Document:

EX-10.4

 Exhibit 10.4 

FORM OF CLASS A COMMON STOCK PURCHASE WARRANT 

CLARUS THERAPEUTICS HOLDINGS, INC. 
  

			
	Warrant Shares: [_]	  	Initial Exercise Date: [_], 2022

 THIS CLASS A COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value
received, [_] or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise
Date”) and on or prior to 5:00 p.m. (New York City time) on [                ], 2027 (the “Termination Date”) but not thereafter, to subscribe
for and purchase from Clarus Therapeutics Holdings, Inc., a Delaware corporation (the “Company”), up to [_] shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of
one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant shall initially be issued and maintained in the form of a security held in book-entry form and the Depository Trust
Company or its nominee (“DTC”) shall initially be the sole registered holder of this Warrant, subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement,
in which case this sentence shall not apply. 
 Section 1. Definitions. In addition to the terms
defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1: 

“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is
controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act. 

“Bid Price” means, for any date, the price determined by the first of the following clauses that applies:
(a) if the Common Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as
reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or
the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on the Pink Open Market (or a similar
organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an
independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company. 

“Board of Directors” means the board of directors of the Company. 

“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of
New York are authorized or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee” or any other similar orders or
restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are
open for use by customers on such day. 
 “Commission” means the United States Securities and Exchange
Commission. 
 “Common Stock” means the common stock of the Company, par value $0.0001 per share, and any
other class of securities into which such securities may hereafter be reclassified or changed. 
 “Common Stock
Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other
instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock. 

 “Exchange Act” means the Securities Exchange Act of 1934,
as amended, and the rules and regulations promulgated thereunder. 
 “Exempt Issuance” means the issuance of
(a) shares of Common Stock, restricted stock, restricted stock units or options to employees, consultants, officers or directors of the Company pursuant to any stock or option plan duly adopted for such purpose by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose, provided that issuances to
consultants under this subsection (a) shall be limited for any 12 month period to up to (i) 25,000 shares of Common Stock, restricted stock, restricted stock units or options per consultant and (ii) an aggregate 150,000 shares of Common
Stock, restricted stock, restricted stock units or options for all consultants, (b) these Warrants and the shares underlying these Warrants, and the warrants to be issued to the Underwriters pursuant to the Underwriting Agreement (and the
shares issuable upon exercise of such warrants), (c) securities upon the exercise or exchange of or conversion of any securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the Initial
Exercise Date, provided that such securities have not been amended since such date to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection with
stock splits or combinations) or to extend the term of such securities, (d) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities
are issued as “restricted securities” (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith during the prohibitive period set forth in
Section 4.20 of the Underwriting Agreement, and provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a
business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the
purpose of raising capital or to an entity whose primary business is investing in securities, and (e) securities issued to consultants outside of Company stock or option plan, provided that such securities are issued as “restricted
securities” (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith during the prohibitive period set forth in Section 4.20 of the Underwriting
Agreement. 
 “Person” means an individual or corporation, partnership, trust, incorporated or
unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Registration Statement” means the Company’s registration statement on
Form S-1 (File No. 333-264231). 
 “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Subsidiary” means any subsidiary of the Company and shall, where applicable, also include any direct or
indirect subsidiary of the Company formed or acquired after the date hereof. 
 “Trading Day” means a day on
which the Common Stock is traded on a Trading Market. 
 “Trading Market” means any of the following markets
or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, (or any successors
to any of the foregoing). 
 “Transfer Agent” means Continental Stock Transfer & Trust Company, the
current transfer agent of the Company, with a mailing address of 1 State Street 30th Floor New York, NY 10004 and an email address of cstmail@continentalstock.com, and any successor transfer agent of the Company. 

“Underwriting Agreement” means the underwriting agreement, dated as of April 25, 2022 among the Company and
Maxim Group LLC as representative of the underwriters named therein, as amended, modified or supplemented from time to time in accordance with its terms. 

“VWAP” means, for any date, the price determined by the first of the following clauses that applies:
(a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average 

 
price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as
applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of
reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the holders
of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company. 

“Warrant Agency Agreement” means that certain warrant agency agreement, dated on or about the Initial Exercise
Date, between the Company and the Warrant Agent. 
 “Warrant Agent” means the Transfer Agent and any
successor warrant agent of the Company. 
 “Warrants” means this Warrant and other Class A Common Stock
purchase warrants issued by the Company pursuant to the Registration Statement. 

Section 2. Exercise. 

a) Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in
part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted
by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier
of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate
Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the
applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be
required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been
exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this
Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of
Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business
Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the
number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof. 

Notwithstanding the foregoing in this Section 2(a), a holder whose interest in this Warrant is a beneficial interest in
certificate(s) representing this Warrant held in book-entry form through DTC (or another established clearing corporation performing similar functions), shall effect exercises made pursuant to this Section 2(a) by delivering to DTC (or such
other clearing corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as applicable), subject to a Holder’s right
to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply. 

b) Exercise Price. The exercise price per share of Common Stock under this Warrant shall be $[_], subject to
adjustment hereunder (the “Exercise Price”). 

 c) Cashless Exercise. If at the time of exercise hereof there is
no effective registration statement registering, or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a
“cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where: 

 

			
	(A)	 	= as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a
day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b) of Regulation NMS promulgated under the
federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the
principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is
delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable
Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading
Day;
		
	(B)	 	= the Exercise Price of this Warrant, as adjusted hereunder; and
		
	(X)	 	= the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and
agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company agrees not to take any position contrary to this
Section 2(c). 
 d) Mechanics of Exercise. 

 

	 	i.	 Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder
to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system
(“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or
(B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which
the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise,
(ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such
date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant
has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading
Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by
the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the
applicable Notice of 

	 	
Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the third Trading Day after the Warrant Share Delivery Date) for each Trading Day after such Warrant Share Delivery Date until
such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein,
“Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the
Notice of Exercise. Notwithstanding the foregoing, with respect to any Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Initial Exercise Date, which may be delivered at any time after the time of execution of the
Underwriting Agreement, the Company agrees to deliver the Warrant Shares subject to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date shall be the Warrant Share Delivery Date for purposes
hereunder, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received by such Warrant Share Delivery Date. 

ii. Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall,
at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for
by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 
 iii. Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise. 

iv. Compensation for Buy-In on Failure to
Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of
Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm
otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount
obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation
was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to
the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of
$11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the
immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of
the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in
equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms
hereof. 
 v. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall
be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final
fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share. 

 vi. Charges, Taxes and Expenses. Issuance of Warrant Shares
shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be
issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant
when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax
incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established
clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares. 

vii. Closing of Books. The Company will not close its stockholder books or records in any manner which prevents
the timely exercise of this Warrant, pursuant to the terms hereof. 
 e) Holder’s Exercise Limitations. The
Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as
set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution
Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates
and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable
upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any
other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its
Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and
regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for
any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder
together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership
Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the
Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as
reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the
Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of shares of Common
Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or
Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% 

 
(or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of
Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no
event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall
continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph
shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial
Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. 

Section 3. Certain Adjustments. 

a) Stock Dividends and Splits. Stock Dividends and Splits. If the Company, at any time while this Warrant is
outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall
not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding
shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company (each, a “Share Combination Event”, and such date thereof, the
“Share Combination Event Date”), then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately
before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the
aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification. 

b) Adjustment Upon Issuance of Shares of Common Stock. If and whenever on or after the date of this Warrant and until
[    ], 2024 (the two-year anniversary of the Initial Exercise Date), the Company grants issues or sells (or enters into any agreement to grant, issue or sell), or in accordance with this
Section 3 is deemed to have granted, issued or sold, any shares of Common Stock (including the issuance or sale of shares of Common Stock owned or held by or for the account of the Company), but excluding any Exempt Issuance, for a
consideration per share (the “New Issuance Price”) less than a price equal to the Exercise Price in effect immediately prior to such granting, issuance or sale or deemed granting issuance or sale (such Exercise Price then in effect
is referred to herein as the “Applicable Price”) (the foregoing a “Dilutive Issuance”), then immediately after such Dilutive Issuance, the Exercise Price then in effect shall be reduced to an amount equal to the New
Issuance Price. For all purposes of the foregoing (including, without limitation, determining the adjusted Exercise Price and the New Issuance Price under this Section 3(b)), the following shall be applicable: 

(i) Issuance of Options. If the Company in any manner grants, issues or sells any Options (or enters into any agreement to grant, issue or
sell) and the lowest price per share for which one share of Common Stock is at any time issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or
otherwise pursuant to the terms thereof is less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the granting or sale of such Option for such
price per share. For purposes of this Section 3(b)(i), the “lowest price per share for which one share of Common Stock is at any time issuable upon the exercise of any such Options or upon conversion, exercise or exchange of any
Convertible Securities issuable upon exercise of any such Option or 

 
otherwise pursuant to the terms thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company with
respect to any one share of Common Stock upon the granting or sale of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option or otherwise pursuant to the
terms thereof and (y) the lowest exercise price set forth in such Option for which one share of Common Stock is issuable (or may become issuable assuming all possible market conditions) upon the exercise of any such Options or upon conversion,
exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Option (or any other Person) upon the
granting, issuance or sale of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option or otherwise pursuant to the terms thereof plus the value of any
other consideration received or receivable by, or benefit conferred on, the holder of such Option (or any other Person). Except as contemplated below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such shares
of Common Stock or of such Convertible Securities upon the exercise of such Options or otherwise pursuant to the terms of or upon the actual issuance of such shares of Common Stock upon conversion, exercise or exchange of such Convertible
Securities. 
 (ii) Issuance of Convertible Securities. If the Company in any manner issues or sells (or enters into any
agreement to issue or sell) any Convertible Securities and the lowest price per share for which one share of Common Stock is at any time issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof is less
than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the issuance or sale (or the time of execution of such agreement to issue or sell, as
applicable) of such Convertible Securities for such price per share. For the purposes of this Section 3(b)(ii), the “lowest price per share for which one share of Common Stock is at any time issuable upon the conversion, exercise or
exchange thereof or otherwise pursuant to the terms thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to one share of Common
Stock upon the issuance or sale (or pursuant to the agreement to issue or sell, as applicable) of the Convertible Security and upon conversion, exercise or exchange of such Convertible Security or otherwise pursuant to the terms thereof and
(y) the lowest conversion price set forth in such Convertible Security for which one share of Common Stock is issuable (or may become issuable assuming all possible market conditions) upon conversion, exercise or exchange thereof or otherwise
pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Convertible Security (or any other Person) upon the issuance or sale (or pursuant to the agreement to issue or sell, as applicable) of such
Convertible Security plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Convertible Security (or any other Person). Except as contemplated below, no further adjustment of the Exercise
Price shall be made upon the actual issuance of such shares of Common Stock upon conversion, exercise or exchange of such Convertible Securities or otherwise pursuant to the terms thereof, and if any such issuance or sale of such Convertible
Securities is made upon exercise of any Options for which adjustment of this Warrant has been or is to be made pursuant to other provisions of this Section 3(b), except as contemplated below, no further adjustment of the Exercise Price shall be
made by reason of such issuance or sale. 
 (iii) Change in Option Price or Rate of Conversion. If the purchase or exercise price
provided for in any Options, the additional consideration, if any, payable upon the issue, conversion, exercise or exchange of any Convertible Securities, or the rate at which any Convertible Securities are convertible into or exercisable or
exchangeable for shares of Common Stock increases or decreases at any time (other than proportional changes in conversion or exercise prices, as applicable, in connection with an event referred to in Section 3(a)), the Exercise Price in effect
at the time of such increase or decrease shall be adjusted to the Exercise Price which would have been in effect at such time had such Options or Convertible Securities provided for 

 
such increased or decreased purchase price, additional consideration or increased or decreased conversion rate, as the case may be, at the time initially granted, issued or sold. For purposes of
this Section 3(b)(iii), if the terms of any Option or Convertible Security (including, without limitation, any Option or Convertible Security that was outstanding as of the Stock Purchase Agreement) are increased or decreased in the manner
described in the immediately preceding sentence, then such Option or Convertible Security and the shares of Common Stock deemed issuable upon exercise, conversion or exchange thereof shall be deemed to have been issued as of the date of such
increase or decrease. No adjustment pursuant to this Section 3(b) shall be made if such adjustment would result in an increase of the Exercise Price then in effect. 

(iv) Calculation of Consideration Received. If any Option and/or Convertible Security and/or Adjustment Right is issued in
connection with the issuance or sale or deemed issuance or sale of any other securities of the Company (as determined by the Holder, the “Primary Security”, and such Option and/or Convertible Security and/or Adjustment Right, the
“Secondary Securities” and together with the Primary Security, each a “Unit”), together comprising one integrated transaction, the aggregate consideration per share of Common Stock with respect to such Primary Security shall be
deemed to be the lower of (x) the purchase price of such Unit, (y) if such Primary Security is an Option and/or Convertible Security, the lowest price per share for which one share of Common Stock is at any time issuable upon the exercise
or conversion of the Primary Security in accordance with Sections 3(b)(i) or 3(b)(ii) above and (z) the lowest VWAP of the shares of Common Stock on any Trading Day during the five (5) Trading Day period (the “Adjustment
Period”) immediately following the public announcement of such Dilutive Issuance (for the avoidance of doubt, if such public announcement is released prior to the opening of the principal Trading Market of the Common Stock on a Trading Day,
such Trading Day shall be the first Trading Day in such five Trading Day period and if this Warrant is exercised, on any given Exercise Date during any such Adjustment Period, solely with respect to such portion of this Warrant converted on such
applicable Exercise Date, such applicable Adjustment Period shall be deemed to have ended on, and included, the Trading Day immediately prior to such Exercise Date). If any shares of Common Stock, Options or Convertible Securities are issued or sold
or deemed to have been issued or sold for cash, the consideration received therefor will be deemed to be the net amount of consideration received by the Company therefor. If any shares of Common Stock, Options or Convertible Securities are issued or
sold for a consideration other than cash, the amount of such consideration received by the Company will be the fair value of such consideration, except where such consideration consists of publicly traded securities, in which case the amount of
consideration received by the Company for such securities will be the arithmetic average of the VWAPs of such security for each of the five (5) Trading Days immediately preceding the date of receipt. If any shares of Common Stock, Options or
Convertible Securities are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving entity, the amount of consideration therefor will be deemed to be
the fair value of such portion of the net assets and business of the non-surviving entity as is attributable to such shares of Common Stock, Options or Convertible Securities (as the case may
be). The fair value of any consideration other than cash or publicly traded securities will be determined jointly by the Company and the Holders of a majority in interest of the Warrants then outstanding. If such parties are unable to reach
agreement within ten (10) days after the occurrence of an event requiring valuation (the “Valuation Event”), the fair value of such consideration will be determined within five (5) Trading Days after the tenth (10th) day
following such Valuation Event by an independent, reputable appraiser jointly selected by the Company and the Holders of a majority in interest of the Warrants then outstanding. The determination of such appraiser shall be final and binding upon all
parties absent manifest error and the fees and expenses of such appraiser shall be borne by the Company. 
 (v) Defined Terms.
For purposes of this Section 3(b), the following capitalized terms shall have the following meanings: (a) “Adjustment Right” means any right granted with respect to any securities issued in connection with, or with respect to,
any issuance or sale (or deemed issuance or sale in accordance with Section 3) of shares of Common Stock (other than rights of the type 

 
described in Section 3(d) and 3(e) hereof) that could result in a decrease in the net consideration received by the Company in connection with, or with respect to, such securities
(including, without limitation, any cash settlement rights, cash adjustment or other similar rights); (b) “Convertible Securities” means any shares or other security (other than Options) that is at any time and under any
circumstances, directly or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any shares of Common Stock and (c) “Options” means any rights, warrants or options
to subscribe for or purchase shares of Common Stock or Convertible Securities. 
 (vi) Notwithstanding the foregoing, this Section 3(b)
shall not apply in respect of an Exempt Issuance. 
 c) Subsequent Rights Offerings. In addition to any
adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of
shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had
held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on
which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase
Rights (provided, however, that, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in
such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever,
as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). 
 d) Pro Rata
Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of
capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar
transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated
therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation)
immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution
(provided, however, that, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to
participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the
Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). To the extent that this Warrant has not been partially or completely exercised at the time of such Distribution,
such portion of the Distribution shall be held in abeyance for the benefit of the Holder until the Holder has exercised this Warrant. 

e) Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or
indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company or any Subsidiary, directly or indirectly, effects any sale, lease, license, assignment, transfer,
conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is
completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock or 50% or more of
the voting power of the common equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any 

 
reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other
securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires 50% or more of the outstanding shares of Common Stock or 50%
or more of the voting power of the common equity of the Company (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of
Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by
a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any
such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental
Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given
any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days
after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black
Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction; provided, however, that, if the Fundamental Transaction is not
within the Company’s control, including not approved by the Company’s Board of Directors, Holder shall only be entitled to receive from the Company or any Successor Entity the same type or form of consideration (and in the same
proportion), at the Black Scholes Value of the unexercised portion of this Warrant, that is being offered and paid to the holders of Common Stock of the Company in connection with the Fundamental Transaction, whether that consideration be in the
form of cash, stock or any combination thereof, or whether the holders of Common Stock are given the choice to receive from among alternative forms of consideration in connection with the Fundamental
Transaction; provided, further, that if holders of Common Stock of the Company are not offered or paid any consideration in such Fundamental Transaction, such holders of Common Stock will be deemed to have received common
stock of the Successor Entity (which Entity may be the Company following such Fundamental Transaction) in such Fundamental Transaction. “Black Scholes Value” means the value of this Warrant based on the Black-Scholes Option Pricing
Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest
rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100%
and the 100 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the
underlying price per share used in such calculation shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if
any, being offered in such Fundamental Transaction and (ii) the highest VWAP during the period beginning on the Trading Day immediately preceding the public announcement of the applicable Fundamental Transaction (or the consummation of the
applicable Fundamental Transaction, if earlier) and ending on the Trading Day of the Holder’s request pursuant to this Section 3(e) and (D) a remaining option time equal to the time between the date of the public announcement of the
applicable Fundamental Transaction and the Termination Date. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds (or such other consideration) within five Business Days of the Holder’s election
(or, if later, on the date of consummation of the Fundamental Transaction). The Company shall cause any successor entity in a 

 
Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant in
accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and
shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a
corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of
this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such
Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of
such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after
the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations
of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein. 

f) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest
1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury
shares, if any) issued and outstanding. 
 g) Notice to Holder. 

i. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this
Section 3, the Company shall promptly deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts
requiring such adjustment. 
 ii. Notice to Allow Exercise by Holder. If (A) the Company shall declare a
dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all
holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification
of the Common Stock, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby the Common Stock is converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email
to the Holder at its last email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a
record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that
holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided
that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant
constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a
Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice
except as may otherwise be expressly set forth herein. 

 h) Voluntary Adjustment By Company. Subject to the rules and
regulations of the Trading Market, the Company may at any time during the term of this Warrant, subject to the prior written consent of the Holder, reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by
the board of directors of the Company. 
 Section 4. Transfer of Warrant. 

a) Transferability. This Warrant and all rights hereunder (including, without limitation, any registration rights)
are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the
Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name
of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant
shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall
surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be
exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. 
 b) New
Warrants. If this Warrant is not held in global form through DTC (or any successor depositary), this Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written
notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or
combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial
issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto. 

c) Warrant Register. The Warrant Agent (or, with respect to Warrant held in certificated form, the Company) shall
register this Warrant, upon records to be maintained by the Warrant Agent (or, with respect to Warrant held in certificated form, by the Company) for that purpose (the “Warrant Register”), in the name of the record Holder hereof
from time to time. The Company and the Warrant Agent may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent
actual notice to the contrary. 
 Section 5. Miscellaneous. 

a) No Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any
voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant
Shares on a “cashless exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this
Warrant. 
 b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the
Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably
satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock
certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate. 

 c) Saturdays, Sundays, Holidays, etc. If the last or appointed
day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day. 

d) Authorized Shares. 

The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued
Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority
to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant
Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued
upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid
and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without
limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth
in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase
in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant. 

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is
exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof. 

e) Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this
Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the
interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be
commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the
adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not
personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process
being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees
that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall
commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses
incurred with the investigation, preparation and prosecution of such action or proceeding. 

 f) Restrictions. The Holder acknowledges that the Warrant Shares
acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws. 

g) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part
of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of
this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including
those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder. 

h) Notices. Any and all notices or other communications or deliveries to be provided by the Holders hereunder
including, without limitation, any Notice of Exercise, shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier service, addressed to the Company,
at 555 Skokie Boulevard, Suite 340, Northbrook, Illinois 60062, Attention: Steve Bourne, email address: SBourne@clarustherapeutics.com, or such other email address or address as the Company may specify for such purposes by notice to the
Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized
overnight courier service addressed to each Holder at the e-mail address or address of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder
shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered via e-mail at
the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is
delivered via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time)
on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. To the
extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with
the Commission pursuant to a Current Report on Form 8-K. 

i) Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise
this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such
liability is asserted by the Company or by creditors of the Company. 
 j) Remedies. The Holder, in addition to
being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate. 

k) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations
evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any
Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares. 

l) Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of
the Company, on the one hand, and the Holder or the beneficial owner of this Warrant, on the other hand. 

 m) Severability. Wherever possible, each provision of this
Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant. 

n) Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any
purpose, be deemed a part of this Warrant. 
 o) Warrant Agency Agreement. If this Warrant is held in global
form through DTC (or any successor depositary), this Warrant is issued subject to the Warrant Agency Agreement. To the extent any provision of this Warrant conflicts with the express provisions of the Warrant Agency Agreement, the provisions of this
Warrant shall govern and be controlling. 
 ******************** 

(Signature Page Follows) 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer
thereunto duly authorized as of the date first above indicated. 
  

			
	 CLARUS THERAPEUTICS HOLDINGS, INC.

		
	By:	 	  

		 	Name:
		 	Title:

 NOTICE OF EXERCISE 

 

	
	TO: CLARUS THERAPEUTICS HOLDINGS, INC.

 (1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of
the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any. 

(2) Payment shall take the form of (check applicable box): 

[    ] in lawful money of the United States; or 

[    ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set
forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c). 

(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below: 

 

                       
                                         
                                 

The Warrant Shares shall be delivered to the following DWAC Account Number: 
  

                       
                                         
                                 

 

                       
                                         
                                 

 

                       
                                         
                                 

[SIGNATURE OF HOLDER] 
  

	
	 Name of Investing Entity:
______________________________________________________________________________________

	 Signature of Authorized Signatory of Investing Entity:
_______________________________________________________________

	 Name of Authorized Signatory:
_________________________________________________________________________________

	 Title of Authorized Signatory:
__________________________________________________________________________________

	 Date:
______________________________________________________________________________________________________

 ASSIGNMENT FORM 

(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.) 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to 

 

			
	Name:	  	  

		
		  	(Please Print)
		
	Address:	  	  

		
		  	(Please Print)
		
	Phone Number:	  	  

		
	Email Address:	  	  

		
	Dated: _______________ __, ______	  	
		
	Holder’s Signature: _______________________________	  	
		
	Holder’s Address: _______________________________exhibit10a

EXECUTION COPY  CREDIT AGREEMENT  dated as of  April 26, 2022  among  MASCO CORPORATION  and  MASCO EUROPE S.À R.L.  as Borrowers  The Lenders Party Hereto  JPMORGAN CHASE BANK, N.A.  as Administrative Agent  CITIBANK, N.A. and PNC BANK, NATIONAL ASSOCIATION  as Co-Syndication Agents  and  DEUTSCHE BANK SECURITIES INC., ROYAL BANK OF CANADA,  TRUIST BANK, BANK OF AMERICA, N.A., FIFTH THIRD BANK   and WELLS FARGO BANK, NATIONAL ASSOCIATION   as Co-Documentation Agents  JPMORGAN CHASE BANK, N.A.,  CITIBANK, N.A.  and  PNC CAPITAL MARKETS LLC  as Joint Bookrunners and Joint Lead Arrangers  Exhibit 10a 

 

TABLE OF CONTENTS  Page  ARTICLE I Definitions ...................................................................................................................1  SECTION 1.01. Defined Terms .......................................................................................................1  SECTION 1.02. Classification of Loans and Borrowings .............................................................36  SECTION 1.03. Terms Generally ..................................................................................................36  SECTION 1.04. Accounting Terms; GAAP; Pro Forma Calculations. .........................................37  SECTION 1.05. Interest Rates; Benchmark Notification. .............................................................38  SECTION 1.06. Divisions .............................................................................................................39  SECTION 1.07. Letter of Credit Amounts ....................................................................................39  SECTION 1.08. Exchange Rates; Currency Equivalents ..............................................................39  ARTICLE II The Credits ...............................................................................................................40  SECTION 2.01. Commitments ......................................................................................................40  SECTION 2.02. Revolving Loans and Borrowings.......................................................................40  SECTION 2.03. Requests for Revolving Borrowings ...................................................................41  SECTION 2.04. [Reserved] ...........................................................................................................42  SECTION 2.05. Swingline Loans ..................................................................................................42  SECTION 2.06. Letters of Credit ..................................................................................................44  SECTION 2.07. Funding of Borrowings .......................................................................................49  SECTION 2.08. Interest Elections for Revolving Borrowings ......................................................50  SECTION 2.09. Termination and Reduction of Commitments; Termination of Facility .............52  SECTION 2.10. Repayment of Loans; Evidence of Debt .............................................................52  SECTION 2.11. Prepayment of Loans ..........................................................................................53  SECTION 2.12. Fees .....................................................................................................................54  SECTION 2.13. Interest .................................................................................................................55  SECTION 2.14. Alternate Rate of Interest ....................................................................................56  SECTION 2.15. Increased Costs ...................................................................................................59  SECTION 2.16. Break Funding Payments ....................................................................................61  SECTION 2.17. Taxes ...................................................................................................................61  SECTION 2.18. Payments Generally; Pro Rata Treatment; Sharing of Set-offs ..........................65  SECTION 2.19. Mitigation Obligations; Replacement of Lenders ...............................................67  SECTION 2.20. Expansion Option ................................................................................................68  SECTION 2.21. Market Disruption ...............................................................................................69  SECTION 2.22. Judgment Currency .............................................................................................70  SECTION 2.23. Liability of Foreign Subsidiary Borrower ...........................................................70  SECTION 2.24. Defaulting Lenders ..............................................................................................71  SECTION 2.25. Extension of Maturity Date. ................................................................................73  ARTICLE III Representations and Warranties ..............................................................................75  SECTION 3.01. Corporate Existence and Power ..........................................................................75  

 

Table of Contents  (continued) Page  ii  SECTION 3.02. Corporate and Governmental Authorization; No Contravention; Filing; No  Immunity ..........................................................................................................75  SECTION 3.03. Binding Effect .....................................................................................................76  SECTION 3.04. Financial Information ..........................................................................................76  SECTION 3.05. Litigation .............................................................................................................76  SECTION 3.06. Compliance with ERISA .....................................................................................76  SECTION 3.07. Environmental Matters ........................................................................................77  SECTION 3.08. Taxes ...................................................................................................................77  SECTION 3.09. Not an Investment Company ...............................................................................77  SECTION 3.10. Compliance with Laws ........................................................................................77  SECTION 3.11. Foreign Employee Benefit Matters .....................................................................77  SECTION 3.12. Properties ............................................................................................................77  SECTION 3.13. Disclosure ............................................................................................................78  SECTION 3.14. Federal Reserve Regulations ...............................................................................78  SECTION 3.15. No Default ...........................................................................................................78  SECTION 3.16. Anti-Corruption Laws and Sanctions ..................................................................78  SECTION 3.17. Affected Financial Institutions. ...........................................................................78  ARTICLE IV Conditions ...............................................................................................................79  SECTION 4.01. Effective Date .....................................................................................................79  SECTION 4.02. Each Credit Event ...............................................................................................80  ARTICLE V Covenants .................................................................................................................81  SECTION 5.01. Information ..........................................................................................................81  SECTION 5.02. Existence; Conduct of Business ..........................................................................82  SECTION 5.03. Compliance with Laws ........................................................................................82  SECTION 5.04. Use of Proceeds ...................................................................................................82  SECTION 5.05. Maintenance of Properties; Insurance .................................................................83  SECTION 5.06. Books and Records; Inspection ...........................................................................83  SECTION 5.07. Financial Covenants ............................................................................................83  SECTION 5.08. Limitations on Subsidiary Debt ..........................................................................84  SECTION 5.09. Negative Pledge ..................................................................................................84  SECTION 5.10. Consolidations, Mergers and Sale of Assets .......................................................85  ARTICLE VI Events of Default ....................................................................................................86  SECTION 6.01. Events of Default ................................................................................................86  SECTION 6.02. Application of Payments .....................................................................................88  

 

Table of Contents  (continued) Page  iii  ARTICLE VII The Administrative Agent .....................................................................................90  ARTICLE VIII Miscellaneous .......................................................................................................95  SECTION 8.01. Notices ................................................................................................................95  SECTION 8.02. Waivers; Amendments ........................................................................................97  SECTION 8.03. Expenses; Indemnity; Damage Waiver ...............................................................99  SECTION 8.04. Successors and Assigns .....................................................................................100  SECTION 8.05. Survival .............................................................................................................103  SECTION 8.06. Counterparts; Integration; Effectiveness ...........................................................104  SECTION 8.07. Severability .......................................................................................................105  SECTION 8.08. Right of Setoff ...................................................................................................105  SECTION 8.09. Governing Law; Jurisdiction; Consent to Service of Process ...........................105  SECTION 8.10. WAIVER OF JURY TRIAL .............................................................................106  SECTION 8.11. Headings............................................................................................................107  SECTION 8.12. Confidentiality ..................................................................................................107  SECTION 8.13. USA PATRIOT Act ..........................................................................................107  SECTION 8.14. Interest Rate Limitation ....................................................................................107  SECTION 8.15. No Fiduciary Duty, etc.. ....................................................................................108  SECTION 8.16. Material Non-Public Information. .....................................................................108  SECTION 8.17. Acknowledgment and Consent to Bail-In of Affected Financial Institutions. ..109  SECTION 8.18. Acknowledgment Regarding any Supported QFCs ..........................................109  ARTICLE IX Company Guarantee .............................................................................................110  

 

ii  SCHEDULES:  Schedule 2.01 --          Commitments  Schedule 2.06 --          Existing Letters of Credit  EXHIBITS:  Exhibit A --  Form of Assignment and Assumption  Exhibit B --  Reserved  Exhibit C --  Form of Increasing Lender Supplement  Exhibit D --  Form of Augmenting Lender Supplement  Exhibit E --  List of Closing Documents  Exhibit F-1 --  Form of U.S. Tax Certificate (Foreign Lenders That Are Not Partnerships)  Exhibit F-2 --  Form of U.S. Tax Certificate (Foreign Participants That Are Not Partnerships)  Exhibit F-3 --  Form of U.S. Tax Certificate (Foreign Participants That Are Partnerships)  Exhibit F-4 --  Form of U.S. Tax Certificate (Foreign Lenders That Are Partnerships)  Exhibit G --  Form of Extension Request  

 

CREDIT AGREEMENT (this “Agreement”) dated as of April 26, 2022 among MASCO  CORPORATION, MASCO EUROPE S.À R.L., the LENDERS from time to time party hereto, and  JPMORGAN CHASE BANK, N.A., as Administrative Agent.  The parties hereto agree as follows:  ARTICLE I  Definitions  SECTION 1.01.  Defined Terms.  As used in this Agreement, the following terms have  the meanings specified below:  “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan,  or the Loans comprising such Borrowing, bears interest at a rate determined by reference to the Alternate  Base Rate.  All ABR Loans shall be denominated in Dollars.  “Acquired Debt” means, with respect to any Person which previously became or  hereafter becomes a Subsidiary, Debt of such Person which was outstanding before such Person became a  Subsidiary and which was not created in contemplation of such Person becoming a Subsidiary; provided  that such Debt shall no longer constitute “Acquired Debt” at any time that is more than ninety days after  such Person becomes a Subsidiary.  “Adjusted Daily Simple RFR” means, (i) with respect to any RFR Borrowing  denominated in Pounds Sterling, an interest rate per annum equal to the Daily Simple RFR for Pounds  Sterling, (ii) with respect to any RFR Borrowing denominated in Dollars, an interest rate per annum equal  to (a) the Daily Simple RFR for Dollars, plus (b) 0.10% and (iii) with respect to any RFR Borrowing  comprised of Swingline Loans denominated in Euros, an interest rate per annum equal to the Daily  Simple RFR for Euros; provided that if the Adjusted Daily Simple RFR as so determined would be less  than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.  “Adjusted EURIBOR Rate” means, with respect to any Term Benchmark Borrowing  denominated in Euros for any Interest Period, an interest rate per annum equal to (a) the EURIBOR Rate  for such Interest Period multiplied by (b) the Statutory Reserve Rate; provided that if the Adjusted  EURIBOR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to  the Floor for the purposes of this Agreement.   “Adjusted Term SOFR Rate” means, with respect to any Term Benchmark Borrowing  denominated in Dollars for any Interest Period, an interest rate per annum equal to (a) the Term SOFR  Rate for such Interest Period, plus (b) 0.10%; provided that if the Adjusted Term SOFR Rate as so  determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the  purposes of this Agreement.  “Administrative Agent” means JPMorgan Chase Bank, N.A. (including its branches and  affiliates), in its capacity as administrative agent for the Lenders hereunder.  “Administrative Questionnaire” means an Administrative Questionnaire in a form  supplied by the Administrative Agent.  

 

2  “Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK  Financial Institution.   “Affiliate” means, with respect to a specified Person, another Person that directly, or  indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control  with the Person specified.  “Agent Indemnitee” has the meaning assigned to such term in Section 8.03.   “Aggregate Commitment” means the aggregate of the Commitments of all of the  Lenders, as reduced or increased from time to time pursuant to the terms and conditions hereof.  As of the  Effective Date, the Aggregate Commitment is $1,000,000,000.  “Agreed Currencies” means (a) with respect to Revolving Loans, (i) Dollars, (ii) Euro,  (iii) Pounds Sterling, (iv) Canadian Dollars and (v) any other foreign currency agreed to by the  Administrative Agent and each Lender, (b), with respect to Swingline Loans, (i) Dollars, (ii) Euro, (iii)  Pounds Sterling, (iv) Canadian Dollars and (v) any other foreign currency agreed to by the Administrative  Agent and the Swingline Lender, and (c) with respect to any Letter of Credit (subject to the limitations in  the definition of Issuing Bank) (i) Dollars, (ii) Euro, (iii) Pounds Sterling, (iv) Canadian Dollars and (v)  any other foreign currency agreed to by the Administrative Agent and the applicable Issuing Bank. “Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a)  the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the  Adjusted Term SOFR Rate for a one month Interest Period as published two U.S. Government Securities  Business Days prior to such day (or if such day is not a Business Day, the immediately preceding  Business Day) plus 1%; provided that for the purpose of this definition, the Adjusted Term SOFR Rate  for any day shall be based on the Term SOFR Reference Rate at approximately 5:00 a.m. Chicago time on  such day (or any amended publication time for the Term SOFR Reference Rate, as specified by the CME  Term SOFR Administrator in the Term SOFR Reference Rate methodology).  Any change in the  Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR  Rate shall be effective from and including the effective date of such change in the Prime Rate, the  NYFRB Rate or the Adjusted Term SOFR Rate, respectively.  If the Alternate Base Rate is being used as  an alternate rate of interest pursuant to Section 2.14 (for the avoidance of doubt, only until the  Benchmark Replacement has been determined pursuant to Section 2.14(b)), then the Alternate Base  Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to  clause (c) above.  For the avoidance of doubt, if the Alternate Base Rate as determined pursuant to the  foregoing would be less than 1.00%, such rate shall be deemed to be 1.00% for purposes of this  Agreement.  “Ancillary Document” has the meaning assigned to it in Section 8.06(b).  “Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction  applicable to the Company or any of its Subsidiaries from time to time concerning or relating to bribery or  corruption.  “Applicable Parties” has the meaning assigned to such term in Article VII.  “Applicable Percentage” means, with respect to any Lender, the percentage of the  Aggregate Commitment represented by such Lender’s Commitment; provided that, in the case of Section  2.24 when a Defaulting Lender shall exist, “Applicable Percentage” shall mean the percentage of the  Aggregate Commitment (disregarding any Defaulting Lender’s Commitment) represented by such  

 

3  Lender's Commitment.  If the Commitments have terminated or expired, the Applicable Percentages shall  be determined based upon the Commitments most recently in effect, giving effect to any assignments and  to any Lender’s status as a Defaulting Lender at the time of determination.  “Applicable Rate” means, for any day, with respect to any Term Benchmark Revolving  Loan, any RFR Loan, any ABR Loan, any Canadian Prime 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  “Term Benchmark and RFR Spread”, “ABR and Canadian Prime Spread”, or “Facility Fee Rate”, as the  case may be, based upon the ratings by Moody’s, S&P and Fitch, respectively, applicable on such date to  the Index Debt:   Index Debt  Ratings  (S&P/Moody’s/Fit ch):  Term  Benchmark  and RFR  Spread  ABR and  Canadian  Prime  Spread  Facility Fee  Rate  Category 1 A- or higher/ A3 or higher/ A- or higher 0.91% 0.00% 0.09% Category 2 BBB+/ Baa1/  BBB+  1.025% 0.025% 0.10% Category 3 BBB/ Baa2 / BBB 1.140% 0.140% 0.11%  Category 4 BBB-/ Baa3/BBB- 1.225% 0.225% 0.15%  Category 5 BB+ or lower/  Ba1 or lower/  BB+ or lower  1.425% 0.425% 0.20% For purposes of, and notwithstanding, the foregoing,  (a) on the Effective Date, the Applicable Rate shall be determined based on Category 3; (b) the credit rating in effect on any date for purposes of this definition is that in effect at the close of business on such date; and (c) in the event of split ratings, (i) if the ratings established by two or more rating agencies shall fall within the same Category, the Applicable Rate shall be determined by reference to such Category; (ii) if none of Moody’s, S&P and Fitch shall have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition), then such rating agency shall be deemed to have established a rating in Category 5; (iii) if only one rating agency shall have in effect a rating for the Index Debt, the Applicable Rate shall be determined by reference to the Category in which such rating falls; (iv) if the ratings established or deemed to have been established by Moody’s, S&P and Fitch for the Index Debt shall each fall within different Categories from each other, the Applicable Rate shall be based on the rating next below that of the highest of the three ratings; (v) if only two of S&P, Moody’s and Fitch shall have in effect a rating for the Index Debt and such ratings shall fall within different Categories, the Applicable Rate shall be based on the higher of the two ratings unless one of the two ratings is two or more Categories lower than the other, in which 

 

4  case the Applicable Rate shall be determined by reference to the rating next below that of the  higher of the two ratings; and (vi) if the ratings established or deemed to have been established  by Moody’s, S&P and Fitch shall be changed (other than as a result of a change in the rating  system of Moody’s, S&P or Fitch), such change shall be effective as of the date on which it is  first announced by the applicable rating agency, irrespective of when notice of such change  shall have been furnished by the Company to the Administrative Agent.  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 Moody’s, S&P or Fitch shall change, or if either such rating agency shall cease  to be in the business of rating corporate debt obligations, the Company and the Lenders shall  negotiate in good faith to amend this definition to reflect such changed rating system or the  unavailability of ratings from such rating agency and, pending the effectiveness of any such  amendment, the Applicable Rate shall be determined by reference to the rating most recently in  effect prior to such change or cessation.  “Approved Electronic Platform” has the meaning assigned to it in Article VII.  “Approved Fund” has the meaning assigned to such term in Section 8.04.  “Arrangers” means, collectively, JPMorgan Chase Bank, N.A., Citibank, N.A, and PNC  Capital Markets LLC, each in its capacity as a joint bookrunner and joint lead arranger hereunder.  “Assignment and Assumption” means an assignment and assumption agreement entered  into by a Lender and an assignee (with the consent of any party whose consent is required by Section  8.04), and accepted by the Administrative Agent, in substantially the form of Exhibit A or any other form  approved by the Administrative Agent.  “Augmenting Lender” has the meaning assigned to such term in Section 2.20.  “Availability Period” means the period from and including the Effective Date to but  excluding the earlier of the Maturity Date and the date of termination of the Commitments.  “Available Tenor” means, as of any date of determination and with respect to the then- current Benchmark for any Agreed Currency, as applicable, any tenor for such Benchmark (or component  thereof) or payment period for interest calculated with reference to such Benchmark (or component  thereof), as applicable, that is or may be used for determining the length of an Interest Period for any term  rate or otherwise, for determining any frequency of making payments of interest calculated pursuant to  this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such  Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (e) of Section  2.14.   “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the  applicable Resolution Authority in respect of any liability of an Affected Financial Institution.  “Bail-In Legislation” means (a) with respect to any EEA Member Country implementing  Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European  Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to  time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United  Kingdom,  Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other  law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing  

 

5  banks, investment firms or other financial institutions or their affiliates (other than through liquidation,  administration or other insolvency proceedings).   “Banking Services” means each and any of the following bank services provided to the  Foreign Subsidiary Borrower by any Lender or any of its Affiliates:  (a) credit cards for commercial  customers (including, without limitation, commercial credit cards and purchasing cards), (b) stored value  cards, (c) merchant processing services and (d) treasury management services (including, without  limitation, controlled disbursement, automated clearinghouse transactions, return items, any direct debit  scheme or arrangement, overdrafts and interstate depository network services).  “Banking Services Agreement” means any agreement entered into by the Foreign  Subsidiary Borrower in connection with Banking Services.  “Banking Services Obligations” means any and all obligations of the Foreign Subsidiary  Borrower, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or  acquired (including all renewals, extensions and modifications thereof and substitutions therefor) in  connection with Banking Services.  “Bankruptcy Event” means, with respect to any Person, such Person becomes the subject  of a voluntary or involuntary bankruptcy or insolvency proceeding, or has had a receiver, conservator,  trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the  reorganization or liquidation of its business appointed for it, or, in the good faith determination of the  Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or  acquiescence in, any such proceeding or appointment or has had any order for relief in such proceeding  entered in respect thereof, provided that a Bankruptcy Event shall not result solely by virtue of any  ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental  Authority or instrumentality thereof, provided, further, that such ownership interest does not result in or  provide such Person with immunity from the jurisdiction of courts within the United States or from the  enforcement of judgments or writs of attachment on its assets or permit such Person (or such  Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or  agreements made by such Person.  “Benchmark” means, initially, with respect to any (i) RFR Loan in any Agreed Currency,  the applicable Relevant Rate for such Agreed Currency or (ii) Term Benchmark Loan, the Relevant Rate  for the applicable Agreed Currency; provided that if a Benchmark Transition Event and the related  Benchmark Replacement Date have occurred with respect to the applicable Relevant Rate or the then- current Benchmark for such Agreed Currency, then “Benchmark” means the applicable Benchmark  Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate  pursuant to clause (b) of Section 2.14.   “Benchmark Replacement” means, for any Available Tenor, the first alternative set forth  in the order below that can be determined by the Administrative Agent for the applicable Benchmark  Replacement Date; provided that, in the case of any Loan denominated in a Foreign Currency,  “Benchmark Replacement” shall mean the alternative set forth in (2) below:  (1) in the case of any Loan denominated in Dollars, the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment,  (2) the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Company as the replacement for the then-current Benchmark for  the applicable Corresponding Tenor giving due consideration to (i) any selection or  

 

6  recommendation of a replacement benchmark rate or the mechanism for determining such a rate  by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for  determining a benchmark rate as a replacement for the then-current Benchmark for syndicated  credit facilities denominated in the applicable Agreed Currency at such time in the United States  and (b) the related Benchmark Replacement Adjustment.  If the Benchmark Replacement as determined pursuant to clause (1) or (2) above would  be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this  Agreement and the other Loan Documents.  “Benchmark Replacement Adjustment” means, with respect to any replacement of the  then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period  and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment,  or method for calculating or determining such spread adjustment (which may be a positive or negative  value or zero) that has been selected by the Administrative Agent and the Company for the applicable  Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread  adjustment, or method for calculating or determining such spread adjustment, for the replacement of such  Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body  on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market  convention for determining a spread adjustment, or method for calculating or determining such spread  adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark  Replacement for syndicated credit facilities denominated in the applicable Agreed Currency at such time.  “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark  Replacement and/or any Term Benchmark Revolving Loan denominated in Dollars, any technical,  administrative or operational changes (including changes to the definition of “Alternate Base Rate,” the  definition of “Business Day”,  the definition of “U.S. Government Securities Business Day”, the  definition of “RFR Business Day”, the definition of “Interest Period,” timing and frequency of  determining rates and making payments of interest, timing of borrowing requests or prepayment,  conversion or continuation notices, length of lookback periods, the applicability of breakage provisions,  and other technical, administrative or operational matters) that the Administrative Agent decides (in  consultation with the Company) may be appropriate to reflect the adoption and implementation of such  Benchmark and to permit the administration thereof by the Administrative Agent in a manner  substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any  portion of such market practice is not administratively feasible or if the Administrative Agent determines  that no market practice for the administration of such Benchmark exists, in such other manner of  administration as the Administrative Agent decides is reasonably necessary (in consultation with the  Company) in connection with the administration of this Agreement and the other Loan Documents).  “Benchmark Replacement Date” means, with respect to any Benchmark, the earlier to  occur of the following events with respect to such then-current Benchmark:   (1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or (2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined  and announced by the regulatory supervisor for the administrator of such Benchmark (or such component  

 

7  thereof) to be no longer representative; provided, that such non-representativeness will be determined by  reference to the most recent statement or publication referenced in such clause (3) and even if any  Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.  For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement  Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the  Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such  determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of  clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set  forth therein with respect to all then-current Available Tenors of such Benchmark (or the published  component used in the calculation thereof).  “Benchmark Transition Event” means, with respect to any Benchmark, the occurrence of  one or more of the following events with respect to such then-current Benchmark:   (1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such  administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such  component thereof), permanently or indefinitely, provided that, at the time of such statement or  publication, there is no successor administrator that will continue to provide any Available Tenor of such  Benchmark (or such component thereof);  (2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the  Federal Reserve Board, the NYFRB, the CME Term SOFR Administrator, the central bank for the  Agreed Currency applicable to such Benchmark, an insolvency official with jurisdiction over the  administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the  administrator for such Benchmark (or such component), in each case, or a court or an entity with similar  insolvency or resolution authority over the administrator for such Benchmark (or such component), in  each case which states that the administrator of such Benchmark (or such component) has ceased or will  cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or  indefinitely; provided that, at the time of such statement or publication, there is no successor  administrator that will continue to provide any Available Tenor of such Benchmark (or such component  thereof); or  (3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof)  announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as  of a specified future date will no longer be, representative.  For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have  occurred with respect to any Benchmark if a public statement or publication of information set forth  above has occurred with respect to each then-current Available Tenor of such Benchmark (or the  published component used in the calculation thereof).  “Benchmark Unavailability Period” means, with respect to any Benchmark, the period (if  any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that  definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current  Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.14  and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for  all purposes hereunder and under any Loan Document in accordance with Section 2.14.   

 

8  “Beneficial Ownership Certification” means a certification regarding beneficial  ownership or control as required by the Beneficial Ownership Regulation.  “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.  “Benefit Arrangement” means at any time an employee benefit plan within the meaning  of Section 3(3) of ERISA which is not a Plan or a Multiemployer Plan and which is sponsored,  maintained or otherwise contributed to (i) by the Company or any of its Subsidiaries or (ii) for the benefit  of the employees of the Company or any of its Subsidiaries.   “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that  is subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code, or (c)  any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title  I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.  “BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and  interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.   “Blocking Law” means (a) any provision of Council Regulation (EC) No 2271/1996 of  22 November (and any law or regulation implementing such Regulation in any member state of the  European Union or the United Kingdom), (b) section 7 of the German Trade Regulation  (Außenwirtschaftsverordnung), or (c) any similar blocking or anti-boycott law.  “Board” means the Board of Governors of the Federal Reserve System of the United  States of America.  “Borrower” means the Company or the Foreign Subsidiary Borrower.  “Borrowing” means (a) Revolving Loans of the same Type, made, converted or  continued on the same date and, in the case of Term Benchmark Loans, as to which a single Interest  Period is in effect, or (b) a Swingline Loan.  “Borrowing Request” means a request by any Borrower for a Revolving Borrowing in  accordance with Section 2.03.  “Business Day” means any day (other than a Saturday or a Sunday) on which banks are  open for business in New York City or Chicago, provided that “Business Day” shall only include (a) in  relation to Loans denominated in Pounds Sterling, any day (other than a Saturday or a Sunday) on which  banks are open for business in London, (b) in relation to Loans denominated in Euros and in relation to  the calculation or computation of EURIBOR, any day which is a TARGET Day, (c) in relation to Loans  denominated in Canadian Dollars and in relation to the calculation and computation of CDOR, any day  (other than a Saturday or Sunday) on which banks are open for business in Toronto, Canada, (d) in  relation to RFR Loans and any interest rate settings, fundings, disbursements, settlements or payments of  any such RFR Loan, or any other dealings in the applicable Agreed Currency of such RFR Loan, any such  day that is only an RFR Business Day, and (e) in relation to Loans denominated in any other Agreed  Currency or any interest rate settings, fundings, disbursements, settlements or payments of any CBR  Loan, any date on which dealings in such Agreed Currency are carried on in the principal financial center  of such Agreed Currency; provided that, when used in connection with an amount that bears interest at a  rate based on SOFR or any direct or indirect calculation or determination of SOFR, the term “Business  Day” means any such day that is also a U.S. Government Securities Business Day.  

 

9  “Canadian Dollars” and “C$” mean the lawful currency of Canada.  “Canadian Prime” when used in reference to any Loan or Borrowing denominated in  Canadian Dollars, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing  interest at a rate determined by reference to the Canadian Prime Rate.   “Canadian Prime Rate” means, on any day, a rate per annum determined by the  Administrative Agent to be the higher of (a) the rate equal to the PRIMCAN Index rate that appears on  the Bloomberg screen at 10:15 a.m. Toronto, Ontario time on such day (or, in the event that the  PRIMCAN Index is not published by Bloomberg, any other information service that publishes such index  from time to time, as selected by the Administrative Agent in its reasonable discretion), and (b) the  CDOR Rate for a one month Interest Period at approximately 10:15 a.m., Toronto, Ontario time on such  day (and, if such day is not a Business Day, then on the immediately preceding Business Day (as adjusted  by Administrative Agent after 10:15 a.m. Toronto, Ontario time to reflect any error in the posted rate of  interest or in the posted average annual rate of interest)), rounded to the nearest 1/100th of 1% (with  .005% being rounded up), plus 1% per annum; provided, that if any the above rates shall be less than 1%  per annum, such rate shall be deemed to be 1% per annum for purposes of this Agreement. Any change in  the Canadian Prime Rate due to a change in the PRIMCAN Index or the CDOR Rate shall be effective  from and including the effective date of such change in the PRIMCAN Index or CDOR Rate,  respectively.  If the Canadian Prime Rate is being used as an alternate rate of interest pursuant to Section  2.14 (for the avoidance of doubt, only until the applicable Benchmark Replacement has been determined  pursuant to Section 2.14(b)), then the Canadian Prime Rate shall be determined solely by reference to  clause (a) above and shall be determined without reference to clause (b) above.   “Capital Lease Obligations” of any Person means the obligations of such Person to pay  rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal  property, or a combination thereof, which obligations are required to be classified and accounted for as  capital leases or financing leases on a balance sheet of such Person under GAAP, and the amount of such  obligations shall be the capitalized amount thereof determined in accordance with GAAP.  “CBR Loan” means a Loan that bears interest at a rate determined by reference to the  Central Bank Rate.  “CBR Spread” means the Applicable Rate applicable to such Loan that is replaced by a  CBR Loan.  “CDOR Rate” means, with respect to any Term Benchmark Borrowing denominated in  Canadian Dollars and for any Interest Period, the CDOR Screen Rate at approximately 10:15 a.m.  Toronto local time on the first day of such Interest Period (and, if such day is not a Business Day, then on  the immediately preceding Business Day (as adjusted by Administrative Agent after 10:15 a.m. Toronto,  Ontario time to reflect any error in the posted rate of interest or in the posted average annual rate of  interest)), rounded to the nearest 1/100th of 1% (with .005% being rounded up).  “CDOR Screen Rate” means, for any day and time, with respect to any Term Benchmark  Borrowing denominated in Canadian Dollars and for any Interest Period, the annual rate of interest equal  to the average rate applicable to Canadian Dollar Canadian bankers’ acceptances for the applicable  Interest Period that appears on the “Reuters Screen CDOR Page” as defined in the ISDA Definitions (or,  in the event such rate does not appear on such page or screen, on any successor or substitute page or  screen that displays such rate, or on the appropriate page of such other information service that publishes  such rate from time to time, as selected by the Administrative Agent in its reasonable discretion);  

 

10  provided that, if the CDOR Screen Rate shall be less than 0%, the CDOR Screen Rate shall be deemed to  be 0% for purposes of this Agreement.  “Central Bank Rate”  means, (A) for any Loan denominated in (a) Euro, one of the  following three rates as may be selected by the Administrative Agent in its reasonable discretion: (1) the  fixed rate for the main refinancing operations of the European Central Bank (or any successor thereto), or,  if that rate is not published, the minimum bid rate for the main refinancing operations of the European  Central Bank (or any successor thereto), each as published by the European Central Bank (or any  successor thereto) from time to time, (2) the rate for the marginal lending facility of the European Central  Bank (or any successor thereto), as published by the European Central Bank (or any successor thereto)  from time to time, or (3) the rate for the deposit facility of the central banking system of the Participating  Member States, as published by the European Central Bank (or any successor thereto) from time to time,  (b) Pounds Sterling, the Bank of England (or any successor thereto)’s “Bank Rate” as published by the Bank of England (or any successor thereto) from time to time, and (c) any other Foreign Currency determined after the Effective Date, a central bank rate as determined by the Administrative Agent in its reasonable discretion; plus (B) the applicable Central Bank Rate Adjustment; provided that if the Central Bank Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement. “Central Bank Rate Adjustment” means for any day, for any Loan denominated in (a)  Euro, a rate equal to the difference (which may be a positive or negative value or zero) of (i) in the case of  Revolving Loans, (A) the average of the Adjusted EURIBOR Rate for the five most recent Business Days  preceding such day for which the EURIBOR Screen Rate was available (excluding, from such averaging,  the highest and the lowest Adjusted EURIBOR Rate applicable during such period of five Business Days)  minus (B) the Central Bank Rate in respect of Euro in effect on the last Business Day in such period, and  (ii) in the case of Swingline Loans, (A) the average of the Adjusted Daily Simple RFR for Euro for the five most recent RFR Business Days preceding such day for which ESTR was available (excluding, from such averaging, the highest and the lowest such Adjusted Daily Simple RFR applicable during such period of five RFR Business Days) minus (B) the Central Bank Rate in respect of Euro in effect on the last RFR Business Day in such period, (b) Pounds Sterling, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the average of Adjusted Daily Simple RFR for Pounds Sterling Borrowings for the five most recent RFR Business Days preceding such day for which SONIA was available (excluding, from such averaging, the highest and the lowest such Adjusted Daily Simple RFR applicable during such period of five RFR Business Days) minus (ii) the Central Bank Rate in respect of Pounds Sterling in effect on the last RFR Business Day in such period, and (c) any other Foreign Currency, a Central Bank Rate Adjustment as determined by the Administrative Agent in its reasonable discretion.  For purposes of this definition, (x) the term Central Bank Rate shall be determined disregarding clause (B) of the definition of such term and (y) the EURIBOR Rate on any day shall be based on the EURIBOR Screen Rate on such day at approximately the time referred to in the definition of such term for deposits in the applicable Agreed Currency for a maturity of one month. “Change in Law” means the occurrence, after the date of this Agreement (or with respect  to any Lender, if later, the date on which such Lender becomes a Lender), of any of the following:  (a) the  adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation  or treaty or in the administration, interpretation, implementation or application thereof by any  Governmental Authority, or (c) compliance by any Lender or any Issuing Bank (or, for purposes of  Section 2.15(b), by any lending office of such Lender or by such Lender’s or any Issuing Bank’s holding  company, if any) with any request, rules, guideline, requirement or directive (whether or not having the  force of law) by any Governmental Authority; provided however, that notwithstanding anything herein to  the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,  guidelines, requirements and directives thereunder, issued in connection therewith or in implementation  

 

11  thereof, and (ii) all requests, rules, guidelines, requirements and directives promulgated by the Bank for  International Settlements, the Basel Committee on Banking Supervision (or any successor or similar  authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in  each case be deemed to be a “Change in Law” regardless of the date enacted, adopted, issued or  implemented.  “Charges” has the meaning assigned to it in Section 8.14.  “Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan,  or the Loans comprising such Borrowing, are Revolving Loans, Swingline Loans or, if applicable,  Incremental Term Loans.  “CME Term SOFR Administrator” means CME Group Benchmark Administration  Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR) (or a  successor administrator).   “Code” means the Internal Revenue Code of 1986, as amended.  “Commitment” means, with respect to each Lender, the commitment of such Lender to  make 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 or terminated from time to time pursuant to  Section 2.09 or Article VI, (b) increased from time to time pursuant to Section 2.20 and (c) reduced or  increased from time to time pursuant to assignments by or to such Lender pursuant to Section 8.04.  The  initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and  Assumption or other documentation or record (as such term is defined in Section 9-102(a)(70) of the New  York Uniform Commercial Code) contemplated hereby pursuant to which such Lender shall have  assumed its Commitment, as applicable.  “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.),  as amended from time to time, and any successor statute.  “Communications” has the meaning assigned to such term in Article VII.  “Company” means Masco Corporation, a Delaware corporation, and its successors.  “Connection Income Taxes” means Other Connection Taxes that are imposed on or  measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.  “Consolidated Debt” means at any date the Debt of the Company and its Consolidated  Subsidiaries determined on a consolidated basis as of such date minus the Debt Credit applicable to the  Company and its Consolidated Subsidiaries as of such date.  “Consolidated EBITDA” means, with reference to any period, Consolidated Net Income  plus, without duplication and to the extent deducted from revenues in determining such Consolidated Net  Income for such period, the sum of:  (i) interest expense in accordance with GAAP, (ii) expense for income taxes paid or accrued, 

 

12  (iii) depreciation expense, (iv) amortization expense, (v) unusual or non-recurring non-cash expenses or losses (including any such loss from discontinued operations), (vi) non-cash restructuring and rationalization charges and non-cash charges related to impairment of long-lived assets, intangible assets and goodwill, (vii) non-cash charges related to impairment of financial investments as set forth in the Fair Value of Financial Investments and Liabilities Note of the Company’s quarterly and annual SEC filings, (viii) non-cash expenses related to stock based compensation (other than with respect to phantom stock and stock appreciation rights), as set forth in the Stock-Based Compensation Note of the Company’s quarterly and annual SEC filings, (ix) other non-cash charges of any kind, (x) cash restructuring and rationalization charges; provided that the aggregate amount of any increase to Consolidated EBITDA pursuant to this clause (x), and pursuant to clauses (i) or (ii) of the second sentence of Section 1.04(b) for the applicable period shall not exceed 10% of Consolidated EBITDA in the absence of the adjustments pursuant to this clause (x) and clauses (i) or (ii) of the second sentence of Section 1.04(b), (xi) cash fees and expenses incurred in connection with acquisitions, equity issuances and debt incurrences that are not otherwise capitalized, and (xii) cash fees, expenses, premiums and/or penalties incurred in connection with a prepayment, redemption, purchase, repurchase or defeasance of any Debt prior to the schedule maturity thereof, in an aggregate amount during the term of this Agreement not to exceed $25,000,000, minus, without duplication and to the extent included in determining such Consolidated Net  Income for such period, the sum of:  (a) interest income, (b) income tax credits and refunds (to the extent not netted from tax expense), (c) any cash payments made during such period in respect of items described in clauses (v) through (ix) above (other than cash payments made with respect to phantom stock and stock appreciation rights) subsequent to the fiscal quarter in which the relevant non-cash expenses or losses were incurred, (d) unusual or non-recurring non-cash income or gains realized, and (e) any other non-cash items of income or gains. 

 

13  Without duplication of the foregoing, Consolidated EBITDA shall be calculated for the Company and its  Subsidiaries in accordance with GAAP on a consolidated basis and computed without regard to the  cumulative effect of any changes in accounting principles, as shown on the Company’s consolidated  statement of income for such period.  For the purposes of calculating Consolidated EBITDA for any period of four consecutive  fiscal quarters (each, a “Reference Period”), (1) if at any time during such Reference Period the Company  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 (2) if during such Reference Period the Company or any Subsidiary shall have  made a Material Acquisition, Consolidated EBITDA for such Reference Period shall be calculated after  giving effect thereto on a Pro Forma Basis as if such Material Acquisition occurred on the first day of  such Reference Period.  As used in this definition, “Material Acquisition” means any acquisition of  property or series of related acquisitions of property that (a) constitutes (i) assets comprising all or  substantially all or any significant portion of a business or operating unit of a business, or (ii) all or  substantially all of the common stock or other Equity Interests of a Person, and (b) involves the payment  of consideration by the Company and its Subsidiaries in excess of $150,000,000; and “Material  Disposition” means any sale, transfer or disposition of property or series of related sales, transfers, or  dispositions of property that involves a disposition of assets having  fair market value, or yields gross  proceeds to the Company or any of its Subsidiaries, in excess of $150,000,000.  “Consolidated Interest Expense” means, with reference to any period, the interest  expense (including without limitation interest expense under Capital Lease Obligations that is treated as  interest in accordance with GAAP) of the Company and its Subsidiaries, net of interest income received  on cash on deposit or Permitted Cash Equivalent Investments, calculated on a consolidated basis for such  period with respect to (a) all outstanding Debt of the Company and its Subsidiaries allocable to such  period in accordance with GAAP and (b) Swap Agreements (including, without limitation, all  commissions, discounts and other fees and charges owed with respect to letters of credit and bankers  acceptance financing and net costs under interest rate Swap Agreements to the extent such net costs are  allocable to such period in accordance with GAAP).  Without duplication of the foregoing, Consolidated  Interest Expense shall be calculated for the Company and its Subsidiaries in accordance with GAAP on a  consolidated basis and computed without regard to the cumulative effect of any changes in accounting  principles, as shown on the Company’s consolidated statement of income for such period.  In the event  that the Company or any Subsidiary shall have completed a “Material Acquisition” or a “Material  Disposition” (each as defined in the definition of “Consolidated EBITDA”) since the beginning of the  relevant period, Consolidated Interest Expense shall be determined for such period on a Pro Forma Basis  as if such acquisition or disposition, and any related incurrence or repayment of Debt, had occurred at the  beginning of such period.    “Consolidated Net Income” means, with reference to any period, the net income (or loss)  of the Company and its Subsidiaries calculated in accordance with GAAP on a consolidated basis  (without duplication) for such period, without any adjustment for net income (or loss) attributable to  Equity Interests of a Subsidiary of the Company that are not owned by Company or one of its  Subsidiaries (i.e., non-controlling interests); provided that there shall be excluded any income (or loss) of  any Person other than the Company or a Subsidiary, but any such income so excluded may be included in  such period or any later period to the extent of any cash dividends or distributions actually paid in the  relevant period to the Company or any wholly-owned Subsidiary of the Company.   

 

14  “Consolidated Subsidiary” means, at any date, any Subsidiary the accounts of which  would be consolidated with those of the Company in its consolidated financial statements in accordance  with GAAP as of such date.  “Consolidated Tangible Assets” means, as of the date of any determination thereof, (a)  the total assets of the Company and its Subsidiaries calculated in accordance with GAAP on a  consolidated basis as of such date minus (b) the aggregate amount of intangible assets of the Company  and its Subsidiaries calculated in accordance with GAAP on a consolidated basis as of such date,  including, without limitation, customer lists, acquired technology, goodwill, trademarks, patents,  copyrights, organization expenses, franchises, licenses, trade names, brand names, mailing lists, catalogs,  unamortized debt discount and capitalized research and development costs.  “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.  “Country Risk Event” means:  (a) any law, action or failure to act by any Governmental Authority in any Borrower’s or Letter of Credit beneficiary’s country which has the effect of:  (i) changing the obligations under the relevant Letter of Credit, this Agreement or any of the other Loan Documents as originally agreed or otherwise  creating any additional liability, cost or expense to any Issuing Bank, the Lenders or the  Administrative Agent,  (ii) changing the ownership or control by such Borrower or Letter of Credit beneficiary of its business, or  (iii) preventing or restricting the conversion into or transfer of the applicable Agreed Currency;  (b) force majeure; or (c) any similar event; which, in relation to (a), (b) and (c), directly or indirectly, prevents or restricts the payment or transfer of  any amounts owing under the relevant Letter of Credit in the applicable Agreed Currency into an account  designated by the Administrative Agent or any Issuing Bank and freely available to the Administrative  Agent or such Issuing Bank.  “Corresponding Tenor” with respect to any Available Tenor means, as applicable, either  a tenor (including overnight) or an interest payment period having approximately the same length  (disregarding business day adjustment) as such Available Tenor.   “Co-Documentation Agent” means each of Deutsche Bank Securities Inc., Royal Bank of  Canada, Truist Bank, Bank of America, N.A., Fifth Third Bank and Wells Fargo Bank, National  Association, in its capacity as a co-documentation agent for the credit facility evidenced by this  Agreement.  

 

15  “Co-Syndication Agent” means each of Citibank, N.A.  and PNC Bank, National  Association, in its capacity as a co-syndication agent for the credit facility evidenced by this Agreement.   “Covered Entity” means any of the following:  (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);  (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or  (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). “Covered Party” has the meaning assigned to it in Section 8.18.  “Credit Event” means a Borrowing, the issuance, amendment, renewal  or extension of a  Letter of Credit, an LC Disbursement or any of the foregoing.   “Credit Party” means the Administrative Agent, each Issuing Bank, the Swingline  Lender or any other Lender.  “Daily Simple RFR” means, for any day (an “RFR Interest Day”), an interest rate per  annum equal to, for any RFR Loan denominated in (i) Pounds Sterling, SONIA for the day that is 5 RFR  Business Days prior to (A) if such RFR Interest Day is an RFR Business Day, such RFR Interest Day or  (B) if such RFR Interest Day is not an RFR Business Day, the RFR Business Day immediately preceding such RFR Interest Day, (ii) Dollars, Daily Simple SOFR (following a Benchmark Transition Event and Benchmark Replacement Date with respect to the Term SOFR Rate) and (iii) Euro (solely with respect to Swingline Loans), ESTR for the day that is five RFR Business Days prior to (A) if such RFR Interest Day is an RFR Business Day, such RFR Interest Day or (B) if such RFR Interest Day is not an RFR Business Day, the RFR Business Day immediately preceding such RFR Interest Day. “Daily Simple SOFR” means, for any day (a “SOFR Rate Day”), a rate per annum equal  to SOFR for the day (such day “SOFR Determination Date”) that is five (5) RFR Business Days prior to  (i) if such SOFR Rate Day is an RFR Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not an RFR Business Day, the RFR Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website.  Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Company. “Debt” of any Person means at any date, without duplication, (i) all obligations of such  Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or  other similar instruments, (iii) all obligations of such Person to pay the deferred purchase price of  property or services, except trade accounts payable, (iv) all Capital Lease Obligations of such Person, (v)  all Debt of others secured by a Lien on any asset of such Person, whether or not such Debt is assumed by  such Person, (vi) all Debt of others for which such a Person is contingently liable (including pursuant to a  Guarantee) and (vii) obligations, contingent or otherwise, of such Person as an account party in respect of  letters of credit, letters of guaranty or bankers’ acceptances.  In calculating the amount of any Debt at any  date for purposes of this Agreement, (a) accrued interest shall be excluded to the extent that it would be  properly classified as a current liability for interest under the heading “Accrued liabilities” (and not under  the heading “Notes payable”) in a balance sheet prepared as of such date in accordance with the  

 

16  accounting principles and practices used in preparing the balance sheet referred to in Section 3.04(a) and  the related footnotes thereto and (b) the Debt of any Person shall include the Debt 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 Debt provide that such Person is not liable therefor.  “Debt Credit” for any Person means, at any date, the lesser of (i) the aggregate amount of  contingent obligations of such Person as an account party in respect of letters of credit, letters of guaranty  or bankers’ acceptances and (ii) $100,000,000.  “Default” means any event or condition which constitutes an Event of Default or which  upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.  “Default Right” has the meaning assigned to that term in, and shall be interpreted in  accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.  “Defaulting Lender” means any Lender that (a) has failed, within three Business Days of  the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its  participations in Letters of Credit or Swingline Loans or (iii) pay over to any Credit Party any other  amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies  the Administrative Agent in writing that such failure is the result of such Lender’s good faith  determination that a condition precedent to funding (specifically identified and including the particular  default, if any) has not been satisfied, (b) has notified the Company or any Credit Party in writing, or has  made a public statement to the effect, that it does not intend or expect to comply with any of its funding  obligations under this Agreement (unless such writing or public statement indicates that such position is  based on such Lender’s good faith determination that a condition precedent (specifically identified and  including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or  generally under other agreements in which it commits to extend credit, (c) has failed, within three  Business Days after written request by the Administrative Agent, acting in good faith, to provide a  certification in writing from an authorized officer of such Lender that it will comply with its obligations  (and is financially able to meet such obligations) to fund prospective Loans and participations in then  outstanding Letters of Credit and Swingline Loans under this Agreement (unless, in the case of any such  request with respect to the funding of prospective Loans, such certification indicates that such Lender has  made a good faith determination that a condition precedent (specifically identified and including the  particular default, if any) to funding a Loan under this Agreement cannot be satisfied), provided that such  Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon the Administrative Agent’s  receipt of such certification in form and substance satisfactory to it, or (d) has become the subject of (i) a  Bankruptcy Event or (ii) a Bail-In Action.  “Dollar Amount” of any currency at any date means (i) the amount of such currency if  such currency is Dollars or (ii) the equivalent amount thereof in Dollars if such currency is a Foreign  Currency, calculated on the basis of the Exchange Rate for such currency, on or as of the most recent  Revaluation Date.  “Dollars” or “$” refers to lawful money of the United States of America.  “Domestic Subsidiary” means a Subsidiary organized under the laws of a jurisdiction  located in the United States of America.  

 

17  “ECP” means an “eligible contract participant” as defined in Section 1(a)(18) of the  Commodity Exchange Act or any regulations promulgated thereunder and the applicable rules issued by  the Commodity Futures Trading Commission and/or the SEC.  “EEA Financial Institution” means (a) any credit institution or investment firm  established in any EEA Member Country which is subject to the supervision of an EEA Resolution  Authority, (b) any entity established in an EEA Member Country which is a parent of an institution  described in clause (a) of this definition, or (c) any financial institution established in an EEA Member  Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is  subject to consolidated supervision with its parent.  “EEA Member Country” means any of the member states of the European Union,  Iceland, Liechtenstein, and Norway.  “EEA Resolution Authority” means any public administrative authority or any Person  entrusted with public administrative authority of any EEA Member Country (including any delegee)  having responsibility for the resolution of any EEA Financial Institution.  “Effective Date” means the date on which the conditions specified in Section 4.01 are  satisfied (or waived in accordance with Section 8.02).  “Electronic Signature” means an electronic sound, symbol, or process attached to, or  associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or  accept such contract or record.  “Environmental Laws” means any and all federal, state and local statutes, laws, judicial  decisions, regulations, ordinances, rules, judgments, orders, decrees, injunctions, permits, concessions,  grants, franchises, licenses, agreements and other governmental restrictions relating to the environment,  the effect of the environment on human health or to emissions, discharges or releases of pollutants,  contaminants, petroleum or petroleum products, chemicals or industrial, toxic or hazardous substances or  wastes into the environment including, without limitation, ambient air, surface water, ground water, or  land, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal,  transport or handling of pollutants, contaminants, petroleum or petroleum products, chemicals or  industrial, toxic or hazardous substances or wastes or the clean-up or other remediation thereof.  “Environmental Liability” means any liability, contingent or otherwise (including any  liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the  Company or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any  Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any  Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any  Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement  pursuant to which liability is assumed or imposed with respect to any of the foregoing.  “Equity Interests” means shares of capital stock, partnership interests, membership  interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in  a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any  of the foregoing.  “Equivalent Amount” of any currency with respect to any amount of Dollars at any date  means the equivalent in such currency of such amount of Dollars, calculated on the basis of the Exchange  

 

18  Rate for such other currency at 11:00 a.m., London time, on the date on or as of which such amount is to  be determined.  “ERISA” means the Employee Retirement Income Security Act of 1974, as amended  from time to time, and the rules and regulations promulgated thereunder.  “ERISA Group” means the Company, any Subsidiary and all members of a controlled  group of corporations and all trades or businesses (whether or not incorporated) under common control  which, together with the Company or any Subsidiary, are treated as a single employer under Section 414  of the Code or Section 4001(b) of ERISA.  “ESTR” means, with respect to any Business Day, a rate per annum equal to the Euro  Short Term Rate for such Business Day published by the ESTR Administrator on the ESTR  Administrator’s Website.  “ESTR Administrator” means the European Central Bank (or any successor administrator  of the Euro Short Term Rate).   “ESTR Administrator’s Website” means the European Central Bank’s website, currently  at http://www.ecb.europa.eu, or any successor source for the Euro Short Term Rate identified as such by  the ESTR Administrator from time to time.  “ESTR Loan” means a Swingline Loan denominated in Euro that bears interest at a rate  based on ESTR.   “EU” means the European Union.  “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published  by the Loan Market Association (or any successor Person), as in effect from time to time.  “EURIBOR Rate” means, with respect to any Term Benchmark Borrowing denominated  in Euros and for any Interest Period, the EURIBOR Screen Rate two (2) TARGET Days prior to the  commencement of such Interest Period.  “EURIBOR Screen Rate” means the euro interbank offered rate administered by the  European Money Markets Institute (or any other person which takes over the administration of that rate)  for the relevant period displayed (before any correction, recalculation or republication by the  administrator) on page EURIBOR01 of the Thomson Reuters screen (or any replacement Thomson  Reuters page which displays that rate) or on the appropriate page of such other information service which  publishes that rate from time to time in place of Thomson Reuters as published at approximately 11:00  a.m. Brussels time two (2) TARGET Days prior to the commencement of such Interest Period. If such page or service ceases to be available, the Administrative Agent may specify another page or service displaying the relevant rate after consultation with the Company. “Euro” and/or “€” mean the single currency of the Participating Member States.  “Event of Default” has the meaning assigned to such term in Section 6.01.  “Exchange Rate” means, on any day, (a) with respect to any Foreign Currency, the rate of  exchange for the purchase of Dollars with such Foreign Currency last provided (either by publication or  otherwise provided to the Administrative Agent) by the applicable Thomson Reuters Corp. (“Reuters”)  

 

19  source on the Business Day (New York City time) immediately preceding the date of determination, or if  such service ceases to be available or ceases to provide a rate of exchange for the purchase of Dollars  with the Foreign Currency, as provided by such other publicly available information service which  provides that rate of exchange at such time in place of Reuters reasonably chosen by the Administrative  Agent in its sole discretion (or if such service ceases to be available or ceases to provide such rate of  exchange, the equivalent of such amount in Dollars as determined by the Administrative Agent using any  reasonable method of determination it deems appropriate in its sole discretion) and (b) if such amount is  denominated in any other currency (other than Dollars), the equivalent of such amount in Dollars as  determined by the Administrative Agent using any reasonable method of determination it deems  appropriate in its sole discretion.  “Excluded Swap Obligation” means, with respect to the Company, any Specified Swap  Obligation if, and to the extent that, all or a portion of the Guarantee of the Company of, or the grant by  the Company of a security interest to secure, such Specified Swap Obligation (or any Guarantee thereof)  is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the  Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by  virtue of the Company’s failure for any reason to constitute an ECP at the time the Guarantee of the  Company or the grant of such security interest becomes effective with respect to such Specified Swap  Obligation.  If a Specified Swap Obligation arises under a master agreement governing more than one  swap, such exclusion shall apply only to the portion of such Specified Swap Obligation that is attributable  to swaps for which such Guarantee or security interest is or becomes illegal.  “Excluded Taxes” means any of the following Taxes imposed on or with respect to a  Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or  measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case,  (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan, Letter of Credit or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan, Letter of Credit or Commitment (other than pursuant to an assignment request by any Borrower under Section 2.19(b)) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan, Letter of Credit or Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.17(f), and (d) any U.S. federal withholding Taxes imposed under FATCA. “Existing Credit Agreement” means the Credit Agreement dated as of March 13, 2019 by  and among the Company, the Foreign Subsidiary Borrower, certain lenders party thereto and JPMorgan  Chase Bank, N.A., as administrative agent, as amended by that certain Amendment No. 1 dated as of  December 22, 2021 and as otherwise amended, restated, supplemented or otherwise modified prior to the  Effective Date.    “Existing Letters of Credit” is defined in Section 2.06(a).  “Existing Maturity Date” has the meaning assigned to such term in Section 2.25(a).  “Extending Lender” has the meaning assigned to such term in Section 2.25(b)(ii).  

 

20  “Extension Request” means a written request from the Company to the Administrative  Agent requesting an extension of the Maturity Date pursuant to Section 2.25 in the form of Exhibit G.  “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this  Agreement (or any amended or successor version that is substantively comparable and not materially  more onerous to comply with), any current or future regulations or official interpretations thereof, any  agreement entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation,  rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among  Governmental Authorities and implementing such Sections of the Code.  “Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB  based on such day’s federal funds transactions by depositary institutions, as determined in such manner as  the NYFRB shall set forth on the NYFRB’s Website from time to time, and published on the next  succeeding Business Day by the NYFRB as the effective federal funds rate, provided that, if the Federal  Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for  the  purposes of this Agreement.  “Financial Officer” means the president, vice president of finance (or similar title), chief  financial officer, principal accounting officer or treasurer of the Company.  “Fiscal Quarter” means a fiscal quarter of the Company.  “Fiscal Year” means a fiscal year of the Company.  “Fitch” means Fitch Ratings Inc.  “Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as  of the execution of this Agreement, the modification, amendment or renewal of this Agreement or  otherwise) with respect to the Adjusted Term SOFR Rate, Adjusted EURIBOR Rate, CDOR Rate, each  Adjusted Daily Simple RFR or the Central Bank Rate, as applicable. For the avoidance of doubt the initial  Floor for each of Adjusted Term SOFR Rate, Adjusted EURIBOR Rate, CDOR Rate, each Adjusted  Daily Simple RFR or the Central Bank Rate shall be 0.0%.  “Foreign Borrower Insolvency Event” means, with respect to the Foreign Subsidiary  Borrower, (i) a situation of inability to pay its debts as they fall due (cessation de paiements) and absence  of access to credit (credit ébranlé) within the meaning of Article 437 of the Luxembourg Commercial  Code, (ii) insolvency proceedings (faillite) within the meaning of Articles 437 ff. of the Luxembourg  Commercial Code or any other insolvency proceedings pursuant to the Council Regulation (EC) N°  2015/848 of 20 May 2015 on insolvency proceedings, (iii) controlled management (gestion contrôlée)  within the meaning of the grand ducal regulation of 24 May 1935 on controlled management, (iv)  voluntary arrangement with creditors (concordat préventif de faillite) within the meaning of the law of 14  April 1886 on arrangements to prevent insolvency, as amended, (v) suspension of payments (sursis de  paiement) within the meaning of Articles 593 ff. of the Luxembourg Commercial Code, (vi) voluntary or  compulsory winding-up pursuant to the law of 10 August 1915 on commercial companies, as amended or  (vii) the appointment of an ad hoc director (administrateur provisoire) by a court in respect of the Foreign Subsidiary Borrower or a substantial part of its assets. “Foreign Currency” means any Agreed Currency other than Dollars.  “Foreign Currency LC Exposure” means, at any time, the sum of (a) the Dollar Amount  of the aggregate undrawn and unexpired amount of all outstanding Foreign Currency Letters of Credit at  

 

21  such time plus (b) the aggregate principal Dollar Amount of all LC Disbursements in respect of Foreign  Currency Letters of Credit that have not yet been reimbursed at such time.  “Foreign Currency Letter of Credit” means a Letter of Credit denominated in a Foreign  Currency.  “Foreign Currency Sublimit” means $500,000,000.  “Foreign Employee Benefit Plan” means any employee benefit plan as defined in Section  3(3) of ERISA which is sponsored, maintained or contributed to (i) by the Company or any of its  Subsidiaries or (ii) for the benefit of the employees of the Company or any of its Subsidiaries, and, in  each case, is not covered by ERISA pursuant to ERISA Section 4(b)(4).  “Foreign Lender” means (a) if the applicable Borrower is a U.S. Person, a Lender, with  respect to such Borrower, that is not a U.S. Person, and (b) if the applicable Borrower is not a U.S.  Person, a Lender, with respect to such Borrower, that is resident or organized under the laws of a  jurisdiction other than that in which such Borrower is resident for tax purposes.  “Foreign Payment Office” of the Administrative Agent means, for each Foreign  Currency, the office, branch, affiliate or correspondent bank of the Administrative Agent for such  currency as specified from time to time by the Administrative Agent to the Company and each Lender.  “Foreign Pension Plan” means any employee pension plan as described in Section 3(2) of  ERISA which is sponsored, maintained or otherwise contributed to (i)(A) by any member of the ERISA  Group or (B) for the benefit of the employees of any member of the ERISA Group, (ii) is not covered by  ERISA pursuant to Section 4(b)(4) of ERISA, and (iii) under applicable local law or terms of such  Foreign Pension Plan, is required to be funded through a trust (other than a trust maintained exclusively  by a Governmental Authority).  “Foreign Subsidiary” means any Subsidiary other than a Domestic Subsidiary.  “Foreign Subsidiary Borrower” means Masco Europe S.à r.l., a wholly-owned Subsidiary  of the Company organized as a société à responsabilité limitée under the laws of the Grand Duchy of  Luxembourg, having its registered office at 14, rue Strachen, L-6933 Mensdorf, Grand Duchy of  Luxembourg and registered with the Luxembourg Register of Commerce and Companies under number  B68.104 and, as of the Effective Date.  “GAAP” means generally accepted accounting principles in the United States of  America.  “Governmental Authority” means the government of the United States of America, any  other nation or any political subdivision thereof, whether state or local, and any agency, authority,  instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,  judicial, taxing, regulatory or administrative powers or functions of or pertaining to government  (including any supra-national bodies such as the European Union or the European Central Bank) and any  group or body charged with setting regulatory capital rules or standards (including, without limitation, the  Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or  similar authority to any of the foregoing).  “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 Debt of any  

 

    22     other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any  obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the  purchase or payment of) such Debt 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 Debt 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 Debt or (d) as an account party in respect of any letter of credit or letter of guaranty  issued to support such Debt; provided, that the term Guarantee shall not include endorsements for  collection or deposit in the ordinary course of business.  “Guaranteed Obligations” means the Obligations and the Specified Ancillary Obligations,  in each case, of the Foreign Subsidiary Borrower; provided, however, that the definition of “Guaranteed  Obligations” shall not create any guarantee by the Company of (or grant of security interest by the  Company to support, as applicable) any Excluded Swap Obligations of the Company for purposes of  determining any obligations of the Company.  “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.  “IBA” has the meaning assigned to such term in Section 1.05.  “Increasing Lender” has the meaning assigned to such term in Section 2.20.  “Incremental Term Loan” has the meaning assigned to such term in Section 2.20.  “Incremental Term Loan Amendment” has the meaning assigned to such term in Section  2.20.  “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with  respect to any payment made by or on account of any obligation of any Borrower under any Loan  Document and (b) to the extent not otherwise described in clause (a), Other Taxes.  “Indemnitee” has the meaning assigned to such term in Section 8.03(b).   “Index Debt” means senior, unsecured, long-term indebtedness for borrowed money of  the Company that is not guaranteed by any other Person or subject to any other credit enhancement.  “Ineligible Institution” has the meaning assigned to such term in Section 8.04(b).   “Information” has the meaning assigned to such term in Section 8.12.   “Interest Election Request” means a request by the applicable Borrower to convert or  continue a Revolving Borrowing in accordance with Section 2.08.  “Interest Payment Date” means (a) with respect to any ABR Loan or Canadian Prime  Loan (other than a Swingline Loan that is an ABR Loan or Canadian Prime Loan), the last day of each  March, June, September and December and the Maturity Date, (b) with respect to any Term Benchmark  Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in  the case of a Term Benchmark Borrowing with an Interest Period of more than three months’ duration,  

 

    23     each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration  after the first day of such Interest Period and the Maturity Date, (c) as to any RFR Loan (other than a  Swingline Loan), (1) each date that is on the numerically corresponding day in each calendar month that  is one month after the Borrowing of such Loan (or, if there is no such numerically corresponding day in  such month, then the last day of such month) and (2) the Maturity Date and (d) with respect to any  Swingline Loan, the day that such Loan is required to be repaid, the Maturity Date and, in the case of a  Swingline Loan in an Agreed Currency other than Dollars or Euro that has been continued in accordance  with Section 2.05(c), on the date such Swingline Loan is continued.  “Interest Period” means (a) with respect to any Term Benchmark Borrowing, the period  commencing on the date of such Borrowing and ending on the numerically corresponding day in the  calendar month that is one, three or six months thereafter (in each case, subject to the availability for the  Benchmark applicable to the relevant Loan or Commitment for any Agreed Currency), as the applicable  Borrower (or the Company on behalf of the applicable Borrower) may elect and (b) with respect to each  Swingline Loan that bears interest at any rate for which interest periods must be selected for a contracted  period of time by a Borrower, the period commencing on the date such Swingline Loan is made by the  Swingline Lender (and, in the case of a Swingline Loan in an Agreed Currency other than Dollars or Euro  that has been continued in accordance with Section 2.05(c), on the date such Swingline Loan is  continued) and ending on the date that is seven or thirty days thereafter, as prescribed by Section 2.05(c)  (or such shorter period as agreed to between the applicable Borrower and the Swingline Lender in  accordance with Section 2.05(c)); provided, that (i) if any Interest Period would end on a day other than a  Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such  next succeeding Business Day would fall in the next calendar month, in which case such Interest Period  shall end on the immediately preceding Business Day, (ii) any Interest Period that commences on the last  Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the  last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month  of such Interest Period and (iii) no tenor that has been removed from this definition pursuant to Section  2.14(e) shall be available for specification in such Borrowing Request or Interest Election Request.  For  purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and  thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.  “IRS” means the United States Internal Revenue Service.  “ISDA Definitions” means the 2006 ISDA Definitions published by the International  Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time  to time, or any successor definitional booklet for interest rate derivatives published from time to time by  the International Swaps and Derivatives Association, Inc. or such successor thereto.   “Issuing Bank” means (i) JPMorgan Chase Bank, N.A., Citibank, N.A. and PNC Bank,  National Association, each in its capacity as an issuer of Letters of Credit (including certain Existing  Letters of Credit) hereunder, and (ii) any other Lender which has agreed, in its sole discretion, to issue  one or more Letters of Credit, and which Lender or affiliate is consented to by the Administrative Agent  and the Company (which consent shall not be unreasonably withheld or delayed) in such Lender’s  capacity as an issuer of Letters of Credit hereunder, in each case, together with its successors in such  capacity as provided in Section 2.06(i); provided, that each Issuing Bank shall only be required to issue  Letters of Credit in the Agreed Currencies then in effect as specified by such Issuing Bank at the time it  becomes an Issuing Bank.  All references contained in this Agreement and the other instruments,  documents or agreements from time to time executed or delivered in connection herewith to “the Issuing  Bank” shall be deemed to apply equally to each of the institutions referred to in the first sentence of this  definition in their respective capacities as Issuing Banks of, and with respect to, any and all Letters of  Credit issued by each such institution.  Each Issuing Bank may, in its discretion, arrange for one or more  

 

    24     Letters of Credit to be issued by branches or Affiliates of the Issuing Bank, in which case the term  “Issuing Bank” shall also include any such branch or Affiliate with respect to Letters of Credit issued by  such branch or Affiliate.    “LC Account Party” has the meaning assigned to such term in Section 2.06(a).  “LC Collateral Account” has the meaning assigned to such term in Section 2.06(j).  “LC Disbursement” means a payment made by an Issuing Bank pursuant to a Letter of  Credit.  “LC Exposure” means, at any time, the sum of (a) the aggregate undrawn Dollar Amount  of all outstanding Letters of Credit at such time plus (b) the aggregate Dollar Amount of all LC  Disbursements that have not yet been reimbursed by or on behalf of the Company at such time.  The LC  Exposure of any Lender at any time shall be its Applicable Percentage of the total LC Exposure at such  time. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by  its terms but any amount may still be drawn thereunder by reason of the operation of Article 29(a) of the  Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce  Publication No. 600 (or such later version thereof as may be in effect at the applicable time) or Rule 3.13  or Rule 3.14 of  the International Standby Practices, International Chamber of Commerce Publication No.  590 (or such later version thereof as may be in effect at the applicable time) or similar terms of the Letter  of Credit itself, or if compliant documents have been presented but not yet honored, such Letter of Credit  shall be deemed to be “outstanding” and “undrawn” in the amount so remaining available to be paid, and  the obligations of each Borrower and each Lender shall remain in full force and effect until the Issuing  Banks and the Lenders shall have no further obligations to make any payments or disbursements under  any circumstances with respect to any Letter of Credit.  “LC Overall Sublimit” means $25,000,000.  “Lender Parent” means, with respect to any Lender, any Person as to which such Lender  is, directly or indirectly, a subsidiary.  “Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall  have become a Lender hereunder pursuant to Section 2.20 or pursuant to an Assignment and Assumption  or otherwise, other than any such Person that ceases to be a party hereto pursuant to an Assignment and  Assumption or otherwise.  Unless the context otherwise requires, the term “Lenders” includes the  Swingline Lender and any Issuing Bank.  “Lender-Related Person” has the meaning assigned to it in Section 8.03(d)  “Letter of Credit” means any letter of credit issued pursuant to this Agreement; provided,  that with respect to any Foreign Currency Letter of Credit issued hereunder, such term shall also be  deemed to include any advance guaranty, performance bond or similar guaranty deemed appropriate by  an Issuing Bank.  “Letter of Credit Commitment” means, with respect to each Issuing Bank, the  commitment of such Issuing Bank to issue Letters of Credit hereunder.  The initial amount of each  Issuing Bank’s Letter of Credit Commitment is (a) $15,000,000, in the case of each of JPMorgan Chase  Bank, N.A. , Citibank, N.A. and PNC Bank, National Association, or (b) if an Issuing Bank has entered  into an Assignment and Assumption or has otherwise assumed a Letter of Credit Commitment after the  Effective Date, the amount set forth for such Issuing Bank as its Letter of Credit Commitment in the  

 

25  Register maintained by the Administrative Agent. The Letter of Credit Commitment of an Issuing Bank  may be modified from time to time by agreement between such Issuing Bank and the Company, and  notified to the Administrative Agent.  “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge,  hypothecation, encumbrance, charge or security interest in, on or of such asset, and (b) the interest of a  vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any  financing lease having substantially the same economic effect as any of the foregoing) relating to such  asset.  “Loan Documents” means this Agreement, any promissory notes issued pursuant to  Section 2.10(e), any Letter of Credit applications and any and all other agreements or instruments  executed and delivered to, or in favor of, the Administrative Agent or any Lenders in connection with the  Agreement or the transactions contemplated thereby.  “Loans” means the loans made by the Lenders to the Borrowers pursuant to this  Agreement.  “Local Time” means (i) New York City time in the case of a Loan, Borrowing or LC  Disbursement denominated in Dollars to, or for the account of, the Company and (ii) local time at the  place of the relevant Loan, Borrowing or LC Disbursement (or such earlier local time as is necessary for  the relevant funds to be received and transferred to the Administrative Agent for same day value on the  date the relevant reimbursement obligation is due) in the case of a Loan, Borrowing or LC Disbursement  denominated in a Foreign Currency or which is to, or for the account of, the Foreign Subsidiary Borrower.  “Luxembourg Domiciliation Law” means the Luxembourg law of May 31, 1999, as  amended, regarding the domiciliation of companies.  “Material Adverse Change” means a material adverse change in (i) the business, assets,  operations or condition (financial or otherwise) of the Company and its Subsidiaries taken as a whole  from that reflected in the Company’s consolidated financial statements as of December 31, 2021, or (ii)  the validity or enforceability of this Agreement or any and all other Loan Documents or the rights or  remedies of the Administrative Agent and the Lenders thereunder.  “Material Adverse Effect” means a material adverse effect on (i) the business, assets,  operations or condition (financial or otherwise) of the Company and its Subsidiaries taken as a whole  from that reflected in the Company’s consolidated financial statements as of December 31, 2021, or (ii)  the validity or enforceability of this Agreement or any and all other Loan Documents or the rights or  remedies of the Administrative Agent and the Lenders thereunder.  “Material Foreign Pension Plan” has the meaning assigned to such term in Section  6.01(j).  “Material Obligations” means (a) Debt, Off-Balance Sheet Liabilities and/or obligations  under one or more Swap Agreements, in each case, of the Company and/or one or more of its  Subsidiaries, arising in one or more related or unrelated transactions, in an aggregate outstanding amount  exceeding $75,000,000, other than (i) the Loans and Letters of Credit and (ii) Debt owing to the Company  or any of its Subsidiaries and (b) Debt arising under the Term Loan Credit Agreement.  For purposes of  determining Material Obligations, the amount of the obligations of the Company or any Subsidiary in  respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any  

 

    26     netting agreements) that the Company or such Subsidiary would be required to pay if such Swap  Agreement were terminated at such time.  “Material Plan” has the meaning assigned to such term in Section 6.01(j).  “Maturity Date” means, with respect to the Loans and Obligations of any Lender, the  later of (a) April 26, 2027 and (b) if the maturity date is extended for such Lender pursuant to Section  2.25, such extended maturity date as determined pursuant to such Section; provided, however, in each  case, if such date is not a Business Day, the Maturity Date shall be the immediately preceding Business  Day.  “Maximum Rate” has the meaning assigned to it in Section 8.14.  “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.  “Multiemployer Plan” means at any time an employee pension benefit plan within the  meaning of Section 4001(a)(3) of ERISA to which any member of the ERISA Group is then making or  required to make or, pursuant to an applicable collective bargaining agreement, accruing an obligation to  make contributions or has within the preceding five plan years made or been required to make  contributions, including for these purposes any Person which ceased to be a member of the ERISA Group  during such five year period.  “Net Consolidated Debt” means, as of any date of determination, (a) Consolidated Debt  minus (b) the positive amount (if any) by which the sum of (i) 100% of unrestricted cash and Permitted  Cash Equivalent Investments held by the Company or its Domestic Subsidiaries on such date and (ii)  100% of unrestricted cash and Permitted Cash Equivalent Investments held by Foreign Subsidiaries of the  Company on such date (net of related tax obligations, if any, for repatriation, withholding and transaction  costs and expenses related thereto, in each case, as determined by the Company in its reasonable  discretion), exceeds $25,000,000.  “New Money Credit Event” means with respect to any Issuing Bank, any increase  (directly or indirectly) in such Issuing Bank’s exposure (whether by way of additional credit or banking  facilities or otherwise, including as part of a restructuring) to the applicable Borrower or any  Governmental Authority in such Borrower’s or any applicable Letter of Credit beneficiary’s country  occurring by reason of (a) any law, action or requirement of any Governmental Authority in such  Borrower’s or such Letter of Credit beneficiary’s country, or (b) any request in respect of external  indebtedness of borrowers in such Borrower’s or such Letter of Credit beneficiary’s country applicable to  banks generally which conduct business with such borrowers, or (iii) any agreement in relation to clause  (a) or (b), in each case to the extent calculated by reference to the Total Revolving Credit Exposure  outstanding prior to such increase.  “Non-Extending Lender” has the meaning assigned to such term in Section 2.25(a).   “NYFRB” means the Federal Reserve Bank of New York.  “NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in  effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is  not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are  published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds  transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds  

 

    27     broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates as so  determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.  “NYFRB’s Website” means the website of the NYFRB at http://www.newyorkfed.org or  any successor source.  “Obligations” means all unpaid principal of and accrued and unpaid interest on the  Loans, all LC Exposure, all accrued and unpaid fees and all expenses, reimbursements, indemnities and  other obligations and indebtedness (including interest and fees accruing during the pendency of any  bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or  allowable in such proceeding), obligations and liabilities of any of the Company and its Subsidiaries to  any of the Lenders, the Administrative Agent, any Issuing Bank or any indemnified party, individually or  collectively, existing on the Effective Date or arising thereafter, direct or indirect, joint or several,  absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by  contract, operation of law or otherwise, arising or incurred under this Agreement or any of the other Loan  Documents or in respect of any of the Loans made or reimbursement or other obligations incurred or any  of the Letters of Credit or other instruments at any time evidencing any thereof.  “OFAC” means the Office of Foreign Assets Control of the United States Department of  the Treasury.  “Off-Balance Sheet Liabilities” of a Person means (a) any repurchase obligation or  liability of such Person with respect to accounts or notes receivable sold by such Person (including, the  principal amount of obligations or liabilities which (i) if structured as a secured lending agreement,  constitutes the principal amount thereof or (ii) if structured as a purchase arrangement, would be  outstanding at such time if the same were structured as a secured lending agreement rather than a  purchase agreement), (b) any indebtedness, liability or obligation under any sale and leaseback  transaction evidenced by a sale or other transfer of any property or asset by any Person with the intent to  lease such property or asset as lessee, which is not a Capital Lease Obligation or (c) any indebtedness,  liability or obligation under any so-called “synthetic lease” transaction entered into by such Person.  “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a  result of a present or former connection between such Recipient and the jurisdiction imposing such Tax  (other than connections arising from such Recipient having executed, delivered, become a party to,  performed its obligations under, received payments under, received or perfected a security interest under,  engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an  interest in any Loan, Letter of Credit or Loan Document).  “Other Taxes” means all present or future stamp, court or documentary, intangible,  recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery,  performance, enforcement or registration of, from the receipt or perfection of a security interest under, or  otherwise with respect to, any Loan Document, except (i) any such Taxes that are Other Connection  Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19)  and (ii) any Luxembourg registration duties (droits d’enregistrement) payable in the case of voluntary  registration of the Loan Documents by an Administrative Agent and Arranger with the Administration de  l’Enregistrement, des Domaines et de la TVA in Luxembourg when such registration is not required to  maintain, preserve, establish or enforce the rights of that Administrative Agent and Arranger under the  Loan Documents.  “Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight  federal funds and overnight eurodollar transactions denominated in Dollars by U.S.–managed banking  

 

    28     offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth  on the NYFRB’s Website from time to time, and published on the next succeeding Business Day by the  NYFRB as an overnight bank funding rate.  “Overnight Rate” means, for any day, (a) with respect to any amount denominated in  Dollars, the NYFRB Rate and (b) with respect to any amount denominated in a Foreign Currency, an  overnight rate determined by the Administrative Agent or the Issuing Banks, as the case may be, in  accordance with banking industry rules on interbank compensation.   “Participant” has the meaning assigned to such term in Section 8.04.  “Participant Register” has the meaning assigned to such term in Section 8.04.  “Participating Member State” means any member state of the EU that adopts or has  adopted the Euro as its lawful currency in accordance with legislation of the EU relating to economic and  monetary union.  “Patriot Act” has the meaning assigned to such term in Section 8.13.  “Payment” has the meaning assigned to it in Article VIII.  “Payment Notice” has the meaning assigned to it in Article VIII.   “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in  ERISA and any successor entity performing similar functions.   “Permitted Cash Equivalent Investments” means:  (a)  direct obligations of, or obligations the principal of and interest on which are  unconditionally guaranteed by, the United States of America (or by any agency thereof to the  extent such obligations are backed by the full faith and credit of the United States of America), in  each case maturing within one year from the date of acquisition thereof;  (b)  investments in commercial paper maturing within 270 days from the date of  acquisition thereof and having, at such date of acquisition, a credit rating obtainable from S&P of  A-1 or higher or from Moody’s of P-1 or higher;  (c)  investments in certificates of deposit, bankers’ acceptances and time deposits  maturing within 360 days from the date of acquisition thereof issued or guaranteed by or placed  with, and money market deposit accounts issued or offered by, any financial institution which has  a combined capital and surplus and undivided profits of not less than $500,000,000 and which has  a credit rating of A- or higher from S&P and A3 or higher from Moody’s (or, in the case of any  such financial institution located in a jurisdiction outside the United States of America which is  not so rated, which has comparable other credit ratings or, if none exist, is otherwise reasonably  acceptable to the Administrative Agent);  (d)  fully collateralized repurchase agreements with a term of not more than thirty (30)  days for securities described in clause (a) above and entered into with a financial institution  satisfying the criteria described in clause (c) above;   

 

29  (e) money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii)  have portfolio assets of at least $1,000,000,000;  (f) [reserved]; and (g) foreign investments substantially comparable to any of the foregoing in connection with managing cash of any Subsidiary having operations in a foreign country.  “Person” means any natural person, corporation, limited liability company, trust, joint  venture, association, company, partnership, Governmental Authority or other entity.  “Plan” means at any time an employee pension benefit plan within the meaning of  Section 3(2) of ERISA (other than a Multiemployer Plan) which is covered by Title IV of ERISA or  subject to the minimum funding standards under Section 412 of the Code and either (i) is sponsored,  maintained, or contributed to, (A) by any member of the ERISA Group or (B) for employees of any  member of the ERISA Group or (ii) has at any time within the preceding five years been sponsored,  maintained, or contributed to, by any Person which was at such time a member of the ERISA Group or  for employees of any Person which was at such time a member of the ERISA Group.  “Plan Asset Regulations” means 29 CFR § 2510.3-101 et seq., as modified by Section  3(42) of ERISA.   “Pounds Sterling” or “£” means the lawful currency of the United Kingdom.  “Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the  “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum  interest rate published by the Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest  Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted  therein (as determined by the Administrative Agent) or any similar release by the Board (as determined  by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the  date such change is publicly announced or quoted as being effective.  “Prior Plan” means at any time (i) any Plan which at such time is no longer sponsored,  maintained or contributed to by any member of the ERISA Group or (ii) any Multiemployer Plan to  which no member of the ERISA Group is at such time any longer making contributions or, pursuant to an  applicable collective bargaining agreement, accruing an obligation to make contributions.  “Pro Forma Basis” means, with respect to any event, that the Company is in compliance  on a pro forma basis with the applicable covenant, calculation or requirement herein recomputed as if the  event with respect to which compliance on a pro forma basis is being tested had occurred on the first day  of the four fiscal quarter period most recently ended on or prior to such date in accordance with Section  1.04(b).  “PTE” means a prohibited transaction class exemption issued by the U.S. Department of  Labor, as any such exemption may be amended from time to time.  “QFC” has the meaning assigned to the term “qualified financial contract” in, and shall  be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).  “QFC Credit Support” has the meaning assigned to it in Section 8.18.   

 

    30     “Recipient” means (a) the Administrative Agent, (b) any Lender and (c) any Issuing  Bank, as applicable.  “Reference Time” with respect to any setting of the then-current Benchmark means (1) if  such Benchmark is the Term SOFR Rate, 5:00 a.m. (Chicago time) on the day that is two Business Days  preceding the date of such setting, (2) if such Benchmark is EURIBOR Rate, 11:00 a.m. Brussels time  two TARGET Days preceding the date of such setting, (3) if the RFR for such Benchmark is SONIA or  ESTR, then four Business Days prior to such setting, (4) if, following a Benchmark Transition Event and  Benchmark Replacement Date with respect to the Term SOFR Rate, the RFR for such Benchmark is  Daily Simple SOFR, then four Business Days prior to such setting, (5) if such Benchmark is CDOR Rate,  11:00 a.m. Toronto, Ontario time on the Business Day of such setting, or (6) if such Benchmark is none  of the Term SOFR Rate, the EURIBOR Rate, the CDOR Rate, SONIA, ESTR or Daily Simple SOFR, the  time determined by the Administrative Agent in its reasonable discretion.   “Refunding” has the meaning assigned to such term in Section 5.08(b).  “Refunding Debt” means any Debt of a Person that is deemed to be for the purpose of  Refunding other Debt of such Person, as further defined in Section 5.08(b).  “Register” has the meaning assigned to such term in Section 8.04.  “Related Parties” means, with respect to any specified Person, such Person’s Affiliates  and the respective directors, officers, employees, agents and advisors of such Person and such Person’s  Affiliates.  “Relevant Governmental Body” means (i) with respect to a Benchmark Replacement in  respect of Loans denominated in Dollars, the Federal Reserve Board and/or the NYFRB, the CME Term  SOFR Administrator, as applicable, or a committee officially endorsed or convened by the Federal  Reserve Board and/or the NYFRB or, in each case, any successor thereto, (ii) with respect to a  Benchmark Replacement in respect of Loans denominated in Pounds Sterling, the Bank of England, or a  committee officially endorsed or convened by the Bank of England or, in each case, any successor  thereto, (iii) with respect to a Benchmark Replacement in respect of Loans denominated in Euros, the  European Central Bank, or a committee officially endorsed or convened by the European Central Bank or,  in each case, any successor thereto and (iv) with respect to a Benchmark Replacement in respect of Loans  denominated in any other currency, (a) the central bank for the currency in which such Benchmark  Replacement is denominated or any central bank or other supervisor which is responsible for supervising  either (1) such Benchmark Replacement or (2) the administrator of such Benchmark Replacement or (b)  any working group or committee officially endorsed or convened by (1) the central bank for the currency  in which such Benchmark Replacement is denominated, (2) any central bank or other supervisor that is  responsible for supervising either (A) such Benchmark Replacement or (B) the administrator of such  Benchmark Replacement, (3) a group of those central banks or other supervisors or (4) the Financial  Stability Board or any part thereof.   “Relevant Rate” means (i) with respect to any Term Benchmark Borrowing denominated  in Dollars, the Adjusted Term SOFR Rate, (ii) with respect to any Term Benchmark Borrowing  denominated in Euros, the Adjusted EURIBOR Rate, (iii) with respect to any Term Benchmark  Borrowing denominated in Canadian Dollars, the CDOR Rate or (iv) with respect to any RFR Borrowing  denominated in Pounds Sterling, Euros or, following a Benchmark Transition Event and Benchmark  Replacement Date with respect to the Term SOFR Rate, Dollars, the applicable Adjusted Daily Simple  RFR, as applicable.  

 

    31     “Relevant Screen Rate” means (i) with respect to any Term Benchmark Borrowing  denominated in Dollars, the Term SOFR Reference Rate, (ii) with respect to any Term Benchmark  Borrowing denominated in Euros, the EURIBOR Screen Rate or (iii) with respect to any Term  Benchmark Borrowing denominated in Canadian Dollars, the CDOR Screen Rate, as applicable.  “Replacement Lender” has the meaning assigned to such term in Section 2.25(c).   “Required Lenders” means, subject to Section 2.24, at any time, Lenders having  Revolving Credit Exposures (provided, that, as to any Lender, clause (a) of the definition of “Swingline  Exposure” shall only be applicable in calculating a Lender’s Revolving Credit Exposure to the extent  such Lender shall have funded its respective participations in the outstanding Swingline Loans) and  Unfunded Commitments representing more than 50% of the sum of the Total Revolving Credit Exposure  and Unfunded Commitments at such time; provided that, for purposes of declaring the Loans to be due  and payable pursuant to Section 6.01, and for all purposes after the Loans become due and payable  pursuant to Section 6.01 or the Commitments expire or terminate, then, as to each Lender, the Unfunded  Commitment of each Lender shall be deemed to be zero.  “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK  Financial Institution, a UK Resolution Authority.  “Responsible Officer” means a vice president or a Financial Officer of the Company.  “Revaluation Date” means (a) with respect to any Loan denominated in any Foreign  Currency, each of the following:  (i) the date of the Borrowing of such Loan and (ii) (A) with respect to  any Term Benchmark Loan, each date of a conversion into or continuation of such Loan pursuant to the  terms of this Agreement and (B) with respect to any RFR Loan, each date that is on the numerically  corresponding day in each calendar month that is one month after the Borrowing of such Loan (or, if there  is no such numerically corresponding day in such month, then the last day of such month); (b) with  respect to any Letter of Credit denominated in a Foreign Currency, each of the following:  (i) the date on  which such Letter of Credit is issued, (ii) the first Business Day of each calendar month and (iii) the date  of any amendment of such Letter of Credit that has the effect of increasing the face amount thereof; and  (c) any additional date as the Administrative Agent may determine at any time when an Event of Default  exists.   “Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of  the outstanding principal Dollar Amount of such Lender’s Revolving Loans and its LC Exposure and  Swingline Exposure at such time.  “Revolving Loan” means a Loan made pursuant to Section 2.01 (including after giving  effect to an increase in the Aggregate Commitment pursuant to Section 2.20).  “RFR” means, for any RFR Loan denominated in (a) Pounds Sterling, SONIA, (b)  Dollars (solely following a Benchmark Transition Event and Benchmark Replacement Date with respect  to the Term SOFR Rate), Daily Simple SOFR and (c) Euros (solely with respect to Swingline Loans),  ESTR.  “RFR Administrator” means the SONIA Administrator, the SOFR Administrator or the  ESTR Administrator.  “RFR Borrowing” means, as to any Borrowing, the RFR Loans comprising such  Borrowing.  

 

32  “RFR Business Day” means, for any Loan denominated in (a) Pounds Sterling, any day  except for (i) a Saturday, (ii) a Sunday or (iii) a day on which banks are closed for general business in  London, (b) Dollars, a U.S. Government Securities Business Day or (c) Euros (but solely with respect to  Swingline Loans), any day except for (i) a Saturday, (ii) a Sunday or (iii) any day that is not a TARGET  Day.  “RFR Interest Day” has the meaning specified in the definition of “Daily Simple RFR”.  “RFR Loan” means a Loan that bears interest at a rate based on the Adjusted Daily  Simple RFR.  “S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global  Inc., and any successor thereto.  “Sanctioned Country” means, at any time, a country, region or territory which is itself the  subject or target of any Sanctions (at the time of this Agreement, the so-called Donetsk People’s  Republic, the so- called Luhansk People’s Republic, the Crimea Region of Ukraine, Cuba, Iran, North  Korea and Syria).  “Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related  list of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations  Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the  United Kingdom or the Hong Kong Monetary Authority, (b) any Person operating, organized or resident  in a Sanctioned Country, (c) any Person owned or controlled by any such Person or Persons described in  the foregoing clauses (a) or (b), or (d) any Person otherwise the subject of any Sanctions.  “Sanctions” means all economic or financial sanctions or trade embargoes imposed,  administered or enforced from time to time by (a) the U.S. government, including those administered by  OFAC or the U.S. Department of State, or (b) the United Nations Security Council, the European Union,  any European Union member state, Her Majesty’s Treasury of the United Kingdom, the Hong Kong  Monetary Authority or other relevant sanctions authority.  “SEC” means the United States Securities and Exchange Commission.  “Significant Subsidiaries” means any of the Foreign Subsidiary Borrower or any one or  more Subsidiaries which, if considered in the aggregate as a single Subsidiary, would be a “significant  subsidiary” as defined in Rule 1-02 of Regulation S-X under the Securities Exchange Act of 1934.    “SOFR” means a rate equal to the secured overnight financing rate as administered by the  SOFR Administrator.  “SOFR Administrator” means the NYFRB (or a successor administrator of the secured  overnight financing rate).  “SOFR Administrator’s Website” means the NYFRB’s Website, currently at  http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as  such by the SOFR Administrator from time to time.  “SOFR Determination Date” has the meaning specified in the definition of “Daily Simple  SOFR”.  

 

    33     “SOFR Rate Day” has the meaning specified in the definition of “Daily Simple SOFR”.  “SONIA” means, with respect to any Business Day, a rate per annum equal to the  Sterling Overnight Index Average for such Business Day published by the SONIA Administrator on the  SONIA Administrator’s Website on the immediately succeeding Business Day.  “SONIA Administrator” means the Bank of England (or any successor administrator of  the Sterling Overnight Index Average).  “SONIA Administrator’s Website” means the Bank of England’s website, currently at  http://www.bankofengland.co.uk, or any successor source for the Sterling Overnight Index Average  identified as such by the SONIA Administrator from time to time.  “Specified Ancillary Obligations” means all obligations and liabilities (including interest  and fees accruing during the pendency of any bankruptcy, insolvency, receivership or other similar  proceeding, regardless of whether allowed or allowable in such proceeding) of the Foreign Subsidiary  Borrower, existing on the Effective Date or arising thereafter, direct or indirect, joint or several, absolute  or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by  contract, operation of law or otherwise, to the Lenders or any of their Affiliates under any Swap  Agreement or any Banking Services Agreement.  “Specified Swap Obligation” means, with respect to any Borrower, any obligation to pay  or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of  Section 1a(47) of the Commodity Exchange Act or any rules or regulations promulgated thereunder.  “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of  which is the number one and the denominator of which is the number one minus the aggregate of the  maximum reserve percentage (including any marginal, special, emergency or supplemental reserves)  expressed as a decimal established by the Federal Reserve Board to which the Administrative Agent is  subject with respect to the Adjusted EURIBOR Rate for eurocurrency funding (currently referred to as  “Eurocurrency liabilities” in Regulation D) or any other reserve ratio or analogous requirement of any  central banking or financial regulatory authority imposed in respect of the maintenance of the  Commitments or the funding of the Loans.  Such reserve percentage shall include those imposed pursuant  to Regulation D.  Term Benchmark Loans shall be deemed to constitute eurocurrency funding and to be  subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that  may be available from time to time to any Lender under Regulation D or any comparable regulation.  The  Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in  any reserve percentage.  “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 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.  “Subsidiary” means any subsidiary of the Company.  “Supported QFC” has the meaning assigned to it in Section 8.18.   

 

34  “Swap Agreement” means any agreement with respect to any swap, forward, future or  derivative transaction or option or similar agreement involving, or settled by reference to, one or more  rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing  indices or measures of economic, financial or pricing risk or value or any similar transaction or any  combination of these transactions; provided that no phantom stock or similar plan providing for payments  only on account of services provided by current or former directors, officers, employees or consultants of  the Company or the Subsidiaries shall be a Swap Agreement.  “Swap Obligations” means any and all obligations of the Company or any Subsidiary,  whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired  (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any  and all Swap Agreements permitted hereunder with a Lender or an Affiliate of a Lender, and (b) any and  all cancellations, buy backs, reversals, terminations or assignments of any such Swap Agreement  transaction.  “Swingline Exposure” means, at any time, the aggregate principal Dollar Amount of all  Swingline Loans outstanding at such time.  The Swingline Exposure of any Lender at any time shall be  the sum of (a) its Applicable Percentage of the total  Swingline Exposure at such time other than with  respect to any Swingline Loans made by such Lender in its capacity as a Swingline Lender and (b) the  aggregate principal amount of all Swingline Loans made by such Lender as a Swingline Lender  outstanding at such time (less the amount of participations funded by the other Lenders in such Swingline  Loans).  “Swingline Lender” means JPMorgan Chase Bank, N.A., in its capacity as lender of  Swingline Loans hereunder.  “Swingline Loan” means a Loan made pursuant to Section 2.05.  “Swingline Sublimit” means $125,000,000.  “TARGET2” means the Trans-European Automated Real-time Gross Settlement Express  Transfer payment system which utilizes a single shared platform and which was launched on November  19, 2007.   “TARGET Day” means any day on which TARGET2 (or, if such payment system ceases  to be operative, such other payment system, if any, determined by the Administrative Agent to be a  suitable replacement) is open for the settlement of payments in Euro.   “Taxes” means all present or future taxes, levies, imposts, duties, deductions,  withholdings (including backup withholding), assessments, fees or other charges imposed by any  Governmental Authority, including any interest, additions to tax or penalties applicable thereto.  “Term Benchmark”, when used in reference to any Loan or Borrowing, refers to whether  such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by  reference to the Adjusted Term SOFR Rate, the Adjusted EURIBOR Rate or the CDOR Rate.  “Term Loan Credit Agreement” means the Term Loan Credit Agreement dated as the  Effective Date by and among the Company, certain lenders from time to time party thereto and PNC  Bank, National Association, as administrative agent, as amended, restated, amended and restated,  refinanced, replaced, supplemented or otherwise modified from time to time.  

 

35   “Term SOFR Determination Day” has the meaning assigned to it under the definition of  Term SOFR Reference Rate.  “Term SOFR Rate” means, with respect to any Term Benchmark Borrowing  denominated in Dollars and for any tenor comparable to the applicable Interest Period, the Term SOFR  Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business  Days prior to the commencement of such tenor comparable to the applicable Interest Period, as such rate  is published by the CME Term SOFR Administrator.  “Term SOFR Reference Rate”  means, for any day and time (such day, the “Term SOFR  Determination Day”), with respect to any Term Benchmark Borrowing denominated in Dollars and for  any tenor comparable to the applicable Interest Period, the rate per annum determined by the  Administrative Agent as the forward-looking term rate based on SOFR.  If by 5:00 pm (New York City  time) on such Term SOFR Determination Day, the “Term SOFR Reference Rate” for the applicable tenor  has not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with  respect to the Term SOFR Rate has not occurred, then the Term SOFR Reference Rate for such Term  SOFR Determination Day will be the Term SOFR Reference Rate as published in respect of the first  preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was  published by the CME Term SOFR Administrator, so long as such first preceding Business Day is not  more than five (5) Business Days prior to such Term SOFR Determination Day.    “Total Revolving Credit Exposure” means the sum of the outstanding principal amount of  all Lenders’ Revolving Loans, their LC Exposure and their Swingline Exposure at such time; provided,  that, clause (a) of the definition of Swingline Exposure shall only be applicable to the extent Lenders shall  have funded their respective participations in the outstanding Swingline Loans.   “Transactions” means the execution, delivery and performance by the Borrowers of this  Agreement and the other Loan Documents, the borrowing of Loans and other credit extensions, the use of  the proceeds thereof and the issuance of Letters of Credit hereunder.  “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of  interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the  Adjusted Term SOFR Rate, the Adjusted EURIBOR Rate, the CDOR Rate, the Canadian Prime Rate, the  Alternate Base Rate or the Adjusted Daily Simple RFR.  “UK Financial Institutions” means any BRRD Undertaking (as such term is defined  under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential  Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from  time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain  credit institutions and investment firms, and certain affiliates of such credit institutions or investment  firms.  “UK Resolution Authority” means the Bank of England or any other public  administrative authority having responsibility for the resolution of any UK Financial Institution.   “Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement  excluding the related Benchmark Replacement Adjustment.  “Unfunded Commitment” means, with respect to each Lender, the Commitment of such  Lender less its Revolving Credit Exposure; provided, that, as to any Lender, clause (a) of the definition of  

 

    36     “Swingline Exposure” shall only be applicable in calculating a Lender’s Revolving Credit Exposure to the  extent such Lender shall have funded its respective participations in the outstanding Swingline Loans.  “Unfunded Liabilities” means, with respect to any Plan at any time, the amount (if any)  by which (i) the value of all benefit liabilities under such Plan, determined on a plan termination basis  using the assumptions prescribed by the PBGC for purposes of Section 4044 of ERISA, exceeds (ii) the  fair market value of all Plan assets allocable to such liabilities under Title IV of ERISA (excluding any  accrued but unpaid contributions), all determined as of the then most recent valuation date for such Plan,  but only to the extent that such excess represents a potential liability of a member of the ERISA Group to  the Plan, the PBGC or any other Person under Title IV of ERISA.  “U.S. Government Securities Business Day” means any day except for (i) a Saturday, (ii)  a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends  that the fixed income departments of its members be closed for the entire day for purposes of trading in  United States government securities.  “U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30)  of the Code.  “U.S. Special Resolution Regime” has the meaning assigned to it in Section 8.18.   “U.S. Tax Compliance Certificate” has the meaning assigned to such term in  Section 2.17(f)(ii)(B)(3).  “VAT” means value added tax within the meaning of the Luxembourg law of  12 February 1979 relating to value added tax (as amended) or similar legislation in any other jurisdiction  and any other tax of a similar nature.  “Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution  Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time  under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion  powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom,   any powers of the applicable Resolution Authority  under the Bail-In Legislation to cancel, reduce,  modify or change the form of a liability of any UK Financial Institution  or any contract or instrument  under which that liability arises, to convert all or part of that liability into shares, securities or obligations  of that person or any other person, to provide that any such contract or instrument is to have effect as if a  right had been exercised under it or to suspend any obligation in respect of that liability or any of the  powers under that Bail-In Legislation that are related to or ancillary to any of those powers.   SECTION 1.02.  Classification of Loans and Borrowings.  For purposes of this  Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g.,  a “Term Benchmark Loan” or an “RFR Loan”) or by Class and Type (e.g., a “Term Benchmark  Revolving Loan” or an “RFR Revolving Loan”).  Borrowings also may be classified and referred to by  Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Term Benchmark Borrowing” or an “RFR  Borrowing”) or by Class and Type (e.g., a “Term Benchmark Revolving Borrowing” or an “RFR  Revolving Borrowing”).  SECTION 1.03.  Terms Generally.  The definitions of terms herein shall apply equally to  the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall  include the corresponding masculine, feminine and neuter forms.  The words “include”, “includes” and  “including” shall be deemed to be followed by the phrase “without limitation”.  The word “will” shall be  

 

    37     construed to have the same meaning and effect as the word “shall”.  The word “law” shall be construed as  referring to all statutes, rules, regulations, codes and other laws (including official rulings and  interpretations thereunder having the force of law or with which affected Persons customarily comply),  and all judgments, orders and decrees, of all Governmental Authorities.  Unless the context requires  otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall  be construed as referring to such agreement, instrument or other document as from time to time amended,  restated, supplemented or otherwise modified (subject to any restrictions on such amendments,  restatements, supplements or modifications set forth herein), (b) any definition of or reference to any  statute, rule or regulation shall be construed as referring thereto as from time to time amended,  supplemented or otherwise modified (including by succession of comparable successor laws), (c) any  reference herein to any Person shall be construed to include such Person’s successors and assigns (subject  to any restrictions on assignment set forth herein) and, in the case of any Governmental Authority, any  other Governmental Authority that shall have succeeded to any or all functions thereof, (d) the words  “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this  Agreement in its entirety and not to any particular provision hereof, (e) all references herein to Articles,  Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and  Schedules to, this Agreement and (f) the words “asset” and “property” shall be construed to have the same  meaning and effect and to refer to any and all tangible and intangible assets and properties, including  cash, securities, accounts and contract rights.  In addition, with regard to Luxembourg related terms  herein, without prejudice to the generality of any provision of this Agreement and with respect to the  Foreign Subsidiary Borrower incorporated in Luxembourg, a reference to (a) a receiver, administrator,  trustee, custodian, conservator or similar officer includes, without limitation, a juge délégué, commissaire,  juge-commissaire, manadataire ad hoc, administrateur provisoire, liquidateur or curateur or similar  office, (b) a Lien or security interest includes any hypothèque, nantissement, gage, transfert de propriété  à titre de garantie, mise en pension, privilège, sûreté réelle, droit de rétention, and any type of security in  rem (sûreté réelle) or agreement or arrangement having a similar effect and any transfer of title by way of  security, (c) a Guarantee includes any garantie which is independent from the debt to which it relates and  any suretyship (cautionnement) within the meaning of Articles 2011 et seq. of the Luxembourg Civil  Code, (d) a Person being unable to pay its debts includes that Person being in a state of cessation de  paiements or having lost or meeting the criteria to lose its commercial creditworthiness (ébranlement de  crédit), (e) by-laws or constitutional documents includes its up-to-date (restated) articles of association  (statuts coordonnés), (f) a winding-up, administration, reorganisation, insolvency or dissolution includes,  without limitation, bankruptcy (faillite), liquidation, composition with creditors (concordat préventif de la  faillite), moratorium or suspension of payments (sursis de paiement), controlled management (gestion  contrôlée), general settlement with creditors, reorganisation or similar laws affecting the rights of  creditors generally and (g) a manager includes a gérant.  SECTION 1.04.  Accounting Terms; GAAP; Pro Forma Calculations. (a)   Except as  otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in  accordance with GAAP, as in effect from time to time; provided that, if the Company notifies the  Administrative Agent that the Company requests an amendment to any provision hereof to eliminate the  effect of any change occurring after the date hereof in GAAP or in the application thereof on the  operation of such provision (or if the Administrative Agent notifies the Company that the Required  Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such  notice is given before or after such change in GAAP or in the application thereof, then such provision  shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall  have become effective until such notice shall have been withdrawn or such provision  amended in  accordance herewith.  Notwithstanding any other provision contained herein, all terms of an accounting or  financial nature used herein shall be construed, and all computations of amounts and ratios referred to  herein shall be made, (i) without giving effect to any election under Accounting Standards Codification  825-10-25  (or any other Accounting Standards Codification or Financial Accounting Standard having a  

 

38  similar result or effect) to value any Debt or other liabilities of the Company or any Subsidiary at “fair  value”, as defined therein and (ii) without giving effect to any treatment of Debt in respect of convertible  debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards  Codification or Financial Accounting Standard having a similar result or effect) to value any such Debt in  a reduced or bifurcated manner as described therein, and such Debt shall at all times be valued at the full  stated principal amount thereof.  (b) All pro forma computations required to be made hereunder giving effect to any acquisition or disposition, or issuance, incurrence or assumption of Debt, or other transaction shall in each case be  calculated giving pro forma effect thereto (and, in the case of any pro forma computation made hereunder to  determine whether such acquisition or disposition, or issuance, incurrence or assumption of Debt, or other  transaction is permitted to be consummated hereunder, to any other such transaction consummated since the  first day of the period covered by any component of such pro forma computation and on or prior to the date of  such computation) as if such transaction had occurred on the first day of the period of four consecutive fiscal  quarters ending with the most recent fiscal quarter for which financial statements shall have been delivered  pursuant to Section 5.01(a) or 5.01(b) (or, prior to the delivery of any such financial statements, ending with the  last fiscal quarter included in the financial statements referred to in Section 3.04(a)), and, to the extent  applicable, to the historical earnings and cash flows associated with the assets acquired or disposed of and any  related incurrence or reduction of Debt, all in accordance with Article 11 of Regulation S-X of the SEC.  Such  computations may give effect to (i) any projected cost savings (net of continuing associated expenses) expected  to be realized as a result of such event to the extent such cost savings would be permitted to be reflected in  financial statements prepared in compliance with Article 11 of Regulation S-X of the SEC or (ii) any other cost  savings (net of continuing associated expenses) that are reasonably anticipated by the Company to be achieved  in connection with any such event and are attributable to actions started or occurring within the 12-month  period following the consummation of such event, which the Company, in its reasonable judgment, determines  are achievable; provided that if any cost savings included in any pro forma calculations pursuant to this clause  (ii) shall at any time cease to be achievable, in the Company’s reasonable judgment, then on and after such time pro forma calculations to be made hereunder shall no longer reflect such cost savings.  Notwithstanding the foregoing, (x) all adjustments pursuant to this paragraph will be without duplication of any amounts that are otherwise included or added back in computing Consolidated EBITDA in accordance with the definition of such term and (y) the aggregate amount of any increase in Consolidated EBITDA pursuant to clauses (i) or (ii) of the preceding sentence, and pursuant to clause (x) of the definition of “Consolidated EBITDA”, for any applicable period being tested shall not exceed 10% of Consolidated EBITDA as a result of the relevant event in the absence of the adjustments pursuant to clauses (i) or (ii) of the preceding sentence and clause (x) of the definition of “Consolidated EBITDA”.  If any Debt bears a floating rate of interest and is being given pro forma effect, the interest on such Debt shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any Swap Agreement applicable to such Debt). (c) Notwithstanding anything to the contrary contained herein and for all purposes hereunder only those leases (assuming for purposes hereof that such leases were in existence on January 1, 2015) that  would have constituted capital leases or financing leases in conformity with GAAP on January 1, 2015, shall be  considered capital leases or financing leases for all purposes hereunder, and all calculations and deliverables  under this Agreement or any other Loan Document shall be made or delivered, as applicable, in accordance  therewith.  SECTION 1.05.  Interest Rates; Benchmark Notification.  The interest rate on a Loan  denominated in Dollars or a Foreign Currency may be derived from an interest rate benchmark that may  be discontinued or is, or may in the future become, the subject of regulatory reform.  Upon the occurrence  of a Benchmark Transition Event, Section 2.14(b) provides a mechanism for determining an alternative  rate of interest.  The Administrative Agent does not warrant or accept any responsibility for, and shall not  have any liability with respect to, the administration, submission, performance or any other matter related  

 

    39     to any interest rate used in this Agreement, or with respect to any alternative or successor rate thereto, or  replacement rate thereof, including without limitation, whether the composition or characteristics of any  such alternative, successor or replacement reference rate will be similar to, or produce the same value or  economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity as  did any existing interest rate prior to its discontinuance or unavailability.  The Administrative Agent and  its affiliates and/or other related entities may engage in transactions that affect the calculation of any   interest rate used in this Agreement or any alternative, successor or alternative rate (including any  Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to  the Company.  The Administrative Agent may select information sources or services in its reasonable  discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates  referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have  no liability to the Company, any Lender or any other person or entity for damages of any kind, including  direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses  (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any  such rate (or component thereof) provided by any such information source or service.  SECTION 1.06.  Divisions.  For all purposes under the Loan Documents, in connection  with any division or plan of division under Delaware law (or any comparable event under a different  jurisdiction’s laws):  (a) if any asset, right, obligation or liability of any Person becomes the asset, right,  obligation or liability of a different Person, then it shall be deemed to have been transferred from the  original Person to the subsequent Person, and (b) if any new Person comes into existence, such new  Person shall be deemed to have been organized and acquired on the first date of its existence by the  holders of its Equity Interests at such time.  SECTION 1.07.  Letter of Credit Amounts .  Unless otherwise specified herein, the  amount of a Letter of Credit at any time shall be deemed to be the Dollar Amount of the stated amount of  such Letter of Credit available to be drawn at such time; provided that with respect to any Letter of Credit  that, by its terms or the terms of any Letter of Credit Agreement related thereto, provides for one or more  automatic increases in the available amount thereof, the amount of such Letter of Credit shall be deemed  to be the Dollar Amount of the maximum amount of such Letter of Credit after giving effect to all such  increases, whether or not such maximum amount is available to be drawn at such time.  SECTION 1.08.  Exchange Rates; Currency Equivalents .  (a)   The Administrative Agent  or an Issuing Bank, as applicable, shall determine the Dollar Amount amounts of Term Benchmark  Borrowings or Letter of Credit extensions denominated in Foreign Currencies.  Such Dollar Amount shall  become effective as of such Revaluation Date and shall be the Dollar Amount of such amounts until the  next Revaluation Date to occur.  Except for purposes of financial statements delivered by the Company  hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the  applicable amount of any Agreed Currency (other than Dollars) for purposes of the Loan Documents shall  be such Dollar Amount amount as so determined by the Administrative Agent or an Issuing Bank, as  applicable.  (b) Wherever in this Agreement in connection with a Borrowing, conversion, continuation or prepayment  of a Term Benchmark Loan or an RFR Loan or the issuance, amendment or extension of a Letter of  Credit, an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such  Borrowing, Loan or Letter of Credit is denominated in a Foreign Currency, such amount shall be the  Dollar Amount of such amount (rounded to the nearest unit of such Foreign Currency, with 0.5 of a unit  being rounded upward), as determined by the Administrative Agent or an Issuing Bank, as the case may  be.  

 

    40     ARTICLE II    The Credits  SECTION 2.01.  Commitments.    (a)  Subject to the terms and conditions set forth herein, each Lender agrees to make Revolving  Loans to the Borrowers in Agreed Currencies from time to time during the Availability Period in an aggregate  principal amount that will not result in, subject to Section 2.11(b), (i) the Dollar Amount of such Lender’s  Revolving Credit Exposure exceeding such Lender’s Commitment, (ii) the sum of the Dollar Amount of the  Total Revolving Credit Exposure exceeding the Aggregate Commitment or (iii) the Dollar Amount of the total  outstanding Revolving Loans, LC Exposure and Swingline Loans denominated in Foreign Currencies exceeding  the Foreign Currency Sublimit.  Within the foregoing limits and subject to the terms and conditions set forth  herein, the Borrowers may borrow, prepay and reborrow Revolving Loans.  (b)  Subject to the terms and conditions set forth herein and of any Incremental Term Loan  Amendment effected in accordance with Section 2.20, each Lender that has a commitment to fund Incremental  Term Loans in accordance with the provisions of Section 2.20 agrees to make its ratable share of such  Incremental Term Loans to the applicable Borrower on the applicable effective date for such Incremental Term  Loans, in the aggregate principal amount of such Lender’s commitment.    SECTION 2.02.  Revolving Loans and Borrowings.  (a)   Each Revolving Loan (which,  for the avoidance of doubt, shall exclude any Swingline Loan) shall be made as part of a Borrowing  consisting of Revolving Loans made by the Lenders ratably in accordance with their respective  Commitments.  The failure of any Lender to make any Loan required to be made by it shall not relieve  any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several  and no Lender shall be responsible for any other Lender’s failure to make Loans as required.  Any  Swingline Loan shall be made in accordance with the procedures set forth in Section 2.05.  (b)  Subject to Section 2.14, each Revolving Borrowing shall be comprised entirely of ABR  Loans, Term Benchmark Loans or RFR Loans as the relevant Borrower may request in accordance herewith;  provided that each ABR Loan shall only be made in Dollars and shall only be made to the Company.  Each  Lender at its option may make any Revolving Loan denominated in a Foreign Currency by causing any  domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the  provisions of Sections 2.14, 2.15, 2.16 and 2.17 shall apply to such Affiliate to the same extent as to such  Lender); provided that any exercise of such option shall not affect the obligation of the relevant Borrower to  repay such Loan in accordance with the terms of this Agreement.  (c)  At the commencement of each Interest Period for any Term Benchmark Revolving  Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 (or, if  such Borrowing is denominated in a Foreign Currency, the Equivalent Amount of such Foreign Currency) and  not less than $10,000,000 (or, if such Borrowing is denominated in a Foreign Currency, the Equivalent Amount  of such Foreign Currency).  At the time that each ABR Revolving Borrowing or RFR Revolving Borrowing is  made, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 (or, if such  Borrowing is denominated in Pounds Sterling, the Equivalent Amount of Pounds Sterling) and not less than  $10,000,000 (or, if such Borrowing is denominated in Pounds Sterling, the Equivalent Amount of Pounds  Sterling); provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire  unused balance of the Aggregate Commitment or that is required to finance the reimbursement of an LC  Disbursement as contemplated by Section 2.06(e).  Borrowings of more than one Type and Class may be  outstanding at the same time.  

 

    41     (d)  Subject to payment of amounts owing under Section 2.16, a Borrower shall be entitled to  request, or to elect to convert or continue, any Revolving Borrowing if the Interest Period requested with  respect thereto would end after the Maturity Date.  SECTION 2.03.  Requests for Revolving Borrowings.  To request a Revolving  Borrowing, the applicable Borrower, or the Company on behalf of the applicable Borrower, shall notify  the Administrative Agent of such request (a) by irrevocable written notice (via a written Borrowing  Request in a form approved by the Administrative Agent and signed by the applicable Borrower, or the  Company on behalf of the Foreign Subsidiary Borrower, promptly followed by telephonic confirmation  of such request) (i) in the case of a Term Benchmark Borrowing denominated in Dollars and made to the  Company, not later than 11:00 a.m., Local Time, three (3) Business Days (or, solely in the case of a Term  Benchmark Borrowing to be made on the Closing Date, two (2) Business Days, subject to the applicable  Borrower’s agreement to compensate each Lender, in accordance with Section 2.16, for the loss, cost and  expense of any failure to borrow such Term Benchmark Loan), (ii) in the case of a Term Benchmark  Borrowing denominated in a Foreign Currency or a Term Benchmark Borrowing to the Foreign  Subsidiary Borrower, not later than four (4) Business Days, and (iii) in the case of an RFR Borrowing, not  later than 11:00 a.m. New York City time, five (5) Business Days, in each case before the date of the  proposed Borrowing, or (b) by telephone in the case of an ABR Borrowing, not later than 11:00 a.m.,  New York City time, one (1) Business Day before 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 2.06(e) may be given not later than 10:00 a.m., New York City time, on the date  of the proposed Borrowing.  Each such telephonic Borrowing Request pursuant to clause (b) in the  preceding sentence shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to  the Administrative Agent of a written Borrowing Request in a form approved by the Administrative  Agent and signed by the applicable Borrower, or the Company on behalf of the Foreign Subsidiary  Borrower.  Each such telephonic and written Borrowing Request shall specify the following information  in compliance with Section 2.02:   (i)  the name of the applicable Borrower;  (ii)  the Agreed Currency and the aggregate principal amount  of the requested Borrowing;  (iii)  the date of such Borrowing, which shall be a Business  Day;  (iv)  whether such Borrowing is to be an ABR Borrowing, an  RFR Borrowing or a Term Benchmark Borrowing;  (v)  in the case of a Term Benchmark Borrowing, the initial  Interest Period to be applicable thereto, which shall be a period  contemplated by the definition of the term “Interest Period”; and  (vi)  the location and number of the applicable Borrower’s  account to which funds are to be disbursed, which shall comply with  the requirements of Section 2.07.  If no election as to the Type of Revolving Borrowing is specified, then, in the case of a Borrowing  denominated in Dollars to the Company, the requested Revolving Borrowing shall be an ABR Borrowing.   If no Interest Period is specified with respect to any requested Term Benchmark Revolving Borrowing,  then the relevant Borrower shall be deemed to have selected an Interest Period of one month’s duration.   

 

42  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. Notwithstanding the foregoing, in no event shall a Borrower be  permitted to request pursuant to this Section 2.03, (a) a Canadian Prime Loan, a CBR Loan or, prior to a  Benchmark Transition Event and Benchmark Replacement Date with respect to the Term SOFR Rate, a  Daily Simple SOFR Loan (it being understood and agreed that the Canadian Prime Rate, a Central Bank  Rate and Daily Simple SOFR shall only apply to the extent provided in Section 2.14) or (b) an ESTR  Loan (it being understood and agreed that ESTR shall only be available for Swingline Loans denominated  in Euro).  SECTION 2.04.  [Reserved]. SECTION 2.05.  Swingline Loans.  (a)    Subject to the terms and conditions set forth  herein, the Swingline Lender may in its sole discretion make Swingline Loans in Agreed Currencies to  the Borrowers from time to time during the Availability Period, in an aggregate principal Dollar Amount  at any time outstanding that will not result in, subject to Section 2.11(b), (i) the aggregate principal Dollar  Amount of outstanding Swingline Loans exceeding the Swingline Sublimit, (ii) the Dollar Amount of the  Total Revolving Credit Exposure exceeding the Aggregate Commitment, (iii) the Dollar Amount of the  Swingline Lender’s Revolving Credit Exposure exceeding its Commitment or (iv) the Dollar Amount of  the total outstanding Revolving Loans, LC Exposure and Swingline Loans denominated in Foreign  Currencies exceeding the Foreign Currency Sublimit; provided that the Swingline Lender shall not be  required to make a Swingline Loan to refinance an outstanding Swingline Loan.  Within the foregoing  limits and subject to the terms and conditions set forth herein, the Company may borrow, prepay and  reborrow Swingline Loans.  Subject to Section 2.14, Swingline Loans shall bear interest at the rates  prescribed in Section 2.13(c). The Swingline Lender at its option may make any Swingline Loan  denominated in a Foreign Currency by causing any domestic or foreign branch or Affiliate of such  Swingline Lender to make such Loan (and in the case of an Affiliate, the provisions of Sections 2.14,  2.15, 2.16 and 2.17 shall apply to such Affiliate to the same extent as to the Swingline Lender); provided  that any exercise of such option shall not affect the obligation of the relevant Borrower to repay such  Swingline Loan in accordance with the terms of this Agreement.  (b) Each Swingline Loan shall be in an amount that is an integral multiple of $1,000,000 and not less than $1,000,000 (or, if such Borrowing is denominated in a Foreign Currency, the Equivalent Amount  of such currency), or such other minimum amounts and multiples as the Swingline Lender shall determine.  To  request a Swingline Loan, the applicable Borrower, or the Company on behalf of the Foreign Subsidiary  Borrower, shall notify the Administrative Agent of such request (i) by telephone (confirmed by telecopy) in the  case of a Swingline Loan that is an ABR Loan, and (ii) by telecopy in all other cases, not later than 12:00 noon,  Local Time, on the day of a proposed Swingline Loan in the case of a Swingline Loan to the Company in  Dollars, and not later than the time agreed upon by the applicable Borrower and Swingline Lender with respect  to a Swingline Loan in a Foreign Currency or to the Foreign Subsidiary Borrower.  Each such notice shall be  irrevocable and shall specify the name of the applicable Borrower, the requested date (which shall be a Business  Day), the relevant Agreed Currency, and the requested maturity date and, if applicable, the Interest Period  therefor.  Notwithstanding any other provision of this Agreement, no Borrower shall be entitled to request, or to  elect to continue, any Swingline Borrowing if the Interest Period requested with respect thereto would end after  the Maturity Date.  The Administrative Agent will promptly advise the Swingline Lender of any such notice  received from the Company or the Foreign Subsidiary Borrower.  The Swingline Lender shall make each  Swingline Loan available to the applicable Borrower by means of a credit to the general deposit account of such  Borrower with the Swingline Lender (or, in the case of a Swingline Loan made to finance the reimbursement of  an LC Disbursement as provided in Section 2.06(e), by remittance to the applicable Issuing Bank) by 3:00 p.m.,  Local Time, on the requested date of such Swingline Loan.  

 

    43     (c)  Subject to Section 2.10, each Borrower hereby unconditionally promises to pay to the  Swingline Lender the then unpaid principal amount of such Swingline Loan with interest on the earlier of (i) the  Maturity Date and (ii) (x) in the case of any Swingline Loan denominated in Dollars or Euro, on the seventh  (7th) day after such Swingline Loan is made (or such shorter period with respect to principal or interest as the  Swingline Lender and the applicable Borrower shall have agreed), and (y) in the case of any Swingline Loan  denominated in an Agreed Currency other than Dollars or Euro on the thirtieth (30th) day after such Swingline  Loan is made (or such shorter period with respect to principal or interest as the Swingline Lender and the  applicable Borrower shall have agreed); provided, that upon receipt of written notice from the applicable  Borrower no fewer than four (4) Business Days prior to such Swingline Loan’s due date, the Swingline Lender  may in its sole and absolute discretion agree to continue such Swingline Loan described in clause (y) as a  Swingline Loan for an additional thirty (30) day period (it being understood and agreed that an Interest Payment  Date shall still occur on the then current due date); provided, however, that no Swingline Loan may be  outstanding as a Swingline Loan for a period greater than 180 consecutive days.  (d)  The Swingline Lender may by written notice given to the Administrative Agent not later  than 10:00 a.m., Local Time, on any Business Day require the Lenders to acquire participations on such  Business Day in all or a portion of the Swingline Loans outstanding, and the Lenders shall acquire such  participations automatically and without notice upon the occurrence of an Event of Default under clause (h) or  (i) of Section 6.01 with respect to the Company or upon an acceleration of the Loans pursuant to Article VI, in  any such case, any such Swingline Loans outstanding in a Foreign Currency shall, upon the giving of such  notice by the Swingline Lender with respect to any Swingline Loan bearing interest in a Foreign Currency that  is not an Agreed Currency for Revolving Loans (or with respect to any other Swingline Loan at the option of  the Swingline Lender), immediately and automatically be converted to and redenominated in Dollars equal to  the Dollar Amount of each such Swingline Loan determined as of the date of such conversion and shall  thereafter bear interest at the rate applicable to ABR Borrowings in the case of a Swingline Loan to the  Company, and at the rate applicable to Term Benchmark Borrowings in Dollars with an Interest Period of one  month in the case of a Swingline Loan to the Foreign Subsidiary Borrower.  Such notice shall specify the  aggregate amount or Dollar Amount of Swingline Loans in which Lenders will participate.  Promptly upon  receipt of such notice, 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, in the Agreed Currency or Dollars,  as applicable, to the Administrative Agent, for the account of the Swingline Lender, such Lender’s Applicable  Percentage of the amount or Dollar Amount 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 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 2.07 with respect to Loans made by such Lender (and Section 2.07 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 Company 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 either Borrower (or other party on behalf of such  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;  provided that any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative  Agent, as applicable, if and to the extent such payment is required to be refunded to either Borrower for any  

 

    44     reason.  The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve either  Borrower of any default in the payment thereof.  (e)  The Swingline Lender may be replaced at any time by written agreement among the  Company, the Administrative Agent, the replaced Swingline Lender and the successor Swingline Lender.  The  Administrative Agent shall notify the Lenders of any such replacement of the Swingline Lender.  At the time  any such replacement shall become effective, the Company shall pay all unpaid interest accrued for the account  of the replaced Swingline Lender pursuant to Section 2.13(a).  From and after the effective date of any such  replacement, (x) the successor Swingline Lender shall have all the rights and obligations of the replaced  Swingline Lender under this Agreement with respect to Swingline Loans made thereafter and (y) references  herein to the term “Swingline Lender” shall be deemed to refer to such successor or to any previous Swingline  Lender, or to such successor and all previous Swingline Lenders, as the context shall require.  After the  replacement of the Swingline Lender hereunder, the replaced Swingline Lender shall remain a party hereto and  shall continue to have all the rights and obligations of a Swingline Lender under this Agreement with respect to  Swingline Loans made by it prior to its replacement, but shall not be required to make additional Swingline  Loans.  (f)  Subject to the appointment and acceptance of a successor Swingline Lender, the Swingline  Lender may resign as Swingline Lender at any time upon thirty days’ prior written notice to the Administrative  Agent, the Company and the Lenders, in which case, the Swingline Lender shall be replaced in accordance with  Section 2.05(e) above.  SECTION 2.06.  Letters of Credit.  (a)   General.  Subject to the terms and conditions set  forth herein, the Company may request the issuance of Letters of Credit denominated in Agreed  Currencies for its own account or for the account of any of its Subsidiaries (the Company or any such  Subsidiary, in such capacity, a “LC Account Party”), in a form reasonably acceptable to the  Administrative Agent and the applicable Issuing Bank, at any time and from time to time during the  Availability Period; provided, however, that, (i) notwithstanding the issuance of any Letter of Credit for  the account of any Subsidiary of the Company, any and all reimbursement obligations in respect of any  LC Disbursement, fees, costs, expenses, indemnities or other obligations owing with respect any such  Letter of Credit under this Agreement shall constitute primary obligations of the Company (and, if the  applicable Issuing Bank so requests, such obligations shall be joint and several obligations the Company  and such Subsidiary, as evidenced by a separate agreement in form and substance reasonably satisfactory  to the Company and such Issuing Bank, signed by such Subsidiary, providing for such joint and several  liability and affirming such Subsidiary’s assumption of all of the covenants and other obligations set forth  in this Section 2.06) and (ii) notwithstanding anything in clause (i) to the contrary, the Foreign Subsidiary  Borrower or any other Foreign Subsidiary (other than a Foreign Subsidiary that is a Subsidiary of a U.S.  Person and that is disregarded as separate and apart from such U.S. Person for U.S. federal income tax  purposes) constituting an LC Account Party shall be liable only to repay reimbursement obligations in  respect of any LC Disbursement, fees, costs, expenses, indemnities or other obligations owing with  respect to Letters of Credit issued for the account of the Foreign Subsidiary Borrower or such other  Foreign Subsidiary (other than a Foreign Subsidiary that is a Subsidiary of a U.S. Person and that is  disregarded as separate and apart from such U.S. Person for U.S. federal income tax purpose).  In the  event of any inconsistency between the terms and conditions of this Agreement and the terms and  conditions of any form of letter of credit application or other agreement submitted by the Company to, or  entered into by the Company with, an Issuing Bank relating to any Letter of Credit, the terms and  conditions of this Agreement shall control.  For all purposes of the Loan Documents, the letters of credit  identified on Schedule 2.06 (the “Existing Letters of Credit”) shall be deemed to be “Letters of Credit”  issued on the Effective Date by the respective Issuing Banks identified on such Schedule.   Notwithstanding anything herein to the contrary, no Issuing Bank shall have any obligation hereunder to  issue, and shall not issue, any Letter of Credit the proceeds of which would be made available to any  

 

    45     Person (i) to fund any activity or business of or with any Sanctioned Person, or in any Sanctioned  Country, to the extent such activity or business would be prohibited by Sanctions if conducted by a  corporation incorporated in the United States or in a European Union member state or (ii) in any manner  that would result in a violation of any Sanctions by any party to this Agreement.  (b)  Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions.  To request the  issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the  Company shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so  have been approved by the applicable Issuing Bank), for itself or on behalf of any LC Account Party, to the  applicable Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance,  amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying the  Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal  or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall  comply with paragraph (c) of this Section), the LC Account Party or LC Account Parties, the amount of such  Letter of Credit, the Agreed Currency applicable thereto, the name and address of the beneficiary thereof and  such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit.  If  requested by an Issuing Bank, the Company also shall submit a letter of credit application on such Issuing  Bank’s standard form in connection with any request for a Letter of Credit.   A Letter of Credit shall be issued,  amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of  Credit the Company shall be deemed to represent and warrant that), after giving effect to such issuance,  amendment, renewal or extension, subject to Section 2.11(b), (i) the Dollar Amount of the LC Exposure shall  not exceed the LC Overall Sublimit, (ii) the sum of the Dollar Amount of the total Revolving Credit Exposures  shall not exceed the Aggregate Commitment and (iii) the Dollar Amount of the total outstanding Revolving  Loans, LC Exposure and Swingline Loans denominated in Foreign Currencies shall not exceed the Foreign  Currency Sublimit.  The Company may, at any time and from time to time, reduce the Letter of Credit  Commitment of an Issuing Bank with the consent of the Issuing Bank; provided that the Company shall not  reduce the Letter of Credit Commitment of such Issuing Bank if, after giving effect of such reduction, the  conditions set forth in clauses (i) through (iii) above shall not be satisfied.  Notwithstanding the foregoing or  anything to the contrary contained herein, no Issuing Bank shall be obligated to issue or modify any Letter of  Credit if, immediately after giving effect thereto, the outstanding LC Exposure in respect of all Letters of Credit  issued by such Person and its Affiliates would exceed such Issuing Bank’s Letter of Credit Commitment;  provided, that any Letter of Credit issued by an Issuing Bank in excess of its individual Letter of Credit  Commitment then in effect shall nonetheless constitute a Letter of Credit for all purposes of this Agreement,  and shall not affect the Letter of Credit Commitment of any other Issuing Bank, subject to the limitations on the  aggregate LC Exposure set forth in clause (i) of the preceding sentence of this Section 2.06(b).  (c)  Expiration Date.  Each Letter of Credit shall expire at or prior to the close of business on  the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any  renewal or extension thereof, one year after such renewal or extension) and (ii) the date that is five (5) Business  Days prior to the Maturity Date; provided that, subject to satisfaction of conditions applicable to renewals of  Letters of Credit herein, any Letter of Credit with a one-year tenor may provide for the automatic renewal  thereof for additional one-year periods (which, in no event, shall extend beyond the date referred to in clause (ii)  of this paragraph).  (d)  Participations.  By the issuance of a Letter of Credit (or an amendment to a Letter of Credit  increasing the amount thereof) and without any further action on the part of any Issuing Bank or the Lenders,  each Issuing Bank hereby grants to each Lender, and each Lender hereby acquires from such Issuing Bank, a  participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate amount  available to be drawn under such Letter of Credit.  In consideration and in furtherance of the foregoing, each  Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the  applicable Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by such Issuing  

 

46  Bank and not reimbursed by the Company or any applicable LC Account Party on the date due as provided in  paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Company or any  applicable LC Account Party for any reason.  Each Lender acknowledges and agrees that its obligation to  acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and  shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any  Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments,  and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.   (e) Reimbursement.  If an Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Company shall reimburse such LC Disbursement by paying to the Administrative Agent, subject  to this Section 2.06(e) and Section 2.06(k), in the Agreed Currency which was paid by such Issuing Bank  pursuant to such LC Disbursement in an amount equal to such LC Disbursement) not later than 12:00 noon  Local Time (or 3:00 p.m. Local Time in the event that the Company is reimbursing such LC Disbursement with  proceeds of a Swingline Loan), on the date that such LC Disbursement is made, if the Company shall have  received notice of such LC Disbursement prior to 10:00 a.m., Local Time, on such date, or, if such notice has  not been received by the Company prior to such time on such date, then not later than 12:00 noon, Local Time,  on the Business Day immediately following the day that the Company receives such notice; provided that, if  such LC Disbursement is not less than the Equivalent Amount of $1,000,000, the Company may, subject to the  conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be  financed with an ABR Revolving Borrowing (in the case of any LC Disbursement made in Dollars) or a  Swingline Loan (in the case of an LC Disbursement made in any Agreed Currency that is also an Agreed  Currency for Swingline Loans) in the amount of such LC Disbursement and, to the extent so financed, the  Company’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving  Borrowing or Swingline Loan.  If the Company fails to make such payment when due, then (i) if such payment  relates to a Foreign Currency Letter of Credit issued in a Foreign Currency that is not an Agreed Currency for  Revolving Loans (or to any Foreign Currency Letter of Credit at the option of the applicable Issuing Bank),  automatically and with no further action required, the obligation to reimburse the applicable LC Disbursement  shall be permanently converted into an obligation to reimburse the Dollar Amount calculated as of the date  when such payment was due, of such LC Disbursement and (ii) in any such case, the Administrative Agent shall  notify each Lender of the applicable LC Disbursement, the payment then due from the Company in respect  thereof and such Lender’s Applicable Percentage thereof.  Promptly following receipt of such notice, each  Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the  Company, in Dollars, in the same manner as provided in Section 2.07 with respect to Loans made by such  Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the  Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the  Lenders.  Promptly following receipt by the Administrative Agent of any payment from the Company pursuant  to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to  the extent that Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to  such Lenders and such Issuing Bank as their interests may appear.  Any payment made by a Lender pursuant to  this paragraph to reimburse an Issuing Bank for any LC Disbursement (other than the funding of ABR  Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve  the Company of its obligation to reimburse such LC Disbursement.  If the Company’s reimbursement of, or  obligation to reimburse, any amounts in any Foreign Currency would subject the Administrative Agent, any  Issuing Bank or any Lender to any stamp duty, ad valorem charge or similar tax that would not be payable if  such reimbursement were made or required to be made in Dollars, the Company shall, at its option, either  (x) pay the amount of any such tax requested by the Administrative Agent, any applicable Issuing Bank or the relevant Lender or (y) reimburse each LC Disbursement made in such Foreign Currency in Dollars, in an amount equal to the Equivalent Amount, calculated using the applicable Exchange Rates, on the date such LC Disbursement is made, of such LC Disbursement. 

 

    47     (f)  Obligations Absolute.  The Company’s obligation to reimburse LC Disbursements as  provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be  performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever  and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any  term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be  forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect,  (iii) payment by an Issuing Bank under a Letter of Credit against presentation of a draft or other document that  does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever,  whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a  legal or equitable discharge of, or provide a right of setoff against, the Company’s obligations hereunder.   Neither the Administrative Agent, the Lenders nor the Issuing Banks, nor any of their Related Parties, shall  have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of  Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances  referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or  delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any  document required to make a drawing thereunder), any error in interpretation of technical terms or any  consequence arising from causes beyond the control of the Issuing Banks; provided that the foregoing shall not  be construed to excuse any Issuing Bank from liability to the Company to the extent of any direct damages (as  opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived  by the Company to the extent permitted by applicable law) suffered by the Company that are caused by such  Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a  Letter of Credit comply with the terms thereof.  The parties hereto expressly agree that, in the absence of gross  negligence or willful misconduct on the part of an Issuing Bank (as determined by a court of competent  jurisdiction by final and nonappealable judgment), such Issuing Bank shall be deemed to have exercised care in  each such determination.  In furtherance of the foregoing and without limiting the generality thereof, the parties  agree that, with respect to documents presented which appear on their face to be in substantial compliance with  the terms of a Letter of Credit, the applicable Issuing Bank may, in its sole discretion, either accept and make  payment upon such documents without responsibility for further investigation, regardless of any notice or  information to the contrary, or refuse to accept and make payment upon such documents if such documents are  not in strict compliance with the terms of such Letter of Credit.  (g)  Disbursement Procedures.  Each Issuing Bank shall, promptly following its receipt thereof,  examine all documents purporting to represent a demand for payment under a Letter of Credit.  Such Issuing  Bank shall promptly notify the Administrative Agent and the Company by telephone (confirmed by telecopy or  electronic mail) of such demand for payment and whether such Issuing Bank has made or will make an LC  Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the  Company of its obligation to reimburse such Issuing Bank and the Lenders with respect to any such LC  Disbursement.  (h)  Interim Interest.  If an Issuing Bank shall make any LC Disbursement, then, unless the  Company shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid  amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to  but excluding the date that the Company reimburses such LC Disbursement, at the rate per annum then  applicable to ABR Revolving Loans plus the Applicable Rate (or, in the case such LC Disbursement is and  continues to be denominated in a Foreign Currency, at the Overnight Foreign Currency Rate for such Agreed  Currency plus the then effective Applicable Rate with respect to Term Benchmark Revolving Loans); provided  that, if the Company fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this  Section, then Section 2.13(d) shall apply.  Interest accrued pursuant to this paragraph shall be for the account of  the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Lender  pursuant to paragraph (e) of this Section to reimburse such Issuing Bank shall be for the account of such Lender  to the extent of such payment.  

 

    48     (i)  Replacement and Resignation of Issuing Bank.  Any Issuing Bank may be replaced at any  time by written agreement among the Company, the Administrative Agent, the replaced Issuing Bank and the  successor Issuing Bank.  The Administrative Agent shall notify the Lenders of any such replacement of an  Issuing Bank.  At the time any such replacement shall become effective, the Company shall pay all unpaid fees  accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b).  From and after the effective  date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the  Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references  herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or  to such successor and all previous Issuing Banks, as the context shall require.  After the replacement of an  Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the  rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit then  outstanding and issued by it prior to such replacement, but shall not be required to issue additional Letters of  Credit.  (j)  Cash Collateralization.  If any Event of Default shall occur and be continuing, on the  Business Day that the Company receives notice from the Administrative Agent or the Required Lenders (or, if  the maturity of the Loans has been accelerated, Lenders with LC Exposure representing greater than 50% of the  total LC Exposure) demanding the deposit of cash collateral pursuant to this paragraph, the Company shall  deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the  benefit of the Lenders (the “LC Collateral Account”), an amount in cash equal to 103% of the Dollar Amount of  the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that (i) the portions of  such amount attributable to undrawn Foreign Currency Letters of Credit or LC Disbursements in a Foreign  Currency that the Company is not late in reimbursing shall be deposited in the applicable Foreign Currencies in  the actual amounts of such undrawn Letters of Credit and LC Disbursements and (ii) the obligation to deposit  such cash collateral shall become effective immediately, and such deposit shall become immediately due and  payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect  to the Company described in clause (h) or (i) of Article VI.  For the purposes of this paragraph, the Foreign  Currency LC Exposure shall be calculated using the applicable Exchange Rate on the date notice demanding  cash collateralization is delivered to the Company.  The Company also shall deposit cash collateral pursuant to  this paragraph as and to the extent required by Section 2.11(b).  Such deposit shall be held by the  Administrative Agent as collateral for the payment and performance of the Obligations.  The Administrative  Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such  account.  Other than any interest earned on the investment of such deposits, which investments shall be made at  the option and sole discretion of the Administrative Agent and at the Company’s risk and expense, such  deposits shall not bear interest.  Interest or profits, if any, on such investments shall accumulate in such account.   Moneys in such account shall be applied by the Administrative Agent to reimburse each Issuing Bank for LC  Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the  satisfaction of the reimbursement obligations of the Company for the LC Exposure at such time or, if the  maturity of the Loans has been accelerated (but subject to the consent of Lenders with LC Exposure   representing greater than 50% of the total LC Exposure), be applied to satisfy other Obligations.  If the  Company is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event  of Default, such amount and all interest thereon (to the extent not applied as aforesaid) shall be returned to the  Company (A) if provided within three (3) Business Days after all Events of Default have been cured or waived,  and (B) if provided pursuant to Section 2.11(b), within three (3) Business Days after cover for LC  Disbursements pursuant to Section 2.11(b) is no longer necessary to eliminate the excess referred to therein.  (k)  Conversion.  In the event that the Loans become immediately due and payable on any date  pursuant to Article VI or upon an Event of Default of the type described in clause (h) or (i) of Section 6.01 with  respect to the Company, all amounts (i) that the Company is at the time or thereafter becomes required to  reimburse or otherwise pay to the Administrative Agent in respect of LC Disbursements made under any  Foreign Currency Letter of Credit (other than amounts in respect of which the Company has deposited cash  

 

    49     collateral pursuant to paragraph (j) above, if such cash collateral was deposited in the applicable Foreign  Currency to the extent so deposited or applied), (ii) that the Lenders are at the time or thereafter become  required to pay to the Administrative Agent and the Administrative Agent is at the time or thereafter becomes  required to distribute to an Issuing Bank pursuant to paragraph (e) of this Section in respect of unreimbursed LC  Disbursements made under any Foreign Currency Letter of Credit and (iii) of each Lender’s participation in any  Foreign Currency Letter of Credit under which an LC Disbursement has been made shall, automatically and  with no further action required, be converted into the Dollar Amount, calculated using the Administrative  Agent’s Exchange Rates on such date (or in the case of any LC Disbursement made after such date, on the date  such LC Disbursement is made), of such amounts.  On and after such conversion, all amounts accruing and  owed to the Administrative Agent, any Issuing Bank or any Lender in respect of the obligations described in  this paragraph shall accrue and be payable in Dollars at the rates otherwise applicable hereunder.  (l)  New Money Events; Country Risk Events; Change in Law.  If any Issuing Bank is  requested to issue Letters of Credit in a Foreign Currency or for the account of any Foreign Subsidiary and such  Issuing Bank deems, in its reasonable judgment, that complying with such request may at any time subject it to  a New Money Credit Event or a Country Risk Event, the Company and the LC Account Party shall, at the  request of such Issuing Bank, guaranty and indemnify such Issuing Bank against any and all costs, liabilities  and losses resulting from such New Money Credit Event or Country Risk Event, in each case in a form and  substance reasonably satisfactory to such Issuing Bank.  Notwithstanding any other provision of this  Agreement, if, after the Effective Date, any Change in Law shall make it unlawful for an Issuing Bank to issue  Letters of Credit denominated in a Foreign Currency, then by prompt written notice thereof to the Company and  to the Administrative Agent (which notice shall be withdrawn whenever such circumstances no longer exist),  such Issuing Bank may declare that Letters of Credit will not thereafter be issued by it in the affected Foreign  Currency or Foreign Currencies, whereupon the affected Foreign Currency or Foreign Currencies shall be  deemed (for the duration of such declaration) not to constitute a Foreign Currency for purposes of the issuance  of Letters of Credit by such Issuing Bank.  (m)  Reporting Requirements for Issuing Bank.  In addition to the notices otherwise required  under this Section 2.06, each Issuing Bank (or if such Issuing Bank is an Affiliate of a Lender, then the  applicable Lender) shall, no later than the tenth Business Day following the last day of each month, provide to  the Administrative Agent, schedules, in form and substance reasonably satisfactory to the Administrative Agent,  showing the date of issue, LC Account Party or LC Account Parties, amount, currency, expiration date and the  reference number of each Letter of Credit issued by it outstanding at any time during such month and the  aggregate amount payable by the Company and, if applicable, any other LC Account Party, during such month;  provided, however, that the failure to provide such schedules or information shall not result in any liability on  the part of such Issuing Bank.  In addition, upon the request of the Administrative Agent, each Issuing Bank (or  applicable Lender if such Issuing Bank is an Affiliate of a Lender) shall furnish to the Administrative Agent  copies of any Letter of Credit and any request with respect to a Letter of Credit to which such Issuing Bank is  party and such other documentation as may reasonably be requested by the Administrative Agent.  Upon the  reasonable request of any Lender, the Administrative Agent will provide to such Lender information concerning  such Letters of Credit.  SECTION 2.07.  Funding of Borrowings.  (a)   Each Lender shall make each Loan to be  made by it hereunder on the proposed date thereof by wire transfer of immediately available funds (i) in  the case of Loans denominated in Dollars to the Company, by 1:00 p.m., New York time, to the account  of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders and  (ii) in the case of each Loan denominated in a Foreign Currency or to the Foreign Subsidiary Borrower,  by 12:00 noon, Local Time, in the city of the Administrative Agent’s Foreign Payment Office for such  currency and Borrower and at such Foreign Payment Office for such currency and Borrower; provided  that Swingline Loans shall be made as provided in Section 2.05.  The Administrative Agent will make  such Loans available to the relevant Borrower by promptly crediting the amounts so received, in like  

 

50  funds, to (x) an account of the Company maintained with the Administrative Agent in New York City or  Chicago and designated by the Company in the applicable Borrowing Request, in the case of Loans  denominated in Dollars to the Company and (y) an account of such Borrower in the relevant jurisdiction  and designated by such Borrower in the applicable Borrowing Request, in the case of Loans denominated  in a Foreign Currency or to the Foreign Subsidiary Borrower; provided that ABR Revolving Loans or  Swingline Loans made to finance the reimbursement of an LC Disbursement as provided in Section  2.06(e) shall be remitted by the Administrative Agent to the applicable 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 relevant Borrower a corresponding amount.  In such event, if a Lender has  not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable  Lender and such 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 such Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case  of such Lender, the greater of the applicable Overnight Rate and a rate determined by the Administrative Agent  in accordance with banking industry rules on interbank compensation or (ii) in the case of such Borrower, the  interest rate applicable to ABR Loans, or in the case of Foreign Currencies, in accordance with such market  practice, in each case, as applicable.  If such Lender pays such amount to the Administrative Agent, then such  amount shall constitute such Lender’s Loan included in such Borrowing.  SECTION 2.08.  Interest Elections for Revolving Borrowings.  (a)   Each Revolving  Borrowing initially shall be of the Type and Agreed Currency specified in the applicable Borrowing  Request and, in the case of a Term Benchmark Borrowing, shall have an initial Interest Period as  specified in such Borrowing Request.  Thereafter, the relevant Borrower may elect to convert such  Borrowing to a different Type or to continue such Borrowing and, in the case of any such Term  Benchmark Borrowing, may elect Interest Periods therefor, all as provided in this Section.  A 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 shall be administered in accordance with Section  2.05.  (b) To make an election pursuant to this Section, a Borrower, or the Company on its behalf, shall notify the Administrative Agent of such election (by telephone or irrevocable written notice in the case of  a Borrowing denominated in Dollars or by irrevocable written notice (via an Interest Election Request in a form  approved by the Administrative Agent and signed by such Borrower, or the Company on its behalf) in the case  of a Borrowing denominated in a Foreign Currency by the time that a Borrowing Request would be required  under Section 2.03 if such 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 to the Administrative Agent of a  written Interest Election Request in a form approved by the Administrative Agent and signed by the relevant  Borrower, or the Company on its behalf.  Notwithstanding any contrary provision herein, this Section shall not  be construed to permit any Borrower to (i) change the currency of any Borrowing, (ii) elect an Interest Period  for Term Benchmark Loans that does not comply with Section 2.02(d) or (iii) convert any Borrowing to a  Borrowing of a Type that is not available.  (c) Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02:  

 

    51     (i)  The name of the applicable Borrower;  (ii)  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);  (iii)  the effective date of the election made pursuant to such  Interest Election Request, which shall be a Business Day;  (iv)  the Agreed Currency applicable to such Borrowing and  whether the resulting Borrowing is to be an ABR Borrowing, RFR  Borrowing or a Term Benchmark Borrowing; and  (v)  if the resulting Borrowing is a Term Benchmark  Borrowing, the Interest Period to be applicable thereto after giving  effect to such election, which Interest Period shall be a period  contemplated by the definition of the term “Interest Period”.  If any such Interest Election Request requests a Term Benchmark Borrowing but does not specify an  Interest Period, then the applicable Borrower shall be deemed to have selected an Interest Period of one  month’s duration.  Notwithstanding the foregoing, in no event shall a Borrower be permitted to request  pursuant to this Section 2.08(c), (a) a Canadian Prime Loan, a CBR Loan or, prior to a Benchmark  Transition Event and Benchmark Replacement Date with respect to the Term SOFR Rate, a Daily Simple  SOFR Loan (it being understood and agreed that the Canadian Prime Rate, a Central Bank Rate and Daily  Simple SOFR shall only apply to the extent provided in Section 2.14) or (b) an ESTR Loan (it being  understood and agreed that ESTR shall only be available for Swingline Loans denominated in Euro).  (d)  Promptly following receipt of an Interest Election Request, the Administrative Agent shall  advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.  (e)  If the relevant Borrower fails to deliver a timely Interest Election Request with respect to a  Term Benchmark 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) in the case of a Borrowing  denominated in Dollars borrowed by the Company, such Borrowing shall be converted to an ABR Borrowing  and (ii) in the case of a Borrowing denominated in a Foreign Currency (or in Dollars by the Foreign Subsidiary  Borrower) in respect of which the applicable Borrower shall have failed to deliver an Interest Election Request  prior to the third (3rd) Business Day preceding the end of such Interest Period, such Borrowing shall  automatically continue as a Term Benchmark Borrowing in the same Agreed Currency with an Interest Period  of one month unless such Term Benchmark Borrowing is or was repaid in accordance with Section 2.11.   Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the  Administrative Agent, at the request of the Required Lenders, so notifies the Company, then, so long as an  Event of Default is continuing (i) no outstanding Revolving Borrowing may be converted to or continued as a  Term Benchmark Borrowing, and (ii) unless repaid, (x) each Term Benchmark Borrowing and RFR Borrowing,  in each case denominated in Dollars shall be converted to an ABR Borrowing at the end of the Interest Period  applicable thereto, (y) each Term Benchmark Borrowing and each RFR Borrowing, in each case denominated  in a Foreign Currency (other than Canadian Dollars) shall bear interest at the Central Bank Rate for the  applicable Foreign Currency plus the CBR Spread; provided that, if the Administrative Agent determines  (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the  

 

    52     applicable Foreign Currency cannot be determined, any such outstanding affected Term Benchmark Loans or  RFR Loans denominated in any Foreign Currency, as applicable, shall either be (1) converted to an ABR  Borrowing denominated in Dollars (in an amount equal to the Dollar Amount of such Foreign Currency) at the  end of the Interest Period, as applicable, therefor or (2) prepaid at the end of the applicable Interest Period, as  applicable, in full; provided that if no election is made by the applicable Borrower by the earlier of (A) the date  that is three Business Days after receipt by the Company of such notice and (B) the last day of the current  Interest Period for the applicable Term Benchmark Loan, the applicable Borrower shall be deemed to have  elected clause (1) above, and (z) each Term Benchmark Borrowing denominated in Canadian Dollars shall be  converted to a Canadian Prime Borrowing at the end of the Interest Period applicable thereto.  SECTION 2.09.  Termination and Reduction of Commitments; Termination of Facility.    (a)  Unless previously terminated, the Commitments shall terminate on the Maturity Date.The  Company may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each  reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than  $10,000,000 and (ii) the Company shall not terminate or reduce the Commitments if, after giving effect to any  concurrent prepayment of the Loans in accordance with Section 2.11, the Dollar Amount of the Total Revolving  Credit Exposure would exceed the Aggregate Commitment.  (c)  The Company shall notify the Administrative Agent of any election to terminate or reduce  the Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date  of such termination or reduction, specifying such election and the effective date thereof.  Promptly following  receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof.  Each notice  delivered by the Company pursuant to this Section shall be irrevocable; provided that a notice of termination of  the Commitments delivered by the Company may state that such notice is conditioned upon the effectiveness of  other credit facilities or debt financing, in which case such notice may be revoked by the Company (by notice to  the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.  Any  termination or reduction of the Commitments shall be permanent.  Each reduction of the Commitments shall be  made ratably among the Lenders in accordance with their respective Commitments.  (d)  Any such termination of the Commitments specifying termination of this Agreement shall  be (i) accompanied by (A) the payment in full of all outstanding Loans, together with accrued interest thereon,  and the cancellation and return of all outstanding Letters of Credit (or the cash collateralization of 103% of the  Dollar Amount thereof), (B) the payment in full in cash of all reimbursable expenses and other Obligations  (other than contingent indemnity obligations), and (C) with respect to any Term Benchmark Loans prepaid,  payment of the amounts due under Section 2.16, if any and (ii) effected pursuant to a payoff letter in form and  substance reasonably satisfactory to the Company and the Administrative Agent.  SECTION 2.10.  Repayment of Loans; Evidence of Debt.  (a)   Each 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 made to such  Borrower on the Maturity Date in the  currency of such Loan and (ii) to the Swingline Lender the then unpaid principal amount of each  Swingline Loan made to such Borrower as and when, and in the currency, required by Sections 2.05(c)  and (d).  The applicable Borrower shall repay any Incremental Term Loan made to such Borrower on the  dates and in such increments as shall be determined with respect to such Incremental Term Loans in  accordance with Section 2.20.  (b)  Each Lender shall maintain in accordance with its usual practice an account or accounts  evidencing the indebtedness of each Borrower to such Lender resulting from each Loan made by such Lender,  including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.  

 

    53     (c)  The Administrative Agent shall maintain accounts in which it shall record (i) the amount of  each Loan made hereunder, the Class, Agreed Currency and Type thereof and the Interest Period applicable  thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from each  Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent  hereunder for the account of the Lenders and each Lender’s share thereof.  (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 any Borrower to repay the Loans in accordance with the terms of this  Agreement.  (e)  Any Lender may request that Loans made by it to any Borrower be evidenced by a  promissory note.  In such event, the relevant Borrower shall prepare, execute and deliver to such Lender a  promissory note payable 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 8.04) be represented by one or more promissory notes in such  form payable to the payee named therein and its registered assigns.  SECTION 2.11.  Prepayment of Loans.  (a)  Any Borrower shall have the right at any time and from time to time to prepay any  Borrowing in whole or in part, subject to prior notice in accordance with the provisions of this Section 2.11(a).   The applicable Borrower, or the Company on behalf of the applicable 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 electronic mail) of any prepayment hereunder (i) in the case of prepayment of a Term Benchmark  Revolving Borrowing, not later than 11:00 a.m., Local Time, three (3) Business Days (in the case of a Term  Benchmark Borrowing denominated in Dollars) or four (4) Business Days (in the case of a Term Benchmark  Borrowing denominated in a Foreign Currency), in each case before the date of prepayment, (ii) in the case of  prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time, one (1) Business Day before  the date of prepayment, (iii) in the case of prepayment of an RFR Borrowing denominated in Pounds Sterling  (other than a Swingline Borrowing), not later than 11:00 a.m., New York City time, five (5) Business Days  before the date of prepayment, (iv) in the case of prepayment of an RFR Borrowing denominated in Dollars, not  later than 11:00 a.m., New York City time, five (5) Business Days before the date of prepayment, or (v) in the  case of prepayment of a Swingline Loan, not later than 12:00 noon, Local Time, on the date of prepayment.   Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each  Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with  a conditional notice of termination of the Commitments as contemplated by Section 2.09, then such notice of  prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09.  Promptly  following receipt of any such notice relating to a Revolving Borrowing, the Administrative Agent shall advise  the 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 2.02.  Each prepayment of a Revolving Borrowing shall be applied ratably to the Loans  included in the prepaid Borrowing.  Prepayments shall be accompanied by (i) accrued interest to the extent  required by Sections 2.05(c) and 2.13 and (ii) break funding payments pursuant to Section 2.16.  (b)  If at any time, (i) other than as a result of fluctuations in currency exchange rates, (x) the  sum of the aggregate principal Dollar Amount of all of the Revolving Credit Exposures (calculated, with respect  to those Credit Events denominated in Foreign Currencies, as of the most recent Revaluation Date with respect  to each such Credit Event) exceeds the Aggregate Commitment or (y) the sum of the aggregate principal  amount of all the Revolving Credit Exposures denominated in Foreign Currencies (as so calculated) exceeds the  

 

    54     Foreign Currency Sublimit, or (ii) solely as a result of fluctuations in currency exchange rates, (w) the sum of  the aggregate principal Dollar Amount of all of the outstanding Revolving Credit Exposures (as so calculated)  exceeds 105% of the Aggregate Commitment, (x) the sum of the aggregate principal Dollar Amount of all of  the outstanding Revolving Credit Exposures denominated in Foreign Currencies (as so calculated) exceeds  105% of the Foreign Currency Sublimit, (y) the aggregate principal Dollar Amount of all Swingline Loans (as  so calculated) exceeds 105% of the Swingline Sublimit, or (z) the aggregate Dollar Amount of all LC Exposures  (as so calculated) exceeds 105% of the LC Overall Sublimit, the Borrowers shall in each case immediately  repay Borrowings and, in the case of the circumstances under clause (z) or otherwise if no Borrowings are then  outstanding, cash collateralize LC Exposure in an account with the Administrative Agent pursuant to Section  2.06(j), as applicable, in an aggregate principal amount sufficient to cause (1) the aggregate Dollar Amount of  all Revolving Credit Exposures to be less than or equal to the Aggregate Commitment, (2) the aggregate  principal Dollar Amount of all Revolving Credit Exposures denominated in Foreign Currencies to be less than  or equal to the Foreign Currency Sublimit, (3) the aggregate principal Dollar Amount of all Swingline Loans to  be less than or equal to the Swingline Sublimit and (4) the aggregate Dollar Amount of all LC Exposures to be  less than or equal to the LC Overall Sublimit, as applicable.  SECTION 2.12.  Fees.  (a)   The Company agrees to pay to the Administrative Agent for  the account of each Lender a facility fee, which shall accrue at the Applicable Rate on the daily amount of  the 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 Commitment terminates; provided that, if such  Lender continues to have any Revolving Credit Exposure after its 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 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 fifteen (15) days after the last day of March, June, September and December of each year and on the  date on which the Commitments terminate, commencing on the first such date to occur after the date  hereof; provided that any facility fees accruing after the date on which the 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 Company 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 the same  Applicable Rate used to determine the interest rate applicable to Term Benchmark Revolving Loans on the  average daily Dollar Amount of such Lender’s LC Exposure (excluding any portion thereof attributable to  unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the  later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to  have any LC Exposure, and (ii) to each Issuing Bank for its own account a fronting fee, which shall accrue at  the rate of 0.125% per annum on the average daily Dollar Amount of the LC Exposure (excluding any portion  thereof attributable to unreimbursed LC Disbursements) attributable to Letters of Credit issued by such Issuing  Bank during the period from and including the Effective Date to but excluding the later of the date of  termination of the Commitments and the date on which there ceases to be any LC Exposure, as well as such  Issuing Bank’s standard fees and commissions (in such Agreed Currencies as such Issuing Bank shall require)  with respect to the issuance, amendment, cancellation, negotiation, transfer, presentment, renewal or extension  of any Letter of Credit or processing of drawings thereunder.  Unless otherwise specified above, participation  fees and fronting fees accrued through and including the last day of March, June, September and December of  each year shall be payable on the fifteenth (15th) 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 any Issuing Bank pursuant to this paragraph shall be payable  within ten (10) days after demand.  All participation fees and fronting fees shall be computed on the basis of a  

 

55  year of 360 days and shall be payable for the actual number of days elapsed (including the first day but  excluding the last day).  (c) The Company agrees to pay to the Administrative Agent and the Arrangers, for their own account, fees payable in the amounts and at the times separately agreed upon between the Company and the  Administrative Agent or any Arranger.  (d) All fees payable hereunder shall be paid on the dates due, in Dollars (except as otherwise expressly provided in this Section 2.12) and immediately available funds, to the Administrative Agent (or to an  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 (including  each Swingline Loan that is an ABR Borrowing) shall bear interest at the Alternate Base Rate plus the  Applicable Rate. The Loans comprising each Canadian Prime Borrowing (including each Swingline Loan  that is a Canadian Prime Borrowing) shall bear interest at the Canadian Prime Rate plus the Applicable  Rate. Each RFR Loan shall bear interest at a rate per annum equal to the applicable Adjusted Daily  Simple RFR plus the Applicable Rate.    (b) The Loans comprising each Term Benchmark Borrowing denominated in Dollars shall bear interest at the Adjusted Term SOFR Rate for the Interest Period in effect for such Borrowing plus the  Applicable Rate.  The Loans comprising each Term Benchmark Borrowing denominated in Euro shall bear  interest at the Adjusted EURIBOR Rate for the Interest Period in effect for such Borrowing plus the Applicable  Rate. The Loans comprising each Term Benchmark Borrowing denominated in Canadian Dollars shall bear  interest at the CDOR Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.  (c) Except as otherwise provided in Section 2.05 following the conversion of a Swingline Loan to Dollars, if applicable, each Swingline Loan shall bear interest at such rate as shall be quoted by the Swingline  Lender to the relevant Borrower, but which interest rate shall not exceed, for Swingline Loans denominated in  (i) Dollars, the Alternate Base Rate plus the Applicable Rate (ii) Euro, a rate per annum equal to Adjusted Daily Simple RFR plus the Applicable Rate, (iii) Canadian Dollars, the Canadian Prime Rate plus the Applicable Rate, (iv) Pounds Sterling, a rate per annum equal to Adjusted Daily Simple RFR plus the Applicable Rate or (v) any other Foreign Currency, the applicable local rate of interest as determined by the Swingline Lender and quoted by the Swingline Lender to the relevant Borrower, as adjusted for associated cost rates or other applicable reserve rates (including the Statutory Reserve Rate), as applicable, and, in each case, as agreed between the relevant Borrower and the Swingline Lender at the time such Swingline Loan is made. (d) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by any Borrower hereunder is not paid when due, whether at stated maturity, upon  acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per  annum equal to (i) in the case of overdue principal and interest of any Loan, 2% plus the rate otherwise  applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other  amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section.  (e) Accrued interest on each Revolving Loan shall be payable in arrears on each Interest Payment Date for such Revolving Loan and upon termination of the Commitments and accrued interest on each  Swingline Loan shall be payable in arrears on each Interest Payment Date as and when determined in  accordance with Section 2.05(c); provided that (i) interest accrued pursuant to paragraph (d) of this Section  shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a  prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the  principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the  

 

    56     event of any conversion of any Term Benchmark 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.  (f)  All interest hereunder shall be computed on the basis of a year of 360 days, except that  interest computed by reference to the Daily Simple RFR with respect to Pounds Sterling, Canadian Prime Rate,  CDOR Rate or the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall  be computed on the basis of a year of 365 days (or 366 days in a leap year), 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 Term SOFR Rate, Term SOFR Rate, Adjusted EURIBOR Rate, EURIBOR Rate,  CDOR Rate, Canadian Prime Rate, Adjusted Daily Simple RFR and Daily Simple RFR shall be determined by  the Administrative Agent, and such determination shall be conclusive absent manifest error.  SECTION 2.14.  Alternate Rate of Interest.    (a)  Subject to clauses (b) (c), (d), (e) and (f) of this Section 2.14, if:  (i)  the Administrative Agent determines (which determination  shall be conclusive absent manifest error) (A) prior to the  commencement of any Interest Period for a Term Benchmark  Borrowing, that adequate and reasonable means do not exist for  ascertaining the Adjusted Term SOFR Rate, the Term SOFR Rate, the  Adjusted EURIBOR Rate, the EURIBOR Rate or the CDOR Rate  (including because the Relevant Screen Rate is not available or  published on a current basis), for the applicable Agreed Currency and  such Interest Period or (B) at any time, that adequate and reasonable  means do not exist for ascertaining the applicable Adjusted Daily  Simple RFR or Daily Simple RFR for the applicable Agreed Currency;  or   (ii)  the Administrative Agent is advised by the Required  Lenders that (A) prior to the commencement of any Interest Period for  a Term Benchmark Borrowing, the Adjusted Term SOFR Rate, the  Term SOFR Rate, the Adjusted EURIBOR Rate, the EURIBOR Rate  or the CDOR Rate for the applicable Agreed Currency and such  Interest Period will not adequately and fairly reflect the cost to such  Lenders of making or maintaining their Loans included in such  Borrowing for the applicable Agreed Currency and such Interest Period  or (B) at any time, the applicable Adjusted Daily Simple RFR or Daily  Simple RFR, as applicable, for the applicable Agreed Currency, will  not adequately and fairly reflect the cost to such Lenders of making or  maintaining their Loans included in such Borrowing for the applicable  Agreed Currency;  then the Administrative Agent shall give notice thereof to the Company and the Lenders by telephone,  telecopy or electronic mail as promptly as practicable thereafter and, until (x) the Administrative Agent  notifies the Company and the Lenders that the circumstances giving rise to such notice no longer exist,  with respect to the relevant Benchmark and (y) the Company on behalf of such Borrower delivers a new  Interest Election Request in accordance with the terms of Section 2.08 or a new Borrowing Request in  accordance with the terms of Section 2.03, (A) for Loans denominated in Dollars, (1) any Interest  Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as,  a Term Benchmark Borrowing and any Borrowing Request that requests a Term Benchmark Borrowing  

 

    57     shall instead be deemed to be an Interest Election Request or a Borrowing Request, as applicable, for (x)  an RFR Borrowing denominated in Dollars so long as the Adjusted Daily Simple RFR for Dollar  Borrowings is not also the subject of Section 2.14(a)(i) or (ii) above or (y) an ABR Borrowing if the  Adjusted Daily Simple RFR for Dollar Borrowings also is the subject of Section 2.14(a)(i) or (ii) above  and (2) any Borrowing Request that requests an RFR Borrowing shall instead be deemed to be a  Borrowing Request, as applicable, for an ABR Borrowing, (B) for Loans denominated in a Foreign  Currency, any Interest Election Request that requests the conversion of any Borrowing to, or continuation  of any Borrowing as, a Term Benchmark Borrowing and any Borrowing Request that requests a Term  Benchmark Borrowing or an RFR Borrowing, in each case, for the relevant Benchmark shall be  ineffective and (C) if any Borrowing Request requests a Term Benchmark Borrowing for the relevant rate  above in a Foreign Currency, then such request shall be ineffective; provided that if the circumstances  giving rise to such notice affect only one Type of Borrowings, then all other Types of Borrowings shall be  permitted.  Furthermore, if any Term Benchmark Loan or RFR Loan in any Agreed Currency is  outstanding on the date of the Company's receipt of the notice from the Administrative Agent referred to  in this Section 2.14(a) with respect to a Relevant Rate applicable to such Term Benchmark Loan or RFR  Loan, then until the Administrative Agent notifies the Company and the Lenders that the circumstances  giving rise to such notice no longer exist, (A) if such Loan is denominated in Dollars, then (1) if such  Loan is a Term Benchmark Loan, then on the last day of the Interest Period applicable to such Loan (or  the next succeeding Business Day if such day is not a Business Day), such Loan shall be converted by the  Administrative Agent to, and shall constitute, (x) an RFR Borrowing denominated in Dollars so long as  the Adjusted Daily Simple RFR for Dollar Borrowings is not also the subject of Section 2.14(a)(i) or (ii)  above or (y) an ABR Borrowing if the Adjusted Daily Simple RFR for Dollar Borrowings also is the  subject of Section 2.14(a)(i) or (ii) above on such day, and (2) any RFR Loan shall on and from such day  be converted by the Administrative Agent to, and shall constitute an ABR Loan and (B) for Loans  denominated in a Foreign Currency, (1) if any Term Benchmark Loan is denominated in any Foreign  Currency (other than Canadian Dollars), then such Loan shall, on the last day of the Interest Period  applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day) bear  interest at the Central Bank Rate for the applicable Agreed Currency plus the CBR Spread; provided, that,  if the Administrative Agent determines (which determination shall be conclusive and binding absent  manifest error) that the Central Bank Rate for the applicable Agreed Currency cannot be determined, any  outstanding affected Term Benchmark Loans denominated in any Foreign Currency shall, at the  Company’s election prior to such day: (i) be prepaid by the Company on such day or (ii) solely for the  purpose of calculating the interest rate applicable to such Term Benchmark Loan denominated in any  Foreign Currency shall be deemed to be a Term Benchmark Loan denominated in Dollars and shall  accrue interest at the same interest rate applicable to Term Benchmark Loans denominated in Dollars at  such time, (2) if such Term Benchmark Loan is denominated in Canadian Dollars, then on the last day of  the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a  Business Day), such Loan shall be converted by the Administrative Agent to, and shall constitute, a  Canadian Prime Loan denominated in Canadian Dollars on such day, or (3) any RFR Loan shall bear  interest at the Central Bank Rate for Pounds Sterling or Euro, as applicable, plus the CBR Spread;  provided, that, with respect to this clause (3), if the Administrative Agent determines (which  determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for  Pounds Sterling or Euro, as the case may be, cannot be determined, any outstanding affected RFR Loan  denominated in Pounds Sterling or Euro shall, at the Company’s election prior to such day: (A) be  prepaid by the Company on such day or (B) be converted into ABR Loans denominated in Dollars (in an  amount equal to the Dollar Amount thereof) on such day.  (b)  Notwithstanding anything to the contrary herein or in any other Loan Document, if a  Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference  Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is  determined in accordance with clause (1) of the definition of "Benchmark Replacement" with respect to Dollars  

 

    58     for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all  purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent  Benchmark settings without any amendment to, or further action or consent of any other party to, this  Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with  clause (2) of the definition of “Benchmark Replacement” with respect to any Agreed Currency for such  Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes  hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York  City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to  the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any  other Loan Document so long as the Administrative Agent has not received, by such time, written notice of  objection to such Benchmark Replacement from Lenders comprising the Required Lenders.   (c)  Notwithstanding anything to the contrary herein or in any other Loan Document, the  Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to  time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments  implementing such Benchmark Replacement Conforming Changes will become effective without any further  action or consent of any other party to this Agreement or any other Loan Document.   (d)  The Administrative Agent will promptly notify the Company and the Lenders of (i) any  occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement, (iii) the  effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any  tenor of a Benchmark pursuant to clause (e) below and (v) the commencement or conclusion of any Benchmark  Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent  and/or the Company or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.14, including  any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event,  circumstance or date and any decision to take or refrain from taking any action or any selection, will be  conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent  from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required  pursuant to this Section 2.14.  (e)  Notwithstanding anything to the contrary herein or in any other Loan Document, at any  time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current  Benchmark is a term rate (including the Term SOFR Rate, the EURIBOR Rate or the CDOR Rate) and either  (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such  rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory  supervisor for the administrator of such Benchmark has provided a public statement or publication of  information announcing that any tenor for such Benchmark is or will be no longer representative, then the  Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such  time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to  clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark  (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will  no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative  Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate  such previously removed tenor.  (f)  Upon the Company’s receipt of notice of the commencement of a Benchmark  Unavailability Period, the Company may revoke any request for a Term Benchmark Borrowing or RFR  Borrowing of, conversion to or continuation of Term Benchmark Loans or RFR Loans to be made, converted or  continued during any Benchmark Unavailability Period and, failing that, either (x) the Company will be deemed  to have converted any request for a Term Benchmark Borrowing denominated in Dollars into a request for a  Borrowing of or conversion to (A) an RFR Borrowing denominated in Dollars so long as the Adjusted Daily  

 

59  Simple RFR for Dollar Borrowings is not the subject of a Benchmark Transition Event or (B) an ABR  Borrowing if the Adjusted Daily Simple RFR for Dollar Borrowings is the subject of a Benchmark Transition  Event, (y) the Company will be deemed to have converted any request for a Term Benchmark Borrowing  denominated in Canadian Dollars into a request for a Borrowing of or conversion to Canadian Prime Loans or  (z) any request relating to a Term Benchmark Borrowing or RFR Borrowing denominated in a Foreign Currency (other than Canadian Dollars) shall be ineffective. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR. Furthermore, if any Term Benchmark Loan or RFR Loan in any Agreed Currency is outstanding on the date of the Company’s receipt of notice of the commencement of a Benchmark Unavailability Period with respect to a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until such time as a Benchmark Replacement for such Agreed Currency is implemented pursuant to this Section 2.14, (i) if such Term Benchmark Loan is denominated in Dollars, then on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), such Loan shall be converted by the Administrative Agent to, and shall constitute, (x) an RFR Borrowing denominated in Dollars so long as the Adjusted Daily Simple RFR for Dollar Borrowings is not the subject of a Benchmark Transition Event or (y) an ABR Loan if the Adjusted Daily Simple RFR for Dollar Borrowings is the subject of a Benchmark Transition Event, on such day, (ii) if such Term Benchmark Loan is denominated in any Foreign Currency (other than Canadian Dollars), then such Loan shall, on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day) bear interest at the Central Bank Rate for the applicable Agreed Currency plus the CBR Spread; provided that if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Agreed Currency cannot be determined, any outstanding affected Term Benchmark Loans denominated in any Foreign Currency shall, at the Company’s election prior to such day: (A) be prepaid by the Company on such day or (B) solely for the purpose of calculating the interest rate applicable to such Term Benchmark Loan denominated in any Foreign Currency, shall be deemed to be a Term Benchmark Loan denominated in Dollars and shall accrue interest at the same interest rate applicable to Term Benchmark Loans denominated in Dollars at such time, (iii) if such Term Benchmark Loan is denominated in Canadian Dollars, then on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), such Loan shall be converted by the Administrative Agent to, and shall constitute, a Canadian Prime Loan denominated in Canadian Dollars on such day and (iv) any such RFR Loan denominated in Pounds Sterling or Euro shall bear interest at the Central Bank Rate for Pounds Sterling or Euro, as applicable, plus the CBR Spread; provided, that, with respect to this clause (iv), if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for Pounds Sterling or Euro, as the case may be, cannot be determined, any outstanding affected RFR Loan shall, at the Company’s election prior to such day: (A) be prepaid by the Company on such day or (B) be converted into ABR Loans denominated in Dollars (in an amount equal to the Dollar Amount thereof) on such day. SECTION 2.15.  Increased Costs.  (a)   If any Change in Law shall:  (i) impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory  loan requirement, insurance charge or other assessment) against assets  of, deposits with or for the account of, or credit extended by, any  Lender (except any such reserve requirement reflected in the Adjusted  Term SOFR Rate or the Adjusted EURIBOR Rate) or Issuing Bank;   (ii) impose on any Lender or Issuing Bank or the applicable offshore interbank market for applicable Agreed Currency any other  condition, cost or expense (other than Taxes) affecting this Agreement  

 

60  or Loans made by such Lender or any Letter of Credit or participation  therein; or  (iii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of  the definition of Excluded Taxes and (C) Connection Income Taxes)  on its loans, loan principal, letters of credit, commitments, or other  obligations, or its deposits, reserves, other liabilities or capital  attributable thereto;  and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient  of making, continuing, converting into or maintaining any Loan or of maintaining its obligation to make  any such Loan (including, without limitation, pursuant to any conversion of any Borrowing denominated  in an Agreed Currency into a Borrowing denominated in any other Agreed Currency) or to increase the  cost to such Lender, such Issuing Bank or such other Recipient of participating in, issuing or maintaining  any Letter of Credit (including, without limitation, pursuant to any conversion of any Borrowing  denominated in an Agreed Currency into a Borrowing denominated in any other Agreed Currency) or to  reduce the amount of any sum received or receivable by such Lender, such Issuing Bank or such other  Recipient hereunder, whether of principal, interest or otherwise (including, without limitation, pursuant to  any conversion of any Borrowing denominated in an Agreed Currency into a Borrowing denominated in  any other Agreed Currency), then the applicable Borrower will pay to such Lender, such Issuing Bank or  such other Recipient, as the case may be, such additional amount or amounts as will compensate such  Lender, such Issuing Bank or such other Recipient, as the case may be, for such additional costs incurred  or reduction suffered as reasonably determined by such Lender, such Issuing Bank or such other  Recipient (which determination shall be made in good faith (and not on an arbitrary or capricious basis)  and consistent with similarly situated customers of the applicable Lender, the applicable Issuing Bank or  such other Recipient under agreements having provisions similar to this Section 2.15 after consideration  of such factors as such Lender, such Issuing Bank or such other Recipient then reasonably determines to  be relevant).  (b) If any Lender or 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 Issuing  Bank’s capital or on the capital of such Lender’s or Issuing Bank’s holding company, if any, as a consequence  of this Agreement or the Loans made by, or participations in Letters of Credit held by, such Lender, or the  Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or Issuing Bank or such  Lender’s or Issuing Bank’s holding company could have achieved but for such Change in Law (taking into  consideration such Lender’s or Issuing Bank’s policies and the policies of such Lender’s or Issuing Bank’s  holding company with respect to capital adequacy and liquidity), then from time to time the applicable  Borrower will pay to such Lender or Issuing Bank, as the case may be, such additional amount or amounts as  will compensate such Lender or Issuing Bank or such Lender’s or Issuing Bank’s holding company for any such  reduction suffered as reasonably determined by such Lender, such Issuing Bank or such other Recipient (which  determination shall be made in good faith (and not on an arbitrary or capricious basis) and consistent with  similarly situated customers of the applicable Lender, the applicable Issuing Bank or such other Recipient under  agreements having provisions similar to this Section 2.15 after consideration of such factors as such Lender,  such Issuing Bank or such other Recipient then reasonably determines to be relevant).  (c) A certificate of a Lender or Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or Issuing Bank or its holding company, as the case may be, as specified in paragraph  (a) or (b) of this Section shall be delivered to the Company and shall be conclusive absent manifest error.  The Company shall pay, or cause any other Person obligated thereon to pay, such Lender or Issuing Bank, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

 

    61     (d)  Failure or delay on the part of any Lender or Issuing Bank to demand compensation  pursuant to this Section shall not constitute a waiver of such Lender’s or Issuing Bank’s right to demand such  compensation; provided that the Company shall not be required to compensate a Lender or Issuing Bank  pursuant to this Section for any increased costs or reductions incurred more than 180 days prior to the date that  such Lender or Issuing Bank, as the case may be, notifies the Company of the Change in Law giving rise to  such increased costs or reductions and of such Lender’s or Issuing Bank’s intention to claim compensation  therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is  retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive  effect thereof.  SECTION 2.16.  Break Funding Payments. (a)   In the event of (w) the payment of any  principal of any (i) Term Benchmark Loan or (ii) Swingline Loan that has an Interest Period, other than  on the last day of an Interest Period applicable thereto (including as a result of an Event of Default or as a  result of any prepayment pursuant to Section 2.11), (x) the conversion of any Term Benchmark Loan  other than on the last day of the Interest Period applicable thereto, (y) the failure to borrow, convert,  continue or prepay any (i) Term Benchmark Loan or (ii) Swingline Loan that has an Interest Period, on  the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be  revoked under Section 2.11(a) and is revoked in accordance therewith) or (z) the assignment of any (i)  Term Benchmark Loan or (ii) Swingline Loan that has an Interest Period, other than on the last day of the  Interest Period applicable thereto as a result of a request by the Company pursuant to Section 2.19, then,  in any such event, the applicable Borrower shall compensate each Lender for the loss, cost and expense  attributable to such event.  Such loss, cost or expense to any Lender shall be deemed to include an amount  determined by such Lender to be the excess, if any, of (i) the amount of interest which would have  accrued on the principal amount of such Loan had such event not occurred, at the Adjusted Term SOFR  Rate, the Adjusted EURIBOR Rate, the CDOR Rate or other rate applicable to any such Swingline Loan  that would have been applicable to such Loan (but excluding any margin), for the period from the date of  such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow,  convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the  amount of interest which would accrue on such principal amount for such period at the interest rate which  such Lender would bid were it to bid, at the commencement of such period, for deposits in the relevant  currency of a comparable amount and period from other banks in the eurocurrency or other applicable  market.  For the avoidance of doubt, each of the foregoing references to Swingline Loans in this Section  2.16 shall exclude any Swingline Loan that is an ABR Loan.  A certificate of any Lender setting forth any  amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the  applicable Borrower and shall be conclusive absent manifest error.  The applicable Borrower shall pay  such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof.  (b)  With respect to RFR Loans, in the event of (i) the payment of any principal of any such  Loan other than on the Interest Payment Date applicable thereto (including as a result of an Event of Default or  an optional or mandatory prepayment of Loans), or (ii) the assignment of any such Loan other than on the  Interest Payment Date applicable thereto as a result of a request by the Company pursuant to Section 2.19, then,  in any such event, the applicable Borrower shall compensate each Lender for the loss, cost and expense  attributable to such event.  A certificate of any Lender setting forth any amount or amounts that such Lender is  entitled to receive pursuant to this Section shall be delivered to the applicable Borrower and shall be conclusive  absent manifest error.  The applicable Borrower shall pay such Lender the amount shown as due on any such  certificate within 10 days after receipt thereof.  SECTION 2.17.  Taxes.  (a)   Payments Free of Taxes.  Any and all payments by or on  account of any obligation of any Borrower under any Loan Document shall be made without deduction or  withholding for any Taxes, except as required by applicable law.  If any applicable law (as determined in  the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any  

 

62  Tax from any such payment by a withholding agent, then the applicable withholding agent shall be  entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld  to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an  Indemnified Tax, then the sum payable by the applicable Borrower shall be increased as necessary so that  after such deduction or withholding has been made (including such deductions and withholdings  applicable to additional sums payable under this Section 2.17) the applicable Recipient receives an  amount equal to the sum it would have received had no such deduction or withholding been made.  (b) Payment of Other Taxes by the Borrowers.  The relevant Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative  Agent timely reimburse it for the payment of, Other Taxes.  (c) Evidence of Payments.  As soon as practicable after any payment of Taxes by any Borrower to a Governmental Authority pursuant to this Section 2.17, such 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.  (d) Indemnification by the Borrowers.  The applicable Borrower shall indemnify each Recipient, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes  (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section)  payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient, in  each case, on account of any obligation of such Borrower under any Loan Document and any reasonable  expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or  legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such  payment or liability delivered to the relevant Borrower by a Lender (with a copy to the Administrative Agent),  or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest  error.  (e) Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only  to the extent that any Borrower has not already indemnified the Administrative Agent for such Indemnified  Taxes and without limiting the obligation of the Borrowers to do so), (ii) any Taxes attributable to such  Lender’s failure to comply with the provisions of Section 8.04(c) relating to the maintenance of a Participant  Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the  Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom  or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant  Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by  the Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the  Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any  Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against  any amount due to the Administrative Agent under this paragraph (e).  (f) Status of Credit Parties.  (i) Any Credit Party that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the  Borrowers and the Administrative Agent, at the time or times reasonably requested by the Borrowers or the  Administrative Agent, such properly completed and executed documentation reasonably requested by the  Borrowers or the Administrative Agent as will permit such payments to be made without withholding or at a  reduced rate of withholding.  In addition, any Credit Party, if reasonably requested by the Borrowers or the  Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably  requested by the Borrowers or the Administrative Agent as will enable the Borrowers or the Administrative  

 

    63     Agent to determine whether or not such Credit Party is subject to backup withholding or information reporting  requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion,  execution and submission of such documentation (other than such documentation set forth in Section  2.17(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Credit Party’s reasonable judgment such  completion, execution or submission would subject such Credit Party to any material unreimbursed cost or  expense or would materially prejudice the legal or commercial position of such Credit Party.  (ii)  Without limiting the generality of the foregoing, in the event that any Borrower  is a U.S. Person:  (A) any Lender that is a U.S. Person shall deliver to such Borrower and the  Administrative Agent on or prior to the date on which such Lender becomes a  Lender under this Agreement (and from time to time thereafter upon the  reasonable request of such Borrower or the Administrative Agent), executed  copies of IRS Form W-9 certifying that such Lender is exempt from U.S. Federal  backup withholding tax;  (B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to  such Borrower and the Administrative Agent (in such number of copies as shall  be requested by the recipient) on or prior to the date on which such Foreign  Lender becomes a Lender under this Agreement (and from time to time thereafter  upon the reasonable request of such Borrower or the Administrative Agent),  whichever of the following is applicable;  (1) in the case of a Foreign Lender claiming the benefits of an income  tax treaty to which the United States is a party (x) with respect to  payments of interest under any Loan Document, executed copies of  IRS Form W-8BEN or IRS Form W-8BEN-E establishing an  exemption from, or reduction of, U.S. Federal withholding Tax  pursuant to the “interest” article of such tax treaty and (y) with  respect to any other applicable payments under any Loan Document,  IRS Form W-8BEN or IRS Form W-8BEN-E establishing an  exemption from, or reduction of, U.S. Federal withholding Tax  pursuant to the “business profits” or “other income” article of such  tax treaty;  (2) executed copies of IRS Form W-8ECI;  (3) in the case of a Foreign Lender claiming the benefits of the  exemption for portfolio interest under Section 881(c) of the Code, (x)  a certificate substantially in the form of Exhibit F-1 to the effect that  such Foreign Lender is not a “bank” within the meaning of Section  881(c)(3)(A) of the Code, a “10 percent shareholder” of such  Borrower within the meaning of Section 881(c)(3)(B) of the Code, or  a “controlled foreign corporation” described in Section 881(c)(3)(C)  of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed  copies of IRS Form W-8BEN or IRS Form W-8BEN-E; or  (4) to the extent a Foreign Lender is not the beneficial owner, executed  copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI,  IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance  

 

64  Certificate substantially in the form of Exhibit F-2 or Exhibit F-3,  IRS Form W-9, and/or other certification documents from each  beneficial owner, as applicable; provided that if the Foreign Lender  is a partnership and one or more direct or indirect partners of such  Foreign Lender are claiming the portfolio interest exemption, such  Foreign Lender may provide a U.S. Tax Compliance Certificate  substantially in the form of Exhibit F-4 on behalf of each such direct  and indirect partner;  (C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to such Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of such Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. Federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit such Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and (D) if a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to such Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by such 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 such Borrower or the Administrative Agent as may be necessary for such Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. Each Credit Party agrees that if any form or certification it previously delivered expires or  becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify  the Company and the Administrative Agent in writing of its legal inability to do so.  (g) Treatment of Certain Refunds.  If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this  Section 2.17 (including by the payment of additional amounts pursuant to this Section 2.17), it shall pay to the  indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under  this Section 2.17 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses  (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant  Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such  indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g)  (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that  such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding  anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any  

 

65  amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the  indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the  Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise  imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.  This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any  other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.  (h) VAT. (i) All amounts set out or expressed in a Loan Document to be payable by any Party to a Credit Party which (in whole or in part)  constitute the consideration for a supply or supplies for VAT purposes  shall be deemed to be exclusive of any VAT which is chargeable on  such supply or supplies, and accordingly, subject to paragraph (ii)  below, if VAT is or becomes chargeable on any supply made by any  Credit Party to any Party under a Loan Document, that Party shall pay  to the Credit Party (in addition to and at the same time as paying any  other consideration for such supply) an amount equal to the amount of  such VAT (and such Credit Party shall promptly provide an  appropriate VAT invoice to such Party).  (ii) If VAT is or becomes chargeable on any supply made by any Credit Party (the “Supplier”) to any other Credit Party (the  “Recipient”) under a Loan Document, and any Party other than the  Recipient (the “Subject Party”) is required by the terms of any Loan  Document to pay an amount equal to the consideration for such supply  to the Supplier (rather than being required to reimburse the Recipient  in respect of that consideration), such Party shall also pay to the  Supplier (in addition to and at the same time as paying such amount)  an amount equal to the amount of such VAT. The Recipient will  promptly pay to the Subject Party an amount equal to any credit or  repayment obtained by the Recipient from the relevant tax authority  which the Recipient reasonably determines is in respect of such VAT.  (iii) Where a Loan Document requires any Party to reimburse or indemnify a Credit Party for any cost or expense, that Party shall  reimburse or indemnify (as the case may be) such Credit Party for the  full amount of such cost or expense, including such part thereof as  represents VAT, save to the extent that such Credit Party reasonably  determines that it is entitled to credit or repayment in respect of such  VAT from the relevant tax authority.  (i) Survival.  Each party’s obligations under this Section 2.17 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the  termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan  Document.  (j) Defined Terms.  For purposes of this Section 2.17, the term “Lender” includes each Issuing Bank and the term “applicable law” includes FATCA.  SECTION 2.18.  Payments Generally; Pro Rata Treatment; Sharing of Set-offs.    

 

66  (a) Each Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16  or 2.17, or otherwise) prior to (i) in the case of payments denominated in Dollars by the Company, 12:00 noon,  New York City time and (ii) in the case of payments denominated in a Foreign Currency or by the Foreign  Subsidiary Borrower, 12:00 noon, Local Time, in the city of the Administrative Agent’s Foreign Payment  Office for such currency, in each case on the date when due, in immediately available funds, without set-off or  counterclaim.  Any amounts received after such time on any date may, in the discretion of the Administrative  Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating  interest thereon.  All such payments shall be made (i) in the same currency in which the applicable Credit Event  was made (or where such currency has been converted in accordance with the terms hereof in the as-converted  currency) and (ii) to the Administrative Agent at its offices at 10 South Dearborn Street, Chicago, Illinois 60603  or, in the case of a Credit Event denominated in a Foreign Currency or to the Foreign Subsidiary Borrower, the  Administrative Agent’s Foreign Payment Office for such currency, except payments to be made directly to an  Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Sections  2.15, 2.16, 2.17 and 8.03 shall be made directly to the Persons entitled thereto.  The Administrative Agent shall  distribute any such payments denominated in the same currency received by it for the account of any other  Person to the appropriate recipient promptly following receipt thereof.  If any payment hereunder shall be due  on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business  Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such  extension.  Notwithstanding the foregoing provisions of this Section, if, after the making of any Credit Event in  any Foreign Currency, currency control or exchange regulations are imposed in the country which issues such  currency with the result that the type of currency in which the Credit Event was made (the “Original Currency”)  no longer exists, or any Borrower is not able to make payment to the Administrative Agent for the account of  the Lenders in such Original Currency, or the terms of this Agreement require the conversion of such Credit  Event into a Dollars, then all payments to be made by such Borrower hereunder in such currency shall, to the  fullest extent permitted by law, instead be made when due in Dollars in an amount equal to the Dollar Amount  (as of the date of repayment) of such payment due, it being the intention of the parties hereto that the Borrowers  take all risks of the imposition of any such currency control or exchange regulations or conversion, and each  Borrower agrees to indemnify and hold harmless the Swingline Lender, each Issuing Bank, the Administrative  Agent and the Lenders from and against any loss resulting from any Credit Event made to or for the benefit of  such Borrower denominated in a Foreign Currency that is not repaid to the Swingline Lender, any Issuing Bank,  the Administrative Agent or the Lenders, as the case may be, in the Original Currency.  (b) At any time that payments are not required to be applied in the manner required by Section 6.02, if at any time insufficient funds are received by and available to the Administrative Agent to pay fully all  amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall  be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled  thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards  payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties  entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to  such parties.    (c) At the election of the Administrative Agent, all payments of principal, interest, LC Disbursements, fees, premiums, reimbursable expenses (including, without limitation, all reimbursement for  fees and expenses pursuant to Section 8.03), and other sums payable under the Loan Documents, may be paid  from the proceeds of Borrowings made hereunder whether made following a request by a Borrower (or the  Company on behalf of a Borrower) pursuant to Section 2.03 or a deemed request as provided in this Section or  may be deducted from any deposit account of such Borrower maintained with the Administrative Agent.  Each  Borrower hereby irrevocably authorizes (i) the Administrative Agent to make a Borrowing for the purpose of  paying each payment of principal, interest and fees as it becomes due hereunder or any other amount due under  the Loan Documents and agrees that all such amounts charged shall constitute Loans (including Swingline  

 

67  Loans) and that all such Borrowings shall be deemed to have been requested pursuant to Sections 2.03 or 2.05,  as applicable and (ii) the Administrative Agent to charge any deposit account of the relevant Borrower  maintained with the Administrative Agent for each payment of principal, interest and fees as it becomes due  hereunder or any other amount due under the Loan Documents.  (d) If 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 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 purchase (for cash at face value) participations in the Revolving Loans and  participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so that the  benefit of all such payments shall be shared by 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 are purchased and all or any portion of the  payment giving rise thereto is recovered,  such participations shall be rescinded and the purchase price restored  to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to  apply to any payment made by any Borrower pursuant to and in accordance with the express terms of this  Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a  participation in any of its Loans or participations in LC Disbursements and Swingline Loans to any assignee or  participant, other than to the Company or any Subsidiary or Affiliate thereof (as to which the provisions of this  paragraph shall apply).  Each Borrower consents to the foregoing and agrees, to the extent it may effectively do  so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may  exercise against such Borrower rights of set-off and counterclaim with respect to such participation as fully as if  such Lender were a direct creditor of such Borrower in the amount of such participation.  (e) Unless the Administrative Agent shall have received notice from the relevant Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or any  Issuing Bank hereunder that such Borrower will not make such payment, the Administrative Agent may assume  that such Borrower has made such payment on such date in accordance herewith and may, in reliance upon such  assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due.  In such event, if  such Borrower has not in fact made such payment, then each of the Lenders or the Issuing Banks, as the case  may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to  any such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is  distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the NYFRB  Rate (in the case of an amount denominated in Dollars) and a rate determined by the Administrative Agent in  accordance with banking industry rules on interbank compensation (including without limitation the Overnight  Foreign Currency Rate in the case of Loans denominated in a Foreign Currency).  SECTION 2.19.  Mitigation Obligations; Replacement of Lenders.  (a)   If any Lender  requests compensation under Section 2.15, or if any Borrower is required to pay Indemnified Taxes or  any additional amounts to any Lender or any Governmental Authority for the account of any Lender  pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a different lending  office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to  another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or  assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as the case  may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and  would not otherwise be materially disadvantageous to such Lender.  The Company hereby agrees to pay  all reasonable costs and expenses incurred by any Lender in connection with any such designation or  assignment.   

 

    68     (b)  If (i) any Lender requests compensation under Section 2.15 or (ii) any Borrower is required  to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the  account of any Lender pursuant to Section 2.17 or (iii) any Lender becomes a Defaulting Lender, then the  Company 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 8.04), all its interests, rights (other than its existing rights to payments pursuant to Sections  2.15 or 2.17) and obligations under the Loan Documents to an assignee that shall assume such obligations  (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Company  shall have received the prior written consent of the Administrative Agent (and if a Commitment is being  assigned, each Issuing Bank), which consent shall not unreasonably be withheld, (ii) such Lender shall have  received payment of an amount equal to the outstanding principal of its Loans and participations in LC  Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it  hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the  Company (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim  for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such  assignment will result in a reduction in such compensation or payments.  A Lender shall not be required to  make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise,  the circumstances entitling the Company to require such  assignment and delegation cease to apply.    SECTION 2.20.  Expansion Option.  The Company may from time to time elect to  increase the Commitments or enter into one or more tranches of term loans (each an “Incremental Term  Loan”), in each case in minimum increments of $50,000,000 and multiples of $1,000,000, so long as,  after giving effect thereto, the aggregate amount of such increases and all such Incremental Term Loans  does not exceed $500,000,000.  The Company may arrange for any such increase or tranche to be  provided by one or more Lenders (each Lender so agreeing to an increase in its Commitment, or to  participate in such Incremental Term Loans, an “Increasing Lender”), or by one or more new banks,  financial institutions or other entities (each such new bank, financial institution or other entity, an  “Augmenting Lender”; provided that no Ineligible Institution may be an Augmenting Lender), to increase  their existing Commitments, or to participate in such Incremental Term Loans, or extend Commitments,  as the case may be; provided that (i) each Augmenting Lender, shall be subject to the approval of the  Company, the Administrative Agent and, in the case of an increase to the Commitments, each Issuing  Bank and the Swingline Lender and (ii) (x) in the case of an Increasing Lender, the Company and such  Increasing Lender execute an agreement substantially in the form of Exhibit C hereto, and (y) in the case  of an Augmenting Lender, the Company and such Augmenting Lender execute an agreement substantially  in the form of Exhibit D hereto.  No consent of any Lender (other than the Lenders participating in the  increase or any Incremental Term Loan) shall be required for any increase in Commitments or  Incremental Term Loan pursuant to this Section 2.20.  Increases and new Commitments and Incremental  Term Loans created pursuant to this Section 2.20 shall become effective on the date agreed by the  Company, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders and the  Administrative Agent shall notify each Lender thereof.  Notwithstanding the foregoing, no increase in the  Commitments (or in the Commitment of any Lender) or tranche of Incremental Term Loans shall become  effective under this paragraph unless, (i) on the proposed date of the effectiveness of such increase or  Incremental Term Loans, (A) the conditions set forth in paragraphs (a) and (b) of Section 4.02 shall be  satisfied or waived by the Required Lenders and the Administrative Agent shall have received a  certificate to that effect dated such date and executed by a Financial Officer of the Company and (B) the  Company shall be in compliance (on a Pro Forma Basis reasonably acceptable to the Administrative  Agent) with the covenants contained in Section 5.07 and (C) the Company shall have reaffirmed its  guaranty of the Guaranteed Obligations of the Foreign Subsidiary Borrower (such reaffirmation to be in  writing and in form and substance reasonably satisfactory to the Administrative Agent) and (ii) the  Administrative Agent shall have received documents (including opinions) consistent with those delivered  on the Effective Date as to the corporate power and authority of the Borrowers to borrow hereunder after  

 

    69     giving effect to such increase.  On the effective date of any increase in the Commitments or any  Incremental Term Loans being made, (i) each relevant Increasing Lender and Augmenting Lender shall  make available to the Administrative Agent such amounts in immediately available funds as the  Administrative Agent shall determine, for the benefit of the other Lenders, as being required in order to  cause, after giving effect to such increase and the use of such amounts to make payments to such other  Lenders, each Lender’s portion of the outstanding Revolving Loans of all the Lenders to equal its  Applicable Percentage of such outstanding Revolving Loans, and (ii) except in the case of any  Incremental Term Loans, the Borrowers shall be deemed to have repaid and reborrowed all outstanding  Revolving Loans as of the date of any increase in the Commitments (with such reborrowing to consist of  the Types of Revolving Loans, with related Interest Periods if applicable, specified in a notice delivered  by the applicable Borrower, or the Company on behalf of the applicable Borrower, in accordance with the  requirements of Section 2.03).  The deemed payments made pursuant to clause (ii) of the immediately  preceding sentence shall be accompanied by payment of all accrued interest on the amount prepaid and, in  respect of each Term Benchmark Loan, shall be subject to indemnification by the Borrowers pursuant to  the provisions of Section 2.16 if the deemed payment occurs other than on the last day of the related  Interest Periods.  The Incremental Term Loans (a) shall rank pari passu in right of payment with the  Revolving Loans, (b) shall not mature earlier than the Maturity Date (but may have amortization prior to  such date) and (c) shall be treated substantially the same as (and in any event no more favorably than) the  Revolving Loans; provided that (i) the terms and conditions applicable to any tranche of Incremental  Term Loans maturing after the Maturity Date may provide for material additional or different (y)  financial or other covenants applicable only during periods after the Maturity Date or (y) prepayment  requirements and (ii) the Incremental Term Loans may be priced differently than the Revolving Loans.   Incremental Term Loans may be made hereunder pursuant to an amendment or amendment and  restatement (an “Incremental Term Loan Amendment”) of this Agreement and, as appropriate, the other  Loan Documents, executed by the Borrowers, each Increasing Lender participating in such tranche, each  Augmenting Lender participating in such tranche, if any, and the Administrative Agent.  The Incremental  Term Loan Amendment may, without the consent of any other Lenders, effect such amendments to this  Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion  of the Administrative Agent, to effect the provisions of this Section 2.20.  Nothing contained in this  Section 2.20 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to  increase its Commitment hereunder, or provide Incremental Term Loans, at any time.  In connection with  any increase of the Commitments or Incremental Term Loans pursuant to this Section 2.20, any  Augmenting Lender becoming a party hereto shall (1) execute such documents and agreements as the  Administrative Agent may reasonably request and (2) in the case of any Augmenting Lender that is  organized under the laws of a jurisdiction outside of the United States of America, provide to the  Administrative Agent, its name, address, tax identification number and/or such other information as shall  be necessary for the Administrative Agent to comply with “know your customer” and anti-money  laundering rules and regulations, including without limitation, the Patriot Act.  SECTION 2.21.  Market Disruption.  Notwithstanding the satisfaction of all conditions  referred to in Article II and Article IV with respect to any Credit Event to be effected in any Foreign  Currency, if (a) there shall occur on or prior to the date of such Credit Event any change in national or  international financial, political or economic conditions or currency exchange rates or exchange controls  which would in the reasonable opinion of the Administrative Agent, the Swingline Lender (if such Credit  Event is a Swingline Loan), each applicable Issuing Bank (if such Credit Event is a Letter of Credit) or  the Required Lenders make it impracticable for the Borrowings or Letters of Credit comprising such  Credit Event to be denominated in the Agreed Currency specified by the applicable Borrower or (b) an  Equivalent Amount of such currency is not readily calculable, then the Administrative Agent shall  forthwith give notice thereof to such Borrower, the Lenders and, if such Credit Event is a Letter of Credit,  the applicable Issuing Bank, and such Credit Events shall not be denominated in such Agreed Currency  but shall, except as otherwise set forth in Section 2.07, be made on the date of such Credit Event in  

 

    70     Dollars, (i) if such Credit Event is a Borrowing, in an aggregate principal amount equal to the Dollar  Amount of the aggregate principal amount specified in the related request for such Credit Event or  Interest Election Request, as the case may be, as ABR Loans (if the applicable Borrower is the Company),  unless such Borrower notifies the Administrative Agent at least one Business Day before such date that  (A) it elects not to borrow on such date or (B) it elects to borrow on such date in a different Agreed  Currency, as the case may be, in which the denomination of such Loans would in the reasonable opinion  of the Swingline Lender (if such Credit Event is a Swingline Loan) and the Administrative Agent, or the  Administrative Agent and the Required Lenders (if such Credit Event is a Revolving Loan) be practicable  and in an aggregate principal amount equal to the Dollar Amount of the aggregate principal amount  specified in the related request for such Credit Event or Interest Election Request, as the case may be or  (ii) if such Credit Event is a Letter of Credit, in a face amount equal to the Dollar Amount of the face  amount specified in the related request or application for such Letter of Credit, unless such Borrower  notifies the Administrative Agent at least one Business Day before such date that (A) it elects not to  request the issuance of such Letter of Credit on such date or (B) it elects to have such Letter of Credit  issued on such date in a different Agreed Currency, as the case may be, in which the denomination of  such Letter of Credit would in the reasonable opinion of the applicable Issuing Bank and the  Administrative Agent be practicable and in face amount equal to the Dollar Amount of the face amount  specified in the related request or application for such Letter of Credit, as the case may be.  SECTION 2.22.  Judgment Currency.  If for the purposes of obtaining judgment in any  court it is necessary to convert a sum due from any Borrower hereunder in the currency expressed to be  payable herein (the “specified currency”) into another currency, the parties hereto agree, to the fullest  extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance  with normal banking procedures the Administrative Agent could purchase the specified currency with  such other currency at the Administrative Agent’s main New York City office on the Business Day  preceding that on which final, non-appealable judgment is given.  The obligations of each Borrower in  respect of any sum due to any Lender, any Issuing Bank or the Administrative Agent hereunder shall,  notwithstanding any judgment in a currency other than the specified currency and to the fullest extent  permitted by law, be discharged only to the extent that on the Business Day following receipt by such  Lender, Issuing Bank or the Administrative Agent (as the case may be) of any sum adjudged to be so due  in such other currency such Lender or the Administrative Agent (as the case may be) may in accordance  with normal, reasonable banking procedures purchase the specified currency with such other currency.  If  the amount of the specified currency so purchased is less than the sum originally due to such Lender,  Issuing Bank or the Administrative Agent, as the case may be, in the specified currency, each Borrower  agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any  such judgment, to indemnify such Lender, Issuing Bank or the Administrative Agent, as the case may be,  against such loss, and if the amount of the specified currency so purchased exceeds (a) the sum originally  due to any Lender or the Administrative Agent, as the case may be, in the specified currency and (b) any  amounts shared with other Lenders as a result of allocations of such excess as a disproportionate payment  to a Lender under Section 2.18, such Lender or the Administrative Agent, as the case may be, agrees to  remit such excess to such Borrower.  SECTION 2.23.  Liability of Foreign Subsidiary Borrower.  The parties intend that this  Agreement shall in all circumstances be interpreted to provide that the Foreign Subsidiary Borrower is  liable only for Loans made to the Foreign Subsidiary Borrower, interest on such Loans, the Foreign  Subsidiary Borrower’s reimbursement obligations with respect to any Letter of Credit issued for its  account and its ratable share of any of the other Obligations, including, without limitation, general fees,  reimbursements and charges hereunder and under any other Loan Document that are attributable to it.   The liability of the Foreign Subsidiary Borrower for the payment of any of the Obligations or the  performance of its covenants, representations and warranties set forth in this Agreement and the other  Loan Documents shall be several from but not joint with the Obligations of the Company or any  

 

    71     Domestic Subsidiary (including, for this purpose, any Foreign Subsidiary that is a disregarded entity of a  U.S. Person for U.S. federal income tax purposes).  Nothing in this Section 2.23 is intended to limit, nor  shall it be deemed to limit, any of the liability of the Company for any or all of the Obligations, whether  in its primary capacity as a Borrower, pursuant to its joint and several liability for the obligations of LC  Account Parties under Section 2.06, pursuant to its guaranty obligations set forth in Article IX, at law or  otherwise.  SECTION 2.24.  Defaulting Lenders.  Notwithstanding any provision of this Agreement  to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for  so long as such Lender is a Defaulting Lender:  (a)  fees shall cease to accrue on the Commitment of such Defaulting Lender pursuant to  Section 2.12(a);  (b)  any payment of principal, interest, fees or other amounts received by the Administrative  Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to  Section 6.02 or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to  Section 8.08 shall be applied at such time or times as may be determined by the Administrative Agent as  follows:  first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent  hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the  Issuing Banks or Swingline Lender hereunder; third, to cash collateralize the Issuing Banks’ LC Exposure with  respect to such Defaulting Lender in accordance with this Section; fourth, as the Company may request (so long  as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender  has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent;  fifth, if so determined by the Administrative Agent and the Company, to be held in a deposit account and  released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with  respect to Loans under this Agreement and (y) cash collateralize the Issuing Banks’ future LC Exposure with  respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in  accordance with this Section; sixth, to the payment of any amounts owing to the Lenders, the Issuing Banks or  Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender,  Issuing Bank or Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s  breach of its obligations under this Agreement or under any other Loan Document; seventh, so long as no  Default or Event of Default exists, to the payment of any amounts owing to any Borrower as a result of any  judgment of a court of competent jurisdiction obtained by such Borrower against such Defaulting Lender as a  result of such Defaulting Lender's breach of its obligations under this Agreement or under any other Loan  Document; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction;  provided that if (x) such payment is a payment of the principal amount of any Loans or LC Disbursements in  respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were  made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were  satisfied or waived, such payment shall be applied solely to pay the Loans of, and LC Disbursements owed to,  all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or LC  Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and unfunded  participations in the Borrowers’ obligations corresponding to such Defaulting Lender’s LC Exposure and  Swingline Loans are held by the Lenders pro rata in accordance with the Commitments without giving effect to  clause (d) below.  Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are  applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section  shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto;  (c)  the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be  included in determining whether the Required Lenders have taken or may take any action hereunder (including  any consent to any amendment, waiver or other modification pursuant to Section 8.02); provided, that, except as  

 

    72     otherwise provided in Section 8.02, this clause (c) shall not apply to the vote of a Defaulting Lender in the case  of an amendment, consent, waiver or other modification requiring the consent of “such Lender” or each Lender  directly affected thereby pursuant to clauses (i), (ii) or (iii) in the first proviso in Section 8.02(b).  (d)  if any Swingline Exposure or LC Exposure exists at the time such Lender becomes a  Defaulting Lender then:  (i)  all or any part of the Swingline Exposure and LC Exposure  of such Defaulting Lender (other than the portion of such Swingline  Exposure referred to in clause (b) of the definition of such term) shall  be reallocated among the non-Defaulting Lenders in accordance with  their respective Applicable Percentages but only to the extent that such  reallocation does not, as to any non-Defaulting Lender, cause the  Dollar Amount of such non-Defaulting Lender’s Revolving Credit  Exposure to exceeds its Commitment and LC Exposure does not  exceed the total of all non-Defaulting Lenders’ Commitments;  (ii)  if the reallocation described in clause (i) above cannot, or  can only partially, be effected, within three (3) Business Days  following notice by the Administrative Agent (x) first, the applicable  Borrower shall prepay such Swingline Exposure and (y) second, the  Company shall cash collateralize for the benefit of the Issuing Banks  only the Company’s obligations corresponding to such Defaulting  Lender’s LC Exposure (after giving effect to any partial reallocation  pursuant to clause (i) above) in accordance with the procedures set  forth in Section 2.06(j) for so long as such LC Exposure is outstanding;  (iii)  if the Company cash collateralizes any portion of such  Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the  Company shall not be required to pay any fees to such Defaulting  Lender pursuant to Section 2.12(b) with respect to such Defaulting  Lender’s LC Exposure during the period such Defaulting Lender’s LC  Exposure is cash collateralized;  (iv)  if the LC Exposure of the non-Defaulting Lenders is  reallocated pursuant to clause (i) above, then the fees payable to the  Lenders pursuant to Section 2.12(b) shall be adjusted in accordance  with such non-Defaulting Lenders’ Applicable Percentages; and  (v)  if all or any portion of such Defaulting Lender’s LC  Exposure is neither reallocated nor cash collateralized pursuant to  clause (i) or (ii) above, then, without prejudice to any rights or  remedies of the Issuing Banks or any other Lender hereunder, all  facility fees that otherwise would have been payable to such Defaulting  Lender (solely with respect to the portion of such Defaulting Lender’s  Commitment that was utilized by such LC Exposure) and letter of  credit fees payable under Section 2.12(b) with respect to such  Defaulting Lender’s LC Exposure shall be payable to the Issuing  Banks until and to the extent that such LC Exposure is reallocated  and/or cash collateralized; and  

 

    73     (e)  so long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required  to fund any Swingline Loan and no Issuing Bank shall be required to issue, amend or increase any Letter of  Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding LC Exposure  will be 100% covered by the Commitments of the non-Defaulting Lenders and/or cash collateral will be  provided by the applicable Borrower in accordance with Section 2.24(d), and participating interests in any  newly made Swingline Loan or any newly issued or increased Letter of Credit shall be allocated among non- Defaulting Lenders in a manner consistent with Section 2.24(d)(i) (and such Defaulting Lender shall not  participate therein).  If (i) a Bankruptcy Event or a Bail-In Action with respect to a Lender Parent shall occur  following the date hereof and for so long as such event shall continue or (ii) the Swingline Lender or any  Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or  more other agreements in which such Lender commits to extend credit, the Swingline Lender shall not be  required to fund any Swingline Loan and no Issuing Bank shall be required to issue, amend or increase  any Letter of Credit, unless the Swingline Lender or the applicable Issuing Bank, as the case may be, shall  have entered into arrangements with the Borrowers or such Lender, satisfactory to the Swingline Lender  or such Issuing Bank, as the case may be, to defease any risk to it in respect of such Lender hereunder.  In the event that the Administrative Agent, the Company, the Swingline Lender and each  Issuing Bank each agrees that a Defaulting Lender has adequately remedied all matters that caused such  Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders shall be  readjusted to reflect the inclusion of such Lender’s Commitment and on such date such Lender shall  purchase at par such of the Loans of the other Lenders (other than Swingline Loans) as the Administrative  Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with  its Applicable Percentage.  SECTION 2.25.  Extension of Maturity Date.  (a)  The Company may, by delivering an Extension Request to the Administrative Agent (who  shall promptly deliver a copy to each of the Lenders), not less than thirty (30) days in advance of the Maturity  Date in effect at such time (the “Existing Maturity Date”), request that the Lenders extend the Existing Maturity  Date to the first anniversary of such Existing Maturity Date.  Each Lender, acting in its sole discretion, shall, by  written notice to the Administrative Agent given not later than the date that is fifteen (15) days prior to the  Existing Maturity Date, or if such date is not a Business Day, the immediately following Business Day (the  “Response Date”), advise the Administrative Agent in writing whether or not such Lender agrees to the  requested extension. Each Lender that advises the Administrative Agent that it will not extend the Existing  Maturity Date is referred to herein as a “Non-Extending Lender”; provided, that any Lender that does not advise  the Administrative Agent of its consent to such requested extension by the Response Date and any Lender that  is a Defaulting Lender on the Response Date shall be deemed to be a Non-Extending Lender. The  Administrative Agent shall notify the Company, in writing, of the Lenders’ elections promptly following the  Response Date. The election of any Lender to agree to such an extension shall not obligate any other Lender to  so agree. The Maturity Date may be extended no more than two times pursuant to this Section 2.25.  (b)  (i)   If, by the Response Date, Lenders holding Commitments that aggregate 50% or more  of the total Commitments shall constitute Non-Extending Lenders, then the Existing Maturity Date shall not be  extended and the outstanding principal balance of all Loans and other amounts payable hereunder shall be  payable, and the Commitments shall terminate, on the Existing Maturity Date in effect prior to the Extension  Request.   (ii)  If (and only if), by the Response Date, Lenders holding Commitments that  aggregate more than 50% of the total Commitments shall have agreed to extend the Existing  

 

    74     Maturity Date (each such consenting Lender, an “Extending Lender”), then effective as of the  Existing Maturity Date, the Maturity Date for such Extending Lenders shall be extended to the  first anniversary of the Existing Maturity Date (subject to satisfaction of the conditions set forth  in Section 2.25(d). In the event of such extension, the Commitment of each Non-Extending  Lender shall terminate on the Existing Maturity Date in effect for such Non-Extending Lender  prior to such extension and the outstanding principal balance of all Loans and other amounts  payable hereunder to such Non-Extending Lender shall become due and payable on such Existing  Maturity Date and, subject to Section 2.25(c) below, the total Commitments hereunder shall be  reduced by the Commitments of the Non-Extending Lenders so terminated on such Existing  Maturity Date.  (c)  In the event of any extension of the Existing Maturity Date pursuant to Section 2.25(b)(ii),  the Company shall have the right on or before the Existing Maturity Date, at its own expense, to require any  Non-Extending Lender to transfer and assign without recourse (in accordance with and subject to the  restrictions contained in Section 8.04, all its interests, rights (other than its rights to payments pursuant to  Section 2.15, Section 2.16, Section 2.17 or Section 8.03 arising prior to the effectiveness of such assignment)  and obligations under this Agreement to one or more banks or other financial institutions identified to the Non- Extending Lender by the Company, which may include any existing Lender (each a “Replacement Lender”),  provided that (i) such Replacement Lender, if not already a Lender hereunder, shall be subject to the approval of  the Administrative Agent, each Issuing Bank and the Swingline Lender (such approvals to not be unreasonably  withheld or delayed) to the extent the consent of the Administrative Agent, such Issuing Bank or the Swingline  Lender would be required to effect an assignment under Section 8.04(b), (ii) such assignment shall become  effective as of a date specified by the Company (which shall not be later than the Existing Maturity Date in  effect for such Non-Extending Lender prior to the effective date of the requested extension) and (iii) the  Replacement Lender shall pay to such Non-Extending Lender in immediately available funds on the effective  date of such assignment the principal of and interest accrued to the date of payment on the outstanding principal  amount Loans made by it hereunder and all other amounts accrued and unpaid for its account or otherwise owed  to it hereunder on such date.  (d)  As a condition precedent to each such extension of the Existing Maturity Date pursuant to  Section 2.25(b)(ii), the Company shall (i) deliver to the Administrative Agent a certificate of the Company  dated as of the Existing Maturity Date signed by a Responsible Officer of the Company certifying that, as of  such date, both before and immediately after giving effect to such extension, (A) the representations and  warranties of the Borrowers set forth in this Agreement shall be true and correct and (B) no Default shall have  occurred and be continuing and (ii) first make such prepayments of the outstanding Loans and second provide  such cash collateral (or make such other arrangements satisfactory to the applicable Issuing Bank) with respect  to the outstanding Letters of Credit as shall be required such that, after giving effect to the termination of the  Commitments of the Non-Extending Lenders pursuant to Section 2.25(b) and any assignment pursuant to  Section 2.25(c), the aggregate Revolving Credit Exposure less the face amount of any Letter of Credit supported  by any such cash collateral (or other satisfactory arrangements) so provided does not exceed the aggregate  amount of Commitments being extended.  For the avoidance of doubt, (i) no consent of any Lender (other than the existing Lenders participating in  the extension of the Existing Maturity Date) shall be required for any extension of the Maturity Date  pursuant to this Section 2.25 and (ii) the operation of this Section 2.25 in accordance with its terms is not  an amendment subject to Section 8.02.  

 

    75     ARTICLE III    Representations and Warranties  The Company (and to the extent applicable thereto, the Foreign Subsidiary Borrower) represents  and warrants to the Lenders that:  SECTION 3.01.  Corporate Existence and Power.  The Company and the Foreign  Subsidiary Borrower are duly organized, validly existing and in good standing under the laws of their  respective jurisdiction of formation, and have all requisite powers and all material governmental licenses,  authorizations, consents and approvals required to carry on their businesses, considered as a whole,  substantially as now conducted.  The “centre of main interests” (as that term is used in the Council  Regulation (EC) n°2015/848 of 20 May 2015 on insolvency proceedings) of the Foreign Subsidiary  Borrower is in Luxembourg, and the Foreign Subsidiary Borrower has no “establishment” (as that term is  used in the Council Regulation (EC) n°2015/848 of 20 May 2015 on insolvency proceedings) outside  Luxembourg.  SECTION 3.02.  Corporate and Governmental Authorization; No Contravention; Filing;  No Immunity.   (a)  The execution, delivery and performance by the Company and the Foreign Subsidiary  Borrower of each Loan Document to which it is a party, are within the Company’s and the Foreign Subsidiary  Borrower’s respective corporate or other like powers, have been duly authorized by all necessary corporate or  other like action, require no action by or in respect of, or filing with, any Governmental Authority (except  filings under the Securities Exchange Act of 1934) and do not contravene, or constitute a default under, any  provision of applicable law or regulation or of the certificate of incorporation or by-laws or other constitutive  documents of the Company or the Foreign Subsidiary Borrower or of (i) any material agreement, indenture or  instrument binding upon the Company or the Foreign Subsidiary Borrower (which, for the avoidance of doubt,  shall be deemed to include any agreement, indenture or instrument evidencing Material Obligations), or (ii) any  material judgment, injunction, order, decree or other instrument binding upon the Company or the Foreign  Subsidiary Borrower, or result in the creation or imposition of any Lien on any asset of the Company or any of  its Subsidiaries.  (b)  To ensure the enforceability or admissibility in evidence of any Loan Document, it is not  necessary that such Loan Document be filed or recorded with any court or other authority in Luxembourg or  that any stamp or similar tax be paid to or in respect of such Loan Document, except that the registration of a  Loan Document may be ordered and a registration fee might become payable if and when such Loan Document  is adduced as evidence in a Luxembourg Court or another Luxembourg public authority (“autorité constituée”)  or the registration of the Loan Documents (and/or any documents in connection therewith) with the  Administration de l’Enregistrement, des Domaines et de la TVA in Luxembourg may be required in the case of  legal proceedings before Luxembourg court (if competent).  The qualification by any Lender or the  Administrative Agent for admission to do business under the laws of Luxembourg does not constitute a  condition to, and the failure to so qualify does not affect, the exercise by any Lender or the Administrative  Agent of any right, privilege, or remedy afforded to any Lender or the Administrative Agent in connection with  any Loan Document or the enforcement of any such right, privilege, or remedy against the Foreign Subsidiary  Borrower.  The performance by any Lender or the Administrative Agent of any action required or permitted  under any Loan Document will not (i) violate any law or regulation of Luxembourg or any political subdivision  thereof, (ii) result in any tax or other monetary liability to such party pursuant to the laws of Luxembourg or  political subdivision or taxing authority thereof (other than taxes on the overall net income of such Lender or its  applicable lending office or franchise or similar taxes imposed by Luxembourg to the extent such Lender or its  

 

    76     applicable lending office shall be situated in Luxembourg), or (iii) violate any rule or regulation of any  federation or organization or similar entity of which Luxembourg is a member, except such violations or  liabilities, or increases thereof which individually or in the aggregate could not reasonably be expected to have a  Material Adverse Effect.  (c)  Neither the Foreign Subsidiary Borrower nor any of its assets is entitled to immunity from  suit, execution, attachment or other legal process.  The Foreign Subsidiary Borrower’s execution and delivery of  the Loan Documents to which it is a party constitute, and the exercise of its rights and performance of and  compliance with its obligations under such Loan Document will constitute, private and commercial acts done  and performed for private and commercial purposes.  SECTION 3.03.  Binding Effect.  The Loan Documents to which each Borrower is a  party have been duly executed and delivered by such party and constitute legal, valid and binding  obligations of such party, enforceable against such party in accordance with their respective terms, except  as the same may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally  and by general principles of equity.  SECTION 3.04.  Financial Information.  (a)  The consolidated balance sheet of the Company and its Consolidated Subsidiaries as of  December 31, 2021 and the related consolidated statements of income and cash flows for the Fiscal Year then  ended, reported on by PricewaterhouseCoopers LLP and set forth in the Company’s 2021 Form 10-K fairly  present, in conformity with GAAP, the consolidated financial position of the Company and its Consolidated  Subsidiaries as of such date and the consolidated results of their operations and their cash flows for such Fiscal  Year.  (b)  Except as disclosed in the Company’s 2021 Form 10-K (but not including any general risk  factors specified in such disclosure), no Material Adverse Change has occurred or is continuing.  SECTION 3.05.  Litigation.  There is no action, suit or proceeding pending against, or to  the knowledge of the Company threatened against or affecting, the Company or any of its Subsidiaries  before any court or arbitrator or any Governmental Authority (i) which, except as disclosed in the  Company’s 2021 Form 10-K (but not including any general risk factors included in such disclosure), in  the reasonable opinion of the Company, has resulted in or is likely to result in a Material Adverse Change  or (ii) which in any manner draws into question the validity of any Loan Document.  SECTION 3.06.  Compliance with ERISA.  Each member of the ERISA Group (i) has  satisfied the minimum funding standards of Section 302(a) of ERISA and Section 412(a) of the Code with  respect to each Plan and (ii) is in compliance in all material respects with the presently applicable  provisions of ERISA and the Code with respect to each Plan.  Except as would not reasonably be  expected to result in a Material Adverse Effect, each Benefit Arrangement and each Plan which is  intended to be qualified under Section 401(a) of the Code as currently in effect has been determined to be  so qualified and, to the Company’s knowledge, no event has taken place which could reasonably be  expected to cause the loss of such qualified status.  No member of the ERISA Group has (x) sought a  waiver of the minimum funding standard under Section 412(c) of the Code in respect of any Plan, (y)  failed to make any contribution or payment to any Plan or Multiemployer Plan or in respect of any  Benefit Arrangement, or made any amendment to any Plan or Benefit Arrangement, which has resulted or  could result in the imposition of a Lien or the posting of a bond or other security under ERISA or the  Code, in each case securing an amount greater than $10,000,000 or (z) incurred any liability under Title  

 

    77     IV of ERISA other than a liability to the PBGC for premiums under Section 4007 of ERISA which could  materially adversely affect the business, consolidated financial position or consolidated results of  operations of the Company and its Consolidated Subsidiaries, considered as a whole.  SECTION 3.07.  Environmental Matters.  In the ordinary course of its business, the  Company conducts appropriate reviews of the effect of Environmental Laws on the business, operations  and properties of the Company and its Subsidiaries, in the course of which it identifies and evaluates  pertinent liabilities and costs (including, without limitation, capital or operating expenditures required for  clean-up or closure of properties presently or previously owned or for the lawful operation of its current  facilities, required constraints or changes in operating activities, and evaluation of liabilities to third  parties, including employees, together with pertinent costs and expenses).  On the basis of this review, the  Company has reasonably concluded that Environmental Laws are not likely to have a Material Adverse  Effect.  SECTION 3.08.  Taxes.  The Company and its Subsidiaries have filed all United States  Federal income tax returns and all other material tax returns which are required to be filed by them and  have paid all taxes shown as due pursuant to such returns or pursuant to any assessment received by the  Company or any Subsidiary, except such taxes, if any, as are being contested in good faith and as to  which, in the opinion of the Company, adequate reserves have been provided in accordance with GAAP.    SECTION 3.09.  Not an Investment Company.  The Company is not an “investment  company” or a company “controlled” by an “investment company” within the meaning of the Investment  Company Act of 1940, as amended.  SECTION 3.10.  Compliance with Laws.  The Company complies, and has caused each  Subsidiary to comply, in all material respects with all applicable laws, ordinances, rules, regulations, and  requirements of Governmental Authorities (including, without limitation, Luxembourg Domiciliation  Law, Environmental Laws and ERISA and the rules and regulations thereunder), except where (i) the  necessity of compliance therewith is contested in good faith by appropriate proceedings, (ii) no officer of  the Company is aware that the Company or the relevant Subsidiary has failed to comply therewith or (iii)  the Company has reasonably concluded that failure to comply is not likely to have a Material Adverse  Effect.    SECTION 3.11.  Foreign Employee Benefit Matters.  (a) Each Foreign Employee Benefit  Plan is in compliance with all laws, regulations and rules applicable thereto and the respective  requirements of the governing documents for such Plan; (b) there are no deficiencies in contributions,  payments or other funding required of the Company and its Subsidiaries by applicable law or the  governing plan documents with respect to any governmental or statutory Foreign Pension Plan, and the  present value of the aggregate accumulated benefit obligations under all other Foreign Pension Plans does  not exceed the current fair market value of the assets held in the trusts for such Plans; and (c) there are no  actions, suits or claims pending or, to the knowledge of the Company and its Subsidiaries, threatened  against the Company or any Subsidiary of it or any member of the ERISA Group with respect to any  Foreign Employee Benefit Plan, except in each case where such failure to comply, deficiencies, excess  obligations, absence of reserves, or actions, suits or claims would not individually or in the aggregate  have a Material Adverse Effect.  SECTION 3.12.  Properties.  (a)      Each of the Company and its Subsidiaries has good  title to, or valid leasehold interests in, all its real and personal property material to its business, except for  

 

    78     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 Company and its Subsidiaries owns, or is licensed to use, all trademarks,  tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof by  the Company and its Subsidiaries does not infringe upon the rights of any other Person, except for any such  infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material  Adverse Effect.  SECTION 3.13.   Disclosure.  (a)     None of the reports, financial statements, certificates  or other written information furnished by or on behalf of the Company or any Subsidiary to the  Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered  hereunder (as modified or supplemented by other information so furnished), taken as a whole, 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 as of the date when  furnished; provided that, with respect to projected financial information, the Borrowers represent only  that such information was prepared in good faith based upon assumptions reasonably believed by the  Company to be reasonable at the time (it being recognized that actual results during the period or periods  covered by any such projections may differ from the projected results and the differences may be  material).  (b) As of the Effective Date, to the knowledge of the Company, the information  included in the Beneficial Ownership Certification provided on or prior to the Effective Date to any  Lender in connection with this Agreement is true and correct in all material respects.  SECTION 3.14.  Federal Reserve Regulations.  No part of the proceeds of any Loan have  been used or will be used, whether directly or indirectly, for any purpose that entails a violation of any of  the Regulations of the Board, including Regulations T, U and X.  SECTION 3.15.  No Default.  No Default or Event of Default has occurred and is  continuing.  SECTION 3.16.  Anti-Corruption Laws and Sanctions.  The Company has implemented  and maintains in effect policies and procedures reasonably designed to promote compliance by the  Company, its Subsidiaries and their respective directors, officers, employees and agents with Anti- Corruption Laws and applicable Sanctions, and the Company, its Subsidiaries and, to the knowledge of  the Company its directors, officers, employees and agents, are in compliance with Anti-Corruption Laws  and applicable Sanctions in all material respects.  None of (a) the Company, any Subsidiary or to the  knowledge of the Company or such Subsidiary any of their respective directors, officers or employees, or  (b) to the knowledge of the Company, any agent of the Company or any Subsidiary that will act in any  capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person.  Any provision of this Section 3.16 shall not apply to any Person if and to the extent that it is or would be  unenforceable by or in respect of that Person by reason of breach of any applicable Blocking Law.  SECTION 3.17.  Affected Financial Institutions.  No Borrower is an Affected Financial  Institution.  

 

    79     ARTICLE IV    Conditions  SECTION 4.01.  Effective Date.  The obligations of the Lenders to make Loans and of  the Issuing Banks to issue Letters of Credit hereunder shall not become effective until the date on which  each of the following conditions is satisfied (or waived in accordance with Section 8.02):  (a)  The Administrative Agent (or its counsel) shall have received from each party hereto 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 or electronic 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 (i) Kenneth G. Cole, Vice President,  General Counsel and Secretary of the Company, and (ii) Davis Polk & Wardwell LLP, outside counsel for the  Borrowers, both of which shall be in form and covering such other matters relating to the Borrowers, the Loan  Documents or the Transactions as the Administrative Agent shall reasonably request.  The Borrowers hereby  request such counsel to deliver such opinion.  (c)  The Administrative Agent shall have received a favorable written opinion (addressed to the  Administrative Agent and the Lenders and dated the Effective Date) of Linklaters LLP, Luxembourg counsel  for the Foreign Subsidiary Borrower, in form and covering such other matters relating to the Foreign Subsidiary  Borrower, the Loan Documents or the Transactions as the Administrative Agent shall reasonably request.  The  Foreign Subsidiary Borrower hereby requests such counsel to deliver such opinion.  (d)  The Lenders shall have received (i) audited consolidated financial statements of the  Company for the two most recent fiscal years ended prior to the Effective Date as to which such financial  statements are available, (ii) unaudited interim consolidated financial statements of the Company for each  quarterly period ended subsequent to the date of the latest financial statements delivered pursuant to clause (i)  of this paragraph and completed at least 45 days prior to the Effective Date and as to which such financial  statements are publicly available and (iii) financial statement projections through and including the Company’s  2027 fiscal year, together with such information relating to such projections as the Administrative Agent and  the Lenders shall reasonably request (including, without limitation, a detailed description of the assumptions  used in preparing such projections).  (e)  The Administrative Agent shall have received such documents and certificates as the  Administrative Agent or its counsel may reasonably request relating to the organization, existence and good  standing of the Borrowers, the authorization of the Transactions and any other legal matters relating to the  Borrowers, the Loan Documents or the Transactions, all in form and substance reasonably satisfactory to the  Administrative Agent and its counsel and as further described in the list of closing documents attached as  Exhibit E.   (f)  The Administrative Agent and each requesting Lender shall have received, at least five days  prior to the Effective Date and to the extent requested by any of the Lenders, (i) all documentation and other  information required by bank regulatory authorities under applicable “know-your-customer” and anti-money  laundering rules and regulations, including the USA PATRIOT Act, and (ii) to the extent any Borrower  qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership  Certification in relation to such Borrower shall have received such Beneficial Ownership Certification  (provided that, upon the execution and delivery by such Lender of its signature page to this Agreement, the  conditions set forth in this clause (f) shall be deemed to be satisfied).  

 

    80     (g)  The Administrative Agent shall have received a certificate, dated the Effective Date and  signed by the President, a Vice President or a Financial Officer of the Company, confirming compliance with  the conditions set forth in paragraphs (a) and (b) of Section 4.02.  (h)  The Administrative Agent shall have received evidence satisfactory to it that (i) the  commitments under the Existing Credit Agreement shall have been terminated and cancelled and all  indebtedness and other outstanding payment obligations thereunder shall have been fully repaid (except to the  extent being so repaid with the initial Revolving Loans and except in the case of the Existing Letters of Credit  deemed to be reissued under Section 2.06 of this Agreement; provided, however, that all fees owing in respect  of such Existing Letters of Credit under the Existing Credit Agreement shall be repaid in full) and (ii) the  Company shall have entered, or substantially contemporaneously herewith shall enter, into the Term Loan  Credit Agreement, which shall evidence a $500,000,000 delayed-draw term loan credit facility and shall  become effective substantially concurrently with the effectiveness of this Agreement.  (i)  The Administrative Agent shall have received all fees and other amounts due and payable  on or prior to the Effective Date, including, to the extent invoiced at least two (2) Business Days prior to the  Effective Date, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by  the Company hereunder.  The Administrative Agent shall notify the Company and the Lenders of the Effective Date, and such  notice shall be conclusive and binding.   SECTION 4.02.  Each Credit Event.  The obligation of each Lender to make a Loan on  the occasion of any Borrowing, and of the Issuing Banks to issue, amend, renew or extend any Letter of  Credit, is subject to the satisfaction of the following conditions:  (a)  The representations and warranties of the Borrowers set forth in this Agreement shall be  true and correct in all material respects (or, in the case of any such representation or warranty already qualified  by “Material Adverse Effect” or materiality, 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 for any  representation and warranty made as of a specific date, in which case such representation and warranty shall  have been true and correct in all material respects (or, in the case of any such representation or warranty already  qualified by “Material Adverse Effect” or materiality, in all respects) as of such date; provided that the  representations and warranties set forth in Sections 3.04(b) and 3.05 shall only be made on (i) the Effective  Date, (ii) the date of any extension of the Maturity Date pursuant to Section 2.25 or (iii) the date of any increase  to the Commitments pursuant to Section 2.20).  (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.  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 Borrowers on the date thereof as to the matters  specified in paragraphs (a) and (b) of this Section.  

 

    81     ARTICLE V    Covenants  Until the Commitments have expired or terminated and the principal of and interest on  each Loan and all fees  payable hereunder have been paid in full in cash and all Letters of Credit have  expired or terminated and all LC Disbursements shall have been reimbursed, the Company covenants and  agrees with the Lenders that:  SECTION 5.01.  Information.  The Company will furnish to the Administrative Agent for  distribution to each of the Lenders (including, if so desired, by means of electronic communications in  accordance with Section 8.01):  (a)  as soon as available and in any event within the earlier of (i) ninety-five (95) days after the  end of each Fiscal Year and (ii) the date on which the following items are required to be delivered to the SEC, a  consolidated balance sheet of the Company and its Consolidated Subsidiaries as of the end of such Fiscal Year  and the related consolidated statements of income and cash flows for such Fiscal Year, setting forth in each case  in comparative form the corresponding figures for the previous Fiscal Year, all reported on by  PricewaterhouseCoopers LLP or other independent public accountants of nationally recognized standing, whose  report shall be without material qualification;  (b)  as soon as available and in any event within the earlier of (i) fifty (50) days after the end of  each of the first three quarters of each Fiscal Year and (ii) the date on which the following items are required to  be delivered to the SEC, a condensed consolidated balance sheet of the Company and its Consolidated  Subsidiaries as of the end of such quarter, the related condensed consolidated statement of income for such  quarter and the related condensed consolidated statements of income and cash flows for the portion of such  Fiscal Year ended at the end of such quarter, setting forth in each case in comparative form the corresponding  figures for the corresponding periods of the previous Fiscal Year, all in reasonable detail and certified, to the  best of his or her knowledge (subject to normal year-end adjustments), as to fairness of presentation, and  consistency with GAAP (except for changes concurred in by the Company’s independent public accountants)  by a Financial Officer of the Company;  (c)  simultaneously with the delivery of each set of financial statements referred to in  subsections (a) and (b) above, a certificate of a Financial Officer of the Company (i) setting forth in reasonable  detail the calculations required to establish whether the Company was in compliance with the requirements of  Sections 5.07 to 5.09, inclusive, on the date of such financial statements, (ii) stating, to the best of his or her  knowledge, whether any Default exists on the date of such certificate and (iii) if any Default then exists, setting  forth the details thereof and the action which the Company is taking or proposes to take with respect thereto;  (d)  within ten (10) days after any officer of the Company becomes aware of the existence of  any Default, unless such Default shall have been cured before the end of such ten (10) day period, a certificate  of a Financial Officer of the Company setting forth the details of such Default and the action which the  Company is taking or proposes to take with respect thereto;  (e)  promptly upon the filing thereof, copies of all reports on Forms 10-K, 10-Q and 8-K and  similar regular and periodic reports which the Company shall have filed with the SEC;  (f)  if and when any member of the ERISA Group (i) gives or is required to give notice to the  PBGC of any “reportable event” (as defined in Section 4043 of ERISA) with respect to any Plan which might  constitute grounds for a termination of such Plan under Title IV of ERISA, or knows that the plan administrator  of any Plan has given or is required to give notice of any such reportable event, a copy of the notice of such  

 

    82     reportable event given or required to be given to the PBGC; (ii) receives notice of complete or partial  withdrawal liability under Title IV of ERISA or notice that any Multiemployer Plan is in “endangered” or  “critical” status (within the meaning of Section 305 of ERISA), is insolvent or has been terminated, a copy of  such notice, (iii) receives notice from the PBGC under Title IV of ERISA of an intent to terminate, impose  liability (other than for premiums under Section 4007 of ERISA) in respect of, or appoint a trustee to administer  any Plan, a copy of such notice; (iv) applies for a waiver of the minimum funding standard under Section 412(c)  of the Code, a copy of such application; (v) gives notice of intent to terminate any Plan under Section 4041(c)  of ERISA, a copy of such notice and other information filed with the PBGC; (vi) gives notice of withdrawal  from any Plan pursuant to Section 4063 of ERISA, a copy of such notice; or (vii) fails to make any payment or  contribution to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement or makes any  amendment to any Plan or Benefit Arrangement which has resulted or could result in the imposition of a Lien or  the posting of a bond or other security, a certificate of a Financial Officer of the Company setting forth details  as to such occurrence and action, if any, which the Company or applicable member of the ERISA Group is  required or proposes to take; provided that no such notice or certificate shall be required unless the aggregate  unpaid actual or potential liability of members of the ERISA Group involved in all events referred to in clauses  (i) through (vii) above of which officers of the Company have obtained knowledge and have not previously  reported under this subsection (f) exceeds $25,000,000; and  (g)  from time to time (i) such additional information regarding the financial position or  business of the Company as the Administrative Agent, at the request of any Lender, or any Issuing Bank may  reasonably request and (2) information and documentation reasonably requested by the Administrative Agent or  any Lender for purposes of compliance with applicable “know your customer” and anti-money laundering rules  and regulations, including the Patriot Act and the Beneficial Ownership Regulation.  SECTION 5.02.  Existence; Conduct of Business.  Each Borrower will do or cause to be  done all things necessary to preserve, renew and keep in full force and effect its legal existence (provided  that the foregoing shall not prohibit any merger or consolidation permitted under Section 5.10).  Each  Borrower will do or cause to be done all things necessary to preserve, renew and keep in full force and  effect the rights, qualifications, licenses, permits, privileges, franchises, governmental authorizations and  intellectual property rights material to the conduct of its business, and maintain all requisite authority to  conduct its business in each jurisdiction in which its business is conducted, except where the Company  has reasonably concluded that the failure to comply is not likely to have a Material Adverse Effect.  SECTION 5.03.  Compliance with Laws.  The Company will comply, and cause each  Subsidiary to comply, in all material respects with all applicable laws, ordinances, rules, regulations, and  requirements of Governmental Authorities (including, without limitation, Luxembourg Domiciliation  Law, Environmental Laws and ERISA and the rules and regulations thereunder) except where (i) the  necessity of compliance therewith is contested in good faith by appropriate proceedings, (ii) no officer of  the Company is aware that the Company or any Subsidiary has failed to comply therewith or (iii) the  Company has reasonably concluded that failure to comply is not likely to have a Material Adverse Effect.   The Company will maintain in effect policies and procedures reasonably designed to promote compliance  by the Company, its Subsidiaries and their respective directors, officers, employees and agents with  Anti- Corruption Laws and applicable Sanctions. Any provision of this Section 5.03 shall not apply to any  Person if and to the extent that it is or would be unenforceable by or in respect of that Person by reason of  breach of any applicable Blocking Law.  SECTION 5.04.  Use of Proceeds.  The Borrowers shall use the proceeds of the Loans to  provide funds for general corporate purposes, including, but not limited to, acquisitions, refinancing of the  Existing Credit Agreement and working capital purposes.  None of the proceeds of the Loans made under  

 

    83     this Agreement will be used in violation of any applicable law or regulation (including, without  limitation, Regulation T, U or X of the Board).  Margin stock (as defined under Regulation U) does not  and will not constitute more than 25% of the value of the consolidated assets of the Company and its  Consolidated Subsidiaries.  No Borrower will request any Borrowing or Letter of Credit, and no Borrower  shall use directly, or knowingly indirectly, the proceeds of any Borrowing or Letter of Credit (i) in  furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or  anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of  funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person,  or in any Sanctioned Country, to the extent such activities, businesses or transaction would be prohibited  by Sanctions if conducted by a corporation incorporated in the United States or in a European Union  member state or (iii) in any manner that would result in the violation of  any Sanctions applicable by any  Person party hereto or otherwise participating in the Loans, whether as Administrative Agent, Arranger,  Issuing Bank, Lender, underwriter, advisor, investor or otherwise; it being understood that such covenant  shall not apply to the Foreign Subsidiary Borrower, which is organized in a Member State of the  European Union if and to the extent that the expression of, or compliance with, or receipt or acceptance  of, such covenant would breach any provision of Council Regulation EC No. 2271/96, as amended from  time to time, or breach any applicable implementing legislation.  Any provision of this Section 5.04 shall  not apply to any Person if and to the extent that it is or would be unenforceable by or in respect of that  Person by reason of breach of any applicable Blocking Law.  SECTION 5.05.  Maintenance of Properties; Insurance.  (a)   The Company will, and will  cause each of its Subsidiaries to, keep and maintain all property material to the conduct of its business in  good working order and condition, ordinary wear and tear excepted, except where the Company has  reasonably concluded that failure to comply is not likely to have a Material Adverse Effect.  (b)  The Company and its Consolidated Subsidiaries considered as a whole will maintain with  financially sound and reputable insurance companies insurance in such amounts and covering such risks as is  consistent with sound business practice, and the Company will furnish to the Administrative Agent upon request  full information as to the insurance carried; provided, that the Company and its Subsidiaries may self-insure to  the extent the Company reasonably determines that such self insurance is consistent with prudent business  practice.  SECTION 5.06.  Books and Records; Inspection.  The Company will, and will cause each  of its Subsidiaries to, keep proper books of record and account in which full, true and correct entries, in  all material respects, are made of all material dealings and transactions in relation to its business and  activities.  The Company will, and will cause each Subsidiary to, permit the Administrative Agent, on  behalf of itself or any requesting Lender, by its representatives and agents, to inspect any of the property,  books and financial records of the Company and each Subsidiary, to examine and make copies of the  books of accounts and other financial records of the Company and each Subsidiary, and to discuss the  affairs, finances and accounts of the Company and each Subsidiary with, and to be advised as to the same  by, their respective officers at such times and intervals, having due regard for the ongoing business of the  Company and its Subsidiaries, as the Administrative Agent, on behalf of itself or any requesting Lender,  may reasonably request; provided, however, that if no Event of Default has occurred and is continuing no  more than one such inspection per calendar year shall be conducted.  SECTION 5.07.  Financial Covenants.   (a)  Minimum Interest Coverage Ratio.  The Company will not permit the ratio, determined as  of the end of each of its Fiscal Quarters, of (i) Consolidated EBITDA to (ii) Consolidated Interest Expense, in  

 

    84     each case for the period of four (4) consecutive Fiscal Quarters ending with the end of such Fiscal Quarter, to be  less than 2.50 to 1.00.  (b)  Maximum Net Leverage Ratio.  The Company will not permit the ratio, determined as of  the end of each of its Fiscal Quarters, of (i) Net Consolidated Debt as of the last day of such Fiscal Quarter to  (ii) Consolidated EBITDA for the period of four (4) consecutive Fiscal Quarters ending with the end of such  Fiscal Quarter to exceed 4.00 to 1.00.  SECTION 5.08.  Limitations on Subsidiary Debt.    (a)  The Company will not at any time permit any Consolidated Subsidiary to create, incur,  issue, guarantee, assume or suffer to exist any Debt if, immediately after giving effect thereto, the aggregate  outstanding amount of Debt (determined at that time) of all Consolidated Subsidiaries (other than Debt owed to  the Company or one or more other Consolidated Subsidiaries) would exceed the greater of (i) 12.5% of  Consolidated Tangible Assets (calculated as of the last day of the most recently ended Fiscal Quarter) and (ii)  $500,000,000.  (b)  Subsection (a) above shall not prevent (i) a Consolidated Subsidiary from creating,  incurring, issuing, guaranteeing or assuming Debt for the purpose of extending, renewing or Refunding an equal  or greater principal amount of Debt then outstanding of such Consolidated Subsidiary; provided, that subsection  (a) shall apply to the extent that the aggregate principal amount of any such extending, renewing or Refunding  Debt exceeds the aggregate principal amount of the Debt being extended, renewed or refunded, or (ii) the  creation, incurrence, issuance, guarantee or assumption of Debt owed to or owned by the Company or a  Consolidated Subsidiary.  For purposes of 5.08, Debt of a Person (herein defined as “Refunding Debt”) is  deemed to be for the purpose of “Refunding” other Debt of such Person if and to the extent that (i) no later than  five (5) Business Days after the Refunding Debt is incurred, the Company delivers to the Administrative Agent  written notice stating that the purpose of such Debt is to refund outstanding Debt and specifying the Debt to be  refunded, (ii) the proceeds of such Refunding Debt are held in the form of cash or Permitted Cash Equivalent  Investments (free of any Lien except a Lien securing the specified Debt to be refunded) until such specified  Debt is repaid and (iii) such specified Debt to be refunded is repaid within one hundred fifty (150) days after the  Refunding Debt is incurred; it being understood and agreed that to the extent that the specified Debt is not so  repaid within one hundred fifty (150) days after the Refunding Debt is originally incurred, the Refunding Debt  shall be deemed to be incurred as Debt for the purposes of Section 5.08(a) on the one hundred fifty-first (151st)  day after such original incurrence.  SECTION 5.09.  Negative Pledge.  Neither the Company nor any Consolidated  Subsidiary will create, assume or suffer to exist any Lien on any asset now owned or hereafter acquired  by it, except:  (a)  any Lien on any property or asset of the Company or any Subsidiary existing on the date  hereof provided that the aggregate amount of Debt or other obligations secured thereby does not exceed  $50,000,000;  (b)  any Lien existing on any asset of any entity at the time such entity becomes a Consolidated  Subsidiary and not created in contemplation of such event; provided that the obligations secured by such Lien  are not increased and are not secured by any additional assets;  (c)  any Lien on any asset securing Debt incurred or assumed solely for the purpose of  financing all or any part of the cost of acquiring such asset (or acquiring a corporation or other entity which  

 

    85     owned such asset); provided that such Lien attaches to such asset concurrently with or within ninety (90) days  after such acquisition;  (d)  any Lien on any asset of any entity existing at the time such entity is merged or  consolidated with or into the Company or a Consolidated Subsidiary and not created in contemplation of such  event; provided that the obligations secured by such Lien are not increased and are not secured by any  additional assets;  (e)  any Lien existing on any asset prior to the acquisition thereof by the Company or a  Consolidated Subsidiary and not created in contemplation of such acquisition; provided that the obligations  secured by such Lien are not increased and are not secured by any additional assets;  (f)  any Lien arising out of the refinancing, extension, renewal or refunding of any Debt secured  by any Lien permitted by any of the foregoing subsections of this Section; provided that such Debt is not  increased and is not secured by any additional assets;  (g)  any Lien in favor of the holder of indebtedness (or any Person or entity acting for or on  behalf of such holder) arising pursuant to any order of attachment, distraint or similar legal process arising in  connection with court proceedings so long as the execution or other enforcement thereof is effectively stayed  and the claims secured thereby are being contested in good faith by appropriate proceedings and no Default  under Section 6.01(k) shall have occurred and is continuing in connection therewith;  (h)  Liens incidental to the normal conduct of its business or the ownership of its assets which  (i) do not secure Debt, (ii) do not secure any obligation in an amount exceeding $150,000,000 and (iii) do not in  the aggregate materially detract from the value of the assets of the Company and its Consolidated Subsidiaries  taken as a whole or in the aggregate materially impair the use thereof in the operation of the business of the  Company and its Consolidated Subsidiaries taken as a whole;  (i)  Liens to cash collateralize LC Exposure hereunder as required hereby; and  (j)  Liens securing Debt which are not otherwise permitted by the foregoing subsections of this  Section; provided that the aggregate outstanding principal amount of Debt secured by all such Liens shall not at  any time exceed the greater of (i) 5% of Consolidated Tangible Assets (calculated as of the last day of the most  recently ended Fiscal Quarter) and (ii) $200,000,000.  SECTION 5.10.  Consolidations, Mergers and Sale of Assets.    (a)  Neither the Company nor the Foreign Subsidiary Borrower will directly or indirectly sell,  lease, transfer or otherwise dispose of all or substantially all of its assets, or merge or consolidate with any other  Person, or acquire any other Person through purchase of assets or capital stock, unless either (i) the Company or  the Foreign Subsidiary Borrower, as applicable, shall be the continuing or surviving corporation or (ii) the  successor or acquiring corporation (if other than the Company or the Foreign Subsidiary Borrower, as  applicable) shall be a corporation organized under the laws of (x) one of the States of the United States of  America in the case of a merger or consolidation of the Company, or (y) the Grand Duchy of Luxembourg in  the case of a merger or consolidation of the Foreign Subsidiary Borrower, and shall assume, by a writing  reasonably satisfactory in form and substance to the Required Lenders, all of the obligations of the Company or  the Foreign Subsidiary Borrower, as applicable, under this Agreement, including all covenants herein and  therein contained, in which case such successor or acquiring corporation shall succeed to and be substituted for  the Company or the Foreign Subsidiary Borrower, as applicable, with the same effect as if it had been named  herein as a party hereto.   

 

    86     (b)  No disposition of assets, merger, consolidation or acquisition referred to in subsection (a)  of this Section shall be permitted if, immediately after giving effect thereto, any Default would exist under any  of the terms or provisions of this Agreement.  ARTICLE VI    Events of Default  SECTION 6.01.  Events of Default.  If any of the following events (“Events of Default”)  shall occur:  (a)  any Borrower shall fail to pay (i) when due any principal of any Loan or any  reimbursement obligation in respect of any LC Disbursement or (ii) within five (5) days of the due date thereof,  any interest, fees or other amounts payable under this Agreement;  (b)  the Company or, if applicable, the Foreign Subsidiary Borrower shall fail to observe or  perform any covenant contained in the first sentence of Section 5.02, Section 5.04 or Sections 5.07 to 5.10,  inclusive;  (c)  the Company shall fail to observe or perform its guaranty of the Guaranteed Obligations  pursuant to Article IX hereof;   (d)  the Company or the Foreign Subsidiary Borrower shall fail to observe or perform (i) any  covenant in Section 5.01(d) for five (5) days after written notice thereof has been given to the Company by the  Administrative Agent at the request of any Lender or (ii) any covenant or agreement contained in this  Agreement or any other Loan Document (other than those covered by subsection (a) or (b) above or clause (i) of  this subsection (d)) for thirty (30) days after written notice thereof has been given to the Company by the  Administrative Agent at the request of any Lender;  (e)  any representation, warranty, certification or statement made by the Company or the  Foreign Subsidiary Borrower in this Agreement or any amendment hereof or in any other Loan Document shall  prove to have been incorrect in any material respect when made or deemed to have been made; provided that, if  any representation and warranty deemed to have been made by the Company or the Foreign Subsidiary  Borrower pursuant to the last sentence of Article IV as to the satisfaction of the condition of borrowing set forth  in Section 4.02(b) shall have been incorrect solely by reason of the existence of a Default of which the  Company was not aware when such representation and warranty was deemed to have been made and which was  cured before or promptly after the Company became aware thereof, then such representation and warranty shall  be deemed not to have been incorrect in any material respect;  (f)  the Company or any of its Consolidated Subsidiaries shall fail to make one or more  payments in respect of any Material Obligations (other than Acquired Debt in an aggregate outstanding  principal amount not exceeding $150,000,000) when due or within any applicable grace period, and such failure  has not been waived;  (g)  any event or condition occurs, or the Company or any Consolidated Subsidiary shall fail to  observe or perform any term, covenant or agreement contained in any instrument or agreement (other than this  Agreement) by which it is bound relating to Debt, obligations under Swap Agreements and/or Off-Balance  Sheet Liabilities (other than Acquired Debt in an aggregate outstanding principal amount not exceeding  $150,000,000), and the effect of all such failures, events and conditions is to cause the maturity of any Material  Obligations to be accelerated or to permit (any applicable period of grace having expired and any required  

 

    87     notice having been given) the holder or holders of any Material Obligations (or any Person acting on their  behalf) to accelerate the maturity thereof, or to require the prepayment, repurchase, redemption or defeasance  thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to Debt that becomes due as  a result of the voluntary sale or transfer of any property or assets;  (h)  (i) the Company or any Significant Subsidiary shall commence a voluntary case or other  proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any  bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee,  receiver, liquidator, custodian or other similar official of it or any substantial part of its property under any such  law, or shall consent to any such relief or to the appointment of or taking possession by any such official in an  involuntary case or other proceeding commenced against it under any such law, or shall make a general  assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due, or a resolution  shall be adopted by either the shareholders or the board of directors of such corporation to authorize any of the  foregoing; or (ii) any Foreign Borrower Insolvency Event shall have occurred;  (i)  an involuntary case or other proceeding shall be commenced against the Company or any  Significant Subsidiary in any United States Federal court or other court of competent jurisdiction seeking  liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or  other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator,  custodian or other similar official of it or any substantial part of its property under any such law, and in each  case such involuntary case or other proceeding shall remain undismissed and unstayed for a period of sixty (60)  days; or an order for relief shall be entered against the Company or any Significant Subsidiary as debtors under  the federal bankruptcy laws as now or hereafter in effect;  (j)  any member of the ERISA Group shall fail to pay when due an amount or amounts  aggregating in excess of $3,000,000 which it shall have become liable to pay to the PBGC or to a Plan under  Title IV of ERISA; or notice of intent to terminate a Plan or Plans having aggregate Unfunded Liabilities in  excess of $75,000,000 (collectively, a “Material Plan”) shall be filed under Title IV of ERISA by any member  of the ERISA Group, any plan administrator or any combination of the foregoing; or the PBGC shall institute  proceedings under Title IV of ERISA to terminate, to impose liability (other than for premiums under Section  4007 of ERISA) in respect of, or to cause a trustee to be appointed under Section 4042 of ERISA to administer  any Material Plan; or a condition shall exist by reason of which the PBGC would be entitled to obtain a decree  adjudicating that any Material Plan must be terminated; or there shall occur a complete or partial withdrawal  from, or a default, within the meaning of Section 4219(c)(5) of ERISA, with respect to, one or more  Multiemployer Plans which could cause one or more members of the ERISA Group to incur a current payment  obligation or obligations in excess of $75,000,000 or; the institution by the PBGC or any similar foreign  Governmental Authority of proceedings to terminate a Foreign Pension Plan which could reasonably be  expected to subject the Company and its Subsidiaries, taken as a whole, to liability in excess of $75,000,000 (a  “Material Foreign Pension Plan”); or a foreign Governmental Authority shall appoint or institute proceedings to  appoint a trustee to administer any Material Foreign Pension Plan in place of the existing administrator in  connection with a plan termination; provided that no Event of Default shall exist under this subsection (j) with  respect to any Prior Plan unless it is reasonably likely that one or more members of the ERISA Group is liable  with respect to the relevant Unfunded Liabilities or current payment obligation or obligations, as the case may  be;  (k)  a judgment or order for the payment of money in excess of $150,000,000 shall be rendered  against the Company or any Subsidiary and such judgment or order shall continue unsatisfied and unstayed for  a period of forty-five (45) days;   (l)  any person or group of persons (within the meaning of Section 13 or 14 of the Securities  Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d- 

 

    88     3 promulgated by the SEC under said Act) of 30% or more of the outstanding shares of common stock of the  Company; or during any period of 12 consecutive months, occupation of a majority of the seats (other than  vacant seats) on the board of directors of the Company by Persons who were neither (i) members of the board of  directors on the first day of such period, (ii) nominated, appointed or approved for election by persons referred  to in clause (i)  constituting at the time of such nomination, appointment or approval at least a majority of such  board nor (iii) nominated, appointed or approved for election by directors referred to in clauses (i) and (ii)  constituting at the time of such nomination, election or approval at least a majority of such board; or the  Company shall cease to be (directly or through its wholly-owned Subsidiaries) the “beneficial owner” (as  defined in Rules 13d-3 and 13d-5 promulgated by the SEC under the Securities Exchange Act of 1934) directly  or indirectly of at least 100% of the voting power of the outstanding capital stock of the Foreign Subsidiary  Borrower ordinarily having the right to vote at an election of directors; or  (m)  any material provision of any Loan Document for any reason ceases to be valid, binding  and enforceable in accordance with its terms (or the Company or any Subsidiary shall challenge the  enforceability of any Loan Document or shall assert in writing, or engage in any action or inaction based on any  such assertion, that any provision of any of the Loan Documents has ceased to be or otherwise is not valid,  binding and enforceable in accordance with its terms);   then, and in every such event (other than an event with respect to the Company described in clause (h) or  (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative  Agent may, and at the request of the Required Lenders shall, by notice to the Company, take either or  both of the following actions, at the same or different times:  (i) terminate the Commitments, and  thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to  be due and payable in whole (or in part, in which case any principal not so declared to be due and payable  may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to  be due and payable, together with accrued interest thereon and all fees and other Obligations of the  Borrowers accrued hereunder and under the other Loan Documents, shall become  due and payable  immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby  waived by the Borrowers; and in case of any event with respect to the Company described in clause (h) or  (i) of this Article, the Commitments shall automatically terminate and the principal of the Loans then  outstanding, together with accrued interest thereon and all fees and other Obligations accrued hereunder  and under the other Loan Documents, shall automatically become due and payable, without presentment,  demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers.  Upon the  occurrence and during the continuance of an Event of Default, the Administrative Agent may, and at the  request of the Required Lenders shall, exercise any rights and remedies provided to the Administrative  Agent under the Loan Documents or at law or equity.  SECTION 6.02.  Application of Payments.  Notwithstanding anything herein to the  contrary, following the occurrence and during the continuance of an Event of Default, and notice thereof  to the Administrative Agent by the Company or the Required Lenders:  (a)  all payments received on account of the Obligations shall, subject to Section 2.24, be  applied by the Administrative Agent as follows:  (i)  first, to payment of that portion of the Obligations  constituting fees, indemnities, expenses and other amounts payable to  the Administrative Agent (including fees and disbursements and other  charges of counsel to the Administrative Agent payable under Section  8.03 and amounts pursuant to Section 2.12(c) payable to the  Administrative Agent in its capacity as such);  

 

    89     (ii)  second, to payment of that portion of the Obligations  constituting fees, expenses, indemnities and other amounts (other than  principal, reimbursement obligations in respect of LC Disbursements,  interest and Letter of Credit fees) payable to the Lenders and the  Issuing Banks (including fees and disbursements and other charges of  counsel to the Lenders and the Issuing Banks payable under Section  8.03) arising under the Loan Documents, ratably among them in  proportion to the respective amounts described in this clause (ii)  payable to them;  (iii)  third, to payment of that portion of the Obligations  constituting accrued and unpaid Letter of Credit fees and charges and  interest on the Loans and unreimbursed LC Disbursements, ratably  among the Lenders and the Issuing Banks in proportion to the  respective amounts described in this clause (iii) payable to them;  (iv)  fourth, (A) to payment of that portion of the Obligations  constituting unpaid principal of the Loans, unreimbursed LC  Disbursements and any amounts owing with respect to Specified  Ancillary Obligations of the Foreign Subsidiary Borrower and (B) to  cash collateralize that portion of LC Exposure comprising the undrawn  amount of Letters of Credit to the extent not otherwise cash  collateralized by the applicable Borrower pursuant to Section 2.06 or  2.24, ratably among the Lenders and the Issuing Banks in proportion to  the respective amounts described in this clause (iv) payable to them;  provided that (x) any such amounts applied pursuant to subclause (B)  above shall be paid to the Administrative Agent for the ratable account  of the applicable Issuing Bank to cash collateralize Obligations in  respect of Letters of Credit, (y) subject to Section 2.06 or 2.24,  amounts used to cash collateralize the aggregate amount of Letters of  Credit pursuant to this clause (iv) shall be used to satisfy drawings  under such Letters of Credit as they occur and (z) upon the expiration  of any Letter of Credit (without any pending drawings), the pro rata  share of cash collateral shall be distributed to the other Obligations, if  any, in the order set forth in this Section 6.02;  (v)  fifth, to the payment in full of all other Obligations, in  each case ratably among the Administrative Agent, the Lenders and the  Issuing Banks based upon the respective aggregate amounts of all such  Obligations owing to them in accordance with the respective amounts  thereof then due and payable; and  (vi)  finally, the balance, if any, after all Obligations have been  indefeasibly paid in full, to the Borrowers or as otherwise required by  law; and  if any amount remains on deposit as cash collateral after all Letters of Credit have either been fully drawn  or expired (without any pending drawings), such remaining amount shall be applied to the other  Obligations, if any, in the order set forth above.  Notwithstanding the foregoing, amounts received  hereunder shall not be applied to any Excluded Swap Obligations of the Company.  

 

    90     ARTICLE VII    The Administrative Agent  Each of the Lenders and the Issuing Banks hereby irrevocably appoints the  Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its  behalf, including  execution of the other Loan Documents, and to exercise such powers as are delegated to  the Administrative Agent by the terms of the Loan Documents, together with such actions and powers as  are reasonably incidental thereto.  The bank serving as the Administrative Agent hereunder shall have the same rights and  powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not  the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and  generally engage in any kind of business with the Company or any Subsidiary or other Affiliate thereof as  if it were not the Administrative Agent hereunder.  The Administrative Agent shall not have any duties or obligations except those expressly  set forth in the Loan Documents.  Without limiting the generality of the foregoing, (a) the Administrative  Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has  occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary  action or exercise any discretionary powers, except discretionary rights and powers expressly  contemplated by the Loan Documents that the Administrative Agent is required to exercise in writing as  directed by the Required Lenders (or such other number or percentage of the Lenders as shall be  necessary under the circumstances as provided in Section 8.02), and (c) except as expressly set forth in  the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable  for the failure to disclose, any information relating to the Company or any of its Subsidiaries that is  communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any  capacity.  The Administrative Agent shall not be liable for any action taken or not taken by it with the  consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as  shall be necessary under the circumstances as provided in Section 8.02) or 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 written notice thereof is given to the Administrative Agent by the Company  or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or  inquire into (i) any statement, warranty or representation made in or in connection with any Loan  Document, (ii) the contents of any certificate, report or other document delivered hereunder or in  connection with any Loan Document, (iii) the performance or observance of any of the covenants,  agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability,  effectiveness or genuineness of any Loan Document or any other agreement, instrument or document or  (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than  to confirm receipt of items expressly required to be delivered to the Administrative Agent or its counsel.  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 believed by it to be genuine and to have been signed or sent 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 be made by the proper Person, and shall not incur any liability for relying thereon.  The  Administrative Agent may consult with legal counsel (who may be counsel for the Company),  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.  

 

    91     The Administrative Agent may perform any and all of its duties and exercise its rights  and powers 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 its duties and exercise its rights  and powers through their respective Related Parties.  The exculpatory provisions of the preceding  paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and  any such sub-agent, and shall apply to their respective activities in connection with the syndication of the  credit facilities provided for herein as well as activities as Administrative Agent.  Subject to the appointment and acceptance of a successor Administrative Agent as  provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders, the  Issuing Banks and the Company.  Upon any such resignation, the Required Lenders shall have the right,  in consultation with the Company (provided that no consultation with the Company shall be required if an  Event of Default has occurred and is continuing), to appoint a successor.  If no successor shall have been  so appointed by the Required Lenders and shall have accepted such appointment within thirty (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  which shall be a bank with an office in New York, New York, or an Affiliate of any such bank.  Upon the  acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall  succeed to and become vested with all the rights, powers, privileges and duties of the retiring  Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and  obligations hereunder.  The fees payable by any Borrower to a successor Administrative Agent shall be  the same as those payable to its predecessor unless otherwise agreed between such Borrower and such  successor.  After the Administrative Agent’s resignation hereunder, the provisions of this Article and  Section 8.03 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents  and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them  while it was acting as Administrative Agent.  Each Lender acknowledges and agrees that the extensions of credit made hereunder are  commercial loans and letters of credit and not investments in a business enterprise or securities.  Each  Lender further represents that it is engaged in making, acquiring or holding commercial loans in the  ordinary course of its business and  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 Agreement as a Lender, and to make, acquire  or hold Loans hereunder.  Each Lender shall, independently and without reliance upon the Administrative  Agent or any other Lender and based on such documents and information (which may contain material,  non-public information within the meaning of the United States securities laws concerning the Company  and its Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in  taking or not taking action under or based upon this Agreement, any related agreement or any document  furnished hereunder or thereunder and in deciding whether or the extent to which it will continue as a  lender or assign or otherwise transfer its rights, interests and obligations hereunder.  None of the Lenders, if any, identified in this Agreement as a Co-Syndication Agent or  Co-Documentation Agent shall have any right, power, obligation, liability, responsibility or duty under  this Agreement other than those applicable to all Lenders as such.  Without limiting the foregoing, none  of such Lenders shall have or be deemed to have a fiduciary relationship with any Lender.  Each Lender  hereby makes the same acknowledgments with respect to the relevant Lenders in their respective  capacities as a Co-Syndication Agent or Co-Documentation Agent, as applicable, as it makes with respect  to the Administrative Agent in the preceding paragraph.  Except with respect to the exercise of setoff rights of any Lender, in accordance with  Section 8.08, the proceeds of which are applied in accordance with this Agreement, each Lender agrees  

 

    92     that it will not take any action, nor institute any actions or proceedings, against any Borrower or with  respect to any Loan Document, without the prior written consent of the Required Lenders or, as may be  provided in this Agreement or the other Loan Documents, with the consent of the Administrative Agent.  The Lenders are not partners or co-venturers, and no Lender shall be liable for the acts or  omissions of, or (except as otherwise set forth herein in case of the Administrative Agent) authorized to  act for, any other Lender.  The Administrative Agent shall have the exclusive right on behalf of the  Lenders to enforce the payment of the principal of and interest on any Loan after the date such principal  or interest has become due and payable pursuant to the terms of this Agreement.    Each Lender (x) represents and warrants, as of the date such Person became a Lender  party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date  such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and its  respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of any Borrower or any  other Borrower, that at least one of the following is and will be true:  (i)  such Lender is not using “plan assets” (within the meaning of the Plan Asset  Regulations) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or  the Commitments,   (ii)  the transaction exemption set forth in one or more PTEs, such as PTE 84-14  (a class exemption for certain transactions determined by independent qualified professional asset  managers), PTE 95-60 (a class exemption for certain transactions involving insurance company  general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance  company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions  involving bank collective investment funds) or PTE 96-23 (a class exemption for certain  transactions determined by in-house asset managers), is applicable with respect to such Lender’s  entrance into, participation in, administration of and performance of the Loans, the Letters of  Credit, the Commitments and this Agreement,   (iii)  (A) such Lender is an investment fund managed by a “Qualified  Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified  Professional Asset Manager made the investment decision on behalf of such Lender to enter into,  participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this  Agreement, (C) the entrance into, participation in, administration of and performance of the  Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of  sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender,  the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such  Lender’s entrance into, participation in, administration of and performance of the Loans, the  Letters of Credit, the Commitments and this Agreement, or  (iv)  such other representation, warranty and covenant as may be agreed in  writing between the Administrative Agent, in its sole discretion, and such Lender.  In addition, unless the immediately preceding clause (i) is true with respect to a Lender or such Lender  has not provided another representation, warranty and covenant as provided in the immediately preceding  clause (iv), such Lender further (x) represents and warrants, as of the date such Person became a Lender  party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date  such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and its  respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of any Borrower that none  of the Administrative Agent or any of their respective Affiliates is a fiduciary with respect to the assets of  

 

    93     such Lender (including in connection with the reservation or exercise of any rights by the Administrative  Agent under this Agreement, any Loan Document or any documents related hereto or thereto).  The Administrative Agent hereby informs the Lenders that each such Person is not  undertaking to provide investment advice or to give advice in a fiduciary capacity, in connection with the  transactions contemplated hereby, and that such Person has a financial interest in the transactions  contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments  with respect to the Loans, the Letters of Credit, the Commitments, this Agreement and any other Loan  Documents (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments  for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the  Commitments by such Lender or (iii) may receive fees or other payments in connection with the  transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees,  commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency  fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit  fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out  premiums, bankers’ acceptance fees, breakage or other early termination fees or fees similar to the  foregoing.  Each Borrower agrees that the Administrative Agent may, but shall not be obligated to,  make any Communications available to the Lenders and the Issuing Banks by posting the  Communications on IntraLinksTM, DebtDomain, SyndTrak, ClearPar or any other electronic platform  chosen by the Administrative Agent to be its electronic transmission system (the “Approved Electronic  Platform”).  Although the Approved Electronic Platform and its primary web portal are secured with  generally-applicable security procedures and policies implemented or modified by the Administrative  Agent from time to time (including, as of the Effective Date, a user ID/password authorization system)  and the Approved Electronic Platform is secured through a per-deal authorization method whereby each  user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders, each  Issuing Bank and each Borrower acknowledges and agrees that the distribution of material through an  electronic medium is not necessarily secure, that the Administrative Agent is not responsible for  approving or vetting the representatives or contacts of any Lender that are added to the Approved  Electronic Platform, and that there may be confidentiality and other risks associated with such  distribution. Each of the Lenders, each Issuing Bank and each Borrower hereby approves distribution of  the Communications through the Approved Electronic Platform and understands and assumes the risks of  such distribution.  THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS  ARE PROVIDED “AS IS” AND “AS AVAILABLE”. THE APPLICABLE PARTIES (AS DEFINED  BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE  COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM  AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED  ELECTRONIC PLATFORM AND THE COMMUNICATIONS. NO WARRANTY OF ANY KIND,  EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF  MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF  THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE  BY THE APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE  APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT  OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE  PARTIES”) HAVE ANY LIABILITY TO ANY BORROWER, ANY LENDER, ANY ISSUING BANK  OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT  

 

    94     OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR  EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY  BORROWER’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS  THROUGH THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM.   “Communications” means, collectively, any notice, demand, communication, information, document or  other material provided by or on behalf of any Borrower pursuant to any Loan Document or the  transactions contemplated therein which is distributed by the Administrative Agent, any Lender or any  Issuing Bank by means of electronic communications pursuant to this Section, including through an  Approved Electronic Platform.  Each Lender and Issuing Bank agrees that notice to it (as provided in the next sentence)  specifying that Communications have been posted to the Approved Electronic Platform shall constitute  effective delivery of the Communications to such Lender for purposes of the Loan Documents. Each  Lender and Issuing Bank agrees (i) to notify the Administrative Agent in writing (which could be in the  form of electronic communication) from time to time of such Lender’s or Issuing Bank’s (as applicable)  email address to which the foregoing notice may be sent by electronic transmission and (ii) that the  foregoing notice may be sent to such email address.  Each of the Lenders, the Issuing Banks and each Borrower agrees that the  Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to,  store the Communications on the Approved Electronic Platform in accordance with the Administrative  Agent’s generally applicable document retention procedures and policies.  Nothing herein shall prejudice the right of the Administrative Agent, any Lender or any  Issuing Bank to give any notice or other communication pursuant to any Loan Document in any other  manner specified in such Loan Document.  Each of the Lenders, the Issuing Banks and each Borrower hereby agree as follows  regarding certain erroneous payments:  (i) Each Lender and Issuing Bank hereby agrees that (x) if the Administrative Agent  notifies such Lender or Issuing Bank that the Administrative Agent has determined in its sole  discretion that any funds received by such Lender from the Administrative Agent or any of its  Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or  otherwise; individually and collectively, a “Payment”) were erroneously transmitted to such  Lender or Issuing Bank (whether or not known to such Lender or Issuing Bank), and demands  the return of such Payment (or a portion thereof), such Lender or Issuing Bank shall promptly,  but in no event later than two (2) Business Days thereafter, return to the Administrative Agent  the amount of any such Payment (or portion thereof) as to which such a demand was made in  same day funds, together with interest thereon in respect of each day from and including the  date such Payment (or portion thereof) was received by such Lender or Issuing Bank to the date  such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate  determined by the Administrative Agent in accordance with banking industry rules on interbank  compensation from time to time in effect, and (y) to the extent permitted by applicable law,  such Lender or Issuing Bank shall not assert, and hereby waives, as to the Administrative  Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any  demand, claim or counterclaim by the Administrative Agent for the return of any Payments  received, including without limitation any defense based on “discharge for value” or any  similar doctrine.  A notice of the Administrative Agent to any Lender under the last four  paragraphs of this Article VII shall be conclusive, absent manifest error.  

 

    95     (ii) Each Lender and Issuing Bank hereby further agrees that if it receives a Payment from the  Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a  different date from, that specified in a notice of payment sent by the Administrative Agent (or  any of its Affiliates) with respect to such Payment (a “Payment Notice”) or (y) that was not  preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an  error has been made with respect to such Payment.  Each Lender and Issuing Bank agrees that,  in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have  been sent in error, such Lender or Issuing Bank shall promptly notify the Administrative Agent  of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in  no event later than one Business Day thereafter, return to the Administrative Agent the amount  of any such Payment (or portion thereof) as to which such a demand was made in same day  funds, together with interest thereon in respect of each day from and including the date such  Payment (or portion thereof) was received by such Lender to the date such amount is repaid to  the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the  Administrative Agent in accordance with banking industry rules on interbank compensation  from time to time in effect.  (iii) Each party hereto hereby agrees that (x) in the event an erroneous Payment (or portion  thereof) are not recovered from any Lender that has received such Payment (or portion thereof)  for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender or  Issuing Bank with respect to such amount and (y) an erroneous Payment shall not pay, prepay,  repay, discharge or otherwise satisfy any Obligations owed by any Borrower; provided, that  this Section shall not be interpreted to increase (or accelerate the due date for), or have the  effect of increasing (or accelerating the due date for), the obligations of any Borrower relative  to the amount (and/or timing for payment) of the obligations that would have been payable had  such erroneous Payment not been made by the Administrative Agent; provided, further, that for  the avoidance of doubt, the immediately preceding clauses (x) and (y) shall not apply to the  extent any such erroneous Payment is, and solely with respect to the amount of such erroneous  Payment that is, comprised of funds received by the Administrative Agent from a Borrower for  the purpose of making a payment.  (iv) Each party’s obligations under the three immediately preceding paragraphs of this Article  VII shall survive the resignation or replacement of the Administrative Agent or any transfer of  rights or obligations by, or the replacement of, a Lender or Issuing Bank, the termination of the  Commitments or the repayment, satisfaction or discharge of all Obligations under any Loan  Document.    ARTICLE VIII    Miscellaneous  SECTION 8.01.  Notices.  (a)   Except in the case of notices and other communications  expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and other  communications provided for herein shall be in writing and shall be delivered by hand or overnight  courier service, mailed by certified or registered mail or sent by telecopy, as follows:  (i)  if to any Borrower, to such Borrower c/o the Company,  17450 College Parkway, Livonia, MI 48152, Attention of John G.  

 

    96     Sznewajs (Telecopy No. (313) 792-6798; Telephone No. (313) 792- 6044; e-mail: john_sznewajs@mascohq.com);   (ii)  if to the Administrative Agent, (A) in the case of  Borrowings by the Company denominated in Dollars, to JPMorgan  Chase Bank, N.A., 10 South Dearborn, 7th Floor, Chicago, IL 60603,  Attention of Joshua Stapleton (Telecopy No. (844) 490-5665; e-mail:  JPM.Agency.Servicing.1@JPMorgan.com and  joshua.l.stapleton@chase.com) and (B) in the case of Borrowings by  the Foreign Subsidiary Borrower or Borrowings denominated in  Foreign Currencies, to JPMorgan Chase Bank, N.A., 10 South  Dearborn 7th Floor, Chicago, IL 60603, Attention of Joshua Stapleton  (Telecopy No. 844-490-5665), email: jpm.agency.cri@jpmorgan.com  and joshua.l.stapleton@chase.com);  (iii)  if to JPMorgan Chase Bank, N.A., in its capacity as an  Issuing Bank, to it at JPMorgan Chase Bank, N.A., 10 S. Dearborn  Street, Chicago, IL 60603 (Telecopy No. (214) 307-6874; e-mail:  Chicago.LC.Agency.Activity.Team@JPMChase.com);  (iv)  if to Citibank, N.A., in its capacity as an Issuing Bank, to  it at Citibank, N.A., 1615 Brett Road, New Castle, DE 19720,  Attention of: Sathyeswar Arumugam (Telecopy: (646) 274-5000; e- mail: GLOriginationOps@citi.com);  (v)  if to PNC Bank, National Association, in its capacity as an  Issuing Bank, to it at PNC Bank, National Association, 500 First  Avenue, P7-PFSC-02-T, Pittsburgh, PA 15219, Attention of: Milan  Vrzic (Telecopy: (877) 717-9534; e-mail:  ParticipationLA24BRV@PNC.com);  (vi)  if to the Swingline Lender, to it at JPMorgan Chase Bank,  N.A., in the case of Borrowings by the Company denominated in  Dollars, to JPMorgan Chase Bank, N.A., 10 South Dearborn, 7th Floor,  Chicago, IL 60603, Attention of Joshua Stapleton (Telecopy No. (844)  490-5665; e-mail: JPM.Agency.Servicing.1@JPMorgan.com and  joshua.l.stapleton@chase.com) and (B) in the case of Borrowings by  the Foreign Subsidiary Borrower or Borrowings denominated in  Foreign Currencies, to JPMorgan Chase Bank, N.A., 10 South  Dearborn 7th Floor, Chicago, IL 60603, Attention of Joshua Stapleton  (Telecopy No. 844-490-5665), email: jpm.agency.cri@jpmorgan.com  and joshua.l.stapleton@chase.com); and  (vii)  if to any other Lender, to it at its address (or telecopy  number) set forth in its Administrative Questionnaire.  Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be  deemed to have been given when received; notices sent by facsimile shall be deemed to have been given  when sent (except that, if not given during normal business hours for the recipient, shall be deemed to  have been given at the opening of business on the next business day for the recipient).  Notices delivered  

 

    97     through Approved Electronic Platforms, to the extent provided in paragraph (b) below, shall be effective  as provided in said paragraph (b).  (b)  Notices and other communications to the Lenders and the Issuing Banks hereunder may be  delivered or furnished by using Approved Electronic Platforms pursuant to procedures approved by the  Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless  otherwise agreed by the Administrative Agent and the applicable Lender.  The Administrative Agent or the  Company may, in its discretion, agree to accept notices and other communications to it hereunder by electronic  communications pursuant to procedures approved by it; provided that approval of such procedures may be  limited to particular notices or communications.  Unless the Administrative Agent otherwise prescribes, (i) notices and other  communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an  acknowledgement from the intended recipient (such as by the “return receipt requested” function, as  available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to  an Internet or intranet website shall be deemed received upon the deemed receipt by the intended  recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or  communication is available and identifying the website address therefor; provided that, for both  clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal  business hours of the recipient, such notice or communication shall be deemed to have been sent at the  opening of business on the next business day for the recipient.  (c)  Any party hereto may change its address or telecopy number for notices and other  communications hereunder by notice to the other parties hereto.  All notices and other communications given to  any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the  date of receipt.  SECTION 8.02.  Waivers; Amendments.  (a)   No failure or delay by the Administrative  Agent, any Issuing Bank or any Lender in exercising any right or power hereunder or under any other  Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right  or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any  other or further exercise thereof or the exercise of any other right or power.  The rights and remedies of  the Administrative Agent, the Issuing Banks and the Lenders hereunder and under the other Loan  Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise  have.  No waiver of any provision of any Loan Document or consent to any departure by any Borrower  therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this  Section, and then such waiver or consent shall be effective only in the specific instance and for the  purpose for which given.  Without limiting the generality of the foregoing, the making of a Loan or  issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the  Administrative Agent, any Lender or any Issuing Bank may have had notice or knowledge of such  Default at the time.  (b)  Except as provided in Section 2.20 with respect to an Incremental Term Loan Amendment  and Section 2.25 with respect to an extension of the Maturity Date, and subject to clauses (b) and (c) of Section  2.14, neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to  an agreement or agreements in writing entered into by the Borrowers and the Required Lenders or by the  Borrowers and the Administrative Agent with the consent of the Required Lenders; provided that no such  agreement shall (i) increase  the Commitment of any Lender without the written consent of such Lender, (ii)  reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce  any fees payable hereunder, without the written consent of each Lender directly affected thereby, (iii) postpone  the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon,  

 

    98     or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the  scheduled date of expiration of any Commitment, without the written consent of each Lender directly affected  thereby, (iv) change Section 2.18(b) or (d), or Section 6.02, in a manner that would alter the pro rata sharing or  priority of payments required thereby, without the written consent of each Lender adversely affected thereby,  (v) change any of the provisions of this Section or the definition of “Required Lenders” or any other provision  hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights  hereunder or make any determination or grant any consent hereunder, without the written consent of each  Lender (it being understood that, solely with the consent of the parties prescribed by Section 2.20 to be parties  to an Incremental Term Loan Amendment, Incremental Term Loans may be included in the determination of  Required Lenders on substantially the same basis as the Commitments and the Revolving Loans are included on  the Effective Date) or (vi) release the Company from its obligations under Article IX without the written  consent of each Lender; provided further (x) that no such agreement shall amend, modify or otherwise affect the  rights or duties of the Administrative Agent, any Issuing Bank or the Swingline Lender hereunder without the  prior written consent of the Administrative Agent, such Issuing Bank or the Swingline Lender, as the case may  be and (y) any amendment to Section 2.24 shall require the consent of the Administrative Agent, the Swingline  Lender and each Issuing Bank.  (c)  Notwithstanding the foregoing, this Agreement and any other Loan Document may be  amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent  and the Borrowers (x) to add one or more credit facilities (in addition to the Incremental Term Loans pursuant  to an Incremental Term Loan Amendment) to this Agreement and to permit extensions of credit from time to  time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits  of this Agreement and the other Loan Documents with the Revolving Loans, Incremental Term Loans and the  accrued interest and fees in respect thereof and (y) to include appropriately the Lenders holding such credit  facilities in any determination of the Required Lenders and Lenders.  (d)  If, in connection with any proposed amendment, waiver or consent  requiring the consent of  “each Lender” or “each Lender directly affected thereby,” the consent of the Required Lenders is obtained, but  the consent of other necessary Lenders is not obtained (any such Lender whose consent is necessary but not  obtained being referred to herein as a “Non-Consenting Lender”), then the Company may elect to replace a  Non-Consenting Lender as a Lender party to this Agreement, provided that, concurrently with such  replacement, (i) another bank or other entity which is reasonably satisfactory to the Company, the  Administrative Agent and each Issuing Bank shall agree, as of such date, to purchase for cash the Loans and  other Obligations due to the Non-Consenting Lender pursuant to an Assignment and Assumption and to become  a Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lender to  be terminated as of such date and to comply with the requirements of clause (b) of Section 8.04, (ii) such other  bank or other entity shall consent to such proposed amendment, waiver or consent and (iii) each Borrower shall  pay to such Non-Consenting Lender in same day funds on the day of such replacement (1) all interest, fees and  other amounts then accrued but unpaid to such Non-Consenting Lender by such Borrower hereunder to and  including the date of termination, including without limitation payments due to such Non-Consenting Lender  under Sections 2.15 and 2.17, and (2) an amount, if any, equal to the payment which would have been due to  such Lender on the day of such replacement under Section 2.16 had the Loans of such Non-Consenting Lender  been prepaid on such date rather than sold to the replacement Lender.  (e)  Notwithstanding anything to the contrary herein the Administrative Agent may, with the  consent of the Borrowers only, amend, modify or supplement this Agreement or any of the other Loan  Documents to cure any ambiguity, omission, mistake, defect or inconsistency.  Both before and promptly after  the execution thereof, the Administrative Agent shall furnish a copy of such amendment, modification or  supplement to each Lender.  

 

    99     SECTION 8.03.  Expenses; Indemnity; Damage Waiver.  (a)   The Company shall pay (i)  all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, including  the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection  with the syndication and distribution (including, without limitation, via the internet or through a service  such as IntraLinksTM) 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 out-of-pocket expenses incurred by the Administrative Agent, any Issuing Bank or any Lender,  including the fees, charges and disbursements of any counsel for the Administrative Agent, any Issuing  Bank or any Lender, in connection with the enforcement or protection of its rights in connection with this  Agreement and any other Loan Document, including its rights under this Section, or in connection with  the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred  during  any workout, restructuring or negotiations in connection therewith in respect of such Loans or  Letters of Credit.  (b)  The Company shall indemnify the Administrative Agent, the Issuing Banks and each  Lender, and each Related Party of any of the foregoing Persons (each such Person being called an  “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities  and related expenses, including the fees, charges and disbursements of a single firm of counsel for all such  Indemnitees, taken as a whole and, if necessary, of a single firm of local counsel in each appropriate jurisdiction  (which may include a single firm of special counsel acting in multiple jurisdictions) for all such Indemnitees,  taken as a whole (and, solely in the case of an actual or perceived conflict of interest where the indemnified  person affected by such conflict notifies you of the existence of such conflict and thereafter retains its own  counsel, of one other firm of counsel for each such affected Indemnitee), incurred by or asserted against any  Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of any Loan  Document or any agreement or instrument contemplated thereby, the performance by the parties hereto of their  respective obligations thereunder or the consummation of the Transactions or any other transactions  contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any  refusal by any Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented  in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual  or alleged presence or release of Hazardous Materials on or from any property owned or operated by the  Company or any of its Subsidiaries, or any Environmental Liability related in any way to the Company or any  of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any  of the foregoing, whether or not such claim, litigation, investigation or proceeding is brought by a Borrower or  its respective equity holders, Affiliates, Creditors or any other third Person and whether based on contract, tort  or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity  shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related  expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have  resulted from the gross negligence or willful misconduct of, or the material breach of any express material  obligation of, such Indemnitee or (y) arise from any proceeding not involving any act or omission by the  Company or its Affiliates and that is brought by any Indemnitee against any other Indemnitee (other than any  proceeding brought against an Indemnitee in its capacity as an agent, an arranger, a bookrunner or any similar  role under the Loan Documents).  This Section 8.03(b) shall not apply with respect to Taxes other than any  Taxes that represent losses, claims or damages arising from any non-Tax claim.  (c)  Each Lender severally agrees to pay any amount required to be paid by the Company under  paragraph (a) or (b) of this Section 8.03 to the Administrative Agent, each Issuing Bank and the Swingline  Lender, and each Related Party of any of the foregoing Persons (each, an “Agent Indemnitee”) (to the extent not  reimbursed by the Company and without limiting the obligation of the Company to do so), ratably according to  

 

    100     their respective Applicable Percentage in effect on the date on which indemnification is sought under this  Section (or, if indemnification is sought after the date upon which the Commitments shall have terminated and  the Loans shall have been paid in full, ratably in accordance with such Applicable Percentage immediately prior  to such date), from and against any and all losses, claims, damages, liabilities and related expenses, including  the fees, charges and disbursements of any kind whatsoever that may at any time (whether before or after the  payment of the Loans) be imposed on, incurred by or asserted against such Agent Indemnitee in any way  relating to or arising out of the Commitments, this Agreement, any of the other Loan Documents or any  documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby  or any action taken or omitted by such Agent Indemnitee under or in connection with any of the foregoing;  provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the  case may be, was incurred by or asserted against such Agent Indemnitee in its capacity as such; provided further  that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages,  penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and  nonappealable decision of a court of competent jurisdiction to have resulted from such Agent Indemnitee’s  gross negligence or willful misconduct.  The agreements in this Section shall survive the termination of this  Agreement and the payment of the Loans and all other amounts payable hereunder.  (d)  To the extent permitted by applicable law, no Borrower shall assert, and each Borrower  hereby waives, any claim against the Administrative Agent, any Arranger, any Co-Syndication Agent, any Co- Documentation Agent any Issuing Bank and any Lender, and any Related Party of any of the foregoing Persons  (each such Person being called a “Lender-Related Person”) for any losses, claims (including intraparty claims),  demands, damages or liabilities of any kind (i) for any damages arising from the use by others of information or  other materials obtained through telecommunications, electronic or other information transmission systems  (including the Internet), except to the extent found by a final non-appealable judgment of a court of competent  jurisdiction to have resulted from the gross negligence or willful misconduct of such Lender-Related Person, or  (ii) on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or  actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document  or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit  or the use of the proceeds thereof.  (e)  All amounts due under this Section shall be payable not later than fifteen (15) days after  written demand therefor.  SECTION 8.04.  Successors and Assigns.  (a)   The provisions of this Agreement shall be  binding upon and inure to the benefit of the parties hereto and their respective successors and assigns  permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit), except that  (i) no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the  prior written consent of each Lender (and any attempted assignment or transfer by any Borrower without  such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or  obligations hereunder except in accordance with this Section.  Nothing in this Agreement, expressed or  implied, shall be construed to confer upon any Person (other than the parties hereto, their respective  successors and assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any  Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent  expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing  Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this  Agreement.  (b)  (i)    Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign  to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a  portion of its Commitment and the Loans at the time owing to it) with the prior written consent (such consent  not to be unreasonably withheld or delayed) of:  

 

    101     (A) the Company, (provided that the Company shall be deemed to have  consented to any such assignment unless it shall object thereto by written notice to the  Administrative Agent within ten (10) Business Days after having received notice  thereof); provided, further, that no consent of the Company shall be required for an  assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of  Default has occurred and is continuing, any other assignee;   (B) the Administrative Agent;  (C) each Issuing Bank; and  (D) the Swingline Lender.  (ii)  Assignments shall be subject to the following additional  conditions:  (A) except in the case of an assignment to a Lender or an Affiliate of a Lender or  an Approved Fund or an assignment of the entire remaining amount of the assigning  Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of  the assigning Lender subject to each such assignment (determined as of the date the  Assignment and Assumption with respect to such assignment is delivered to the  Administrative Agent) shall not be less than $10,000,000 unless each of the Company  and the Administrative Agent otherwise consent, provided that no such consent of the  Company shall be required if an Event of Default has occurred and is continuing;  (B) each partial assignment shall be made as an assignment of a proportionate  part of all the assigning Lender’s rights and obligations under this Agreement, provided  that this clause shall not be construed to prohibit the assignment of a proportionate part of  all the assigning Lender’s rights and obligations in respect of one Class of Commitments  or Loans;  (C) the parties to each assignment shall execute and deliver to the Administrative  Agent (x) an Assignment and Assumption or (y) to the extent applicable, an agreement  incorporating an Assignment and Assumption by reference pursuant to an Approved  Electronic Platform as to which the Administrative Agent and the parties to the  Assignment and Assumption are participants, together with a processing and recordation  fee of $3,500, such fee to be paid by either the assigning Lender or the assignee Lender  or shared between such Lenders; provided, that the Company shall pay such assignment  fee in connection with a replacement of any Lender requested by the Company pursuant  to Section 2.19(b) or 8.02(d) of this Agreement;  (D) the assignee, if it shall not be a Lender, shall deliver to the Administrative  Agent an Administrative Questionnaire in which the assignee designates one or more  credit contacts to whom all syndicate-level information (which may contain material non- public information about the Company and its Affiliates and their Related Parties or their  respective securities) will be made available and who may receive such information in  accordance with the assignee’s compliance procedures and applicable laws, including  Federal and state securities laws; and  (E) no assignment shall be made to an Ineligible Institution.  

 

    102     For the purposes of this Section 8.04(b), the terms “Approved Fund” and “Ineligible  Institution” have the following meanings:  “Approved Fund” means any Person (other than a natural person) that is engaged in  making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary  course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or  (c) an entity or an Affiliate of an entity that administers or manages a Lender.  “Ineligible Institution” means (a) a natural person, (b) a Defaulting Lender or its Lender  Parent, (c) the Company, any of its Subsidiaries or any of its Affiliates, or (d) a company, investment  vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s)  thereof.  (iii)  Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this  Section, from and after the effective date specified in each Assignment and Assumption the assignee  thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and  Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender  thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released  from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering  all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a  party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 8.03).  Any  assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply  with this Section 8.04 shall be treated for purposes of this Agreement as a sale by such Lender of a  participation in such rights and obligations in accordance with paragraph (c) of this Section.  (iv)  The Administrative Agent, acting for this purpose as a non-fiduciary agent of each  Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it  and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and  principal amount (and stated interest) of the Loans and LC Disbursements owing to, each Lender pursuant  to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive, and  the Borrowers, the Administrative Agent, the Issuing Banks and the Lenders shall treat each Person  whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all  purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be available for  inspection by the Company, any Issuing Bank and any Lender, at any reasonable time and from time to  time upon reasonable prior notice.  (v)  Upon its receipt of (x) a duly completed Assignment and Assumption executed by an  assigning Lender and an assignee or (y) to the extent applicable, an agreement incorporating an  Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the  Administrative Agent and the parties to the Assignment and Assumption are participants, the assignee’s  completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the  processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such  assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such  Assignment and Assumption and record the information contained therein in the Register; provided that if  either the assigning Lender or the assignee shall have failed to make any payment required to be made by  it pursuant to Section 2.05(d), 2.06(d) or (e), 2.07(b), 2.18(e) or 8.03(c), the Administrative Agent shall  have no obligation to accept such Assignment and Assumption and record the information therein in the  Register unless and until such payment shall have been made in full, together with all accrued interest  thereon.  No assignment shall be effective for purposes of this Agreement unless it has been recorded in  the Register as provided in this paragraph.  

 

    103     (c)  Any Lender may, without the consent of, or notice to, any Borrower, the Administrative  Agent, the Issuing Banks or the Swingline Lender, sell participations to one or more banks or other entities  other than an Ineligible Institution (a “Participant”) in all or a portion of such Lender’s rights and obligations  under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that  (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain  solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrowers, the  Administrative Agent, the Issuing Banks and the other Lenders shall continue to deal solely and directly with  such Lender in connection with such Lender’s rights and obligations under this Agreement.  Any agreement or  instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the  sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of  this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the  consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to  Section 8.02(b) that affects such Participant.  Each Borrower agrees that each Participant shall be entitled to the  benefits of Sections 2.15, 2.16 and 2.17 (subject to the requirements and limitations therein, including the  requirements under Section 2.17(f) (it being understood that the documentation required under Section 2.17(f)  shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its  interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be  subject to the provisions of Sections 2.18 and 2.19 as if it were an assignee under paragraph (b) of this Section;  and (B) shall not be entitled to receive any greater payment under Sections 2.15 or 2.17, with respect to any  participation, than its participating Lender would have been entitled to receive, except to the extent such  entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired  the applicable participation.  To the extent permitted by law, each Participant also shall be entitled to the  benefits of Section 8.08 as though it were a Lender, provided such Participant agrees to be subject to  Section 2.18(d) as though it were a Lender.  Each Lender that sells a participation shall, acting solely for this  purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address  of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or  other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have  any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant  or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other  obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to  establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under  Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be  conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the  Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any  notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative  Agent) shall have no responsibility for maintaining a Participant Register.  (d)  Any Lender may at any time pledge or assign a security interest in all or any portion of its  rights under this Agreement to secure obligations of such Lender, including without limitation any pledge or  assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge  or assignment of a security interest; provided that no such pledge or assignment of a security interest shall  release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such  Lender as a party hereto. Notwithstanding any assignment, transfer and/or novation permitted under, and made  in accordance with the provisions of this Agreement, any Lien and/or guarantees given under or in connection  with the Loan Documents shall be preserved, including, for the avoidance of doubt, for purposes of articles  1278 and 1281 of the Luxembourg Civil Code (to the extent applicable).  SECTION 8.05.  Survival.  All covenants, agreements, representations and warranties  made by the Borrowers in the Loan Documents and in the certificates or other instruments delivered in  connection with or pursuant to this Agreement or any other Loan Document shall be considered to have  been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan  

 

    104     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 amount  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 8.03 and Article VII shall survive and remain in full force and effect  regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the  expiration or termination of the Letters of Credit and the Commitments or the termination of this  Agreement or any other Loan Document or any provision hereof or thereof.  SECTION 8.06.  Counterparts; Integration; Effectiveness.    (a)  This Agreement may be executed in counterparts (and by different parties hereto on  different counterparts), each of which shall constitute an original, but all of which when taken together shall  constitute a single contract.  This Agreement, the other Loan Documents and any separate letter agreements  with respect to (i) fees payable to the Administrative Agent and (ii) modifications of the Letter of Credit  Commitment of an Issuing Bank constitute the entire contract among the parties relating to the subject matter  hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject  matter hereof.  Except as provided in Section 4.01, this Agreement shall become effective when it shall have  been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts  hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be  binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.    (b)  Delivery of an executed counterpart of a signature page of (x) this Agreement, (y) any other  Loan Document and/or (z) any document, amendment, approval, consent, information, notice (including, for the  avoidance of doubt, any notice delivered pursuant to Section 8.01), certificate, request, statement, disclosure or  authorization related to this Agreement, any other Loan Document and/or the transactions contemplated hereby  and/or thereby (each an “Ancillary Document”) by telecopy, e-mailed .pdf or any other electronic means that  reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed  counterpart of this Agreement.  The words “execution,” “signed,” “signature,” “delivery,” and words of like  import in or relating to any  document to be signed in connection with this Agreement and the transactions  contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in  electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually  executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may  be, to the extent and as provided for in any applicable law, 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, in respect of documents to be signed by  entities established within the European Union, the Electronic Signature qualifies as a “qualified electronic  signature” within the meaning of the Regulation (EU) n°910/2014 of the European parliament and of the  Council of 23 July 2014 on electronic identification and trust services for electronic transaction in the internal  market as amended from time to time and provided that nothing herein shall require the Administrative Agent to  accept Electronic Signatures in any form or format without its prior written consent; provided, further that  without limiting the foregoing, (i)  to the extent the Administrative Agent has agreed to accept any Electronic  Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on such Electronic  Signature purportedly given by or on behalf of a Borrower without further verification thereof and without any  obligation to review the appearance or form of any such Electronic signature and (ii)  upon the request of the  Administrative Agent or any Lender, any Electronic Signature  shall be promptly followed by a manually  executed counterpart.  Without limiting the generality of the foregoing, each Borrower hereby  agrees that, for  all purposes, including without limitation, in connection with any workout, restructuring, enforcement of  

 

105  remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders and the  Borrowers, Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that  reproduces an image of an actual executed signature page and/or any electronic images of this Agreement,  any  other Loan Document and/or any Ancillary Document shall have the same legal effect, validity and  enforceability as any paper original,  the Administrative Agent and each of the Lenders may, at its option, create  one or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of  an imaged electronic record in any format, which shall be deemed created in the ordinary course of such  Person’s business, and destroy the original paper document (and all such electronic records shall be considered  an original for all purposes and shall have the same legal effect, validity and enforceability as a paper record),   waives any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement,  any other Loan Document and/or any Ancillary Document based solely on the lack of paper original copies of  this Agreement, such other Loan Document and/or such Ancillary Document, respectively, including with  respect to any signature pages thereto and  waives any claim against any Lender-Related Person for any losses,  claims (including intraparty claims), demands, damages or liabilities of any kind arising solely from the  Administrative Agent’s and/or any Lender’s reliance on or use of Electronic Signatures and/or transmissions by  telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature  page, including any losses, claims (including intraparty claims), demands, damages or liabilities of any kind  arising as a result of the failure of a Borrower to use any available security measures in connection with the  execution, delivery or transmission of any Electronic Signature.  SECTION 8.07.  Severability.  Any provision of any Loan Document held to be invalid,  illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of  such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of  the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction  shall not invalidate such provision in any other jurisdiction.  SECTION 8.08.  Right of Setoff.  If (i) a payment Event of Default under Section 6.01(a)  shall have occurred and be continuing, or (ii) any other Event of Default shall have occurred and be  continuing and the Required Lenders have consented to the following, each Lender and each of its  Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to  set off and apply any and all deposits (general or special, time or demand, provisional or final and in  whatever currency denominated) at any time held and other obligations at any time owing by such Lender  or Affiliate to or for the credit or the account of any Borrower against any of and all of the Obligations  held by such Lender, irrespective of whether or not such Lender shall have made any demand under the  Loan Documents and although such obligations may be unmatured.  The rights of each Lender under this  Section are in addition to other rights and remedies (including other rights of setoff) which such Lender  may have.  SECTION 8.09.  Governing Law; Jurisdiction; Consent to Service of Process.  (a)   This  Agreement shall be construed in accordance with and governed by the law of the State of New York.  (b) Each Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the United States District Court for the Southern District of New York sitting in  the Borough of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of  New York sitting in the Borough of Manhattan), and any appellate court from any thereof, in any action or  proceeding arising out of or relating to any Loan Document or the transactions relating hereto or thereto, or for  recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and  unconditionally agrees that all claims in respect of any such action or proceeding may (and any such claims,  cross claims or third party claims brought against the Administrative Agent or any of its Related Parties may  only) be heard and determined in such Federal (to the extent permitted by law) or New York State court.  Each  of the parties hereto agrees, to the fullest extent permitted by law, that a final judgment in any such action or  

 

    106     proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any  other manner provided by law.  Nothing in this Agreement or any other Loan Document shall affect any right  that the Administrative Agent, any Issuing Bank or any Lender may otherwise have to bring any action or  proceeding relating to this Agreement or any other Loan Document against any Borrower or its properties in the  courts of any jurisdiction.  (c)  Each 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 or any other Loan Document in any court  referred to in paragraph (b) of this Section.  Each of the parties hereto hereby irrevocably waives, to the fullest  extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding  in any such court.  (d)  Each party to this Agreement irrevocably consents to service of process in the manner  provided for notices in Section 8.01.  The Foreign Subsidiary Borrower irrevocably designates and appoints the  Company, as its authorized agent, to accept and acknowledge on its behalf, service of any and all process which  may be served in any suit, action or proceeding of the nature referred to in Section 8.09(b) in any federal or  New York State court sitting in New York City.  The Company hereby represents, warrants and confirms that  the Company has agreed to accept such appointment.  Said designation and appointment shall be irrevocable by  the Foreign Subsidiary Borrower until all Loans, all reimbursement obligations, interest thereon and all other  amounts payable by the Foreign Subsidiary Borrower hereunder and under the other Loan Documents shall  have been paid in full in accordance with the provisions hereof and thereof.  The Foreign Subsidiary Borrower  hereby consents to process being served in any suit, action or proceeding of the nature referred to in Section  8.09(b) in any federal or New York State court sitting in New York City by service of process upon the  Company as provided in this Section 8.09(d); provided that, to the extent lawful and possible, notice of said  service upon such agent shall be mailed by registered or certified air mail, postage prepaid, return receipt  requested, to the Company and (if applicable to) the Foreign Subsidiary Borrower at its address set forth herein  or to any other address of which the Foreign Subsidiary Borrower shall have given written notice to the  Administrative Agent (with a copy thereof to the Company).  The Foreign Subsidiary Borrower irrevocably  waives, to the fullest extent permitted by law, all claim of error by reason of any such service in such manner  and agrees that such service shall be deemed in every respect effective service of process upon the Foreign  Subsidiary Borrower in any such suit, action or proceeding and shall, to the fullest extent permitted by law, be  taken and held to be valid and personal service upon and personal delivery to the Foreign Subsidiary Borrower.   To the extent the Foreign Subsidiary Borrower has or hereafter may acquire any immunity from jurisdiction of  any court or from any legal process (whether from service or notice, attachment prior to judgment, attachment  in aid of execution of a judgment, execution or otherwise), the Foreign Subsidiary Borrower hereby irrevocably  waives, to the fullest extent permitted by law, such immunity in respect of its obligations under the Loan  Documents.  Nothing in this Agreement or any other Loan Document will affect the right of any party to this  Agreement to serve process in any other manner permitted by law.  SECTION 8.10.  WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY  WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT  MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY  ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR  THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON  CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT  NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,  EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF  LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES  THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS  

 

107  AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS  IN THIS SECTION.  SECTION 8.11.  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 8.12.  Confidentiality.  Each of the Administrative Agent, the Issuing Banks  and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that  Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents,  including accountants, legal counsel and other advisors (it being understood that the Persons to whom  such disclosure is made will be informed of the confidential nature of such Information and instructed to  keep such Information confidential), (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 with the exercise of any remedies under this Agreement or any  other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan  Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing  provisions substantially the same as those of this Section, to (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 (ii) any  actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to any  Borrower and its obligations, (g) with the consent of the Company or (h) to the extent such Information  (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential basis from a source other than the Company (other than a Person if and to the extent that the Administrative Agent, such Issuing Bank or such Lender has actual knowledge that such Person is acting in violation of an obligation to maintain such information as confidential).  For the purposes of this Section, “Information” means all information received from the Company relating to the Company or its business, other than any such information that is available to the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by the Company and other than information pertaining to this Agreement routinely provided by arrangers to data service providers, including league table providers, that serve the lending industry; provided that, in the case of information received from the Company 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 8.13.  USA PATRIOT Act.  Each Lender that is subject to the requirements of  the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot  Act”) hereby notifies each Borrower that pursuant to the requirements of the Patriot Act, it is required to  obtain, verify and record information that identifies such Borrower, which information includes the name  and address of such Borrower and other information that will allow such Lender to identify such  Borrower in accordance with the Patriot Act. Each 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 Patriot  Act and the Beneficial Ownership Regulation.  SECTION 8.14.  Interest Rate Limitation.  Notwithstanding anything herein to the  contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other  

 

    108     amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”),  shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged,  taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate  of interest payable in respect of such Loan hereunder, together with all Charges payable in respect  thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that  would have been payable in respect of such Loan but were not payable as a result of the operation of this  Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans  or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount,  together with interest thereon to the date of repayment at the NYFRB Rate (in the case of an amount  denominated in Dollars) and the Overnight Foreign Currency Rate (in the case of Loans denominated in a  Foreign Currency).  SECTION 8.15.  No Fiduciary Duty, etc.  (a)   Each Borrower acknowledges and agrees,  and acknowledges its Subsidiaries’ understanding, that no Credit Party will have any obligations except  those obligations expressly set forth herein and in the other Loan Documents and each Credit Party is  acting solely in the capacity of an arm’s length contractual counterparty to each Borrower with respect to  the Loan Documents and the transactions contemplated herein and therein and not as a financial advisor  or a fiduciary to, or an agent of, any Borrower or any other person.  Each Borrower agrees that it will not  assert any claim against any Credit Party based on an alleged breach of fiduciary duty by such Credit  Party in connection with this Agreement and the transactions contemplated hereby.  Additionally, each  Borrower acknowledges and agrees that no Credit Party is advising such Borrower as to any legal, tax,  investment, accounting, regulatory or any other matters in any jurisdiction.  Each Borrower shall consult  with its own advisors concerning such matters and shall be responsible for making its own independent  investigation and appraisal of the transactions contemplated herein or in the other Loan Documents, and  the Credit Parties shall have no responsibility or liability to the Borrowers with respect thereto.  (b)  Each Borrower further acknowledges and agrees, and acknowledges its Subsidiaries’  understanding, that each Credit Party, together with its Affiliates, is a full service securities or banking firm  engaged in securities trading and brokerage activities as well as providing investment banking and other  financial services.  In the ordinary course of business, any Credit Party may provide investment banking and  other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers,  equity, debt and other securities and financial instruments (including bank loans and other obligations) of, the  Borrowers and other companies with which it may have commercial or other relationships.  With respect to any  securities and/or financial instruments so held by any Credit Party or any of its customers, all rights in respect of  such securities and financial instruments, including any voting rights, will be exercised by the holder of the  rights, in its sole discretion.  (c)  In addition, each Borrower acknowledges and agrees, and acknowledges its Subsidiaries’  understanding, that each Credit Party and its affiliates may be providing debt financing, equity capital or other  services (including financial advisory services) to other companies in respect of which the Borrowers or their  Subsidiaries may have conflicting interests regarding the transactions described herein and otherwise.  No  Credit Party will use confidential information obtained from any Borrower by virtue of the transactions  contemplated by the Loan Documents or its other relationships with the Borrowers in connection with the  performance by such Credit Party of services for other companies, and no Credit Party will furnish any such  information to other companies.  Each Borrower also acknowledges that no Credit Party has any obligation to  use in connection with the transactions contemplated by the Loan Documents, or to furnish to the Borrowers,  confidential information obtained from other companies.  SECTION 8.16.  Material Non-Public Information.  (a)   EACH LENDER  ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 8.12 FURNISHED TO  IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC  

 

    109     INFORMATION CONCERNING THE COMPANY AND  ITS RELATED PARTIES OR THEIR  RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE  PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND  THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN  ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING  FEDERAL AND STATE SECURITIES LAWS.  (b)  ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND  AMENDMENTS, FURNISHED BY THE COMPANY OR THE ADMINISTRATIVE AGENT PURSUANT  TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL  INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE  COMPANY, THE OTHER BORROWER AND THEIR RELATED PARTIES OR THEIR RESPECTIVE  SECURITIES.  ACCORDINGLY, EACH LENDER REPRESENTS TO THE COMPANY AND THE  ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE  A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON- PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND  APPLICABLE LAW.  SECTION 8.17.  Acknowledgment and Consent to Bail-In of Affected Financial  Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement,  arrangement or understanding among any such parties, each party hereto acknowledges that any liability  of any Affected Financial Institution arising under any Loan Document may be subject to the Write- Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and  acknowledges and agrees to be bound by:  (a)  the application of any Write-Down and Conversion Powers by an applicable Resolution  Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an  Affected Financial Institution; and  (b)  the effects of any Bail-In Action on any such liability, including, if applicable:  (i)  a reduction in full or in part or cancellation of any such  liability;  (ii)  a conversion of all, or a portion of, such liability into  shares or other instruments of ownership in such Affected Financial  Institution, its parent entity, or a bridge institution that may be issued  to it or otherwise conferred on it, and that such shares or other  instruments of ownership will be accepted by it in lieu of any rights  with respect to any such liability under this Agreement or any other  Loan Document; or  (iii)  the variation of the terms of such liability in connection  with the exercise of the Write-Down and Conversion Powers of the  applicable Resolution Authority.  SECTION 8.18.  Acknowledgment Regarding any Supported QFCs.  To the extent that the Loan  Documents provide support, through a guarantee or otherwise, for Swap Agreements or any other  agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC a  “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of  the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the  

 

110  Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated  thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit  Support (with the provisions below applicable notwithstanding that the Loan Documents and any  Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the  United States or any other state of the United States):  In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”)  becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported  QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such  Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC  or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer  would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit  Support (and any such interest, obligation and rights in property) were governed by the laws of the United  States or a state of the United States.  In the event a Covered Party or a BHC Act Affiliate of a Covered  Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the  Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may  be exercised against such Covered Party are permitted to be exercised to no greater extent than such  Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and  the Loan Documents were governed by the laws of the United States or a state of the United States.  Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties  with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to  a Supported QFC or any QFC Credit Support.  ARTICLE IX  Company Guarantee  In order to induce the Lenders to extend credit to the Foreign Subsidiary Borrower  hereunder, but subject to the last sentence of this Article IX, the Company hereby irrevocably and  unconditionally guarantees, as a primary obligor and not merely as a surety, the payment when and as due  of the Guaranteed Obligations.  The Company further agrees that the due and punctual payment of such  Guaranteed Obligations may be extended or renewed, in whole or in part, without notice to or further  assent from it, and that it will remain bound upon its guarantee hereunder notwithstanding any such  extension or renewal of any such Guaranteed Obligations.  The Company hereby irrevocably and  unconditionally agrees that if any obligation guaranteed by it is or becomes unenforceable, invalid or  illegal, it will, as an independent and primary obligation, indemnify the Administrative Agent, the Issuing  Banks and the Lenders immediately on demand against any cost, loss or liability they incur as a result of  any other Borrower or any of its Affiliates not paying any amount which would, but for such  unenforceability, invalidity or illegality, have been payable by such Borrower under this Article IX on the  date when it would have been due (but so that the amount payable by the Company under this indemnity  will not exceed the amount which it would have had to pay under this Article IX if the amount claimed  had been recoverable on the basis of a guarantee).  The Company waives presentment to, demand of payment from and protest to the  Foreign Subsidiary Borrower of any of the Guaranteed Obligations, and also waives notice of acceptance  of its obligations and notice of protest for nonpayment.  The obligations of the Company hereunder shall  not, to the fullest extent permitted by law, be affected by (a) the failure of the Administrative Agent, any  Issuing Bank or any Lender to assert any claim or demand or to enforce any right or remedy against any  

 

111  Borrower under the provisions of this Agreement, any other Loan Document or otherwise; (b) any  extension or renewal of any of the Guaranteed Obligations; (c) any rescission, waiver, amendment or  modification of, or release from, any of the terms or provisions of this Agreement, or any other Loan  Document or agreement; (d) any default, failure or delay, willful or otherwise, in the performance of any  of the Guaranteed Obligations; (e) the failure of the Administrative Agent to take any steps to perfect and  maintain any security interest in, or to preserve any rights to, any security or collateral for the Guaranteed  Obligations, if any; (f) any change in the corporate, partnership or other existence, structure or ownership  of any Borrower or any other guarantor of any of the Guaranteed Obligations; (g) the enforceability or  validity of the Guaranteed Obligations or any part thereof or the genuineness, enforceability or validity of  any agreement relating thereto or with respect to any collateral (if any) securing the Guaranteed  Obligations or any part thereof, or any other invalidity or unenforceability relating to or against any  Borrower or any other guarantor of any of the Guaranteed Obligations, for any reason related to this  Agreement, any other Loan Document, or any provision of applicable law, decree, order or regulation of  any jurisdiction purporting to prohibit the payment by such Borrower or any other guarantor of the  Guaranteed Obligations, of any of the Obligations or otherwise affecting any term of any of the  Guaranteed Obligations; or (h) any other act, omission or delay to do any other act which may or might in  any manner or to any extent vary the risk of such Borrower or otherwise operate as a discharge of a  guarantor as a matter of law or equity or which would impair or eliminate any right of the Company to  subrogation.  The Company further agrees that its agreement hereunder constitutes a guarantee of  payment when due (whether or not any bankruptcy or similar proceeding shall have stayed the accrual or  collection of any of the Guaranteed Obligations or operated as a discharge thereof) and not merely of  collection, and waives, to the fullest extent permitted by law, any right to require that any resort be had by  the Administrative Agent, any Issuing Bank or any Lender to any balance of any deposit account or credit  on the books of the Administrative Agent, any Issuing Bank or any Lender in favor of any Borrower or  any other Person.  The obligations of the Company hereunder shall, to the fullest extent permitted by law,  not be subject to any reduction, limitation, impairment or termination for any reason, and shall not be  subject to any defense or set-off, counterclaim, recoupment or termination whatsoever, by reason of the  invalidity, illegality or unenforceability of any of the Guaranteed Obligations, any impossibility in the  performance of any of the Guaranteed Obligations or otherwise.  The Company further agrees that its obligations hereunder shall constitute a continuing  and irrevocable guarantee of all Guaranteed Obligations now or hereafter existing and shall continue to be  effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any  Guaranteed Obligation (including a payment effected through exercise of a right of setoff) is rescinded, or  is or must otherwise be restored or returned by the Administrative Agent, any Issuing Bank or any Lender  upon the insolvency, bankruptcy or reorganization of any Borrower or otherwise (including pursuant to  any settlement entered into by a holder of Guaranteed Obligations in its discretion).  In furtherance of the foregoing and not in limitation of any other right which the  Administrative Agent, any Issuing Bank or any Lender may have at law or in equity against any Borrower  by virtue hereof, upon the failure of the Foreign Subsidiary Borrower to pay any Guaranteed Obligation  when and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment  or otherwise, the Company hereby promises to and will, upon receipt of written demand by the  Administrative Agent, any Issuing Bank or any Lender, forthwith pay, or cause to be paid, to the  Administrative Agent, any Issuing Bank or any Lender in cash an amount equal to the unpaid principal  amount of such Guaranteed Obligations then due, together with accrued and unpaid interest thereon.  The  Company further agrees that if payment in respect of any Guaranteed Obligation shall be due in a  

 

112  currency other than Dollars and/or at a place of payment other than New York, Chicago or any other  Foreign Payment Office and if, by reason of any Change in Law, disruption of currency or foreign  exchange markets, war or civil disturbance or other event, payment of such Guaranteed Obligation in  such currency or at such place of payment shall be impossible or, in the reasonable judgment of the  Administrative Agent, any Issuing Bank or any Lender, disadvantageous to the Administrative Agent, any  Issuing Bank or any Lender in any material respect, then, at the election of the Administrative Agent, the  Company shall, to the fullest extent permitted by law, make payment of such Guaranteed Obligation in  Dollars (based upon the applicable Equivalent Amount in effect on the date of payment) and/or in  New York, Chicago or such other Foreign Payment Office as is designated by the Administrative Agent  and, as a separate and independent obligation, shall, to the fullest extent permitted by law, indemnify the  Administrative Agent, any Issuing Bank and any Lender against any losses or reasonable out-of-pocket  expenses that it shall sustain as a result of such alternative payment.  Upon payment by the Company of any sums as provided above, all rights of the  Company against the Foreign Subsidiary Borrower arising as a result thereof by way of right of  subrogation or otherwise shall in all respects be subordinated and junior in right of payment to the prior  indefeasible payment in full in cash of all the Guaranteed Obligations owed by the Company to the  Administrative Agent, the Issuing Banks and the Lenders.  Nothing shall discharge or satisfy the liability of any Borrower hereunder except the full  performance and payment in cash of the Guaranteed Obligations.  [Page Left Intentionally Blank] 

 

Signature Page to Credit Agreement  IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly  executed by their respective authorized signatories as of the day and year first above written.  MASCO CORPORATION, as the Company  By _________/s/David Chaika_______  Name: David A. Chaika  Title: Vice President, Treasurer and Investor  Relations  

 

Signature Page to Credit Agreement  IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly  executed by their respective authorized signatories as of the day and year first above written.  MASCO EUROPE S.À R.L., as the Foreign Subsidiary  Borrower  By ______/s/ Robin L. Zondervan______  Name: Robin L. Zondervan  Title:   Manager  

 

Signature Page to Credit Agreement  JPMORGAN CHASE BANK, N.A.,   individually as a Lender, as an Issuing Bank, as the  Swingline Lender and as Administrative Agent  By ______/s/ Peter S. Predun______  Name: Peter S. Predun  Title:   Executive Director  

 

Signature Page to Credit Agreement  CITIBANK N.A.  as a Lender, as an Issuing Bank and as a Co-Syndication  Agent  By ______/s/ Michael Vondriska______  Name: Michael Vondriska  Title:   Vice President  

 

Signature Page to Credit Agreement  PNC BANK, NATIONAL ASSOCIATION,  as a Lender, as an Issuing Bank and as a Co-Syndication  Agent  By ______/s/ Scott Neiderheide______  Name: Scott Neiderheide  Title:   Senior Vice President  

 

Signature Page to Credit Agreement  BANK OF AMERICA, N.A.,  as a Lender and as a Co-Documentation Agent  By ______/s/ Mark Maslanka______  Name: Mark Maslanka  Title:   Director  

 

Signature Page to Credit Agreement  WELLS FARGO BANK, NATIONAL ASSOCIATION,  as a Lender and as a Co-Documentation Agent  By ______/s/ Kay Reedy______  Name: Kay Reedy  Title:   Managing Director  

 

Signature Page to Credit Agreement  FIFTH THIRD BANK  as a Lender and as a Co-Documentation Agent  By ______/s/ Jonathan H. James______  Name: Jonathan H. James  Title:   Managing Director  

 

Signature Page to Credit Agreement  ROYAL BANK OF CANADA,  as a Lender and as a Co-Documentation Agent  By ______/s/ Brian Hueter______  Name: Brian Hueter  Title:   Authorized Signatory 

 

Signature Page to Credit Agreement  TRUIST BANK,  as a Lender and as a Co-Documentation Agent  By ______/s/ Johnetta Bush______  Name: Johnetta Bush  Title:   Director  

 

Signature Page to Credit Agreement  DEUTSCHE BANK SECURITIES INC.,  as a Co-Documentation Agent  By ______/s/ Ming K Chu______  Name: Ming K Chu  Title:   Director  By ______/s/ John McCabe______  Name: John McCabe  Title:   Managing Director  DEUTSCHE BANK AG NEW YORK BRANCH,  as a Lender  By ______/s/ Ming K Chu______  Name: Ming K Chu  Title:   Director  By ______/s/ Annie Chung______  Name: Annie Chung  Title:   Director  

 

Signature Page to Credit Agreement  THE HUNTINGTON NATIONAL BANK,  as a Lender  By ______/s/ Mike Kelly______  Name: Mike Kelly  Title:   V.P  

 

Signature Page to Credit Agreement  U.S. BANK NATIONAL ASSOCIATION,  as a Lender  By ______/s/ James N. DeVries______  Name: James N. DeVries  Title:   Senior Vice President  

 

Signature Page to Credit Agreement  THE BANK OF NOVA SCOTIA,  as a Lender  By ______/s/ Kevin McCarthy______  Name: Kevin McCarthy  Title:   Director  

 

Signature Page to Credit Agreement  COMERICA BANK,  as a Lender  By ______/s/ Mark L. Lashbrook______  Name: Mark L. Lashbrook  Title:   Assistant Vice President  

 

Signature Page to Credit Agreement  HSBC BANK USA, NATIONAL ASSOCIATION,  as a Lender  By ______/s/ Kyle Patterson______  Name: Kyle Patterson  Title:   Senior Vice President  

 

SCHEDULE 2.01  COMMITMENTS  Name of Lender Commitment  JPMorgan Chase Bank, N.A. $107,500,000.00  Citibank, N.A. $107,500,000.00  PNC Bank, National Association $107,500,000.00  Deutsche Bank AG New York Branch $77,500,000.00  Royal Bank of Canada $77,500,000.00  Truist Bank $77,500,000.00  Bank of America, N.A. $77,500,000.00  Fifth Third Bank $77,500,000.00  Wells Fargo Bank, National Association $77,500,000.00  Comerica Bank $42,500,000.00  HSBC Bank USA, National Association $42,500,000.00  U.S. Bank National Association $42,500,000.00  The Huntington National Bank $42,500,000.00  The Bank of Nova Scotia $42,500,000.00  Total Commitments: $1,000,000,000  

 

SCHEDULE 2.06  EXISTING LETTERS OF CREDIT  None.  

 

EXHIBIT A  [FORM OF]  ASSIGNMENT AND ASSUMPTION  This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the  Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the  “Assignor”) and [Insert name of Assignee] (the “Assignee”).  Capitalized terms used but not defined  herein shall have the meanings given to them in the Credit Agreement identified below (as amended, the  “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee.  The Standard  Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein  by reference and made a part of this Assignment and Assumption as if set forth herein in full.  For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the  Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and  in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date  inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and  obligations in its capacity as a Lender under the Credit Agreement and any other documents or  instruments delivered pursuant thereto to the extent related to the amount and percentage interest  identified below of all of such outstanding rights and obligations of the Assignor under the respective  facilities identified below (including any letters of credit, guarantees, and swingline loans included in  such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits,  causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person,  whether known or unknown, arising under or in connection with the Credit Agreement, any other  documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any  way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims,  statutory claims and all other claims at law or in equity related to the rights and obligations sold and  assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i)  and (ii) above being referred to herein collectively as the “Assigned Interest”).  Such sale and assignment  is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption,  without representation or warranty by the Assignor.  Notwithstanding any assignment, transfer and/or novation permitted under, and made in  accordance with the provisions of this Agreement, any Lien and/or guarantees given under or in  connection with the Loan Documents shall be preserved, including, for the avoidance of doubt, for  purposes of articles 1278 and 1281 of the Luxembourg Civil Code (to the extent applicable).  1. Assignor: 2. Assignee: [and is an Affiliate/Approved Fund of [identify Lender]1]  3. Borrowers: Masco Corporation and Masco Europe S.À R.L.  4. Administrative Agent: JPMorgan Chase Bank, N.A., as the administrative agent under the  Credit Agreement  1 Select as applicable.  

 

5. Credit Agreement: The Credit Agreement dated as of April [__], 2022 among Masco  Corporation, Masco Europe S.À R.L, the Lenders party thereto,  JPMorgan Chase Bank, N.A., as Administrative Agent, and the other  agents party thereto  6. Assigned Interest: Aggregate Amount of  Commitment/Loans for all  Lenders  Amount of  Commitment/  Loans Assigned  Percentage Assigned  of  Commitment/Loans2  $ $ % $ $ % $ $ % Effective Date:  _____________ ___, 20___ [TO BE INSERTED BY THE ADMINISTRATIVE  AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN  THE REGISTER THEREFOR.]  The terms set forth in this Assignment and Assumption are hereby agreed to:  ASSIGNOR [NAME OF ASSIGNOR]  By: Title: ASSIGNEE [NAME OF ASSIGNEE]  By: Title: Consented to and Accepted:  JPMORGAN CHASE BANK, N.A., as  Administrative Agent, as the Swingline Lender and  as an Issuing Bank  By:   Title: CITIBANK N.A., as an Issuing Bank  By:   Title:  2 Set forth, so at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.  

 

PNC Bank, National Association, as an Issuing  Bank  By:   Title: [[___________], as an Issuing Bank  By:   Title:] [Consented to:]3  MASCO CORPORATION  By:   Title: 3 To be added only if the consent of the Company is required by the terms of the Credit Agreement.  

 

ANNEX I  STANDARD TERMS AND CONDITIONS FOR  ASSIGNMENT AND ASSUMPTION  1. Representations and Warranties. 1.1  Assignor.  The Assignor (a) represents and warrants that (i) it is the legal and  beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien,  encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action  necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions  contemplated hereby; and (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 Company, 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 Company, any of its Subsidiaries or Affiliates or any other Person of any of their respective  obligations under any Loan Document.  1.2.  Assignee.  The Assignee (a) represents and warrants that (i) it has full power and  authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and  to consummate the transactions contemplated hereby and to become a Lender under the Credit  Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to  be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the  Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to  the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a  copy of the Credit Agreement, together with copies of the most recent financial statements delivered  pursuant to Section 5.01 thereof, as applicable, and such other documents and information as it has  deemed appropriate to make its own credit analysis and decision to enter into this Assignment and  Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and  decision independently and without reliance on the Administrative Agent or any other Lender, and (v) if it  is a Foreign Lender, attached to the Assignment and Assumption is any documentation required to be  delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the  Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent,  the Assignor or any other Lender, and based on such documents and information as it shall deem  appropriate at the time, continue to make its own credit decisions in taking or not taking action under the  Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by  the terms of the Loan Documents are required to be performed by it as a Lender.  2. Payments.  From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other  amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the  Assignee for amounts which have accrued from and after the Effective Date.  3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.  This Assignment  and Assumption may be executed in any number of counterparts, which together shall constitute one  instrument.  Delivery of an executed counterpart of a signature page of this Assignment and Assumption  by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and  Assumption.  This Assignment and Assumption shall be governed by, and construed in accordance with,  the law of the State of New York.  Notwithstanding any assignment, transfer and/or novation permitted under, and made in  accordance with the provisions of this Agreement, any Lien and/or guarantees given under or in  

 

connection with the Loan Documents shall be preserved, including, for the avoidance of doubt, for  purposes of articles 1278 and 1281 of the Luxembourg Civil Code (to the extent applicable).  

 

EXHIBIT B  [RESERVED]  

 

EXHIBIT C  [FORM OF]  INCREASING LENDER SUPPLEMENT  INCREASING LENDER SUPPLEMENT, dated __________, 20___ (this “Supplement”), by  and among each of the signatories hereto, to the Credit Agreement, dated as of April [_], 2022 (as  amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),  among Masco Corporation (the “Company”), Masco Europe S.À R.L., the Lenders party thereto,  JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and  the other agents party thereto.  W I T N E S S E T H  WHEREAS, pursuant to Section 2.20 of the Credit Agreement, the Company has the  right, subject to the terms and conditions thereof, to effectuate from time to time an increase in the  Aggregate Commitment and/or one or more tranches of Incremental Term Loans under the Credit  Agreement by requesting one or more Lenders to increase the amount of its Commitment and/or to  participate in such a tranche;  WHEREAS, the Company has given notice to the Administrative Agent of its intention to  [increase the Aggregate Commitment] [and] [enter into a tranche of Incremental Term Loans] pursuant to  such Section 2.20; and  WHEREAS, pursuant to Section 2.20 of the Credit Agreement, the undersigned  Increasing Lender now desires to [increase the amount of its Commitment] [and] [participate in a tranche  of Incremental Term Loans] under the Credit Agreement by executing and delivering to the Company and  the Administrative Agent this Supplement;  NOW, THEREFORE, each of the parties hereto hereby agrees as follows:  1. The undersigned Increasing Lender agrees, subject to the terms and conditions of the Credit Agreement, that on the date of this Supplement it shall [have its Commitment increased by  $[__________], thereby making the aggregate amount of its total Commitments equal to $[__________]]  [and] [participate in a tranche of Incremental Term Loans with a commitment amount equal to  $[__________] with respect thereto].  2. The Company hereby represents and warrants that no Default or Event of Default has occurred and is continuing on and as of the date hereof.  3. Terms defined in the Credit Agreement shall have their defined meanings when used herein.  4. This Supplement shall be governed by, and construed in accordance with, the laws of the State of New York.  5. This Supplement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original  and all of which taken together shall constitute one and the same document.  

 

IN WITNESS WHEREOF, each of the undersigned has caused this Supplement to be  executed and delivered by a duly authorized signatory on the date first above written.  [INSERT NAME OF INCREASING LENDER]  By:____________________________________  Name:  Title:  Accepted and agreed to as of the date first written above:  MASCO CORPORATION  By:______________________________________  Name:  Title:  Acknowledged as of the date first written above:  JPMORGAN CHASE BANK, N.A.  as Administrative Agent  By:______________________________________  Name:  Title:  

 

EXHIBIT D  [FORM OF]  AUGMENTING LENDER SUPPLEMENT  AUGMENTING LENDER SUPPLEMENT, dated __________, 20___ (this  “Supplement”), to the Credit Agreement, dated as of April [_], 2022 (as amended, restated, supplemented  or otherwise modified from time to time, the “Credit Agreement”), among Masco Corporation (the  “Company”), Masco Europe S.À R.L., the Lenders party thereto, JPMorgan Chase Bank, N.A., as  administrative agent (in such capacity, the “Administrative Agent”) and the other agents party thereto.  W I T N E S S E T H  WHEREAS, the Credit Agreement provides in Section 2.20 thereof that any bank,  financial institution or other entity may [extend Commitments] [and] [participate in tranches of  Incremental Term Loans] under the Credit Agreement subject to the approval of the Company and the  Administrative Agent, by executing and delivering to the Company and the Administrative Agent a  supplement to the Credit Agreement in substantially the form of this Supplement; and  WHEREAS, the undersigned Augmenting Lender was not an original party to the Credit  Agreement but now desires to become a party thereto;  NOW, THEREFORE, each of the parties hereto hereby agrees as follows:  1. The undersigned Augmenting Lender agrees to be bound by the provisions of the Credit Agreement and agrees that it shall, on the date of this Supplement, become a Lender for all  purposes of the Credit Agreement to the same extent as if originally a party thereto, with a [Commitment  with respect to Revolving Loans of $[__________]] [and] [a commitment with respect to Incremental  Term Loans of $[__________]].  2. The undersigned Augmenting Lender (a) represents and warrants that it is legally authorized to enter into this Supplement; (b) confirms that it has received a copy of the Credit Agreement,  together with copies of the most recent financial statements delivered pursuant to Section 5.01 thereof, as  applicable, and has reviewed such other documents and information as it has deemed appropriate to make  its own credit analysis and decision to enter into this Supplement; (c) agrees that it will, independently  and without reliance upon the Administrative Agent or any other Lender and based on such documents  and information as it shall deem appropriate at the time, continue to make its own credit decisions in  taking or not taking action under the Credit Agreement or any other instrument or document furnished  pursuant hereto or thereto; (d) appoints and authorizes the Administrative Agent to take such action as  agent on its behalf and to exercise such powers and discretion under the Credit Agreement or any other  instrument or document furnished pursuant hereto or thereto as are delegated to the Administrative Agent  by the terms thereof, together with such powers as are incidental thereto; and (e) agrees that it will be  bound by the provisions of the Credit Agreement and will perform in accordance with its terms all the  obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender.  3. The undersigned’s address for notices for the purposes of the Credit Agreement is as follows:  [___________]  4. The Company hereby represents and warrants that no Default or Event of Default has occurred and is continuing on and as of the date hereof.  5. Terms defined in the Credit Agreement shall have their defined meanings when used herein.  6. This Supplement shall be governed by, and construed in accordance with, the laws of the State of New York.  7. This Supplement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original  and all of which taken together shall constitute one and the same document.  

 

[remainder of this page intentionally left blank]  

 

IN WITNESS WHEREOF, each of the undersigned1 has caused this Supplement to be  executed and delivered by a duly authorized signatory on the date first above written.  [INSERT NAME OF AUGMENTING LENDER]  By:  Name:  Title:  Accepted and agreed to as of the date first written above:  MASCO CORPORATION  By:_____________________________________  Name:  Title:  Acknowledged as of the date first written above:  JPMORGAN CHASE BANK, N.A.  as Administrative Agent[, as the Swingline Lender, and as an Issuing Bank]2  By:_____________________________________  Name:  Title:  1 In the event of an increase to the Commitments,  this Supplement shall also be subject to the approval of  each  Issuing Bank and the Swingline Lender.  2 To be included in the event of an increase to the Commitments.  

 

EXHIBIT E  LIST OF CLOSING DOCUMENTS  MASCO CORPORATION  MASCO EUROPE S.À R.L.  REVOLVING CREDIT FACILITY  April [__], 2022  LIST OF CLOSING DOCUMENTS1  A. LOAN DOCUMENTS 1. Credit Agreement (the “Credit Agreement”) by and among Masco Corporation, a Delaware corporation (the “Company”), Masco Europe S.à r.l., a wholly-owned Subsidiary of the Company organized as a société à responsabilité limitée under the laws of the Grand Duchy of Luxembourg, having its registered office at 14, rue Strachen, L-6933 Mensdorf, Grand Duchy of Luxembourg and registered with the Luxembourg Register of Commerce and Companies under number B68.104 (the “Foreign Subsidiary Borrower”, and together with the Company, the “Borrowers”), the institutions from time to time parties thereto as Lenders (the “Lenders”), JPMorgan Chase Bank, N.A., in its capacity as Administrative Agent for itself and the other Lenders (the “Administrative Agent”) and the other agents parties thereto, evidencing a revolving credit facility to the Borrowers from the Lenders in an initial aggregate principal amount of $1,000,000,000. SCHEDULES  Schedule 2.01 -- Commitments  Schedule 2.06 -- Existing Letters of Credit  EXHIBITS  Exhibit A --  Form of Assignment and Assumption  Exhibit B --  Reserved  Exhibit C --  Form of Increasing Lender Supplement  Exhibit D --  Form of Augmenting Lender Supplement  Exhibit E --  List of Closing Documents  Exhibit F-1 -- Form of U.S. Tax Certificate (Foreign Lenders That Are Not  Partnerships)  Exhibit F-2 -- Form of U.S. Tax Certificate (Foreign Participants That Are Not  Partnerships)  Exhibit F-3 -- Form of U.S. Tax Certificate (Foreign Participants That Are  Partnerships)  1 Each capitalized term used herein and not defined herein shall have the meaning assigned to such term in the  above-defined Credit Agreement. Items appearing in bold and italics shall be prepared and/or provided by the  Company and/or Company’s counsel.  

 

Exhibit F-4 --  Form of U.S. Tax Certificate (Foreign Lenders That Are Partnerships)  Exhibit G --  Form of Extension Request  2. Notes executed by the initial Borrowers in favor of each of the Lenders, if any, which has requested a note pursuant to Section 2.10(e) of the Credit Agreement. B. CORPORATE DOCUMENTS 3. Certificate of the Secretary of the Company certifying (i) resolutions of the Board of Directors of the Company approving and authorizing the execution, delivery and performance of the Credit Agreement, (ii) that there have been no changes in the Certificate of Incorporation (attached thereto) of the Company since the date of the most recent certification thereof by the Secretary of State of Delaware delivered to the Administrative Agent, (iii) the names and true signatures of the incumbent officers of the Company authorized to sign the Credit Agreement, and (iv) the By-laws (attached thereto) of the Company as in effect on the date of such certification. 4. Good Standing Certificates for the Company from the offices of the Secretaries of State of Delaware and Michigan. 5. Certificate of a Manager of the Foreign Subsidiary Borrower certifying (i) resolutions of the Managers of the Foreign Subsidiary Borrower approving and authorizing the execution, delivery and performance of the Credit Agreement, (ii) that the Articles of Association attached thereto are up-to-date at the date of the Certificate, (iii) the names and true signatures of the incumbent Managers of the Foreign Subsidiary Borrower authorized to sign the Credit Agreement, (iv) a duly certified excerpt from the Register of Commerce and Companies in Luxembourg (attached thereto), (v) that it is in compliance with the Luxembourg law of 31 May 1999 governing the domiciliation of companies, as amended and (vi) that borrowing the Loans, would not cause any borrowing or similar limit binding on the Foreign Subsidiary Borrower to be exceeded. 6. A certificate of non-inscription of judicial decisions from the Luxembourg Register of Commerce and Companies. C. OPINION LETTERS 7. Opinions of counsel to the Company and the Foreign Subsidiary Borrower: (a) Davis Polk & Wardwell LLP. (b) Kenneth G. Cole, Vice President, General Counsel and Secretary of the Company. (c) Linklaters LLP, special Luxembourg counsel to the Foreign Subsidiary Borrower. D. CLOSING CERTIFICATES AND MISCELLANEOUS 8. A Certificate, dated as of the Effective Date and signed by the President, a Vice President or a Financial Officer of the Company, certifying the following: (i) all of the representations and warranties of the Company set forth in the Credit Agreement are true and correct in all material respects (or, in the case of any such representation or warranty already qualified by “Material Adverse Effect” or materiality, in all respects) and (ii) no Default has occurred and is then continuing. 

 

9. Evidence that the Company has entered into a $500,000,000 term loan credit facility by and among the Company, as borrower, the financial institutions party thereto as lenders and PNC Bank National Association, as administrative agent, which term loan credit facility shall become effective substantially concurrently with the effectiveness of this Agreement. 10. Termination notice in respect of Existing Credit Agreement. 

 

EXHIBIT F-1  [FORM OF]  U.S. TAX COMPLIANCE CERTIFICATE  (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)  Reference is hereby made to the Credit Agreement dated as of April [_], 2022 (as  amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Masco  Corporation (the “Company”), Masco Europe S.à r.l., a société à responsabilité limitée incorporated  under the laws of the Grand Duchy of Luxembourg, having its registered office at 14, rue Strachen, L- 6933 Mensdorf, Grand Duchy of Luxembourg and registered with the Luxembourg Register of  Commerce and Companies under number B68.104 (collectively with the Company, the “Borrowers”), the  Lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent (in such  capacity, the “Administrative Agent”) and the other agents party thereto.   Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned  hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s)  evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the  meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of any Borrower  within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation  related to any Borrower as described in Section 881(c)(3)(C) of the Code.  The undersigned has furnished the Administrative Agent and the Borrowers with a  certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E.  By executing  this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the  undersigned shall promptly so inform the Borrowers and the Administrative Agent and (2) the  undersigned shall have at all times furnished the Borrowers and the Administrative Agent with a properly  completed and currently effective certificate in either the calendar year in which each payment is to be  made to the undersigned, or in either of the two calendar years preceding such payments.  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein  shall have the meanings given to them in the Credit Agreement.  [NAME OF LENDER]  By:______________________________________  Name:  Title:  Date:  __________, 20[__] 

 

EXHIBIT F-2  [FORM OF]  U.S. TAX COMPLIANCE CERTIFICATE  (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)  Reference is hereby made to the Credit Agreement dated as of April [_], 2022 (as  amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Masco  Corporation (the “Company”), Masco Europe S.à r.l., a société à responsabilité limitée incorporated  under the laws of the Grand Duchy of Luxembourg, having its registered office at 14, rue Strachen, L- 6933 Mensdorf, Grand Duchy of Luxembourg and registered with the Luxembourg Register of  Commerce and Companies under number B68.104  (collectively with the Company, the “Borrowers”),  the Lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent (in  such capacity, the “Administrative Agent”) and the other agents party thereto.  Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned  hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it  is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code,  (iii) it is not a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of the Code. The undersigned has furnished its participating Lender with a certificate of its non-U.S.  Person status on IRS Form W-8BEN or IRS Form W-8BEN-E.  By executing this certificate, the  undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall  promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such  Lender with a properly completed and currently effective certificate in either the calendar year in which  each payment is to be made to the undersigned, or in either of the two calendar years preceding such  payments.  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein  shall have the meanings given to them in the Credit Agreement.  [NAME OF PARTICIPANT]  By:______________________________________  Name:  Title:  Date:  __________, 20[__]  

 

EXHIBIT F-3  [FORM OF]  U.S. TAX COMPLIANCE CERTIFICATE  (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)  Reference is hereby made to the Credit Agreement dated as of April [_], 2022 (as  amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Masco  Corporation (the “Company”), Masco Europe S.à r.l., a société à responsabilité limitée incorporated  under the laws of the Grand Duchy of Luxembourg, having its registered office at 14, rue Strachen, L- 6933 Mensdorf, Grand Duchy of Luxembourg and registered with the Luxembourg Register of  Commerce and Companies under number B68.104  (collectively with the Company, the “Borrowers”),  the Lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent (in  such capacity, the “Administrative Agent”) and the other agents party thereto.  Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned  hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing  this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such  participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect  partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary  course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its  direct or indirect partners/members is a ten percent shareholder of any Borrower within the meaning of  Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled  foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of the Code.  The undersigned has furnished its participating Lender with IRS Form W-8IMY  accompanied by one of the following forms from each of its partners/members that is claiming the  portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W- 8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such  partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this  certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the  undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times  furnished such Lender with a properly completed and currently effective certificate in either the calendar  year in which each payment is to be made to the undersigned, or in either of the two calendar years  preceding such payments.  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein  shall have the meanings given to them in the Credit Agreement.  [NAME OF PARTICIPANT]  By:______________________________________  Name:  Title:  Date:  __________, 20[__]  

 

EXHIBIT F-4  [FORM OF]  U.S. TAX COMPLIANCE CERTIFICATE  (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)  Reference is hereby made to the Credit Agreement dated as of April [_], 2022 (as  amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Masco  Corporation (the “Company”), Masco Europe S.à r.l., a société à responsabilité limitée incorporated  under the laws of the Grand Duchy of Luxembourg, having its registered office at 14, rue Strachen, L- 6933 Mensdorf, Grand Duchy of Luxembourg and registered with the Luxembourg Register of  Commerce and Companies under number B68.104  (collectively with the Company, the “Borrowers”),  the Lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent (in  such capacity, the “Administrative Agent”) and the other agents party thereto.  Pursuant to the provisions of Section 2.17 of the Credit Agreement, the undersigned  hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such  Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are  the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with  respect to the extension of credit pursuant to the Credit Agreement or any other Loan Document, neither  the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a  loan agreement entered into in the ordinary course of its trade or business within the meaning of Section  881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder  of any Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or  indirect partners/members is a controlled foreign corporation related to any Borrower as described in  Section 881(c)(3)(C) of the Code.  The undersigned has furnished the Administrative Agent and the Borrowers with IRS  Form W-8IMY accompanied by one of the following forms from each of its partners/members that is  claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an  IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such  partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this  certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the  undersigned shall promptly so inform the Borrowers and the Administrative Agent, and (2) the  undersigned shall have at all times furnished the Borrowers and the Administrative Agent with a properly  completed and currently effective certificate in either the calendar year in which each payment is to be  made to the undersigned, or in either of the two calendar years preceding such payments.  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein  shall have the meanings given to them in the Credit Agreement.  [NAME OF LENDER]  By:______________________________________  Name:  Title:  Date:  __________, 20[__] 

 

EXHIBIT G  [FORM OF]  EXTENSION REQUEST  [insert JPMorgan Chase Bank, N.A. notice details]  Ladies and Gentlemen:  This notice shall constitute an “Extension Request” pursuant to Section 2.25(a) of  the Credit Agreement dated as of April [_], 2022 (the “Credit Agreement”), among MASCO  CORPORATION, MASCO EUROPE S.À R.L., the Lenders from time to time party hereto, JPMORGAN  CHASE BANK, N.A., as Administrative Agent. Terms defined in the Credit Agreement and not  otherwise defined herein have the respective meanings provided for in the Credit Agreement.  The undersigned hereby requests that the Lenders extend the Maturity Date to  [_____ __, 20__].  MASCO CORPORATION  By:_____________________________________  Name:  Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}]]