Borrower or the Administrative Agent by any Governmental Authority as a result of the failure by such Lender or the Issuing
Bank, as the case may be, to deliver, or as a result of the inaccuracy, inadequacy or deficiency of, any documentation required
to be delivered by such Lender or the Issuing Bank, as the case may be, to the Borrower or the Administrative Agent pursuant to
subsection (e) and (ii) any Taxes attributable to such Lender’s or the Issuing Bank’s failure to comply with the provisions
of Section 9.4(d) relating to the maintenance of a Participant Register. Each Lender and the Issuing Bank hereby authorizes
the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender or the Issuing Bank, as the
case may be, under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this subsection
(f).

(g)          
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 (g), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

(h)          
Each Lender agrees that if any form or certification it previously delivered pursuant to Section 2.17(e) or 2.17(g)
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. Each party’s obligations under this Section 2.17
shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of,
a Lender or the Issuing Bank, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations.

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

(a)           
All payments to be made by the Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment
or setoff. Except as otherwise expressly provided herein, the Borrower shall make each payment required to be made by it hereunder
(whether of principal, interest, fees or reimbursement of LC Disbursements, or under Section 2.15, 2.16 or 2.17,
or otherwise) prior to 12:00 noon, New York, New York time (or as specified in the next sentence in the case of Loans denominated
in an Alternative Currency), on the date when due, in Same Day Funds, without set off or counterclaim. Except as otherwise expressly
provided herein, all payments by the Borrower hereunder with respect to principal and interest on Loans denominated in an Alternative
Currency shall be made on the dates specified herein for the account of the respective Lenders to which such payment is owed, in
such Alternative Currency and in Same Day Funds not later than the Applicable Time specified by the 

    	56

	

    	 

    

Administrative Agent to the
Borrower by the same time at least one Business Day prior to the date when due. If, for any reason, the Borrower is prohibited
by law from making any required payment hereunder in an Alternative Currency, the Borrower shall make such payment in Dollars in
the Dollar Amount of the Alterative Currency payment amount. All payments received by the Administrative Agent (i) after 12:00
p.m., New York City time, in the case of payments in Dollars, or (ii) after the Applicable Time specified by the Administrative
Agent in the case of payments in an Alternative Currency, may, in the discretion of the Administrative Agent, be deemed to have
been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made
to the Administrative Agent at its offices at 270 Park Avenue, New York, New York, except payments to be made directly to the Issuing
Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17
and 9.3 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments
received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment
hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business
Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All
payments made by the Borrower hereunder shall be made in the applicable currency, except as otherwise provided in this paragraph.

(b)          
Except to the extent that this Agreement provides for payments to be allocated to a particular Lender or to the Lenders
under a particular Facility, if any Lender shall, by exercising any right of set off or counterclaim or otherwise, obtain payment
in respect of any principal of or interest on any of its Revolving Loans or participations in LC Disbursements or Swingline Loans
held by it resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Revolving Loans and
participations in LC Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other Lender,
then the Lender receiving such greater proportion shall (x) notify the Administrative Agent of such fact, and (y) purchase (for
cash at face value) participations in the Revolving Loans and subparticipations in LC Disbursements and Swingline Loans of other
Lenders, or make such other adjustments as shall be equitable, to the extent necessary so that the benefit of all such payments
shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective
Revolving Loans and participations in LC Disbursements and Swingline Loans; 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 subpart (b) 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), (y) the application of Cash Collateral provided for in Section 2.21, or (z) any payment obtained
by a Lender as consideration for the assignment of or sale of a participation in any of its Revolving Loans or subparticipations
in LC Disbursements or Swingline Loans to any assignee or participant, other than an assignment to the Borrower or 

    	57

	

    	 

    

any Subsidiary
or Affiliate thereof (as to which the provisions of this paragraph shall apply).

The Borrower consents
to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring a participation
pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

(c)           
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 or the Issuing Bank 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 applicable Lenders or the Issuing Bank, as the case may be, the amount due. In such event,
if the Borrower has not in fact made such payment, then each of the applicable Lenders or the Issuing Bank, as the case may be,
severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank
with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment
to the Administrative Agent, at the applicable Overnight Rate from time to time in effect.

(d)          
If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.4(c), 2.5(c)
or (d), 2.7(b) or 2.18(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary
provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy
such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid.

(e)           
The obligations of the Lenders hereunder to make Loans, to fund participations in Letters of Credit and Swingline Loans
and to make payments pursuant to Section 9.3(c) are several and not joint. The failure of any Lender to make any Loan, to
fund any such participation or to make any payment under Section 9.3(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 Loan, to purchase its participation or to make its payment under Section 9.3(c).

SECTION
2.19        Mitigation
Obligations; Replacement of Lenders.

(a)           
If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any additional amount
to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall
use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights
and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation
or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as the case may be,
in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous
to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any
such designation or assignment.

    	58

	

    	 

    

(b)          
If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any additional amount
to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or if any Lender is
a Defaulting Lender, or if any Lender is a non-consenting Lender pursuant to which the last paragraph of Section 9.2 applies,
then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender
to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.4),
all its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume
such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall
have received the prior written consent of the Administrative Agent (and, if a Dollar Commitment is being assigned, each Issuing
Bank and the Swingline Lender), which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment
of an amount equal to 100% of the outstanding principal of its Loans and participations in LC Disbursements and Swingline Loans,
accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the related Loan Documents, 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), (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments
required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments,
and (iv) the Borrower shall have paid to the Administrative Agent the assignment fee specified in Section 9.4(b). A Lender
shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise,
the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

SECTION
2.20        Increase
in Commitments.

(a)           
Request for Increase. Provided there exists no Default, upon notice to the Administrative Agent (which shall promptly
notify the Lenders), the Borrower may from time to time after the date hereof request an increase in the Dollar Commitments (which
increase may take the form of one or more new revolving tranches) by an amount (for all such requests) not exceeding $250,000,000;
provided that (y) any such request for an increase shall be in a minimum amount of $25,000,000, and (z) there shall be no
more than five (5) such requests during the term hereof. At the time of sending such notice, the Borrower (in consultation with
the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event
be less than ten Business Days from the date of delivery of such notice to the Lenders).

(b)          
Lender Elections to Increase. Each Lender shall notify the Administrative Agent within such time period whether or
not it agrees to increase its Commitment and, if so, whether by an amount equal to, greater than, or less than its Applicable Percentage
of such requested increase. Any Lender not responding within such time period shall be deemed to have declined to increase its
Commitment.

(c)           
Notification by Administrative Agent; Additional Lenders. The Administrative Agent shall notify the Borrower and
each Lender of the Lenders’ responses to each request made hereunder. To achieve the full amount of a requested increase
and subject to the approval of the Administrative Agent, the Issuing Bank and the Swingline Lender (which approvals shall not be
unreasonably withheld), the Borrower may also invite additional Eligible 

    	59

	

    	 

    

Assignees to become Lenders pursuant to a joinder agreement
in form and substance satisfactory to the Administrative Agent and its counsel.

(d)          
Effective Date and Allocations. If the aggregate Commitments are increased in accordance with this Section, 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 of the final allocation of such increase
and the Increase Effective Date.

(e)           
Conditions to Effectiveness of Increase. As a condition precedent to such increase, the Borrower shall deliver to
the Administrative Agent a certificate of the Borrower dated as of the Increase Effective Date (in sufficient copies for each Lender)
signed by a Responsible Officer of the Borrower (i) certifying and attaching the resolutions adopted by the Borrower approving
or consenting to such increase, and (ii) certifying that, before and after giving effect to such increase, (A) the representations
and warranties contained in Article III and the other Loan Documents are true and correct on and as of the Increase Effective
Date, except that for purposes of this Section, the representations and warranties contained in Section 3.4(a) shall be
deemed to refer to the most recent annual and quarterly financial statements furnished pursuant to Sections 5.1(a) and (b),
respectively, and (B) no Default exists. The Borrower shall prepay any Revolving Loans outstanding on the Increase Effective Date
(and pay any additional amounts required pursuant to Section 2.16) to the extent necessary to keep the outstanding Revolving
Loans ratable with any revised Applicable Percentages arising from any nonratable increase in the Commitments under this Section.

(f)           
Conflicting Provisions. This Section shall supersede any provisions in Section 2.18 or 9.2 to the contrary.

SECTION
2.21        Cash Collateral.

(a)           
Certain Credit Support Events. Upon the request of the Administrative Agent or any Issuing Bank (i) if any Issuing
Bank has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in a LC Borrowing,
or (ii) if, as of the Letter of Credit Expiration Date, any LC Exposure for any reason remains outstanding, the Borrower shall,
in each case, immediately Cash Collateralize the then outstanding amount of all LC Exposures. At any time that there shall exist
a Defaulting Lender, immediately upon the request of the Administrative Agent or any Issuing Bank, the Borrower shall deliver to
the Administrative Agent Cash Collateral in an amount sufficient to cover all Fronting Exposure (after giving effect to Section
2.22(a)(iv) and any Cash Collateral provided by the Defaulting Lender).

(b)          
Grant of Security Interest. All Cash Collateral (other than credit support not constituting funds subject to deposit)
shall be maintained in blocked, non-interest bearing deposit accounts at Bank of America. The Borrower, and to the extent provided
by any Lender, such Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the
Administrative Agent, the Issuing Banks and the Lenders, and agrees to maintain, a first priority security interest in all such
cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds
of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to Section

    	60

	

    	 

    

2.21(c).
If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than
the Administrative Agent as herein provided, or that the total amount of such Cash Collateral is less than the Issuing Banks Fronting
Exposure and other obligations secured thereby, the Borrower or the relevant Defaulting Lender will, promptly upon demand by the
Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate
such deficiency.

(c)           
Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under
any of this Section 2.21 or Sections 2.5, 2.11, 2.18, 2.22 or Section 7.2 in respect
of Letters of Credit shall be held and applied to the satisfaction of the specific LC Exposures, obligations to fund participations
therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations
for which the Cash Collateral was so provided, prior to any other application of such property as may be provided for herein.

(d)          
Release. Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or other obligations
shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto
(including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following
compliance with Section 9.4(b)(vi))) or (ii) the Administrative Agent’s good faith determination that there exists
excess Cash Collateral; provided that (x) Cash Collateral furnished by or on behalf of the Borrower shall not be released
during the continuance of a Default or Event of Default (and following application as provided in this Section 2.21 may
be otherwise applied in accordance with Section 2.18(b) or Section 7.3), and (y) the Person providing Cash Collateral
and the Issuing Bank may agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting
Exposure or other obligations.

SECTION
2.22        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:

(i)            
Waivers and Amendments. That 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 Section 9.2.

(ii)          
Reallocation of Payments. Any payment of principal, interest, fees or other amounts received by the Administrative
Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 2.18(b),
Article VII or otherwise, and including any amounts made available to the Administrative Agent by that Defaulting Lender
pursuant to Section 9.8), 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 that Defaulting Lender to the Administrative Agent hereunder; second,
to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to any Issuing Bank or Swingline Lender hereunder
(pro rata among them); third, to Cash Collateralize the Issuing Banks’ Fronting Exposure with respect to such 

    	61

	

    	 

    

Defaulting
Lender in accordance with Section 2.21; fourth, as the Borrower may request (so long as no Default or Event of Default
exists), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required
by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the
Borrower, to be held in a non-interest bearing deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s
potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the Issuing Banks’
future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement,
in accordance with Section 2.21; sixth, to the payment of any amounts owing to the Lenders, the Issuing Banks or
the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, any Issuing Bank
or the Swingline Lender against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations
under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to
the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against that Defaulting
Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to that
Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a
payment of the principal amount of any Loans or LC Borrowings in respect of which that Defaulting Lender has not fully funded its
appropriate share and (y) such Loans or LC Borrowings were made at a time when the conditions set forth in Section 4.2 were
satisfied or waived, such payment shall be applied solely to pay the Loans of, and LC Borrowings owed to, all non-Defaulting Lenders
on a pro rata basis prior to being applied to the payment of any Loans of, or LC Borrowings owed to, that Defaulting Lender
until such time as all Loans and funded and unfunded participations in LC Exposures and Swingline Loans are held by the Lenders
pro rata in accordance with the Commitments hereunder without giving effect to Section 2.22(a)(iv). Any payments, prepayments
or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or
to post Cash Collateral pursuant to this Section 2.22(a)(ii) shall be deemed paid to and redirected by that Defaulting Lender,
and each Lender irrevocably consents hereto.

(iii)        
Certain Fees. That Defaulting Lender (x) shall be entitled to receive any facility fee pursuant to Section 2.12(a)
for any period during which that Lender is a Defaulting Lender only to extent allocable to the sum of (1) the outstanding amount
of the Revolving Loans funded by it and (2) its Applicable Percentage of the stated amount of Letters of Credit for which it has
provided Cash Collateral pursuant to Section 2.5, Section 2.21, or Section 2.22(a)(ii), as applicable and
(y) shall be limited in its right to receive Letter of Credit participation fees as provided in Section 2.12(b). In the
event that any such Defaulting Lender’s participation obligation has not been reallocated to other Lenders or Cash Collateralized
in accordance with the terms hereof, the Borrower shall (A) be required to pay to the applicable Issuing Bank and the Swingline
Lender, as applicable, the amount of such fee allocable to its Fronting Exposure 

    	62

	

    	 

    

arising from that Defaulting Lender and (B) not
be required to pay the remaining amount of such fee that otherwise would have been required to be paid to that Defaulting Lender.

(iv)         
Reallocation of Applicable Percentages to Reduce Fronting Exposure. During any period in which there is a Defaulting
Lender, for purposes of computing the amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund participations
in Letters of Credit or Swingline Loans pursuant to Sections 2.4 and 2.5, the “Applicable Percentage”
of each non-Defaulting Lender shall be computed without giving effect to the Commitment of that Defaulting Lender; provided
that (x) each such reallocation shall be given effect only if, at the date the applicable Lender becomes a Defaulting Lender, no
Default or Event of Default exists; and (y) the aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund
participations in Letters of Credit and Swingline Loans shall not exceed the positive difference, if any, of (1) the Commitment
of that non-Defaulting Lender minus (2) the aggregate outstanding amount of the Revolving Loans of that Lender. No reallocation
hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that
Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s
increased exposure following such reallocation.

(v)          
Cash Collateral, Repayment of Swingline Loans. If the reallocation described in clause (a)(iv) above cannot,
or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under
applicable Law, (x) first, prepay Swingline Loans in an amount equal to the Swingline Lenders’ Fronting Exposure and (y)
second, Cash Collateralize the L/C Issuers’ Fronting Exposure in accordance with the procedures set forth in Section 2.21.

(b)          
Defaulting Lender Cure. If the Borrower, the Administrative Agent, Swingline Lender and the Issuing Banks agree in
writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative
Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions
set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable,
purchase 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 Revolving Loans and funded and unfunded participations in Letters of Credit and Swingline Loans to
be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages (without giving effect to Section
2.22(a)(iv)), whereupon that 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.

    	63

	

    	 

    

(c)           
Issuing Bank. If any Lender that is an Issuing Bank becomes a Defaulting Lender, then the Borrower may, by notice
to the Administrative Agent and the Lenders, replace such Issuing Bank in accordance with Section 9.4 hereof as if such
Issuing Bank were resigning from such position in accordance with such Section.

ARTICLE
III

REPRESENTATIONS AND WARRANTIES

The Borrower represents
and warrants to the Lenders that:

SECTION
3.1           Organization;
Powers. Each of the Borrower and its Subsidiaries is duly organized, validly existing and in good standing under the laws of
the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except
where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required.

SECTION
3.2           Authorization;
Enforceability. The Transactions are within the Borrower’s corporate powers and have been duly authorized by all necessary
corporate and, if required, stockholder action. This Agreement has been, and each of the other Loan Documents, when delivered,
will have been, duly executed and delivered by the Borrower. This Agreement constitutes, and each other Loan Document when so delivered
will constitute, a legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general
principles of equity, regardless of whether considered in a proceeding in equity or at law.

SECTION
3.3           Governmental
Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing with, or any
other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (b) will
not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Borrower or any of
its Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, agreement
or other instrument binding upon the Borrower or any of its Subsidiaries or its assets, or give rise to a right thereunder to require
any payment to be made by the Borrower or any of its Subsidiaries, and (d) will not result in the creation or imposition of any
Lien on any asset of the Borrower or any of its Subsidiaries.

SECTION
3.4           Financial
Condition; No Material Adverse Effect.

(a)           
The Borrower has heretofore furnished or made available to the Lenders its consolidated balance sheet and statements of
income, stockholders equity and cash flows (i) as of and for the year ended December 31, 2013, reported on by PricewaterhouseCoopers
LLP, independent public accountants, and (ii) as of the most recent quarter ended prior to the Effective Date for which unaudited
financial statements were available, certified by its principal accounting officer. Such financial statements present fairly, in
all material respects, the financial 

    	64

	

    	 

    

position and results of operations and cash flows of the Borrower and its consolidated Subsidiaries
as of such dates and for such periods in accordance with GAAP, subject to year end audit adjustments and the absence of footnotes
in the case of the statements referred to in clause (ii) above.

(b)          
Since December 31, 2013, there has been no development or event which has had or could reasonably be expected to have a
Material Adverse Effect except as disclosed prior to the Effective Date (i) in writing to the Lenders, or (ii) in any public filing
with the Securities and Exchange Commission.

SECTION
3.5           Properties.

(a)           
Each of the Borrower and its Subsidiaries has good title to, or valid leasehold interests in, all its real and personal
property material to its business, except for minor defects in title that do not interfere with its ability to conduct its business
as currently conducted or to utilize such properties for their intended purposes.

(b)          
Each of the Borrower and its Subsidiaries owns, or is licensed to use, all trademarks, service marks, trade names, copyrights,
patents, patent rights, franchise, licenses and other intellectual property (collectively, “IP Rights”) material
to its business, and the use thereof by the Borrower and its Subsidiaries does not infringe upon the rights of any other Person,
except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect.

SECTION
3.6           Litigation
and Environmental Matters.

(a)           
There are no actions, suits, investigations or proceedings by or before any arbitrator or Governmental Authority pending
against or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries (i) as to
which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected,
individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii) that involve
this Agreement, any other Loan Document or the Transactions.

(b)          
Except for the Disclosed Matters and except with respect to any other matters that, individually or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect, neither the Borrower nor any of its Subsidiaries (i) has failed
to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under
any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect
to any Environmental Liability or (iv) knows of any basis for any Environmental Liability.

(c)           
Since the date of this Agreement, there has been no change in the status of the Disclosed Matters that, individually or
in the aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse Effect.

SECTION
3.7           Compliance
with Laws and Agreements. Each of the Borrower and its Subsidiaries is in compliance with all laws, regulations and orders
of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments 

    	65

	

    	 

    

binding upon
it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result
in a Material Adverse Effect. No Default has occurred and is continuing.

SECTION
3.8           Investment
Company Status. Neither the Borrower nor any of its Subsidiaries is an “investment company” as defined in, or subject
to regulation under, the Investment Company Act of 1940.

SECTION
3.9           Taxes.
Each of the Borrower and its Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been
filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in
good faith by appropriate proceedings and for which the Borrower or such Subsidiary, as applicable, has set aside on its books
adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse
Effect.

SECTION
3.10        ERISA.
No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which
liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present value
of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statements of Financial Accounting
Standards No. 87 and No. 132, as may be updated from time to time) did not, as of the date of the most recent financial statements
reflecting such amounts, exceed by more than $90,000,000 the fair market value of the assets of such Plan, and the present value
of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statements of Financial
Accounting Standards No. 87 and No. 132, as may be updated from time to time) did not, as of the date of the most recent financial
statements reflecting such amounts, exceed by more than $90,000,000 the fair market value of the assets of all such underfunded
Plans.

SECTION
3.11        Federal Regulations.
No part of the proceeds of any Loans hereunder will be used, directly or indirectly, for “buying” or “carrying”
any “margin stock” within the respective meanings of each of the quoted terms under Regulation U of the Board as now
and from time to time hereafter in effect which violates, or which would be inconsistent with, the provisions of the Regulations
of such Board.

SECTION
3.12        Disclosure.
The Borrower has disclosed to the Lenders all agreements, instruments and corporate or other restrictions to which it or any of
its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected
to result in a Material Adverse Effect. None of the reports, financial statements, certificates or other information furnished
by or on behalf of the Borrower to the Administrative Agent or any Lender in connection with the negotiation of this Agreement
or the other Loan Documents or delivered hereunder or under any other Loan Document (as modified or supplemented by other information
so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial
information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be
reasonable at the time.

    	66

	

    	 

    

SECTION
3.13        Insurance.
The properties of the Borrower and its Subsidiaries are insured with financially sound and reputable insurance companies not Affiliates
of the Borrower, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged
in similar businesses and owning similar properties in localities where the Borrower or the applicable Subsidiary operates.

SECTION
3.14        Subsidiaries.
As of the date hereof, BorgWarner Foundation is a non-profit foundation qualified under Section 501(c)(3) of the Code.

SECTION
3.15        OFAC.
Neither the Borrower, nor any of its Subsidiaries, nor, to the knowledge of the Borrower and its Subsidiaries, any director, officer,
employee, agent, affiliate or representative thereof, is an individual or entity that is, or is owned or controlled by any individual
or entity that is (i) currently the subject or target of any Sanctions or (ii) located, organized or resident in a Designated Jurisdiction.

SECTION
3.16        Anti-Corruption
Laws. The Borrower and its Subsidiaries have conducted their businesses in compliance with applicable anti-corruption laws
in all material respects and have instituted and maintained policies and procedures designed to promote and achieve compliance
with such laws.

ARTICLE
IV

CONDITIONS

SECTION
4.1           Effective
Date. The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become
effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.2):

(a)           
The Administrative Agent (or its counsel) shall have received from each party hereto or thereto either (i) a counterpart
of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include
telecopy transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement.

(b)          
The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the
Lenders and dated the Effective Date) of counsel (including any applicable local counsel) for the Borrower, substantially in the
form of Exhibit B, and covering such other matters relating to the Borrower, this Agreement, any other Loan Document or
the Transactions as the Required Lenders shall reasonably request. The Borrower hereby requests such counsel to deliver such opinion.

(c)           
The Administrative Agent shall have received all government and third party approvals necessary or, in the discretion of
the Administrative Agent, advisable in connection with the financing contemplated hereby.

(d)          
The Administrative Agent shall have received such documents and certificates (including customary incumbency signatures
and attestations) as the Administrative 

    	67

	

    	 

    

Agent or its counsel may reasonably request relating to the organization, existence and
good standing of the Borrower, the authorization of the Transactions and any other legal matters relating to the Borrower, this
Agreement or the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel.

(e)           
The Administrative Agent shall have received a certificate, dated the Effective Date and signed by a Responsible Officer
of the Borrower, confirming (i) compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.2 and (ii)
that since December 31, 2013 no event or condition has occurred that has had or could reasonably be expected to have a Material
Adverse Effect.

(f)           
The Lenders, the Administrative Agent and the Joint Lead Arrangers shall have received all fees and other amounts due and
payable on or prior to the Effective Date to the extent invoiced, whether pursuant to this Agreement, any Fee Letter or otherwise,
including, to the extent invoiced, reimbursement or payment of all reasonable out of pocket expenses required to be reimbursed
or paid by the Borrower hereunder.

(g)          
The Borrower shall have made available to the Lenders and the Administrative Agent, including through electronic transmission
(i) audited consolidated financial statements of the Borrower for the two most recent fiscal years ended prior to the Effective
Date as to which such financial statements are available and (ii) unaudited interim consolidated financial statements of the Borrower
for each quarterly period ended subsequent to the date of the latest financial statements made available pursuant to clause (i)
of this paragraph as to which such financial statements are available.

The Administrative Agent shall notify the Borrower
and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations
of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective unless each
of the foregoing conditions is satisfied (or waived pursuant to Section 9.2).

 

SECTION
4.2           Each
Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of the Issuing Bank to issue,
amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions:

(a)           
The representations and warranties of the Borrower set forth in this Agreement and contained in each of the other Loan Documents
shall be true and correct in all material respects (provided that any representation and warranty that
is qualified by materiality or by reference to Material Adverse Effect shall be true, correct and complete in all respects) on
and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable,
except that (i) for purposes of this Section 4.2, the representations and warranties contained in Section 3.4(a)
shall be deemed to refer to the most recent annual and quarterly financial statements furnished pursuant to Sections 5.1(a)
and (b), respectively and (ii) the representations and warranties contained in Section 3.4(b) need only be true and
correct as of the date of this Agreement.

    	68

	

    	 

    

(b)          
At the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of
such Letter of Credit, as applicable, no Default shall have occurred and be continuing.

(c)           
The Administrative Agent and, if applicable, the Issuing Bank or the Swingline Lender shall have received a Request for
Credit Extension in accordance with the requirements hereof.

(d)          
In the case of a Borrowing to be denominated in an Alternative Currency, there shall not have occurred any change in national
or international financial, political or economic conditions or currency exchange rates or exchange controls which, in the reasonable
opinion of the Administrative Agent or the Required Lenders, would make it impracticable for such Borrowing to be denominated in
the relevant Alternative Currency.

Each Borrowing and each issuance, amendment,
renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date
thereof as to the matters specified in paragraphs (a) and (b) of this Section.

 

ARTICLE
V

AFFIRMATIVE COVENANTS

Until the Commitments
have expired or been terminated and the principal of and interest on each Loan and all fees and other Obligations payable hereunder
and under the other Loan Documents shall have been paid in full and all Letters of Credit shall have expired or terminated and
all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that:

SECTION
5.1           Financial
Statements and Other Information. The Borrower will furnish to the Administrative Agent and each Lender:

(a)           
within 75 days after the end of each fiscal year of the Borrower, its audited consolidated balance sheet and related statements
of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative
form the figures for the previous fiscal year, all reported on by PricewaterhouseCoopers LLP or other independent public accountants
of recognized national standing (without a “going concern” or like qualification or exception and without any qualification
or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material
respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated
basis in accordance with GAAP consistently applied;

(b)          
within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower, its consolidated
balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal
quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding
period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of
its Financial Officers as presenting fairly 

    	69

	

    	 

    

in all material respects the financial condition and results of operations of the Borrower
and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end
audit adjustments and the absence of footnotes;

(c)           
concurrently with any delivery of financial statements under clause (a) or (b) above, a certificate of a Financial Officer
of the Borrower (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof
and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating
compliance with Section 6.1 and (iii) stating whether any change in GAAP or in the application thereof has occurred since
the date of the audited financial statements referred to in Section 3.4 and, if any such change has occurred, specifying
the effect of such change on the financial statements accompanying such certificate;

(d)          
concurrently with any delivery of financial statements under clause (a) above, a certificate of the accounting firm that
reported on such financial statements stating whether they obtained knowledge during the course of their examination of such financial
statements of any Default (which certificate may be limited to the extent required by accounting rules or guidelines);

(e)           
promptly after the same become publicly available, copies of all periodic and other financial reports, proxy statements
and other financial materials filed by the Borrower or any Subsidiary with the Securities and Exchange Commission, or any Governmental
Authority succeeding to any or all of the functions of said Commission, or with any national securities exchange, or distributed
by the Borrower to its shareholders generally, as the case may be; and

(f)           
promptly following any request therefor, such other information regarding the operations, business affairs and financial
condition of the Borrower or any Subsidiary, or compliance with the terms of this Agreement or any other Loan Document, as the
Administrative Agent or any Lender may reasonably request.

Documents required
to be delivered pursuant to Section 5.1(a), (b) or (e) (to the extent any such documents are included in materials
otherwise filed with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions
of said Commission) 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 9.1; or (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); provided that the Borrower shall notify the Administrative Agent (by
telecopier or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail
electronic versions (i.e., soft copies) of such documents. The Administrative Agent shall have no obligation to request
the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to
monitor compliance by the Borrower with any such delivery, and each Lender shall be solely responsible for maintaining its own
copies of such documents.

    	70

	

    	 

    

The Borrower hereby
acknowledges that (a) the Administrative Agent and/or one or more of the Joint Lead Arrangers will make available to the Lenders
and the Issuing Bank materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower
Materials”) by posting the Borrower Materials on DebtDomain, IntraLinks, Syndtrak, ClearPar, or another similar electronic
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 it will use commercially reasonable efforts to identify that portion
of the Borrower Materials that may be distributed to the Public Lenders and that (w) all such Borrower Materials shall be clearly
and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently
on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized
the Administrative Agent, the Joint Lead Arrangers, the Issuing Bank and the Lenders to treat such Borrower Materials as not containing
any material non-public information (although it may be sensitive and proprietary) 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 9.12); (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”.

SECTION
5.2           Notices
of Material Events. The Borrower will furnish to the Administrative Agent and each Lender prompt written notice of the following:

(a)           
the occurrence of any Default;

(b)          
the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against
or affecting the Borrower or any Affiliate thereof that could reasonably be expected to result in a Material Adverse Effect;

(c)           
the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably
be expected to result in a Material Adverse Effect;

(d)          
any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect; and

(e)           
any change in the rating of any Index Debt by any Rating Agency.

Each notice delivered under this Section shall
be accompanied by a statement of a Responsible Officer of the Borrower setting forth the details of the event or development requiring
such notice and any action taken or proposed to be taken with respect thereto.

 

    	71

	

    	 

    

SECTION
5.3           Existence;
Conduct of Business. The Borrower will, and will cause each of its Subsidiaries to, do or cause to be done all things necessary
to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises
material to the conduct of its business; provided that the foregoing shall not prohibit any merger, consolidation, liquidation
or dissolution permitted under Section 6.3.

SECTION
5.4           Payment
of Obligations. The Borrower will, and will cause each of its Subsidiaries to, pay its obligations, including Tax liabilities,
that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, except where
(a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Borrower or such Subsidiary
has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending
such contest could not reasonably be expected to result in a Material Adverse Effect.

SECTION
5.5           Maintenance
of Properties; Insurance. The Borrower will, and will cause each of its Subsidiaries to, (a) keep and maintain all property
material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and (b) maintain,
with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained
by companies engaged in the same or similar businesses operating in the same or similar locations.

SECTION
5.6           Books
and Records; Inspection Rights. The Borrower will, and will cause each of its Subsidiaries to, keep proper books of record
and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities.
The Borrower will, and will cause each of its Subsidiaries to, permit any representatives designated by the Administrative Agent
or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and
records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable
times and as often as reasonably requested.

SECTION
5.7           Compliance
with Laws. The Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations and orders
of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect.

SECTION
5.8           Use
of Proceeds and Letters of Credit. The proceeds of the Loans will be used for general corporate purposes of the Borrower and
its Subsidiaries, including, without limitation, to refinance Indebtedness under the Existing Credit Agreement, repurchase the
Borrower’s Capital Stock and debentures, to finance investments, Capital Expenditures and acquisitions and to provide working
capital to the Borrower and its Subsidiaries. No part of the proceeds of any Loan will be used, whether directly or indirectly,
for any purpose that entails a violation of any of the Regulations of the Board, including Regulations U and X.

SECTION
5.9           Further
Assurances. Promptly upon request by the Administrative Agent, or any Lender through the Administrative Agent, the Borrower
will, and will cause each of its Subsidiaries to, (a) correct any material defect or error that may be 

    	72

	

    	 

    

discovered in any Loan Document
or in the execution, acknowledgment, filing or recordation thereof, and (b) do, execute, acknowledge, deliver, record, re-record,
file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as
the Administrative Agent, or any Lender through the Administrative Agent, may reasonably require from time to time in order to
carry out more effectively the purposes of the Loan Documents.

SECTION
5.10        Anti-Corruption
Laws. Conduct its businesses in compliance with applicable anti-corruption laws in all material respects and maintain policies
and procedures designed to promote and achieve compliance with such laws.

ARTICLE
VI

NEGATIVE COVENANTS

Until the Commitments
have expired or terminated and the principal of and interest on each Loan and all fees and other Obligations payable hereunder
and under the other Loan Documents have been paid in full and all Letters of Credit have expired or terminated and all LC Disbursements
shall have been reimbursed, the Borrower covenants and agrees with the Lenders that:

SECTION
6.1           Leverage
Ratio. The Borrower will not permit the Leverage Ratio as at the last day of any period of four consecutive fiscal quarters
of the Borrower to be greater than 3.25 to 1.00.

SECTION
6.2           Liens.
The Borrower will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property
or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights
in respect of any thereof, except:

(a)           
Permitted Encumbrances;

(b)          
any Lien on any property or asset of the Borrower or any Subsidiary existing on the date hereof and set forth in Schedule
6.2 (but excluding any Liens in connection with a Receivables Facility, which are exclusively addressed in Section 6.2(f)
below); provided that (i) such Lien shall not apply to any other property or asset of the Borrower or any Subsidiary and
(ii) such Lien shall secure only those obligations which it secures on the date hereof and extensions, renewals and replacements
thereof that do not increase the outstanding principal amount thereof;

(c)           
any Lien existing on any property or asset prior to the acquisition thereof by the Borrower or any Subsidiary or existing
on any property or asset of any Person that becomes a Subsidiary after the date hereof prior to the time such Person becomes a
Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or such
Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of the Borrower
or any Subsidiary and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the
date such Person becomes a Subsidiary, as the case may be and extensions, renewals and replacements thereof that do not increase
the outstanding principal amount thereof;

    	73

	

    	 

    

(d)          
Liens on fixed or capital assets acquired, constructed or improved by the Borrower or any Subsidiary; provided that
(i) such security interests secure Indebtedness having an aggregate principal amount not exceeding $100,000,000 at any time outstanding,
(ii) such security interests and the Indebtedness secured thereby are incurred prior to or within 90 days after such acquisition
or the completion of such construction or improvement, (iii) the Indebtedness secured thereby does not exceed 100% of the cost
of acquiring, constructing or improving such fixed or capital assets and (iv) such security interests shall not apply to any other
property or assets of the Borrower or any Subsidiary;

(e)           
Liens (not otherwise permitted hereunder) which secure Indebtedness of the Borrower or any Subsidiary; provided that
the aggregate principal amount of Indebtedness secured by such Liens at any time outstanding shall not exceed 10% of Consolidated
Tangible Assets as reflected in the most recent annual audited consolidated financial statements delivered pursuant to Section
4.1(g) or 5.1(a), as applicable;

(f)           
Liens which may arise in connection with a Receivables Facility; provided that (i) with respect to any Receivables
Facility described in subpart (b) of the definition thereof, no such Lien shall apply to any asset of the Borrower, and (ii) with
respect to any Receivables Facility described in subpart (a) of the definition thereof, any such Lien (A) shall only apply to accounts
receivable of the Borrower or any applicable Subsidiary purported to be transferred to a Receivables Corporation in accordance
with the applicable Receivables Facility, and to such assets supporting the obligations under such transferred accounts receivable
as are reasonably required to be subject to such Lien pursuant to the terms of such Receivables Facility (but in no event shall
apply either (x) to any machinery or equipment of the Borrower or (y) to any inventory or goods of the Borrower that have not been
sold or transferred and given rise to an account receivable transferred to a Receivables Corporation pursuant to the applicable
Receivables Facility) and (B) shall secure only obligations not in excess of the maximum outstanding amount of Receivables Facilities
permitted pursuant to the definition of “Receivables Facility” herein; and

(g)          
Liens pursuant to any Loan Document.

SECTION
6.3           Fundamental
Changes. The Borrower will not, and will not permit any Subsidiary to, merge into or consolidate with any other Person, or
permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction
or in a series of transactions) all or substantially all of its assets, or all or substantially all of the stock of any of its
Subsidiaries (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof
and immediately after giving effect thereto no Default shall have occurred and be continuing (a) any Subsidiary may merge into
the Borrower in a transaction in which the Borrower is the surviving corporation, (b) any Subsidiary may merge into any wholly-owned
Subsidiary in a transaction in which the surviving entity is a Subsidiary, (c) any Subsidiary may sell, transfer, lease or otherwise
dispose of its assets to the Borrower or to another wholly-owned Subsidiary, (d) any Subsidiary may liquidate or dissolve if the
Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially
disadvantageous to the Lenders and (e)(i) any Subsidiary may sell, transfer or otherwise dispose of all or substantially all of
the stock or assets of any of its Foreign Subsidiaries and (ii) any Subsidiary may sell, transfer or otherwise dispose of all or
substantially all of its assets or stock, so long as any such sale, transfer or disposition 

    	74

	

    	 

    

under subsection (e)(i) or (e)(ii)
is for fair market value and is not otherwise prohibited under Section 6.6.

SECTION
6.4           Third
Party Guarantees. The Borrower will not, and will not permit any of its Subsidiaries to, deliver or provide Guarantees in respect
of obligations of unconsolidated joint ventures or other Persons not constituting Subsidiaries in an aggregate amount exceeding
$75,000,000 at any time.

SECTION
6.5           Subsidiary
Indebtedness. The Borrower will not permit any of its Subsidiaries to incur Indebtedness owing to any Person other than the
Borrower or any majority-owned Subsidiary other than Indebtedness, the aggregate principal amount of which, when combined (without
duplication) with Indebtedness secured by Liens permitted by Section 6.2(e), shall not exceed 15% of Consolidated Tangible
Assets as reflected in the most recent annual audited consolidated financial statements delivered pursuant to Section 4.1(g)
or 5.1(a), as applicable; provided, that Indebtedness of a Subsidiary Guaranteed by one or more additional Subsidiaries,
shall only be counted once for purposes hereof.

SECTION
6.6           Certain
Dispositions. The Borrower will not, and will not permit any of its Subsidiaries to, make any Disposition, or enter into any
agreement to make any Disposition (including, without limitation, by way of the sale of the stock of any of the Subsidiaries of
the Borrower that own or possess IP Rights), except:

(a)           
Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business;

(b)          
Dispositions of inventory in the ordinary course of business;

(c)           
Dispositions of equipment 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;

(d)          
Dispositions of property by any Subsidiary to the Borrower or to a majority-owned Subsidiary;

(e)           
Dispositions permitted by clauses (a) through (d) of Section 6.3;

(f)           
Dispositions of licenses of IP Rights, so long as such Disposition will not (in the reasonable opinion of the Borrower)
interfere, individually or in the aggregate, in any material respect with the conduct of the business of the Borrower and its Subsidiaries,
taken as a whole;

(g)          
Dispositions of accounts receivable and assets supporting the obligations under such transferred accounts receivable as
are reasonably required to be Disposed of pursuant to the terms of any Receivables Facility of the Borrower or any applicable Subsidiary
in accordance with the terms of such Receivables Facility (provided that in no event shall this clause (g) permit the Disposition
of (x) any machinery or equipment of the Borrower or (y) to any inventory or goods of the Borrower that have not been sold or transferred
and given rise to an account receivable transferred pursuant to the applicable Receivables Facility); and

    	75

	

    	 

    

(h)          
Dispositions by the Borrower and its Subsidiaries not otherwise permitted under this Section 6.6; provided
that (i) at the time of such Disposition, no Default shall exist or would result from such Disposition and (ii) the aggregate book
value of all property Disposed of in reliance on this clause (h) in any fiscal year shall not exceed 20% of the Consolidated Tangible
Assets as reflected in the most recent annual audited consolidated financial statements delivered pursuant to Section 4.1(g)
or 5.1(a), as applicable;

provided, however, that any Disposition
pursuant to this Section 6.6 shall be for fair market value.

 

SECTION
6.7           Sanctions.
Directly or indirectly, use the proceeds of any Borrowing or L/C Credit Extension, or lend, contribute or otherwise make available
such proceeds to any Subsidiary, joint venture partner or other individual or entity, to fund any activities of or business with
any individual or entity, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or
in any other manner that will result in a violation by any individual or entity (including any individual or entity participating
in the transaction, whether as Lender, Arranger, Administrative Agent, Issuing Bank, Swingline Lender, or otherwise) of Sanctions.

SECTION
6.8           Material
Indebtedness. The Borrower will not, and will not permit any of its Subsidiaries to, amend, modify or change in any manner
any term or condition of any Material Indebtedness to the extent such amendment, modification or change could reasonably be expected
to be materially adverse to the interests of the Lenders under the Loan Documents (it being agreed that changes to the rate of
interest paid on, or the maturity date of, any Material Indebtedness shall be deemed not to be materially adverse to the interests
of the Lenders).

SECTION
6.9           Receivables
Corporation. The Borrower (a) will not at any time permit any Receivables Corporation (i) to own or hold any assets, or conduct
any operations, other than those reasonably necessary to comply with the terms of a permitted Receivables Facility that is described
in subpart (i) of such definition and to which such Receivables Corporation is a party, or (ii) to incur, assume or suffer to exist
any Indebtedness other than Indebtedness under a permitted Receivables Facility described in subpart (i) of such definition with
aggregate outstandings at no time exceeding the maximum amounts set forth in such definition and (b) will not, and will not permit
any Subsidiary that is not a Receivables Corporation to guarantee any Indebtedness of any Receivables Corporation.

SECTION
6.10        Anti-Corruption
Laws. Directly or indirectly use the proceeds of any Borrowing or L/C Credit Extension for any purpose which would breach the
United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, or other similar legislation in other jurisdictions.

    	76

	

    	 

    

ARTICLE
VII

EVENTS OF DEFAULT

SECTION
7.1           Events
of Default. Any of the following events (“Events of Default”) shall constitute an Event of Default:

(a)           
the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement
when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or
otherwise;

(b)          
the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to
in clause (a) of this Section) payable under this Agreement or any other Loan Document, when and as the same shall become due and
payable, and such failure shall continue unremedied for a period of five days;

(c)           
(i)any representation or warranty that is not qualified by materiality or reference to Material Adverse Effect and is
made or deemed made by or on behalf of the Borrower or any Subsidiary in or in connection with this Agreement, any other Loan Document
or any amendment or modification hereof, or in any report, certificate, financial statement or other document furnished pursuant
to or in connection with this Agreement, any other Loan Document or any amendment or modification hereof, shall prove to have been
incorrect in any material respect when made or deemed made; or

(ii)any
representation or warranty that is qualified by materiality or reference to Material Adverse Effect and is made or deemed made
by or on behalf of the Borrower or any Subsidiary in or in connection with this Agreement, any other Loan Document or any amendment
or modification hereof, or in any report, certificate, financial statement or other document furnished pursuant to or in connection
with this Agreement, any other Loan Document or any amendment or modification hereof, shall prove to have been incorrect in any
respect when made or deemed made;

(d)          
the Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5.2, 5.3
(with respect to the Borrower’s existence), 5.8 or 5.9 or in Article VI;

(e)           
the Borrower shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than
those specified in clause (a), (b) or (d) of this Section) or in any other Loan Document, and such failure shall continue unremedied
for a period of 30 days after notice thereof from the Administrative Agent (given at the request of any Lender) to the Borrower;

(f)           
the Borrower or any Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount)
in respect of any Material Indebtedness, when and as the same shall become due and payable and such failure is not remedied during
the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was
created;

    	77

	

    	 

    

(g)          
any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or
that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material
Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the
prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g)
shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets
securing such Indebtedness;

(h)          
an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization
or other relief in respect of the Borrower or any Material Subsidiary or its debts, or of a substantial part of its assets, under
any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment
of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Material Subsidiary or
for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days
or an order or decree approving or ordering any of the foregoing shall be entered;

(i)            
the Borrower or any Material Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation,
reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter
in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition
described in clause (h) of this Section, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for the Borrower or any Material Subsidiary or for a substantial part of its assets, (iv) file
an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment
for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;

(j)            
the Borrower or any Material Subsidiary shall become unable, admit in writing or fail generally to pay its debts as they
become due;

(k)          
(i) one or more judgments for the payment of money in an aggregate amount in excess of $100,000,000 shall be rendered against
the Borrower, any Subsidiary or any combination thereof (to the extent not covered by independent third-party insurance as to which
the insurer does not dispute coverage) or (ii) one or more non-monetary final judgments that have, or could reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect shall be rendered against the Borrower or any Subsidiary or
any combination thereof and, in either case, and the same shall remain undischarged for a period of 30 consecutive days during
which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy
upon any assets of the Borrower or any Subsidiary to enforce any such judgment;

(l)            
an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA
Events that have occurred, could reasonably be expected to result in a Material Adverse Effect;

(m)         
a Change in Control shall occur; or

    	78

	

    	 

    

(n)          
(i) this Agreement or any of the promissory notes from time to time requested pursuant to this Agreement, 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, either (A) ceases to be in full force and effect or (B) is otherwise found to be invalid or unenforceable
by a final, non-appealable decision of court of competent jurisdiction; or

(ii)          
the Borrower contests in any manner the validity or enforceability of any Loan Document; or the Borrower denies that it
has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any Loan Document
(other than a revocation, termination or rescission that is expressly permitted hereunder or thereunder or that occurs as a result
of the satisfaction in full of all of the Obligations).

SECTION
7.2           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, by notice to the Borrower, take any or all of the following actions, at the
same or different times:

(a)           
declare the Commitment of each Lender to make Loans and any obligation of any Issuing Bank to make LC Credit Extensions
to be terminated, whereupon such Commitments and obligations shall be terminated immediately;

(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;

(c)           
require that the Borrower Cash Collateralize the LC Exposures; and

(d)          
exercise on behalf of itself, the Lenders and the Issuing Banks all rights and remedies available to it, the Lenders and
the Issuing Banks under the Loan Documents;

provided that
upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code
of the United States, the obligation of each Lender to make Loans and any obligation of any Issuing Bank to make LC Credit Extensions
shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid
shall automatically become due and payable, and the obligation of the Borrower to Cash Collateralize the LC Exposures as aforesaid
shall automatically become effective, in each case without further act of the Administrative Agent or any Lender.

 

SECTION
7.3           Application
of Funds. After the exercise of remedies provided for in Section 7.2 (or after the Loans have automatically become immediately
due and payable and the LC Exposures have automatically been required to be Cash Collateralized as set forth in the proviso to
Section 7.2), any amounts received on account of the Obligations shall, subject to the provisions of Sections 2.21
and 2.22, be applied by the Administrative Agent in the following order:

    	79

	

    	 

    

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) payable to the Administrative Agent in its capacity as such;

 

Second, to
payment of that portion of the Obligations arising under the Loan Documents constituting fees, indemnities and other amounts (other
than principal, interest and Letter of Credit participation fees under Section 2.12(b)) payable to the Lenders and the Issuing
Bank (including fees, charges and disbursements of counsel to the respective Lenders and the Issuing Bank arising under the Loan
Documents and amounts payable under Sections 2.15, 2.16 and 2.17), 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 Letter of Credit participation fees under Section
2.12(b) and interest on the Loans, LC Borrowings and other Obligations arising under the Loan Documents, ratably among the
Lenders and the Issuing Bank 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 and LC Borrowings, ratably among the Lenders
and the Issuing Banks in proportion to the respective amounts described in this clause Fourth held by them;

 

Fifth, to
the Administrative Agent for the account of the Issuing Bank, to Cash Collateralize that portion of LC Exposures comprised of the
aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower pursuant to Sections
2.5 and 2.21; and

 

Last, the
balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by
Law.

 

Subject to Sections
2.5(c) and 2.21, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause
Fifth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit
as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied
to the other Obligations, if any, in the order set forth above.

 

ARTICLE
VIII

THE ADMINISTRATIVE AGENT

SECTION
8.1           Appointment
and Authority. Each of the Lenders and each Issuing Bank 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 

    	80

	

    	 

    

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 are solely for the benefit of
the Administrative Agent, the Lenders and the Issuing Banks, and the Borrower shall not have rights as a third party beneficiary
of any of such provisions.

SECTION
8.2           Rights
as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity
as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender”
or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person
serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from,
lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business
with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and
without any duty to account therefor to the Lenders.

SECTION
8.3           Exculpatory
Provisions. The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in
the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent:

(a)           
shall not be subject to any fiduciary or other implied duties, regardless of whether a 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
that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any
Loan Document or applicable law; and

(c)           
shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not
be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to
or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

(d)          
The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request
of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent
shall believe in good faith shall be necessary, under the circumstances as provided in Section 9.2 and Article VII)
or (ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have
knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent by the Borrower,
a Lender or an Issuing Bank.

(e)           
The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty
or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate,
report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) 

    	81

	

    	 

    

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.

SECTION
8.4           Reliance
by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying
upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message,
Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise
authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone
and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining
compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must
be fulfilled to the satisfaction of a Lender or an Issuing Bank, the Administrative Agent may presume that such condition is satisfactory
to such Lender or such Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender
or such Issuing Bank prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult
with legal counsel (who may be counsel for the 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.

SECTION
8.5           Delegation
of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under
any other Loan Document by or through any one or more sub agents appointed by the Administrative Agent. The Administrative Agent
and any such sub agent may perform any and all of its duties and exercise its rights and powers by or through their respective
Related Parties. The exculpatory provisions of this Article shall apply to any such sub agent and to the Related Parties of the
Administrative Agent and any such sub agent, and shall apply to their respective activities in connection with the syndication
of the credit facilities provided for herein as well as activities as Administrative Agent.

SECTION
8.6           Resignation
of Administrative Agent.

(a)           
The Administrative Agent may at any time give notice of its resignation to the Lenders, the Issuing Banks 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, then the retiring Administrative Agent
may on behalf of the Lenders and the Issuing Banks, appoint a successor Administrative Agent meeting the qualifications set forth
above; provided that if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted
such appointment, then such resignation shall nonetheless become effective in 

    	82

	

    	 

    

accordance with such notice (or such earlier day
as shall be agreed by the Required Lenders) (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) (i) the retiring or removed
Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (ii)
except for any indemnity payments 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 and
each Issuing Bank directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above
in this Section. 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, 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). 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 hereunder and
under the other Loan Documents, the provisions of this Article and Section 9.3 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 while the retiring Administrative Agent was acting as Administrative Agent.

(d)          
Any resignation by Bank of America as Administrative Agent pursuant to this Section shall also constitute its resignation
as an Issuing Bank and as the Swingline Lender. Upon the acceptance of a successor’s appointment as Administrative Agent
hereunder, (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring
Issuing Bank and Swingline Lender, (ii) the retiring Issuing Bank and Swingline Lender shall be discharged from all of their respective
duties and obligations hereunder or under the other Loan Documents, and (iii) the successor Issuing Bank shall issue letters of
credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements
satisfactory to the retiring Issuing Bank to effectively assume the obligations of the retiring Issuing Bank with respect to such
Letters of Credit.

SECTION
8.7           Non-Reliance
on Administrative Agent and Other Lenders. Each Lender and each Issuing Bank acknowledges that it has, independently and without
reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information
as it has deemed appropriate, made its own credit analysis and 

    	83

	

    	 

    

decision to enter into this Agreement. Each Lender and each Issuing
Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any
of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to
make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related
agreement or any document furnished hereunder or thereunder.

SECTION
8.8           No
Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Bookrunners, Joint Lead Arrangers, syndication
agents or documentation agents 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 or an Issuing
Bank hereunder.

SECTION
8.9           Administrative
Agent May File Proofs of Claim. In case of the pendency of any proceeding under any bankruptcy or other debtor relief law or
any other judicial proceeding relative to the Borrower, the Administrative Agent (irrespective of whether the principal of any
Loan or LC Exposure 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, LC
Exposures and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable
in order to have the claims of the Lenders, the Issuing Banks and the Administrative Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Lenders, the Issuing Banks and the Administrative Agent and their respective
agents and counsel and all other amounts due the Lenders, the Issuing Banks and the Administrative Agent under Sections 2.12
and 9.3) 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 and each
Issuing Bank to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to
the making of such payments directly to the Lenders and the Issuing Banks, 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 2.12 and 9.3.

 

Nothing contained
herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender
or any Issuing Bank any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights
of any Lender or any Issuing Bank to authorize the Administrative Agent to vote in respect of the claim of any Lender or any Issuing
Bank in any such proceeding.

    	84

	

    	 

    

SECTION
8.10        Enforcement.
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 Borrower 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 this Article VIII for the benefit of all the Lenders and the Issuing Banks; 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 Issuing Bank or the Swingline
Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as Issuing Bank or Swingline Lender,
as the case may be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with
Section 9.8 (subject to the terms of Section 2.18), or (d) any Lender from filing proofs of claim or appearing and
filing pleadings on its own behalf during the pendency of a proceeding relative to the Borrower under any bankruptcy or other 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 Article VIII and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding
proviso and subject to Section 2.18, 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.

ARTICLE
IX

MISCELLANEOUS

SECTION
9.1           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 subsection (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 telecopier 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, the Administrative Agent, Bank of America in its capacity as an Issuing Bank or the Swingline Lender,
to the address, telecopier number, electronic mail address or telephone number specified for such Person on Schedule 9.1;
and

(ii)          
if to any other Lender or any other Issuing Bank, to the address, telecopier 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).

    	85

	

    	 

    

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 telecopier shall be deemed to have been given when sent (except that, if not given during normal
business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the
recipient). Notices and other communications delivered through electronic communications to the extent provided in subsection (b)
below, shall be effective as provided in such subsection (b).

 

(b)          
Electronic Communications. Notices and other communications to the Lenders and the Issuing Banks 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
or any Issuing Bank pursuant to Article II if such Lender or such Issuing Bank, as applicable, has notified the Administrative
Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the
Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or
communications.

Unless the Administrative
Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s
receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal
business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the
next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed
received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification
that such notice or communication is available and identifying the website address therefor.

(c)           
The Platform. THE 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 Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have
any liability to the Borrower, any Lender, any Issuing Bank or any other Person for losses, claims, damages, liabilities or expenses
of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission
of Borrower Materials or notices through the platform, any other electronic platform or electronic messaging service, or through
the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent
jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent
Party; provided, 

    	86

	

    	 

    

however, that in no event shall any Agent Party have any liability to the Borrower, any Lender, any Issuing Bank
or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages).

(d)          
Change of Address, Etc. Each of the Borrower, the Administrative Agent, each Issuing Bank and the Swingline Lender
may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the other parties
hereto. Each other Lender may change its address, telecopier or telephone number for notices and other communications hereunder
by notice to the Borrower, the Administrative Agent, the Issuing Banks and the Swingline Lender. 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, telecopier 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, Issuing Banks and Lenders. The Administrative Agent, the Issuing Banks and the
Lenders shall be entitled to rely and act upon any notices (including telephonic Borrowing Requests) purportedly given by or on
behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded
or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from
any confirmation thereof. The Borrower shall indemnify the Administrative Agent, each Issuing Bank, 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.

SECTION
9.2           Waivers;
Amendments.

(a)           
No failure or delay by the Administrative Agent, any Issuing Bank or any Lender in exercising any right or power hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance
of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or
power. The rights and remedies of the Administrative Agent, the Issuing Banks and the Lenders hereunder are cumulative and are
not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent
to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b)
of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which
given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not 

    	87

	

    	 

    

be construed
as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or any Issuing Bank may have had notice
or knowledge of such Default at the time.

(b)          
No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by
the Borrower therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower, 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 that no such amendment, waiver or consent shall:

(i)            
waive any condition set forth in Section 4.1 without the written consent of each Lender;

(ii)          
extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 7.2)
without the written consent of such Lender;

(iii)        
postpone any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments, if
any) 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;

(iv)         
reduce the principal of, or the rate of interest specified herein on, any Loan or LC Borrowing, or (subject to clause (D)
of the second proviso to this Section 9.2(b)) any fees or other amounts payable hereunder or under any other Loan Document
without the written consent of each Lender directly affected thereby; provided that only the consent of the Required Lenders
shall be necessary (A) to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay
interest or Letter of Credit participation fees at the Default Rate or (B) to amend any financial covenant hereunder (or any defined
term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Loan or LC Borrowing or
to reduce any fee payable hereunder;

(v)          
change Section 7.3 in a manner that would alter the pro rata sharing of payments required thereby without the written
consent of each Lender; or

(vi)         
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 provided further
that (A) no amendment, waiver or consent shall, unless in writing and signed by each Issuing Bank in addition to the Lenders required
above, affect the rights or duties of the Issuing Banks under this Agreement or any Issuer Document relating to any Letter of 

    	88

	

    	 

    

Credit
issued or to be issued by it; (B) no amendment, waiver or consent shall, unless in writing and signed by the Swingline Lender in
addition to the Lenders required above, affect the rights or duties of the Swingline Lender under this Agreement; (C) 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; and (D) each Fee Letter may be
amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto.

Notwithstanding
anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent
hereunder (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 without the consent of such Lender and (y) any waiver, amendment or modification
requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than
other affected Lenders shall require the consent of such Defaulting Lender.

If any Lender does
not consent to a proposed amendment, waiver, consent or release with respect to any Loan Document that requires the consent of
such Lender and that has been approved by the Required Lenders, the Borrower may replace such non-consenting Lender in accordance
with Section 2.19(b); provided that such amendment, waiver, consent or release can be effected as a result of the
assignment contemplated by such Section (together with all other such assignments required by the Borrower to be made pursuant
to this paragraph).

SECTION
9.3           Expenses;
Indemnity; Damage Waiver.

(a)           
The Borrower shall pay (i) all reasonable out of pocket expenses incurred by the Administrative Agent, the Joint Lead Arrangers
and their Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent and MLPFS
(but limited to (A) one primary counsel for the Administrative Agent and MLPFS, (B) to the extent reasonably necessary (as determined
by the Administrative Agent and MLPFS), one local counsel in each relevant jurisdiction, and (C) to the extent reasonably necessary
(as determined by the Administrative Agent and MLPFS), one special or regulatory counsel for each relevant specialty), in connection
with the syndication of the credit facilities provided for herein, the preparation and administration of this Agreement and the
other Loan Documents, or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by any Issuing Bank in
connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and
(iii) all reasonable out-of-pocket expenses incurred by the Administrative Agent, any Issuing Bank or any Lender, including the
fees, charges and disbursements of (A) one primary counsel for the Administrative Agent, MLPFS, the Lenders and the Issuing Banks
(and any other Joint Lead Arranger, as applicable), taken together, (B) one local counsel in each relevant jurisdiction, (C) to
the extent reasonably necessary, one special or regulatory counsel in each relevant specialty and (D) in the case of any actual
or perceived conflict of interest with respect to any of the counsel identified in clauses (A) through (C) above,
one additional counsel to each group of affected Persons similarly situated, taken as a whole (which in the case of clause (B)
shall allow 

    	89

	

    	 

    

for up to one additional counsel in each relevant jurisdiction), in connection with the enforcement or protection
of their rights in connection with this Agreement or any other Loan Document, including their rights under this Section, or in
connection with the Loans made or Letters of Credit issued hereunder, including in connection with any workout, restructuring or
negotiations in respect thereof.

(b)          
The Borrower shall indemnify the Administrative Agent, the Joint Lead Arrangers, each Issuing Bank and each Lender, and
each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against,
and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the reasonable
fees, charges and disbursements of any counsel for any Indemnitee (notwithstanding any limitation in Section 9.3(a)(ii),
provided that such legal fees and expenses shall be limited to the reasonable and documented fees, disbursements and other
out-of-pocket charges of one primary counsel, one local counsel in each relevant jurisdiction, one specialty counsel for each relevant
specialty, and one or more counsel to each group of affected Persons similarly situated if one or more conflicts of interest, or
perceived conflicts of interest, arise), incurred by or asserted against any Indemnitee arising out of, in connection with, or
as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated
hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions
or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including
any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection
with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release
of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental
Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation
or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any
Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee or its Related Parties, be available
to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction
by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or its
Related Parties.

(c)           
To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent (or any sub-agent
thereof), a Joint Lead Arranger, an Issuing Bank or the Swingline Lender under paragraph (a) or (b) of this Section, each Dollar
Lender severally agrees to pay to the Administrative Agent (or such sub-agent thereof), such Joint Lead Arranger, such Issuing
Bank or the Swingline Lender, as the case may be, such Lender’s Applicable Percentage under the Dollar Facility (determined
as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided
that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred
by or asserted against the Administrative Agent (or such sub-agent thereof), such Joint Book Arranger, such Issuing Bank or the
Swingline Lender in its capacity as such. The obligations of the Lenders under this subsection (c) are subject to the provisions
of Section 2.18(e).

    	90

	

    	 

    

(d)          
To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee,
on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages of
the Borrower) 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, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee
referred to in subsection (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 or willful misconduct of such Indemnitee
as determined by a final and nonappealable judgment of a court of competent jurisdiction.

(e)           
All amounts due under this Section shall be payable not later than ten Business Days after demand therefor.

SECTION
9.4           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 (f) 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 subsection (d) of this Section and, to the extent
expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Banks 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 (including for purposes of this
subsection (b), participations in LC Exposures and in Swingline Loans) at the time owing to it); provided that any such
assignment shall be subject to the following conditions:

(i)            
Minimum Amounts.

(A)         
in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at
the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount
need be assigned; and

    	91

	

    	 

    

(B)         
in any case not described in subsection (b)(i)(A) of this Section, 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 Acceptance with
respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment
and Acceptance, 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); provided, however, that concurrent assignments to members of an Assignee Group and concurrent assignments
from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group)
will be treated as a single assignment for purposes of determining whether such minimum amount has been met.

(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, and
among the Facilities such that any partial assignment by a Lender of its Commitment hereunder shall be an assignment of a proportional
amount of its Dollar Commitment, Euro Commitment, Sterling Commitment and Yen Commitment, except that this clause (ii) shall not
apply to the Swingline Lender’s rights and obligations in respect of Swingline Loans;

(iii)        
Required Consents. No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B)
of this Section 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 Business Days after having received notice thereof;

(B)         
the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required if such
assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund;

(C)         
the consent of each Issuing Bank (such consent not to be unreasonably withheld or delayed) shall be required for any assignment
that increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then
outstanding); and

    	92

	

    	 

    

(D)         
the consent of the Swingline Lender (such consent not to be unreasonably withheld or delayed) shall be required for any
assignment that increases the obligation of the assignee to participate in exposure under Swingline Loans.

(iv)         
Assignment and Acceptance. The parties to each assignment shall execute and deliver to the Administrative Agent an
Assignment and Acceptance, 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 (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.

(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 and participations in Letters of Credit and Swingline 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 paragraph, then the assignee
of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

Subject to acceptance and recording thereof
by the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective date specified in each Assignment
and Acceptance, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such
Assignment and Acceptance, 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 Acceptance, be released from its obligations under this Agreement
(and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party 

    	93

	

    	 

    

hereto) but shall continue to be entitled to the benefits of Sections 2.15,
2.16, 2.17, and 9.3 with respect to facts and circumstances occurring prior to the effective date of such
assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this
subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations
in accordance with subsection (d) of this Section.

 

(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 Acceptance delivered
to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts
of (and stated interest) the Loans and LC Exposures owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).
Without limiting the generality of the foregoing, upon the Administrative Agent’s receipt of a duly completed Assignment
and Acceptance in compliance with subsections (a) and (b) above, the Administrative Agent shall record the information contained
therein in the Register. The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders
may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes
of this Agreement, notwithstanding notice to the contrary. In addition, the Administrative Agent shall maintain on the Register
information regarding the designation, and revocation of designation, of any Lender as a Defaulting Lender. 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, the Swingline Lender,
any Issuing Bank or the Administrative Agent, sell participations to any Person (other than a natural person, a Defaulting Lender
or the Borrower or any of the Borrower’s Affiliates or Subsidiaries ) (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 (including such Lender’s participations in LC Exposures and/or Swingline 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
and the Issuing Banks 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 9.4(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 9.2(b) that affects such Participant. Subject to
subsection (e) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15,
2.16 and 2.17 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection
(b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.8
as though it were a Lender, provided such 

    	94

	

    	 

    

Participant agrees to be subject to Section 2.18 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, LC Exposures or other obligations under the Loan Documents (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including
the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters
of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary
to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of
the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and
such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all
purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in
its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

(e)           
Limitations upon Participant Rights. A Participant shall not be entitled to receive any greater payment under Section
2.15 or 2.17 than the applicable Lender would have been entitled to receive with respect to the participation sold to
such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent.
A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.17 unless
the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower,
to comply with Section 2.17(e) as though it were a Lender.

(f)           
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 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.

(g)          
Resignation as Issuing Bank or Swingline Lender after Assignment. Notwithstanding anything to the contrary contained
herein, if at any time Bank of America, Citi or KeyBank assigns all of its Commitment and Loans pursuant to subsection (b) above,
then (i) Bank of America, Citi or KeyBank, as applicable, may, upon 30 days’ notice to the Borrower and the Lenders, resign
as an Issuing Bank, and/or (ii) Bank of America may, upon 30 days’ notice to the Borrower, resign as Swingline Lender. In
the event of any such resignation as Issuing Bank or Swingline Lender, the Borrower shall be entitled to appoint from among the
Lenders a successor Issuing Bank or Swingline Lender hereunder; provided, however, that no failure by the Borrower
to appoint any such successor shall affect the resignation of Bank of America, Citi or KeyBank as an Issuing Bank or of Bank of
America as the Swingline Lender, as the case may be. If Bank of America, Citi or KeyBank resigns as an Issuing Bank, it shall retain
all the rights, powers, privileges and duties of an Issuing Bank hereunder with respect to all Letters of Credit outstanding as
of the effective date of its resignation as an Issuing Bank and all LC Exposures with respect thereto (including the right to require
the Lenders to make ABR Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.5(c)). If Bank of
America resigns as Swingline Lender, it shall retain all the rights of the Swingline Lender 

    	95

	

    	 

    

provided for hereunder with respect
to Swingline Loans made by it and outstanding as of the effective date of such resignation, including the right to require the
Lenders to make ABR Loans or fund risk participations in outstanding Swingline Loans pursuant to Section 2.4(c). Upon the
appointment of a successor Issuing Bank and/or Swingline Lender, (a) such successor shall succeed to and become vested with all
of the rights, powers, privileges and duties of the retiring Issuing Bank or Swingline Lender, as the case may be, and (b) the
successor Issuing Bank shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time
of such succession or make other arrangements satisfactory to Bank of America, Citi or KeyBank, as applicable, to effectively assume
the obligations of Bank of America, Citi or KeyBank with respect to such Letters of Credit.

SECTION
9.5           Survival.
All covenants, agreements, representations and warranties made by the Borrower herein or in any other Loan Document and in the
certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be
considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement
and the other Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation
made by any such other party or on its behalf and notwithstanding that the Administrative Agent, any Issuing Bank or any Lender
may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder,
and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other
Obligation payable under this Agreement or any other Loan Document is outstanding and unpaid or any Letter of Credit is outstanding
and so long as the Commitments have not expired or terminated. The provisions of Sections 2.15, 2.16, 2.17
and 9.3 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the
transactions contemplated hereby, the repayment of the Loans and other Obligations, the expiration or termination of the Letters
of Credit and the Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or thereof.

SECTION
9.6           Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement,
and the other Loan Documents 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 4.1, this Agreement shall become effective
when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts
hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart
of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement.

SECTION
9.7           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 

    	96

	

    	 

    

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, if and to the extent that the enforceability
of any provisions in this Agreement relating to Defaulting Lenders shall be limited by bankruptcy or other debtor relief laws,
as determined in good faith by the Administrative Agent, any Issuing Bank or the Swingline Lender, as applicable, then such provisions
shall be deemed to be in effect only to the extent not so limited.

SECTION
9.8           Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, each Issuing Bank and each of their respective
Affiliates (the “Setoff Parties”) is hereby authorized at any time and from time to time, to the fullest extent
permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever
currency) at any time held and other obligations (in whatever currency) at any time owing by such Setoff Party to or for the credit
or the account of the Borrower against any of and all the obligations of the Borrower now or hereafter existing under this Agreement
or any other Loan Document held by such Setoff Party, irrespective of whether or not such Setoff Party 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 or office of such Lender or the L/C Issuer different from the branch or office 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 2.22 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. In the event that amounts set off in one currency are applied to obligations in
a different currency, the rate of exchange shall be determined by the Administrative Agent in accordance with Section 1.6.
The rights of each Setoff Party under this Section are in addition to other rights and remedies (including other rights of setoff)
which such Setoff Party may have. Each Setoff Party agrees to notify the Borrower and the Administrative Agent promptly after any
such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff
and application.

SECTION
9.9           Governing
Law; Jurisdiction; Consent to Service of Process.

(a)           
This Agreement shall be construed in accordance with and governed by the law of the State of New York.

(b)          
The Borrower hereby 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 the Administrative Agent,
any Lender, any Issuing Bank, 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 

    	97

	

    	 

    

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 proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent, any Issuing Bank
or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower or its properties
in the courts of any jurisdiction.

(c)           
The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so,
any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
to this Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives,
to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in
any such court.

(d)          
Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section
9.1. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted
by law.

SECTION
9.10        WAIVER OF
JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO
THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

SECTION
9.11        Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this
Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

SECTION
9.12        Confidentiality.
Each of the Administrative Agent, the Issuing Banks and the Lenders agrees to maintain the confidentiality of the Information (as
defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective
partners, directors, officers, employees, agents, trustees, advisors and representatives, including accountants, legal counsel
and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature
of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority
(including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required
by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in
connection 

    	98

	

    	 

    

with the exercise of any remedies hereunder or under any other Loan Document or any suit, action or proceeding relating
to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement
containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective
assignee of or Participant in, any of its rights or obligations under this Agreement or any Eligible Assignee invited to be a Lender
pursuant to Section 2.20(c) or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction
relating to the Borrower and its obligations, (g) on a confidential basis to the extent required, requested, reasonably necessary
or otherwise deemed appropriate under the circumstances to (i) any rating agency in connection with rating the Borrower or any
Subsidiary of the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection with
the issuance 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 (i) becomes publicly available other than as a result
of a breach of this Section or (ii) becomes available to the Administrative Agent, any Issuing Bank or any Lender or any of their
respective Affiliates on a nonconfidential basis from a source other than the Borrower, provided that, if Information is
disclosed pursuant to clause (b) or (c) above, the Administrative Agent, such Issuing Bank or such Lender, as the case may be,
shall use its best efforts to promptly notify the Borrower prior to such disclosure unless it is legally prohibited from doing
so or unless such disclosure is in connection with customary reviews by bank examiners. For the purposes of this Section, “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 Issuing Bank or 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 shall be considered to have complied
with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information
as such Person would accord to its own confidential information.

SECTION
9.13        Judgment
Currency. If, for the purposes of obtaining judgment or filing a claim in any court, it is necessary to convert a sum due hereunder
or under any other Loan Document or claim in one currency into another currency, the rate of exchange used shall be that at which
in accordance with normal banking procedures the Administrative Agent could purchase the first currency with such other currency
on the Business Day preceding that on which final judgment is given. The obligation of the Borrower in respect of any such sum
due from it to the Administrative Agent or the Lenders hereunder or under the other Loan Documents shall, notwithstanding any judgment
in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with
the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only to the extent that
on the Business Day following receipt by the Administrative Agent of any sum adjudged to be so due in the Judgment Currency, the
Administrative Agent may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency.
If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent from the Borrower
in the Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the
Administrative Agent or the Person to whom such obligation was owing against such loss. If the amount of the Agreement Currency
so 

    	99

	

    	 

    

purchased is greater than the sum originally due to the Administrative Agent in such currency, the Administrative Agent agrees
to return the amount of any excess to the Borrower (or to any other Person who may be entitled thereto under applicable law).

SECTION
9.14        Loan Conversion/Participation.

(a)           
(i) On any Conversion Date, to the extent not otherwise prohibited by law or otherwise, all Revolving Loans outstanding
in any currency other than Dollars (“Loans to be Converted”) shall be converted into Dollars (calculated on
the basis of the relevant Exchange Rates as of the Business Day immediately preceding the Conversion Date) (“Converted
Loans”), and (ii) on the Conversion Date (A) each Dollar Lender severally, unconditionally and irrevocably agrees that
it shall purchase in Dollars a participating interest in such Converted Loans in an amount equal to its Conversion Sharing Percentage
(calculated immediately prior to the termination or expiration of the Commitments) of the outstanding principal amount of Converted
Loans and (B) to the extent necessary to cause the Committed Exposure Percentage of each Lender, after giving effect to the purchase
and sale of participating interests under the foregoing clause (A), to equal its Applicable Percentage under the Dollar Facility
(calculated immediately prior to the termination or expiration of the Commitments), each Dollar Lender severally, unconditionally
and irrevocably agrees that it shall purchase or sell a participating interest in its Dollar Revolving Loans then outstanding.
Each Dollar Lender will immediately transfer to the Administrative Agent, in immediately available funds, the amounts of its participation(s),
and the proceeds of such participation(s) shall be distributed by Administrative Agent to each Lender from which a participating
interest is being purchased in the amount(s) provided for in the preceding sentence. All Converted Loans shall be ABR Loans. The
Borrower agrees to indemnify each Lender for any loss or reasonable cost or expense arising out of the conversion of Loans from
one currency to another pursuant to this Section.

(b)          
If, for any reason, the Loans to be Converted may not be converted into Dollars in the manner contemplated by paragraph
(a) of this Section 9.14, (i) the Administrative Agent shall determine the Dollar Amount of the Loans to be Converted (calculated
on the basis of the Exchange Rate as of the Business Day immediately preceding the date on which such conversion would otherwise
occur pursuant to paragraph (a) of this Section 9.14), (ii) effective on such Conversion Date, each Lender severally, unconditionally
and irrevocably agrees that it shall purchase in Dollars a participating interest in such Loans to be Converted in an amount equal
to its Conversion Sharing Percentage of such Loans to be Converted and (iii) each Dollar Lender shall purchase or sell participating
interests as provided in paragraph (a)(ii) of this Section 9.14. Each Dollar Lender will immediately transfer to the Administrative
Agent, in immediately available funds, the amount(s) of its participation(s), and the proceeds of such participation(s) shall be
distributed by the Administrative Agent to each relevant Lender in the amount(s) provided for in the preceding sentence.

(c)           
To the extent any Taxes are required to be withheld from any amounts payable by a Lender (the “First Lender”)
to another Lender (the “Other Lender”) in connection with its participating interest in any Converted Loan,
the Borrower, with respect to the relevant Loans made to it, shall be required to pay increased amounts to the Other Lender receiving
such payments from the First Lender to the same extent they would be required under Section 2.17 if the Borrower were making
payments with respect to the participating interest directly to the Other Lender.

    	100

	

    	 

    

SECTION
9.15        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, which information includes the name and address of the Borrower and other information that will allow
such Lender or the Administrative Agent, as applicable, to identify the Borrower in accordance with the Act. The Borrower 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.

SECTION
9.16        Payments
Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent, any Issuing
Bank or any Lender, or the Administrative Agent, any Issuing Bank 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, such Issuing Bank or such Lender
in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any bankruptcy
or other 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 and each Issuing Bank 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 and the Issuing Banks under clause (b) of the preceding sentence shall survive the payment in full
of the Obligations and the termination of this Agreement and the other Loan Documents.

SECTION
9.17        Other Loan
Document Waivers and Amendments.

(a)           
No failure or delay by the Administrative Agent, any Issuing Bank or any Lender in exercising any right or power under any
Loan Document other than this Agreement (the Loan Documents other than this Agreement being the “Other Loan Documents”)
shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance
of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or
power. The rights and remedies of the Administrative Agent, the Issuing Banks and the Lenders under the Other Loan Documents are
cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Other
Loan Document or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted
by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the
purpose for which given.

(b)          
Neither any Other Loan Document nor any provision thereof may be waived, amended or modified except pursuant to an agreement
or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent

    	101

	

    	 

    

with the consent of the Required Lenders; provided that no such agreement shall amend, modify or otherwise affect the rights
or duties of the Administrative Agent, any Issuing Bank or the Swingline Lender under any Other Loan Document without the prior
written consent of the Administrative Agent, such Issuing Bank or the Swingline Lender, as the case may be.

SECTION
9.18        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 Joint Lead Arrangers and the other Lenders are arm’s-length commercial transactions between
the Borrower and its Affiliates, on the one hand, and the Administrative Agent, the Joint Lead Arrangers and the other 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, each Joint Lead Arranger and
the Lenders each 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, any of the Joint Lead Arrangers 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 Joint Lead Arrangers, 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 nor any of the Joint Lead Arrangers has any obligation to disclose any of such
interests to the Borrower or any of 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, each of the Joint Lead Arrangers and the Lenders with respect to
any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

SECTION
9.19        Amendment
and Restatement; No Novation; Reallocations and Break Funding. The parties hereto agree that this Agreement shall, and is intended
to, constitute an amendment and restatement of the Existing Credit Agreement, effective from and after the Effective Date, and
that the execution and delivery of this Agreement shall not constitute a novation of any indebtedness or other obligations owing
to the Lenders or the Administrative Agent under the Existing Credit Agreement. On the Effective Date, the credit facilities described
in the Existing Credit Agreement shall be amended, supplemented, modified and restated in their entirety by the facilities described
herein, and all loans and other obligations of the Borrower outstanding as of such date under the Existing Credit Agreement shall
be deemed to be Loans and Obligations outstanding under the corresponding facilities of this Agreement, without any further action
by any Person, except that the Administrative Agent, the Lenders and the lenders under the Existing Credit Agreement that are not
Lenders under this Agreement (if any) shall make such transfers and advances of funds, repayments of loans and obligations under
the Existing Credit Agreement, and other adjustments as are necessary in the opinion of the Administrative Agent so that the outstanding
balance of all Loans and Obligations hereunder on the Effective Date, including any Loans funded on the Effective Date hereunder,
reflect the 

    	102

	

    	 

    

Commitments of each of the Lenders hereunder on the Effective Date. In connection therewith, to the extent necessary,
the Borrower will make all payments required by the Lenders and the lenders under the Existing Credit Agreement pursuant to Section
2.16 of the Existing Credit Agreement and/or of this Agreement, as applicable.

SECTION
9.20        Electronic
Execution of Assignments and Certain Other Documents. The words “execute,” “execution,” “signed,”
“signature,” and words of like import in or related to any document to be signed in connection with this Agreement
and the transactions contemplated hereby (including without limitation Assignment and Assumptions, amendments or other modifications,
Borrowing Requests, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment
terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of
a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or
any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained
herein to the contrary the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or
in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it.

[Signature pages follow]

 

 

 

 

 

 

    	103

	

    	 

    

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the date first above written.

	 	BORGWARNER INC., as Borrower
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

 

 

 

 

 

 

BorgWarner
Inc.

Second Amended and Restated Credit Agreement (2014)

Signature
Pages

 

    	 

	

    	 

    

 

	 	BANK OF AMERICA, N.A., as

Administrative Agent
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

 

 

 

 

 

BorgWarner
Inc.

Second Amended and Restated Credit Agreement (2014)

Signature
Pages

 

 

    	 

	

    	 

    

 

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

Bank and Swingline Lender
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

 

 

 

 

 

 

 

BorgWarner
Inc.

Second Amended and Restated Credit Agreement (2014)

Signature
Pages

 

    	 

	

    	 

    

 

	 	DEUTSCHE BANK AG NEW YORK

BRANCH, as a Lender
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

 

 

 

 

 

 

 

BorgWarner
Inc.

Second Amended and Restated Credit Agreement (2014)

Signature
Pages

 

 

    	 

	

    	 

    

 

	 	CITIBANK, N.A., as a Lender and Issuing Bank
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

 

 

 

 

 

 

 

BorgWarner
Inc.

Second Amended and Restated Credit Agreement (2014)

Signature
Pages

 

    	 

	

    	 

    

 

	 	HSBC BANK USA, NATIONAL

ASSOCIATION, as a Lender and Issuing Bank
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

 

 

 

 

 

 

 

 

BorgWarner
Inc.

Second Amended and Restated Credit Agreement (2014)

Signature
Pages

 

 

    	 

	

    	 

    

 

	 	PNC BANK, NATIONAL ASSOCIATION, as a

Lender and Issuing Bank
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

 

 

 

 

 

 

 

 

BorgWarner
Inc.

Second Amended and Restated Credit Agreement (2014)

Signature
Pages

 

    	 

	

    	 

    

 

	 	WELLS FARGO BANK, NATIONAL

ASSOCIATION, as a Lender and Issuing Bank
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

 

 

 

 

 

 

 

 

 

BorgWarner
Inc.

Second Amended and Restated Credit Agreement (2014)

Signature
Pages

 

    	 

	

    	 

    

 

	 	KEYBANK NATIONAL ASSOCIATION,
 BANK OF CHINA, NEW YORK
BRANCH,

LLOYDS BANK PLC,

U.S. BANK NATIONAL ASSOCIATION,

MORGAN STANLEY BANK, N.A.,

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

                    COMMERZBANK AG, NEW YORK AND GRAND

   CAYMAN BRANCHES

SANTANDER BANK, N.A.,

SUMITOMO MITSUI BANKING CORPORATION,

THE NORTHERN TRUST COMPANY, each as a Lender

	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

 

 

 

BorgWarner
Inc.

Second Amended and Restated Credit Agreement (2014)

Signature
Pages

    	 

	

    	 

    

SCHEDULE 1.2

 

 

EXISTING LETTERS OF CREDIT

 

 

None.

 

 

 

    	 

	

    	 

    

SCHEDULE 3.6

 

Disclosed Matters

 

 

None.

 

 

    	 

	

    	 

    

SCHEDULE 6.2

 

BORGWARNER INC.

 

 

	Secured Party	Type of Filing	Filing Date	Filing No.	Collateral/Notes
	MHCB (USA) Leasing

& Finance Corporation	UCC-1	1/18/05	20050200072	Specific equipment and all additions, replacements, etc. thereto.  This filing was amended by filing 20093543862, deleting specific equipment from the collateral description, and was continued by filing 20100098289
	AVN Air, LLC	UCC-1	12/2/04	20043390913	Specific equipment relating to true lease.  Continued by filing from General Electric Capital Corporation through filing made 9/29/09 as filing no. 20093106165
	NMHG Financial

Services, Inc.	UCC-1	6/13/07	20072219706	Specific equipment and all additions, replacements, etc. thereto. This filing was amended by filing 20021146879, made 3/26/12, to change the addres of the secured party, and was continued by filing 20021146887, made 3/26/12
	Dell Financial Services

L.L.C.	UCC-1	6/4/10	20101961824	Debtor’s right to use Dell software, services and equipment; any credits or refunds Debtor may obtain from a licensor or service provider with respect to the software; all proceeds of the same
	Caterpiller Inc.	UCC-1	4/13/11	20111391005	Specific tool & die equipment and all additions, replacements, etc. thereto
	Dell Financial Services

L.L.C.	UCC-1	8/18/11	20113221325	Leased computer equipment, peripherals and other equipment 
	GreatAmerica Leasing

Corporation	UCC-1	3/13/12	20120968073	5 Shoretel IP 655 Telephones, and all proceeds
	GreatAmerica Leasing

Corporation	UCC-1	5/23/12	20122222042	IP230 and IP 655 telephones, satellite microphones, extension and mailbox license, and mailbox-only license, and all proceeds
	Dell Financial Services

L.L.C.	UCC-1	7/12/12	20122680421	Right, title and interest in and to software, services, and other equipment described in Installment Payment Agreement, any credits/refunds obtained from licensor or service provider, and all proceeds

 

 

    	 

	

    	 

    

 

	Secured Party	Type of Filing	Filing Date	Filing No.	Collateral/Notes
	GreatAmerica Leasing

Corporation	UCC-1	8/20/12	20123331222	Shoretel phone system with voicemail and phones, and all proceeds
	Accu Die & Mold, Inc.	UCC-1	10/17/13	20134083961	Tools, machinery, dies, molds forms, cells, and other equipment and tooling produced by Secured Party.  BorgWarner Thermal Systems Inc., General Mortors LLC, and Borgwarner Thermal Systems of Michigan Inc. are also identified as debtors under this filing.
	Standard Tool & Die	UCC-1	10/31/13	20134269982	Tools, machinery, dies, molds forms, cells, and other equipment and tooling produced by Secured Party.  Numerous other BorgWarner parties are also identified as debtors under this filing.
	CHG-Meridian USA

Corp.	UCC-1	11/18/13	20134527348	Equipment and other goods leased or finance under to Master Equipment Lease

 

 

BORGWARNER TORQTRANSFER SYSTEMS INC. 

 

	Secured Party	Type of Filing	Filing Date	Filing No.	Collateral/Notes
	Raymond Leasing

Corporation	UCC-1	9/24/09	20093063119	Specific equipment
	Relational, LLC	UCC-1	3/16/05	200550831280	Specific equipment.  This filing was continued by filing 20100577548
	Standard Tool & Die	UCC-1	10/31/13	20134269982	Tools, machinery, dies, molds forms, cells, and other equipment and tooling produced by Secured Party.  Numerous other BorgWarner parties are also identified as debtors under this filing.

 

 

 

    	 

	

    	 

    

BORGWARNER TURBO SYSTEMS INC.

 

	Secured Party	Type of Filing	Filing Date	Filing No.	Collateral/Notes
	Leaf Funding Inc.	UCC-1	12/9/09	20093937585	Leased copier
	Hagemeyer North

America, Inc.	UCC-1	2/2/10	20100390249	Parts, items and products held on consignment from Hagemeyer
	Comerica Bank	UCC-1	4/18/08	20081359866	Obligations of Aprotech Powertrain, LLC to Debtor. This filing was continued by filing 20124484665, made on 11/20/12.
	Leaf Funding Inc.	UCC-1	12/8/10	20104308098	Leased copier
	Caterpillar Inc.	UCC-1	10/4/13	20134001047	Tooling to make and manufacture parts for Secured Party
	Standard Tool & Die	UCC-1	10/31/13	20134269982	Tools, machinery, dies, molds forms, cells, and other equipment and tooling produced by Secured Party.  Numerous other BorgWarner parties are also identified as debtors under this filing.
	Raymond Leasing

Corporation	UCC-1	2/10/14	2014531343	Handling equipment and accessories
	Methods Machine

Tools, Inc.	UCC-1	2/25/14	20140751420	Drill

 

 

BORGWARNER EMISSIONS SYSTEMS INC.

 

	Secured Party	Type of Filing	Filing Date	Filing No.	Collateral/Notes
	Wells Fargo Bank,

N.A.	UCC-1	2/18/10	20100548929	Specific Equipment (Tractor, Battery and Charger)
	Air Liquide Industrial

U.S. LP	UCC-1	5/9/12	20121789258	Specific equipment (vessels)

 

 

 

    	 

	

    	 

    

BORGWARNER MORSE TECH INC.

 

	Secured Party	Type of Filing	Filing Date	Filing No.	Collateral/Notes
	ComDoc, Inc.	UCC-1	2/9/10	20100438907	Xerox machine
	ComDoc	UCC-1	12/1/11	20114599745	Xerox machines 
	Wells Fargo Financial

Leasing, Inc.	UCC-1	7/23/12	20122821041	Xerox copiers and Muratec Copier
	Wells Fargo Financial

Leasing, Inc.	UCC-1	3/5/13	20130841255	Konica Minolta Bizhub
	U.S. Bank Equipment

Finance	UCC-1	8/14/13	20133194140	Copier
	Hyundai Motor

Manufacturing

Alabama, LLC	UCC-1	12/5/13	20134782984	Equipment under lease arrangement pursuant to Parts and Development Term and Conditions.  Numerous other debtors under filing statement.  This filing was amended by filing 20134784550, dated 12/5/13.
	Hyundai Motor

Manufacturing

Alabama, LLC	UCC-1	12/5/13	20134785276	Equipment under lease arrangement pursuant to Parts and Development Term and Conditions.

 

 

BORGWARNER TRANSMISSION SYSTEMS INC.

 

	Secured Party	Type of Filing	Filing Date	Filing No.	Collateral/Notes
	Weil Engineering

North America LLC	UCC-1	2/28/12	20120750556	 
	Standard Tool & Die	UCC-1	10/31/13	20134269982	Tools, machinery, dies, molds forms, cells, and other equipment and tooling produced by Secured Party.  Numerous other BorgWarner parties are also identified as debtors under this filing.

    	 

	

    	 

    

SCHEDULE 9.1

 

ADMINISTRATIVE AGENT’S OFFICE;

CERTAIN ADDRESSES FOR NOTICES

 

BORROWER:

 

BorgWarner Inc.

3850 Hamlin Road

Auburn Hills, MI 48326

Attention:  Treasurer

Telephone:  248-754-9200

Telecopier:  248-754-0830

Electronic Mail:  jbertsch@borgwarner.com

Website Address:  www.borgwarner.com

U.S. Taxpayer Identification Number(s):  13-3404508

 

 

 

ADMINISTRATIVE AGENT:

 

Administrative Agent’s Office

(for payments and Requests for Credit Extensions, including Swing Line Loans):

 

Bank of America, N.A.

901 Main Street

Mail Code: TX1-492-14-11

Dallas, TX 75202-3714

Attention: Mary H. Porter

Telephone:  (214) 209-9192

Telecopier:  (214) 290-9674

Electronic Mail:  mary.h.porter@baml.com

Account No.:  1292000883

Ref:  BorgWarner Inc.

ABA# 026009593

 

 

Other Notices as Administrative Agent:

 

Bank of America, N.A.

Agency Management

901 Main St, 14th Fl

Mail Code:  TX1-492-14-11

New York, NY 10017

Attention:  Anthony W. Kell

Telephone:  (214) 209-4124

Telecopier:  (214)209-9422

Electronic Mail:  anthony.w.kell@baml.com

 

    	

	 

    	 

    

with a cc to:

 

Bank of America, N.A.

Corp. Debt Products

540 W. Madison St

Mail Code:  IL1-541-23-09

Chicago, IL 60661

Attention:  Brian D. Lukehart

Telephone:  (312) 828-6883

Telecopier:  (312) 828-5140

Electronic Mail:  brian.lukehart@baml.com

 

 

L/C ISSUER:

 

Bank of America, N.A.

Trade Operations

1 Fleet Way

PA6-580-02-30

Scranton, PA 18507

Telephone:  800.370.7519 and choose Trade product option

Fax:  570.330.4024

SWIFT Address:  BOFAUS3N

Electronic Mail:   Scranton_Standby_LC@bankofamerica.com

 

    	 

	

    	 

    

EXHIBIT A

 

[form
of]

ASSIGNMENT
AND ACCEPTANCE

This Assignment
and Acceptance (this “Assignment and Acceptance”) is dated as of the Effective Date set forth below and is entered
into by and between [the][each][1] Assignor identified
in item 1 below ([the][each, an] “Assignor”) and [the][each][2]
Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that the rights
and obligations of [the Assignors][the Assignees][3] hereunder
are several and not joint.][4] Capitalized terms used
but not defined herein shall have the meanings given to them in the Credit Agreement identified below (the “Credit Agreement”),
receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached
hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Acceptance as if set forth
herein in full.

 

For an agreed consideration,
[the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee
hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard
Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below
(i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective
capacities as Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the
respective Assignors] under the respective facilities identified below (including, without limitation, the Letters of Credit and
the Swingline Loans included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims,
suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their
respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Credit
Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way
based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory
claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i)
above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii)
above being referred to herein collectively as [the][an] “Assigned Interest”). Each such sale and assignment
is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Acceptance, without representation
or warranty by [the][any] Assignor.

 

 

[1]
For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor,
choose the first bracketed language. If the assignment is from multiple Assignors, choose the second bracketed language.

[2]
For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee,
choose the first bracketed language. If the assignment is to multiple Assignees, choose the second bracketed language.

[3]
Select as appropriate.

[4]
Include bracketed language if there are either multiple Assignors or multiple Assignees.

    	

	 

	

    	 

    

 

	1.	Assignor[s]:	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	2.	Assignee[s]:	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]]
	 	 
	3.	Borrower:  BorgWarner Inc.
	 	 
	4.	Administrative Agent:  Bank of America, N.A., as the administrative agent under the Credit Agreement
	 	 
	5.	Credit Agreement:  Second Amended and Restated Credit Agreement, dated as of June 30, 2014 (as amended, restated, supplemented or otherwise modified from time to time), among the Borrower, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Swingline Lender and an Issuing Bank.
	 	 
	6.	Assigned Interest[s]:

 

	Assignor[s][5]	Assignee[s][6]	Aggregate

Amount of

Commitment

for all Lenders[7]	Amount of

Commitment

Assigned	Percentage Assigned

of Commitment[8]	CUSIP

Number
	 	 	$___________	$___________	____________%	 
	 	 	$___________	$___________	____________%	 
	 	 	$___________	$___________	____________%	 

 

 

[7.           Trade Date:__________________][9]

Effective Date:
__________________, 20__ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER
IN THE REGISTER THEREFOR.]

[5]
List each Assignor, as appropriate.

[6]
List each Assignee, as appropriate.

[7]
Amounts in this column and in the column immediately to the right to be adjusted by the counterparties
to take into account any payments or prepayments made between the Trade Date and the Effective Date.

[8]
Set forth, to at least 9 decimals, as a percentage of the Commitment of all Lenders thereunder.

[9]
To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to
be determined as of the Trade Date.

    	

	 

	

    	 

    

The terms set forth
in this Assignment and Acceptance are hereby agreed to:

 

	 	ASSIGNOR

[NAME OF ASSIGNOR]
	 	By	 
	 	 	          Title:

 

	 	ASSIGNEE

[NAME OF ASSIGNEE]
	 	By	 
	 	 	          Title:

 

[Consented to and][10]
Accepted:

 

BANK OF AMERICA, N.A., as

   Administrative Agent

 

	By:	 	 
	 	Title:	 

 

Consented to:[11]

 

BANK OF AMERICA, N.A., as

   Swingline Lender and an Issuing Bank

 

	By:	 	 
	 	Title:	 

 

CITIBANK, N.A., as an Issuing Bank

 

	By:	 	 
	 	Title:	 

 

HSBC BANK USA, NATIONAL ASSOCIATION, as an Issuing Bank

 

	By:	 	 
	 	Title:	 

 

PNC BANK, NATIONAL ASSOCIATION

 

	By:	 	 
	 	Title:	 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

 

	By:	 	 
	 	Title:	 

 

 

[10]
To be added only if the consent of the Administrative Agent is required by the terms of the Credit
Agreement.

[11]
Add additional consent of Borrower if required under the terms of the Credit Agreement.

 

    	 

	

    	 

    

ANNEX 1 TO ASSIGNMENT
AND ACCEPTANCE

STANDARD TERMS AND CONDITIONS
FOR

ASSIGNMENT AND ACCEPTANCE

1.           Representations
and Warranties.

1.1.           Assignor.
[The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][[the relevant] Assigned
Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has
full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Acceptance and to consummate
the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations
made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower,
any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or
observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under
any Loan Document.

1.2.           Assignee.
[The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 9.4 of the Credit Agreement
(subject to such consents, if any, as may be required under Section 9.4 of the Credit Agreement), (iii) from and after the
Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the
relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions
to acquire assets of the type represented by [the][such] Assigned Interest and either it, or the Person exercising discretion in
making its decision to acquire [the][such] Assigned Interest, is experienced in acquiring assets of such type, (v) it has received
a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial
statements delivered pursuant to Section 5.1 thereof, as applicable, and such other documents and information as it deems
appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance and to purchase [the][such]
Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender and based
on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment
and Acceptance and to purchase [the][such] Assigned Interest, and (vii) if it is a Foreign Lender, attached hereto is any documentation
required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by [the][such] Assignee;
and (b) agrees that (i) it will, independently and without reliance upon the Administrative Agent, [the][any] Assignor or any other
Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions
in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations
which by the terms of the Loan Documents are required to be performed by it as a Lender.

2.           Payments.
From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each] Assigned Interest
(including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued
to but excluding the Effective Date and to [the][the relevant] Assignee for amounts which have accrued from and after the Effective
Date.

    	 

	

    	 

    

3.           General
Provisions. This Assignment and Acceptance shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns. This Assignment and Acceptance may be executed in any number of counterparts, which together
shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Acceptance by telecopy
shall be effective as delivery of a manually executed counterpart of this Assignment and Acceptance. This Assignment and Acceptance
shall be governed by, and construed in accordance with, the law of the State of New York.

 

 

 

 

    	 

	

    	 

    

EXHIBIT B

 

FORM
OF OPINION

Bank of America, N.A., as Administrative Agent, Swingline Lender,

   an Issuing Bank and a Lender,

335 Madison Avenue

Mail Code: NY1-503-04-03

New York, NY 10017

 

Each of the Lenders from time to time party to the Credit Agreement
(as defined below)

 

	 	Re:	BorgWarner Inc./Second Amended and Restated Credit Agreement

 

Dear Ladies and Gentlemen:

 

We have acted as counsel to BorgWarner Inc.,
a Delaware corporation (“Borrower”), in connection with the Second Amended and Restated Credit Agreement, dated
as of June 30, 2014, among Borrower, Bank of America, N.A., as Administrative Agent, Swingline Lender, an Issuing Bank and Lender,
and the other Lenders party thereto (the “Credit Agreement”).  This opinion letter is provided to you at
the request of the Borrower pursuant to Section 4.1(b) of the Credit Agreement.

 

We have reviewed executed copies of the following
documents:

 

1.     Credit Agreement.

 

2.     Promissory Note dated as of June 30,
2014, from Borrower in favor of PNC Bank, National Association, and together with the Credit Agreement, the “Opinion Documents”.

 

3.     The Material Agreements (as defined below).

 

We have also reviewed (a) certified copies of
the incorporation documents and good standing certificates listed on Schedule A (all such documents collectively referred
to as the “Certified Documents”), (b) the Responsible Officer’s Certificate, dated as of June 30, 2014,
given on behalf of Borrower, containing incumbency signatures of certain officers of Borrower (the “Responsible Officer
Certificate”), (c) the bylaws of Borrower (“Bylaws”), (d) resolutions of the Board of Directors of
Borrower, and (e) an Officer’s Certificate dated as of June 30, 2014, given by John J. Gasparovic, the Vice President, Secretary
and General Counsel of Borrower as to certain factual matters contained therein (the “Back-up Certificate”)
attached hereto as Schedule B, and (f) except where our investigation is expressly indicated in this letter to be limited
in scope, such other documents, records and legal matters as we deemed necessary or relevant for purposes of issuing the opinions
hereinafter expressed. 

 

As used in this opinion letter, the term “Material
Agreements” means the agreements listed on the attached Schedule C.  Each capitalized term that this opinion
letter uses but does not define has the meaning that the Credit Agreement gives it.

 

    	 

	

    	 

    

We have assumed (1) the genuineness of
all signatures and of all documents submitted to us as originals, (2) that each copy of any document submitted to us conforms
to the original, and (3) the legal capacity of each natural person.  As to certain matters of fact material to this opinion,
we have relied upon the Responsible Officer Certificate of Borrower, the Back-up Certificate and the representations and warranties
made by Borrower in the Opinion Documents.

 

Any reference in this opinion letter to our
knowledge means the actual conscious awareness of the attorney who has signed this opinion letter and each attorney in this firm
who has been actively involved in reviewing the Opinion Documents or in preparing this opinion letter.

 

Based on the foregoing and subject to the assumptions,
limitations and qualifications set forth in this opinion letter, we are of the following opinions:

 

1.     Borrower is a corporation duly incorporated,
validly existing and in good standing under the laws of the State of Delaware.  Borrower is qualified to do business and is
in good standing in the State of Michigan and the State of Illinois.

 

2.     Borrower has the corporate power to execute
and deliver the Opinion Documents and perform its obligations under each of the Opinion Documents to which it is a party and has
duly taken or caused to be taken all necessary corporate action to authorize the execution, delivery and performance by it of each
such Opinion Document.

 

3.     Borrower has duly executed and
delivered each Opinion Document to which it is a party.

4.     Each Opinion Document constitutes a legal,
valid and binding obligation of Borrower, enforceable against it in accordance with its terms.

 

5.     The execution and delivery of the Opinion
Documents by Borrower do not, and the performance by Borrower of its obligations under the Opinion Documents will not (a) violate
any provision of the certificate of incorporation and Bylaws of Borrower, (b) violate any law, rule or regulation (including, without
limitation, Regulation U or Regulation X of the Federal Reserve Board) that is applicable to Borrower, (c) violate any order, writ,
judgment, injunction, or decree of any court or Governmental Authority of which we have knowledge and that is applicable to Borrower
(“Court Orders”), (d) violate, breach or cause an event of default under the Material Agreements, or (e) result
in or require the creation of any Lien (other than those contemplated in the Opinion Documents) on the properties of Borrower pursuant
to the Material Agreements.

 

6.     No consent, approval, authorization or
order of, or filing, registration or qualification with, any court or Governmental Authority is required to be made or obtained
by Borrower under any law, rule or regulation or under the terms of any Court Order or Material Agreement in connection with the
execution, delivery or performance of the Opinion Documents by Borrower, or if required, such consent, approval and authorization
has been obtained.

 

    	 

	

    	 

    

7.     Borrower is not an “investment company”
under the Investment Company Act of 1940, as amended, within the meaning of Section 3(a) of such Act. 

 

Based solely on a review of the client/matter
listings maintained by our firm and the Back-up Certificate, we hereby confirm to you that, to our knowledge, there are no legal
proceedings against Borrower, pending or overtly threatened in writing, before any court, governmental agency, arbitrator, other
Governmental Authority or other adjudicative tribunal, which either: (a) seek to affect the enforceability of the Opinion Documents;
or (b) we believe will materially and adversely affect the ability of Borrower, to perform its obligations under the Opinion Documents.

 

The opinions expressed above are subject to
the following assumptions, limitations and qualifications:

 

A.     We do not express any opinion as to any laws, statutes,
rules or regulations other than the laws, statutes, rules and regulations of the State of Michigan (excluding municipal or other
local ordinances, codes and regulations), the General Corporation Law of the State of Delaware and the federal laws of the United
States of America.  We do not express any opinion under any state or federal securities laws.  In addition, our opinions
are limited to laws, rules and regulations that in our experience would generally be recognized as applying both to (1) Borrower
(based on the description of Borrower and its consolidated subsidiaries (as defined in the Form 10-K) contained in its last Form
10-K filed with the Securities and Exchange Commission on February 13, 2014 (the “Form 10-K”)), and (2) transactions
of the types provided for in the Opinion Documents.  For example, we do not express any opinion as to laws or regulations
that require a business entity to obtain a license or approval because of the specific nature of its business or activities in
which it is engaged, such as insurance, banking, construction, oil and gas or other regulated activities or industries.  To
the extent that any Opinion Document or Material Agreement is governed by the laws of a jurisdiction other than Michigan, we are
giving this opinion as if the document provides for and is governed by the internal laws of the State of Michigan. 

 

B.     Our opinions as to Borrower’s valid existence
and good standing in its jurisdiction of incorporation, and as to its qualification to do business and good standing in Michigan
and Illinois, are based solely upon the Certified Documents listed on Schedule A for Borrower.

 

C.     We assume (1) that the factual statements contained
in the Responsible Officer Certificate and the Back-up Certificate are true and correct, (2) that the statements contained
in the Certified Documents are true and correct as of the date of this opinion letter and (3) that the factual representations
contained in the Opinion Documents are true and correct as of the date of this opinion letter.

 

D.     Our opinions with respect to enforceability of the
Opinion Documents are subject to limitations imposed by the effect of general applicable bankruptcy, insolvency, fraudulent transfer
or conveyance, reorganization, arrangement, moratorium and other similar laws and by the effect of general principles of equity
(regardless of whether enforcement is 

    	 

	

    	 

    

considered in proceedings at law or in equity).  Further, certain of the provisions
of the Opinion Documents may not be enforceable under Michigan law, but in our opinion, the inclusion of any such provisions does
not render any Opinion Document invalid as a whole as against Borrower or make the remedies afforded by the Opinion Documents inadequate
for the practical realization of the principal benefits purported to be provided thereby, and upon a default, you may exercise
rights and remedies under such documents that are normally available under Michigan law, subject to the other limitations in this
opinion letter.

 

E.     The Opinion Documents provide that they are governed
by the laws of the State of New York.  The Michigan Supreme Court has said that in determining whether to enforce a choice
of law provision in a contract, the Court would apply the principles set forth in the Restatement Second, Conflict of Laws, under
which a choice of law provision will not be followed if either (1) the chosen state has no substantial relationship to the parties
or the transaction and there is no other reasonable basis for choosing that state’s law or (2) the application of that state’s
law would be contrary to a fundamental policy of a state that has a materially greater interest than the chosen state and would
be the state of the applicable law in the absence of an effective choice of law by the parties.  In view of the fact that
Administrative Agent maintains an office in New York, the documents were partially negotiated and partially signed in New York,
and the obligations are payable in New York, that state is more likely than not to have a substantial relationship to the parties
and the transactions contemplated by the Opinion Documents.  The Michigan Supreme Court has held that even though the parties
to a contract agree that the contract shall be governed by the laws of another jurisdiction, the procedure and remedy for the enforcement
of the contract in the courts of Michigan are governed by the laws of Michigan.

 

F.     We give no opinion with respect to interest exceeding
25% simple interest per annum.  We point out that under Michigan law virtually all charges that are imposed in connection
with a loan constitute interest for usury purposes.

 

G.     In giving our opinion set forth in clause (b) Paragraph
5, we have assumed that: (i) Borrower will apply the proceeds of the Loans as set forth in Section 5.8 of the Credit Agreement;
and (ii) no part of the proceeds of the Loans will be used, directly or indirectly, for the purpose of buying or carrying any margin
stock, within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose
of buying or carrying or trading in any securities under such circumstances as to involve Borrower in a violation of Regulation
X of that Board (12 CFR 224).  In this paragraph, the terms “margin stock” and “purpose of buying or carrying”
have the meanings assigned to them in Regulation U.

 

H.     For purposes of giving the opinion in Paragraphs 5(c)
and 6, our investigation has been limited, with your permission, to making an inquiry of an officer of Borrower as to the existence
of any Court Orders.

 

    	 

	

    	 

    

Our opinions are matters of professional judgment
and are not a guaranty of results.  We furnish this opinion solely and exclusively for the benefit of the Lenders and the
Administrative Agent, and each of their respective successors and assigns, for use in connection with the Opinion Documents and
it may not be relied upon by any person or for any other purpose without our prior written consent; provided that you may disclose
a copy of this letter to (a) bank examiners or other regulatory authorities should they so request in connection with their examinations;
(b) pursuant to orders or legal process of any court, tribunal or governmental agency; and (c) prospective assignees and participants. 
The opinions expressed above are as of the date of this letter only, and we do not assume any obligation to update or supplement
those opinions to reflect any fact or circumstance that in the future comes to our attention or any change in law that in the future
occurs or becomes effective.  This opinion letter is limited to the matters set forth in it, and no opinions are intended
to be implied or may be inferred beyond those expressly stated above.

 

	 	Sincerely,
	 	 
	 	WARNER NORCROSS & JUDD LLP
	 	 
	 	 
	 	 
	 	By:	 
	 	 	Mark J. Wassink, A PartnerExhibit 4.1

 

ESPERION THERAPEUTICS, INC.

 

TO

 

 

Trustee

 

Indenture

 

Dated as of                     , 20

 

Senior Debt Securities

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
ARTICLE ONE - DEFINITIONS AND OTHER   PROVISIONS OF GENERAL APPLICATION
    	
 
    	
1
    
	
 
    	
 
    	
 
    
	
SECTION 101.
    	
Definitions
    	
 
    	
1
    
	
SECTION 102.
    	
Compliance   Certificates and Opinions
    	
 
    	
8
    
	
SECTION 103.
    	
Form of   Documents Delivered to Trustee
    	
 
    	
8
    
	
SECTION 104.
    	
Acts   of Holders
    	
 
    	
8
    
	
SECTION 105.
    	
Notices, etc.,   to Trustee and Company
    	
 
    	
9
    
	
SECTION 106.
    	
Notice   to Holders; Waiver
    	
 
    	
10
    
	
SECTION 107.
    	
Counterparts;   Effect of Headings and Table of Contents
    	
 
    	
10
    
	
SECTION 108.
    	
Successors   and Assigns
    	
 
    	
10
    
	
SECTION 109.
    	
Severability   Clause
    	
 
    	
10
    
	
SECTION 110.
    	
Benefits   of Indenture
    	
 
    	
10
    
	
SECTION 111.
    	
Governing   Law
    	
 
    	
11
    
	
SECTION 112.
    	
Legal   Holidays
    	
 
    	
11
    
	
SECTION 113.
    	
Limited Liability; Immunity of Stockholders,   Directors, Officers and Agents of the Company
    	
 
    	
11
    
	
SECTION 114.
    	
Conflict   with Trust Indenture Act
    	
 
    	
11
    

 

 

	
ARTICLE TWO - SECURITIES FORMS
    	
 
    	
11
    
	
 
    	
 
    	
 
    
	
SECTION 201.
    	
Forms   of Securities
    	
 
    	
11
    
	
SECTION 202.
    	
Form of   Trustee’s Certificate of Authentication
    	
 
    	
12
    
	
SECTION 203.
    	
Securities   Issuable in Global Form
    	
 
    	
12
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE THREE - THE SECURITIES
    	
 
    	
12
    
	
 
    	
 
    	
 
    
	
SECTION 301.
    	
Amount   Unlimited; Issuable in Series
    	
 
    	
12
    
	
SECTION 302.
    	
Denominations
    	
 
    	
15
    
	
SECTION 303.
    	
Execution,   Authentication, Delivery and Dating
    	
 
    	
15
    
	
SECTION 304.
    	
Temporary   Securities
    	
 
    	
16
    
	
SECTION 305.
    	
Registration,   Registration of Transfer, Conversion and Exchange
    	
 
    	
18
    
	
SECTION 306.
    	
Mutilated,   Destroyed, Lost and Stolen Securities
    	
 
    	
20
    
	
SECTION 307.
    	
Payment   of Interest; Interest Rights Preserved
    	
 
    	
20
    
	
SECTION 308.
    	
Persons   Deemed Owners
    	
 
    	
22
    
	
SECTION 309.
    	
Cancellation
    	
 
    	
22
    
	
SECTION 310.
    	
Computation   of Interest
    	
 
    	
23
    
	
SECTION 311.
    	
CUSIP   Numbers
    	
 
    	
23
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE FOUR - SATISFACTION AND DISCHARGE
    	
 
    	
23
    
	
 
    	
 
    	
 
    
	
SECTION 401.
    	
Satisfaction   and Discharge of Indenture
    	
 
    	
23
    
	
SECTION 402.
    	
Application   of Trust Funds
    	
 
    	
24
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE FIVE - REMEDIES
    	
 
    	
24
    
	
 
    	
 
    	
 
    
	
SECTION 501.
    	
Events   of Default
    	
 
    	
24
    
	
SECTION 502.
    	
Acceleration   of Maturity; Rescission and Annulment
    	
 
    	
25
    
	
SECTION 503.
    	
Collection   of Indebtedness and Suits for Enforcement by Trustee
    	
 
    	
25
    
	
SECTION 504.
    	
Trustee   May File Proofs of Claim
    	
 
    	
26
    
	
SECTION 505.
    	
Trustee   May Enforce Claims Without Possession of Securities or Coupons
    	
 
    	
26
    
	
SECTION 506.
    	
Application   of Money Collected
    	
 
    	
26
    
	
SECTION 507.
    	
Limitation   on Suits
    	
 
    	
27
    

 

 

	
SECTION 508.
    	
Unconditional Right of Holders to Receive   Principal, Premium or Make-Whole Amount, if any, and Interest
    	
 
    	
27
    
	
SECTION 509.
    	
Restoration   of Rights and Remedies
    	
 
    	
27
    
	
SECTION 510.
    	
Rights   and Remedies Cumulative
    	
 
    	
27
    
	
SECTION 511.
    	
Delay   or Omission Not Waiver
    	
 
    	
27
    
	
SECTION 512.
    	
Control   by Holders of Securities
    	
 
    	
28
    
	
SECTION 513.
    	
Waiver   of Past Defaults
    	
 
    	
28
    
	
SECTION 514.
    	
Waiver   of Usury, Stay or Extension Laws
    	
 
    	
28
    
	
SECTION 515.
    	
Undertaking   for Costs
    	
 
    	
28
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE SIX - THE TRUSTEE
    	
 
    	
28
    
	
 
    	
 
    	
 
    	
 
    
	
SECTION 601.
    	
Notice   of Defaults
    	
 
    	
28
    
	
SECTION 602.
    	
Certain   Rights of Trustee
    	
 
    	
29
    
	
SECTION 603.
    	
Not   Responsible for Recitals or Issuance of Securities
    	
 
    	
30
    
	
SECTION 604.
    	
May Hold   Securities
    	
 
    	
30
    
	
SECTION 605.
    	
Money   Held in Trust
    	
 
    	
30
    
	
SECTION 606.
    	
Compensation   and Reimbursement
    	
 
    	
30
    
	
SECTION 607.
    	
Corporate   Trustee Required; Eligibility; Conflicting Interests
    	
 
    	
31
    
	
SECTION 608.
    	
Resignation   and Removal; Appointment of Successor
    	
 
    	
31
    
	
SECTION 609.
    	
Acceptance   of Appointment by Successor
    	
 
    	
32
    
	
SECTION 610.
    	
Merger,   Conversion, Consolidation or Succession to Business
    	
 
    	
32
    
	
SECTION 611.
    	
Appointment   of Authenticating Agent
    	
 
    	
33
    
	
SECTION 612.
    	
Certain   Duties and Responsibilities of the Trustee
    	
 
    	
34
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE SEVEN - HOLDERS’ LISTS AND REPORTS BY   TRUSTEE AND COMPANY
    	
 
    	
35
    
	
 
    	
 
    	
 
    
	
SECTION 701.
    	
Disclosure   of Names and Addresses of Holders
    	
 
    	
35
    
	
SECTION 702.
    	
Reports   by Trustee
    	
 
    	
35
    
	
SECTION 703.
    	
Reports   by Company
    	
 
    	
35
    
	
SECTION 704.
    	
Company   to Furnish Trustee Names and Addresses of Holders
    	
 
    	
35
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE EIGHT - CONSOLIDATION, MERGER, SALE,   LEASE OR CONVEYANCE
    	
 
    	
36
    

 

 

	
SECTION 801.
    	
Consolidations and Mergers of Company and Sales,   Leases and Conveyances Permitted Subject to Certain Conditions
    	
 
    	
36
    
	
SECTION 802.
    	
Rights   and Duties of Successor Corporation
    	
 
    	
36
    
	
SECTION 803.
    	
Officers’   Certificate and Opinion of Counsel
    	
 
    	
36
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE NINE - SUPPLEMENTAL INDENTURES
    	
 
    	
36
    
	
 
    	
 
    	
 
    	
 
    
	
SECTION 901.
    	
Supplemental   Indentures Without Consent of Holders
    	
 
    	
36
    
	
SECTION 902.
    	
Supplemental   Indentures with Consent of Holders
    	
 
    	
37
    
	
SECTION 903.
    	
Execution   of Supplemental Indentures
    	
 
    	
38
    
	
SECTION 904.
    	
Effect   of Supplemental Indentures
    	
 
    	
38
    
	
SECTION 905.
    	
Conformity   with Trust Indenture Act
    	
 
    	
38
    
	
SECTION 906.
    	
Reference   in Securities to Supplemental Indentures
    	
 
    	
38
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE TEN - COVENANTS
    	
 
    	
38
    
	
 
    	
 
    	
 
    	
 
    
	
SECTION 1001.
    	
Payment   of Principal, Premium or Make-Whole Amount, if any; and Interest
    	
 
    	
38
    
	
SECTION 1002.
    	
Maintenance   of Office or Agency
    	
 
    	
38
    
	
SECTION 1003.
    	
Money   for Securities Payments to Be Held in Trust
    	
 
    	
39
    
	
SECTION 1004.
    	
Existence
    	
 
    	
40
    
	
SECTION 1005.
    	
Maintenance   of Properties
    	
 
    	
40
    
	
SECTION 1006.
    	
Insurance
    	
 
    	
40
    
	
SECTION 1007.
    	
Payment   of Taxes and Other Claims
    	
 
    	
40
    
	
SECTION 1008.
    	
Statement   as to Compliance
    	
 
    	
41
    
	
SECTION 1009.
    	
Waiver   of Certain Covenants
    	
 
    	
41
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE ELEVEN - REDEMPTION OF SECURITIES
    	
 
    	
41
    
	
 
    	
 
    	
 
    	
 
    
	
SECTION 1101.
    	
Applicability   of Article
    	
 
    	
41
    
	
SECTION 1102.
    	
Election   to Redeem; Notice to Trustee
    	
 
    	
41
    
	
SECTION 1103.
    	
Selection   by Trustee of Securities to Be Redeemed
    	
 
    	
41
    
	
SECTION 1104.
    	
Notice   of Redemption
    	
 
    	
41
    
	
SECTION 1105.
    	
Deposit   of Redemption Price
    	
 
    	
42
    
	
SECTION 1106.
    	
Securities   Payable on Redemption Date
    	
 
    	
42
    

 

 

	
SECTION 1107.
    	
Securities   Redeemed in Part
    	
 
    	
43
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE TWELVE - SINKING FUNDS
    	
 
    	
43
    
	
 
    	
 
    	
 
    
	
SECTION 1201.
    	
Applicability   of Article
    	
 
    	
43
    
	
SECTION 1202.
    	
Satisfaction   of Sinking Fund Payments with Securities
    	
 
    	
43
    
	
SECTION 1203.
    	
Redemption   of Securities for Sinking Fund
    	
 
    	
44
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE THIRTEEN - REPAYMENT AT THE OPTION OF   HOLDERS
    	
 
    	
44
    
	
 
    	
 
    	
 
    
	
SECTION 1301.
    	
Applicability   of Article
    	
 
    	
44
    
	
SECTION 1302.
    	
Repayment   of Securities
    	
 
    	
44
    
	
SECTION 1303.
    	
Exercise   of Option
    	
 
    	
44
    
	
SECTION 1304.
    	
When   Securities Presented for Repayment Become Due and Payable
    	
 
    	
44
    
	
SECTION 1305.
    	
Securities   Repaid in Part
    	
 
    	
45
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE FOURTEEN - DEFEASANCE AND COVENANT   DEFEASANCE
    	
 
    	
45
    
	
 
    	
 
    	
 
    
	
SECTION 1401.
    	
Applicability of Article; Company’s Option to   Effect Defeasance or Covenant Defeasance
    	
 
    	
45
    
	
SECTION 1402.
    	
Defeasance   and Discharge
    	
 
    	
45
    
	
SECTION 1403.
    	
Covenant   Defeasance
    	
 
    	
46
    
	
SECTION 1404.
    	
Conditions   to Defeasance or Covenant Defeasance
    	
 
    	
46
    
	
SECTION 1405.
    	
Deposited Money and Government Obligations to Be   Held in Trust; Other Miscellaneous Provisions
    	
 
    	
47
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE FIFTEEN - MEETINGS OF HOLDERS OF   SECURITIES
    	
 
    	
48
    
	
 
    	
 
    	
 
    
	
SECTION 1501.
    	
Purposes   for Which Meetings May Be Called
    	
 
    	
48
    
	
SECTION 1502.
    	
Call,   Notice and Place of Meetings
    	
 
    	
48
    
	
SECTION 1503.
    	
Persons   Entitled to Vote at Meetings
    	
 
    	
48
    
	
SECTION 1504.
    	
Quorum;   Action
    	
 
    	
48
    
	
SECTION 1505.
    	
Determination   of Voting Rights; Conduct and Adjournment of Meetings
    	
 
    	
49
    
	
SECTION 1506.
    	
Counting   Votes and Recording Action of Meetings
    	
 
    	
49
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE SIXTEEN - CONVERSION OF SECURITIES
    	
 
    	
50
    
	
 
    	
 
    	
 
    
	
SECTION 1601.
    	
Applicability   of Article; Conversion Privilege and Conversion Price
    	
 
    	
50
    
	
SECTION 1602.
    	
Exercise   of Conversion Privilege
    	
 
    	
50
    

 

 

	
SECTION 1603.
    	
Fractions   of Shares
    	
 
    	
51
    
	
SECTION 1604.
    	
Adjustment   of Conversion Price
    	
 
    	
51
    
	
SECTION 1605.
    	
Notice   of Adjustments of Conversion Price
    	
 
    	
53
    
	
SECTION 1606.
    	
Notice   of Certain Corporate Action
    	
 
    	
53
    
	
SECTION 1607.
    	
Company   to Reserve Common Stock
    	
 
    	
54
    
	
SECTION 1608.
    	
Taxes   on Conversion
    	
 
    	
54
    
	
SECTION 1609.
    	
Covenants   as to Common Stock
    	
 
    	
54
    
	
SECTION 1610.
    	
Cancellation   of Converted Securities
    	
 
    	
54
    
	
SECTION 1611.
    	
Provisions   in Case of Consolidation, Merger or Sale of Assets; Special Distributions
    	
 
    	
54
    
	
SECTION 1612.
    	
Trustee   Adjustment Disclaimer; Company Determination Final
    	
 
    	
55
    
	
SECTION 1613.
    	
When   No Adjustment Required
    	
 
    	
55
    
	
SECTION 1614.
    	
Equivalent   Adjustments
    	
 
    	
55
    

 

 

ESPERION THERAPEUTICS, INC.

 

Reconciliation and tie between the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act” or “TIA”) and the Indenture, dated as of                     , 20    .

 

	
Trust Indenture Act Section
    	
 
    	
Indenture Section
    
	
§   310(a)(1)
    	
 
    	
607
    
	
 
    	
 
    	
 
    
	
(a)(2)
    	
 
    	
607
    
	
 
    	
 
    	
 
    
	
(b)
    	
 
    	
607, 608
    
	
 
    	
 
    	
 
    
	
§   312(c)
    	
 
    	
701
    
	
 
    	
 
    	
 
    
	
§   313(a)
    	
 
    	
702
    
	
 
    	
 
    	
 
    
	
(c)
    	
 
    	
702
    
	
 
    	
 
    	
 
    
	
§   314(a)
    	
 
    	
703
    
	
 
    	
 
    	
 
    
	
(a)(4)
    	
 
    	
1008
    
	
 
    	
 
    	
 
    
	
(c)(1)
    	
 
    	
102
    
	
 
    	
 
    	
 
    
	
(c)(2)
    	
 
    	
102
    
	
 
    	
 
    	
 
    
	
(e)
    	
 
    	
102
    
	
 
    	
 
    	
 
    
	
§   315(b)
    	
 
    	
601
    
	
 
    	
 
    	
 
    
	
§   316(a) (last sentence)
    	
 
    	
101(“Outstanding”)
    
	
 
    	
 
    	
 
    
	
(a)(1)(A)
    	
 
    	
502, 512
    
	
 
    	
 
    	
 
    
	
(a)(1)(B)
    	
 
    	
513
    
	
 
    	
 
    	
 
    
	
(b)
    	
 
    	
508
    
	
 
    	
 
    	
 
    
	
§   317(a)(1)
    	
 
    	
503
    
	
 
    	
 
    	
 
    
	
(a)(2)
    	
 
    	
504
    
	
 
    	
 
    	
 
    
	
§   318(a)
    	
 
    	
111
    
	
 
    	
 
    	
 
    
	
(c)
    	
 
    	
111
    

 

NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture.

 

Attention should also be directed to Section 318(c) of the Trust Indenture Act, which provides that the provisions of Sections 310 to and including 317 of the Trust Indenture Act are a part of and govern every qualified indenture, whether or not physically contained therein.

 

INDENTURE, dated as of                     , 20    , ESPERION THERAPEUTICS, INC., a corporation organized under the laws of the State of Delaware (hereinafter called the “Company”), having its principal office at 3891 Ranchero Drive, Suite 150, Ann Arbor, MI 48108, and                     , as Trustee hereunder (hereinafter called the “Trustee”), having a Corporate Trust Office at                     .

 

RECITALS OF THE COMPANY

 

The Company deems it necessary to issue from time to time for its lawful purposes senior debt securities (hereinafter called the “Securities”) evidencing its unsecured and senior indebtedness, and has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of the Securities, to be issued in one or more Series as provided in this Indenture.

 

This Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act” or “TIA”), that are deemed to be incorporated into this Indenture and shall, to the extent applicable, be governed by such provisions.

 

All things necessary to make this Indenture a valid and legally binding agreement of the Company, in accordance with its terms, have been done.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities or of a Series thereof, as follows:

 

ARTICLE ONE - DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

SECTION 101. Definitions. For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:

 

(1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular;

 

1

 

(2) all other terms used herein which are defined in the TIA, either directly or by reference therein, have the meanings assigned to them therein, and the terms “cash transactions” and “self-liquidating paper,” as used in TIA Section 311, shall have the meanings assigned to them in the rules of the Commission adopted under the TIA;

 

(3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP;

 

(4) any reference to an “Article” or a “Section” refers to an Article or Section, as the case may be, of this Indenture; and

 

(5) the words “herein,” “hereof “and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.

 

“Act,” when used with respect to any Holder, has the meaning specified in Section 104.

 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

 

“Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 611 hereof to act on behalf of the Trustee to authenticate Securities of one or more Series.

 

“Authorized Newspaper” means a newspaper, printed in the English language or in an official language of the country of publication, customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in each place in connection with which the term is used or in the financial community of each such place. Whenever successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different Authorized Newspapers in the same city meeting the foregoing requirements and in each case on any Business Day.

 

“Bankruptcy Law” has the meaning specified in Section 501.

 

“Bearer Security” means any Security established pursuant to Section 201 which is payable to the bearer.

 

“Board of Directors” when used with reference to the Company, means the board of directors of the Company, or any committee of that board duly authorized to act hereunder, or any director or directors and/or officer or officers of the Company, to whom the board or committee shall have duly delegated its authority.

 

“Board Resolution” means a copy of (1) a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors or a duly authorized committee of the Board of Directors and to be in full force and effect on the date of such certification, or (2) a certificate signed by the director or directors and/or officer or officers to whom the Board of Directors shall have duly delegated its authority, together with a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification authorizing such delegation, and, in each case, delivered to the Trustee.

 

“Business Day,” when used with respect to any Place of Payment or any other particular location referred to in this Indenture or in the Securities, means, unless otherwise specified with respect to any Securities issued pursuant to Section 301, any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in that Place of Payment or particular location are authorized or required by law, regulation or executive order to close.

 

“Capital Stock” means, with respect to any Person, any capital stock (including preferred stock), shares, interests, participations or other ownership interests (however designated) of such Person and any rights (other than debt securities convertible into or exchangeable for corporate stock), warrants or options to purchase any thereof.

 

“Clearstream” means Clearstream Banking Luxembourg, société anonyme, or its successor.

 

“Closing Price” means the closing price of a share of Common Stock of the Company as reported on the NASDAQ Global Market.

 

2

 

“Code” means the Internal Revenue Code of 1986, as amended, and the regulations thereunder.

 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any time after execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties on such date.

 

“Common Depository” has the meaning specified in Section 304.

 

“Common Stock” means, with respect to any Person, all shares of capital stock issued by such Person other than Preferred Stock.

 

“Company” means the Person named as the “Company” in the first paragraph of this Indenture until a successor corporation shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor corporation.

 

“Company Request” and “Company Order” mean, respectively, a written request or order signed in the name of the Company by the Chief Executive Officer, the President, or a Vice President, and by its Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary, of the Company, and delivered to the Trustee.

 

“Constituent Person” has the meaning specified in Section 1611.

 

“Conversion Event” means the cessation of use of (i) a Foreign Currency both by the government of the country which issued such currency and for the settlement of transactions by a central bank or other public institutions of or within the international banking community, (ii) the ECU both within the European Monetary System and for the settlement of transactions by public institutions of or within the European Communities or (iii) any currency unit (or composite currency) other than the ECU for the purposes for which it was established.

 

“Conversion Price” has the meaning specified in Section 1601.

 

“Corporate Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered, which office at the date hereof is located at [                    ].

 

“corporation” includes corporations, associations, companies and business trusts.

 

“coupon” means any interest coupon appertaining to a Bearer Security.

 

“Covenant Defeasance” has the meaning specified in Section 1403.

 

“Custodian” has the meaning specified in Section 501.

 

“Defaulted Interest” has the meaning specified in Section 307.

 

“Defeasance” has the meaning specified in Section 1402.

 

“Distribution Record Date” has the meaning specified in Section 1611.

 

“Dividend Record Date” has the meaning specified in Section 1604.

 

“Dollar” or the sign “$” means a dollar or other equivalent unit in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts.

 

“DTC” means The Depository Trust Company and any successor to DTC in its capacity as depository for any Securities.

 

“ECU” means the European Currency Unit as defined and revised from time to time by the Council of the European Communities.

 

3

 

“Euroclear” means the operator of the Euroclear System.

 

“European Communities” means the European Economic Community, the European Coal and Steel Community and the European Atomic Energy Community.

 

“European Monetary System” means the European Monetary System established by the Resolution of December 5, 1978 of the Council of the European Communities.

 

“Event of Default” has the meaning specified in Article Five.

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, as in force at the date as of which this Indenture was executed; provided, however, that in the event the Exchange Act is amended after such date, “Exchange Act” means to the extent required by any such amendment, the Exchange Act as so amended.

 

“Exchange Date” has the meaning specified in Section 304.

 

“FINRA” means the Financial Industry Regulatory Authority, Inc.

 

“Foreign Currency” means any currency, currency unit or composite currency, including, without limitation, the ECU issued by the government of one or more countries other than the United States of America or by any recognized confederation or association of such governments.

 

“GAAP” means, except as otherwise provided herein, generally accepted accounting principles, as in effect from time to time, as used in the United States applied on a consistent basis.

 

“Global Security” means a Security evidencing all or a part of a series of Securities issued to and registered in the name of the depository for such series, or its nominee, in accordance with Section 305, and bearing the legend prescribed in Section 203.

 

“Government Obligations” means (i) securities which are (A) direct obligations of the United States of America or the government which issued the Foreign Currency in which the Securities of a particular series are payable, for the payment of which its full faith and credit is pledged or (B) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America or such government which issued the Foreign Currency in which the Securities of such series are payable, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America or such other government, which, in either case, are not callable or redeemable at the option of the issuer thereof, and (iii) a depository receipt issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment of interest on or principal of any such Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of interest on or principal of the Government Obligation evidenced by such depository receipt.

 

“Holder” means, in the case of a Registered Security, the Person in whose name a Security is registered in the Security Register and, in the case of a Bearer Security, the bearer thereof and, when used with respect to any coupon, shall mean the bearer thereof.

 

“Indenture” means this instrument as originally executed or as it may be supplemented or amended from time to time by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, and shall include the terms of particular series of Securities established as contemplated by Section 301; provided, however, that, if at any time more than one Person is acting as Trustee under this instrument, “Indenture” shall mean, with respect to any one or more series of Securities for which such Person is Trustee, this instrument as originally executed or as it may be supplemented or amended from time to time by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of the or those particular series of Securities for which such Person is Trustee established as contemplated by Section 301, exclusive, however, of any provisions or terms which relate solely to other series of Securities for which such Person is Trustee, regardless of when such terms or provisions were adopted, and exclusive of any provisions or terms adopted by means of one or more indentures supplemental hereto executed and delivered after such Person had become such Trustee but to which such Person, as such Trustee, was not a party.

 

“Indexed Security” means a Security the terms of which provide that the principal amount thereof payable at Stated Maturity may be more or less than the principal face amount thereof at original issuance.

 

4

 

“Interest,” when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, shall mean interest payable after Maturity.

 

“Interest Payment Date,” when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.

 

“Make-Whole Amount,” when used with respect to any Security, means the amount, if any, in addition to principal (and accrued interest thereon, if any) which is required by a Security, under the terms and conditions specified therein or as otherwise specified as contemplated by Section 301, to be paid by the Company to the Holder thereof in connection with any optional redemption or accelerated payment of such Security.

 

“mandatory sinking fund payment” has the meaning specified in Section 1201.

 

“Market Value of the Distribution” has the meaning specified in Section 1604.

 

“Maturity,” when used with respect to any Security, means the date on which the principal (or, if the context so requires, in the case of an Original Issue Discount Security, or lesser amount or, in the case of an Indexed Security, an amount determined in accordance with the specified terms of that Security) of such Security or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, notice of redemption, notice of option to elect repayment or otherwise.

 

“Officers’ Certificate” means a certificate signed by the Chief Executive Officer, the President, or a Vice President (whether or not designated by a number or word or words added before or after the title “Vice President”), and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee.

 

“Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Company or who may be an employee of or other counsel for the Company.

 

“optional sinking fund payment” has the meaning specified in Section 1201.

 

“Original Issue Discount Security” means any Security which provides for an amount (excluding any amounts attributable to accrued but unpaid interest thereon) less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502.

 

“Outstanding,” when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture, except:

 

(i) Securities theretofore canceled by the Trustee or delivered to the Trustee for cancellation;

 

(ii) Securities, or portions thereof, for whose payment or redemption (including repayment at the option of the Holder) money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities and any coupons appertaining thereto; provided, however, that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;

 

(iii) Securities, except to the extent provided in Sections 1402 and 1403, with respect to which the Company has effected Defeasance and/or Covenant Defeasance as provided in Article Fourteen; and

 

(iv) Securities which have been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company;

 

provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder or are present at a meeting of Holders for quorum purposes, and for the purpose of making the calculations required by TIA Section 313, (i) the principal amount of an Original Issue

 

5

 

Discount Security that may be counted in making such determination or calculation and that shall be deemed to be Outstanding for such purpose shall be equal to the amount of principal thereof that would be (or shall have been declared to be) due and payable, at the time of such determination, upon a declaration of acceleration of the maturity thereof pursuant to Section 502, (ii) the principal amount of any Security denominated in a Foreign Currency that may be counted in making such determination or calculation and that shall be deemed Outstanding for such purpose shall be equal to the Dollar equivalent, determined pursuant to Section 301 as of the date such Security is originally issued by the Company, of the principal amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent as of such date of original issuance of the amount determined as provided in clause (i) above) of such Security, (iii) the principal amount of any Indexed Security that may be counted in making such determination or calculation and that shall be deemed outstanding for such purpose shall be equal to the principal face amount of such Indexed Security at original issuance, unless otherwise provided with respect to such Security pursuant to Section 301, and (iv) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making such calculation or in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities owned as provided in clause (iv) above which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor. In case of a dispute as to such right, the advice of counsel shall be full protection in respect of any decision made by the Trustee in accordance with such advice.

 

“Paying Agent” means any Person authorized by the Company to pay the principal of (and premium or Make-Whole Amount, if any) or interest on any Securities or coupons on behalf of the Company.

 

“Person” means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof, or any other entity or organization.

 

“Place of Payment,” when used with respect to the Securities of or within any series, means the place or places where the principal of (and premium or Make-Whole Amount, if any) and interest on such Securities are payable as specified as contemplated by Sections 301 and 1002.

 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security or a Security to which a mutilated, destroyed, lost or stolen coupon appertains shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security or the Security to which the mutilated, destroyed, lost or stolen coupon appertains.

 

“Preferred Stock” means, with respect to any Person, all capital stock issued by such Person that is entitled to a preference or priority over any other capital stock issued by such Person with respect to any distribution of such Person’s assets, whether by dividend or upon any voluntary or involuntary liquidation, dissolution or winding up.

 

“Redemption Date,” when used with respect to any Security to be redeemed, in whole or in part, means the date fixed for such redemption by or pursuant to this Indenture.

 

“Redemption Price,” when used with respect to any Security to be redeemed, means the price specified in the related Officers’ Certificate or supplemental indenture contemplated by and pursuant to Section 301, at which it is to be redeemed pursuant to this Indenture.

 

“Reference Date” has the meaning specified in Section 1604.

 

“Registered Security” shall mean any Security which is registered in the Security Register.

 

“Regular Record Date” for the interest payable on any Interest Payment Date on the Registered Securities of or within any series means the date specified for that purpose as contemplated by Section 301, whether or not a Business Day.

 

“Repayment Date” means, when used with respect to any Security to be repaid at the option of the Holder, the date fixed for such repayment by or pursuant to this Indenture.

 

6

 

“Repayment Price” means, when used with respect to any Security to be repaid at the option of the Holder, the price at which it is to be repaid by or pursuant to this Indenture.

 

“Responsible Officer,” when used with respect to the Trustee, means any Vice President (whether or not designated by a number or a word or words added before or after the title “Vice President”), Assistant Vice President, Trust Officer or Assistant Trust Officer working in its Corporate Trust Department, or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and working in its Corporate Trust Department, and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of such officer’s knowledge and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture.

 

“Rights” has the meaning specified in Section 1604.

 

“Rights Record Date” has the meaning specified in Section 1604.

 

“Security” and “Securities” has the meaning stated in the first recital of this Indenture and, more particularly, means any Security or Securities authenticated and delivered under this Indenture; provided, however, that, if at any time there is more than one Person acting as Trustee under this Indenture, “Securities” with respect to the Indenture as to which such Person is Trustee shall have the meaning stated in the first recital of this Indenture and shall more particularly mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee.

 

“Security Register” and “Security Registrar” have the respective meanings specified in Section 305.

 

A “Series” of Securities means all securities denoted as part of the same series authorized by or pursuant to a particular Board Resolution.

 

“Short Term Rights” has the meaning specified in Section 1604.

 

“Special Record Date” for the payment of any Defaulted Interest on the Registered Securities of or within any series means a date fixed by the Company pursuant to Section 307.

 

“Stated Maturity,” when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security or a coupon representing such installment of interest as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable.

 

“Trading Day” means any day on which the NASDAQ Global Market is open for business.

 

“Trigger Events” has the meaning specified in Section 1604.

 

“Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as amended and as in force at the date as of which this Indenture was executed, except as provided in Section 905.

 

“Trustee” means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder; provided, however, that if at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean only the Trustee with respect to Securities of that series.

 

“Unadjusted Distribution” has the meaning specified in Section 1604.

 

“United States” means, unless otherwise specified with respect to any Securities pursuant to Section 301, the United States of America (including the states and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction.

 

“United States Person” means, unless otherwise specified with respect to any Securities pursuant to Section 301, an individual who is a citizen or resident of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States or an estate or trust the income of which is subject to United States Federal income taxation regardless of its source.

 

7

 

“Yield to Maturity” means the yield to maturity, computed at the time of issuance of a Security (or, if applicable, at the most recent redetermination of interest on such Security) and as set forth in such Security in accordance with generally accepted United States bond yield computation principles.

 

SECTION 102. Compliance Certificates and Opinions. Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished.

 

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (including certificates delivered pursuant to Section 1008) shall include:

 

(1) a statement that each individual signing such certificate or opinion has read such condition or covenant and the definitions herein relating thereto;

 

(2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

 

(3) a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such condition or covenant has been complied with; and

 

(4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

 

SECTION 103. Form of Documents Delivered to Trustee. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

 

Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, or a certificate or representations by counsel, unless such officer knows, or in the exercise of reasonable care should know, that the opinion, certificate or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such Opinion of Counsel or certificate or representations may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the information as to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.

 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.

 

SECTION 104. Acts of Holders.

 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders of the Outstanding Securities of all series or one or more series, as the case may be, may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed in writing. If Securities of a series are issuable as Bearer Securities, any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders of Securities of such series may, alternatively, be embodied in and evidenced by the record of Holders of Securities of such series voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders of Securities of such series duly called and held in accordance with the provisions of Article Fifteen, or a combination of such instruments and any such record. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments or so voting at any such meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person of a Security, shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the

 

8

 

Company and any agent of the Trustee or the Company, if made in the manner provided in this Section. The record of any meeting of Holders of Securities shall be proved in the manner provided in Section 1506.

 

(b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other reasonable manner which the Trustee deems sufficient.

 

(c) The ownership of Registered Securities shall be proved by the Security Register. As to any matter relating to beneficial ownership interests in any Global Security, the appropriate depository’s records shall be dispositive for purposes of this Indenture.

 

(d) The ownership of Bearer Securities may be proved by the production of such Bearer Securities or by a certificate executed, as depository, by any trust company, bank, banker or other depository, wherever situated, if such certificate shall be deemed by the Trustee to be satisfactory, showing that at the date therein mentioned such Person had on deposit with such depository, or exhibited to it, the Bearer Securities therein described; or such facts may be proved by the certificate or affidavit of the Person holding such Bearer Securities, if such certificate or affidavit is deemed by the Trustee to be satisfactory. The Trustee and the Company may assume that such ownership of any Bearer Security continues until (1) another certificate or affidavit bearing a later date issued in respect of the same Bearer Security is produced, or (2) such Bearer Security is produced to the Trustee by some other Person, or (3) such Bearer Security is surrendered in exchange for a Registered Security, or (4) such Bearer Security is no longer Outstanding. The ownership of Bearer Securities may also be proved in any other manner which the Trustee deems sufficient.

 

(e) If the Company shall solicit from the Holders of Registered Securities any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, in or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. Notwithstanding TIA Section 316(c), such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be a date not earlier than the date 30 days prior to the first solicitation of Holders generally in connection therewith and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Securities have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of such record date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months after the record date.

 

(f) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or upon the conversion thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, any Security Registrar, any Paying Agent, any Authenticating Agent or the Company in reliance thereon, whether or not notation of such action is made upon such Security.

 

SECTION 105. Notices, etc., to Trustee and Company. Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with,

 

(1) the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at [                    ] or at any other address previously furnished in writing to the Company by the Trustee, Attention: [            ]; or

 

(2) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal office specified in the first paragraph of this Indenture or at any other address previously furnished in writing to the Trustee by the Company, Attention: [            ]; or

 

(3) either the Trustee or the Company, by the other party or by any Holder, shall be sufficient for every purpose hereunder if given by facsimile transmission, receipt confirmed by telephone followed by an original copy delivered by guaranteed overnight courier; if to the Trustee at facsimile number [            ]; and if to the Company at facsimile number [            ].

 

9

 

SECTION 106. Notice to Holders; Waiver. Where this Indenture provides for notice of any event to Holders of Registered Securities by the Company or the Trustee, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each such Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date, if any, and not earlier than the earliest date, if any, prescribed for the giving of such notice. In any case where notice to Holders of Registered Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders of Registered Securities or the sufficiency of any notice to Holders of Bearer Securities given as provided herein. Any notice mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been received by such Holder, whether or not such Holder actually receives such notice.

 

If by reason of the suspension of or irregularities in regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification to Holders of Registered Securities as shall be made with the approval of the Trustee shall constitute a sufficient notification to such Holders for every purpose hereunder.

 

Except as otherwise expressly provided herein or otherwise specified with respect to any Securities pursuant to Section 301, where this Indenture provides for notice to Holders of Bearer Securities of any event, such notice shall be sufficiently given if published in an Authorized Newspaper in The City of New York and in such other city or cities as may be specified in such Securities on a Business Day, such publication to be not later than the latest date, if any, and not earlier than the earliest date, if any, prescribed for the giving of such notice. Any such notice shall be deemed to have been given on the date of such publication or, if published more than once, on the date of the first such publication.

 

If by reason of the suspension of publication of any Authorized Newspaper or Authorized Newspapers or by reason of any other cause it shall be impracticable to publish any notice to Holders of Bearer Securities as provided above, then such notification to Holders of Bearer Securities as shall be given with the approval of the Trustee shall constitute sufficient notice to such Holders for every purpose hereunder. Neither the failure to give notice by publication to any particular Holder of Bearer Securities as provided above, nor any defect in any notice so published, shall affect the sufficiency of such notice with respect to other Holders of Bearer Securities or the sufficiency of any notice to Holders of Registered Securities given as provided herein.

 

Any request, demand, authorization, direction, notice, consent or waiver required or permitted under this Indenture shall be in the English language, except that any published notice may be in an official language of the country of publication.

 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

SECTION 107. Counterparts; Effect of Headings and Table of Contents. This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Indenture. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

SECTION 108. Successors and Assigns. All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not.

 

SECTION 109. Severability Clause. In case any provision in this Indenture or in any Security or coupon shall be held invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

SECTION 110. Benefits of Indenture. Nothing in this Indenture or in the Securities or coupons, if any, express or implied, shall give to any Person, other than the parties hereto, any Security Registrar, any Paying Agent, any Authenticating Agent and their successors hereunder and the Holders any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

10

 

SECTION 111. Governing Law. This Indenture and the Securities and coupons shall be governed by and construed in accordance with the laws of the State of New York. This Indenture is subject to the provisions of the TIA that are required to be part of this Indenture and shall, to the extent applicable, be governed by such provisions.

 

SECTION 112. Legal Holidays. In any case where any Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity of any Security or the last date on which a Holder has the right to convert or exchange a Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or any Security or coupon other than a provision in the Securities of any series which specifically states that such provision shall apply in lieu hereof), payment of interest or principal (and premium or Make-Whole Amount, if any) or conversion or exchange of such Security need not be made at such Place of Payment on such date, but (except as otherwise provided in the supplemental indenture with respect to such Security) may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, Redemption Date, Repayment Date or sinking fund payment date, or at the Stated Maturity or Maturity, or on such last day for conversion or exchange, provided that no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity, as the case may be.

 

SECTION 113. Limited Liability; Immunity of Stockholders, Directors, Officers and Agents of the Company. Notwithstanding any other provision of this Indenture or of the Securities of any series to the contrary, no recourse under or upon any obligation, covenant or agreement contained in this Indenture or in any Security, or for the payment of any sums due on account of any indebtedness evidenced thereby, including without limitation principal, premium or interest, if any, or for any claim based on this Indenture or any Security or otherwise in respect of this Indenture or any Security, shall be had, whether by levy or execution or otherwise, against (i) the Company, the Company’s assets or against any past, present or future stockholder, employee, officer, director or agent, as such, of the Company or any successor, either directly or through the Company or any successor, under any rule of law, statute, constitutional provision or by the enforcement of any assessment or penalty, or by any legal or equitable proceeding or otherwise, nor shall any such parties be personally liable for any such amounts, obligations or claims, or liable for any deficiency judgment based thereon or with respect thereto, it being expressly understood that the sole remedies hereunder or under any other document with respect to the Securities against such parties with respect to such amounts, obligations or claims shall be against the Company and that all such liability of and recourse against such parties is expressly waived and released by the acceptance of the Securities by the Holders and as part of the consideration for the issue of the Securities.

 

SECTION 114. Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof which is required or deemed to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be.

 

ARTICLE TWO - SECURITIES FORMS

 

SECTION 201. Forms of Securities. The Registered Securities, if any, of each series and the Bearer Securities, if any, of each series and related coupons shall be substantially in the form of Exhibit A hereto or in such other form as shall be established in one or more indentures supplemental hereto or approved from time to time by or pursuant to a Board Resolution in accordance with Section 301, shall have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture or any indenture supplemental hereto, and may have such letters, numbers or other marks of identification or designation and such legends or endorsements placed thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any over-the-counter market or securities exchange, on which the Securities may be quoted or listed, or to conform to usage.

 

Unless otherwise specified as contemplated by Section 301, Bearer Securities shall have interest coupons attached.

 

The definitive Securities and coupons shall be printed, lithographed or engraved or produced by any combination of these methods on a steel engraved border or steel engraved borders or mechanically reproduced on safety paper or may be produced in any other manner, all as determined by the officers executing such Securities or coupons, as evidenced by their execution of such Securities or coupons.

 

11

 

SECTION 202. Form of Trustee’s Certificate of Authentication. Subject to Section 611, the Trustee’s certificate of authentication shall be in substantially the following form:

 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

 

	
 
    	
 
    	
 
    	
 
    	
 
    	
 ,
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
as Trustee
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Dated:
    	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
               Authorized   Signatory
    

 

SECTION 203. Securities Issuable in Global Form. If Securities of or within a series are issuable in the form of one or more Global Securities, then, notwithstanding clause (8) of Section 301 and the provisions of Section 302, any such Global Security or Securities may provide that it or they shall represent the aggregate amount of all Outstanding Securities of such series (or such lesser amount as is permitted by the terms thereof) from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities of such series represented thereby may from time to time be increased or decreased to reflect exchanges. Any endorsement of any Global Security to reflect the amount, or any increase or decrease in the amount, or changes in the rights of Holders thereof, of Outstanding Securities represented thereby shall be made (or caused to be made) by the Trustee in such manner or by such Person or Persons as shall be specified therein or in the Company Order to be delivered to the Trustee pursuant to Section 303 or 304. Subject to the provisions of Section 303 and, if applicable, Section 304, the Trustee shall deliver and redeliver any Global Security in permanent global form in the manner and upon instructions given by the Person or Persons specified therein or in the applicable Company Order. If a Company Order pursuant to Section 303 or 304 has been, or simultaneously is, delivered, any instructions by the Company with respect to endorsement or delivery or redelivery of a Global Security shall be in writing but need not comply with Section 102 and need not be accompanied by an Opinion of Counsel.

 

The provisions of the last sentence of Section 303 shall apply to any Security represented by a Global Security if such Security was never issued and sold by the Company and the Company delivers to the Trustee the Global Security together with written instructions (which need not comply with Section 102 and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal amount of Securities represented thereby, together with the written statement contemplated by the last sentence of Section 303.

 

Notwithstanding the provisions of Section 307, unless otherwise specified as contemplated by Section 301, payment of principal of and any premium or Make-Whole Amount, if any, and interest on any Global Security in permanent global form shall be made to the registered Holder thereof.

 

Notwithstanding the provisions of Section 308 and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company and the Trustee shall treat as the Holder of such principal amount of Outstanding Securities represented by a permanent Global Security (i) in the case of a permanent Global Security in registered form, the Holder of such permanent Global Security in registered form, or (ii) in the case of a permanent Global Security in bearer form, Euroclear or Clearstream.

 

Any Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form:

 

“This Security is a Global Security within the meaning set forth in the Indenture hereinafter referred to and is registered in the name of a Depository or a nominee of a Depository. This Security is exchangeable for Securities registered in the name of a person other than the Depository or its nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or its nominee to a successor Depository or its nominee.”

 

ARTICLE THREE - THE SECURITIES

 

SECTION 301. Amount Unlimited; Issuable in Series. The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited.

 

12

 

The Securities may be issued in one or more series, each of which shall be authorized pursuant to Board Resolutions of the Company. There shall be established in one or more Board Resolutions or pursuant to authority granted by one or more Board Resolutions and, subject to Section 303, set forth in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series:

 

(1) The title of the Securities of the series, including “CUSIP” numbers (which shall distinguish the Securities of such series from all other series of Securities);

 

(2) Any limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or upon conversion of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 304, 305, 306, 906, 1107 or 1305) and the minimum authorized denominations with respect to the Securities of such series;

 

(3) The price (expressed as a percentage of the principal amount thereof) at which such Securities will be issued and, if other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of the maturity thereof or (if applicable) the portion of the principal amount of such Securities that is convertible into Common Stock or Preferred Stock or the method by which any such portion shall be determined;

 

(4) If convertible, the terms on which such Securities are convertible, including the initial conversion price or rate and the conversion period and any applicable limitations on the ownership or transferability of Common Stock or Preferred Stock receivable on conversion;

 

(5) The date or dates, or the method for determining such date or dates, on which the principal of such Securities will be payable;

 

(6) The rate or rates (which may be fixed or variable), or the method by which such rate or rates shall be determined, at which such Securities will bear interest, if any;

 

(7) The date or dates, or the method for determining such date or dates, from which any such interest will accrue, the Interest Payment Dates on which any such interest will be payable, the Regular Record Dates for such Interest Payment Dates, or the method by which such dates shall be determined, the Persons to whom such interest shall be payable, and the basis upon which interest shall be calculated if other than that of a 360-day year of twelve 30-day months;

 

(8) The Make-Whole Amount, if any, or method for determining the Make-Whole Amount, if any, payable with respect to such Securities, and the terms upon which such amount, if any, will be payable;

 

(9) The place or places where the principal of (and premium or Make-Whole Amount, if any) and interest, if any, on such Securities will be payable, where such Securities may be surrendered for registration of transfer or conversion or exchange and where notices or demands to or upon the Company in respect of such Securities and this Indenture may be served;

 

(10) The period or periods, if any, within which, the price or prices at which and the other terms and conditions upon which such Securities may, pursuant to any optional or mandatory redemption provisions, be redeemed, as a whole or in part, at the option of the Company;

 

(11) The obligation, if any, of the Company to redeem, repay or purchase such Securities pursuant to any sinking fund or analogous provision or at the option of a Holder thereof, and the period or periods within which, the price or prices at which and the other terms and conditions upon which such Securities will be redeemed, repaid or purchased, as a whole or in part, pursuant to such obligation;

 

(12) If other than Dollars, the currency or currencies in which such Securities are denominated and payable, which may be a foreign currency or units of two or more foreign currencies or a composite currency or currencies, the manner of determining the equivalent thereof in Dollars for purposes of the definition of “Outstanding” in Section 101, and the terms and conditions relating thereto;

 

(13) Whether the amount of payments of principal of (and premium or Make-Whole Amount, if any, including any amount due upon redemption, if any) or interest on such Securities may be determined with reference to an index, formula or other method (which index, formula or method may, but need not be, based on the yield on or trading price of other securities, including United States Treasury securities or on a currency, currencies, currency unit or units, or composite currency or currencies) and the manner in which such amounts shall be determined;

 

(14) Whether the principal of (and premium or Make-Whole Amount, if any) or interest on the Securities of the series are to be payable, at the election of the Company or a Holder thereof, in a currency or currencies, currency unit or units or

 

13

 

composite currency or currencies other than that in which such Securities are denominated or stated to be payable, the period or periods within which, and the terms and conditions upon which, such election may be made, and the time and manner of, and identity of the exchange rate agent with responsibility for, determining the exchange rate between the currency or currencies, currency unit or units or composite currency or currencies in which such Securities are denominated or stated to be payable and the currency or currencies, currency unit or units or composite currency or currencies in which such Securities are to be so payable;

 

(15) Provisions, if any, granting special rights to the Holders of Securities of the series upon the occurrence of such events as may be specified;

 

(16) Any deletions from, modifications of or additions to the Events of Default or covenants of the Company with respect to Securities of the series, whether or not such Events of Default or covenants are consistent with the Events of Default or covenants set forth herein;

 

(17) Whether and under what circumstances the Company will pay any additional amounts on such Securities in respect of any tax, assessment or governmental charge and, if so, whether the Company will have the option to redeem such Securities in lieu of making such payment;

 

(18) Whether Securities of the series are to be issuable as Registered Securities, Bearer Securities (with or without coupons) or both, any restrictions applicable to the offer, sale or delivery of Bearer Securities and the terms upon which Bearer Securities of the series may be exchanged for Registered Securities of the series and vice versa (if permitted by applicable laws and regulations), whether any Securities of the series are to be issuable initially in temporary global form and whether any Securities of the series are to be issuable in permanent global form with or without coupons and, if so, whether beneficial owners of interests in any such permanent global Security may, or shall be required to, exchange such interests for Securities of such series and of like tenor of any authorized form and denomination and the circumstances under which any such exchanges may, or shall be required to, occur, if other than in the manner provided in the Indenture, and, if Registered Securities of the series are to be issuable as a Global Security, the identity of the depository for such series;

 

(19) The date as of which any Bearer Securities of the series and any temporary Global Security representing outstanding Securities of the series shall be dated if other than the date of original issuance of the first Security of the series to be issued;

 

(20) The Person to whom any interest on any Registered Security of the series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest the manner in which, or the Person to whom, any interest on any Bearer Security of the series shall be payable, if otherwise than upon presentation and surrender of the coupons appertaining thereto as they severally mature, and the extent to which, or the manner in which, any interest payable on a temporary Global Security on an Interest Payment Date will be paid if other than in the manner provided herein; provided, however, in each case, that the manner of determining such Person or making such payment shall be acceptable to the Trustee (as not imposing on it any undue administrative burden or risk of liability);

 

(21) The applicability, if any, of the Defeasance and Covenant Defeasance provisions of Article Fourteen hereof to the Securities of the series;

 

(22) The obligation, if any, of the Company to permit the conversion of the Securities of such series into Common Stock or Preferred Stock, as the case may be, and the terms and conditions upon which such conversion shall be effected (including, without limitation, the initial conversion price or rate, the conversion period, any adjustment of the applicable conversion price and any requirements relative to the reservation of such shares for purposes of conversion);

 

(23) If the Securities of such series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, then the form and/or terms of such certificates, documents or conditions;

 

(24) Designation of the Trustee, if different from the Trustee under the Indenture, with respect to such series and the terms applicable to such Trustee (which shall be accepted by such Trustee by its execution and delivery of a supplemental indenture as provided therein); and

 

(25) Any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture).

 

All Securities of any one series and the coupons appertaining to any Bearer Securities of such series shall be substantially identical except, in the case of Registered Securities, as to denomination and except as may otherwise be provided in or pursuant to such Board Resolution (subject to Section 303) and set forth in such Officers’ Certificate or in any such indenture supplemental

 

14

 

hereto. All Securities of any one series need not be issued at the same time and, unless otherwise provided, a series may be reopened, without the consent of the Holders, for issuances of additional Securities of such series.

 

If any of the terms of the Securities of any series are established by action taken pursuant to one or more Board Resolutions, a copy of an appropriate record of such action(s) shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of the Securities of such series.

 

SECTION 302. Denominations. The Securities of each series shall be issuable in such denominations as shall be specified as contemplated by Section 301. With respect to Securities of any series denominated in Dollars, in the absence of any such provisions with respect to the Securities of any series, the Securities of such series, other than Global Securities (which may be of any denomination), shall be issuable in denominations of $1,000 and any integral multiple thereof or the equivalent amounts thereof in the case of Securities denominated in the Foreign Currency or currency unit.

 

SECTION 303. Execution, Authentication, Delivery and Dating. The Securities and any coupons appertaining thereto shall be executed on behalf of the Company by its Chief Executive Officer, its President, or one of its Vice Presidents, under its corporate seal reproduced thereon, and attested by its Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Securities and coupons may be manual or facsimile signatures of the present or any future such authorized officer and may be imprinted or otherwise reproduced on the Securities.

 

Securities and coupons bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities or coupons.

 

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series, together with any coupon appertaining thereto, executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities (accompanied by a copy of the Board Resolution and the Officers’ Certificate or supplemental indenture contemplated by Section 301), and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities; provided, however, that, in connection with its original issuance, no Bearer Security shall be mailed or otherwise delivered to any location in the United States; and provided further that, unless otherwise specified with respect to any series of Securities pursuant to Section 301, a Bearer Security may be delivered in connection with its original issuance only if the Person entitled to receive such Bearer Security shall have furnished a certificate to Euroclear or Clearstream, as the case may be, in the form set forth in Exhibit B-1 to this Indenture or such other certificate as may be specified by the Company with respect to any series of Securities pursuant to Section 301, dated no earlier than 15 days prior to the earlier of the date on which such Bearer Security is delivered and the date on which any temporary Security first becomes exchangeable for such Bearer Security in accordance with the terms of such temporary Security and this Indenture. If any Security shall be represented by a permanent Global Security, then, for purposes of this Section and Section 304, the notation of a beneficial owner’s interest therein upon original issuance of such Security or upon exchange of a portion of a temporary Global Security shall be deemed to be delivery in connection with its original issuance of such beneficial owner’s interest in such permanent Global Security. Except as permitted by Section 306, the Trustee shall not authenticate and deliver any Bearer Security unless all appurtenant coupons for interest then matured have been detached and canceled.

 

If all the Securities of any series are not to be issued at one time and if the Board Resolution or supplemental indenture establishing such series shall so permit, such Company Order may set forth procedures acceptable to the Trustee for the issuance of such Securities and determining the terms of particular Securities of such series, such as interest rate or formula, maturity date, date of issuance and date from which interest shall accrue. In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to TIA Section 315(a) through 315(d)) shall be fully protected in relying upon,

 

(i) an Opinion of Counsel stating that

 

(a) the form or forms of such Securities and any coupons have been established in conformity with the provisions of this Indenture;

 

(b) the terms of such Securities and any coupons have been established in conformity with the provisions of this Indenture; and

 

(c) such Securities, together with any coupons appertaining thereto, when completed by appropriate insertions and executed and delivered by the Company to the Trustee for authentication in accordance with this

 

15

 

Indenture, authenticated and delivered by the Trustee in accordance with this Indenture and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute legal, valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization and other similar laws of general applicability relating to or affecting the enforcement of creditors’ rights generally and to general equitable principles; and

 

(ii) an Officers’ Certificate stating that all conditions precedent provided for in this Indenture relating to the issuance of the Securities have been complied with and that, to the best of the knowledge of the signers of such certificate, that no Event of Default with respect to any of the Securities shall have occurred and be continuing.

 

If such form or terms have been so established, the Trustee shall not be required to authenticate such Securities (or to enter into the related supplemental indenture, if applicable) if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties, obligations or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.

 

Notwithstanding the provisions of Section 301 and of the preceding paragraph, if all the Securities of any series are not to be issued at one time, it shall not be necessary to deliver an Officers’ Certificate otherwise required pursuant to Section 301 or a Company Order, or an Opinion of Counsel or an Officers’ Certificate otherwise required pursuant to the preceding paragraph at the time of issuance of each Security of such series, but such order, opinion and certificates, with appropriate modifications to cover such future issuances, shall be delivered at or before the time of issuance of the first Security of such series.

 

Each Registered Security shall be dated the date of its authentication and each Bearer Security shall be dated as of the date specified as contemplated by Section 301.

 

No Security or coupon shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security or Security to which such coupon appertains a certificate of authentication substantially in the form provided for herein duly executed by the Trustee (subject to Section 611) by manual signature of an authorized signatory, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any Security (including a Global Security) shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 309 together with a written statement (which need not comply with Section 102 and need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Company, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.

 

SECTION 304. Temporary Securities.

 

(a) Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered form, or, if authorized, in bearer form with one or more coupons or without coupons, and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as conclusively evidenced by their execution of such Securities. In the case of Securities of any series, such temporary Securities may be in global form.

 

Except in the case of temporary Global Securities (which shall be exchanged as otherwise provided herein or as otherwise provided in or pursuant to a Board Resolution or supplemental indenture pursuant to Section 301), if temporary Securities of any series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series (accompanied by any non-matured coupons appertaining thereto), the Company shall execute (in accordance with a Company Order delivered at or prior to the authentication of the first definitive security to such series) and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities of the same series of authorized denominations; provided, however, that no definitive Bearer Security shall be delivered in exchange for a temporary Registered Security; and provided further that a definitive Bearer Security shall be delivered in exchange for a temporary Bearer Security only in compliance with the conditions

 

16

 

set forth in Section 303. Until so exchanged, the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series.

 

(b) Unless otherwise provided in or pursuant to a Board Resolution or supplemental indenture pursuant to Section 301, the following provisions of this Section 304(b) shall govern the exchange of temporary Securities other than through the facilities of the DTC. If any such temporary Security is issued in global form, then such temporary Global Security shall, unless otherwise provided therein, be delivered to the London office of a depository or common depository upon and pursuant to written direction of the Company (the “Common Depository”), for the benefit of Euroclear and Clearstream, for credit to the respective accounts of the beneficial owners of such Securities (or to such other accounts as they may direct).

 

Without unnecessary delay but in any event not later than the date specified in, or determined pursuant to the terms of, any such temporary Global Security (the “Exchange Date”), the Company shall deliver to the Trustee definitive Securities, in aggregate principal amount equal to the principal amount of such temporary Global Security, executed by the Company. On or after the Exchange Date, such temporary Global Security shall be surrendered by the Common Depository to the Trustee, as the Company’s agent for such purpose, to be exchanged, in whole or from time to time in part, for definitive Securities without charge, and the Trustee shall authenticate and deliver, in exchange for each portion of such temporary Global Security, an equal aggregate principal amount of definitive Securities of the same series of authorized denominations and of like tenor as the portion of such temporary Global Security to be exchanged. The definitive Securities to be delivered in exchange for any such temporary Global Security shall be in bearer form, registered form, permanent global bearer form or permanent global registered form, or any combination thereof, as specified as contemplated by Section 301, and, if any combination thereof is so specified, as requested by the beneficial owner thereof (as directed by or pursuant to information provided by the Common Depository); provided, however, that, unless otherwise specified in such temporary Global Security, upon such presentation by the Common Depository, such temporary Global Security shall be accompanied by a certificate dated the Exchange Date or a subsequent date and signed by Euroclear as to the portion of such temporary Global Security held for its account then to be exchanged and a certificate dated the Exchange Date or a subsequent date and signed by Clearstream as to the portion of such temporary Global Security held for its account then to be exchanged, each in the form set forth in Exhibit B-2 to this Indenture or in such other form as may be established pursuant to Section 301; and provided further that definitive Bearer Securities shall be delivered in exchange for a portion of a temporary Global Security only in compliance with the requirements of Section 303.

 

Unless otherwise specified in such temporary Global Security, the interest of a beneficial owner of Securities of a series in a temporary Global Security shall be exchanged for definitive Securities of the same series and of like tenor following the Exchange Date when the account holder instructs Euroclear or Clearstream, as the case may be, to request such exchange on his behalf and delivers to Euroclear or Clearstream, as the case may be, a certificate in the form set forth in Exhibit B-1 to this Indenture (or in such other form as may be established pursuant to Section 301), dated no earlier than 15 days prior to the Exchange Date, copies of which certificate shall be available from the offices of Euroclear and Clearstream, the Trustee, any Authenticating Agent appointed for such series of Securities and each Paying Agent. Unless otherwise specified in such temporary Global Security, any such exchange shall be made free of charge to the beneficial owners of such temporary Global Security, except that a Person receiving definitive Securities must bear the cost of insurance, postage, transportation and the like unless such Person takes delivery of such definitive Securities in person at the offices of Euroclear or Clearstream. Definitive Securities in bearer form to be delivered in exchange for any portion of a temporary Global Security shall be delivered only to an address located outside the United States.

 

Until exchanged in full as hereinabove provided, the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of the same series and of like tenor authenticated and delivered hereunder, except that, unless otherwise specified as contemplated by Section 301, interest payable on a temporary Global Security on an Interest Payment Date for Securities of such series occurring prior to the applicable Exchange Date shall be payable to Euroclear and Clearstream on such Interest Payment Date upon delivery by Euroclear and Clearstream to the Trustee of a certificate or certificates in the form set forth in Exhibit B-2 to this Indenture (or in such other forms as may be established pursuant to Section 301), for credit without further interest on or after such Interest Payment Date to the respective accounts of Persons who are the beneficial owners of such temporary Global Security on such Interest Payment Date and who have each delivered to Euroclear or Clearstream, as the case may be, a certificate dated no earlier than 15 days prior to the Interest Payment Date occurring prior to such Exchange Date in the form set forth as Exhibit B-1 to this Indenture (or in such other forms as may be established pursuant to Section 301). Notwithstanding anything to the contrary herein contained, the certifications made pursuant to this paragraph shall satisfy the certification requirements of the preceding two paragraphs of this Section 304(b) and of the third paragraph of Section 303 of this Indenture and the interests of the Persons who are the beneficial owners of the temporary Global Security with respect to which such certification was made will be exchanged for definitive Securities of the same series and of like tenor on the Exchange Date or the date of certification if such date occurs after the Exchange Date, without further act or deed by such beneficial owners. Except as otherwise provided in this paragraph,

 

17

 

no payments of principal or interest owing with respect to a beneficial interest in a temporary Global Security will be made unless and until such interest in such temporary Global Security shall have been exchanged for an interest in a definitive Security. Any interest so received by Euroclear and Clearstream and not paid as herein provided shall be returned to the Trustee prior to the expiration of two years after such Interest Payment Date in order to be repaid to the Company.

 

With respect to Exhibit B-1 or B-2 to this Indenture, the Company may, in its discretion and if required or desirable under applicable law, substitute one or more other forms of such exhibits for such exhibits, eliminate the requirement that any or all certificate be provided, or change the time that any certificate may be required, provided that such substitute form or forms or notice of elimination or change of such certification requirement have theretofore been delivered to the Trustee with a Company Request and such form or forms, elimination or change is reasonably acceptable to the Trustee.

 

SECTION 305. Registration, Registration of Transfer, Conversion and Exchange. The Company shall cause to be kept at the Corporate Trust Office of the Trustee or in any office or agency of the Company in a Place of Payment a register for each series of Securities (the registers maintained in such office or in any such office or agency of the Company in a Place of Payment being herein sometimes referred to collectively as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Registered Securities and of transfers of Registered Securities. The Security Register shall be in written form or any other form capable of being converted into written form within a reasonable time. The Trustee, at its Corporate Trust Office, is hereby initially appointed “Security Registrar” for the purpose of registering Registered Securities and transfers of Registered Securities on such Security Register as herein provided. In the event that the Trustee shall cease to be Security Registrar, it shall have the right to examine, and be provided a copy of, the Security Register at all reasonable times.

 

Subject to the provisions of this Section 305, upon surrender for registration of transfer of any Registered Security of any series at any office or agency of the Company in a Place of Payment for that series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Registered Securities of the same series, of any authorized denominations and of a like aggregate principal amount, bearing a number not contemporaneously outstanding, and containing identical terms and provisions.

 

Subject to the provisions of this Section 305, at the option of the Holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series, of any authorized denomination or denominations and of a like aggregate principal amount, containing identical terms and provisions, upon surrender of the Registered Securities to be exchanged at any such office or agency. Whenever any such Registered Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Registered Securities which the Holder making the exchange is entitled to receive. Unless otherwise specified with respect to any series of Securities as contemplated by Section 301, Bearer Securities may not be issued in exchange for Registered Securities.

 

If (but only if) permitted by the applicable Board Resolution and (subject to Section 303) set forth in the applicable Officers’ Certificate, or in any indenture supplemental hereto, delivered as contemplated by Section 301, at the option of the Holder, Bearer Securities of any series may be exchanged for Registered Securities of the same series of any authorized denominations and of a like aggregate principal amount and tenor, upon surrender of the Bearer Securities to be exchanged at any such office or agency, with all unmatured coupons and all matured coupons in default thereto appertaining. If the Holder of a Bearer Security is unable to produce any such unmatured coupon or coupons or matured coupon or coupons in default, any such permitted exchange may be effected if the Bearer Securities are accompanied by payment in funds acceptable to the Company (or to the Trustee for the Security in case of matured coupons in default) in an amount equal to the face amount of such missing coupon or coupons, or the surrender of such missing coupon or coupons may be waived by the Company and the Trustee if there is furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to any Paying Agent any such missing coupon in respect of which such a payment shall have been made, such Holder shall be entitled to receive the amount of such payment; provided, however, that, except as otherwise provided in Section 1002, interest represented by coupons shall be payable only upon presentation and surrender of those coupons at an office or agency located outside the United States. Notwithstanding the foregoing, in case a Bearer Security of any series is surrendered at any such office or agency in a permitted exchange for a Registered Security of the same series and like tenor after the close of business at such office or agency on (i) any Regular Record Date and before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii) any Special Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, such Bearer Security shall be surrendered without the coupon relating to such Interest Payment Date or proposed date for payment, as the case may be, and interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of the Registered Security issued in exchange for such Bearer Security, but will be payable only to the Holder of such coupon when due in accordance with the provisions of this Indenture.

 

18

 

Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive.

 

Notwithstanding the foregoing, except as otherwise specified as contemplated by Section 301, any permanent Global Security shall be exchangeable only as provided in this paragraph. If the depository for any permanent Global Security is DTC, then, unless the terms of such Global Security expressly permit such Global Security to be exchanged in whole or in part for definitive Securities, a Global Security may be transferred, in whole but not in part, only to a nominee of DTC, or by a nominee of DTC to DTC, or to a successor to DTC for such Global Security selected or approved by the Company or to a nominee of such successor to DTC. If at any time DTC notifies the Company that it is unwilling or unable to continue as depository for the applicable Global Security or Securities or if at any time DTC ceases to be a clearing agency registered under the Exchange Act if so required by applicable law or regulation, the Company shall appoint a successor depository with respect to such Global Security or Securities. If (w) a successor depository for such Global Security or Securities is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such unwillingness, inability or ineligibility, (x) the Company delivers to the Trustee for Securities of such series in registered form a Company Order stating that the Securities of such series shall be exchangeable, (y) an Event of Default has occurred and is continuing and the beneficial owners representing a majority in principal amount of the applicable series of Securities represented by such Global Security or Securities advise DTC to cease acting as depository for such Global Security or Securities or (z) the Company, in its sole discretion, determines at any time that all Outstanding Securities (but not less than all) of any series issued or issuable in the form of one or more Global Securities shall no longer be represented by such Global Security or Securities, then the Company shall execute, and the Trustee shall authenticate and deliver definitive Securities of like series, rank, tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of such Global Security or Securities. If any beneficial owner of an interest in a permanent global Security is otherwise entitled to exchange such interest for Securities of such series and of like tenor and principal amount of another authorized form and denomination, as specified as contemplated by Section 301 and provided that any applicable notice provided in the permanent Global Security shall have been given, then without unnecessary delay but in any event not later than the earliest date on which such interest may be so exchanged, the Company shall execute, and the Trustee shall authenticate and deliver definitive Securities in aggregate principal amount equal to the principal amount of such beneficial owner’s interest in such permanent Global Security. On or after the earliest date on which such interests may be so exchanged, such permanent Global Security shall be surrendered for exchange by DTC or such other depository as shall be specified in the Company Order with respect thereto to the Trustee, as the Company’s agent for such purpose; provided, however, that no such exchanges may occur during a period beginning at the opening of business 15 days before any selection of Securities to be redeemed and ending on the relevant Redemption Date if the Security for which exchange is requested may be among those selected for redemption; and provided further that no Bearer Security delivered in exchange for a portion of a permanent Global Security shall be mailed or otherwise delivered to any location in the United States. If a Registered Security is issued in exchange for any portion of a permanent Global Security after the close of business at the office or agency where such exchange occurs on (i) any Regular Record Date and before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii) any Special Record Date and the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered Security, but will be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person to whom interest in respect of such portion of such permanent Global Security is payable in accordance with the provisions of this Indenture.

 

All Securities issued upon any registration of transfer or conversion or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or conversion or exchange.

 

Every Registered Security presented or surrendered for registration of transfer or for conversion, exchange or redemption shall (if so required by the Company or the Security Registrar) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing.

 

No service charge shall be made to the Holder for any registration of transfer or conversion or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or conversion or exchange of Securities, other than exchanges pursuant to Section 304, 906, 1107 or 1305 not involving any transfer.

 

The Company or the Trustee, as applicable, shall not be required (i) to issue, register the transfer of or exchange any Security if such Security may be among those selected for redemption during a period beginning at the opening of business 15 days before

 

19

 

selection of the Securities to be redeemed under Section 1103 and ending at the close of business on (A) if such Securities are issuable only as Registered Securities, the day of the mailing of the relevant notice of redemption and (B) if such Securities are issuable as Bearer Securities, the day of the first publication of the relevant notice of redemption or, if such Securities are also issuable as Registered Securities and there is no publication, the mailing of the relevant notice of redemption, or (ii) to register the transfer of or exchange any Registered Security so selected for redemption in whole or in part, except, in the case of any Registered Security to be redeemed in part, the portion thereof not to be redeemed, or (iii) to exchange any Bearer Security so selected for redemption except that such a Bearer Security may be exchanged for a Registered Security of that series and like tenor, provided that such Registered Security shall be simultaneously surrendered for redemption, or (iv) to issue, register the transfer of or exchange any Security which has been surrendered for repayment at the option of the Holder, except the portion, if any, of such Security not to be so repaid.

 

Furthermore, notwithstanding any other provision of this Section 305, the Company will not be required to exchange any Securities if, as a result of the exchange, the Company would suffer adverse consequences under any United States law or regulation.

 

SECTION 306. Mutilated, Destroyed, Lost and Stolen Securities. If any mutilated Security or a Security with a mutilated coupon appertaining to it is surrendered to the Trustee or the Company, together with, in proper cases, such security or indemnity as may be required by the Company or the Trustee to save each of them or any agent of either of them harmless, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and principal amount, containing identical terms and provisions and bearing a number not contemporaneously outstanding, with coupons corresponding to the coupons, if any, appertaining to the surrendered Security.

 

If there shall be delivered to the Company and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security or coupon, and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security or coupon has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security or in exchange for the Security to which a destroyed, lost or stolen coupon appertains (with all appurtenant coupons not destroyed, lost or stolen), a new Security of the same series and principal amount, containing identical terms and provisions and bearing a number not contemporaneously outstanding, with coupons corresponding to the coupons, if any, appertaining to such destroyed, lost or stolen Security or to the Security to which such destroyed, lost or stolen coupon appertains.

 

Notwithstanding the provisions of the previous two paragraphs, in case any such mutilated, destroyed, lost or stolen Security or coupon has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, with coupons corresponding to the coupons, if any, appertaining to such destroyed, lost or stolen Security or to the Security to which such destroyed, lost or stolen coupon appertains, pay such Security or coupon if the applicant for such payment shall furnish to the Company and the Trustee for such Security such security or indemnity as may be required by them to save each of them harmless, and in the case of destruction, loss or theft, evidence satisfactory to the Company and Trustee and any agent of any of them of the destruction, loss or theft of such Security and the ownership thereof; provided, however, that payment of principal of (and premium or Make-Whole Amount, if any), and interest, if any, on, Bearer Securities shall, except as otherwise provided in Section 1002, be payable only at an office or agency located outside the United States and, unless otherwise specified as contemplated by Section 301, any interest on Bearer Securities shall be payable only upon presentation and surrender of the coupons appertaining thereto.

 

Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

Every new Security of any series with its coupons, if any, issued pursuant to this Section in lieu of any destroyed, lost or stolen Security, or in exchange for a Security to which a destroyed, lost or stolen coupon appertains, shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security and its coupons, if any, or the destroyed, lost or stolen coupon shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series and their coupons, if any, duly issued hereunder.

 

The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities or coupons.

 

SECTION 307. Payment of Interest; Interest Rights Preserved. Except as otherwise specified with respect to a series of Securities in accordance with the provisions of Section 301, interest on any Registered Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more

 

20

 

Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest payment at the office or agency of the Company maintained for such purpose pursuant to Section 1002; provided, however, that each installment of interest on any Registered Security may at the Company’s option be paid by (i) mailing a check for such interest, payable to or upon the written order of the Person entitled thereto pursuant to Section 308, to the address of such Person as it appears on the Security Register or (ii) transfer to an account maintained by the payee located inside the United States.

 

Unless otherwise provided as contemplated by Section 301 with respect to the Securities of any series, payment of interest may be made, in the case of a Bearer Security, by transfer to an account maintained by the payee with a bank located outside the United States.

 

Unless otherwise provided as contemplated by Section 301, every permanent Global Security will provide that interest, if any, payable on any Interest Payment Date will be paid to DTC, Euroclear and/or Clearstream, as the case may be, with respect to that portion of such permanent Global Security held for its account by Cede & Co. or the Common Depository, as the case may be, for the purpose of permitting such party to credit the interest received by it in respect of such permanent Global Security to the accounts of the beneficial owners thereof.

 

In case a Bearer Security of any series is surrendered in exchange for a Registered Security of such series after the close of business (at an office or agency in a Place of Payment for such series) on any Regular Record Date and before the opening of business (at such office or agency) on the next succeeding Interest Payment Date, such Bearer Security shall be surrendered without the coupon relating to such Interest Payment Date and interest will not be payable on such Interest Payment Date in respect of the Registered Security issued in exchange for such Bearer Security, but will be payable only to the Holder of such coupon when due in accordance with the provisions of this Indenture.

 

Except as otherwise specified with respect to a series of Securities in accordance with the provisions of Section 301, any interest on any Registered Security of any series that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered Holder thereof on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or (2) below:

 

(1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Registered Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Registered Security of such series and the date of the proposed payment (which shall not be less than 20 days after such notice is received by the Trustee), and at the same time the Company shall deposit with the Trustee an amount of money in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Registered Securities of such series at his address as it appears in the Security Register not less than 10 days prior to such Special Record Date. The Trustee may, in its discretion, in the name and at the expense of the Company, cause a similar notice to be published at least once in an Authorized Newspaper in each Place of Payment, but such publications shall not be a condition precedent to the establishment of such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names the Registered Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2). In case a Bearer Security of any series is surrendered at the office or agency in a Place of Payment for such series in exchange for a Registered Security of such series after the close of business at such office or agency on any Special Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, such Bearer Security shall be surrendered without the coupon relating to such proposed date of payment and Defaulted Interest will not be payable on such proposed date of payment in respect of the

 

21

 

Registered Security issued in exchange for such Bearer Security, but will be payable only to the Holder of such coupon when due in accordance with the provisions of this Indenture.

 

(2) The Company may make payment of any Defaulted Interest on the Registered Securities of any series in any other lawful manner not inconsistent with the requirements of any over-the-counter market or securities exchange on which such Securities may be quoted or listed, and upon such notice as may be required by such market or exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

 

Subject to the foregoing provisions of this Section and Section 305, each Security delivered under this Indenture upon registration of transfer of or upon conversion of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.

 

SECTION 308. Persons Deemed Owners. Prior to due presentment of a Registered Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Registered Security is registered as the owner of such Security for the purpose of receiving payment of principal of (and premium or Make-Whole Amount, if any), and (subject to Sections 305 and 307) interest on, such Registered Security and for all other purposes whatsoever, whether or not such Registered Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. All such payments so made to any such Person, or upon such Person’s order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for money payable upon any such Security.

 

Title to any Bearer Security and any coupons appertaining thereto shall pass by delivery. The Company, the Trustee and any agent of the Company or the Trustee may treat the Holder of any Bearer Security and the Holder of any coupon as the absolute owner of such Security or coupon for the purpose of receiving payment thereof or on account thereof and for all other purposes whatsoever, whether or not such Security or coupon be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

No holder of any beneficial interest in any Global Security held on its behalf by a depository shall have any rights under this Indenture with respect to such Global Security and such depository (which is the Holder of such security) shall be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the owner of such Global Security for all purposes whatsoever. None of the Company, the Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

 

Notwithstanding the foregoing, with respect to any Global Security, nothing herein shall prevent the Company, the Trustee, or any agent of the Company or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by any depository, as a Holder, with respect to such Global Security or impair, as between such depository and owners of beneficial interests in such Global Security, the operation of customary practices governing the exercise of the rights of such depository (or its nominee) as Holder of such Global Security.

 

SECTION 309. Cancellation. All Securities and coupons surrendered for payment, redemption, repayment at the option of the Holder, registration of transfer or conversion or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such Securities and coupons and Securities and coupons surrendered directly to the Trustee for any such purpose, upon direction by the Company, shall be promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. If the Company shall so acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are surrendered to the Trustee for cancellation. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by this Indenture. Cancelled Securities and coupons held by the Trustee shall be disposed of by the Trustee in accordance with its customary practices (subject to the record retention requirements of the Exchange Act).

 

22

 

SECTION 310. Computation of Interest. Except as otherwise specified as contemplated by Section 301 with respect to Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

SECTION 311. CUSIP Numbers. The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided, however, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee of any change in the “CUSIP” numbers.

 

ARTICLE FOUR - SATISFACTION AND DISCHARGE

 

SECTION 401. Satisfaction and Discharge of Indenture. This Indenture shall upon Company Request cease to be of further effect with respect to any series of Securities specified in such Company Request (except as to any surviving rights of registration of transfer or conversion or exchange of Securities of such series herein expressly provided for), and the Trustee, upon receipt of a Company Order, and at the expense of the Company, shall execute instruments in form and substance satisfactory to the Trustee and the Company acknowledging satisfaction and discharge of this Indenture as to such series when

 

(1) either

 

(A) all Securities of such series theretofore authenticated and delivered and all coupons, if any, appertaining thereto (other than (i) coupons appertaining to Bearer Securities surrendered for exchange for Registered Securities and maturing after such exchange, whose surrender is not required or has been waived as provided in Section 305, (ii) Securities and coupons of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306, (iii) coupons appertaining to Securities called for redemption and maturing after the relevant Redemption Date, whose surrender has been waived as provided in Section 1106, and (iv) Securities and coupons of such series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or

 

(B) all Securities of such series and, in the case of (i) or (ii) below, any coupons appertaining thereto not theretofore delivered to the Trustee for cancellation

 

(i) have become due and payable, or

 

(ii) will become due and payable at their Stated Maturity within one year, or

 

(iii) if redeemable at the option of the Company, are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company,

 

and the Company, in the case of (i), (ii) or (iii) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable, sufficient to pay and discharge the entire indebtedness on such Securities and such coupons not theretofore delivered to the Trustee for cancellation, for principal (and premium or Make-Whole Amount, if any) and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;

 

(2) the Company has paid or caused to be paid all other sums payable hereunder by the Company; and

 

(3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied with.

 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee and any predecessor Trustee under Section 606, the obligations of the Company to any Authenticating Agent under Section 611 and, if money shall have

 

23

 

been deposited with and held by the Trustee pursuant to subclause (B) of clause (1) of this Section, the obligations of the Trustee under Section 402 and the last paragraph of Section 1003 shall survive such satisfaction and discharge.

 

SECTION 402. Application of Trust Funds. Subject to the provisions of the last paragraph of Section 1003, all money deposited with the Trustee pursuant to Section 401 shall be held in trust and applied by it, in accordance with the provisions of the Securities, the coupons and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium or Make-Whole Amount, if any), and any interest for whose payment such money has been deposited with or received by the Trustee, but such money need not be segregated from other funds except to the extent required by law.

 

ARTICLE FIVE - REMEDIES

 

SECTION 501. Events of Default. “Event of Default,” wherever used herein with respect to any particular series of Securities, means any one of the following events (whatever the reason for such Event of Default and whether or not it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 

(1) default in the payment of any interest on any Security of that series or of any coupon appertaining thereto, when such interest or coupon becomes due and payable, and continuance of such default for a period of 30 days; or

 

(2) default in the payment of the principal of (or premium or Make-Whole Amount, if any, on) any Security of that series when it becomes due and payable at its Maturity; or

 

(3) default in the deposit of any sinking fund payment, to the extent applicable to such series of Securities, when and as due by the terms of any Security of that series; or

 

(4) default in the performance, or breach, of any covenant or warranty of the Company in this Indenture with respect to any Security of that series (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in this Indenture solely for the benefit of a series of Securities other than that series), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

 

(5) default under any bond, debenture, note, mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by the Company, having an aggregate principal amount outstanding of at least $30,000,000, whether such indebtedness now exists or shall hereafter be created, which default shall have resulted in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such indebtedness having been discharged, or such acceleration having been rescinded or annulled, within a period of 30 days after there shall have been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 10% in principal amount of the Outstanding Securities of that series a written notice specifying such default and requiring the Company to cause such indebtedness to be discharged or cause such acceleration to be rescinded or annulled and stating that such notice is a “Notice of Default” hereunder; provided, however, that, subject to the provisions of Sections 601 and 602, the Trustee shall not be deemed to have knowledge of such default unless either (A) a Responsible Officer of the Trustee shall have knowledge of such default or (B) the Trustee shall have received written notice thereof from the Company, from any Holder, from the holder of any such indebtedness or from the trustee under any such mortgage, indenture or other instrument; or

 

(6) the Company pursuant to or within the meaning of any Bankruptcy Law:

 

(A) commences a voluntary case,

 

(B) consents to the entry of an order for relief against it in an involuntary case,

 

(C) consents to the appointment of a Custodian of it or for all or substantially all of its property, or

 

(D) makes a general assignment for the benefit of its creditors; or

 

(7) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

24

 

(A) is for relief against the Company in an involuntary case,

 

(B) appoints a Custodian of the Company or for all or substantially all of its property, or

 

(C) orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 90 days; or

 

(8) any other Event of Default provided with respect to Securities of that series.

 

As used in this Section 501, the term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or state law for the relief of debtors and the term “Custodian” means any receiver, trustee, assignee, liquidator or other similar official under any Bankruptcy Law.

 

SECTION 502. Acceleration of Maturity; Rescission and Annulment. If an Event of Default with respect to Securities of any series at the time Outstanding occurs and is continuing, then and in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal amount (or, if Securities of that Series are Original Issue Discount Securities or Indexed Securities, such portion of the principal as may be specified in the terms thereof) of all the Securities of that series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal or specified portion thereof shall become immediately due and payable.

 

At any time after such a declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration of acceleration and its consequences if:

 

(1) the Company has paid or deposited with the Trustee a sum sufficient to pay in the currency, currency unit or composite currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series):

 

(A) all overdue installments of interest on all Outstanding Securities of that series and any related coupons,

 

(B) the principal of (and premium or Make-Whole Amount, if any, on) any Outstanding Securities of that series which have become due otherwise than by such declaration of acceleration and interest thereon at the rate or rates borne by or provided for in such Securities,

 

(C) to the extent that payment of such interest is lawful, interest upon overdue installments of interest at the rate or rates borne by or provided for in such Securities, and

 

(D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and

 

(2) all Events of Default with respect to Securities of that series, other than the nonpayment of the principal of (or premium or Make-Whole Amount, if any) or interest on Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513.

 

No such rescission shall affect any subsequent default or impair any right consequent thereon.

 

SECTION 503. Collection of Indebtedness and Suits for Enforcement by Trustee. The Company covenants that if:

 

(1) default is made in the payment of any installment of interest on any Security of any series and any related coupon when such interest becomes due and payable and such default continues for a period of 30 days, or

 

(2) default is made in the payment of the principal of (or premium or Make-Whole Amount, if any, on) any Security of any series at its Maturity,

 

then the Company will, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of such Securities of such series and coupons, the whole amount then due and payable on such Securities and coupons for principal (and premium or Make-Whole Amount, if any) and interest, with interest upon any overdue principal (and premium or Make-Whole Amount, if any) and, to the extent that payment of such interest shall be legally enforceable, upon any overdue installments of interest at the rate or rates borne by or provided for in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

25

 

If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or any other obligor upon such Securities of such series and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities of such series, wherever situated.

 

If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series and any related coupons by such appropriate judicial proceedings as the Trustee shall deem necessary to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

SECTION 504. Trustee May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities of any series shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal, premium or Make-Whole Amount, if any, or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

(i) to file and prove a claim for the whole amount, or such lesser amount as may be provided for in the Securities of such series, of principal (and premium or Make-Whole Amount, if any) and interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and

 

(ii) to collect and receive any moneys 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 Holder of Securities of such series and coupons to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee and any predecessor Trustee, their agents and counsel, and any other amounts due the Trustee or any predecessor Trustee under Section 606.

 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Security or coupon any plan of reorganization, arrangement, adjustment or composition affecting the Securities or coupons or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of a Security or coupon in any such proceeding.

 

In any proceedings brought by the Trustee (and also any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) the Trustee shall be held to represent all the Holders of the Securities, and it shall not be necessary to make any Holders of the Securities parties to any such proceedings.

 

SECTION 505. Trustee May Enforce Claims Without Possession of Securities or Coupons. All rights of action and claims under this Indenture or any of the Securities or coupons may be prosecuted and enforced by the Trustee without the possession of any of the Securities or coupons or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities and coupons in respect of which such judgment has been recovered.

 

SECTION 506. Application of Money Collected. Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (or premium or Make-Whole Amount, if any) or interest, upon presentation of the Securities or coupons, or both, as the case may be, and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

FIRST: To the payment of all amounts due the Trustee and any predecessor Trustee under Section 606;

 

26

 

SECOND: To the payment of the amounts then due and unpaid upon the Securities and coupons for principal (and premium or Make-Whole Amount, if any) and interest, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the aggregate amounts due and payable on such Securities and coupons for principal (and premium or Make-Whole Amount, if any) and interest, respectively; and

 

THIRD: To the payment of the remainder, if any, to the Company.

 

SECTION 507. Limitation on Suits. No Holder of any Security of any series or any related coupon shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

 

(1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that series;

 

(2) the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(3) such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request;

 

(4) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and

 

(5) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series;

 

it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders.

 

SECTION 508. Unconditional Right of Holders to Receive Principal, Premium or Make-Whole Amount, if any, and Interest. Notwithstanding any other provision in this Indenture, the Holder of any Security or coupon shall have the right which is absolute and unconditional to receive payment of the principal of (and premium or Make-Whole Amount, if any) and (subject to Sections 305 and 307) interest on such Security or payment of such coupon on the respective due dates expressed in such Security or coupon (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.

 

SECTION 509. Restoration of Rights and Remedies. If the Trustee or any Holder of a Security or coupon has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, the Company, the Trustee and the Holders of Securities and coupons shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.

 

SECTION 510. Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities or coupons in the last paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Securities or coupons is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

SECTION 511. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Security or coupon to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders of Securities or coupons, as the case may be.

 

27

 

SECTION 512. Control by Holders of Securities. The Holders of not less than a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Securities of such series, provided that:

 

(1) such direction shall not be in conflict with any rule of law or with this Indenture,

 

(2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and

 

(3) the Trustee need not take any action which might involve it in personal liability or be unduly prejudicial to the Holders of Securities of such series not joining therein.

 

Nothing in this Indenture shall impair the right of the Trustee in its discretion to take any action deemed proper by the Trustee and which is not inconsistent with such direction by Holders.

 

SECTION 513. Waiver of Past Defaults. The Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series and any related coupons waive any past default hereunder with respect to such series and its consequences, except a default

 

(1) in the payment of the principal of (or premium or Make-Whole Amount, if any) or interest on any Security of such series or any related coupons, or

 

(2) in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected; or

 

(3) in respect of a covenant or provision hereof for the benefit or protection of the Trustee, without its express written consent.

 

Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon.

 

SECTION 514. Waiver of Usury, Stay or Extension Laws. The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

 

SECTION 515. Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium or Make-Whole Amount, if any) or interest on any Security on or after the respective Stated Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date).

 

ARTICLE SIX - THE TRUSTEE

 

SECTION 601. Notice of Defaults. Within 90 days after the occurrence of any default hereunder with respect to the Securities of any series, the Trustee shall transmit in the manner and to the extent provided in TIA Section 313(c), notice of such default hereunder known to the Trustee, unless such default shall have been cured or waived; provided, however, that, except in the case of a default in the payment of the principal of (or premium or Make-Whole Amount, if any) or interest on any Security of such series, or in the payment of any sinking or purchase fund installment with respect to the Securities of such series, the Trustee shall be protected in

 

28

 

withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interests of the Holders of the Securities and coupons of such series; and provided further that in the case of any default or breach of the character specified in Section 501(4) with respect to the Securities and coupons of such series, no such notice to Holders shall be given until at least 60 days after the occurrence thereof. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to the Securities of such series.

 

SECTION 602. Certain Rights of Trustee. Subject to the provisions of TIA Section 315(a) through 315(d):

 

(1) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document (whether in its original or facsimile form) reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

(2) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order (other than delivery of any Security, together with any coupons appertaining thereto, to the Trustee for authentication and delivery pursuant to Section 303 which shall be sufficiently evidenced as provided therein) and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution;

 

(3) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate;

 

(4) the Trustee may consult with counsel of its own selection and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

 

(5) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders of Securities of any series or any related coupons pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction;

 

(6) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document, unless requested in writing so to do by the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of any series; provided that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such expenses or liabilities as a condition to proceeding; the reasonable expenses of every such examination shall be paid by the Holders or, if paid by the Trustee, shall be repaid by the Holders upon demand. The Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, relevant to the facts or matters that are the subject of its inquiry, personally or by agent or attorney at the expense of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation;

 

(7) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;

 

(8) the Trustee shall not be liable for any action taken, suffered or omitted by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture;

 

(9) any permissive right or power available to the Trustee under this Indenture or any supplement hereto shall not be construed to be a mandatory duty or obligation;

 

(10) the Trustee shall not be charged with knowledge of any matter (including any default, other than as described in Section 501(1), (2) or (3)) unless and except to the extent actually known to a Responsible Officer of the Trustee or to the extent written notice thereof is received by the Trustee at the Corporate Trust Office;

 

29

 

(11) the Trustee shall have no liability for any inaccuracy in the books and records of, or for any actions or omissions of, DTC, Euroclear or Clearstream or any depository acting on behalf of any of them;

 

(12) the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed by the Trustee to act hereunder; and

 

(13) the Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded.

 

The Trustee shall not be required to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

 

Except during the continuance of an Event of Default, the Trustee undertakes to perform only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee.

 

SECTION 603. Not Responsible for Recitals or Issuance of Securities. The recitals contained herein and in the Securities, except the Trustee’s certificate of authentication, and in any coupons shall be taken as the statements of the Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities or coupons, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof. The Trustee shall have no responsibility with respect to any information, statement or recital in any offering prospectus or other disclosure materials prepared or distributed with respect to the Securities.

 

SECTION 604. May Hold Securities. The Trustee, any Paying Agent, Security Registrar, Authenticating Agent or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and coupons and, subject to TIA Sections 310(b) and 311, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Paying Agent, Security Registrar, Authenticating Agent or such other agent.

 

SECTION 605. Money Held in Trust. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Company.

 

SECTION 606. Compensation and Reimbursement. The Company agrees:

 

(1) to pay to the Trustee as agreed upon in writing from time to time reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);

 

(2) except as otherwise expressly provided herein, to reimburse each of the Trustee and any predecessor Trustee upon its request for all reasonable expenses, and disbursements incurred by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the reasonable expenses and disbursements of its agents and counsel), except any such expense or disbursement as shall be determined to have been caused by its own negligence, willful misconduct or bad faith; and

 

(3) to indemnify each of the Trustee and any predecessor Trustee for, and to hold it harmless against, any loss, liability, claim, damage or expense incurred without negligence, willful misconduct or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder.

 

When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 501(7) or Section 501(8), the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable Federal or state bankruptcy, insolvency or other similar law.

 

30

 

As security for the performance of the obligations of the Company under this Section, the Trustee shall have a lien for payment of the Trustee’s fees and expenses prior to the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (or premium or Make-Whole Amount, if any) or interest on particular Securities or any coupons.

 

The provisions of this Section shall survive the termination of this Indenture and the resignation or removal of the Trustee.

 

SECTION 607. Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have at all times a combined capital and surplus of at least $50,000,000 (or which shall have a combined capital and surplus of at least $10,000,000 and whose ultimate parent holding company shall have a combined capital and surplus of at least $50,000,000. If the Trustee publishes reports of condition at least annually, pursuant to law or the requirements of Federal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of the Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. Neither the Company nor any Person directly or indirectly controlling, controlled by, or under common control with the Company shall serve as Trustee.

 

SECTION 608. Resignation and Removal; Appointment of Successor.

 

(a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 609.

 

(b) The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 60 days after the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee.

 

(c) The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Trustee and to the Company. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 60 days after the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee.

 

(d) If at any time:

 

(1) the Trustee shall fail to comply with the provisions of TIA Section 310(b) after written request therefor by the Company or by any Holder of a Security who has been a bona fide Holder of a Security for at least six months, or

 

(2) the Trustee shall cease to be eligible under Section 607 and shall fail to resign after written request therefor by the Company or by any Holder of a Security who has been a bona fide Holder of a Security for at least six months, or

 

(3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, (i) the Company by or pursuant to a Board Resolution may remove the Trustee and appoint a successor Trustee with respect to all Securities, or (ii) subject to TIA Section 315(e), any Holder of a Security who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.

 

(e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause with respect to the Securities of one or more series, the Company, by or pursuant to a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series). If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by

 

31

 

Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders of Securities and accepted appointment in the manner hereinafter provided, any Holder of a Security who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to Securities of such series.

 

(f) The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series in the manner provided for notices to the Holders of Securities in Section 106. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office.

 

SECTION 609. Acceptance of Appointment by Successor.

 

(a) In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section 606.

 

(b) In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto, pursuant to Article Nine hereof, wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates.

 

(c) Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section 609, as the case may be.

 

(d) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article.

 

SECTION 610. Merger, Conversion, Consolidation or Succession to Business. Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities or coupons shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or

 

32

 

consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities or coupons so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities or coupons. In case any Securities or coupons shall not have been authenticated by such predecessor Trustee, any such successor Trustee may authenticate and deliver such Securities or coupons, in either its own name or that of its predecessor Trustee, with the full force and effect which this Indenture provides for the certificate of authentication of the Trustee.

 

SECTION 611. Appointment of Authenticating Agent. At any time when any of the Securities remain Outstanding, the Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon conversion or exchange, registration of transfer or partial redemption or repayment thereof, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Any such appointment shall be evidenced by an instrument in writing signed by a Responsible Officer of the Trustee, a copy of which instrument shall be promptly furnished to the Company. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a bank or trust company or corporation organized and doing business and in good standing under the laws of the United States of America or of any state or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or state authorities. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section.

 

Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or further act on the part of the Trustee or the Authenticating Agent.

 

An Authenticating Agent for any series of Securities may at any time resign by giving written notice of resignation to the Trustee for such series and to the Company. The Trustee for any series of Securities may at any time terminate the agency of an Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee for such series may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give notice of such appointment to all Holders of Securities of the series with respect to which such Authenticating Agent will serve in the manner set forth in Section 106. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent herein. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.

 

The Company agrees to pay to each Authenticating Agent from time to time reasonable compensation including reimbursement of its reasonable expenses for its services under this Section, subject to Section 606.

 

If an appointment with respect to one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to or in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication substantially in the following form:

 

This is one of the Securities of the series designated therein referred to in the within- mentioned Indenture.

 

	
 
    	
 
    	
 
    	
 
    	
 
    	
 ,
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
as   Trustee
    

 

33

 

	
Dated:
    	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
as   Authenticating Agent
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Dated:
    	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
as   Authenticating Agent
    

 

SECTION 612. Certain Duties and Responsibilities of the Trustee.

 

(a) With respect to the Securities of any series, except during the continuance of an Event of Default with respect to the Securities of such series:

 

(1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

(2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture, but shall not be under any duty to verify the contents or accuracy thereof.

 

(b) In case an Event of Default with respect to the Securities of any series has occurred and is continuing, the Trustee shall, with respect to Securities of such series, exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs.

 

(c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that:

 

(1) this Subsection shall not be construed to limit the effect of Subsection (a) of this Section;

 

(2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts;

 

(3) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in principal amount of the Outstanding Securities of any series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and

 

(4) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it; and, the Trustee shall be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holder, unless such Holder shall have offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense.

 

(d) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 612.

 

(e) The Trustee shall not be liable for interest on any money or assets held by it except to the extent the Trustee may agree in writing with the Company. Assets held in trust by the Trustee need not be segregated from other assets except to the extent required by law.

 

34

 

ARTICLE SEVEN - HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

SECTION 701. Disclosure of Names and Addresses of Holders. Every Holder of Securities or coupons, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any Authenticating Agent nor any Paying Agent nor any Security Registrar shall be held accountable by reason of the disclosure of any information as to the names and addresses of the Holders of Securities in accordance with TIA Section 312, regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under TIA Section 312(b).

 

SECTION 702. Reports by Trustee. The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required by TIA Section 313 at the times and in the manner provided by the TIA, which shall initially be not less than every twelve months commencing on             , 20    . A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each over-the-counter market or securities exchange, if any, upon which any Securities are quoted or listed, with the Commission and with the Company. The Company will notify the Trustee when any Securities are quoted or listed on any over-the-counter market or securities exchange or delisted therefrom.

 

SECTION 703. Reports by Company. The Company will:

 

(1) file with the Trustee, within 15 days after the Company is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports pursuant to either of such Sections, then it will file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Exchange Act in respect of a security quoted or listed and registered on an over-the-counter market or national securities exchange as may be prescribed from time to time in such rules and regulations;

 

(2) file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations;

 

(3) transmit by mail to the Holders of Securities, within 30 days after the filing thereof with the Trustee, in the manner and to the extent provided in TIA Section 313(c), such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs (1) and (2) of this Section as may be required by rules and regulations prescribed from time to time by the Commission; and

 

(4) delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).

 

SECTION 704. Company to Furnish Trustee Names and Addresses of Holders. The Company will furnish or cause to be furnished to the Trustee:

 

(a) semiannually, not later than 15 days after the Regular Record Date for interest for each series of Securities, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Registered Securities of such series as of such Regular Record Date, or if there is no Regular Record Date for interest for such series of Securities, semiannually, upon such dates as are set forth in the Board Resolution or indenture supplemental hereto authorizing such series, and

 

(b) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished,

 

provided, however, that, so long as the Trustee is the Security Registrar, no such list shall be required to be furnished.

 

35

 

ARTICLE EIGHT - CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE

 

SECTION 801. Consolidations and Mergers of Company and Sales, Leases and Conveyances Permitted Subject to Certain Conditions. The Company may consolidate with, or sell, lease or convey all or substantially all of its assets to, or merge with or into any other corporation, provided that in any such case, (1) either the Company shall be the continuing corporation, or the successor corporation shall be a corporation organized and existing under the laws of the United States or a State thereof and such successor corporation shall expressly assume the due and punctual payment of the principal of (and premium or Make-Whole Amount, if any) and any interest on all of the Securities, according to their tenor, and the due and punctual performance and observance of all of the covenants and conditions of this Indenture to be performed by the Company by supplemental indenture, complying with Article Nine hereof, satisfactory to the Trustee, executed and delivered to the Trustee by such corporation, (2) immediately after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company as a result thereof as having been incurred by the Company at the time of such transaction, no Event of Default, and no event which, after notice or the lapse of time, or both, would become an Event of Default, shall have occurred and be continuing and (3) the Company shall have delivered to the Trustee the Officer’s Certificate and Opinion of Counsel required pursuant to Section 803 below.

 

SECTION 802. Rights and Duties of Successor Corporation. In case of any such consolidation, merger, sale, lease or conveyance and upon any such assumption by the successor corporation, such successor corporation shall succeed to and be substituted for the Company, with the same effect as if it had been named herein as the party of the first part, and the predecessor corporation, except in the event of a lease, shall be relieved of any further obligation under this Indenture and the Securities. Such successor corporation thereupon may cause to be signed, and may issue either in its own name or in the name of the Company, any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such successor corporation, instead of the Company, and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any Securities which previously shall have been signed and delivered by the officers of the Company to the Trustee for authentication, and any Securities which such successor corporation thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Securities so issued shall in all respects have the same legal rank and benefit under this Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Securities had been issued at the date of the execution hereof.

 

In case of any such consolidation, merger, sale, lease or conveyance, such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate.

 

SECTION 803. Officers’ Certificate and Opinion of Counsel. Any consolidation, merger, sale, lease or conveyance permitted under Section 801 is also subject to the condition that the Trustee receive an Officers’ Certificate and an Opinion of Counsel to the effect that any such consolidation, merger, sale, lease or conveyance, and the assumption by any successor corporation, complies with the provisions of this Article and that all conditions precedent herein provided for relating to such transaction have been complied with.

 

ARTICLE NINE - SUPPLEMENTAL INDENTURES

 

SECTION 901. Supplemental Indentures Without Consent of Holders. Without the consent of any Holders of Securities or coupons, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:

 

(1) to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company contained herein and in the Securities; or

 

(2) to add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company; or

 

(3) to add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such Events of Default are to be for the benefit of less than all series of Securities, stating that such Events of Default are expressly being included solely for the benefit of such series); provided, however, that in respect of any such additional Events of Default such supplemental indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such default or may limit the remedies available to the Trustee upon such default or may limit the right of the Holders of a majority in aggregate principal amount of that or those series of Securities to which such additional Events of Default apply to waive such default; or

 

36

 

(4) to add to or change any of the provisions of this Indenture to provide that Bearer Securities may be registrable as to principal, to change or eliminate any restrictions on the payment of principal of or premium or Make-Whole Amount, if any, or interest on Bearer Securities, to permit Bearer Securities to be issued in exchange for Registered Securities, to permit Bearer Securities to be issued in exchange for Bearer Securities of other authorized denominations or to permit or facilitate the issuance of Securities in uncertificated form, provided that any such action shall not adversely affect the interests of the Holders of Securities of any series or any related coupons in any material respect; or

 

(5) to change or eliminate any of the provisions of this Indenture, provided that any such change or elimination shall become effective only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture which is entitled to the benefit of such provision; or

 

(6) to secure the Securities; or

 

(7) to establish the form or terms of Securities of any series and any related coupons as permitted or contemplated by Sections 201 and 301; or

 

(8) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; or

 

(9) to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture which shall not be inconsistent with the provisions of this Indenture, provided such provisions shall not adversely affect the interests of the Holders of Securities of any series or any related coupons in any material respect; or

 

(10) to supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the Defeasance and discharge of any series of Securities pursuant to Sections 401, 1402 and 1403; provided that any such action shall not adversely affect the interests of the Holders of Securities of such series and any related coupons or any other series of Securities in any material respect; or

 

(11) to make provisions with respect to Holders’ rights of conversion with respect to any series of Securities pursuant to Article Sixteen.

 

SECTION 902. Supplemental Indentures with Consent of Holders. With the consent of the Holders of not less than a majority in principal amount of all Outstanding Securities affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities and any related coupons under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby:

 

(1) change the Stated Maturity of the principal of (or premium or Make-Whole Amount, if any, on) or any installment of principal of or interest on, any Security; or reduce the principal amount thereof or the rate or amount of interest thereon, or any premium or Make-Whole Amount payable upon the redemption thereof, or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502 or the amount thereof provable in bankruptcy pursuant to Section 504, or adversely affect any right of repayment at the option of the Holder of any Security, or change any Place of Payment where, or the currency or currencies, currency unit or units or composite currency or currencies in which, any Security or any premium or Make-Whole Amount or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption or repayment at the option of the Holder, on or after the Redemption Date or the Repayment Date, as the case may be), or (if Securities of such series are convertible) adversely affect the right of the Holder to convert any Security as provided in Article Sixteen; or

 

(2) reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver with respect to such series (or compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or reduce the requirements of Section 1504 for quorum or voting, or

 

(3) modify any of the provisions of this Section, Section 513 or Section 1009, except to increase the required percentage to effect such action or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby, provided, however, that this clause shall not be deemed to

 

37

 

require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section 902 and Section 1009, or the deletion of this proviso, in accordance with the requirements of Sections 609(b) and 901(11).

 

It shall not be necessary for any Act of Holders under this Section 902 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof.

 

A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.

 

SECTION 903. Execution of Supplemental Indentures. In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modification thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 612) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

SECTION 904. Effect of Supplemental Indentures. Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder and of any coupon appertaining thereto shall be bound thereby.

 

SECTION 905. Conformity with Trust Indenture Act. Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect.

 

SECTION 906. Reference in Securities to Supplemental Indentures. Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall, if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series.

 

ARTICLE TEN - COVENANTS

 

SECTION 1001. Payment of Principal, Premium or Make-Whole Amount, if any; and Interest. The Company covenants and agrees for the benefit of the Holders of each series of Securities that it will duly and punctually pay the principal of (and premium or Make-Whole Amount, if any) and interest on the Securities of that series in accordance with the terms of such series of Securities, any coupons appertaining thereto and this Indenture. Unless otherwise specified as contemplated by Section 301 with respect to any series of Securities, any interest due on Bearer Securities on or before Maturity shall be payable only upon presentation and surrender of the several coupons for such interest installments as are evidenced thereby as they severally mature. Unless otherwise specified with respect to Securities of any series pursuant to Section 301, at the option of the Company (upon written notice to the Trustee), all payments of principal may be paid by check to the registered Holder of the Registered Security or other Person entitled thereto against surrender of such Security.

 

SECTION 1002. Maintenance of Office or Agency. If Securities of a series are issuable only as Registered Securities, the Company shall maintain in each Place of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment or conversion, where Securities of that series may be surrendered for registration of transfer or conversion or exchange and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served. If Securities of a series are issuable as Bearer Securities, the Company will maintain: (A) in the Borough of Manhattan, The City of New York, an office or agency where any Registered Securities of that series may be presented or surrendered for payment or conversion, where any Registered Securities of that series may be surrendered for registration of transfer, where Securities of that series may be surrendered for conversion or exchange, where notices and demands to or upon the Company in

 

38

 

respect of the Securities of that series and this Indenture may be served and where Bearer Securities of that series and related coupons may be presented or surrendered for payment or conversion in the circumstances described in the following paragraph (and not otherwise); (B) subject to any laws or regulations applicable thereto, in a Place of Payment for that series which is located outside the United States, an office or agency where Securities of that series and related coupons may be presented and surrendered for payment; provided, however, that if the Securities of that series are listed on any stock exchange located outside the United States and such stock exchange shall so require, the Company will maintain a Paying Agent for the Securities of that series in any required city located outside the United States, as the case may be, so long as the Securities of that series are listed on such exchange; and (C) subject to any laws or regulations applicable thereto, in a Place of Payment for that series located outside the United States an office or agency where any Registered Securities of that series may be surrendered for registration of transfer, where Securities of that series may be surrendered for conversion or exchange and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of each such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, except that Bearer Securities of that series and the related coupons may be presented and surrendered for payment or conversion at the offices specified in the Security, in London, England, and the Company hereby appoints the same as its agent to receive such respective presentations, surrenders, notices and demands, and the Company hereby appoints the Trustee its agent to receive all such presentations, surrenders, notices and demands.

 

Unless otherwise specified with respect to any Securities pursuant to Section 301, no payment of principal, premium or Make-Whole Amount or interest on Bearer Securities shall be made at any office or agency of the Company in the United States or by check mailed to any address in the United States or by transfer to an account maintained with a bank located in the United States; provided, however, that, if the Securities of a series are payable in Dollars, payment of principal of and any premium or Make-Whole Amount and interest on any Bearer Security shall be made at the office of the Company’s Paying Agent in the Borough of Manhattan, The City of New York, if (but only if) payment in Dollars of the full amount of such principal, premium or Make-Whole Amount, or interest, as the case may be, at all offices or agencies outside the United States maintained for the purpose by the Company in accordance with this Indenture, is illegal or effectively precluded by exchange controls or other similar restrictions.

 

The Company may from time to time designate one or more other offices or agencies (in or outside the Place of Payment) where the Securities of one or more series may be presented or surrendered for any or all of such purposes, and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in accordance with the requirements set forth above for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. Unless otherwise specified with respect to any Securities pursuant to Section 301 with respect to a series of Securities, the Company hereby designates as a Place of Payment for each series of Securities, each of (i) the office or agency of the Company in the Borough of Manhattan, The City of New York, and (ii) the Corporate Trust Office of the Trustee (as Paying Agent); and the Company hereby initially appoints the Trustee at its Corporate Trust Office as Paying Agent in such city; and the Company hereby initially appoints as its agent to receive all such presentations, surrenders, notices and demands each of the Trustee, at its Corporate Trust Office.

 

Unless otherwise specified with respect to any Securities pursuant to Section 301, if and so long as the Securities of any series (i) are denominated in a Foreign Currency or (ii) may be payable in a Foreign Currency, or so long as it is required under any other provision of the Indenture, then the Company will maintain with respect to each such series of Securities, or as so required, at least one exchange rate agent (of which it shall give written notice to the Trustee).

 

SECTION 1003. Money for Securities Payments to Be Held in Trust. If the Company shall at any time act as its own Paying Agent with respect to any series of any Securities and any related coupons, it will, on or before each due date of the principal of (and premium or Make-Whole Amount, if any), or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) sufficient to pay the principal (and premium or Make-Whole Amount, if any) or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee of its action or failure so to act.

 

Whenever the Company shall have one or more Paying Agents for any series of Securities and any related coupons, it will, on or before each due date of the principal of (and premium or Make-Whole Amount, if any), or interest on any Securities of that series, deposit with a Paying Agent a sum (in the currency or currencies, currency unit or units or composite currency or currencies described in the preceding paragraph) sufficient to pay the principal (and premium or Make-Whole Amount, if any) or interest so becoming due,

 

39

 

such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or Make-Whole Amount, if any, or interest and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.

 

The Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will

 

(1) hold all sums held by it for the payment of principal of (and premium or Make-Whole Amount, if any) or interest on Securities in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided;

 

(2) give the Trustee notice of any default by the Company (or any other obligor upon the Securities) in the making of any such payment of principal (and premium or Make-Whole Amount, if any) or interest on the Securities of that series; and

 

(3) at any time during the continuance of any such default upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent.

 

The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums.

 

Except as otherwise provided in the Securities of any series, and subject to applicable laws, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of (and premium or Make-Whole Amount, if any) or interest on any Security of any series and remaining unclaimed for two years after such principal (and premium or Make-Whole Amount, if any) or interest has become due and payable shall be paid to the Company upon Company Request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment of such principal of (and premium or Make-Whole Amount, if any) or interest on any Security, without interest thereon, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company.

 

SECTION 1004. Existence. Subject to Article Eight, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, all material rights (by certificate of incorporation, by-laws and statute) and material franchises; provided, however, that the Company shall not be required to preserve any such right or franchise if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company.

 

SECTION 1005. Maintenance of Properties. The Company will cause all of its material properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order, normal wear and tear, casualty and condemnation excepted, and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof (and the Company may take out of service for a period of time, any of its properties that have been condemned or suffered any loss due to casualty in order to make such repairs, betterments and improvements), all as in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that the Company shall not be prevented from (i) removing permanently any property that has been condemned or suffered a loss due to casualty based on the Company’s reasonable judgment that such removal is in the best interest of the Company, or (ii) selling or otherwise disposing of its properties for value in the ordinary course of business.

 

SECTION 1006. Insurance. The Company will cause its insurable properties to be insured against loss or damage in an amount deemed reasonable by the Board of Directors with insurers of recognized responsibility.

 

SECTION 1007. Payment of Taxes and Other Claims. The Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (1) all taxes, assessments and governmental charges levied or imposed upon it or upon the income, profits or property of the Company, and (2) all lawful claims for labor, materials and supplies which, if unpaid, might by law

 

40

 

become a lien upon the property of the Company; provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings.

 

SECTION 1008. Statement as to Compliance. The Company will deliver to the Trustee, within 120 days after the end of each fiscal year, a brief certificate from the principal executive officer, principal financial officer or principal accounting officer as to his or her knowledge of the Company’s compliance with all conditions and covenants under this Indenture and, in the event of any noncompliance, specifying such noncompliance and the nature and status thereof. For purposes of this Section 1008, such compliance shall be determined without regard to any period of grace or requirement of notice under this Indenture.

 

SECTION 1009. Waiver of Certain Covenants. The Company may omit in any particular instance to comply with any term, provision or condition set forth in Sections 1004 to 1008, inclusive, if before or after the time for such compliance the Holders of at least a majority in principal amount of all outstanding Securities of such series, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect.

 

ARTICLE ELEVEN - REDEMPTION OF SECURITIES

 

SECTION 1101. Applicability of Article. Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for Securities of any series) in accordance with this Article.

 

SECTION 1102. Election to Redeem; Notice to Trustee. The election of the Company to redeem any Securities shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at the election of the Company of less than all of the Securities of any series, the Company shall, at least 45 days prior to the giving of the notice of redemption in Section 1104 (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of Securities of such series to be redeemed. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction.

 

SECTION 1103. Selection by Trustee of Securities to Be Redeemed. If less than all the Securities of any series issued on the same day with the same terms are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series issued on such date with the same terms not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Securities of that series or any integral multiple thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series.

 

The Trustee shall promptly notify the Company and the Security Registrar (if other than itself) in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed.

 

For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed.

 

SECTION 1104. Notice of Redemption. Notice of redemption shall be given in the manner provided in Section 106, not less than 30 days nor more than 60 days prior to the Redemption Date, unless a shorter period is specified by the terms of such series established pursuant to Section 301, to each Holder of Securities to be redeemed, but failure to give such notice in the manner herein provided to the Holder of any Security designated for redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other such Security or portion thereof.

 

Any notice that is mailed to the Holders of Registered Securities in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives the notice.

 

41

 

All notices of redemption shall state:

 

(1) the Redemption Date,

 

(2) the Redemption Price, accrued interest to the Redemption Date payable as provided in Section 1106, if any,

 

(3) if less than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption, the principal amount) of the particular Security or Securities to be redeemed,

 

(4) in case any Security is to be redeemed in part only, the notice which relates to such Security shall state that on and after the Redemption Date, upon surrender of such Security, the holder will receive, without a charge, a new Security or Securities of authorized denominations for the principal amount thereof remaining unredeemed,

 

(5) that on the Redemption Date the Redemption Price and accrued interest to the Redemption Date payable as provided in Section 1106, if any, will become due and payable upon each such Security, or the portion thereof, to be redeemed and, if applicable, that interest thereon shall cease to accrue on and after said date,

 

(6) the Place or Places of Payment where such Securities, together in the case of Bearer Securities with all coupons appertaining thereto, if any, maturing after the Redemption Date, are to be surrendered for payment of the Redemption Price and accrued interest, if any, or for conversion,

 

(7) that the redemption is for a sinking fund, if such is the case,

 

(8) that, unless otherwise specified in such notice, Bearer Securities of any series, if any, surrendered for redemption must be accompanied by all coupons maturing subsequent to the date fixed for redemption or the amount of any such missing coupon or coupons will be deducted from the Redemption Price, unless security or indemnity satisfactory to the Company, the Trustee for such series and any Paying Agent is furnished,

 

(9) if Bearer Securities of any series are to be redeemed and any Registered Securities of such series are not to be redeemed, and if such Bearer Securities may be exchanged for Registered Securities not subject to redemption on this Redemption Date pursuant to Section 305 or otherwise, the last date, as determined by the Company, on which such exchanges may be made,

 

(10) the CUSIP number of such Security, if any, and

 

(11) if applicable, that a Holder of Securities who desires to convert Securities for redemption must satisfy the requirements for conversion contained in such Securities, the then existing conversion price or rate, the place or places where such Securities may be surrendered for conversion, and the date and time when the option to convert shall expire.

 

Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company.

 

SECTION 1105. Deposit of Redemption Price. On or prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, which it may not do in the case of a sinking fund payment under Article Twelve, segregate and hold in trust as provided in Section 1003) an amount of money in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) sufficient to pay on the Redemption Date the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities or portions thereof which are to be redeemed on that date.

 

If any Securities called for redemption are converted, any money deposited with the Trustee or with any Paying Agent or so segregated and held in trust for the redemption of such Security shall be paid to the Company upon Company Request or, if then held by the Company, shall be discharged from such trust.

 

SECTION 1106. Securities Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) (together with accrued interest, if any, to the Redemption Date), and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall, if the same were interest-bearing, cease to bear interest and the coupons for such interest appertaining to any Bearer Securities so to be redeemed, except to the extent provided below, shall be void. Upon surrender of any such Security for

 

42

 

redemption in accordance with said notice, together with all coupons, if any, appertaining thereto maturing after the Redemption Date, such Security shall be paid by the Company at the Redemption Price, together with accrued interest, if any, to the Redemption Date; provided, however, that installments of interest on Bearer Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable only at an office or agency located outside the United States (except as otherwise provided in Section 1002) and, unless otherwise specified as contemplated by Section 301, only upon presentation and surrender of coupons for such interest; and provided further that except as otherwise provided with respect to Securities convertible into the Company’s Common Stock or Preferred Stock, installments of interest on Registered Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 307.

 

If any Bearer Security surrendered for redemption shall not be accompanied by all appurtenant coupons maturing after the Redemption Date, such Security may be paid after deducting from the Redemption Price an amount equal to the face amount of all such missing coupons, or the surrender of such missing coupon or coupons may be waived by the Company and the Trustee if there be furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall have been made from the Redemption Price, such Holder shall be entitled to receive the amount so deducted; provided, however, that interest represented by coupons shall be payable only at an office or agency located outside the United States (except as otherwise provided in Section 1002) and, unless otherwise specified as contemplated by Section 301, only upon presentation and surrender of those coupons.

 

If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium or Make-Whole Amount, if any) shall, until paid, bear interest from the Redemption Date at the rate borne by the Security.

 

SECTION 1107. Securities Redeemed in Part. Any Registered Security which is to be redeemed only in part (pursuant to the provisions of this Article or of Article Twelve) shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing) and the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security without service charge a new Security or Securities of the same series, of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. If a Global Security is so surrendered, the Company shall execute and the Trustee shall authenticate and deliver to the depository, without service charge, a new Global Security in a denomination equal to and in exchange for the unredeemed portion of the principal of the Global Security so surrendered.

 

ARTICLE TWELVE - SINKING FUNDS

 

SECTION 1201. Applicability of Article. The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 301 for Securities of such series.

 

The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of such Securities of any series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of any Securities of any series, the cash amount of any mandatory sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.

 

SECTION 1202. Satisfaction of Sinking Fund Payments with Securities. The Company may, in satisfaction of all or any part of any mandatory sinking fund payment with respect to the Securities of a series, (1) deliver Outstanding Securities of such series (other than any previously called for redemption) together in the case of any Bearer Securities of such series with all unmatured coupons appertaining thereto and (2) apply as a credit Securities of such series which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, as provided for by the terms of such Securities, or which have otherwise been acquired by the Company; provided that such Securities so delivered or applied as a credit have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the applicable Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such mandatory sinking fund payment shall be reduced accordingly.

 

43

 

SECTION 1203. Redemption of Securities for Sinking Fund. Not less than 60 days prior to each sinking fund payment date for Securities of any series, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of that series pursuant to Section 1202, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and will also deliver to the Trustee any Securities to be so delivered and credited. If such Officers’ Certificate shall specify an optional amount to be added in cash to the next ensuing mandatory sinking fund payment, the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 1103 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 1104. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 1106 and 1107.

 

ARTICLE THIRTEEN - REPAYMENT AT THE OPTION OF HOLDERS

 

SECTION 1301. Applicability of Article. Repayment of Securities of any series before their Stated Maturity at the option of Holders thereof shall be made in accordance with the terms of such Securities, if any, and (except as otherwise specified by the terms of such series established pursuant to Section 301) in accordance with this Article.

 

SECTION 1302. Repayment of Securities. Securities of any series subject to repayment in whole or in part at the option of the Holders thereof will, unless otherwise provided in the terms of such Securities, be repaid at a price equal to the principal amount thereof, together with interest, if any, thereon accrued to the Repayment Date specified in or pursuant to the terms of such Securities. The Company covenants that on or prior to the Repayment Date it will deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) sufficient to pay the principal (or, if so provided by the terms of the Securities of any series, a percentage of the principal) of, and (except if the Repayment Date shall be an Interest Payment Date) accrued interest on, all the Securities or portions thereof, as the case may be, to be repaid on such date.

 

SECTION 1303. Exercise of Option. Securities of any series subject to repayment at the option of the Holders thereof will contain an “Option to Elect Repayment” form on the reverse of such Securities. In order for any Security to be repaid at the option of the Holder, the Trustee must receive at the Place of Payment therefor specified in the terms of such Security (or at such other place or places of which the Company shall from time to time notify the Holders of such Securities) not earlier than 60 days nor later than 30 days prior to the Repayment Date (1) the Security so providing for such repayment together with the “Option to Elect Repayment” form on the reverse thereof duly completed by the Holder (or by the Holder’s attorney duly authorized in writing) or (2) a telegram, telex, facsimile transmission or a letter from a member of a national securities exchange, or the FINRA, or a commercial bank or trust company in the United States setting forth the name of the Holder of the Security, the principal amount of the Security, the principal amount of the Security to be repaid, the CUSIP number, if any, or a description of the tenor and terms of the Security, a statement that the option to elect repayment is being exercised thereby and a guarantee that the Security to be repaid, together with the duly completed form entitled “Option to Elect Repayment” on the reverse of the Security, will be received by the Trustee not later than the fifth Business Day after the date of such telegram, telex, facsimile transmission or letter; provided, however, that such telegram, telex, facsimile transmission or letter shall only be effective if such Security and form duly completed are received by the Trustee by such fifth Business Day. If less than the entire principal amount of such Security is to be repaid in accordance with the terms of such Security, the principal amount of such Security to be repaid, in increments of the minimum denomination for Securities of such series, and the denomination or denominations of the Security or Securities to be issued to the Holder for the portion of the principal amount of such Security surrendered that is not to be repaid, must be specified. The principal amount of any Security providing for repayment at the option of the Holder thereof may not be repaid in part if, following such repayment, the unpaid principal amount of such Security would be less than the minimum authorized denomination of Securities of the series of which such Security to be repaid is a part. Except as otherwise may be provided by the terms of any Security providing for repayment at the option of the Holder thereof, exercise of the repayment option by the Holder shall be irrevocable unless waived by the Company.

 

SECTION 1304. When Securities Presented for Repayment Become Due and Payable. If Securities of any series providing for repayment at the option of the Holders thereof shall have been surrendered as provided in this Article and as provided by or pursuant to the terms of such Securities, such Securities or the portions thereof, as the case may be, to be repaid shall become due and payable

 

44

 

and shall be paid by the Company on the Repayment Date therein specified, and on and after such Repayment Date (unless the Company shall default in the payment of such Securities on such Repayment Date) such Securities shall, if the same were interest-bearing, cease to bear interest and the coupons for such interest appertaining to any Bearer Securities so to be repaid, except to the extent provided below, shall be void. Upon surrender of any such Security for repayment in accordance with such provisions, together with all coupons, if any, appertaining thereto maturing after the Repayment Date, the principal amount of such Security so to be repaid shall be paid by the Company, together with accrued interest, if any, to the Repayment Date; provided, however, that coupons whose Stated Maturity is on or prior to the Repayment Date shall be payable only at an office or agency located outside the United States (except as otherwise provided in Section 1002) and, unless otherwise specified pursuant to Section 301, only upon presentation and surrender of such coupons; and provided further that, in the case of Registered Securities, installments of interest, if any, whose Stated Maturity is on or prior to the Repayment Date shall be payable (but without interest thereon, unless the Company shall default in the payment thereof) to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 307.

 

If any Bearer Security surrendered for repayment shall not be accompanied by all appurtenant coupons maturing after the Repayment Date, such Security may be paid after deducting from the amount payable therefor as provided in Section 1302 an amount equal to the face amount of all such missing coupons, or the surrender of such missing coupon or coupons may be waived by the Company and the Trustee if there be furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall have been made as provided in the preceding sentence, such Holder shall be entitled to receive the amount so deducted; provided, however, that interest represented by coupons shall be payable only at an office or agency located outside the United States (except as otherwise provided in Section 1002) and, unless otherwise specified as contemplated by Section 301, only upon presentation and surrender of those coupons.

 

If the principal amount of any Security surrendered for repayment shall not be so repaid upon surrender thereof, such principal amount (together with interest, if any, thereon accrued to such Repayment Date) shall, until paid, bear interest from the Repayment Date at the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) set forth in such Security.

 

SECTION 1305. Securities Repaid in Part. Upon surrender of any Registered Security which is to be repaid in part only, the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security, without service charge and at the expense of the Company, a new Registered Security or Securities of the same series, of any authorized denomination specified by the Holder, in an aggregate principal amount equal to and in exchange for the portion of the principal of such Security so surrendered which is not to be repaid.

 

ARTICLE FOURTEEN - DEFEASANCE AND COVENANT DEFEASANCE

 

SECTION 1401. Applicability of Article; Company’s Option to Effect Defeasance or Covenant Defeasance. If, pursuant to Section 301, provision is made for either or both of (a) Defeasance of the Securities of or within a series under Section 1402 or (b) Covenant Defeasance of the Securities of or within a series under Section 1403, then the provisions of such Section or Sections, as the case may be, together with the other provisions of this Article (with such modifications thereto as may be specified pursuant to Section 301 with respect to any Securities), shall be applicable to such Securities and any coupons appertaining thereto, and the Company may at its option by Board Resolution, at any time, with respect to such Securities and any coupons appertaining thereto, elect to have Section 1402 (if applicable) or Section 1403 (if applicable) be applied to such Outstanding Securities and any coupons appertaining thereto upon compliance with the conditions set forth below in this Article.

 

SECTION 1402. Defeasance and Discharge. Upon the Company’s exercise of the above option applicable to this Section with respect to any Securities of or within a series, the Company shall be deemed to have been discharged from its obligations with respect to such Outstanding Securities and any coupons appertaining thereto on the date the conditions set forth in Section 1404 are satisfied (hereinafter, “Defeasance”). For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Outstanding Securities and any coupons appertaining thereto, which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 1405 and the other Sections of this Indenture referred to in clauses (A) and (B) below, and to have satisfied all of its other obligations under such Securities and any coupons appertaining thereto and this Indenture insofar as such Securities and any coupons appertaining thereto are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (A) the rights of Holders of such Outstanding Securities and any coupons appertaining thereto to receive, solely from the trust fund described in Section 1404 and as more fully set forth in such Section, payments in respect of the

 

45

 

principal of (and premium or Make-Whole Amount, if any) and interest, if any, on such Securities and any coupons appertaining thereto when such payments are due, (B) the Company’s obligations with respect to such Securities under Sections 305, 306, 1002 and 1003, and the Company’s obligations under Section 606 hereof (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (D) this Article. Subject to compliance with this Article Fourteen, the Company may exercise its option under this Section notwithstanding the prior exercise of its option under Section 1403 with respect to such Securities and any coupons appertaining thereto.

 

SECTION 1403. Covenant Defeasance. Upon the Company’s exercise of the above option applicable to this Section with respect to any Securities of or within a series, the Company shall be released from its obligations under Sections 1004 to 1009, inclusive, and, if specified pursuant to Section 301, its obligations under any other covenant contained herein or in any indenture supplemental hereto, with respect to such Outstanding Securities and any coupons appertaining thereto on and after the date the conditions set forth in Section 1404 are satisfied (hereinafter, “Covenant Defeasance”), and such Securities and any coupons appertaining thereto shall thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection with Sections 1004 to 1009, inclusive, or such other covenant, but shall continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such Covenant Defeasance means that, with respect to such Outstanding Securities and any coupons appertaining thereto, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section or such other covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or such other covenant or by reason of reference in any such Section or such other covenant to any other provision herein or in any other document and such omission to comply shall not constitute a default or an Event of Default under Section 501(4) or 501(8) or otherwise, as the case may be, but, except as specified above, the remainder of this Indenture and such Securities and any coupons appertaining thereto shall be unaffected thereby.

 

SECTION 1404. Conditions to Defeasance or Covenant Defeasance. The following shall be the conditions to application of Section 1402 or Section 1403 to any Outstanding Securities of or within a series and any coupons appertaining thereto:

 

(a) The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 607 who shall agree to comply with the provisions of this Article Fourteen applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities and any coupons appertaining thereto, (1) an amount in such currency, currencies or currency unit in which such Securities and any coupons appertaining thereto are then specified as payable at Stated Maturity, or (2) Government Obligations applicable to such Securities and coupons appertaining thereto (determined on the basis of the currency, currencies or currency unit in which such Securities and coupons appertaining thereto are then specified as payable at Stated Maturity) which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than the due date of any payment of principal of (and premium or Make-Whole Amount, if any) and interest, if any, on such Securities and any coupons appertaining thereto, money in an amount, or (3) a combination thereof, in any case, in an amount, sufficient, without consideration of any reinvestment of such principal and interest, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (i) the principal of (and premium or Make-Whole Amount, if any) and interest, if any, on such Outstanding Securities and any coupons appertaining thereto on the Stated Maturity of such principal or installment of principal or interest and (ii) any mandatory sinking fund payments or analogous payments applicable to such Outstanding Securities and any coupons appertaining thereto on the day on which such payments are due and payable in accordance with the terms of this Indenture and of such Securities and any coupons appertaining thereto.

 

(b) Such Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any other material agreement or instrument to which the Company is a party or by which it is bound.

 

(c) No Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect to such Securities and any coupons appertaining thereto shall have occurred and be continuing on the date of such deposit or, insofar as Sections 501(6) and 501(7) are concerned, at any time during the period ending on the 91st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period).

 

(d) In the case of an election under Section 1402, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the Holders of such Outstanding Securities and any coupons appertaining thereto will

 

46

 

not recognize income, gain or loss for Federal income tax purposes as a result of such Defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Defeasance had not occurred.

 

(e) In the case of an election under Section 1403, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Outstanding Securities and any coupons appertaining thereto will not recognize income, gain or loss for Federal income tax purposes as a result of such Covenant Defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred.

 

(f) The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the Defeasance under Section 1402 or the Covenant Defeasance under Section 1403 (as the case may be) have been complied with and an Opinion of Counsel to the effect that either (i) as a result of a deposit pursuant to subsection (a) above and the related exercise of the Company’s option under Section 1402 or Section 1403 (as the case may be), registration is not required under the Investment Company Act of 1940, as amended, by the Company, with respect to the trust funds representing such deposit or by the Trustee for such trust funds or (ii) all necessary registrations under said Act have been effected.

 

(g) Notwithstanding any other provisions of this Section, such Defeasance or Covenant Defeasance shall be effected in compliance with any additional or substitute terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant to Section 301.

 

(h) The payment of amounts payable to the Trustee pursuant to this Indenture shall be paid or provided for to the reasonable satisfaction of the Trustee.

 

SECTION 1405. Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions. Subject to the provisions of the last paragraph of Section 1003, all money and Government Obligations (or other property as may be provided pursuant to Section 301) (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 1405, the “Trustee”) pursuant to Section 1404 in respect of any Outstanding Securities of any series and any coupons appertaining thereto shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and any coupons appertaining thereto and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities and any coupons appertaining thereto of all sums due and to become due thereon in respect of principal (and premium or Make-Whole Amount, if any) and interest, but such money need not be segregated from other funds except to the extent required by law.

 

Unless otherwise specified with respect to any Security pursuant to Section 301, if, after a deposit referred to in Section 1404(a) has been made, (a) the Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 301 or the terms of such Security to receive payment in a currency or currency unit other than that in which the deposit pursuant to Section 1404(a) has been made in respect of such Security, or (b) a Conversion Event occurs in respect of the currency or currency unit in which the deposit pursuant to Section 1404(a) has been made, the indebtedness represented by such Security and any coupons appertaining thereto shall be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal of (and premium or Make-Whole Amount, if any), and interest, if any, on such Security as the same becomes due out of the proceeds yielded by converting (from time to time as specified below in the case of any such election) the amount or other property deposited in respect of such Security into the currency or currency unit in which such Security becomes payable as a result of such election or Conversion Event based on the applicable market exchange rate for such currency or currency unit in effect on the second Business Day prior to each payment date, except, with respect to a Conversion Event, for such currency or currency unit in effect (as nearly as feasible) at the time of the Conversion Event.

 

The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the Government Obligations deposited pursuant to Section 1404 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of such Outstanding Securities and any coupons appertaining thereto.

 

Anything in this Article to the contrary notwithstanding, subject to Section 606, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or Government Obligations (or other property and any proceeds therefrom) held by it as provided in Section 1404 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a Defeasance or Covenant Defeasance, as applicable, in accordance with this Article.

 

47

 

ARTICLE FIFTEEN - MEETINGS OF HOLDERS OF SECURITIES

 

SECTION 1501. Purposes for Which Meetings May Be Called. A meeting of Holders of Securities of any series may be called at any time and from time to time pursuant to this Article to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made, given or taken by Holders of Securities of such series.

 

SECTION 1502. Call, Notice and Place of Meetings.

 

(a) The Trustee may at any time call a meeting of Holders of Securities of any series for any purpose specified in Section 1501, to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of Holders of Securities of any series, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided in Section 106, not less than 20 nor more than 180 days prior to the date fixed for the meeting.

 

(b) In case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 25% in principal amount of the Outstanding Securities of any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified in Section 1501, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have made the first publication of the notice of such meeting within 20 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company or the Holders of Securities of such series in the amount above specified, as the case may be, may determine the time and the place for such meeting and may call such meeting for such purposes by giving notice thereof as provided in subsection (a) of this Section.

 

SECTION 1503. Persons Entitled to Vote at Meetings. To be entitled to vote at any meeting of Holders of Securities of any series, a Person shall be (1) a Holder of one or more Outstanding Securities of such series, or (2) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities of such series by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Securities of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel and any representatives of the Company and its counsel.

 

SECTION 1504. Quorum; Action. The Persons entitled to vote a majority in principal amount of the Outstanding Securities of a series shall constitute a quorum for a meeting of Holders of Securities of such series; provided, however, that if any action is to be taken at such meeting with respect to a consent or waiver which this Indenture expressly provides may be given by the Holders of not less than a specified percentage in principal amount of the Outstanding Securities of a series, the Persons entitled to vote such specified percentage in principal amount of the Outstanding Securities of such series shall constitute a quorum. In the absence of a quorum within 30 minutes after the time appointed for any such meeting, the meeting shall, if convened at the request of Holders of Securities of such series, be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at the reconvening of any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days; at the reconvening of any meeting adjourned or further adjourned for lack of a quorum, the Persons entitled to vote 25% in aggregate principal amount of the then Outstanding Securities shall constitute a quorum for the taking of any action set forth in the notice of the original meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 1502(a), except that such notice need be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened.

 

Except as limited by the proviso to Section 902, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted by the affirmative vote of the Persons entitled to vote a majority in aggregate principal amount of the Outstanding Securities represented at such meeting; provided, however, that, except as limited by the proviso to Section 902, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which this Indenture expressly provides may be made, given or taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the Outstanding Securities of a series may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount of the Outstanding Securities of that series.

 

Any resolution passed or decision taken at any meeting of Holders of Securities of any series duly held in accordance with this Section shall be binding on all the Holders of Securities of such series and the related coupons, whether or not present or represented at the meeting.

 

48

 

Notwithstanding the foregoing provisions of this Section 1504, if any action is to be taken at a meeting of Holders of Securities of any series with respect to any request, demand, authorization, direction, notice, consent, waiver or other action that this Indenture expressly provides may be made, given or taken by the Holders of a specified percentage in principal amount of all Outstanding Securities affected thereby, or of the Holders of such series and one or more additional series:

 

(i) there shall be no minimum quorum requirement for such meeting; and

 

(ii) the principal amount of the Outstanding Securities of such series that vote in favor of such request, demand, authorization, direction, notice, consent, waiver or other action shall be taken into account in determining whether such request, demand, authorization, direction, notice, consent, waiver or other action has been made, given or taken under this Indenture.

 

SECTION 1505. Determination of Voting Rights; Conduct and Adjournment of Meetings.

 

(a) Notwithstanding any provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders of Securities of a series in regard to proof of the holding of Securities of such series and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted or required by any such regulations, the holding of Securities shall be proved in the manner specified in Section 104 and the appointment of any proxy shall be proved in the manner specified in Section 104 or by having the signature of the Person executing the proxy witnessed or guaranteed by any trust company, bank or banker authorized by Section 104 to certify to the holding of Bearer Securities. Such regulations may provide that written instruments appointing proxies, regular on their face, may be presumed valid and genuine without the proof specified in Section 104 or other proof.

 

(b) The Trustee shall, by an instrument in writing appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders of Securities as provided in Section 1502(b), in which case the Company or the Holders of Securities of the series calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting.

 

(c) At any meeting each Holder of a Security of such series or proxy shall be entitled to one vote for each $1,000 principal amount of the Outstanding Securities of such series held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy.

 

(d) Any meeting of Holders of Securities of any series duly called pursuant to Section 1502 at which a quorum is present may be adjourned from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting, and the meeting may be held as so adjourned without further notice.

 

SECTION 1506. Counting Votes and Recording Action of Meetings. The vote upon any resolution submitted to any meeting of Holders of Securities of any series shall be by written ballots on which shall be subscribed the signatures of the Holders of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities of such series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of Holders of Securities of any Series shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the fact, setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 1502 and, if applicable, Section 1504. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated.

 

49

 

ARTICLE SIXTEEN - CONVERSION OF SECURITIES

 

SECTION 1601. Applicability of Article; Conversion Privilege and Conversion Price. Securities of any series which are convertible shall be convertible in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for Securities of any series) in accordance with this Article Sixteen. Subject to and upon compliance with the provisions of this Article Sixteen, at any time during the period specified in the Securities, at the option of the Holder thereof, any Security or any portion of the principal amount thereof which is $1,000 or an integral multiple of $1,000 may be converted at the principal amount thereof, or of such portion thereof, into fully paid and nonassessable shares (calculated as to each conversion to the nearest 1/100 of a share) of Common Stock of the Company, at the Conversion Price, determined as hereinafter provided, in effect at the time of conversion. In case a Security or portion thereof is called for redemption, such conversion right in respect of the Security or portion so called shall expire at the close of business on the Business Day immediately preceding the Redemption Date, unless the Company defaults in making the payment due upon redemption, in which case such conversion right shall terminate on the date such default is cured.

 

The price at which shares of Common Stock shall be delivered upon conversion (herein called the “Conversion Price”) of Securities of any series shall be specified in such Securities. The Conversion Price shall be adjusted in certain instances as provided in Section 1604.

 

In case the Company shall, by dividend or otherwise, declare or make a distribution on its Common Stock referred to in paragraph (4) of Section 1604, the Holder of each Security, upon the conversion thereof pursuant to this Article Sixteen subsequent to the close of business on the date fixed for the determination of stockholders entitled to receive such distribution and prior to the effectiveness of the Conversion Price adjustment in respect of such distribution pursuant to paragraph (4) of Section 1604, shall be entitled to receive for each share of Common Stock into which such Security is converted, the portion of the evidence of indebtedness, shares of Capital Stock or assets so distributed applicable to one share of Common Stock; provided, however, that, at the election of the Company (whose election shall be evidenced by a Board Resolution filed with the Trustee) with respect to all Holders so converting, the Company may, in lieu of distributing to such Holder any portion of such distribution not consisting of cash or securities of the Company, pay such Holder an amount in cash equal to the fair market value thereof (as determined in good faith by the Board of Directors, whose determination shall be conclusive and described in a Board Resolution filed with the Trustee). If any conversion of a Security entitled to the benefits described in the immediately preceding sentence occurs prior to the payment date for a distribution to holders of Common Stock which the Holder of the Security so converted is entitled to receive in accordance with the immediately preceding sentence, the Company may elect (such election to be evidenced by a Board Resolution filed with the Trustee) to distribute to such Holder a due bill for the evidences of indebtedness, shares of Capital Stock or assets to which such Holder is so entitled, provided that such due bill (i) meets any applicable requirements of the principal over-the-counter market or national securities exchange or other market on which the Common Stock is then traded, and (ii) requires payment or delivery of such evidences of indebtedness or assets no later than the date of payment or delivery thereof to holders of Common Stock receiving such distribution.

 

SECTION 1602. Exercise of Conversion Privilege. In order to exercise the conversion privilege, the Holder of any Security to be converted shall surrender such Security, duly endorsed or assigned to the Company or in blank, at any office or agency maintained by the Company pursuant to Section 1002, accompanied by written notice to the Company at such office or agency that the Holder elects to convert such Security or, if less than the entire principal amount thereof is to be converted, the portion thereof to be converted and shall comply with any additional requirements set forth in such Security. Securities surrendered for conversion during the period from the close of business on any Regular Record Date next preceding any Interest Payment Date to the opening of business on such Interest Payment Date shall (except for Securities the Maturity of which is prior to such Interest Payment Date) be accompanied by payment in funds acceptable to the Company of an amount equal to the interest payable on such Interest Payment Date on the principal amount of Securities being surrendered for conversion and such interest shall be paid on such Interest Payment Date as provided in Section 307. Except as provided in the preceding sentence, no payment or adjustment shall be made upon any conversion on account of any interest accrued on the Securities surrendered for conversion or on account of any dividends on the Common Stock issued upon conversion.

 

The Company’s delivery to the Holder of the fixed number of shares of the Common Stock of the Company (and any cash in lieu of any fractional share of Common Stock) into which the Security is convertible shall be deemed to satisfy the Company’s obligation to pay the principal amount of the Security and all accrued interest and original issue discount that has not previously been paid. The shares of Common Stock of the Company so delivered shall be treated as issued first in payment of accrued interest and original issue discount and then in payment of principal. Thus, accrued interest and original issue discount shall be treated as paid, rather than canceled, extinguished or forfeited.

 

50

 

Securities shall be deemed to have been converted immediately prior to the close of business on the day of surrender of such Securities for conversion in accordance with the foregoing provisions, and at such time the rights of the Holders of such Securities as Holders shall cease, and the Person or Persons entitled to receive the Common Stock issuable upon conversion shall be treated for all purposes as the record holder or holders of such Common Stock at such time. As promptly as practicable on or after the conversion date, the Company shall issue and shall deliver at such office or agency a certificate or certificates for the number of full shares of Common Stock issuable upon conversion, together with payment in lieu of any fraction of a share, as provided in Section 1603.

 

In the case of any Security which is converted in part only, as promptly as practicable on or after the conversion date the Company shall execute and the Trustee shall authenticate and make available for delivery to the Holder thereof (or the Depositary in the case of a Global Security), at the expense of the Company, a new Security or Securities, of authorized denominations in aggregate principal amount equal to the unconverted portion of the principal amount of such Security.

 

SECTION 1603. Fractions of Shares. No fractional shares of Common Stock shall be issued upon conversion of Securities. If more than one Security shall be surrendered for conversion at one time by the same Holder, the number of full shares of Common Stock which shall be issuable upon conversion thereof shall be computed on the basis of the aggregate principal amount of the Securities (or specified portions thereof) so surrendered. Instead of any fractional share of Common Stock which would otherwise be issuable upon conversion of any Security or Securities (or specified portions thereof), the Company shall pay a cash adjustment (rounded to the nearest cent) in respect of such fraction in an amount equal to the same fraction of the Closing Price per share of the Common Stock on the day of conversion (or, if such day is not a Trading Day, on the Trading Day immediately preceding such day).

 

SECTION 1604. Adjustment of Conversion Price. The Conversion Price shall be subject to adjustment from time to time as follows:

 

(1) If the Company pays or makes a dividend or other distribution (a) on its Common Stock exclusively in Common Stock or (b) on any other class of Capital Stock of the Company, which dividend or distribution includes Common Stock of the Company, the Conversion Price in effect at the opening of business on the day following the date fixed for the determination of stockholders entitled to receive such dividend or other distribution (the “Dividend Record Date”) shall be reduced by multiplying such Conversion Price by a fraction of which the numerator shall be the number of shares of Common Stock of the Company outstanding at the close of business on the Dividend Record Date and the denominator shall be the sum of such number of shares and the total number of shares constituting such dividend or other distribution. Such reduction shall become effective immediately after the opening of business on the day following the date fixed for such determination. For the purposes of this paragraph (1), the number of shares of Common Stock of the Company at any time outstanding shall not include shares held in the treasury of the Company, but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock. The Company shall not pay any dividend or make any distribution on shares of Common Stock held in the treasury of the Company.

 

(2) Subject to paragraph (6) of this Section, if the Company pays or makes a dividend or other distribution on its Common Stock consisting exclusively of Short Term Rights (as defined below), or otherwise issues Short Term Rights to all holders of its Common Stock, the Conversion Price in effect at the opening of business on the day following the record date for the determination of holders of Common Stock entitled to receive such Short Term Rights (the “Rights Record Date”) shall be reduced by multiplying such Conversion Price by a fraction of which the numerator shall be the number of shares of Common Stock of the Company outstanding at the close of business on the Rights Record Date plus the number of shares of Common Stock of the Company which the aggregate of the offering price of the total number of shares of Common Stock so offered for subscription or purchase would purchase at such current market price and the denominator shall be the number of shares of Common Stock of the Company outstanding at the close of business on the Rights Record Date plus the number of shares of Common Stock so offered for subscription or purchase. Such reduction shall become effective immediately after the opening of business on the day following the Rights Record Date. For the purposes of this paragraph (2), the number of shares of Common Stock of the Company at any time outstanding shall not include shares held in the treasury of the Company, but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock of the Company. The Company shall not issue any rights, options or warrants in respect of shares of its Common Stock held in the treasury of the Company. When used in this Section 1604, the term “Short Term Rights” shall mean rights, warrants or options entitling the holders thereof (for a period commencing no earlier than the Rights Record Date and expiring not more than 45 days after the Rights Record Date) to subscribe for or purchase shares of Common Stock of the Company at a price per share less than the current market price per share (determined as provided in paragraph (7) of this Section 1604) of the Common Stock of the Company on the Rights Record Date.

 

51

 

(3) In case outstanding shares of Common Stock of the Company shall be subdivided into a greater number of shares of Common Stock, the Conversion Price in effect at the opening of business on the day following the day upon which such subdivision becomes effective shall be proportionately reduced, and, conversely, in case outstanding shares of Common Stock of the Company shall be combined into a smaller number of shares of Common Stock, the Conversion Price in effect at the opening of business on the day following the day upon which such combination becomes effective shall be proportionately increased, such reduction or increase, as the case may be, to become effective immediately after the opening of business on the day following the day upon which such subdivision or combination becomes effective.

 

(4) Subject to the last sentence of this paragraph (4) of this Section, if the Company, by dividend or otherwise, (a) distributes to all holders of its Common Stock evidences of its indebtedness, shares of any class of Capital Stock of the Company or other assets (other than cash dividends out of current or retained earnings), or (b) distributes to substantially all holders of Common Stock rights or warrants to subscribe for securities (other than Short Term Rights to which paragraph (2) of this Section 1604 applies), the Conversion Price shall be reduced by multiplying such Conversion Price by a fraction of which the numerator shall be the current market price per share (determined as provided in paragraph (7) of this Section 1604) of the Common Stock of the Company on the Reference Date (as defined below) less the fair market value (as determined in good faith by the Board of Directors, whose determination shall be conclusive and described in a Board Resolution filed with the Trustee), on the Reference Date, of the portion of the evidences of indebtedness and other assets so distributed or of such subscription rights or warrants applicable to one share of Common Stock (collectively, the “Market Value of the Distribution”) and the denominator shall be such current market price per share of the Common Stock of the Company. Such reduction shall become effective immediately prior to the opening of business on the day (the “Reference Date”) following the later of (a) the date fixed for the payment of such distribution and (b) the date 20 days after notice relating to such distribution is required to be given pursuant to Section 1606(a). If the Board of Directors determines the fair market value of any distribution for purposes of this paragraph (4) by reference to the actual or when issued trading market for any securities comprising such distribution, it must in doing so consider the prices in such market over the same period used in computing the current market price per share pursuant to paragraph (7) of this Section 1604. In the event that, with respect to any distribution to which this paragraph (4) of Section 1604 would otherwise apply, the Market Value of the Distribution is greater than the current market price per share of the Common Stock (such distribution being referred to herein as an “Unadjusted Distribution”), then the adjustment provided by this paragraph (4) shall not be made and in lieu thereof the provisions of Section 1611 shall apply with respect to such Unadjusted Distribution.

 

(5) The Company may, but shall not be required to, make such reductions in the Conversion Price, in addition to those required by paragraphs (1), (2), (3), and (4) of this Section 1604, as it considers to be advisable in order that any event treated for federal income tax purposes as a dividend of stock or stock rights shall not be taxable to the recipients. In addition, the Company, from time to time, may decrease the Conversion Price by any amount and for any reason, temporarily or otherwise, including situations where the Board of Directors determines such decrease to be fair and appropriate with respect to transactions in which holders of Common Stock have the right to participate.

 

(6) Rights or warrants issued or distributed by the Company to all holders of its Common Stock entitling the holders thereof to subscribe for or purchase shares of Common Stock or Preferred Stock, which rights or warrants (i) are deemed to be transferred with such shares of Common Stock, (ii) are not exercisable and (iii) are also issued or distributed in respect of future issuances of Common Stock, in each case in clauses (i) through (iii) until the occurrence of a specified event or events (“Trigger Events”), shall for purposes of this Section 1604 not be deemed issued or distributed until the occurrence of the earliest Trigger Event. Each share of Common Stock issued upon conversion of Securities pursuant to this Article Sixteen shall be entitled to receive the appropriate number of Common Stock purchase rights (the “Rights”), if any, and the certificates representing the Common Stock issued upon conversion shall bear such legends, if any. Notwithstanding anything to the contrary in this Article Sixteen, there shall not be any adjustment to the Conversion Price as a result of (i) the distribution of separate certificates representing the Rights; (ii) the occurrence of certain events entitling holders of Rights to receive, upon exercise thereof, Common Stock or other securities of the Company or other securities of another corporation; or (iii) the exercise of such Rights. No adjustment in the Conversion Price need be made for rights to purchase or the sale of Common Stock pursuant to a Company plan providing for reinvestment of dividends or interest.

 

(7) For the purpose of any computation under paragraph (2), (4) or (5) of this Section 1604, the “current market price” per share of Common Stock of the Company on any date shall be deemed to be the average of the daily Closing Prices for the 15 consecutive Trading Days selected by the Company commencing not more than 30 Trading Days before, and ending not later than, the date in question.

 

(8) No adjustment in the Conversion Price shall be required unless such adjustment would require an increase or decrease of at least 1% in the Conversion Price; provided, however, that any adjustments which by reason of this paragraph (8) are not

 

52

 

required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this Article Sixteen shall be made to the nearest cent or to the nearest one-hundredth of a share of Common Stock, as the case may be.

 

(9) Anything herein to the contrary notwithstanding, in the event the Company shall declare any dividend or distribution requiring an adjustment in the Conversion Price hereunder and shall, thereafter and before the payment of such dividend or distribution to stockholders, legally abandon its plan to pay such dividend or distribution, the Conversion Price then in effect hereunder, if changed to reflect such dividend or distribution, shall upon the legal abandonment of such plan be changed to the Conversion Price which would have been in effect at the time of such abandonment (after giving effect to all other adjustments not so legally abandoned pursuant to the provisions of this Article Sixteen) had such dividend or distribution never been declared.

 

(10) Notwithstanding any other provision of this Section 1604, no adjustment to the Conversion Price shall reduce the Conversion Price below the then par value per share of the Common Stock of the Company, and any such purported adjustment shall instead reduce the Conversion Price to such par value. Notwithstanding the foregoing sentence, the Company hereby covenants that it will from time to time take all such action as may be required to assure that the par value per share of the Common Stock is at all times equal to or less than the Conversion Price.

 

(11) In the event that this Article Sixteen requires adjustments to the Conversion Price under more than one of paragraphs (1), (2), (3) or (4) of this Section 1604, and the record or effective dates for the transaction giving rise to such adjustments shall occur on the same date, then such adjustments shall be made by applying (to the extent they are applicable), first, the provisions of paragraph (3) of this Section 1604, second, the provisions of paragraph (1) of this Section 1604, third, the provisions of paragraph (4) of this Section 1604 and, fourth, the provisions of paragraph (2) of this Section 1604. Anything herein to the contrary notwithstanding, no single event shall require or result in duplicative adjustments in the Conversion Price pursuant to this Section 1604. After an adjustment to the Conversion Price under this Article Sixteen, any subsequent event requiring an adjustment under this Article Sixteen shall cause an adjustment to the Conversion Price as so adjusted. If, after an adjustment, a Holder of a Security upon conversion of such Security receives shares of two or more classes of Capital Stock of the Company, the Conversion Price shall thereafter be subject to adjustment upon the occurrence of an action taken with respect to any such class of Capital Stock as is contemplated by this Article Sixteen with respect to the Common Stock in this Article Sixteen.

 

SECTION 1605. Notice of Adjustments of Conversion Price. Whenever the Conversion Price is adjusted as herein provided:

 

(1) the Company shall compute the adjusted Conversion Price in accordance with Section 1604 or Section 1611 and shall prepare an Officer’s Certificate setting forth the adjusted Conversion Price and showing in reasonable detail the facts upon which such adjustment is based, and such certificate shall forthwith be filed (with a copy to the Trustee) at each office or agency maintained for the purpose of conversion of any Securities pursuant to Section 1002; and

 

(2) a notice stating that the Conversion Price has been adjusted and setting forth the adjusted Conversion Price shall forthwith be required, and as soon as practicable after it is required, such notice shall be mailed by the Company to all Holders at their last addresses as they shall appear in the Security Register.

 

SECTION 1606. Notice of Certain Corporate Action. In case:

 

(1) the Company shall take any action that would require a Conversion Price adjustment pursuant to Section 1604 or Section 1611; or

 

(2) there shall occur any reclassification of the Common Stock of the Company (other than a subdivision or combination of its outstanding shares of Common Stock), or any consolidation or merger to which the Company is a party, or the sale, transfer or lease of all or substantially all of the assets of the Company and for which approval of any stockholders of the Company is required; or

 

(3) there shall occur the voluntary or involuntary dissolution, liquidation or winding up of the Company, then the Company shall cause to be filed at each office or agency maintained for the purpose of conversion of Securities pursuant to Section 1002, and shall cause to be mailed to all Holders at their last addresses as they shall appear in the Security Register, at least 10 days prior to the applicable record, effective or expiration date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of any dividend, distribution or granting of rights, warrants or options, or, if a record is not to be taken, the date as of which the holders of Common Stock of record to be entitled to such dividend, distribution, rights, options or warrants are to be determined, or (y) the date on which such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up is expected to become effective, and, if applicable, the date as of

 

53

 

which it is expected that holders of Common Stock of record shall be entitled to exchange their shares of Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up.

 

SECTION 1607. Company to Reserve Common Stock. The Company shall at all times reserve and keep available, free from preemptive rights, out of its authorized but unissued Common Stock, for the purpose of effecting the conversion of Securities, a number of shares of Common Stock for the conversion of all outstanding Securities of any series which is convertible into Common Stock.

 

SECTION 1608. Taxes on Conversion. The Company will pay any and all taxes that may be payable in respect of the issue or delivery of shares of Common Stock on conversion of Securities pursuant hereto. The Company shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issue and delivery of shares of Common Stock in a name other than that of the Holder of the Security or Securities to be converted, and no such issue or delivery shall be made unless and until the Person requesting such issue has paid to the Company the amount of any such tax, or has established to the satisfaction of the Company that such tax has been paid.

 

SECTION 1609. Covenants as to Common Stock. The Company covenants that all shares of Common Stock which may be issued upon conversion of Securities will upon issue be duly and validly issued, fully paid and nonassessable, free of preemptive or any similar rights, and, except as provided in Section 1608, the Company will pay all taxes, liens and charges with respect to the issue thereof.

 

The Company will endeavor promptly to comply with all Federal and state securities laws regulating the offer and delivery of shares of Common Stock upon conversion of Securities, if any, and will list or cause to have quoted such shares of Common Stock on each national securities exchange or in the over-the-counter market or such other market on which the Common Stock is then listed or quoted.

 

SECTION 1610. Cancellation of Converted Securities. All Securities delivered for conversion shall be delivered to the Trustee to be cancelled by or at the direction of the Trustee, which shall dispose of the same as provided in Section 309.

 

SECTION 1611. Provisions in Case of Consolidation, Merger or Sale of Assets; Special Distributions. If any of the following shall occur, namely: (i) any reclassification or change of outstanding shares of Common Stock issuable upon conversion of Securities (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination), (ii) any consolidation or merger to which the Company is a party other than a merger in which the Company is the continuing corporation and which does not result in any reclassification of, or change (other than a change in name, or par value, or from par value to no par value, or from no par value to par value or as a result of a subdivision or combination) in, outstanding shares of Common Stock or (iii) any sale or conveyance of all or substantially all of the property or business of the Company as an entirety, then the Person formed by such consolidation or resulting from such merger or which acquires such properties or assets, as the case may be, shall as a condition precedent to such transaction execute and deliver to the Trustee a supplemental indenture providing that the Holder of each Security then outstanding shall have the right thereafter, during the period such Security shall be convertible as specified in Section 1601, to convert such Security only into the kind and amount of securities, cash and other property receivable, if any, upon such consolidation, merger, sale, transfer or lease by a holder of the number of shares of Common Stock of the Company into which such Security might have been converted immediately prior to such consolidation, merger, sale, transfer or lease; provided that the kind and amount of securities, cash and other property so receivable shall be determined on the basis of the following assumptions. The holder of Common Stock referred to in the foregoing sentence:

 

(1) is not (a) a Person with which the Company consolidated, (b) a Person into which the Company merged or which merged into the Company, or (c) a Person to which such sale, transfer or lease was made (any Person described in the foregoing clauses (a), (b), or (c), hereinafter referred to as a “Constituent Person”), or (d) an Affiliate of a Constituent Person; and

 

(2) failed to exercise his rights of election, if any, as to the kind or amount of securities, cash and other property receivable upon such consolidation, merger, sale, transfer or lease (provided that if the kind or amount of securities, cash and other property receivable upon such consolidation, merger, sale transfer or lease is not the same for each share of Common Stock of the Company in respect of which such rights of election shall not have been exercised, then for the purpose of this Section 1611 the kind and amount of securities, cash and other property receivable upon such consolidation, merger, sale, transfer or lease shall be deemed to be the kind and amount so receivable per share by a plurality of such shares of Common Stock).

 

54

 

Such supplemental indenture shall provide for adjustments which, for events subsequent to the effective date of such supplemental indenture, shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article Sixteen. If, in the case of any such consolidation, merger, sale transfer or lease the stock or other securities and property (including cash) receivable thereupon by a holder of Common Stock includes shares of stock or other securities and property of a corporation other than the successor or purchasing corporation, as the case may be, in such consolidation, merger, sale, transfer or lease then such supplemental indenture shall also be executed by such other corporation and shall contain such additional provisions to protect the interests of the Holders of the Securities as the Board of Directors of the Company shall reasonably consider necessary by reason of the foregoing. The above provisions of this Section 1611 shall similarly apply to successive consolidations, mergers, sales, transfers or leases.

 

In the event the Company shall execute a supplemental indenture pursuant to this Section 1611, the Company shall promptly file with the Trustee an Officers’ Certificate briefly stating the reasons therefor, the kind or amount of shares of stock or securities or property (including cash) receivable by Holders of the Securities upon the conversion of their Securities after any such reclassification, change, consolidation, merger, sale, transfer or lease and any adjustment to be made with respect thereto.

 

If the Company makes a distribution to all holders of its Common Stock that constitutes an Unadjusted Distribution pursuant to the last sentence of paragraph (4) of Section 1604, then, from and after the record date for determining the holders of Common Stock entitled to receive such distribution (the “Distribution Record Date”), a Holder of a Security who converts such Security in accordance with the provisions of this Indenture shall, upon conversion, be entitled to receive, in addition to the shares of Common Stock into which the Security is convertible, the kind and amount of evidences of indebtedness, shares of Capital Stock, or other assets or subscription rights or warrants, as the case may be, comprising the distribution that such Holder would have received if such Holder had converted the Security immediately prior to the Distribution Record Date.

 

SECTION 1612. Trustee Adjustment Disclaimer; Company Determination Final. The Trustee has no duty to determine when an adjustment under this Article Sixteen should be made, how it should be made or what it should be. The Trustee has no duty to determine whether a supplemental indenture under Section 1611 need be entered into or whether any provisions of any supplemental indenture are correct. The Trustee shall not be accountable for and makes no representation as to the validity or value of any securities or assets issued upon conversion of Securities. The Trustee shall not be responsible for the Company’s failure to comply with this Article Sixteen. Any determination that the Company or the Board of Directors must make pursuant to this Article Sixteen is conclusive, absent manifest error.

 

SECTION 1613. When No Adjustment Required. Except as expressly set forth in Section 1604, no adjustment in the Conversion Price shall be made because the Company issues, in exchange for cash, property or services, shares of its Common Stock, or any securities convertible into or exchangeable for shares of its Common Stock, or securities (including warrants, rights and options) carrying the right to subscribe for or purchase shares of its Common Stock or such convertible or exchangeable securities.

 

(1) Notwithstanding anything herein to the contrary, no adjustment in the Conversion Price shall be made pursuant to Section 1604 in respect of any dividend or distribution if the Holders may participate therein (on a basis to be determined in good faith by the Board of Directors) and receive the same consideration they would have received if they had converted the Securities immediately prior to the record date with respect to such dividend or distribution.

 

SECTION 1614. Equivalent Adjustments. In the event that, as a result of an adjustment made pursuant to Section 1604 above, the holder of any Security thereafter surrendered for conversion shall become entitled to receive any shares of Capital Stock of the Company other than shares of its Common Stock, thereafter the Conversion Price of such other shares so receivable upon conversion of any Securities shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to Common Stock contained in this Article Sixteen.

 

SIGNATURES

 

IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed all as of the day and year first above written.

 

	
 
    	
 
    	
ESPERION   THERAPEUTICS, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    

 

55

 

	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 ,
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
as   Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Title:
    
						

 

56

 

EXHIBIT A

 

FORM OF REDEEMABLE OR NON-REDEEMABLE SENIOR SECURITY

 

[Face of Security]

 

[If the Holder of this Security (as indicated below) is The Depository Trust Company (“DTC”) or a nominee of DTC, this Security is a Global Security and the following two legends apply:

 

Unless this Security is presented by an authorized representative of The Depository Trust Company, a New York corporation, (“DTC”) to the Company or its agent for registration of transfer, conversion, exchange or payment, and such Security issued is registered in the name of Cede & Co., or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

 

Unless and until this Security is exchanged in whole or in part for Securities in certificated form, this Security may not be transferred except as a whole by DTC to a nominee thereof or by a nominee thereof to DTC or another nominee of DTC or by DTC or any such nominee to a successor of DTC or a nominee of such successor.]

 

[If this Security is an Original Issue Discount Security, insert — FOR PURPOSES OF SECTION 1273 and 1275 OF THE UNITED STATES INTERNAL REVENUE CODE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THIS SECURITY IS     % OF ITS PRINCIPAL AMOUNT, THE ISSUE DATE IS             , 20    , AND THE YIELD TO MATURITY IS     %. THE METHOD USED TO DETERMINE THE AMOUNT OF ORIGINAL ISSUE DISCOUNT APPLICABLE TO THE SHORT ACCRUAL PERIOD OF             , 20     TO             , 20    , IS     % OF THE PRINCIPAL AMOUNT OF THIS SECURITY.]

 

ESPERION THERAPEUTICS, INC.

 

[Designation of Series]

 

	
No.            
    	
  
    	
$            
    

 

CUSIP No.

 

ESPERION THERAPEUTICS, INC., a Delaware corporation (herein referred to as the “Company,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to                      or registered assigns the principal sum of              Dollars on                      (the “Stated Maturity Date”) [or insert date fixed for earlier redemption (the “Redemption Date,” and together with the Stated Maturity Date with respect to principal repayable on such date, the “Maturity Date.”)]

 

[If the Security is to bear interest prior to Maturity, insert — and to pay interest thereon from                      or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on                      and                      in each year (each, an “Interest Payment Date”), commencing                     , at the rate of     % per annum, until the principal hereof is paid or duly provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Holder in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the                      or                      (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date [at the office or agency of the Company maintained for such purpose; provided, however, that such interest may be paid, at the Company’s option, by mailing a check to such Holder at its registered address or by transfer of funds to an account maintained by such Holder within the United States]. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may be paid to the Holder in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any over-the-counter market or securities exchange on which the Securities of this series

 

 

may be quoted or listed, and upon such notice as may be required by such market or exchange, all as more fully provided in the Indenture. Interest will be computed on the basis of a 360-day year of twelve 30-day months.]

 

[If the Security is not to bear interest prior to Maturity, insert — The principal of this Security shall not bear interest except in the case of a default in payment of principal upon acceleration, upon redemption or at the [Stated] Maturity Date and in such case the overdue principal of this Security shall bear interest at the rate of     % per annum (to the extent that the payment of such interest shall be legally enforceable), which shall accrue from the date of such default in payment to the date payment of such principal has been made or duly provided for. Interest on any overdue principal shall be payable on demand. Any such interest on any overdue principal that is not so paid on demand shall bear interest at the rate of     % per annum (to the extent that the payment of such interest shall be legally enforceable), which shall accrue from the date of such demand for payment to the date payment of such interest has been made or duly provided for, and such interest shall also be payable on demand.]

 

The principal of this Security payable on the Stated Maturity Date [or the principal of, premium or Make-Whole Amount, if any, and, if the Redemption Date is not an Interest Payment Date, interest on this Security payable on the Redemption Date] will be paid against presentation of this Security at the office or agency of the Company maintained for that purpose in                     , in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts.

 

Interest payable on this Security on any Interest Payment Date and on the [Stated] Maturity Date [or Redemption Date, as the case may be,] will include interest accrued from and including the next preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including                     , if no interest has been paid on this Security) to but excluding such Interest Payment Date or the [Stated] Maturity Date [or Redemption Date, as the case may be.] If any Interest Payment Date or the [Stated] Maturity Date or [Redemption Date] falls on a day that is not a Business Day, as defined below, principal, premium or Make-Whole Amount, if any, and/or interest payable with respect to such Interest Payment Date or [Stated] Maturity Date [or Redemption Date, as the case may be,] will be paid on the next succeeding Business Day with the same force and effect as if it were paid on the date such payment was due, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or [Stated] Maturity Date [or Redemption Date, as the case may be.] “Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in The City of New York are required or authorized by law, regulation or executive order to close.

 

[If this Security is a Global Security, insert — All payments of principal, premium or Make-Whole Amount, if any, and interest in respect of this Security will be made by the Company in immediately available funds.]

 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

 

Unless the Certificate of Authentication hereon has been executed by the Trustee by manual signature of one of its authorized signatories, this Security shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.

 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its facsimile corporate seal.

 

	
Dated:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
ESPERION   THERAPEUTICS, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
Attest:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Secretary
    	
 
    	
 
    

 

 

[Reverse of Security]

 

ESPERION THERAPEUTICS, INC.

 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an

 

Indenture, dated as of             , 20     (herein called the “Indenture”) between the Company and                     , as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture with respect to the series of which this Security is a part), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the duly authorized series of Securities designated on the face hereof (collectively, the “Securities”), [if applicable, insert — and the aggregate principal amount of the Securities to be issued under such series is limited to $         (except for Securities authenticated and delivered upon transfer of, or in exchange for, or in lieu of other Securities).] All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

If an Event of Default, as defined in the Indenture, shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.

 

[If applicable, insert — The Securities may not be redeemed prior to the Stated Maturity Date.]

 

[If applicable, insert — The Securities are subject to redemption [ (l) (If applicable, insert — on              in any year commencing with the year          and ending with the year              through operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2) ] [If applicable, insert — at any time [on or after             ], as a whole or in part, at the election of the Company, at the following Redemption Prices (expressed as percentages of the principal amount):

 

If redeemed on or before             ,     % and if redeemed during the 12-month period beginning              of the years indicated at the Redemption Prices indicated below.

 

	
Year
    	
 
    	
Redemption Price
    	
 
    	
Year
    	
 
    	
Redemption Price
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

and thereafter at a Redemption Price equal to     % of the principal amount, together in the case of any such redemption [If applicable, insert — (whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date; provided, however, that installments of interest on this Security whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holder of this Security, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]

 

[If applicable, insert — The Securities are subject to redemption (1) on                      in any year commencing with the year              and ending with the year                      through operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below, and (2) at any time [on or after                     ], as a whole or in part, at the election of the Company, at the Redemption Prices for redemption otherwise than through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month period beginning              of the years indicated,

 

 

	
Year
    	
 
    	
Redemption Price for
   Redemption Through
   Operation of the Sinking Fund
    	
 
    	
Redemption Price for
   Redemption Otherwise Than
   Through Operation of the
   Sinking Fund
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

and thereafter at a Redemption Price equal to     % of the principal amount, together in the case of any such redemption (whether through operation of the sinking fund or otherwise) with accrued interest to the Redemption Date; provided, however, that installments of interest on this Security whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holder of this Security, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]

 

[If applicable, insert — Notwithstanding the foregoing, the Company may not, prior to                     , redeem any Securities as contemplated by [Clause (2) of] the preceding paragraph as a part of, or in anticipation of, any refunding operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Company (calculated in accordance with generally accepted financial practice) of less than     % per annum.]

 

[If applicable, insert — The sinking fund for the Securities provides for the redemption on                      in each year, beginning with the year                      and ending with the year                     , of [not less than] $        ] [(“mandatory sinking fund”) and not more than $        ] aggregate principal amount of the Securities. [The Securities acquired or redeemed by the Company otherwise than through [mandatory] sinking fund payments may be credited against subsequent [mandatory] sinking fund payments otherwise required to be made in the [describe order] order in which they become due.]]

 

Notice of redemption will be given by mail to Holders of Securities, not less than 30 nor more than 60 days prior to the Redemption Date, all as provided in the Indenture.

 

In the event of redemption of this Security in part only, a new Security or Securities for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof.

 

[If applicable, insert conversion provisions set forth in any Board Resolution or indenture supplemental to the Indenture.]

 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority of the aggregate principal amount of all Securities issued under the Indenture at the time Outstanding and affected thereby. The Indenture also contains provisions permitting the Holders of not less than a majority of the aggregate principal amount of the Outstanding Securities, on behalf of the Holders of all such Securities, to waive compliance by the Company with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority of the aggregate principal amount, in certain instances, of the Outstanding Securities of any series to waive, on behalf of all of the Holders of Securities of such series, certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and other Securities issued upon the registration of transfer hereof or conversion or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium or Make-Whole Amount, if any) and interest on this Security at the times, places and rate, and in the coin or currency, herein prescribed.

 

As provided in the Indenture and subject to certain limitations therein [and herein] set forth, the transfer of this Security is registrable in the Security Register of the Company upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of (and premium or Make-Whole Amount, if any) and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Securities, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

 

As provided in the Indenture and subject to certain limitations therein [and herein] set forth, this Security is exchangeable for a like aggregate principal amount of Securities of different authorized denominations but otherwise having the same terms and conditions, as requested by the Holder hereof surrendering the same.

 

The Securities of this series are issuable only in registered form [without coupons] in denominations of $         and any integral multiple thereof.

 

No service charge shall be made for any such registration of transfer or conversion or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith,

 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

No recourse shall be had for the payment of the principal of or premium or Make-Whole Amount, if any, or the interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any past, present or future stockholder, employee, officer or director, as such, of the Company or of any successor, either directly or through the Company or any successor, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released.

 

The Indenture and the Securities shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed entirely in such State.

 

 

EXHIBIT B

 

FORMS OF CERTIFICATION

 

EXHIBIT B-1

 

FORM OF CERTIFICATE TO BE GIVEN BY PERSON ENTITLED TO RECEIVE BEARER SECURITY OR TO OBTAIN INTEREST PAYABLE PRIOR TO THE EXCHANGE DATE

 

CERTIFICATE

 

[Insert title or sufficient description of Securities to be delivered]

 

This is to certify that, as of the date hereof, and except as set forth below, the above-captioned Securities held by you for our account (i) are owned by person(s) that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the income of which is subject to United States Federal income taxation regardless of its source (“United States person(s)”), (ii) are owned by United States person(s) that are (a) foreign branches of United States financial institutions (financial institutions, as defined in United States Treasury Regulations Section 2.165-12(c)(1)(v) are herein referred to as “financial institutions”) purchasing for their own account or for resale, or (b) United States person(s) who acquired the Securities through foreign branches of United States financial institutions and who hold the Securities through such United States financial institutions on the date hereof (and in either case (a) or (b), each such United States financial institution hereby agrees, on its own behalf or through its agent, that you may advise Esperion Therapeutics, Inc. or its agent that such financial institution will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the United States Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) are owned by United States or foreign financial institution(s) for purposes of resale during the restricted period (as defined in United States Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and, in addition, if the owner is a United States or foreign financial institution described in clause (iii) above (whether or not also described in clause (i) or (ii)), this is to further certify that such financial institution has not acquired the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions.

 

As used herein, “United States” means the United States of America (including the States and the District of Columbia); and its “possessions” include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.

 

We undertake to advise you promptly by tested telex or by telecopy on or prior to the date on which you intend to submit your certification relating to the above-captioned Securities held by you for our account in accordance with your operating procedures if any applicable statement herein is not correct on such date, and in the absence of any such notification it may be assumed that this certification applies as of such date.

 

This certificate excepts and does not relate to [U.S.$] of such interest in the above-captioned Securities in respect of which we are not able to certify and as to which we understand an exchange for an interest in a permanent Global Security or an exchange for and delivery of definitive Securities (or, if relevant, collection of any interest) cannot be made until we do so certify.

 

We understand that this certificate may be required in connection with certain tax legislation in the United States. If administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy thereof to any interested party in such proceedings.

 

Dated:

 

[To be dated no earlier than the 15th day prior to (i) the Exchange Date or (ii) the relevant Interest Payment Date occurring prior to the Exchange Date, as applicable]

 

	
 
    	
[Name   of Person Making Certification]
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
(Authorized   Signature)
    

 

 

	
 
    	
Name:
    
	
 
    	
 
    
	
 
    	
Title:
    

 

 

EXHIBIT B-2

 

FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR AND CLEARSTREAM S.A. IN CONNECTION WITH THE EXCHANGE OF A PORTION OF A TEMPORARY GLOBAL SECURITY OR TO OBTAIN INTEREST PAYABLE PRIOR TO THE EXCHANGE DATE

 

CERTIFICATE

 

[Insert title or sufficient description of Securities to be delivered]

 

This is to certify that, based solely on written certifications that we have received in writing, by tested telex or by electronic transmission from each of the persons appearing in our records as persons entitled to a portion of the principal amount set forth below (our “Member Organizations”) substantially in the form attached hereto, as of the date hereof, [U.S.$] principal amount of the above-captioned Securities (i) is owned by person(s) that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the income of which is subject to United States Federal income taxation regardless of its source (“United States person(s)”), (ii) is owned by United States person(s) that are (a) foreign branches of United States financial institutions (financial institutions, as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(v) are herein referred to as “financial institutions”) purchasing for their own account or for resale, or (b) United States person(s) who acquired the Securities through foreign branches of United States financial institutions and who hold the Securities through such United States financial institutions on the date hereof (and in either case (a) or (b), each such financial institution has agreed, on its own behalf or through its agent, that we may advise Esperion Therapeutics, Inc. or its agent that such financial institution will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) is owned by United States or foreign financial institution(s) for purposes of resale during the restricted period (as defined in United States Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and, to the further effect, that financial institutions described in clause (iii) above (whether or not also described in clause (i) or (ii)) have certified that they have not acquired the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions.

 

As used herein, “United States” means the United States of America (including the States and the District of Columbia); and its “Possessions” include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.

 

We further certify that (i) we are not making available herewith for exchange (or, if relevant, collection of any interest) any portion of the temporary Global Security representing the above-captioned Securities excepted in the above-referenced certificates of Member Organizations and (ii) as of the date hereof we have not received any notification from any of our Member Organizations to the effect that the statements made by such Member Organizations with respect to any portion of the part submitted herewith for exchange (or, if relevant, collection of any interest) are no longer true and cannot be relied upon as of the date hereof.

 

We understand that this certification is required in connection with certain tax legislation in the United States. If administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy thereof to any interested party in such proceedings.

 

Dated:

 

[To be dated no earlier than the Exchange Date or the relevant Interest Payment Date occurring prior to the Exchange Date, as applicable]

 

[                                         , as Operator of the Euroclear System] [Clearstream Banking Luxembourg]

 

	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00232-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00232-of-00352.parquet"}]]