Document:

Exhibit 4.1

 

EXECUTION VERSION

 

 

TYCO ELECTRONICS GROUP S.A.,

as Issuer

 

AND

 

TE CONNECTIVITY LTD.,

as Guarantor

 

AND

 

DEUTSCHE BANK TRUST

COMPANY AMERICAS,

as Trustee

 

SEVENTEENTH SUPPLEMENTAL INDENTURE

Dated as of February 16, 2021

 

€550,000,000 of 0.000% Senior Notes
due 2029

 

 

     

     

    

 

THIS SEVENTEENTH SUPPLEMENTAL INDENTURE
is dated as of February 16, 2021 among TYCO ELECTRONICS GROUP S.A., a Luxembourg public limited liability company (société
anonyme) having its registered office at 46 Place Guillaume II, L-1648 Luxembourg and registered with the Luxembourg trade
and companies register (Registre de commerce et des sociétés, Luxembourg) under number B.123549 (the “Company”),
TE CONNECTIVITY LTD. (“Parent”) and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, as
trustee (the “Trustee”).

 

RECITALS

 

A.          Parent,
the Company and the Trustee executed and delivered an Indenture, dated as of September 25, 2007, (the “Base Indenture”),
to provide for the issuance by the Company from time to time of unsubordinated debt securities evidencing its unsecured indebtedness.

 

B.          Pursuant
to a Board Resolution, the Company has authorized the issuance of €550,000,000 principal amount of 0.000% Senior Notes due
2029 (the “Offered Securities”).

 

C.          The
entry into this Seventeenth Supplemental Indenture by the parties hereto is in all respects authorized by the provisions of the
Base Indenture.

 

D.          Parent
and the Company desire to enter into this Seventeenth Supplemental Indenture pursuant to (a) Section 9.01(i) of
the Base Indenture to establish the terms of the Offered Securities in accordance with Section 2.01 of the Base Indenture
and to establish the form of the Offered Securities in accordance with Section 2.02 of the Base Indenture, and (b) Section 9.01(f) of
the Base Indenture to change or eliminate certain provisions of the Base Indenture, it being acknowledged that such changes and
eliminations shall not be effective with respect to any outstanding Security of any series created prior to the execution of this
Seventeenth Supplemental Indenture which is entitled to the benefit of such provision.

 

E.          All
things necessary to make this Seventeenth Supplemental Indenture a valid indenture and agreement according to its terms have been
done.

 

NOW, THEREFORE, for and in consideration
of the foregoing premises, Parent, the Company and the Trustee mutually covenant and agree for the equal and proportionate benefit
of the respective holders from time to time of the Offered Securities as follows:

 

ARTICLE I

 

		Section 1.1.	Terms of Offered Securities.

 

The following terms relate to the Offered
Securities:

 

(1)          The
Offered Securities constitute a series of securities having the title “0.000% Senior Notes due 2029”.

 

(2)          The
initial aggregate principal amount of the Offered Securities that may be authenticated, delivered and effectuated under the Base
Indenture (except for Offered Securities authenticated, delivered and effectuated upon registration of, transfer of, or in exchange
for, or in lieu of, other Offered Securities pursuant to Section 2.05, 2.06, 2.07, 2.11, or 3.03) is €550,000,000. In
the case of a Global Note in respect of the Offered Securities intended to be held under the New Safekeeping Structure (the “NSS”),
save for the purposes of determining Offered Securities that are Outstanding for consent or voting purposes under the Base Indenture,
the Trustee shall rely on the records of the ICSDs in relation to any determination of the principal amount outstanding of such
Global Note. For this purpose “records” means the records that each of the ICSDs holds for its customers which reflects
the amount of such customer’s interest in the Offered Securities.

 

     

     

    

 

(3)          The
entire Outstanding principal of the Offered Securities shall be payable on February 16, 2029.

 

(4)          The
rate at which the Offered Securities shall bear interest shall be 0.000% per year payable as set forth in the Offered Securities.
The date from which interest shall accrue on the Offered Securities shall be February 16, 2021 or the most recent Interest
Payment Date to which interest has been paid or provided for. The Interest Payment Date for the Offered Securities shall be February 16
of each year, beginning February 16, 2022. Interest shall be payable on each Interest Payment Date to the holders of record
at the close of business on the business day on which each of Euroclear Bank SA/NV (“Euroclear”) and Clearstream
Banking S.A. (“Clearstream”) is open for business prior to each Interest Payment Date (a “regular record
date”). The day count convention is ACTUAL/ACTUAL (ICMA), as defined in the rulebook of the International Capital Markets
Association.

 

(5)          The
Offered Securities shall be issuable in whole in the form of the Global Note, registered in the name of the nominee of Euroclear
as Common Safekeeper and deposited with, or on behalf of, the Common Safekeeper for credit by the Common Safekeeper to the respective
accounts of beneficial owners represented thereby (or such other accounts as they may direct). The Offered Securities shall be
substantially in the form attached hereto as Exhibit A the terms of which are hereby incorporated by reference. The Offered
Securities shall be issuable in minimum denominations of €100,000 or any integral multiple of €1,000 in excess thereof.
For purposes of the Offered Securities, the initial place of payment shall be the Corporate Trust Office.

 

(6)          The
Offered Securities will be subject to redemption at the option of the Company on any date (a “Make-Whole Redemption Date”)
prior to November 16, 2028 (three months prior to the maturity date) (the “Par-Call Date”), in whole or
from time to time in part, in €1,000 increments (provided that any remaining principal amount thereof shall be at least
the minimum authorized denomination thereof), on written notice given to the holders thereof not less than 10 days nor more than
90 days prior to the Make-Whole Redemption Date, at a redemption price equal to the greater of (i) 100% of the principal amount
of the Offered Securities to be redeemed and (ii) an amount equal to the sum of the present values of the remaining scheduled
payments of principal and interest thereon due on any date after the Make-Whole Redemption Date, assuming that the Offered Securities
matured on the Par-Call Date (based on the original interest rate and excluding the portion of interest that will be accrued and
unpaid to and including the Make-Whole Redemption Date) discounted to the Make-Whole Redemption Date on an annual basis (ACTUAL/ACTUAL
(ICMA)) at the Comparable Government Bond Rate plus 15 basis points, plus in either the case of clause (i) or clause (ii),
accrued and unpaid interest, thereon to but excluding the Make-Whole Redemption Date. Neither the Trustee nor the Paying Agent
shall be responsible for determining the redemption price.

 

[Seventeenth Supplemental Indenture]

 

    	 	3	 

     

    

 

(7)          In
addition, the Offered Securities will be subject to redemption at the option of the Company on any date (a “Par Redemption
Date”) on or after the Par-Call Date, in whole or from time to time in part, in €1,000 increments (provided
that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given
to the holders thereof not less than 10 days nor more than 90 days prior to the Par Redemption Date, at a redemption price equal
to 100% of the principal amount of the Offered Securities to be redeemed, plus accrued and unpaid interest thereon to but excluding
the Par Redemption Date.

 

(8)          Notwithstanding
Section 3.02(b) of the Base Indenture or any provisions in this Seventeenth Supplemental Indenture, if the Company elects
to redeem a portion but not all of the Offered Securities, the Trustee shall select the Offered Securities to be redeemed by such
method as it deems fair and appropriate; provided that if the Offered Securities are represented by a Global Note intended to be
held under the New Safekeeping Structure, beneficial interests in the Offered Securities will be selected for redemption by the
ICSDs in accordance with their respective standard procedures therefor; provided, however, that no Offered Securities of a principal
amount of €100,000 or less shall be redeemed in part. The Security Registrar shall record such redemption in the Security
Register and shall provide the details of such redemption to the Common Safekeeper. The Trustee shall cause the Common Service
Provider to instruct the Common Safekeeper to make such appropriate entries in their records in respect of all Offered Securities
redeemed by the Company to reflect such redemption.

 

(9)          Notices
of redemption delivered to holders pursuant to the terms of the Offered Securities, the Base Indenture and this Seventeenth Supplemental
Indenture may be subject to the satisfaction of one or more conditions precedent established by the Company in its discretion.

 

(10)        The
Offered Securities will not have the benefit of any sinking fund.

 

(11)        Except
as provided herein, the holders of the Offered Securities shall have no special rights in addition to those provided in the Base
Indenture upon the occurrence of any particular events.

 

(12)        The
Offered Securities will be general unsecured and unsubordinated obligations of the Company and will be ranked equally among themselves.

 

(13)        The
Offered Securities are not convertible into shares of common stock or other securities of the Company.

 

(14)        The
additional Event of Default and restrictive covenants set forth in Sections 1.5 and 1.6 shall be applicable to the Offered Securities.

 

(15)        Initial
holders of the Offered Securities shall be required to pay for the Offered Securities in euro, and payments of principal, premium,
if any, and interest, including any Additional Amounts, in respect of the Offered Securities will be payable in euro (except as
otherwise provided in this Section 1.1(15)) in immediately available funds at the Corporate Trust Office of the Trustee or
such other place designated by the Company with written notification to the Trustee. If the euro is unavailable to the Company
or Parent due to the imposition of exchange controls or other circumstances beyond the Company’s or Parent’s control
or if the euro is no longer being used by the then member states of the European Economic and Monetary Union that have adopted
the euro as their currency or for the settlement of transactions by public institutions of or within the international banking
community, then all payments in respect of the Offered Securities shall be made in U.S. dollars until the euro is again available
to the Company or Parent or so used. The amount payable on any date in euro shall be converted to U.S. dollars on the basis of
the then most recently available market exchange rate for euro. Any payment in respect of the Offered Securities so made in U.S.
dollars will not constitute an Event of Default under the Offered Securities, the Base Indenture or this Seventeenth Supplemental
Indenture. Neither the Trustee nor the Paying Agent shall be responsible for obtaining exchange rates, effecting conversions or
otherwise handling redenominations.

 

[Seventeenth Supplemental Indenture]

 

    	 	4	 

     

    

 

(16)        The
Company elects, pursuant to Section 2.01 of the Base Indenture, to have the provisions of Article XI of the Base Indenture
be applicable to the Offered Securities.

 

		Section 1.2.	Form of Effectuation Instruction for the Offered
Securities:

 

The Common Service Provider’s form
of Effectuation Instruction shall be in substantially the following form:

 

Issuer: Tyco Electronics Group S.A.

 

Currency and nominal Amount: €550,000,000

 

ISIN: XS2297190097

 

Dear Sir/Madam,

 

We hereby instruct you to effectuate the
global note.

 

Dated: February 16, 2021

 

	 	DEUTSCHE BANK AG, LONDON BRANCH
	 	 
	 	As Common Service Provider
	 	 
	 	By:	                
	 	Authorized Signatory

 

		Section 1.3.	Effectuation of the Offered Securities

 

No Global Note in respect of the Offered
Securities shall be valid or obligatory for any purposes until it has been effectuated for or on behalf of the Common Safekeeper.

 

[Seventeenth Supplemental Indenture]

 

    	 	5	 

     

    

 

		Section 1.4.	Additional Defined Terms.

 

For the purposes of the Offered Securities
and this Seventeenth Supplemental Indenture only, the definitions of “Business Day” and “Governmental Obligations”
in Section 1.01 of the Base Indenture are hereby deleted and the following defined terms shall have the following meanings
with respect to the Offered Securities only:

 

“Accounts Receivable”
of any Person means the accounts receivable of such Person generated by the sale of inventory to third-party customers in the ordinary
course of business.

 

“Attributable Debt”,
in connection with a Sale and Lease-Back Transaction, as of any particular time, means the aggregate of present values (discounted
at a rate that, at the inception of the lease, represents the effective interest rate that the lessee would have incurred to borrow
over a similar term the funds necessary to purchase the leased assets) of the obligations of the Company or any Restricted Subsidiary
for net rental payments during the remaining term of the applicable lease, including any period for which such lease has been extended
or, at the option of the lessor, may be extended. The term “net rental payments” under any lease of any period shall
mean the sum of the rental and other payments required to be paid in such period by the lessee thereunder, not including any amounts
required to be paid by such lessee, whether or not designated as rental or additional rental, on account of maintenance and repairs,
reconstruction, insurance, taxes, assessments, water rates or similar charges required to be paid by such lessee thereunder or
any amounts required to be paid by such lessee thereunder contingent upon the amount of sales, maintenance and repairs, reconstruction,
insurance, taxes, assessments, water rates or similar charges.

 

“Below Investment Grade Rating
Event” means the Offered Securities are rated below an Investment Grade Rating by at least two of the Rating Agencies
on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the
60-day period following public notice of the occurrence of the Change of Control (which 60-day period shall be extended so long
as the rating of the Offered Securities is under publicly announced consideration for possible downgrade by any of the Rating Agencies);
provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall be deemed
not to have occurred in respect of a particular Change of Control (and thus shall be deemed not to be a Below Investment Grade
Rating Event for purposes of the definition of Change of Control Triggering Event) if the rating agencies making the reduction
in rating to which this definition would otherwise apply do not publicly announce or publicly confirm or inform the Trustee in
writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising
as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have
occurred at the time of the Below Investment Grade Rating Event).

 

“Business Day” means
any day that is not a Saturday or Sunday and that in the City of New York, London or Luxembourg, is not a day on which (i) banking
institutions are authorized or obligated by law or executive order to close and (ii) the Trans-European Automated Real-time
Gross Settlement Express Transfer system, or any successor thereto, does not operate.

 

[Seventeenth Supplemental Indenture]

 

    	 	6	 

     

    

 

“Change of Control Triggering Event”
means the occurrence of both a Change of Control and a Below Investment Grade Rating Event.

 

“Change
of Control” means the occurrence of any of (1) the direct or indirect sale, transfer, conveyance or other disposition
(other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the
assets of Parent and its subsidiaries taken as a whole to any person or group of persons for purposes of Section 13(d) of
the Exchange Act other than Parent or one of its subsidiaries or a person controlled by Parent or one of its subsidiaries; (2) consummation
of any transaction (including any merger or consolidation) the result of which is that any “person” (as that term is
used in Section 13(d)(3) of the Exchange Act) other than Parent’s or its subsidiaries’ employee benefit plans,
becomes the beneficial owner (as defined in Rules 13(d)(3) and 13(d)(5) under the Exchange Act), directly or indirectly,
of more than 50% of the outstanding voting stock of Parent, measured by voting power rather than number of shares; or (3) the
replacement of a majority of the board of directors of Parent over a two-year period from the directors who constituted the board
of directors of Parent at the beginning of such period, and such replacement shall not have been approved by at least a majority
of the board of directors of Parent then still in office (either by a specific vote or by approval of a proxy statement in which
such member was named as a nominee for election as a director, without objection to such nomination) who either were members of
such board of directors at the beginning of such period or whose election as a member of such board of directors was previously
so approved. Notwithstanding the foregoing, a transaction effected to create a holding company for Parent will not be deemed to
involve a Change of Control if: (1) pursuant to such transaction Parent becomes a direct or indirect wholly-owned subsidiary
of such holding company and (2) the direct or indirect holders of the voting stock of such holding company immediately following
that transaction are substantially the same as the holders of Parent’s voting stock immediately prior to that transaction.
Following any such transaction, references in this definition to Parent shall be deemed to refer to such holding company. For purposes
of this definition, “voting stock” of any specified “person” (as that term is used in Section 13(d)(3) of
the Exchange Act) as of any date means the capital stock of such person that is at the time entitled to vote generally in the election
of the board of directors of such person.

 

“Common Safekeeper” means,
with respect to the Offered Securities issued in the form of a Global Note in accordance with the New Safekeeping Structure, Euroclear,
or such successor as Euroclear shall designate.

 

“Common Service Provider”
or “CSP” means, with respect to the Offered Securities issued in the form of a Global Note in accordance with
the New Safekeeping Structure, Deutsche Bank AG, London Branch, which is the entity appointed by the ICSDs to service the Offered
Securities, or such successor as the ICSDs shall designate.

 

“Comparable Government Bond”
means, in relation to any Comparable Government Bond Rate calculation, at the discretion of an independent investment bank selected
by the Company, a German Bundesanleihe security whose maturity is closest to the maturity of the Offered Securities as if
the Offered Securities had matured on the Par-Call Date, or if such independent investment bank in its discretion considers that
such similar bond is not in issue, such other German Bundesanleihe security as such independent investment bank may, with
the advice of three brokers of, and/or market makers in, German Bundesanleihe securities selected by such independent investment
bank, determine to be appropriate for determining the Comparable Government Bond Rate.

 

[Seventeenth Supplemental Indenture]

 

    	 	7	 

     

    

 

“Comparable Government Bond Rate”
means the price, expressed as a percentage (rounded to three decimal places, 0.0005 being rounded upwards), at which the gross
redemption yield on the Offered Securities, if they were to be purchased at such price on the third Business Day prior to the Make-Whole
Redemption Date, would be equal to the gross redemption yield on such Business Day of the Comparable Government Bond on the basis
of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such Business
Day as determined by an independent investment bank selected by the Company.

 

“Consolidated Net Worth”
at any date means total assets less total liabilities, in each case appearing on the most recently prepared consolidated balance
sheet of Parent and its subsidiaries as of the end of a fiscal quarter of Parent, prepared in accordance with United States generally
accepted accounting principles as in effect on the date of the consolidated balance sheet.

 

“Consolidated Tangible Assets”
at any date means total assets less all intangible assets appearing on the most recently prepared consolidated balance sheet of
Parent and its subsidiaries as of the end of a fiscal quarter of Parent, prepared in accordance with United States generally accepted
accounting principles as in effect on the date of the consolidated balance sheet. “Intangible assets” means the amount
(if any) stated under the heading “Intangible assets, net” or under any other heading of intangible assets separately
listed, in each case on the face of such consolidated balance sheet.

 

“Fitch” means Fitch Ratings
Ltd.

 

“Funded Indebtedness”
means any Indebtedness maturing by its terms more than one year from the date of the determination thereof, including any Indebtedness
renewable or extendible at the option of the obligor to a date later than one year from the date of the determination thereof.

 

“Global Note(s) means
one or more permanent, registered securities in global form and includes any Global Note intended to be held under the New Safekeeping
Structure and registered in the name of a nominee for the Common Safekeeper.

 

“Governmental Obligations”
means (x) any security which is (i) a direct obligation of the German Government or (ii) an obligation of a Person
controlled or supervised by and acting as an agency or instrumentality of the German Government the payment of which is fully and
unconditionally guaranteed by the German Government, the central bank of the German Government or a governmental agency of the
German Government, which, in either case (x)(i) or (ii), is not callable or redeemable at the option of the issuer thereof,
and (y) certificates, depositary receipts or other instruments which evidence a direct ownership interest in obligations described
in clause (x)(i) or (ii) above or in any specific principal or interest payments due in respect thereof.

 

[Seventeenth Supplemental Indenture]

 

    	 	8	 

     

    

 

“ICSD(s)” means Clearstream
and/or Euroclear, as the case may be and/or any additional or alternative clearing system approved by Parent, the Company, the
Trustee and the Paying Agent (provided that such additional or alternative clearing system must also be authorized to hold a Global
Note as eligible collateral for Eurosystem monetary policy and intra-day credit operations) collectively.

 

“Indebtedness” means,
without duplication, the principal amount (such amount being the face amount or, with respect to original issue discount bonds
or zero coupon notes, bonds or debentures or similar securities, determined based on the accreted amount as of the date of the
most recently prepared consolidated balance sheet of Parent and its Subsidiaries as of the end of a fiscal quarter of Parent prepared
in accordance with United States generally accepted accounting principles as in effect on the date of such consolidated balance
sheet) of (i) all obligations for borrowed money, (ii) all obligations evidenced by debentures, notes or other similar
instruments, (iii) all obligations in respect of letters of credit or bankers acceptances or similar instruments or reimbursement
obligations with respect thereto (such instruments to constitute Indebtedness only to the extent that the outstanding reimbursement
obligations in respect thereof are collateralized by cash or cash equivalents reflected as assets on a balance sheet prepared in
accordance with United States generally accepted accounting principles), (iv) all obligations to pay the deferred purchase
price of property or services, except (A) trade and similar accounts payable and accrued expenses, (B) employee compensation,
deferred compensation and pension obligations, and other obligations arising from employee benefit programs and agreements or other
similar employment arrangements, (C) obligations in respect of customer advances received and (D) obligations in connection
with earnout and holdback agreements, in each case in the ordinary course of business, (v) all obligations as lessee to the
extent capitalized in accordance with United States generally accepted accounting principles, other than operating leases that
prior to the adoption of ASC 842 would not have been capitalized, and (vi) all Indebtedness of others consolidated in such
balance sheet that is guaranteed by the Company or any of its Subsidiaries or for which the Company or any of its Subsidiaries
is legally responsible or liable (whether by agreement to purchase indebtedness of, or to supply funds or to invest in, others).

 

“Investment Grade Rating”
means a rating equal to or higher than BBB− (or the equivalent) by Fitch, Baa3 (or the equivalent) by Moody’s and BBB−
(or the equivalent) by S&P.

 

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

 

“New Safekeeping Structure”
or “NSS” means a structure where a Global Security is registered in the name of a Common Safekeeper (or its
nominee) for Euroclear and/or Clearstream and will be deposited on or about the issue date with the Common Safekeeper for Euroclear
and/or Clearstream.

 

“Non-Recourse Indebtedness”
means Indebtedness upon the enforcement of which recourse may be had by the holder(s) thereof only to identified assets of
Parent or the Company or any Subsidiary of Parent or the Company and not to Parent or the Company or any Subsidiary of Parent or
the Company personally (subject to, for the avoidance of doubt, customary exceptions contained in non-recourse financings to the
non-recourse nature of the obligations thereunder).

 

[Seventeenth Supplemental Indenture]

 

    	 	9	 

     

    

 

“Paying Agent” means
any Person authorized by Parent or the Company to pay or cause to be paid the principal of or any premium or interest on any Offered
Securities on behalf of Parent or the Company.

 

“Principal Property”
means any U.S. manufacturing, processing or assembly plant or any U.S. warehouse or distribution facility of Parent or any of its
Subsidiaries that is used by any U.S. Subsidiary of the Company and (A) is owned by Parent or any Subsidiary of Parent on
the date hereof, (B) the initial construction of which has been completed after the date hereof, or (C) is acquired after
the date hereof, in each case, other than any such plants, facilities, warehouses or portions thereof, that in the opinion of the
Board of Directors of the Company, are not collectively of material importance to the total business conducted by Parent and its
Subsidiaries as an entirety, or that has a net book value (excluding any capitalized interest expense), on the date hereof in the
case of clause (A) of this definition, on the date of completion of the initial construction in the case of clause (B) of
this definition or on the date of acquisition in the case of clause (C) of this definition, of less than the greater
of $50,000,000 and 0.50% of Consolidated Tangible Assets on the consolidated balance sheet of Parent and its Subsidiaries as of
the applicable date.

 

“Qualifying
Subsidiary” means a U.S. Subsidiary, the total Accounts Receivable of which exceeds the greater of $2.5 million and 0.20%
of the amount stated under the heading “Accounts receivable, net of allowance for doubtful accounts,” or its
equivalent, appearing on the most recently prepared consolidated balance sheet of Parent and its subsidiaries as of the end of
a fiscal quarter of Parent, prepared in accordance with United States generally accepted accounting principles.

 

“Rating
Agencies” means (1) each of Fitch, Moody’s and S&P; and (2) if any of Fitch, Moody’s or S&P
ceases to rate the Offered Securities or fails to make a rating of the Offered Securities publicly available for reasons outside
of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62)
of the Exchange Act, selected by the Company (as certified by a resolution of the Company’s Board of Directors) as a replacement
agency for Fitch, Moody’s or S&P, or all of them, as the case may be.

 

“Restricted Subsidiary”
means any Subsidiary of the Company that owns or leases a Principal Property.

 

“Sale and Lease-Back Transaction”
means an arrangement with any Person providing for the leasing by the Company or a Restricted Subsidiary of any Principal Property
whereby such Principal Property has been or is to be sold or transferred by the Company or a Restricted Subsidiary to such Person
other than Parent, the Company or any of their respective Subsidiaries; provided, however, that the foregoing shall not apply to
any such arrangement involving a lease for a term, including renewal rights, for not more than three years.

 

“S&P” means S&P
Global Ratings, a subsidiary of S&P Global Inc.

 

[Seventeenth Supplemental Indenture]

 

    	 	10	 

     

    

 

“U.S. Subsidiary” means
any Subsidiary organized under the laws of a jurisdiction of the United States or any political subdivision thereof.

 

		Section 1.5.	Additional Covenants.

 

The following additional covenants shall
apply with respect to the Offered Securities so long as any of the Offered Securities remain Outstanding (but subject to defeasance,
as provided in the Indenture):

 

(1)          Limitation
on Liens.

 

The Company will not, and will not permit
any Restricted Subsidiary to, issue, assume or guarantee any Indebtedness that is secured by a mortgage, pledge, security interest,
lien or encumbrance (each a “lien”) upon any property that at the time of such issuance, assumption or guarantee
constitutes a Principal Property, and the Company will not, and will not permit any U.S. Subsidiary that at the time of such issuance,
assumption or guarantee is a Qualifying Subsidiary to, issue, assume or guarantee any Indebtedness that is secured by a lien upon
such Qualifying Subsidiary’s Accounts Receivable, or any shares of stock of or Indebtedness issued by any such Restricted
Subsidiary or any such Qualifying Subsidiary, whether now owned or hereafter acquired, in each case without effectively providing
that, for so long as such lien shall continue in existence with respect to such secured Indebtedness, the Offered Securities (together
with, if the Company shall so determine, any other Indebtedness of the Company ranking equally with the Offered Securities, it
being understood that for purposes hereof, Indebtedness which is secured by a lien and Indebtedness which is not so secured
shall not, solely by reason of such lien, be deemed to be of different ranking) shall be equally and ratably secured by a lien
ranking ratably with or equal to (or at the Company’s option prior to) such secured Indebtedness; provided, however, that
the foregoing covenant shall not apply to:

 

(a)          liens
existing on the date the Offered Securities are first issued;

 

(b)          liens
on the stock, assets or Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary, unless created
in contemplation of such Person becoming a Restricted Subsidiary;

 

(c)          liens
on any assets or Indebtedness of a Person existing at the time such Person is merged with or into or consolidated with or acquired
by the Company or a Restricted Subsidiary or at the time of a purchase, lease or other acquisition of the assets of a corporation
or firm as an entirety or substantially as an entirety by the Company or any Restricted Subsidiary;

 

(d)          liens
on any Principal Property existing at the time of acquisition thereof by the Company or any Restricted Subsidiary, or liens to
secure the payment of the purchase price of such Principal Property by the Company or any Restricted Subsidiary, or to secure any
Indebtedness incurred, assumed or guaranteed by the Company or a Restricted Subsidiary for the purpose of financing all or any
part of the purchase price of such Principal Property or improvements or construction thereon, which Indebtedness is incurred,
assumed or guaranteed prior to, at the time of or within one year after such acquisition (or in the case of real property, completion
of such improvement or construction or commencement of full operation of such property, whichever is later); provided, however,
that in the case of any such acquisition, construction or improvement, the lien shall not apply to any Principal Property theretofore
owned by the Company or a Restricted Subsidiary, other than the Principal Property so acquired, constructed or improved (and accessions
thereto and improvements and replacements thereof and the proceeds of the foregoing);

 

[Seventeenth Supplemental Indenture]

 

    	 	11	 

     

    

 

(e)          liens
securing Indebtedness owing by any subsidiary to the Company, Parent or a subsidiary thereof or by the Company to Parent;

 

(f)           liens
in favor of the United States or any State thereof, or any department, agency or instrumentality or political subdivision of the
United States of America or any State thereof, or in favor of any other country or any political subdivision thereof, to secure
partial, progress, advance or other payments pursuant to any contract, statute, rule or regulation or to secure any Indebtedness
incurred or guaranteed for the purpose of financing all or any part of the purchase price (or, in the case of real property, the
cost of construction or improvement) of the Principal Property or assets subject to such liens (including liens incurred in connection
with pollution control, industrial revenue or similar financings);

 

(g)          pledges,
liens or deposits under workers’ compensation or similar legislation, and liens thereunder that are not currently dischargeable,
or in connection with bids, tenders, contracts (other than for the payment of money) or leases to which the Company or any subsidiary
is a party, or to secure the public or statutory obligations of the Company or any subsidiary, or in connection with obtaining
or maintaining self-insurance, or to obtain the benefits of any law, regulation or arrangement pertaining to unemployment insurance,
old age pensions, social security or similar matters, or to secure surety, performance, appeal or customs bonds to which the Company
or any subsidiary is a party, or in litigation or other proceedings in connection with the matters heretofore referred to in this
clause, such as interpleader proceedings, and other similar pledges, liens or deposits made or incurred in the ordinary course
of business;

 

(h)          liens
created by or resulting from any litigation or other proceeding that is being contested in good faith by appropriate proceedings,
including liens arising out of judgments or awards against the Company or any subsidiary with respect to which the Company or such
subsidiary in good faith is prosecuting an appeal or proceedings for review or for which the time to make an appeal has not yet
expired; or final unappealable judgment liens which are satisfied within 15 days of the date of judgment; or liens incurred by
the Company or any subsidiary for the purpose of obtaining a stay or discharge in the course of any litigation or other proceeding
to which the Company or such subsidiary is a party;

 

(i)           liens
for taxes or assessments or governmental charges or levies not yet due or delinquent; or that can thereafter be paid without penalty,
or that are being contested in good faith by appropriate proceedings; landlord’s liens on property held under lease; and
any other liens or charges incidental to the conduct of the business of the Company or any subsidiary, or the ownership of their
respective assets, that were not incurred in connection with the borrowing of money or the obtaining of advances or credit and
that, in the opinion of the Board of Directors of the Company, do not materially impair the use of such assets in the operation
of the business of the Company or such subsidiary or the value of such Principal Property or assets for the purposes of such business;

 

[Seventeenth Supplemental Indenture]

 

    	 	12	 

     

    

 

(j)           liens
to secure the Company’s or any subsidiary’s obligations under agreements with respect to interest rate swap, spot,
forward, future and option transactions, entered into in the ordinary course of business;

 

(k)          liens
on (including securitization programs with respect to) accounts receivable (including any accounts receivable constituting or evidenced
by chattel paper, instruments or intangibles (as defined in the Uniform Commercial Code of the State of New York)) (i) existing
at the time of acquisition thereof by the Company or any U.S. Subsidiary or (ii) of a Person existing at the time such Person
is merged with or into or consolidated with or acquired by the Company or any U.S. Subsidiary; provided that such liens were in
existence, or granted or required to be granted or otherwise attach pursuant to any agreement in existence, prior to, and were
not granted or such agreement was not entered into (as applicable) in contemplation of, such acquisition, merger or consolidation
and such liens do not extend to any assets other than accounts receivable (including any accounts receivable constituting or evidenced
by chattel paper, instruments or intangibles (as so defined) and rights (contractual and other) and collateral related thereto
and proceeds of the foregoing and any related deposit accounts containing such proceeds);

 

(l)           liens
not permitted by the foregoing clauses (a) to (k), inclusive, if at the time of, and after giving effect to, the creation
or assumption of any such lien, the aggregate amount (without duplication) of all outstanding Indebtedness of the Company and its
Restricted Subsidiaries secured by all such liens on such Principal Properties and all outstanding Indebtedness of the Company
and its Qualifying Subsidiaries secured by all such liens on Accounts Receivable not so permitted by the foregoing clauses (a) through
(k), inclusive, together with the Attributable Debt in respect of Sale and Lease-Back Transactions permitted by paragraph (a) under
subsection (2) below do not exceed the greater of $1,500,000,000 and 10% of Consolidated Net Worth; and

 

(m)         any
extension, renewal or replacement (or successive extensions, renewals or replacements) in whole or in part, of any lien referred
to in the foregoing clauses (a) to (l), inclusive; provided, however, that the principal amount of Indebtedness secured
thereby unless otherwise excepted under clauses (a) through (l) shall not exceed the principal amount of Indebtedness
(plus the amount of any unused revolving credit or similar commitments) so secured at the time of such extension, renewal or replacement,
and that such extension, renewal or replacement shall be limited to all or a part of the assets (or any replacements therefor)
that secured the lien so extended, renewed or replaced (plus improvements and construction on real property).

 

[Seventeenth Supplemental Indenture]

 

    	 	13	 

     

    

 

		(2)	Limitation on Sale/Leaseback
Transactions.

 

The Company will not, and will not permit
any Restricted Subsidiary to, enter into any Sale and Lease-Back Transaction unless:

 

(a)          the
Company or such Restricted Subsidiary, at the time of entering into a Sale and Lease-Back Transaction, would be entitled to incur
Indebtedness secured by a lien on the Principal Property to be leased in an amount at least equal to the Attributable Debt in respect
of such Sale and Lease-Back Transaction, without equally and ratably securing the Offered Securities pursuant to subsection (1) above;
or

 

(b)          the
direct or indirect proceeds of the sale of the Principal Property to be leased are at least equal to the fair value of such Principal
Property (as determined by the Company’s Board of Directors) and an amount equal to the net proceeds from the sale of the
property or assets so leased is applied, within 180 days of the effective date of any such Sale and Lease-Back Transaction, to
the purchase or acquisition (or, in the case of real property, commencement of the construction) of property or assets or to the
retirement (other than at maturity or pursuant to a mandatory sinking fund or mandatory redemption provision) of Securities, or
of Funded Indebtedness of the Company or a consolidated Subsidiary ranking on a parity with or senior to the Securities; provided
that there shall be credited to the amount of net worth proceeds required to be applied pursuant to this clause (b) an
amount equal to the sum of (i) the principal amount of Securities delivered within 180 days of the effective date of such
Sale and Lease-Back Transaction to the Trustee for retirement and cancellation and (ii) the principal amount of other Funded
Indebtedness voluntarily retired by the Company within such 180-day period, excluding retirements of Securities and other Funded
Indebtedness as a result of conversions or pursuant to mandatory sinking fund or mandatory prepayment provisions.

 

(3)          Change
of Control Triggering Event.

 

(a)          Upon
the occurrence of a Change of Control Triggering Event, unless the Company has exercised its right to redeem the Offered Securities
pursuant to Section 1.1(6) hereof or Section 14.01 of the Base Indenture, each Holder will have the right to require
that the Company purchase all or a portion, in €1,000 increments (provided that any remaining principal amount thereof shall
be at least the minimum authorized denomination thereof), of such Holder’s Offered Securities pursuant to Section 1.5(3)(b) hereof
(the “Change of Control Offer”), at a purchase price equal to 101% of the principal amount thereof plus accrued
and unpaid interest, if any, to the date of purchase.

 

(b)          Within
30 days following the date upon which the Change of Control Triggering Event occurred, or at the Company’s option, prior
to any Change of Control, but after the public announcement of the Change of Control, the Company shall send, by first class mail,
a notice to each Holder, with a copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. Such notice
shall describe the transaction or transactions that constitute the Change of Control and shall state:

 

(A)          that
the Change of Control Offer is being made pursuant to this Section 1.5(3) of this Seventeenth Supplemental Indenture;

 

[Seventeenth Supplemental Indenture]

 

    	 	14	 

     

    

 

(B)           that
the Company is required to offer to purchase all of the outstanding principal amount of Offered Securities, the purchase price
and, that on the date specified in such notice, which date shall be no earlier than 30 days and no later than 60 days
from the date such notice is mailed, other than as may be required by law (the “Change of Control Payment Date”),
the Company shall repurchase the Offered Securities validly tendered and not withdrawn pursuant to this Section 1.5(3);

 

(C)           if
mailed prior to the date of consummation of the Change of Control, shall state that the Change of Control Offer is conditioned
on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date;

 

(D)           that
any Offered Security not tendered or accepted for payment shall continue to accrue interest;

 

(E)           that,
unless the Company defaults in making such payment, Offered Securities accepted for payment pursuant to the Change of Control Offer
shall cease to accrue interest after the Change of Control Payment Date;

 

(F)           that
Holders electing to have an Offered Security purchased pursuant to a Change of Control Offer may elect to have all or any portion
of such Offered Security purchased;

 

(G)           that
Holders of Offered Securities electing to have Offered Securities purchased pursuant to a Change of Control Offer shall be required
to surrender their Offered Securities, with the form entitled “Option of Holder to Elect Purchase” on the reverse of
the Offered Security, or such other customary documents of surrender and transfer as the Company may reasonably request, duly completed,
or transfer the Offered Security by book-entry transfer, to the Paying Agent at the address specified in the notice prior to the
close of business on the third Business Day prior to the Change of Control Payment Date;

 

(H)           that
Holders shall be entitled to withdraw their election if the Company, the Common Safekeeper or the Paying Agent, as the case may
be, receives, not later than the expiration of the Change of Control Offer, a telegram, facsimile transmission or letter setting
forth the name of the Holder, the principal amount of the Offered Security the Holder delivered for purchase and a statement that
such Holder is withdrawing its election to have such Offered Security purchased;

 

(I)            that
Holders whose Offered Securities are purchased only in part shall be issued new Securities equal in principal amount to the unpurchased
portion of the Securities surrendered (or transferred by book-entry transfer); and

 

(J)            the
Common Code or ISIN, if any, printed on the Offered Securities being repurchased and that no representation is made as to the correctness
or accuracy of the Common Code or ISIN, if any, listed in such notice or printed on the Offered Securities.

 

[Seventeenth Supplemental Indenture]

 

    	 	15	 

     

    

 

(c)          The
Company will not be required to make a Change of Control Offer if a third party makes such an offer in the manner, at the times
and otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all Offered
Securities properly tendered and not withdrawn under its offer.

 

(d)          The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Offered Securities pursuant
to a Change of Control Offer. To the extent that any securities laws or regulations conflict with the provisions of this Section 1.5(3),
the Company shall comply with the applicable securities laws and regulations and shall be deemed not to have breached its obligations
under this Section 1.5(3) by virtue thereof.

 

(4)          Redemption
Upon Changes in Withholding Taxes.

 

Solely with respect to the Offered Securities,
Section 14.01 of the Base Indenture shall be replaced in its entirety with the following:

 

The
Offered Securities may be redeemed, as a whole but not in part, at the option of the Company, upon not less than 30 nor more than
90 days notice to each Holder of Offered Securities to be redeemed (which notice shall be irrevocable), at a redemption price equal
to 100% of the principal amount thereof, together with accrued interest, if any, to the redemption date and Additional Amounts
(as defined in Section 14.02), if any, if as a result of any amendment to, or change in, the laws or regulations of Luxembourg
or Switzerland, or other jurisdiction in which the Company, Parent or any successor thereof may be organized, or the
United States, as applicable, or any political subdivision thereof or therein having the power to tax (a “Taxing Jurisdiction”)
or any change in the application or official interpretation of such laws, including any action taken by a taxing authority or a
holding by a court of competent jurisdiction (regardless of whether such action or such holding is with respect to the Company
or Parent), which amendment or change is first announced or takes effect after the issue date of the Offered Securities, Parent
or the Company has become, or there is a material probability that Parent or the Company will become, obligated to pay Additional
Amounts on the next date on which any amount would be payable with respect to the Securities, and such obligation cannot be avoided
by the use of commercially reasonable measures available to Parent or the Company, as the case may be; provided, however, that
(a) no such notice of redemption may be given earlier than 90 days prior to the earliest date on which Parent or the Company,
as the case may be, would be obligated to pay such Additional Amounts, and (b) at the time such notice of redemption is given,
such obligation to pay such Additional Amounts remains in effect. Prior to the giving of any notice of redemption described in
this paragraph, the Company shall deliver to the Trustee (i)(A) certificate signed by two directors of the Company stating
that the obligation to pay Additional Amounts cannot be avoided by the Company taking commercially reasonable measures available
to it or (B) a certificate signed by two Officers of Parent stating that the obligation to pay Additional Amounts cannot be
avoided by Parent taking commercially reasonable measures available to it, as the case may be, and (ii) a written opinion
of independent legal counsel to Parent or the Company, as the case may be, of recognized standing to the effect that Parent or
the Company, as the case may be, has or there is a material probability that it will become obligated to pay Additional Amounts
as a result of a change, amendment, official interpretation or application described above and that Parent or the Company, as the
case may be, cannot avoid the payment of such Additional Amounts by taking commercially reasonable measures available to it. At
least two Business Days prior to the date on which the Trustee shall deliver a notice of redemption to each Holder of Offered Securities
(or such lesser period as the Trustee may agree to), the Company shall provide the Trustee with such notice of redemption.

 

[Seventeenth Supplemental Indenture]

 

    	 	16	 

     

    

 

		Section 1.6.	Additional Event of Default.

 

The following additional event shall be
established and shall constitute an “Event of Default” under Section 6.01(a) of the Base Indenture with respect
to the Offered Securities so long as any of the Offered Securities remain Outstanding:

 

(9)          an
event of default shall happen and be continuing with respect to the Company’s or Parent’s Indebtedness for borrowed
money (other than Non-Recourse Indebtedness) under any indenture or other instrument evidencing or under which the Company or Parent
shall have a principal amount outstanding (such amount with respect to original issue discount bonds or zero coupon notes, bonds
or debentures or similar securities based on the accreted amount determined in accordance with United States generally accepted
accounting principles and as of the date of the most recently prepared consolidated balance sheet of the Company or Parent, as
the case may be) in excess of $100,000,000, and such event of default shall involve the failure to pay the principal of such Indebtedness
on the final maturity date thereof after the expiration of any applicable grace period with respect thereto, or such Indebtedness
shall have been accelerated so that the same shall have become due and payable prior to the date on which the same would otherwise
have become due and payable, and such acceleration shall not be rescinded or annulled within ten Business Days after notice thereof
shall have been given to the Company and Parent by the Trustee, or to the Company, Parent and the Trustee by the Holders of at
least 25% in aggregate principal amount of the Outstanding Securities; provided that, if such event of default under such indenture
or instrument shall be remedied or cured by the Company or Parent or waived by the requisite holders of such Indebtedness, then
the Event of Default hereunder by reason thereof shall be deemed likewise to have been thereupon remedied, cured or waived without
further action upon the part of either the Trustee or any of the Holders, and provided further, however, that subject to the provisions
of Sections 7.01 and 7.02, the Trustee shall not be charged with knowledge of any such event of default unless written notice
thereof shall have been given to the Trustee by the Company or Parent, as the case may be, by the holder or an agent of the holder
of any such Indebtedness, by the trustee then acting under any indenture or other instrument under which such default shall have
occurred, or by the Holders of not less than 25% in the aggregate principal amount of Outstanding Securities.

 

[Seventeenth Supplemental Indenture]

 

    	 	17	 

     

    

 

		Section 1.7.	Additional Amounts.

 

For purposes of the Offered Securities and
this Seventeenth Supplemental Indenture, Sections 14.02(a)(iii) and Section 14.02(h) through (j) of the Base
Indenture are hereby deleted and replaced with the following:

 

(a)(iii)    with
respect to any withholding Taxes imposed by the United States, is or was, with respect to the United States, a personal holding
company, passive foreign investment company, a controlled foreign corporation, a foreign tax exempt organization or a corporation
that has accumulated earnings to avoid United States federal income tax; or

 

(h)         [reserved];

 

(i)          any
Taxes required to be deducted or withheld pursuant to the Luxembourg law of December 23, 2005, as amended, introducing a 20%
withholding tax on certain interest payments;

 

(j)          with respect to withholding Taxes imposed by the United States, any such Taxes imposed under Sections 1471 through 1474 of the
Code, and any regulations or other administrative authority promulgated thereunder, any agreements entered into pursuant to Section 1471(b)(1) of
the Code, any intergovernmental agreement entered into in connection with any of the foregoing and any fiscal or regulatory legislation,
rules or practices adopted pursuant to any such intergovernmental agreement;

 

(k)         any
withholding or deduction for Taxes which would not have been imposed if the relevant Securities had been presented to another paying
agent in a Member State of the European Union; or

 

(l)          any
combination of Section 14.02(a), (b), (c), (d), (e), (f), (g), (h), (i), (j) and (k).

 

For purposes of the Offered Securities and
this Seventeenth Supplemental Indenture, the following sentence is added to the end of the fifth paragraph of Section 14.02
of the Base Indenture:

 

However, the Company will
not pay any Luxembourg registration duties in connection with the voluntary registration, by any person other than the Company,
of the notes or any related document with the Administration de l’enregistrement, des domaines et de la TVA in Luxembourg.

 

		Section 1.8	Destroy Option

 

In the case of a Global Note intended to
be held under the New Safekeeping Structure, the Common Safekeeper may destroy such Global Note in accordance with the normal procedures
of the Common Safekeeper upon maturity and final redemption of such Global Note.

 

[Seventeenth Supplemental Indenture]

 

    	 	18	 

     

    

 

ARTICLE II

 

MISCELLANEOUS

 

		Section 2.1.	Definitions.

 

Capitalized terms defined in the Base Indenture
and used but not defined in this Seventeenth Supplemental Indenture shall have the meanings ascribed thereto in the Base Indenture.

 

		Section 2.2.	Confirmation of Indenture.

 

The Base Indenture, as supplemented and
amended by this Seventeenth Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture, this Seventeenth
Supplemental Indenture and all indentures supplemental thereto shall be read, taken and construed as one and the same instrument.

 

		Section 2.3.	Concerning the Trustee.

 

In carrying out the Trustee’s responsibilities
hereunder, the Trustee shall have all of the rights, protections and immunities which it possesses under the Indenture. The recitals
contained herein and in the Offered Securities, except the Trustee’s certificate of authentication, shall be taken as the
statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations
as to the validity or sufficiency of this Seventeenth Supplemental Indenture or of the Offered Securities. The Trustee shall not
be accountable for the use or application by the Company of the Offered Securities or the proceeds thereof.

 

		Section 2.4.	Concerning the Common Service Provider.

 

The Company hereby authorizes and instructs
the CSP (i) to transmit the Global Note in respect of the Offered Securities electronically to the Common Safekeeper and to
give effectuation instructions, substantially in the form set forth in Section 1.2, in respect of such Global Note following
its authentication thereof by the Trustee and (ii) to instruct Euroclear and Clearstream to make appropriate entries in their
records to reflect the initial outstanding aggregate principal amount of the Notes. The Company further authorizes and instructs
the CSP to destroy each Global Note in respect of the Offered Securities retained by it following its receipt of confirmation from
the Common Safekeeper that the relevant Global Note has been effectuated. The Trustee shall perform or cause the CSP, as agent
in connection with the issue of the Offered Securities, to perform the duties set forth in Schedule 1.

 

		Section 2.5.	Governing Law.

 

This Seventeenth Supplemental Indenture
and the Offered Securities shall be deemed to be a contract made under the internal laws of the State of New York, and for all
purposes shall be construed in accordance with the laws of said State without regard to conflicts of laws principles that would
require the application of any other law. For the avoidance of doubt, articles 470-1 to 470-19 of the Luxembourg act dated 10 August 1915
on commercial companies, as amended, do not apply in respect of the Notes.

 

[Seventeenth Supplemental Indenture]

 

    	 	19	 

     

    

 

		Section 2.6.	Separability.

 

In case any provision in this Seventeenth
Supplemental Indenture shall for any reason be held to be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

		Section 2.7.	Counterparts.

 

This Seventeenth Supplemental Indenture
may be executed in any number of counterparts each of which shall be an original, but such counterparts shall together constitute
but one and the same instrument. The exchange of copies of this Seventeenth Supplemental Indenture and of signature pages by
facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and
may be used in lieu of the original Indenture and signature pages for all purposes.

 

		Section 2.8	No Benefit.

 

Nothing
in this Seventeenth Supplemental Indenture, express or implied, shall give to any Person other than the parties hereto and their
successors or assigns, and the Holders, any benefit or legal or equitable rights, remedy or claim under this Seventeenth
Supplemental Indenture or the Base Indenture.

 

[Seventeenth Supplemental Indenture]

 

    	 	20	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Seventeenth Supplemental Indenture to be duly executed all as of the day and year first above written.

 

 

	 	TYCO ELECTRONICS GROUP S.A.
	 	 
	 	/s/ Mario Calastri
	 	Name:	Mario Calastri
	Title:	Director

 

 

	 	TE CONNECTIVITY LTD.
	 	 
	 	/s/ Heath A. Mitts
	 	Name:	Heath A. Mitts
	Title:	Executive Vice President and Chief Financial Officer

 

[Signature Page to Seventeenth Supplemental
Indenture]

 

     

     

    

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS
	 	as Trustee
	 	 
	By:  	 /s/ Kathryn Fischer
	 	Name:	 Kathryn Fischer
	 	Title:	Vice President
	 	 	 
	 	 
	By:  	 /s/ Luke Russell
	 	Name: 	Luke Russell 
	 	Title:	Assistant Vice President

 

[Signature Page to Seventeenth Supplemental
Indenture]

 

     

     

    

 

Schedule 1

 

		1.	The CSP will inform each of the ICSDs of the initial issue outstanding amount (“IOA”) for the Offered Securities
on or prior to the closing date;

 

		2.	If any event occurs that requires a mark-up or mark-down of the records that an ICSD holds for its customers to reflect such
customers’ interest in such Offered Securities, the CSP will promptly provide details of the amount of such mark-up or mark-down,
together with a description of the event that requires it, to the ICSDs to ensure that the records of the ICSDs reflecting the
IOA of the Offered Securities remain at all times accurate;

 

		3.	The CSP will at least monthly perform a reconciliation process with the ICSDs with respect to the IOA for the Offered Securities
and will promptly inform the ICSDs of any discrepancies;

 

		4.	The CSP will promptly assist the ICSDs in resolving any discrepancy in the records reflecting the IOA of the Offered Securities;

 

		5.	The CSP will promptly provide to the ICSDs details of all amounts paid under the Offered Securities (or, where the Offered
Securities provide for delivery of assets other than cash, of the assets so delivered);

 

		6.	The CSP will promptly provide to the ICSDs any changes to the Offered Securities that will affect the amount of, or date for,
any payment due under the Offered Securities;

 

		7.	The CSP will promptly provide to the ICSDs copies of all information
that is given to the Holders of the Offered Securities;

 

		8.	The CSP will promptly pass on to the Company all communications it receives from the ICSDs relating to the Offered Securities;
and

 

		9.	The CSP will promptly notify the ICSDs of any failure by the Company to make any payment or delivery due under the Offered
Securities when due.

 

     

     

    

 

EXHIBIT A

FORM OF
0.000% SENIOR NOTES

 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE NOMINEE OF THE ENTITY APPOINTED AS COMMON SAFEKEEPER FOR EUROCLEAR
BANK S.A./N.V. (“EUROCLEAR”) AND CLEARSTREAM BANKING S.A. (“CLEARSTREAM”). TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, AND NOT IN PART, TO NOMINEES OF THE COMMON SAFEKEEPER OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

0.000% SENIOR NOTES DUE 2029

 

	No. 1	€550,000,000

ISIN No.: XS2297190097

Common Code: 229719009

 

This certifies that the Person whose name
is entered in the Security Register maintained by the Security Registrar is registered as the Holder of the aggregate principal
amount of €550,000,000 of 0.000% Senior Notes due 2029.

 

TYCO ELECTRONICS GROUP S.A., promises to
pay to the registered Holder hereof, or registered assigns, the principal sum of FIVE HUNDRED FIFTY MILLION Euros on February 16,
2029.

 

Interest Payment Date: February 16

 

Record Date: The business day on which each of Clearstream and
Euroclear is open for business prior to each Interest Payment Date

 

Each
Holder of this Security (as defined below), by accepting the same, agrees to and shall be bound by the provisions hereof
and of the Indenture described herein, and authorizes and directs the Trustee described herein on such Holder’s behalf to
be bound by such provisions. Each Holder hereby waives all notice of the acceptance of the provisions contained herein and in the
Indenture and waives reliance by such Holder upon said provisions.

 

This Security shall not be entitled to any
benefit under the Indenture, or be valid or become obligatory for any purpose, until the Certificate of Authentication hereon shall
have been signed by or on behalf of the Trustee and until it has been effectuated for and on behalf of the Common Safekeeper. The
provisions of this Security are continued on the reverse side hereof, and such continued provisions shall for all purposes have
the same effect as though fully set forth at this place.

 

    A-1

     

    

 

IN WITNESS WHEREOF, the Company has caused
this instrument to be signed in accordance with Section 2.04 of the Indenture.

 

Date: February 16, 2021

 

	 	TYCO ELECTRONICS GROUP S.A.
	 	 
	 	 
	 	Name:	Mario Calastri
	Title:	Director

 

    A-2

     

    

 

CERTIFICATE OF AUTHENTICATION

 

This
is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

 

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory
	 	 
	 	Dated: February 16,
    2021

 

    A-3

     

    

 

EFFECTUATED for and on behalf of EUROCLEAR
BANKING S.A./N.V., as Common Safekeeper, without recourse, warranty or liability.

 

 

	 	EUROCLEAR BANKING S.A./N.V., as Common Safekeeper
	 	 
	 	By:	 
	 	 	Authorized Signatory
	 	 
	 	Dated: February 16,
    2021

 

    A-4

     

    

 

GUARANTEE

 

For value received, TE CONNECTIVITY LTD.
hereby absolutely, unconditionally and irrevocably guarantees to the holder of this Security the payment of principal of, premium,
if any, and interest on, the Security upon which this Guarantee is set forth in the amounts and at the time when due and payable
whether by declaration thereof or otherwise, and interest on the overdue principal and interest, if any, of such Security, if lawful,
to the holder of such Security and the Trustee on behalf of the holders, all in accordance with and subject to the terms and limitations
of such Security and Article XV of the Indenture. This Guarantee will not become effective until the Trustee or Authenticating
Agent duly executes the certificate of authentication on this Security and until this Security has been effectuated for and on
behalf of the Common Safekeeper. This Guarantee shall be governed by and construed in accordance with the laws of the State of
New York, without regard to conflict of law principles thereof.

 

 

Dated: February 16, 2021

 

	 	TE CONNECTIVITY LTD.
	 	 
	 	 
	 	Name:	Heath A. Mitts
	Title:	Executive Vice President and Chief Financial Officer

 

    A-5

     

    

 

[FORM OF REVERSE OF NOTE]

 

Tyco Electronics Group S.A.

 

0.000%
Senior Notes due 2029

 

This
security is one of a duly authorized series of debt securities of Tyco Electronics Group S.A. (the “Company”) issued
or to be issued in one or more series under and pursuant to an Indenture for the Company’s unsubordinated debt securities,
dated as of September 25, 2007 (the “Base Indenture”), duly executed and
delivered by and among the Company, TE Connectivity Ltd. (“Parent”) and Deutsche Bank Trust Company Americas (the “Trustee”),
as supplemented by the Seventeenth Supplemental Indenture, dated as of February 16, 2021 (the “Seventeenth Supplemental
Indenture”), by and among the Company, Parent and the Trustee. The Base Indenture as supplemented and amended by the Seventeenth
Supplemental Indenture is referred to herein as the “Indenture.” By the terms of the Base Indenture, the debt securities
issuable thereunder are issuable in series that may vary as to amount, date of maturity, rate of interest and in other respects
as provided in the Base Indenture. This security is one of the series designated on the face hereof (individually, a “Security,”
and collectively, the “Securities”), and reference is hereby made to the Indenture for a description of the rights,
limitations of rights, obligations, duties and immunities of the Trustee, the Company, Parent and the holders of the Securities
(the “Holders”). Capitalized terms used herein and not otherwise defined shall have the meanings given them in the
Base Indenture or the Seventeenth Supplemental Indenture, as applicable.

 

1. Interest.  The Company
promises to pay interest on the principal amount of this Security at an annual rate of 0.000%, subject to adjustment as provided
below. The Company will pay interest annually on February 16 of each year (each such day, an “Interest Payment Date”).
If any Interest Payment Date, redemption date or maturity date of this Security is not a Business Day, then payment of interest
or principal (and premium, if any) shall be made on the next succeeding Business Day with the same force and effect as if made
on the date such payment was due, and no interest shall accrue for the period after such date to the next succeeding Business Day.
Interest on the Securities will accrue from the most recent date to which interest has been paid or duly provided for or, if no
interest has been paid, from the date of issuance; provided that, if there is no existing Default in the payment of interest, and
if this Security is authenticated between a regular record date referred to on the face hereof and the next succeeding Interest
Payment Date, interest shall accrue from such next succeeding Interest Payment Date; and provided, further, that the first Interest
Payment Date shall be February 16, 2022. The day count convention is ACTUAL/ACTUAL (ICMA), as defined in the rulebook of the
International Capital Markets Association. In certain circumstances, liquidated damages may be payable as provided in Section 6.01
of the Base Indenture. Any such liquidated damages shall be payable in the same manner and on the same dates as the stated interest
payable on this Security.

 

“Business Day” means
any day that is not a Saturday or Sunday and that, in the City of New York, London or Luxembourg, is not a day on which (i) banking
institutions are authorized or obligated by law or executive order to close and (ii) the Trans-European Automated Real-time
Gross Settlement Express Transfer System, or any successor thereto, does not operate.

 

    A-6

     

    

 

2.  Method of Payment.  The
Company will pay interest on the Securities (except defaulted interest), if any, to the persons in whose name such Securities are
registered at the close of business on the regular record date referred to on the facing page of this Security for such interest
installment. In the event that the Securities or a portion thereof are called for redemption and the Make-Whole Redemption Date
or Par Redemption Date, as applicable, is subsequent to a regular record date with respect to any Interest Payment Date and prior
to such Interest Payment Date, interest on such Securities will be paid upon presentation and surrender of such Securities as provided
in the Indenture. The principal of and the interest and Additional Amounts, if any, on the Securities shall be payable in euros,
at the office or agency of the Company maintained for that purpose in accordance with the Indenture.

 

If the euro is unavailable to the Company
or Parent due to the imposition of exchange controls or other circumstances beyond the Company’s or Parent’s control
or if the euro is no longer being used by the then member states of the European Economic and Monetary Union that have adopted
the euro as their currency or for the settlement of transactions by public institutions of or within the international banking
community, then all payments in respect of the Securities shall be made in U.S. dollars until the euro is again available to the
Company or Parent or so used. The amount payable on any date in euro shall be converted to U.S. dollars on the basis of the then
most recently available market exchange rate for euro. Any payment in respect of the Securities so made in U.S. dollars will not
constitute an Event of Default under the Securities, the Base Indenture or this Seventeenth Supplemental Indenture. Neither the
Trustee nor the Paying Agent shall be responsible for obtaining exchange rates, effecting conversions or otherwise handling redenominations.

 

3.  Paying
Agent and Registrar.  Initially, Deutsche Bank Trust Company Americas, the Trustee, will act as paying agent and
Security Registrar. The Company may change or appoint any Paying Agent or Security Registrar without notice to any Holder.
Parent, the Company or any of their Subsidiaries may act in any such capacity. For purposes of the Securities, the initial place
of payment shall be the Corporate Trust Office.

 

4.  Indenture.  The
terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act of 1939 (“TIA”) as in effect on the date the Indenture is qualified. The Securities are subject to all such terms,
and Holders are referred to the Indenture and TIA for a statement of such terms. The Securities are unsecured general obligations
of the Company and constitute the series designated on the face hereof as the “0.000% Senior Notes due 2029”, initially
limited to €550,000,000 in aggregate principal amount. The Company will furnish to any Holder upon written request and without
charge a copy of the Base Indenture and the Seventeenth Supplemental Indenture. Requests may be made to: Tyco Electronics Group
S.A., 46 Place Guillaume II, L-1648 Luxembourg, Attention: The Managing Directors.

 

    A-7

     

    

 

5.  Optional
Redemption.  The Securities will be subject to redemption at the option of the Company on any date (the “Make-Whole
Redemption Date”) prior to November 16, 2028 (three months prior to the maturity date) (the “Par-Call Date”),
in whole or from time to time in part, in €1,000 increments (provided that any remaining principal amount thereof shall
be at least the minimum authorized denomination thereof), on written notice given to the Holders thereof not less than 10
days nor more than 90 days prior to the Make-Whole Redemption Date at a redemption price equal to the greater of (i) 100%
of the principal amount of such Securities to be redeemed and (ii) an amount equal to the sum of the present values of the
remaining scheduled payments of principal and interest thereon due on any date after the Make-Whole Redemption Date, assuming that
the Securities matured on the Par-Call Date (based on the original interest and excluding the portion of interest that will be
accrued and unpaid to and including the Make-Whole Redemption Date) discounted to the Make-Whole Redemption Date on an annual basis
(ACTUAL/ACTUAL (ICMA)) at the Comparable Government Bond Rate plus 15 basis points, plus, in either the case of clause (i) or
clause (ii), accrued and unpaid interest thereon to but excluding the Make-Whole Redemption Date. In addition, the Securities will
be subject to redemption at the option of the Company on any date (a “Par Redemption Date”) on or after the Par-Call
Date, in whole or from time to time in part, in €1,000 increments (provided that any remaining principal amount thereof shall
be at least the minimum authorized denomination thereof), on written notice given to the Holders thereof not less than 10 days
nor more than 90 days prior to the Par Redemption Date at a redemption price equal to 100% of the principal amount of the Securities
to be redeemed (the “Par Redemption Price”), plus accrued and unpaid interest and Special Interest, if any, thereon
to but excluding the Par Redemption Date. This Security is also subject to redemption to the extent provided in Article XIV
of the Indenture.

 

Any
notice of redemption delivered to Holders pursuant to the terms of this Security, the Base Indenture and the Seventeenth
Supplemental Indenture may be subject to the satisfaction of one or more conditions precedent established by the Company in its
discretion. If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or
portions of Securities shall cease to accrue on and after the Make-Whole Redemption Date or Par Redemption Date, as applicable,
unless the Company shall default in the payment of such Make-Whole Redemption Price or Par Redemption Price, as applicable, and
accrued interest with respect to any such Security or portion thereof.

 

The Company shall not be required to make
mandatory redemption or sinking fund payments with respect to the Securities.

 

6.  Change
of Control Triggering Event. Upon the occurrence of a Change of Control Triggering Event, unless the Company has exercised
its right to redeem this Security, the Holder will have the right to require that the Company purchase all or a portion, in €1,000
increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof),
of this Security at a purchase price equal to 101% of the principal amount hereof plus accrued and unpaid interest, if any, to
the date of purchase. Within 30 days following the date upon which the Change of Control Triggering Event occurred, or at the Company’s
option, prior to any Change of Control, but after the public announcement of the Change of Control, the Company shall send, by
first class mail, a notice to each Holder, with a copy to the Trustee, which notice shall govern the terms of the Change of Control
Offer.

 

7.  Denominations,
Transfer, Exchange.  The Securities are in registered form without coupons in minimum denominations of €100,000
or any integral multiple of €1,000 in excess thereof. The transfer of Securities may be registered and Securities may be exchanged
as provided in the Indenture. The Securities may be presented for exchange or for registration of transfer (duly endorsed or with
the form of transfer endorsed thereon duly executed if so required by the Company or the Security Registrar) at the office of the
Security Registrar or at the office of any transfer agent designated by the Company for such purpose (or otherwise in accordance
with applicable procedures of Euroclear and Clearstream). No service charge will be made for any registration of transfer or exchange,
but a Holder may be required to pay any applicable taxes or other governmental charges. If the Securities are to be redeemed,
the Company will not be required to: (i) issue, register the transfer of, or exchange any Security during a period beginning
at the opening of business 15 days before the day of mailing of a notice of redemption of less than all of the Outstanding Securities
of the same series and ending at the close of business on the day of such mailing; (ii) register the transfer of or exchange
any Security of any series or portions thereof selected for redemption, in whole or in part, except the unredeemed portion of any
such Security being redeemed in part; nor (iii) register the transfer of or exchange a Security of any series between the
applicable record date and the next succeeding Interest Payment Date.

 

    A-8

     

    

 

8.  Persons
Deemed Owners.  The registered Holder may be treated as its owner for all purposes.

 

9.  Repayment to Parent or the Company. Any funds or Governmental Obligations deposited with any Paying Agent or the Trustee,
or then held by Parent or the Company, in trust for payment of principal of, premium, if any, or interest on the Securities of
a particular series that are not applied but remain unclaimed by the Holders of such Securities for at least one year after the
date upon which the principal of, premium, if any, or interest on such Securities shall have respectively become due and payable,
shall be repaid to Parent or the Company, as applicable, or (if then held by Parent or the Company) shall be discharged from such
trust. After return to the Company or Parent, Holders entitled to the money or securities must look to the Company or Parent,
as applicable, for payment as unsecured general creditors.

 

10.  Amendments,
Supplements and Waivers.  The Base Indenture contains provisions permitting the Company, Parent and the Trustee,
with the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities to enter
into supplemental indentures for the purpose of adding, changing or eliminating any provisions to the Base Indenture or supplemental
indenture or indentures or of modifying in any manner not covered elsewhere in the Base Indenture the rights of the Holders of
the Securities of such series; provided, however, that no such supplemental indenture, without the consent of the
Holders of each Security then Outstanding and affected thereby, shall: (i) extend a fixed maturity of or any installment of
principal of any Securities of any series or reduce the principal amount thereof, or reduce the amount of principal of any original
issue discount security that would be due and payable upon declaration of acceleration of the maturity thereof; (ii) reduce
the rate of or extend the time for payment of interest of any Security of any series; (iii) reduce the premium payable upon
the redemption of any Security; (iv) make any Security payable in Currency other than that stated in the Security; (v) impair
the right to institute suit for the enforcement of any payment on or after the fixed maturity thereof (or in the case or redemption,
on or after the redemption date); or (vi) reduce the percentage of Securities, the Holders of which are required to consent
to any such supplemental indenture or indentures. The Base Indenture also contains provisions permitting the Holders of not less
than a majority in aggregate principal amount of the Outstanding Securities of each series affected thereby, on behalf of all of
the Holders of the securities of such series, to waive any past Default under the Base Indenture, and its consequences, except
a Default in the payment of the principal of, premium, if any, or interest on any security of such series or a Default in respect
of a covenant or provision of the Base Indenture that cannot be modified or amended without the consent of the Holder of each Outstanding
Security of such affected series. Any such consent or waiver by the registered Holder shall be conclusive and binding upon
such Holder and upon all future Holders and owners of this Security and of any Security issued in exchange for this Security or
in place hereof (whether by registration of transfer or otherwise), irrespective of whether or not any notation of such consent
or waiver is made upon this Security.

 

    A-9

     

    

 

11.  Defaults
and Remedies.  If an Event of Default with respect to the securities of a series issued pursuant to the Base Indenture
occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the Securities of such series
then Outstanding, by notice in writing to the Company and Parent (and to the Trustee if notice is given by such Holders),
may declare the unpaid principal of, premium, if any, and accrued interest, if any, due and payable immediately. Subject to the
terms of the Indenture, if an Event of Default under the Indenture shall occur and be continuing, the Trustee will be under no
obligation to exercise any of its rights or powers under the Indenture at the request or direction of any of the Holders, unless
such Holders have offered the Trustee indemnity satisfactory to it. Upon satisfaction of certain conditions set forth in the Indenture,
the Holders of a majority in principal amount of the Outstanding Securities of a series issued pursuant to the Base Indenture will
have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred on the Trustee, with respect to the Securities of such series.

 

12.  Trustee, Paying Agent and Security
Registrar May Hold Securities. The Trustee, subject to certain limitations imposed by the TIA, or any Paying Agent or
Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights
it would have if it were not Trustee, Paying Agent or Security Registrar.

 

13.  No Recourse Against Others.  No
recourse under or upon any obligation, covenant or agreement of the Indenture, or of any Security, or for any claim based thereon
or otherwise in respect hereof or thereof, shall be had against any incorporator, stockholder, officer or director, past, present
or future as such, of Parent or the Company or of any predecessor or successor corporation, either directly or through Parent or
the Company or any such predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law,
or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that the Indenture and the obligations
issued hereunder and thereunder are solely corporate obligations, and that no such personal liability whatever shall attach to,
or is or shall be incurred by, the incorporators, shareholders, officers or directors as such, of Parent or the Company or of any
predecessor or successor corporation, or any of them, because of the creation of the indebtedness authorized by the Indenture,
or under or by reason of the obligations, covenants or agreements contained in the Indenture or in the Securities or implied therefrom;
and that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or
statute, of, and any and all such rights and claims against, every such incorporator, shareholder, officer or director as such,
because of the creation of the indebtedness authorized by the Indenture, or under or by reason of the obligations, covenants or
agreements contained in the Indenture or in the Securities or implied therefrom, are hereby expressly waived and released as a
condition of, and as a consideration for, the acceptance of the Securities.

 

    A-10

     

    

 

14.  Discharge of Indenture.  The
Indenture contains certain provisions pertaining to defeasance, which provisions shall for all purposes have the same effect as
if set forth herein.

 

15.  Authentication.  This
Security shall not be valid until the Trustee signs the certificate of authentication attached to the other side of this Security.

 

16.  Guarantee. All payments by the
Company under the Indenture and this Security are fully and unconditionally guaranteed to the Holder of this Security by Parent,
as provided in the related Guarantee and the Indenture.

 

17.  Additional Amounts. The Company
and Parent are obligated to pay Additional Amounts on this Security to the extent provided in Article XIV of the Indenture.

 

18.  Abbreviations.  Customary
abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants
by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A
(= Uniform Gifts to Minors Act).

 

19.  Governing Law.  The
Base Indenture, the Seventeenth Supplemental Indenture and this Security (and the Guarantee hereon) shall be deemed to be a contract
made under the internal laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said
State.

 

    A-11

     

    

 

ASSIGNMENT FORM

 

To assign this Security, fill in the form
below: (I) or (we) assign and transfer this Security to

 

 

(Insert assignee’s soc. sec. or tax
I.D. no.)

 

 

 

 

 

 

 

 

(Print or type assignee’s name, address
and zip code)

 

and irrevocably appoint___________________________________________________________ agent
to transfer this Security on the books of the Company. The agent may substitute another to act for him.

 

 

 

	Date: _________________	 	 	 
	 	 	 	 
	 	 	Your Signature:	 
	 	 	(Sign exactly as your name appears on the face of this Security)
	 	 	 	 
	 	 	 	 
	Signature Guarantee:	 	 	 	 

 

    A-12

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Security
purchased by the Company pursuant to Section 1.5(3) of the Seventeenth Supplemental Indenture, check the box:

 

1.5(3) Change of Control Triggering
Event

 

If you want to elect to have only part of
this Security purchased by the Company pursuant to Section 1.5(3) of the Seventeenth Supplemental Indenture, state the
amount: €__________.

 

	Date:  ________________	Your Signature:
	   	(Sign exactly as your name appears on the other side of the Security)

 

	 	Tax I.D. number	 
	 	 
	 	 
	Signature Guarantee:	 	 
	     	(Signature must be guaranteed by a  participant in a recognized signature guarantee medallion program)creditagreementexhibit10

Execution Version    CREDIT AGREEMENT  Dated as of February 9, 2021  among  ENCORE WIRE CORPORATION,  as the Borrower,  The Guarantors Party Hereto From Time to Time,  BANK OF AMERICA, N.A.,  as Administrative Agent, Swingline Lender and L/C Issuer,  WELLS FARGO BANK, NATIONAL ASSOCIATION,  as Syndication Agent  And  THE LENDERS PARTY HERETO  BOFA SECURITIES, INC.,  as Sole Lead Arranger and Sole Bookrunner    

 

  ii  TABLE OF CONTENTS  Page  ARTICLE I DEFINITIONS AND ACCOUNTING TERMS ................................................... 1    Defined Terms .........................................................................................................1    Other Interpretive Provisions .................................................................................31    Accounting Terms ..................................................................................................32    Rounding ................................................................................................................33    Times of Day..........................................................................................................33    Letter of Credit Amounts .......................................................................................33    Rates .......................................................................................................................33  ARTICLE II COMMITMENTS AND CREDIT EXTENSIONS .......................................... 33    Loans ......................................................................................................................33    Borrowings, Conversions and Continuations of Loans .........................................33    Letters of Credit .....................................................................................................35    Swingline Loans.....................................................................................................46    Prepayments ...........................................................................................................49    Termination or Reduction of Commitments ..........................................................50    Repayment of Loans ..............................................................................................51    Interest and Default Rate .......................................................................................51    Fees ........................................................................................................................52    Computation of Interest and Fees; Retroactive Adjustments of Applicable  Rate ........................................................................................................................53    Evidence of Debt....................................................................................................53    Payments Generally; Administrative Agent’s Clawback ......................................54    Sharing of Payments by Lenders ...........................................................................56    Cash Collateral .......................................................................................................57    Defaulting Lenders .................................................................................................58    Increase in Revolving Facility ...............................................................................61  ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY .................................. 62    Taxes ......................................................................................................................62    Illegality .................................................................................................................67    Inability to Determine Rates ..................................................................................68    Increased Costs; Reserves on Eurodollar Rate Loans ............................................72    Compensation for Losses .......................................................................................73    Mitigation Obligations; Replacement of Lenders ..................................................74    Survival ..................................................................................................................74  ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS ........................ 75    Conditions of Initial Credit Extension ...................................................................75    Conditions to all Credit Extensions .......................................................................76  ARTICLE V REPRESENTATIONS AND WARRANTIES .................................................. 77    Existence, Qualification and Power .......................................................................77  

 

  iii    Authorization; No Contravention ..........................................................................77    Governmental Authorization; Other Consents .......................................................77    Binding Effect ........................................................................................................77    Financial Statements; No Material Adverse Effect ...............................................78    Litigation ................................................................................................................78    No Default ..............................................................................................................78    Ownership of Property ...........................................................................................79    Environmental Matters...........................................................................................79    Insurance ................................................................................................................79    Taxes ......................................................................................................................79    ERISA Compliance ................................................................................................79    Subsidiaries; Equity Interests .................................................................................80    Margin Regulations; Investment Company Act ....................................................81    Disclosure ..............................................................................................................81    Compliance with Laws ..........................................................................................81    Intellectual Property; Licenses, Etc .......................................................................81    Solvency .................................................................................................................82    Affected Financial Institutions ...............................................................................82    Covered Entities .....................................................................................................82    Beneficial Ownership Certification .......................................................................82    Labor ......................................................................................................................82    Sanctions Concerns and Anti-Corruption Laws ....................................................82  ARTICLE VI AFFIRMATIVE COVENANTS ....................................................................... 83    Financial Statements ..............................................................................................83    Certificates; Other Information ..............................................................................84    Notices ...................................................................................................................86    Payment of Taxes ...................................................................................................86    Preservation of Existence, Etc ...............................................................................86    Maintenance of Properties .....................................................................................87    Maintenance of Insurance ......................................................................................87    Compliance with Laws ..........................................................................................87    Books and Records ................................................................................................87    Inspection Rights ...................................................................................................87    Use of Proceeds ......................................................................................................88    Covenant to Guarantee Obligations .......................................................................88    Anti-Corruption Laws; Sanctions ..........................................................................88  ARTICLE VII NEGATIVE COVENANTS ............................................................................. 88    Liens .......................................................................................................................88    Indebtedness ...........................................................................................................89    Investments ............................................................................................................90    Fundamental Changes ............................................................................................91    Dispositions............................................................................................................91    Restricted Payments ...............................................................................................92    Change in Nature of Business ................................................................................92    Transactions with Affiliates ...................................................................................93  

 

  iv    Burdensome Agreements .......................................................................................93    Use of Proceeds ......................................................................................................93    Financial Covenants ...............................................................................................94    Amendments of Organization Documents; Legal Name Change ..........................94    Prepayments, Etc. of Indebtedness ........................................................................94    Amendments to Section 7.02(e) Indebtedness .......................................................94    Sanctions ................................................................................................................94    Anti-Corruption Laws ............................................................................................94  ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES ................................................ 95    Events of Default ...................................................................................................95    Remedies Upon Event of Default ..........................................................................97    Application of Funds..............................................................................................98  ARTICLE IX ADMINISTRATIVE AGENT ........................................................................... 99    Appointment and Authority ...................................................................................99    Rights as a Lender ..................................................................................................99    Exculpatory Provisions ........................................................................................100    Reliance by Administrative Agent .......................................................................101    Delegation of Duties ............................................................................................101    Resignation of Administrative Agent ..................................................................102    Non-Reliance on Administrative Agent, the Arranger and the Other  Lenders .................................................................................................................103    No Other Duties, Etc ............................................................................................104    Administrative Agent May File Proofs of Claim; Credit Bidding .......................104    Guaranty Matters .................................................................................................105    Certain ERISA Matters ........................................................................................105  ARTICLE X CONTINUING GUARANTY ........................................................................... 107    Guaranty ...............................................................................................................107    Rights of Lenders .................................................................................................107    Certain Waivers ...................................................................................................107    Obligations Independent ......................................................................................108    Subrogation ..........................................................................................................108    Termination; Reinstatement .................................................................................108    Stay of Acceleration .............................................................................................109    Condition of Borrower .........................................................................................109    Appointment of Borrower ....................................................................................109    Right of Contribution ...........................................................................................109    Keepwell ..............................................................................................................109  ARTICLE XI MISCELLANEOUS ......................................................................................... 110    Amendments, Etc .................................................................................................110    Notices; Effectiveness; Electronic Communication ............................................112    No Waiver; Cumulative Remedies; Enforcement ................................................115    Expenses; Indemnity; Damage Waiver ................................................................115    Payments Set Aside..............................................................................................117  

 

  v    Successors and Assigns ........................................................................................118    Treatment of Certain Information; Confidentiality ..............................................123    Right of Setoff......................................................................................................125    Interest Rate Limitation .......................................................................................125    Counterparts; Integration; Effectiveness ..............................................................126    Survival of Representations and Warranties ........................................................126    Severability ..........................................................................................................126    Replacement of Lenders ......................................................................................127    Governing Law; Jurisdiction; Etc ........................................................................128    Waiver of Jury Trial .............................................................................................129    Subordination .......................................................................................................129    No Advisory or Fiduciary Responsibility ............................................................130    Electronic Execution; Electronic Records ...........................................................131    USA Patriot Act Notice .......................................................................................132    Acknowledgement and Consent to Bail-In of Affected Financial  Institutions............................................................................................................132    Acknowledgement Regarding Any Supported QFCs ..........................................133    ENTIRE AGREEMENT ......................................................................................133  BORROWER PREPARED SCHEDULES  Schedule 1.01(c) Responsible Officers  Schedule 5.12  Pension Plans  Schedule 5.13  Subsidiaries; Equity Investments  Schedule 7.01  Existing Liens  ADMINISTRATIVE AGENT PREPARED SCHEDULES  Schedule 1.01(a) Certain Addresses for Notices  Schedule 1.01(b) Initial Commitments and Applicable Percentages  Schedule 1.01(d) Existing Letters of Credit  Schedule 2.01 Swingline Commitments  EXHIBITS  Exhibit A Form of Administrative Questionnaire  Exhibit B Form of Assignment and Assumption  Exhibit C Form of Compliance Certificate  Exhibit D Form of Joinder Agreement  Exhibit E Form of Loan Notice  Exhibit F Form of Revolving Note  Exhibit G Form of Swingline Loan Notice  Exhibit H Form of Officer’s Certificate  Exhibit I Forms of U.S. Tax Compliance Certificates  Exhibit J Form of Financial Condition Certificate  Exhibit K Form of Notice of Loan Prepayment  

 

  1  CREDIT AGREEMENT  This CREDIT AGREEMENT (“Agreement”) is entered into as of February 9, 2021, among  ENCORE WIRE CORPORATION, a Delaware corporation (the “Borrower”), the Guarantors (as  defined herein) from time to time party hereto, the Lenders (defined herein), and BANK OF  AMERICA, N.A., as Administrative Agent, Swingline Lender and L/C Issuer.  PRELIMINARY STATEMENTS:  WHEREAS, the Borrower has requested that the Lenders, the Swingline Lender and the  L/C Issuer make loans and other financial accommodations to the Loan Parties in an aggregate  amount of up to $200,000,000.  WHEREAS, the Lenders, the Swingline Lender and the L/C Issuer have agreed to make  such loans and other financial accommodations to the Loan Parties on the terms and subject to the  conditions set forth herein.  NOW THEREFORE, in consideration of the mutual covenants and agreements herein  contained, the parties hereto covenant and agree as follows:  ARTICLE I    DEFINITIONS AND ACCOUNTING TERMS   Defined Terms.  As used in this Agreement, the following terms shall have the meanings set forth below:  “Acquisition” means the acquisition, whether through a single transaction or a series of  related transactions, of (a) a majority of the Voting Stock or other controlling ownership interest  in another Person (including the purchase of an option, warrant or convertible or similar type  security to acquire such a controlling interest at the time it becomes exercisable by the holder  thereof), whether by purchase of such equity or other ownership interest or upon the exercise of  an option or warrant for, or conversion of securities into, such equity or other ownership interest,  or (b) assets of another Person which constitute all or substantially all of the assets of such Person  or of a division, line of business or other business unit of such Person.  “Administrative Agent” means Bank of America in its capacity as administrative agent  under any of the Loan Documents, or any successor administrative agent.  “Administrative Agent’s Office” means the Administrative Agent’s address and, as  appropriate, account as set forth on Schedule 1.01(a), or such other address or account as the  Administrative Agent may from time to time notify to the Borrower and the Lenders.  “Administrative Questionnaire” means an Administrative Questionnaire in substantially  the form of Exhibit A or any other form approved 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.  “Aggregate Commitments” means the aggregate Commitments of all the Lenders.  The  Aggregate Commitments as of the Closing Date are $200,000,000.  “Agreement” means this Credit Agreement, including all schedules, exhibits and annexes  hereto.  “Applicable Law” means, as to any Person, all applicable Laws binding upon such Person  or to which such a Person is subject.  “Applicable Percentage” means, with respect to any Revolving Lender at any time, the  percentage (carried out to the ninth decimal place) of the Revolving Facility represented by such  Revolving Lender’s Revolving Commitment at such time, subject to adjustment as provided in  Section 2.15.  If the Commitment of all of the Revolving Lenders to make Revolving Loans and  the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to  Section 8.02, or if the Revolving Commitments have expired, then the Applicable Percentage of  each Revolving Lender in respect of the Revolving Facility shall be determined based on the  Applicable Percentage of such Revolving Lender most recently in effect, giving effect to any  subsequent assignments and to any Lender’s status as a Defaulting Lender at the time of  determination.  The Applicable Percentage of each Lender in respect of each Facility is set forth  opposite the name of such Lender on Schedule 1.01(b) or in the Assignment and Assumption  pursuant to which such Lender becomes a party hereto, as applicable.  “Applicable Rate” means, for any day, the rate per annum set forth below opposite the  applicable Level then in effect (based on the Leverage Ratio), it being understood that the  Applicable Rate for (a) Revolving Loans that are Base Rate Loans shall be the percentage set forth  under the column “Base Rate”, (b) Revolving Loans that are Eurodollar Rate Loans shall be the  percentage set forth under the column “Eurodollar Rate & Standby Letter of Credit Fee”, (c) the  Commercial Letter of Credit Fee shall be the percentage set forth under the column “Commercial  Letter of Credit Fee”, (d) the Standby Letter of Credit Fee shall be the percentage set forth under  the column “Eurodollar Rate & Standby Letter of Credit Fee”, and (e) the Commitment Fee shall  be the percentage set forth under the column “Commitment Fee”:   Applicable Rate  Level Leverage Ratio  Commercial  Letter of  Credit Fee  Eurodollar  Rate &  Standby Letter  of Credit Fee  Base Rate  Commitment  Fee  1 ≤ 0.75:  1.00 0.75000% 1.000% 0.00% 0.200%  2  ≤ 1.50:  1.00 but  > 0.75:  1.00  0.84375%  1.125% 0.00% 0.250%  

 

  3  3  ≤ 2.25:  1.00 but  > 1.50:  1.00  1.03125%  1.375% 0.00% 0.275%  4  ≤ 3.00:  1.00 but  > 2.25:  1.00  1.21875%  1.625% 0.125% 0.300%  5 > 3.00:  1.00 1.40625% 1.875% 0.375% 0.325%    Any increase or decrease in the Applicable Rate resulting from a change in the Leverage  Ratio shall become effective as of the first Business Day immediately following the date a  Compliance Certificate is delivered pursuant to Section 6.02(a); provided, however, that if a  Compliance Certificate is not delivered when due in accordance with Section 6.02(a), then, upon  the request of the Required Lenders, Pricing Level 5 shall apply, in each case as of the first  Business Day after the date on which such Compliance Certificate was required to have been  delivered and in each case shall remain in effect until the date on which such Compliance  Certificate is delivered.  Notwithstanding anything to the contrary contained in this definition, (i) the determination  of the Applicable Rate for any period shall be subject to the provisions of Section 2.10(b) and  (ii) the initial Applicable Rate shall be set at Pricing Level 1 until the first Business Day  immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a)  for the first Fiscal Quarter to occur following the Closing Date to the Administrative Agent.  Any  adjustment in the Applicable Rate shall be applicable to all Credit Extensions then existing or  subsequently made or issued.  “Applicable Revolving Percentage” means with respect to any Revolving Lender at any  time, such Revolving Lender’s Applicable Percentage in respect of the Revolving Facility at such  time.  “Appropriate Lender” means, at any time, (a) with respect to the Revolving Facility, a  Revolving Lender that has a Revolving Commitment or holds a Revolving Loan, (b) with respect  to the Letter of Credit Sublimit, (i) the L/C Issuer and (ii) if any Letters of Credit have been issued  pursuant to Section 2.03, the Revolving Lenders and (c) with respect to the Swingline Sublimit,  (i) the Swingline Lender and (ii) if any Swingline Loans are outstanding pursuant to  Section 2.04(a), the Revolving Lenders.  “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an  Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a  Lender.  “Arranger” means BofA Securities, Inc., in its capacity as sole lead arranger and sole  bookrunner.  “Assignment and Assumption” means an assignment and assumption entered into by a  Lender and an Eligible Assignee (with the consent of any party whose consent is required by  Section 11.06(b)), and accepted by the Administrative Agent, in substantially the form of  Exhibit B or any other form (including an electronic documentation form generated by use of an  electronic platform) approved by the Administrative Agent.  

 

  4  “Attributable Indebtedness” means, on any date, (a) in respect of any Capitalized Lease of  any Person, the capitalized amount thereof that would appear on a balance sheet of such Person  prepared as of such date in accordance with GAAP and (b) in respect of any Synthetic Lease  Obligation, the capitalized amount of the remaining lease or similar payments under the relevant  lease or other applicable agreement or instrument that would appear on a balance sheet of such  Person prepared as of such date in accordance with GAAP if such lease or other agreement or  instrument were accounted for as a Capitalized Lease.  “Audited Financial Statements” means the audited Consolidated balance sheet of the  Borrower and its Subsidiaries for the Fiscal Year ended December 31, 2019, and the related  Consolidated statements of income or operations, Shareholders’ Equity and cash flows for such  Fiscal Year of the Borrower and its Subsidiaries, including the notes thereto.  “Auto-Extension Letter of Credit” has the meaning specified in Section 2.03(b).  “Availability Period” means the period from and including the Closing Date to the earliest  of (i) the Maturity Date, (ii) the date of termination of the Revolving Commitments pursuant to  Section 2.06, and (iii) the date of termination of the Commitment of each Revolving Lender to  make Revolving Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions  pursuant to Section 8.02.  “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the  applicable Resolution Authority in respect of any liability of an Affected Financial Institution.  “Bail-In Legislation” means, (a) with respect to any EEA Member Country implementing  Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European  Union, the implementing law, rule, regulation or requirement for such EEA Member Country from  time to time which is described in the EU Bail-In Legislation Schedule, and (b) with respect to the  United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time)  and any other law, regulation or rule applicable in the United Kingdom relating to the resolution  of unsound or failing banks, investment firms or other financial institutions or their affiliates (other  than through liquidation, administration or other insolvency proceedings).  “Bank of America” means Bank of America, N.A. and its successors.  “Base Rate” means for any day a fluctuating rate of interest per annum equal to the highest  of (a) the Federal Funds Rate plus 0.50%, (b) the rate of interest in effect for such day as publicly  announced from time to time by Bank of America as its “prime rate,” and (c) the Eurodollar Rate  plus 1.00%; provided that if the Base Rate shall be less than zero, such rate shall be deemed zero  for purposes of this Agreement.  The “prime rate” is a rate set by Bank of America based upon  various factors including Bank of America’s costs and desired return, general economic conditions  and other factors, and is used as a reference point for pricing some loans, which may be priced at,  above, or below such announced rate.  Any change in such prime rate announced by Bank of  America shall take effect at the opening of business on the day specified in the public  announcement of such change.  If the Base Rate is being used as an alternate rate of interest  pursuant to Section 3.03 hereof, then the Base Rate shall be the greater of clauses (a) and (b) above  and shall be determined without reference to clause (c) above.  

 

  5  “Base Rate Loan” means a Revolving Loan that bears interest based on the Base Rate.  “Beneficial Ownership Certification” means a certification regarding beneficial ownership  required by the Beneficial Ownership Regulation.  “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.  “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is  subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or  (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for  purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit  plan” or “plan”.  “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.  “Borrower” has the meaning specified in the introductory paragraph hereto.  “Borrower Materials” has the meaning specified in Section 6.02.  “Borrowing” means a Revolving Borrowing or a Swingline Borrowing, as the context may  require.  “Business Day” means any day other than a Saturday, Sunday or other day on which  commercial banks are authorized to close under the Laws of, or are in fact closed in, the state  where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate  Loan, means any such day that is also a London Banking Day.  “Capitalized Lease” means any lease that has been or is required to be, in accordance with  GAAP, recorded, classified and accounted for as a capitalized lease or financing lease.  “Cash Collateralize” means to pledge and deposit with or deliver to the Administrative  Agent, for the benefit of one or more of the L/C Issuer or Swingline Lender (as applicable) or the  Lenders, as collateral for L/C Obligations, the Obligations in respect of Swingline Loans, or  obligations of the Revolving Lenders to fund participations in respect of L/C Obligations or  Swingline Loans (as the context may require), (a) cash or deposit account balances, (b) backstop  letters of credit entered into on terms, from issuers and in amounts satisfactory to the  Administrative Agent and the L/C Issuer, and/or (c) if the Administrative Agent and the L/C Issuer  or Swingline Lender shall agree, in their sole discretion, other credit support, in each case, in  Dollars and pursuant to documentation in form and substance reasonably satisfactory to the  Administrative Agent and the L/C Issuer or the Swingline Lender (as applicable).  “Cash  Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such  Cash Collateral and other credit support.  “Cash Management Agreement” means any agreement that is not prohibited by the terms  hereof to provide treasury or cash management services, including deposit accounts, overnight  draft, credit cards, debit cards, p-cards (including purchasing cards and commercial cards), funds  transfer, automated clearinghouse, zero balance accounts, returned check concentration, controlled  

 

  6  disbursement, lockbox, account reconciliation and reporting and trade finance services and other  cash management services.  “Cash Management Bank” means any Person in its capacity as a party to a Cash  Management Agreement that, at the time it enters into a Cash Management Agreement with a Loan  Party or any Subsidiary, is a Lender or an Affiliate of a Lender, in its capacity as a party to such  Cash Management Agreement (even if such Person ceases to be a Lender or such Person’s Affiliate  ceased to be a Lender).  “Change in Law” means the occurrence, after the Closing Date, of any of the following:   (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law,  rule, regulation or treaty or in the administration, interpretation, implementation or application  thereof by any Governmental Authority or (c) the making or issuance of any request, rule,  guideline or directive (whether or not having the force of law) by any Governmental Authority;  provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street  Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder  or issued in connection therewith or in the implementation thereof and (ii) all requests, rules,  guidelines or directives promulgated by the Bank for International Settlements, the Basel  Committee on Banking Supervision (or any successor or similar authority) or the United States or  foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to  be a “Change in Law”, regardless of the date enacted, adopted, issued or implemented.  “Change of Control” means (a) the direct or indirect sale, transfer, conveyance or other  disposition (other than by way of merger or consolidation), in one or a series of related transactions,  of all or substantially all of the properties or assets of the Borrower and its Subsidiaries, taken as  a whole, to any “person” or “group” (as such terms are used for purposes of Sections 13(d) and  14(d) of the Securities Exchange Act, whether or not applicable), (b) any “person” or “group” (as  such terms are used for purposes of Sections 13(d) and 14(d) of the Securities Exchange Act,  whether or not applicable) is or becomes the “beneficial owner”, directly or indirectly, of more  than 40% of the total voting power in the aggregate of all classes of equity interests of the Borrower  then outstanding normally entitled to vote in elections of directors, (c) during any period of 24  consecutive months, individuals who at the beginning of such 24-month period constituted the  board of directors of the Borrower (together with any new directors whose election by such board  of directors or whose nomination for election by the shareholders of the Borrower was approved  by a vote of a majority of the directors then still in office who were either directors at the beginning  of such period or whose election or nomination for election was previously so approved) cease for  any reason to constitute a majority of the board of directors of the Borrower then in office, or  (d) any “Change of Control” as defined in any document, instrument or agreement relating to any  Section 7.02(e) Indebtedness shall occur in respect thereof.  “Closing Date” means the first date all of the conditions precedent in Section 4.01 are  satisfied or waived in accordance with Section 11.01.  “Code” means the Internal Revenue Code of 1986.  “Commitment” means a Revolving Commitment.  

 

  7  “Commitment Fee” has the meaning specified in Section 2.09(a).  “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 specified in Section 11.18(a).  “Compliance Certificate” means a certificate substantially in the form of Exhibit C.  “Connection Income Taxes” means Other Connection Taxes that are imposed on or  measured by net income (however denominated) or that are franchise Taxes or branch profits  Taxes.  “Consolidated” means, when used with reference to financial statements or financial  statement items of the Borrower and its Subsidiaries or any other Person, such statements or items  on a consolidated basis in accordance with the consolidation principles of GAAP.  “Consolidated Net Income” means, at any date of determination, the net income (or loss)  of the Borrower and its Subsidiaries on a Consolidated basis for the most recently completed  Measurement Period.  “Contractual Obligation” means, as to any Person, any provision of any security issued by  such Person or of any agreement, instrument or other undertaking to which such Person is a party  or by which it or any of its property is bound.  “Control” means the possession, directly or indirectly, of the power to direct or cause the  direction of the management or policies of a Person, whether through the ability to exercise voting  power, by contract or otherwise.  “Controlling” and “Controlled” have meanings correlative  thereto.  “Cost of Acquisition” means, with respect to any Acquisition, as at the date of entering into  any agreement therefor, the sum of the following (without duplication):  (a) the value of the Equity  Interests of the Borrower or any Subsidiary to be transferred in connection with such Acquisition,  (b) the amount of any cash and fair market value of other property (excluding property described  in clause (a) and the unpaid principal amount of any debt instrument) given as consideration in  connection with such Acquisition and (c) the amount (determined by using the face amount or the  amount payable at maturity, whichever is greater) of any Indebtedness incurred, assumed or  acquired by the Borrower or any Subsidiary in connection with such Acquisition.  For purposes of  determining the Cost of Acquisition for any transaction, the Equity Interests of the Borrower shall  be valued in accordance with GAAP.  “Covered Entity” means any of the following:  (a) a “covered entity” as that term is defined  in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (b) a “covered bank” as that term is  defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (c) 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 specified in Section 11.21.  

 

  8  “Credit Extension” means each of the following:  (a) a Borrowing and (b) an L/C Credit  Extension.  “Current Maturities of Long-Term Indebtedness” means, for any period, for the Borrower  and its Subsidiaries, on a Consolidated basis, the scheduled principal payments during such period  in respect of Indebtedness having a final maturity date of more than one (1) year (excluding  Indebtedness under this Agreement).  “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other  liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,  rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the  United States or other applicable jurisdictions from time to time in effect.  “Default” means any event or condition that constitutes an Event of Default or that, with  the giving of any notice, the passage of time, or both, would be an Event of Default.  “Default Rate” means (a) with respect to any Obligation for which a rate is specified, a rate  per annum equal to two percent (2%) in excess of the rate otherwise applicable thereto and (b) with  respect to any Obligation for which a rate is not specified or available, a rate per annum equal to  the Base Rate plus the Applicable Rate for Revolving Loans that are Base Rate Loans plus two  percent (2%), in each case, to the fullest extent permitted by Applicable Law.  “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, subject to Section 2.15(b), any Lender that (a) has failed to  (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were  required to be funded hereunder unless such Lender notifies the Administrative Agent and the  Borrower in writing that such failure is the result of such Lender’s determination that one or more  conditions precedent to funding (each of which conditions precedent, together with any applicable  default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the  Administrative Agent, the L/C Issuer, the Swingline Lender or any other Lender any other amount  required to be paid by it hereunder (including in respect of its participation in Letters of Credit or  Swingline Loans) within two (2) Business Days of the date when due, (b) has notified the  Borrower, the Administrative Agent, the L/C Issuer or the Swingline Lender in writing that it does  not intend to comply with its funding obligations hereunder, or has made a public statement to that  effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan  hereunder and states that such position is based on such Lender’s determination that a condition  precedent to funding (which condition precedent, together with any applicable default, shall be  specifically identified in such writing or public statement) cannot be satisfied), (c) has failed,  within three (3) Business Days after written request by the Administrative Agent or the Borrower,  to confirm in writing to the Administrative Agent and the Borrower that it will comply with its  prospective funding obligations hereunder (provided that such Lender shall cease to be a  Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the  Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that  has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it  a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or  

 

  9  similar Person charged with reorganization or liquidation of its business or assets, including the  Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in  such a capacity, or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be  a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that  Lender or any direct or indirect parent company thereof by a Governmental Authority so long as  such ownership interest does not result in or provide such Lender with immunity from the  jurisdiction of courts within the United States or from the enforcement of judgments or writs of  attachment on its assets or permit such Lender (or such Governmental Authority) to reject,  repudiate, disavow or disaffirm any contracts or agreements made with such Lender.  Any  determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or  more of clauses (a) through (d) above, and of the effective date of such status, shall be conclusive  and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender  (subject to Section 2.15(b)) as of the date established therefor by the Administrative Agent in a  written notice of such determination, which shall be delivered by the Administrative Agent to the  Borrower, the L/C Issuer, the Swingline Lender and each other Lender promptly following such  determination.  “Designated Jurisdiction” means any country or territory to the extent that such country or  territory itself is the subject of any Sanction.  “Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition  (including any Sale and Leaseback Transaction) of any property by the Borrower or any  Subsidiary, including any sale, assignment, transfer or other disposal, with or without recourse, of  any notes or accounts receivable or any rights and claims associated therewith.  “Dollar” and “$” mean lawful money of the United States.  “Domestic Subsidiary” means any Subsidiary that is organized under the laws of the United  States, any state thereof or the District of Columbia.  “EBITDA” means, for any period, the sum of the following determined on a Consolidated  basis, without duplication, for the Borrower and its Subsidiaries in accordance with GAAP,  (a) Consolidated Net Income for the most recently completed Measurement Period plus (b) the  following to the extent deducted in calculating such Consolidated Net Income (without  duplication): (i) all interest charges paid or accrued during such period (including any charges  incurred in connection with prepayment of any Section 7.02(e) Indebtedness), (ii) the provision  for federal, state, local and foreign income taxes payable, and (iii) depreciation and amortization  expense.  “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.  

 

  10  “EEA Member Country” means any of the member states of the European Union, Iceland,  Liechtenstein, and Norway.  “EEA Resolution Authority” means any public administrative authority or any Person  entrusted with public administrative authority of any EEA Member Country (including any  delegee) having responsibility for the resolution of any EEA Financial Institution.  “Electronic Copy” has the meaning specified in Section 11.18(a).  “Eligible Assignee” means any Person that meets the requirements to be an assignee under  Section 11.06 (subject to such consents, if any, as may be required under Section 11.06(b)(iii)).  “Environment” means ambient air, indoor air, surface water, groundwater, drinking water,  soil, surface and subsurface strata, and natural resources such as wetland, flora and fauna.  “Environmental Laws” means any and all federal, state, local, and foreign statutes, laws  (including common law), regulations, standards, ordinances, rules, judgments, interpretations,  orders, decrees, permits, agreements or governmental restrictions relating to pollution or the  protection of the Environment, including those relating to the manufacture, generation, handling,  transport, storage, treatment, Release or threat of Release of Hazardous Materials, air emissions  and discharges to waste or public systems.  “Environmental Liability” means any liability, contingent or otherwise (including any  liability for damages, costs of environmental remediation, fines, penalties or indemnities) whether  based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or  common law, directly or indirectly relating to (a) any Environmental Law, (b) the generation, use,  handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure  to any Hazardous Materials, (d) Release or threatened Release of any Hazardous Materials 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, with respect to any Person, all of the shares of capital stock of  (or other ownership or profit interests in) such Person, all of the warrants, options or other rights  for the purchase or acquisition from such Person of shares of capital stock of (or other ownership  or profit interests in) such Person, all of the securities convertible into or exchangeable for shares  of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or  options for the purchase or acquisition from such Person of such shares (or such other interests),  and all of the other ownership or profit interests in such Person (including partnership, member or  trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants,  options, rights or other interests are outstanding on any date of determination.  “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and  the rules and regulations promulgated thereunder.  “ERISA Affiliate” means any trade or business (whether or not incorporated) under  common control with the Borrower within the meaning of Sections 414(b) or (c) of the Code (and  Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the  Code).  

 

  11  “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the  withdrawal of the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063  of ERISA during a plan year in which such entity was a “substantial employer” as defined in  Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under  Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Borrower or any ERISA  Affiliate from a Multiemployer Plan; (d) the filing of a notice of intent to terminate, the treatment  of a Pension Plan amendment as a termination under Section 4041 or 4041A of ERISA; (e) the  institution by the PBGC of proceedings to terminate a Pension Plan; (f) any event or condition  which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment  of a trustee to administer, any Pension Plan; (g) the determination that any Pension Plan is  considered an at-risk plan or a plan in endangered or critical status within the meaning of Sections  430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA; (h) the imposition of any  liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under  Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate or (i) a failure by the Borrower  or any ERISA Affiliate to meet all applicable requirements under the Pension Funding Rules in  respect of a Pension Plan, whether or not waived, or the failure by the Borrower or any ERISA  Affiliate to make any required contribution to a Multiemployer Plan.  “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published  by the Loan Market Association (or any successor person), as in effect from time to time.  “Eurodollar Rate” means:  (a) for any Interest Period with respect to a Eurodollar Rate Loan, the rate per  annum equal to the London Interbank Offered Rate as administered by ICE Benchmark  Administration (or any other Person that takes over the administration of such rate for U.S.  Dollars for a period equal in length to such Interest Period) (“LIBOR”), as published on  the applicable Bloomberg screen page (or such other commercially available source  providing such quotations as may be designated by the Administrative Agent from time to  time) (in such case, the “LIBOR Rate”) at or about 11:00 a.m., London time, two (2)  Business Days prior to the commencement of such Interest Period, for Dollar deposits (for  delivery on the first day of such Interest Period) with a term equivalent to such Interest  Period; and  (b) for any interest calculation with respect to a Base Rate Loan on any date,  the rate per annum equal to the LIBOR Rate, at or about 11:00 a.m., London time, two  (2) London Banking Days prior to such date for Dollar deposits with a term of one (1)  month commencing that day;  provided that, if the Eurodollar Rate shall be less than zero, such rate shall be deemed zero  for purposes of this Agreement.  “Eurodollar Rate Loan” means a Loan that bears interest at a rate based on clause (a) of  the definition of Eurodollar Rate.  “Event of Default” has the meaning specified in Section 8.01.  

 

  12  “Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation  if, and to the extent that, all or a portion of the Guaranty of such Guarantor of, such 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 thereof) by virtue of such Guarantor’s failure for any reason to constitute  an “eligible contract participant” as defined in the Commodity Exchange Act (determined after  giving effect to Section 10.11 and any other “keepwell, support or other agreement” for the benefit  of such Guarantor and any and all guarantees of such Guarantor’s Swap Obligations by other Loan  Parties) at the time the Guaranty of such Guarantor, or grant by such Guarantor of a Lien, becomes  effective with respect to such Swap Obligation.  If a Swap Obligation arises under a Master  Agreement governing more than one Swap Contract, such exclusion shall apply only to the portion  of such Swap Obligation that is attributable to Swap Contracts for which such Guaranty or Lien is  or becomes excluded in accordance with the first sentence of this definition.  “Excluded Taxes” means any of the following Taxes imposed on or with respect to any  Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed  on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes,  in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having  its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction  imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes,  (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for  the account of such Lender with respect to an applicable interest in a Loan or Commitment  pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan  or Commitment (other than pursuant to an assignment request by the Borrower under  Section 11.13) or (ii) such Lender changes its Lending Office, except in each case to the extent  that, pursuant to Sections 3.01(b) or (d), amounts with respect to such Taxes were payable either  to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender  immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure  to comply with Section 3.01(f) and (d) any U.S. federal withholding Taxes imposed pursuant to  FATCA.  “Existing Credit Agreement” means that certain Credit Agreement dated as of  September 27, 2012 among the Borrower, Bank of America, N.A., as Administrative Agent, and  the lenders party thereto, as amended or otherwise modified prior to the Closing Date.  “Existing Letters of Credit” means those certain letters of credit set forth on  Schedule 1.01(d) issued by Bank of America whether or not issued pursuant to the Existing Credit  Agreement.  “Facility” means the Revolving Facility.  “Facility Termination Date” means the date as of which all of the following shall have  occurred:  (a) the Aggregate Commitments have terminated, (b) all Obligations have been paid in  full (other than contingent indemnification obligations), and (c) all Letters of Credit have  terminated or expired (other than Letters of Credit as to which other arrangements with respect  thereto satisfactory to the Administrative Agent and the L/C Issuer shall have been made).  

 

  13  “FASB ASC” means the Accounting Standards Codification of the Financial Accounting  Standards Board.  “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement  (or any amended or successor version that is substantively comparable and not materially more  onerous to comply with), any current or future regulations or official interpretations thereof and  any agreements entered into pursuant to Section 1471(b)(1) of the Code.  “Federal Funds Rate” means, for any day, the rate per annum calculated by the Federal  Reserve Bank of New York based on such day’s federal funds transactions by depository  institutions (as determined in such manner as the Federal Reserve Bank of New York shall set  forth on its public website from time to time) and published on the next succeeding Business Day  by the Federal Reserve Bank of New York as the federal funds effective rate; provided that if the  Federal Funds Rate as so determined would be less than zero, such rate shall be deemed to be zero  for the purposes of this Agreement.  “Fee Letter” means the letter agreement, dated as of even date herewith, between the  Borrower, the Administrative Agent and the Arranger.  “Fiscal Quarter” means a fiscal quarter of any Fiscal Year.  “Fiscal Year” means a fiscal year of the Borrower and its Subsidiaries ending on  December 31 of each calendar year.  “Fixed Charge Coverage Ratio” means, at any date of determination, the ratio of (a) the  sum of (i) EBITDA, minus (ii) provision for income Taxes, minus (iii) Maintenance Capital  Expenditures to (b) the sum of (i) interest charges, plus (ii) Current Maturities of Long-Term  Indebtedness, plus (iii) cash dividends paid by the Borrower, in each case, of or by the Borrower  and its Subsidiaries for the most recently completed Measurement Period.  “Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S.  Person, and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under  the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.  For  purposes of this definition, the United States, each State thereof and the District of Columbia shall  be deemed to constitute a single jurisdiction.  “FRB” means the Board of Governors of the Federal Reserve System of the United States.  “Fronting Exposure” means, at any time there is a Defaulting Lender that is a Revolving  Lender, (a) with respect to the L/C Issuer, such Defaulting Lender’s Applicable Percentage of the  outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s  participation obligation has been reallocated to other Revolving Lenders or Cash Collateralized in  accordance with the terms hereof, and (b) with respect to the Swingline Lender, such Defaulting  Lender’s Applicable Percentage of Swingline Loans other than Swingline Loans as to which such  Defaulting Lender’s participation obligation has been reallocated to other Revolving Lenders or  Cash Collateralized in accordance with the terms hereof  

 

  14  “Fund” means any Person (other than a natural Person or a holding company, investment  vehicle or trust for, or owned and operated for the primary benefit of, a natural Person) that is (or  will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and  similar extensions of credit in the ordinary course of its activities.  “Funded Indebtedness” means the type of Indebtedness described in clauses (a), (b), (d),  and (f) of the definition thereof; provided, however, notwithstanding the above, undrawn letters of  credit in an aggregate face amount not in excess of $20,000,000 shall not be included as “Funded  Indebtedness.”  “GAAP” means generally accepted accounting principles in the United States set forth from  time to time in the opinions and pronouncements of the Accounting Principles Board and the  American Institute of Certified Public Accountants and statements and pronouncements of the  Financial Accounting Standards Board (or agencies with similar functions of comparable stature  and authority within the accounting profession) including, without limitation, the FASB  Accounting Standards Codification, that are applicable to the circumstances as of the date of  determination, consistently applied and subject to Section 1.03.  “Governmental Authority” means the government of the United States or any other nation,  or of any political subdivision thereof, whether state or local, and any agency, authority,  instrumentality, regulatory body, court, central bank or other entity exercising executive,  legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to  government (including, without limitation, any supra-national bodies such as the European Union  or the European Central Bank).  “Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise, of such  Person guaranteeing or having the economic effect of guaranteeing any Indebtedness of the kind  described in clauses (a) through (g) of the definition thereof or other obligation payable or  performable by another Person (the “primary obligor”) in any manner, whether directly or  indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay  (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation,  (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in  respect of such Indebtedness or other obligation of the payment or performance of such  Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other  financial statement condition or liquidity or level of income or cash flow of the primary obligor so  as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into  for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other  obligation of the payment or performance thereof or to protect such obligee against loss in respect  thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any  Indebtedness of the kind described in clauses (a) through (g) of the definition thereof or other  obligation of any other Person, whether or not such Indebtedness or other obligation is assumed  or expressly undertaken by such Person (or any right, contingent or otherwise, of any holder of  such Indebtedness to obtain any such Lien).  The amount of any Guarantee shall be deemed to be  an amount equal to the stated or determinable amount of the related primary obligation, or portion  thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum  reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good  faith.  The term “Guarantee” as a verb has a corresponding meaning.  

 

  15  “Guaranteed Obligations” has the meaning set forth in Section 10.01.  “Guaranteed Parties” means, collectively, the Administrative Agent, the Lenders, the L/C  Issuer, the Indemnitees and each co-agent or sub-agent appointed by the Administrative Agent  from time to time pursuant to Section 9.05.  “Guarantors” means, collectively, (a) each Subsidiary of the Borrower as are or may from  time to time become parties to this Agreement as a guarantor pursuant to Section 6.12, and (b) with  respect to any Swap Obligation of a Specified Loan Party (determined before giving effect to  Sections 10.01 and 10.11) under the Guaranty, the Borrower.  For the avoidance of doubt, as of  the Closing Date there are no Subsidiaries that are Guarantors.  “Guaranty” means the guaranty set forth in Article X.  “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, natural gas, natural gas liquids, asbestos or asbestos-containing materials,  polychlorinated biphenyls, radon gas, toxic mold, infectious or medical wastes and all other  substances, wastes, chemicals, pollutants, contaminants or compounds of any nature in any form  regulated pursuant to any Environmental Law.  “Hedge Bank” means any Person in its capacity as a party to a Swap Contract that, at the  time it enters into a Swap Contract not prohibited under Article VII, is a Lender or an Affiliate of  a Lender, in its capacity as a party to such Swap Contract (even if such Person ceases to be a  Lender or such Person’s Affiliate ceased to be a Lender).  “Impacted Loans” has the meaning assigned to such term in Section 3.03(a).  “Incremental Facility” has the meaning specified in Section 2.16(a).  “Indebtedness” means, as to any Person at a particular time, without duplication, all of the  following, whether or not included as indebtedness or liabilities in accordance with GAAP:  (a) all obligations of such Person for borrowed money and all obligations of  such Person evidenced by bonds, debentures, notes, loan agreements or other similar  instruments;  (b) all direct or contingent obligations of such Person arising under letters of  credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety  bonds and similar instruments;  (c) net obligations of such Person under any Swap Contract;  (d) all obligations of such Person to pay the deferred purchase price of property  or services (other than trade accounts payable in the ordinary course of business and, in  each case, not past due for more than ninety (90) days after the date on which such trade  account payable was created);  

 

  16  (e) indebtedness (excluding prepaid interest thereon) secured by a Lien on  property owned or being purchased by such Person (including indebtedness arising under  conditional sales or other title retention agreements), whether or not such indebtedness  shall have been assumed by such Person or is limited in recourse;  (f) all Attributable Indebtedness in respect of Capitalized Leases and Synthetic  Lease Obligations of such Person;  (g) all obligations of such Person to purchase, redeem, retire, defease or  otherwise make any payment in respect of any Equity Interest in such Person or any other  Person, valued, in the case of a redeemable preferred interest, at the greater of its voluntary  or involuntary liquidation preference plus accrued and unpaid dividends; and  (h) all Guarantees of such Person in respect of any of the foregoing.  For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of  any partnership or joint venture (other than a joint venture that is itself a corporation or limited  liability company) in which such Person is a general partner or a joint venturer, unless such  Indebtedness is expressly made non-recourse to such Person.  The amount of any net obligation  under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof  as of such date.  “Indemnified Taxes” means all (a) Taxes, other than Excluded Taxes, imposed on or with  respect to any payment made by or on account of any obligation of any Loan Party under any Loan  Document and (b) to the extent not otherwise described in clause (a), Other Taxes.  “Indemnitee” has the meaning specified in Section 11.04(b).  “Information” has the meaning specified in Section 11.07(a).  “Interest Payment Date” means, (a) as to any Eurodollar Rate Loan, the last day of each  Interest Period applicable to such Loan and the Maturity Date; provided, however, that if any  Interest Period for a Eurodollar Rate Loan exceeds three (3) months, the respective dates that fall  every three (3) months after the beginning of such Interest Period shall also be Interest Payment  Dates; and (b) as to any Base Rate Loan, the last Business Day of each March, June, September  and December and the Maturity Date.  “Interest Period” means, as to each Eurodollar Rate Loan, the period commencing on the  date such Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate  Loan and ending on the date one (1), two (2), three (3) or six (6) months thereafter (in each case,  subject to availability), as selected by the Borrower in its Loan Notice, or such other period that is  twelve months or less requested by the Borrower and consented to by all of the Appropriate  Lenders; provided that:  (a) any Interest Period that would otherwise end on a day that is not a Business  Day shall be extended to the next succeeding Business Day unless such Business Day falls  in another calendar month, in which case such Interest Period shall end on the next  preceding Business Day;  

 

  17  (b) any Interest Period that begins on the last Business Day of a calendar month  (or on a day for which there is no numerically corresponding day in the calendar month at  the end of such Interest Period) shall end on the last Business Day of the calendar month  at the end of such Interest Period; and  (c) no Interest Period shall extend beyond the Maturity Date.  “Inventory” means all of the Borrower’s inventory now or hereafter owned or acquired,  including raw materials, work in process, finished goods and all other goods held for sale or lease,  wherever located.  “Inventory” also includes returned Inventory.  “Investment” means, as to any Person, any direct or indirect acquisition or investment by  such Person, whether by means of (a) the purchase or other acquisition of Equity Interests of  another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of,  or purchase or other acquisition of any other debt or interest in, another Person (including any  partnership or joint venture interest in such other Person and any arrangement pursuant to which  the investor guaranties Indebtedness of such other Person), or (c) the purchase or other acquisition  (in one transaction or a series of transactions) of assets of another Person which constitute all or  substantially all of the assets of such Person or of a division, line of business or other business unit  of such Person.  For purposes of covenant compliance, the amount of any Investment shall be the  amount actually invested, without adjustment for subsequent increases or decreases in the value of  such Investment.  “IP Rights” has the meaning specified in Section 5.21.  “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.  “ISP” means 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).  “Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit  Application, and any other document, agreement and instrument entered into by the L/C Issuer  and the Borrower (or any Subsidiary) or in favor of the L/C Issuer and relating to such Letter of  Credit.  “Joinder Agreement” means a joinder agreement substantially in the form of Exhibit D  executed and delivered in accordance with the provisions of Section 6.12.  “Laws” means, collectively, all international, foreign, federal, state and local statutes,  treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents  or authorities, including the interpretation or administration thereof by any Governmental  Authority charged with the enforcement, interpretation or administration thereof, and all applicable  administrative orders, directed duties, requests, licenses, authorizations and permits of, and  

 

  18  agreements with, any Governmental Authority, in each case whether or not having the force of  law.  “L/C Advance” means, with respect to each Revolving Lender, such Lender’s funding of  its participation in any L/C Borrowing in accordance with its Applicable Revolving Percentage.  “L/C Borrowing” means an extension of credit resulting from a drawing under any Letter  of Credit which has not been reimbursed on the date when made or refinanced as a Revolving  Borrowing.  “L/C Commitment” means, with respect to the L/C Issuer, the commitment of the L/C  Issuer to issue Letters of Credit hereunder.  The initial amount of the L/C Issuer’s Letter of Credit  Commitment is set forth on Schedule 1.01(b).  The Letter of Credit Commitment of the L/C Issuer  may be modified from time to time by agreement between the L/C Issuer and the Borrower and  notified to the Administrative Agent.  “L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or  extension of the expiry date thereof, or the increase of the amount thereof.  “L/C Disbursement” means a payment made by the L/C Issuer pursuant to a Letter of  Credit.  “L/C Issuer” means Bank of America in its capacity as issuer of Letters of Credit hereunder,  or any successor issuer of Letters of Credit hereunder.  “L/C Obligations” means, as at any date of determination, the aggregate amount available  to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed  Amounts (including all L/C Borrowings).  For purposes of computing the amount available to be  drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in  accordance with Section 1.06.  For all purposes of this Agreement, if on any date of determination  a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason  of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding”  in the amount so remaining available to be drawn.  “Lender” means each of the Persons identified as a “Lender” on the signature pages hereto,  each other Person that becomes a “Lender” in accordance with this Agreement and, their  successors and assigns and, unless the context requires otherwise, includes the Swingline Lender.  “Lending Office” means, as to the Administrative Agent, the L/C Issuer or any Lender, the  office or offices of such Person described as such in such Person’s Administrative Questionnaire,  or such other office or offices as such Person may from time to time notify the Borrower and the  Administrative Agent; which office may include any Affiliate of such Person or any domestic or  foreign branch of such Person or such Affiliate.  “Letter of Credit” means any letter of credit issued hereunder providing for the payment of  cash upon the honoring of a presentation thereunder and shall include the Existing Letters of  Credit.  A Letter of Credit may be a commercial letter of credit or a standby letter of credit;  

 

  19  provided, that any commercial letter of credit issued hereunder shall provide solely for cash  payment upon presentation of a sight draft.  “Letter of Credit Application” means an application and agreement for the issuance or  amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer.  “Letter of Credit Expiration Date” means the day that is seven (7) days prior to the Maturity  Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).  “Letter of Credit Fee” has the meaning specified in Section 2.03(m).  “Letter of Credit Sublimit” means, as of any date of determination, an amount equal to the  lesser of (a) $50,000,000 and (b) the Revolving Facility.  The Letter of Credit Sublimit is part of,  and not in addition to, the Revolving Facility.  “Leverage Ratio” means, as of any date of determination, for the Borrower and its  Subsidiaries, on a Consolidated basis, the ratio of (a) Funded Indebtedness as of such date to  (b) EBITDA for the most recently completed Measurement Period ending on such date.  “LIBOR” has the meaning specified in the definition of Eurodollar Rate.  “LIBOR Replacement Date” has the meaning specified in Section 3.03(c).  “LIBOR Screen Rate” means the LIBOR quote on the applicable screen page the  Administrative Agent designates to determine LIBOR (or such other commercially available  source providing such quotations as may be designated by the Administrative Agent from time to  time).  “LIBOR Successor Rate” has the meaning specified in Section 3.03(c).  “LIBOR Successor Rate Conforming Changes” means, with respect to any proposed  LIBOR Successor Rate, any conforming changes to the definition of Base Rate, Interest Period,  timing and frequency of determining rates and making payments of interest and other technical,  administrative or operational matters (including, for the avoidance of doubt, the definition of  Business Day, timing of borrowing requests or prepayment, conversion or continuation notices  and length of lookback periods) as may be appropriate, in the discretion of the Administrative  Agent, to reflect the adoption and implementation of such LIBOR Successor Rate and to permit  the administration thereof by the Administrative Agent in a manner substantially consistent with  market practice (or, if the Administrative Agent determines that adoption of any portion of such  market practice is not administratively feasible or that no market practice for the administration of  such LIBOR Successor Rate exists, in such other manner of administration as the Administrative  Agent determines is reasonably necessary in connection with the administration of this Agreement  and any other Loan Document).  “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement,  encumbrance, lien (statutory or otherwise), charge, or preference, priority or other security interest  or preferential arrangement in the nature of a security interest of any kind or nature whatsoever  (including any conditional sale or other title retention agreement, any easement, right of way or  

 

  20  other encumbrance on title to real property and any financing lease having substantially the same  economic effect as any of the foregoing).  “Loan” means an extension of credit by a Lender to the Borrower under Article II in the  form of a Revolving Loan or a Swingline Loan.  “Loan Documents” means, collectively, (a) this Agreement (including the Guaranty),  (b) the Notes, (c) the Fee Letter, (d) each Issuer Document, (e) each Joinder Agreement, (f) any  agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of  Section 2.14, and (g) all other certificates, agreements, documents and instruments executed and  delivered, in each case, by or on behalf of any Loan Party pursuant to the foregoing and any  amendments, modifications or supplements thereto or to any other Loan Document or waivers  hereof or to any other Loan Document; provided, however, that for purposes of Section 11.01,  “Loan Documents” shall mean this Agreement (including the Guaranty).  For avoidance of doubt,  Loan Documents shall not include any Cash Management Agreement or Swap Contract.  “Loan Notice” means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type  to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which  shall be substantially in the form of Exhibit E or such other form as may be approved by the  Administrative Agent and the Borrower (including any form on an electronic platform or electronic  transmission system as shall be approved by the Administrative Agent), appropriately completed  and signed by a Responsible Officer of the Borrower.  “Loan Parties” means, collectively, the Borrower and each Guarantor.  “London Banking Day” means any day on which dealings in Dollar deposits are conducted  by and between banks in the London interbank eurodollar market.  “Maintenance Capital Expenditures” means, for any Measurement Period, an amount  equal to $9,000,000.  “Master Agreement” has the meaning set forth in the definition of “Swap Contract.”  “Material Adverse Effect” means (a) a material adverse change in, or a material adverse  effect upon, the operations, business, properties, liabilities (actual or contingent), or condition  (financial or otherwise) of the Borrower or the Borrower and its Subsidiaries taken as a whole;  (b) a material adverse impairment on (i) the ability of any Loan Party to perform its Obligations  under any Loan Document to which it is a party; or (c) a material adverse effect upon the legality,  validity, binding effect or enforceability against any Loan Party of any Loan Document to which  it is a party.  “Maturity Date” means February 9, 2026; provided, however, that if such date is not a  Business Day, the Maturity Date shall be the next preceding Business Day.  “Measurement Period” means, at any date of determination, the most recently completed  four (4) Fiscal Quarters of the Borrower.  

 

  21  “Minimum Collateral Amount” means, at any time, (a) with respect to Cash Collateral  consisting of cash or deposit account balances, an amount equal to 105% of the Fronting Exposure  of the L/C Issuer with respect to Letters of Credit issued and outstanding at such time and (b) with  respect to any other form of Cash Collateral, an amount determined by the Administrative Agent  and the L/C Issuer in their sole discretion.  “Multiemployer Plan” means any employee benefit plan of the type described in  Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate makes or is obligated  to make contributions, or during the preceding five (5) plan years, has made or been obligated to  make contributions.  “Multiple Employer Plan” means a Plan which has two or more contributing sponsors  (including the Borrower or any ERISA Affiliate) at least two of whom are not under common  control, as such a plan is described in Section 4064 of ERISA.  “New Revolving Lender” has the meaning specified in Section 2.16(c).  “Non-Consenting Lender” means any Lender that does not approve any consent, waiver or  amendment that (a) requires the approval of all Lenders or all affected Lenders in accordance with  the terms of Section 11.01 and (b) has been approved by the Required Lenders.  “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender  at such time.  “Non-Extension Notice Date” has the meaning specified in Section 2.03(b).  “Note” means a Revolving Note.  “Notice of Loan Prepayment” means a notice of prepayment with respect to a Loan, which  shall be substantially in the form of Exhibit K or such other form as may be approved by the  Administrative Agent and the Borrower (including any form on an electronic platform or electronic  transmission system as shall be approved by the Administrative Agent), appropriately completed  and signed by a Responsible Officer.  “Obligations” means (a) all advances to, and debts, liabilities, obligations, covenants and  duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan,  or Letter of Credit and (b) subject to the limitations set forth in Section 11.04, all costs and  expenses incurred in connection with enforcement and collection of the foregoing, including the  fees, charges and disbursements of counsel, in each case whether direct or indirect (including those  acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter  arising and including interest, expenses and fees that accrue after the commencement by or against  any Loan Party or any Affiliate thereof pursuant to any proceeding under any Debtor Relief Laws  naming such Person as the debtor in such proceeding, regardless of whether such interest, expenses  and fees are allowed claims in such proceeding; provided that, without limiting the foregoing, the  Obligations of a Guarantor shall exclude any Excluded Swap Obligations with respect to such  Guarantor.  

 

  22  “OFAC” means the Office of Foreign Assets Control of the United States Department of  the Treasury.  “Officer’s Certificate” means a certificate substantially the form of Exhibit H or any other  form approved by the Administrative Agent and the Borrower.  “Organization Documents” means, (a) with respect to any corporation, the charter or  certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive  documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability  company, the certificate or articles of formation or organization and operating agreement or limited  liability company agreement; (c) with respect to any partnership, joint venture, trust or other form  of business entity, the partnership, joint venture or other applicable agreement of formation or  organization and (d) with respect to all entities, any agreement, instrument, filing or notice with  respect thereto filed in connection with its formation or organization with the applicable  Governmental Authority in the jurisdiction of its formation or organization.  “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result  of a present or former connection between such Recipient and the jurisdiction imposing such Tax  (other than connections arising from such Recipient having executed, delivered, become a party  to, performed its obligations under, received payments under, received or perfected a security  interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or  sold or assigned an interest in any Loan or Loan Document).  “Other Taxes” means all present or future stamp, court or documentary, intangible,  recording, filing or similar Taxes that arise from any payment made under, from the execution,  delivery, performance, enforcement or registration of, from the receipt or perfection of a security  interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are  Other Connection Taxes imposed with respect to an assignment (other than an assignment made  pursuant to Section 3.06).  “Outstanding Amount” means (a) with respect to Revolving Loans and Swingline Loans  on any date, the aggregate outstanding principal amount thereof after giving effect to any  Borrowings and prepayments or repayments of Revolving Loans and Swingline Loans, as the case  may be, occurring on such date; and (b) with respect to any L/C Obligations on any date, the  amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension  occurring on such date and any other changes in the aggregate amount of the L/C Obligations as  of such date, including as a result of any reimbursements by the Borrower of Unreimbursed  Amounts.  “Participant” has the meaning specified in Section 11.06(d)(i).  “Participant Register” has the meaning specified in Section 11.06(d)(ii).  “Patriot Act” has the meaning specified in Section 11.19.  “PBGC” means the Pension Benefit Guaranty Corporation.  

 

  23  “Pension Funding Rules” means the rules of the Code and ERISA regarding minimum  funding standards with respect to Pension Plans and set forth in Sections 412, 430, 431, 432 and  436 of the Code and Sections 302, 303, 304 and 305 of ERISA.  “Pension Plan” means any employee pension benefit plan (including a Multiple Employer  Plan or a Multiemployer Plan) that is maintained or is contributed to by the Borrower and any  ERISA Affiliate or with respect to which the Borrower or any ERISA Affiliate has any liability  and is either covered by Title IV of ERISA or is subject to the minimum funding standards under  Section 412 of the Code.  “Permitted Acquisition” means an Acquisition in which all of the following conditions are  satisfied:  (a) the Acquisition is not opposed by the board of directors or similar governing body  of the Person or owner of the assets being acquired; (b) such Acquisition is of a Person engaged  in or is of assets used in those lines of business conducted by the Borrower and its Subsidiaries on  the Closing Date or any business substantially related or incidental thereto; (c) if the Cost of  Acquisition for such Acquisition is in excess of $10,000,000, the Borrower shall have given the  Administrative Agent notice thereof not less than five (5) Business Days prior to the closing of  such Acquisition;(d) the aggregate Cost of Acquisition for all Acquisitions previously made during  the Fiscal Year of such proposed Acquisition, together with the Cost of Acquisition for such  proposed Acquisition, shall not exceed $25,000,000; (e) immediately before and after giving pro- forma effect to such Acquisition, no Default shall have occurred and be continuing; and (f) if such  Acquisition results in a Domestic Subsidiary, such Subsidiary shall comply with the requirements  of Section 6.12.  “Person” means any natural person, corporation, limited liability company, trust, joint  venture, association, company, partnership, Governmental Authority or other entity.  “Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA  (including a Pension Plan), maintained for employees of the Borrower or any ERISA Affiliate or  any such Plan to which the Borrower or any ERISA Affiliate is required to contribute on behalf of  any of its employees.  “Platform” has the meaning specified in Section 6.02.  “Pre-Adjustment Successor Rate” has the meaning specified in Section 3.03(c).  “Pro Forma Basis” and “Pro Forma Effect” means, for any Disposition of all or  substantially all of a division or a line of business or for any Acquisition, whether actual or  proposed, for purposes of determining compliance with the financial covenants set forth in  Section 7.11, each such transaction or proposed transaction shall be deemed to have occurred on  and as of the first day of the relevant Measurement Period, and the following pro forma  adjustments shall be made:  (a) in the case of an actual or proposed Disposition, all income statement items  (whether positive or negative) attributable to the line of business or the Person subject to  such Disposition shall be excluded from the results of the Borrower and its Subsidiaries for  such Measurement Period;  

 

  24  (b) in the case of an actual or proposed Acquisition, income statement items  (whether positive or negative) attributable to the property, line of business or the Person  subject to such Acquisition shall be included in the results of the Borrower and its  Subsidiaries for such Measurement Period;  (c) interest accrued during the relevant Measurement Period on, and the  principal of, any Indebtedness repaid or to be repaid or refinanced in such transaction shall  be excluded from the results of the Borrower and its Subsidiaries for such Measurement  Period; and  (d) any Indebtedness actually or proposed to be incurred or assumed in such  transaction shall be deemed to have been incurred as of the first day of the applicable  Measurement Period, and interest thereon shall be deemed to have accrued from such day  on such Indebtedness at the applicable rates provided therefor (and in the case of interest  that does or would accrue at a formula or floating rate, at the rate in effect at the time of  determination) and shall be included in the results of the Borrower and its Subsidiaries for  such Measurement Period.  “PTE” means a prohibited transaction class exemption issued by the U.S. Department of  Labor, as any such exemption may be amended from time to time.  “Public Lender” has the meaning specified in Section 6.02(i).  “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 specified in Section 11.21.  “Qualified ECP Guarantor” means, at any time, each Loan Party with total assets  exceeding $10,000,000 or that qualifies at such time as an “eligible contract participant” under the  Commodity Exchange Act and can cause another Person to qualify as an “eligible contract  participant” at such time under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.  “Recipient” means the Administrative Agent, any Lender, the L/C Issuer or any other  recipient of any payment to be made by or on account of any obligation of any Loan Party  hereunder.  “Register” has the meaning specified in Section 11.06(c).  “Regulation U” means Regulation U of the FRB, as in effect from time to time and all  official rulings and interpretations thereunder or thereof.  “Related Adjustment” means, in determining any LIBOR Successor Rate, the first relevant  available alternative set forth in the order below that can be determined by the Administrative  Agent applicable to such LIBOR Successor Rate:  (a) the spread adjustment, or method for calculating or determining such spread  adjustment, that has been selected or recommended by the Relevant Governmental Body  

 

  25  for the relevant Pre-Adjustment Successor Rate (taking into account the interest period,  interest payment date or payment period for interest calculated and/or tenor thereto) and  which adjustment or method (x) is published on an information service as selected by the  Administrative Agent from time to time in its reasonable discretion or (y) solely with  respect to Term SOFR, if not currently published, which was previously so recommended  for Term SOFR and published on an information service acceptable to the Administrative  Agent; or  (b) the spread adjustment that would apply (or has previously been applied) to  the fallback rate for a derivative transaction referencing the ISDA Definitions (taking into  account the interest period, interest payment date or payment period for interest calculated  and/or tenor thereto).  “Related Parties” means, with respect to any Person, such Person’s Affiliates and the  partners, directors, officers, employees, agents, trustees, administrators, managers, advisors,  consultants, service providers and representatives of such Person and of such Person’s Affiliates.  “Release” means any release, spill, emission, discharge, deposit, disposal, leaking,  pumping, pouring, dumping, emptying, injection or leaching into the Environment, or into, from  or through any building, structure or facility.  “Relevant Governmental Body” means the Federal Reserve Board and/or the Federal  Reserve Bank of New York, or a committee officially endorsed or convened by the Federal  Reserve Board and/or the Federal Reserve Bank of New York.  “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other  than events for which the thirty (30) day notice period has been waived.  “Request for Credit Extension” means (a) with respect to a Borrowing, conversion or  continuation of Revolving Loans, a Loan Notice, (b) with respect to an L/C Credit Extension, a  Letter of Credit Application and (c) with respect to a Swingline Loan, a Swingline Loan Notice.  “Required Lenders” means, at any time, (a) if there are only two (2) Lenders, Lenders  having 100% of the Total Credit Exposure and (b) if there are more than two (2) Lenders, Lenders  having in aggregate at least 66-2/3% of the Total Credit Exposure.  The Total Credit Exposure of  any Defaulting Lender shall be disregarded in determining Required Lenders at any time; provided  that, the amount of any participation in any Swingline Loan and Unreimbursed Amounts that such  Defaulting Lender has failed to fund that have not been reallocated to and funded by another  Lender shall be deemed to be held by the Lender that is the Swingline Lender or the L/C Issuer,  as the case may be, in making such determination.  “Resignation Effective Date” has the meaning set forth in Section 9.06(a).  “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK  Financial Institution, a UK Resolution Authority.  “Responsible Officer” means the chief executive officer, president, chief financial officer,  treasurer, controller or vice president of a Loan Party, solely for purposes of the delivery of  

 

  26  incumbency certificates pursuant to Section 4.01(b), the secretary or any assistant secretary of a  Loan Party and, solely for purposes of notices given pursuant to Article II, any other officer or  employee of the applicable Loan Party so designated by any of the foregoing officers in a notice  to the Administrative Agent or any other officer or employee of the applicable Loan Party  designated in or pursuant to an agreement between the applicable Loan Party and the  Administrative Agent.  Any document delivered hereunder that is signed by a Responsible Officer  of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate,  partnership and/or other action on the part of such Loan Party and such Responsible Officer shall  be conclusively presumed to have acted on behalf of such Loan Party.  To the extent requested by  the Administrative Agent, each Responsible Officer will provide an incumbency certificate and to  the extent requested by the Administrative Agent, appropriate authorization documentation, in  form and substance satisfactory to the Administrative Agent.  “Restricted Payment” means any dividend or other distribution (whether in cash, securities  or other property) with respect to any capital stock or other Equity Interest of the Borrower or any  Subsidiary, or any payment (whether in cash, securities or other property), including any sinking  fund or similar deposit, on account of the purchase, redemption, retirement, acquisition,  cancellation or termination of any such capital stock or other Equity Interest, or on account of any  return of capital to the Borrower’s stockholders, partners or members (or the equivalent Person  thereof).  “Revolving Borrowing” means a borrowing consisting of simultaneous Revolving Loans  of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made  by each of the Revolving Lenders pursuant to Section 2.01.  “Revolving Commitment” means, as to each Revolving Lender, its obligation to (a) make  Revolving Loans to the Borrower pursuant to Section 2.01, (b) purchase participations in L/C  Obligations and (c) purchase participations in Swingline Loans, in an aggregate principal amount  at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on  Schedule 1.01(b) under the caption “Revolving Commitment” or opposite such caption in the  Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable,  as such amount may be adjusted from time to time in accordance with this Agreement.  The  aggregate Revolving Commitments of all of the Revolving Lenders as of the Closing Date are  $200,000,000.  “Revolving Exposure” means, as to any Lender at any time, the aggregate principal amount  at such time of its outstanding Revolving Loans and such Lender’s participation in L/C Obligations  and Swingline Loans at such time.  “Revolving Facility” means, at any time, the aggregate amount of the Revolving Lenders’  Revolving Commitments at such time.  “Revolving Increase Effective Date” has the meaning specified in Section 2.16(c).  “Revolving Lender” means, at any time, (a) so long as any Revolving Commitment is in  effect, any Lender that has a Revolving Commitment at such time or (b) if the Revolving  

 

  27  Commitments have terminated or expired, any Lender that has a Revolving Loan or a participation  in L/C Obligations or Swingline Loans at such time.  “Revolving Loan” has the meaning specified in Section 2.01.  “Revolving Note” means a promissory note made by the Borrower in favor of a Revolving  Lender evidencing Revolving Loans or Swingline Loans, as the case may be, made by such  Revolving Lender, substantially in the form of Exhibit F.  “Sale and Leaseback Transaction” means, with respect to any Loan Party or any  Subsidiary, any arrangement, directly or indirectly, with any Person whereby such Loan Party or  such Subsidiary shall sell or transfer any property used or useful in its business, whether now  owned or hereafter acquired, and thereafter rent or lease such property or other property that it  intends to use for substantially the same purpose or purposes as the property being sold or  transferred.  “Sanction(s)” means any sanction administered or enforced by the United States  Government (including, without limitation, OFAC), the United Nations Security Council, the  European Union, Her Majesty’s Treasury (“HMT”) or other relevant sanctions authority.  “Scheduled Unavailability Date” has the meaning specified in Section 3.03(c)(ii).  “SEC” means the Securities and Exchange Commission, or any Governmental Authority  succeeding to any of its principal functions.  “Section 7.02(e) Indebtedness” has the meaning specified in Section 7.02(e).  “SOFR” with respect to any Business Day means the secured overnight financing rate  published for such day by the Federal Reserve Bank of New York, as the administrator of the  benchmark (or a successor administrator) on the Federal Reserve Bank of New York’s website (or  any successor source) at approximately 8:00 a.m. (New York City time) on the immediately  succeeding Business Day and, in each case, that has been selected or recommended by the Relevant  Governmental Body.  “Solvent” and “Solvency” mean, with respect to any Person on any date of determination,  that on such date (a) the fair value of the property of such Person is greater than the total amount  of liabilities, including contingent liabilities, of such Person, (b) the present fair saleable value of  the assets of such Person is not less than the amount that will be required to pay the probable  liability of such Person on its debts as they become absolute and matured, (c) such Person does  not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability  to pay such debts and liabilities as they mature, (d) such Person is not engaged in business or a  transaction, and is not about to engage in business or a transaction, for which such Person’s  property would constitute an unreasonably small capital, and (e) such Person is able to pay its  debts and liabilities, contingent obligations and other commitments as they mature in the ordinary  course of business.  The amount of contingent liabilities at any time shall be computed as the  amount that, in the light of all the facts and circumstances existing at such time, represents the  amount that can reasonably be expected to become an actual or matured liability.  

 

  28  “Specified Loan Party” means any Guarantor that is not then an “eligible contract  participant” under the Commodity Exchange Act (determined prior to giving effect to  Section 10.11).  “Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability  company or other business entity of which a majority of the shares of Voting Stock is at the time  beneficially owned, or the management of which is otherwise controlled, directly, or indirectly  through one or more intermediaries, or both, by such Person.  Unless otherwise specified, all  references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries  of the Borrower.  “Supported QFC” has the meaning specified in Section 11.21.  “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit  derivative transactions, forward rate transactions, commodity swaps, commodity options, forward  commodity contracts, equity or equity index swaps or options, bond or bond price or bond index  swaps or options or forward bond or forward bond price or forward bond index transactions,  interest rate options, forward foreign exchange transactions, cap transactions, floor transactions,  collar transactions, currency swap transactions, cross-currency rate swap transactions, currency  options, spot contracts, or any other similar transactions or any combination of any of the foregoing  (including any options to enter into any of the foregoing), whether or not any such transaction is  governed by or subject to any master agreement, and (b) any and all transactions of any kind, and  the related confirmations, which are subject to the terms and conditions of, or governed by, any  form of master agreement published by the International Swaps and Derivatives Association, Inc.,  any International Foreign Exchange Master Agreement, or any other master agreement (any such  master agreement, together with any related schedules, a “Master Agreement”), including any such  obligations or liabilities under any Master Agreement.  “Swap Obligations” means with respect to any Guarantor 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.  “Swap Termination Value” means, in respect of any one or more Swap Contracts, after  taking into account the effect of any legally enforceable netting agreement relating to such Swap  Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and  termination value(s) determined in accordance therewith, such termination value(s), and (b) for  any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market  value(s) for such Swap Contracts, as determined based upon one or more mid-market or other  readily available quotations provided by any recognized dealer in such Swap Contracts (which  may include a Lender or any Affiliate of a Lender).  “Swingline Borrowing” means a borrowing of a Swingline Loan pursuant to Section 2.04.  “Swingline Commitment” means, as to any Lender (a) the amount set forth opposite such  Lender’s name on Schedule 2.01 hereof or (b) if such Lender has entered into an Assignment and  Assumption or has otherwise assumed a Swingline Commitment after the Closing Date, the  

 

  29  amount set forth for such Lender as its Swingline Commitment in the Register maintained by the  Administrative Agent pursuant to Section 11.06(c).  “Swingline Lender” means Bank of America in its capacity as provider of Swingline Loans,  or any successor swingline lender hereunder.  “Swingline Loan” has the meaning specified in Section 2.04(a).  “Swingline Loan Notice” means a notice of a Swingline Borrowing pursuant to  Section 2.04(b), which shall be substantially in the form of Exhibit G or such other form as  approved by the Administrative Agent and the Borrower (including any form on an electronic  platform or electronic transmission system as shall be approved by the Administrative Agent),  appropriately completed and signed by a Responsible Officer of the Borrower.  “Swingline Sublimit” means an amount equal to the lesser of (a) $10,000,000 and (b) the  Revolving Facility.  The Swingline Sublimit is part of, and not in addition to, the Revolving  Facility.  “Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a so- called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or  possession of property, in each case, creating obligations that do not appear on the balance sheet  of such Person but which, upon the application of any Debtor Relief Laws to such Person, would  be characterized as the indebtedness of such Person (without regard to accounting treatment).  “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings  (including backup withholding), assessments, fees or other charges imposed by any Governmental  Authority, including any interest, additions to tax or penalties applicable thereto.  “Term SOFR” means the forward-looking term rate for any period that is approximately  (as determined by the Administrative Agent) as long as any of the Interest Period options set forth  in the definition of “Interest Period” and that is based on SOFR and that has been selected or  recommended by the Relevant Governmental Body, in each case as published on an information  service as selected by the Administrative Agent from time to time in its reasonable discretion.   “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement,  encumbrance, lien (statutory or otherwise), charge, or preference, priority or other security interest  or preferential arrangement in the nature of a security interest of any kind or nature whatsoever  (including any conditional sale or other title retention agreement, any easement, right of way or  other encumbrance on title to real property and any financing lease having substantially the same  economic effect as any of the foregoing).  “Total Credit Exposure” means, as to any Lender at any time, the unused Commitments  and Revolving Exposure of such Lender at such time.  “Total Revolving Exposure” means, as to any Revolving Lender at any time, the unused  Commitments and Revolving Exposure of such Revolving Lender at such time.  “Total Revolving Outstandings” means the aggregate Outstanding Amount of all  Revolving Loans and L/C Obligations.  

 

  30  “Trade Date” means the date on which the applicable Lender entered into a binding  agreement to sell and assign all or a portion of its rights and obligations under this Agreement to  another Person.  “Type” means, with respect to a Loan, its character as a Base Rate Loan or a Eurodollar  Rate Loan.  “UCC” means the Uniform Commercial Code as in effect in the State of New York.  “UCP” means 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).  “UK Financial Institution” means any BRRD Undertaking (as such term is defined under  the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential  Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended  from time to time) promulgated by the United Kingdom Financial Conduct Authority, which  includes certain credit institutions and investment firms, and certain affiliates of such credit  institutions or investment firms.  “UK Resolution Authority” means the Bank of England or any other public administrative  authority having responsibility for the resolution of any UK Financial Institution.  “United States” and “U.S.” mean the United States of America.  “Unreimbursed Amount” has the meaning specified in Section 2.03(f).  “U.S. Person” means any Person that is a “United States Person” as defined in  Section 7701(a)(30) of the Code.  “U.S. Special Resolution Regimes” has the meaning specified in Section 11.21.  “U.S. Tax Compliance Certificate” has the meaning specified in Section 3.01(f)(ii)(B)(3).  “Voting Stock” means, with respect to any Person, Equity Interests issued by such Person  the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election  of directors (or persons performing similar functions) of such Person, even though the right to so  vote has been suspended by the happening of such contingency.  “Withholding Agent” means the Borrower and the Administrative Agent.  “Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution  Authority, the write-down and conversion powers of such EEA Resolution Authority from time to  time under the Bail-In Legislation for the applicable EEA Member Country, which write-down  and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect  to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In  Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial  Institution or any contract or instrument under which that liability arises, to convert all or part of  

 

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

 

  32  limited liability company (or the unwinding of such a division or allocation), as if it were  a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer,  or similar term, as applicable, to, of or with a separate Person.  Any division of a limited  liability company shall constitute a separate Person hereunder (and each division of any  limited liability company that is a Subsidiary, joint venture or any other like term shall also  constitute such a Person or entity).   Accounting Terms.  (a) Generally.  All accounting terms not specifically or completely defined  herein shall be construed in conformity with, and all financial data (including financial  ratios and other financial calculations) required to be submitted pursuant to this Agreement  shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from  time to time, applied in a manner consistent with that used in preparing the Audited  Financial Statements, except as otherwise specifically prescribed herein.  Notwithstanding  the foregoing, for purposes of determining compliance with any covenant (including the  computation of any financial covenant) contained herein, Indebtedness of the Borrower  and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal  amount thereof, and the effects of FASB ASC 825 on financial liabilities shall be  disregarded.  (b) Changes in GAAP.  If at any time any change in GAAP would affect the  computation of any financial ratio or requirement set forth in any Loan Document, and  either the Borrower or the Required Lenders shall so request, the Administrative Agent,  the Lenders and the Borrower shall negotiate in good faith to amend such ratio or  requirement to preserve the original intent thereof in light of such change in GAAP (subject  to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or  requirement shall continue to be computed in accordance with GAAP prior to such change  therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders  financial statements and other documents required under this Agreement or as reasonably  requested hereunder setting forth a reconciliation between calculations of such ratio or  requirement made before and after giving effect to such change in GAAP.  (c) Consolidation of Variable Interest Entities.  All references herein to  Consolidated financial statements of the Borrower and its Subsidiaries or to the  determination of any amount for the Borrower and its Subsidiaries on a Consolidated basis  or any similar reference shall, in each case, be deemed to include each variable interest  entity that the Borrower is required to consolidate pursuant to FASB ASC 810 as if such  variable interest entity were a Subsidiary as defined herein.  (d) Pro Forma Treatment.  Each Disposition of all or substantially all of a line  of business, and each Acquisition, by the Borrower and its Subsidiaries that is  consummated during any Measurement Period shall, for purposes of determining  compliance with the financial covenants set forth in Section 7.11 and for purposes of  determining the Applicable Rate, be given Pro Forma Effect as of the first day of such  Measurement Period.  

 

  33   Rounding.  Any financial ratios required to be maintained by the Borrower  pursuant to this Agreement shall be calculated by dividing the appropriate component by the other  component, carrying the result to one place more than the number of places by which such ratio is  expressed herein and rounding the result up or down to the nearest number (with a rounding-up if  there is no nearest number).   Times of Day.  Unless otherwise specified, all references herein to times of day  shall be references to Central time (daylight or standard, as applicable).   Letter of Credit Amounts.  Unless otherwise specified herein, the amount of a  Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in  effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms  or the terms of any Issuer Document related thereto, provides for one or more automatic increases  in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the  maximum stated amount of such Letter of Credit after giving effect to all such increases, whether  or not such maximum stated amount is in effect at such time.   Rates.  The Administrative Agent does not warrant, nor accept responsibility, nor  shall the Administrative Agent have any liability with respect to the administration, submission or  any other matter related to the rates in the definition of “Eurodollar Rate” or with respect to any  rate that is an alternative or replacement for or successor to any of such rates (including, without  limitation, any LIBOR Successor Rate) or the effect of any of the foregoing, or of any LIBOR  Successor Rate Conforming Changes.  ARTICLE II    COMMITMENTS AND CREDIT EXTENSIONS   Loans.  Subject to the terms and conditions set forth herein, each Revolving Lender  severally agrees to make loans (each such loan, a “Revolving Loan”) to the Borrower, in Dollars,  from time to time, on any Business Day during the Availability Period, in an aggregate amount  not to exceed at any time outstanding the amount of such Lender’s Revolving Commitment;  provided, however, that after giving effect to any Revolving Borrowing, (i) the Total Revolving  Outstandings shall not exceed the Revolving Facility, and (ii) the Revolving Exposure of any  Lender shall not exceed such Revolving Lender’s Revolving Commitment.  Within the limits of  each Revolving Lender’s Revolving Commitment, and subject to the other terms and conditions  hereof, the Borrower may from time to time borrow under this Section 2.01, prepay under  Section 2.05, and reborrow under this Section 2.01.  Revolving Loans may be Base Rate Loans or  Eurodollar Rate Loans, as further provided herein.   Borrowings, Conversions and Continuations of Loans.  (a) Notice of Borrowing.  Each Borrowing, each conversion of Loans from one  Type to the other, and each continuation of Eurodollar Rate Loans shall be made upon the  Borrower’s irrevocable notice to the Administrative Agent, which may be given by:  (i) telephone or (ii) a Loan Notice; provided that any telephonic notice must be confirmed  immediately by delivery to the Administrative Agent of a Loan Notice.  Each such Loan  

 

  34  Notice must be received by the Administrative Agent not later than 12:00 p.m., noon,  (A) three (3) Business Days prior to the requested date of any Borrowing of, conversion to  or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans  to Base Rate Loans, and (B) on the requested date of any Borrowing of Base Rate Loans;  provided, however, that if the Borrower wishes to request Eurodollar Rate Loans having  an Interest Period other than one (1), two (2), three (3) or six (6) months in duration as  provided in the definition of “Interest Period”, the applicable notice must be received by  the Administrative Agent not later than 12:00 p.m., noon, four (4) Business Days prior to  the requested date of such Borrowing, conversion or continuation, whereupon the  Administrative Agent shall give prompt notice to the Appropriate Lenders of such request  and determine whether the requested Interest Period is acceptable to all of them.  Not later  than 12:00 p.m., noon, three (3) Business Days before the requested date of such  Borrowing, conversion or continuation, the Administrative Agent shall notify the Borrower  (which notice may be by telephone) whether or not the requested Interest Period has been  consented to by all the Lenders.  Each Borrowing of, conversion to or continuation of  Eurodollar Rate Loans shall be in a principal amount of $500,000 or a whole multiple of  $100,000 in excess thereof.  Except as provided in Sections 2.03(c) and 2.04(c), each  Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $500,000  or a whole multiple of $100,000 in excess thereof.  Each Loan Notice and each telephonic  notice shall specify (I) whether the Borrower is requesting a Borrowing, a conversion of  Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, (II) the  requested date of the Borrowing, conversion or continuation, as the case may be (which  shall be a Business Day), (III) the principal amount of Loans to be borrowed, converted or  continued, (IV) the Type of Loans to be borrowed or to which existing Loans are to be  converted, and (V) if applicable, the duration of the Interest Period with respect thereto.  If  the Borrower fails to specify a Type of Loan in a Loan Notice or if the Borrower fails to  give a timely notice requesting a conversion or continuation, then the applicable Loans  shall be made as, or converted to, Base Rate Loans.  Any such automatic conversion to  Base Rate Loans shall be effective as of the last day of the Interest Period then in effect  with respect to the applicable Eurodollar Rate Loans.  If the Borrower requests a Borrowing  of, conversion to, or continuation of Eurodollar Rate Loans in any such Loan Notice, but  fails to specify an Interest Period, it will be deemed to have specified an Interest Period of  one (1) month.  Notwithstanding anything to the contrary herein, a Swingline Loan may  not be converted to a Eurodollar Rate Loan.  (b) Advances.  Following receipt of a Loan Notice, the Administrative Agent  shall promptly notify each Appropriate Lender of the amount of its Applicable Percentage  of the applicable Loans, and if no timely notice of a conversion or continuation is provided  by the Borrower, the Administrative Agent shall notify each Appropriate Lender of the  details of any automatic conversion to Base Rate Loans described in Section 2.02(a).  In  the case of a Borrowing, each Appropriate Lender shall make the amount of its Loan  available to the Administrative Agent in immediately available funds at the Administrative  Agent’s Office not later than 2:00 p.m. on the Business Day specified in the applicable  Loan Notice.  Upon satisfaction of the applicable conditions set forth in Section 4.02 (and,  if such Borrowing is the initial Credit Extension, Section 4.01), the Administrative Agent  shall make all funds so received available to the Borrower in like funds as received by the  Administrative Agent either by (i) crediting the account of the Borrower on the books of  

 

  35  Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each  case in accordance with instructions provided to (and reasonably acceptable to) the  Administrative Agent by the Borrower; provided, however, that if, on the date a Loan  Notice with respect to a Revolving Borrowing is given by the Borrower, there are L/C  Borrowings outstanding, then the proceeds of such Revolving Borrowing, first, shall be  applied to the payment in full of any such L/C Borrowings, and second, shall be made  available to the Borrower as provided above.  (c) Eurodollar Rate Loans.  Except as otherwise provided herein, a Eurodollar  Rate Loan may be continued or converted only on the last day of an Interest Period for  such Eurodollar Rate Loan.  During the existence of a Default, no Loans may be requested  as, converted to or continued as Eurodollar Rate Loans without the consent of the Required  Lenders.  (d) Interest Rates.  Each determination of an interest rate by the Administrative  Agent pursuant to any provision of this Agreement shall be conclusive and binding on the  Borrower and the Lenders in the absence of manifest error.  The Administrative Agent shall  promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest  Period for Eurodollar Rate Loans upon determination of such interest rate.  At any time  that Base Rate Loans are outstanding, the Administrative Agent shall notify the Borrower  and the Lenders of any change in Bank of America’s prime rate used in determining the  Base Rate promptly following the public announcement of such change.  (e) Interest Periods.  After giving effect to all Revolving Borrowings, all  conversions of Revolving Loans from one Type to the other, and all continuations of  Revolving Loans as the same Type, there shall not be more than eight (8) Interest Periods  in effect in respect of the Revolving Facility.  (f) Cashless Settlement Mechanism.  Notwithstanding anything to the contrary  in this Agreement, any Lender may exchange, continue or rollover all or the portion of its  Loans in connection with any refinancing, extension, loan modification or similar  transaction permitted by the terms of this Agreement, pursuant to a cashless settlement  mechanism approved by the Borrower, the Administrative Agent and such Lender.   Letters of Credit.  (a) The Letter of Credit Commitment.  Subject to the terms and conditions set  forth herein, in addition to the Loans provided for in Section 2.01, the Borrower may  request that the L/C Issuer, in reliance on the agreements of the Revolving Lenders set  forth in this Section 2.03, issue, at any time and from time to time during the Availability  Period, Letters of Credit denominated in Dollars for its own account in such form as is  acceptable to the Administrative Agent and the L/C Issuer in its reasonable determination.   Letters of Credit issued hereunder shall constitute utilization of the Revolving  Commitments.  

 

  36  (b) Notice of Issuance, Amendment, Extension, Reinstatement or Renewal.  (i) To request the issuance of a Letter of Credit (or the amendment of  the terms and conditions, extension of the terms and conditions, extension of the  expiration date, or reinstatement of amounts paid, or renewal of an outstanding  Letter of Credit), the Borrower shall deliver (or transmit by electronic  communication, if arrangements for doing so have been approved by the L/C  Issuer) to the L/C Issuer and to the Administrative Agent not later than 10:00 a.m.  at least two (2) Business Days (or such later date and time as the L/C Issuer may  agree in a particular instance in its sole discretion) prior to the proposed issuance  date or date of amendment, as the case may be a notice requesting the issuance of  a Letter of Credit, or identifying the Letter of Credit to be amended, extended,  reinstated or renewed, and specifying the date of issuance, amendment, extension,  reinstatement or renewal (which shall be a Business Day), the date on which such  Letter of Credit is to expire (which shall comply with clause (d) of this Section  2.03), the amount of such Letter of Credit, the name and address of the beneficiary  thereof, the purpose and nature of the requested Letter of Credit and such other  information as shall be necessary to prepare, amend, extend, reinstate or renew such  Letter of Credit.  If requested by the L/C Issuer, the Borrower also shall submit a  letter of credit application and reimbursement agreement on the L/C Issuer’s  standard form in connection with any request for a Letter of Credit.  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 and reimbursement  agreement or other agreement submitted by the Borrower to, or entered into by the  Borrower with, the L/C Issuer relating to any Letter of Credit, the terms and  conditions of this Agreement shall control.  (ii) If the Borrower so requests in any applicable Letter of Credit  Application (or the amendment of an outstanding Letter of Credit), the L/C Issuer  may, in its sole discretion, agree to issue a Letter of Credit that has automatic  extension provisions (each, an “Auto-Extension Letter of Credit”); provided that  any such Auto-Extension Letter of Credit shall permit the L/C Issuer to prevent any  such extension at least once in each twelve-month period (commencing with the  date of issuance of such Letter of Credit) by giving prior notice to the beneficiary  thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve- month period to be agreed upon by the Borrower and the L/C Issuer at the time such  Letter of Credit is issued.  Unless otherwise directed by the L/C Issuer, the  Borrower shall not be required to make a specific request to the L/C Issuer for any  such extension.  Once an Auto-Extension Letter of Credit has been issued, the  Revolving Lenders shall be deemed to have authorized (but may not require) the  L/C Issuer to permit the extension of such Letter of Credit at any time to an  expiration date not later than the date permitted pursuant to Section 2.03(d);  provided, that the L/C Issuer shall not (A) permit any such extension if (1) the L/C  Issuer has determined that it would not be permitted, or would have no obligation,  at such time to issue such Letter of Credit in its extended form under the terms  hereof (except that the expiration date may be extended to a date that is no more  than one (1) year from the then-current expiration date) or (2) it has received notice  

 

  37  (which may be in writing or by telephone (if promptly confirmed in writing)) on or  before the day that is seven (7) Business Days before the Non-Extension Notice  Date from the Administrative Agent that the Required Lenders have elected not to  permit such extension or (B) be obligated to permit such extension if it has received  notice (which may be in writing or by telephone (if promptly confirmed in writing))  on or before the day that is seven (7) Business Days before the Non-Extension  Notice Date from the Administrative Agent, any Revolving Lender or the Borrower  that one or more of the applicable conditions set forth in Section 4.02 is not then  satisfied, and in each such case directing the L/C Issuer not to permit such  extension.  (c) Limitations on Amounts, Issuance and Amendment.  A Letter of Credit  shall be issued, amended, extended, reinstated or renewed only if (and upon issuance,  amendment, extension, reinstatement or renewal of each Letter of Credit the Borrower shall  be deemed to represent and warrant that), after giving effect to such issuance, amendment,  extension, reinstatement or renewal (w) the aggregate amount of the outstanding Letters of  Credit issued by the L/C Issuer shall not exceed its L/C Commitment, (x) the aggregate  L/C Obligations shall not exceed the L/C Sublimit, (y) the Revolving Exposure of any  Lender shall not exceed its Revolving Commitment and (z) the Total Revolving Exposure  shall not exceed the total Revolving Commitments.  (i) The L/C Issuer shall not be under any obligation to issue any Letter  of Credit if:  (A) any order, judgment or decree of any Governmental  Authority or arbitrator shall by its terms purport to enjoin or restrain the L/C  Issuer from issuing the Letter of Credit, or any Law applicable to the L/C  Issuer or any request or directive (whether or not having the force of law)  from any Governmental Authority with jurisdiction over the L/C Issuer  shall prohibit, or request that the L/C Issuer refrain from, the issuance of  letters of credit generally or the Letter of Credit in particular or shall impose  upon the L/C Issuer with respect to the Letter of Credit any restriction,  reserve or capital requirement (for which the L/C Issuer is not otherwise  compensated hereunder) not in effect on the Closing Date, or shall impose  upon the L/C Issuer any unreimbursed loss, cost or expense which was not  applicable on the Closing Date and which the L/C Issuer in good faith deems  material to it;  (B) the issuance of such Letter of Credit would violate one or  more policies of the L/C Issuer applicable to letters of credit generally;  (C) except as otherwise agreed by the Administrative Agent and  the L/C Issuer, the Letter of Credit is in an initial stated amount less than  $100,000, in the case of any Letter of Credit (irrespective of whether it is a  commercial or standby Letter of Credit); or  

 

  38  (D) any Revolving Lender is at that time a Defaulting Lender,  unless the L/C Issuer has entered into arrangements, including the delivery  of Cash Collateral, satisfactory to the L/C Issuer (in its sole discretion) with  the Borrower or such Lender to eliminate the L/C Issuer’s actual or potential  Fronting Exposure (after giving effect to Section 2.15(a)(iv)) with respect  to the Defaulting Lender arising from either the Letter of Credit then  proposed to be issued or that Letter of Credit and all other L/C Obligations  as to which the L/C Issuer has actual or potential Fronting Exposure, as it  may elect in its sole discretion.  (ii) The L/C Issuer shall be under no obligation to amend any Letter of  Credit if (A) the L/C Issuer would have no obligation at such time to issue the Letter  of Credit in its amended form under the terms hereof, or (B) the beneficiary of the  Letter of Credit does not accept the proposed amendment to the Letter of Credit.  (d) Expiration Date.  Each Letter of Credit shall have a stated expiration date  no later than the earlier of (x) the date twelve months after the date of the issuance of such  Letter of Credit (or, in the case of any extension of the expiration date thereof, whether  automatic or by amendment, twelve months after the then-current expiration date of such  Letter of Credit) and (y) the Letter of Credit Expiration Date.  (e) Participations.  (i) By the issuance of a Letter of Credit (or an amendment to a Letter  of Credit increasing the amount or extending the expiration date thereof), and  without any further action on the part of the L/C Issuer or the Lenders, the L/C  Issuer hereby grants to each Revolving Lender, and each Revolving Lender hereby  acquires from the L/C Issuer, 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.  Each Revolving Lender acknowledges and agrees that  its obligation to acquire participations pursuant to this clause (e) in respect of  Letters of Credit is absolute, unconditional and irrevocable and shall not be affected  by any circumstance whatsoever, including any amendment, extension,  reinstatement or renewal of any Letter of Credit or the occurrence and continuance  of a Default or reduction or termination of the Revolving Commitments.  (ii) In consideration and in furtherance of the foregoing, each Revolving  Lender hereby absolutely, unconditionally and irrevocably agrees to pay to the  Administrative Agent, for account of the L/C Issuer, such Lender’s Applicable  Percentage of each L/C Disbursement made by the L/C Issuer not later than 12:00  p.m., noon, on the Business Day specified in the notice provided by the  Administrative Agent to the Revolving Lenders pursuant to Section 2.03(f) until  such L/C Disbursement is reimbursed by the Borrower or at any time after any  reimbursement payment is required to be refunded to the Borrower for any reason,  including after the Maturity Date.  Such payment shall be made without any offset,  abatement, withholding or reduction whatsoever.  Each such payment shall be made  in the same manner as provided in Section 2.02 with respect to Loans made by such  

 

  39  Lender (and Section 2.02 shall apply, mutatis mutandis, to the payment obligations  of the Revolving Lenders pursuant to this Section 2.03), and the Administrative  Agent shall promptly pay to the L/C Issuer the amounts so received by it from the  Lenders.  Promptly following receipt by the Administrative Agent of any payment  from the Borrower pursuant to Section 2.03(f), the Administrative Agent shall  distribute such payment to the L/C Issuer or, to the extent that the Revolving  Lenders have made payments pursuant to this clause (e) to reimburse the L/C  Issuer, then to such Lenders and the L/C Issuer as their interests may appear.  Any  payment made by a Lender pursuant to this clause (e) to reimburse the L/C Issuer  for any L/C Disbursement shall not constitute a Loan and shall not relieve the  Borrower of its obligation to reimburse such L/C Disbursement.  (iii) Each Revolving Lender further acknowledges and agrees that its  participation in each Letter of Credit will be automatically adjusted to reflect such  Lender’s Applicable Percentage of the aggregate amount available to be drawn  under such Letter of Credit at each time such Lender’s Commitment is amended  pursuant to the operation of Section 2.16, as a result of an assignment in accordance  with Section 11.06 or otherwise pursuant to this Agreement.  (iv) If any Revolving Lender fails to make available to the  Administrative Agent for the account of the L/C Issuer any amount required to be  paid by such Lender pursuant to the foregoing provisions of this Section 2.03(e),  then, without limiting the other provisions of this Agreement, the L/C Issuer shall  be entitled to recover from such Lender (acting through the Administrative Agent),  on demand, such amount with interest thereon for the period from the date such  payment is required to the date on which such payment is immediately available to  the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate  and a rate determined by the L/C Issuer in accordance with banking industry rules  on interbank compensation, plus any administrative, processing or similar fees  customarily charged by the L/C Issuer in connection with the foregoing.  If such  Lender pays such amount (with interest and fees as aforesaid), the amount so paid  shall constitute such Lender’s Revolving Loan included in the relevant Revolving  Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case  may be.  A certificate of the L/C Issuer submitted to any Revolving Lender (through  the Administrative Agent) with respect to any amounts owing under this  clause (e)(vi) shall be conclusive absent manifest error.  (f) Reimbursement.  If the L/C Issuer shall make any L/C Disbursement in  respect of a Letter of Credit, the Borrower shall reimburse the L/C Issuer in respect of such  L/C Disbursement by paying to the Administrative Agent an amount equal to such L/C  Disbursement not later than 11:00 a.m. on (i) the Business Day that the Borrower receives  notice of such L/C Disbursement, if such notice is received prior to 9:00 a.m. or (ii) the  Business Day immediately following the day that the Borrower receives such notice, if  such notice is not received prior to such time, provided that, if such L/C Disbursement is  not less than $100,000, the Borrower shall be deemed, subject to the conditions to  borrowing set forth herein, to have requested in accordance with Section 2.02 or Section  2.04 that such payment be financed with a Borrowing of Base Rate Loans or Swingline  

 

  40  Loans in an equivalent amount and, to the extent so financed, the Borrower’s obligation to  make such payment shall be discharged and replaced by the resulting Borrowing of Base  Rate Loans or Swingline Loans.  If the Borrower fails to make such payment when due,  the Administrative Agent shall notify each Revolving Lender of the applicable L/C  Disbursement, the payment then due from the Borrower in respect thereof (the  “Unreimbursed Amount”) and such Lender’s Applicable Percentage thereof.  Promptly  upon receipt of such notice, each Revolving Lender shall pay to the Administrative Agent  its Applicable Percentage of the Unreimbursed Amount pursuant to Section 2.03(e)(ii),  subject to the amount of the unutilized portion of the aggregate Commitments.  Any notice  given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.03(f) may  be given by telephone if immediately confirmed in writing; provided that the lack of such  an immediate confirmation shall not affect the conclusiveness or binding effect of such  notice.  (g) Obligations Absolute.  The Borrower’s obligation to reimburse L/C  Disbursements as provided in clause (f) of this Section 2.03 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 this Agreement, any other  Loan Document or any Letter of Credit, or any term or provision herein or therein;  (ii) the existence of any claim, counterclaim, setoff, defense or other  right that the Borrower or any Subsidiary may have at any time against any  beneficiary or any transferee of such Letter of Credit (or any Person for whom any  such beneficiary or any such transferee may be acting), the L/C Issuer or any other  Person, whether in connection with this Agreement, the transactions contemplated  hereby or by such Letter of Credit or any agreement or instrument relating thereto,  or any unrelated transaction;  (iii) any draft, demand, certificate or other document presented under  such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any  respect or any statement in such draft or other document being untrue or inaccurate  in any respect; or any loss or delay in the transmission or otherwise of any document  required in order to make a drawing under such Letter of Credit;  (iv) waiver by the L/C Issuer of any requirement that exists for the L/C  Issuer’s protection and not the protection of the Borrower or any waiver by the L/C  Issuer which does not in fact materially prejudice the Borrower;  (v) honor of a demand for payment presented electronically even if such  Letter of Credit required that demand be in the form of a draft;  (vi) any payment made by the L/C Issuer in respect of an otherwise  complying item presented after the date specified as the expiration date of, or the  date by which documents must be received under such Letter of Credit if  

 

  41  presentation after such date is authorized by the UCC, the ISP or the UCP, as  applicable;  (vii) payment by the L/C Issuer under a Letter of Credit against  presentation of a draft or other document that does not comply strictly with the  terms of such Letter of Credit; or any payment made by the L/C Issuer under such  Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in- possession, assignee for the benefit of creditors, liquidator, receiver or other  representative of or successor to any beneficiary or any transferee of such Letter of  Credit, including any arising in connection with any proceeding under any Debtor  Relief Law; or  (viii) any other event or circumstance whatsoever, whether or not similar  to any of the foregoing, that might, but for the provisions of this Section 2.03,  constitute a legal or equitable discharge of, or provide a right of setoff against, the  Borrower’s obligations hereunder.  (h) Examination.  The Borrower shall promptly examine a copy of each Letter  of Credit and each amendment thereto that is delivered to it and, in the event of any claim  of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will  immediately notify the L/C Issuer.  The Borrower shall be conclusively deemed to have  waived any such claim against the L/C Issuer and its correspondents unless such notice is  given as aforesaid.  (i) Liability.  None of the Administrative Agent, the Lenders, the L/C Issuer,  or 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 by the L/C Issuer 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, any error in translation or any  consequence arising from causes beyond the control of the L/C Issuer; provided that the  foregoing shall not be construed to excuse the L/C Issuer from liability to the Borrower to  the extent of any direct damages (as opposed to consequential damages, claims in respect  of which are hereby waived by the Borrower to the extent permitted by Applicable Law)  suffered by the Borrower that are caused by the L/C Issuer’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 the L/C Issuer (as finally determined by a  court of competent jurisdiction), the L/C Issuer shall be deemed to have exercised care in  each such determination, and that:  (i) the L/C Issuer may replace a purportedly lost, stolen, or destroyed  original Letter of Credit or missing amendment thereto with a certified true copy  marked as such or waive a requirement for its presentation;  

 

  42  (ii) the L/C Issuer may accept documents that appear on their face to be  in substantial compliance with the terms of a Letter of Credit without responsibility  for further investigation, regardless of any notice or information to the contrary,  and may make payment upon presentation of documents that appear on their face  to be in substantial compliance with the terms of such Letter of Credit and without  regard to any non-documentary condition in such Letter of Credit;  (iii) the L/C Issuer shall have the right, in its sole discretion, to decline  to accept such documents and to make such payment if such documents are not in  strict compliance with the terms of such Letter of Credit; and  (iv) this sentence shall establish the standard of care to be exercised by  the L/C Issuer when determining whether drafts and other documents presented  under a Letter of Credit comply with the terms thereof (and the parties hereto  hereby waive, to the extent permitted by Applicable Law, any standard of care  inconsistent with the foregoing).  Without limiting the foregoing, none of the Administrative Agent, the Lenders, the  L/C Issuer, or any of their Related Parties shall have any liability or responsibility  by reason of (i) any presentation that includes forged or fraudulent documents or  that is otherwise affected by the fraudulent, bad faith, or illegal conduct of the  beneficiary or other Person, (ii) the L/C Issuer declining to take-up documents and  make payment, (A) against documents that are fraudulent, forged, or for other  reasons by which that it is entitled not to honor or (B) following the Borrower’s  waiver of discrepancies with respect to such documents or request for honor of such  documents or (iii) the L/C Issuer retaining proceeds of a Letter of Credit based on  an apparently applicable attachment order, blocking regulation, or third-party claim  notified to the L/C Issuer.  (j) Applicability of ISP and UCP.  Unless otherwise expressly agreed by the  L/C Issuer and the Borrower when a Letter of Credit is issued by it (including any such  agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to  each standby Letter of Credit, and (ii) the rules of the UCP shall apply to each commercial  Letter of Credit.  Notwithstanding the foregoing, the L/C Issuer shall not be responsible to  the Borrower for, and the L/C Issuer’s rights and remedies against the Borrower shall not  be impaired by, any action or inaction of the L/C Issuer required or permitted under any  law, order, or practice that is required or permitted to be applied to any Letter of Credit or  this Agreement, including the Law or any order of a jurisdiction where the L/C Issuer or  the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the  decisions, opinions, practice statements, or official commentary of the ICC Banking  Commission, the Bankers Association for Finance and Trade – International Financial  Services Association (BAFT-IFSA), or the Institute of International Banking Law &  Practice, whether or not any Letter of Credit chooses such law or practice.  (k) Benefits.  the L/C Issuer shall act on behalf of the Lenders with respect to  any Letters of Credit issued by it and the documents associated therewith, and the L/C  Issuer shall have all of the benefits and immunities (i) provided to the Administrative Agent  

 

  43  in Article IX with respect to any acts taken or omissions suffered by the L/C Issuer in  connection with Letters of Credit issued by it or proposed to be issued by it and Issuer  Documents pertaining to such Letters of Credit as fully as if the term “Administrative  Agent” as used in Article IX included the L/C Issuer with respect to such acts or omissions,  and (ii) as additionally provided herein with respect to the L/C Issuer.  (l) Letter of Credit Fees.  The Borrower shall pay to the Administrative Agent  for the account of each Revolving Lender in accordance, subject to Section 2.15(a)(iii)(B),  with its Applicable Revolving Percentage a Letter of Credit fee (the “Letter of Credit Fee”)  (x) for each commercial Letter of Credit equal to the Applicable Rate for commercial  Letters of Credit times the maximum stated amount of such Letter of Credit, and (y) for  each standby Letter of Credit equal to the Applicable Rate for standby Letters of Credit  times the daily amount available to be drawn under such Letter of Credit.  For purposes of  computing the daily amount available to be drawn under any standby Letter of Credit, the  amount of such Letter of Credit shall be determined in accordance with Section 1.06.   Letter of Credit Fees shall be due and payable quarterly in arrears on the last Business Day  of each March, June, September and December, commencing with the first such date to  occur after the issuance of such Letter of Credit, and on the Letter of Credit Expiration  Date and thereafter on demand.  If there is any change in the Applicable Rate during any  quarter, the daily amount available to be drawn under each standby Letter of Credit shall  be computed and multiplied by the Applicable Rate separately for each period during such  quarter that such Applicable Rate was in effect.  Notwithstanding anything to the contrary  contained herein, upon the request of the Required Lenders, while any Event of Default  exists, all Letter of Credit Fees shall accrue at the Default Rate.  (m) Fronting Fee and Documentary and Processing Charges Payable to L/C  Issuer.  The Borrower shall pay directly to the L/C Issuer for its own account a fronting fee  (i) with respect to each commercial Letter of Credit, equal to 0.125% per annum times the  maximum stated amount of such Letter of Credit, and payable upon the issuance thereof,  (ii) with respect to any amendment of a commercial Letter of Credit increasing the amount  of such Letter of Credit, at a rate separately agreed between the Borrower and the L/C  Issuer, computed on the amount of such increase, and payable upon the effectiveness of  such amendment, and (iii) with respect to each standby Letter of Credit, at the rate per  annum specified in the Fee Letter, computed on the daily amount available to be drawn  under such Letter of Credit on a quarterly basis in arrears.  Such fronting fee shall be due  and payable no later than the tenth Business Day after the end of each March, June,  September and December in the most recently-ended quarterly period (or portion thereof,  in the case of the first payment), commencing with the first such date to occur after the  issuance of such Letter of Credit, on the Maturity Date and thereafter on demand.  For  purposes of computing the daily amount available to be drawn under any Letter of Credit,  the amount of such Letter of Credit shall be determined in accordance with Section 1.06.   In addition, the Borrower shall pay directly to the L/C Issuer for its own account the  customary issuance, presentation, amendment and other processing fees, and other  standard costs and charges, of the L/C Issuer relating to letters of credit as from time to  time in effect.  Such customary fees and standard costs and charges are due and payable on  demand and are nonrefundable.  

 

  44  (n) Disbursement Procedures.  The L/C Issuer for any Letter of Credit shall,  within the time allowed by Applicable Laws or the specific terms of the Letter of Credit  following its receipt thereof, examine all documents purporting to represent a demand for  payment under such Letter of Credit.  The L/C Issuer shall promptly after such examination  notify the Administrative Agent and the Borrower in writing of such demand for payment  if the L/C Issuer has made or will make an L/C Disbursement thereunder; provided that  any failure to give or delay in giving such notice shall not relieve the Borrower of its  obligation to reimburse the L/C Issuer and the Lenders with respect to any such L/C  Disbursement.  (o) Interim Interest.  If the L/C Issuer for any standby Letter of Credit shall  make any L/C Disbursement, then, unless the Borrower shall reimburse such L/C  Disbursement in full on the date such L/C Disbursement is made, the unpaid amount  thereof shall bear interest, for each day from and including the date such L/C Disbursement  is made to but excluding the date that the Borrower reimburses such L/C Disbursement, at  the rate per annum then applicable to Base Rate Loans; provided that if the Borrower fails  to reimburse such L/C Disbursement when due pursuant to clause (f) of this Section 2.03,  then Section 2.08(b) shall apply.  Interest accrued pursuant to this clause (p) shall be for  account of the L/C Issuer, except that interest accrued on and after the date of payment by  any Lender pursuant to clause (f) of this Section 2.03 to reimburse the L/C Issuer shall be  for account of such Lender to the extent of such payment.  (p) Replacement of the L/C Issuer.  the L/C Issuer may be replaced at any time  by written agreement between the Borrower, the Administrative Agent, the replaced L/C  Issuer and the successor L/C Issuer.  The Administrative Agent shall notify the Lenders of  any such replacement of the L/C Issuer.  At the time any such replacement shall become  effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced  L/C Issuer pursuant to Section 2.03(m).  From and after the effective date of any such  replacement, (i) the successor L/C Issuer shall have all the rights and obligations of an L/C  Issuer under this Agreement with respect to Letters of Credit to be issued by it thereafter  and (ii) references herein to the term “L/C Issuer” shall be deemed to include such  successor or any previous L/C Issuer, or such successor and all previous L/C Issuer, as the  context shall require.  After the replacement of the L/C Issuer hereunder, the replaced L/C  Issuer shall remain a party hereto and shall continue to have all the rights and obligations  of an L/C Issuer under this Agreement with respect to Letters of Credit issued by it prior  to such replacement, but shall not be required to issue additional Letters of Credit.  (q) Cash Collateralization.  (i) If any Event of Default shall occur and be continuing, on the  Business Day that the Borrower receives notice from the Administrative Agent or  the Required Lenders (or, if the maturity of the Loans has been accelerated,  Revolving Lenders with L/C Obligations representing at least 66-2/3% of the total  L/C Obligations) demanding the deposit of Cash Collateral pursuant to this  clause (q), the Borrower shall immediately deposit into an account established and  maintained on the books and records of the Administrative Agent (the “Collateral  Account”) an amount in cash equal to 105% of the total L/C Obligations as of such  

 

  45  date plus any accrued and unpaid interest thereon, provided that the obligation to  deposit such Cash Collateral shall become effective immediately, and such deposit  shall become immediately due and payable, without demand or other notice of any  kind, upon the occurrence of any Event of Default with respect to the Borrower  described in clause (f) of Section 8.01.  Such deposit shall, subject to Section  2.14(d), be held by the Administrative Agent as collateral for the payment of the  reimbursement obligations of the Borrower for L/C Disbursements with respect to  such L/C Obligations.  In addition, and without limiting the foregoing or clause (d)  of this Section 2.03, if any L/C Obligations remain outstanding after the expiration  date specified in said clause (d), the Borrower shall immediately deposit into the  Collateral Account an amount in cash equal to 105% of such L/C Obligations as of  such date plus any accrued and unpaid interest thereon.  (ii) The Administrative Agent shall have exclusive dominion and  control, including the exclusive right of withdrawal, over the Collateral Account.   Other than any interest earned on the investment of such deposits, which  investments shall be made at the option and sole discretion of the Administrative  Agent and at the Borrower’s risk and expense, such deposits shall not bear interest.   Interest or profits, if any, on such investments shall accumulate in the Collateral  Account.  Moneys in the Collateral Account shall be applied by the Administrative  Agent to reimburse the L/C Issuer for L/C Disbursements for which it has not been  reimbursed, together with related fees, costs, and customary processing charges,  and, to the extent not so applied, shall, subject to Section 2.14(d), be held for the  satisfaction of the reimbursement obligations of the Borrower for the L/C  Obligations at such time or, if the maturity of the Loans has been accelerated (but  subject to the consent of Lenders with L/C Obligations representing 66-2/3% of the  total L/C Obligations), be applied to satisfy other obligations of the Borrower under  this Agreement.  If the Borrower is required to provide an amount of Cash  Collateral hereunder as a result of the occurrence of an Event of Default, such  amount (to the extent not applied as aforesaid) shall be returned to the Borrower (x)  within three (3) Business Days after all Events of Default have been cured or  waived or (y) such earlier date as may be required pursuant to Section 2.14(d).  (r) Letters of Credit Issued for Subsidiaries.  Notwithstanding that a Letter of  Credit issued or outstanding hereunder is in support of any obligations of, or is for the  account of, a Subsidiary, the Borrower shall be obligated to reimburse, indemnify and  compensate the L/C Issuer hereunder for any and all drawings under such Letter of Credit  as if such Letter of Credit had been issues solely for the account of the Borrower.  The  Borrower irrevocably waives any and all defenses that might otherwise be available to it  as a guarantor or surety of any or all of the obligations of such Subsidiary in respect of such  Letter of Credit.  The Borrower hereby acknowledges that the issuance of Letters of Credit  for the account of Subsidiaries inures to the benefit of the Borrower, and that the  Borrower’s business derives substantial benefits from the businesses of such Subsidiaries.  (s) Conflict with Issuer Documents.  In the event of any conflict between the  terms hereof and the terms of any Issuer Document, the terms hereof shall control.  

 

  46   Swingline Loans.  (a) The Swingline.  Subject to the terms and conditions set forth herein, the  Swingline Lender, in reliance upon the agreements of the other Lenders set forth in this  Section 2.04, may in its sole discretion make loans to the Borrower (each such loan, a  “Swingline Loan”).  Each such Swingline Loan may be made, subject to the terms and  conditions set forth herein, to the Borrower, in Dollars, from time to time on any Business  Day during the Availability Period in an aggregate amount not to exceed at any time  outstanding the amount of the Swingline Sublimit; provided, however, that (i) after giving  effect to any Swingline Loan, (A) the Total Revolving Outstandings shall not exceed the  Revolving Facility at such time, and (B) the Revolving Exposure of any Revolving Lender  at such time shall not exceed such Lender’s Revolving Commitment, (ii) the Borrower  shall not use the proceeds of any Swingline Loan to refinance any outstanding Swingline  Loan, and (iii) the Swingline Lender shall not be under any obligation to make any  Swingline Loan if it shall determine (which determination shall be conclusive and binding  absent manifest error) that it has, or by such Credit Extension may have, Fronting  Exposure.  Within the foregoing limits, and subject to the other terms and conditions  hereof, the Borrower may borrow under this Section 2.04, prepay under Section 2.05, and  reborrow under this Section 2.04.  Each Swingline Loan shall bear interest only at a rate  based on the Base Rate plus the Applicable Rate.  Immediately upon the making of a  Swingline Loan, each Revolving Lender shall be deemed to, and hereby irrevocably and  unconditionally agrees to, purchase from the Swingline Lender a risk participation in such  Swingline Loan in an amount equal to the product of such Revolving Lender’s Applicable  Revolving Percentage times the amount of such Swingline Loan.  (b) Borrowing Procedures.  Each Swingline Borrowing shall be made upon the Borrower’s irrevocable  notice to the Swingline Lender and the Administrative Agent, which may be given  by:  (i) telephone or (ii) a Swingline Loan Notice; provided that any telephonic  notice must be confirmed immediately by delivery to the Swingline Lender and the  Administrative Agent of a Swingline Loan Notice.  Each such Swingline Loan  Notice must be received by the Swingline Lender and the Administrative Agent not  later than 2:00 p.m., on the requested borrowing date, and shall specify (A) the  amount to be borrowed, which shall be a minimum of $100,000, and (B) the  requested date of the Borrowing (which shall be a Business Day).  Promptly after  receipt by the Swingline Lender of any Swingline Loan Notice, the Swingline  Lender will confirm with the Administrative Agent (by telephone or in writing) that  the Administrative Agent has also received such Swingline Loan Notice and, if not,  the Swingline Lender will notify the Administrative Agent (by telephone or in  writing) of the contents thereof.  Unless the Swingline Lender has received notice  (by telephone or in writing) from the Administrative Agent (including at the request  of any Revolving Lender) prior to 3:00 p.m. on the date of the proposed Swingline  Borrowing (1) directing the Swingline Lender not to make such Swingline Loan as  a result of the limitations set forth in the first proviso to the first sentence of Section  2.04(a), or (2) that one or more of the applicable conditions specified in Article IV  is not then satisfied, then, subject to the terms and conditions hereof, the Swingline  

 

  47  Lender may, make the amount of its Swingline Loan available to the Borrower at  its office by crediting the account of the Borrower on the books of the Swingline  Lender in immediately available funds.  (c) Refinancing of Swingline Loans.  (i) The Swingline Lender at any time in its sole discretion may request,  on behalf of the Borrower (which hereby irrevocably authorizes the Swingline  Lender to so request on its behalf), that each Revolving Lender make a Base Rate  Loan in an amount equal to such Lender’s Applicable Revolving Percentage of the  amount of Swingline Loans then outstanding.  Such request shall be made in writing  (which written request shall be deemed to be a Loan Notice for purposes hereof)  and in accordance with the requirements of Section 2.02, without regard to the  minimum and multiples specified therein for the principal amount of Base Rate  Loans, but subject to the unutilized portion of the Revolving Facility and the  conditions set forth in Section 4.02.  The Swingline Lender shall furnish the  Borrower with a copy of the applicable Loan Notice promptly after delivering such  notice to the Administrative Agent.  Each Revolving Lender shall make an amount  equal to its Applicable Revolving Percentage of the amount specified in such Loan  Notice available to the Administrative Agent in immediately available funds (and  the Administrative Agent may apply Cash Collateral available with respect to the  applicable Swingline Loan) for the account of the Swingline Lender at the  Administrative Agent’s Office not later than 2:00 p.m., on the day specified in such  Loan Notice, whereupon, subject to Section 2.04(c)(ii), each Revolving Lender that  so makes funds available shall be deemed to have made a Base Rate Loan to the  Borrower in such amount.  The Administrative Agent shall remit the funds so  received to the Swingline Lender.  (ii) Notwithstanding anything to the contrary in the foregoing, if for any  reason any Swingline Loan cannot be refinanced by such a Revolving Borrowing  in accordance with Section 2.04(c)(i) (including, without limitation, the failure to  satisfy the conditions set forth in Section 4.02), the request for Base Rate Loans  submitted by the Swingline Lender as set forth herein shall be deemed to be a  request by the Swingline Lender that each of the Revolving Lenders fund its risk  participation in the relevant Swingline Loan and each Revolving Lender’s payment  to the Administrative Agent for the account of the Swingline Lender pursuant to  Section 2.04(c)(i) shall be deemed payment in respect of such participation.  (iii) If any Revolving Lender fails to make available to the  Administrative Agent for the account of the Swingline Lender any amount required  to be paid by such Lender pursuant to the foregoing provisions of this  Section 2.04(c) by the time specified in Section 2.04(c)(i), the Swingline Lender  shall be entitled to recover from such Lender (acting through the Administrative  Agent), on demand, such amount with interest thereon for the period from the date  such payment is required to the date on which such payment is immediately  available to the Swingline Lender at a rate per annum equal to the greater of the  Federal Funds Rate and a rate determined by the Swingline Lender in accordance  

 

  48  with banking industry rules on interbank compensation, plus any administrative,  processing or similar fees customarily charged by the Swingline Lender in  connection with the foregoing.  If such Lender pays such amount (with interest and  fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving  Loan included in the relevant Revolving Borrowing or funded participation in the  relevant Swingline Loan, as the case may be.  A certificate of the Swingline Lender  submitted to any Lender (through the Administrative Agent) with respect to any  amounts owing under this clause (c)(iii) shall be conclusive absent manifest error.  (iv) Each Revolving Lender’s obligation to make Revolving Loans or to  purchase and fund risk participations in Swingline Loans pursuant to this  Section 2.04(c) shall be absolute and unconditional and shall not be affected by any  circumstance, including (A) any setoff, counterclaim, recoupment, defense or other  right which such Lender may have against the Swingline Lender, the Borrower or  any other Person for any reason whatsoever, (B) the occurrence or continuance of  a Default or (C) any other occurrence, event or condition, whether or not similar to  any of the foregoing; provided, however, that each Revolving Lender’s obligation  to make Revolving Loans pursuant to this Section 2.04(c) is subject to the  conditions set forth in Section 4.02 (other than delivery by the Borrower of a Loan  Notice).  No such funding of risk participations shall relieve or otherwise impair  the obligation of the Borrower to repay Swingline Loans, together with interest as  provided herein.  (d) Repayment of Participations.  (i) At any time after any Revolving Lender has purchased and funded  a risk participation in a Swingline Loan, if the Swingline Lender receives any  payment on account of such Swingline Loan, the Swingline Lender will distribute  to such Revolving Lender its Applicable Revolving Percentage thereof in the same  funds as those received by the Swingline Lender.  (ii) If any payment received by the Swingline Lender in respect of  principal or interest on any Swingline Loan is required to be returned by the  Swingline Lender under any of the circumstances described in Section 11.05  (including pursuant to any settlement entered into by the Swingline Lender in its  discretion), each Revolving Lender shall pay to the Swingline Lender its Applicable  Revolving Percentage thereof on demand of the Administrative Agent, plus interest  thereon from the date of such demand to the date such amount is returned, at a rate  per annum equal to the Federal Funds Rate.  The Administrative Agent will make  such demand upon the request of the Swingline Lender.  The obligations of the  Lenders under this clause shall survive the payment in full of the Obligations and  the termination of this Agreement.  (e) Interest for Account of Swingline Lender.  The Swingline Lender shall be  responsible for invoicing the Borrower for interest on the Swingline Loans.  Until each  Revolving Lender funds its Base Rate Loan or risk participation pursuant to this  Section 2.04 to refinance such Revolving Lender’s Applicable Revolving Percentage of  

 

  49  any Swingline Loan, interest in respect of such Applicable Revolving Percentage shall be  solely for the account of the Swingline Lender.  (f) Payments Directly to Swingline Lender.  The Borrower shall make all  payments of principal and interest in respect of the Swingline Loans directly to the  Swingline Lender.   Prepayments.  (a) Optional.  (i) The Borrower may, upon notice to the Administrative Agent  pursuant to delivery to the Administrative Agent of a Notice of Loan Prepayment,  at any time or from time to time voluntarily prepay Revolving Loans in whole or in  part without premium or penalty subject to Section 3.05; provided that, unless  otherwise agreed by the Administrative Agent, (A) such notice must be received by  the Administrative Agent not later than 11:00 a.m. (1) three (3) Business Days prior  to any date of prepayment of Eurodollar Rate Loans and (2) on the date of  prepayment of Base Rate Loans; (B) any prepayment of Eurodollar Rate Loans  shall be in a principal amount of $500,000 or a whole multiple of $100,000 in  excess thereof; and (C) any prepayment of Base Rate Loans shall be in a principal  amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each  case, if less, the entire principal amount thereof then outstanding.  Each such notice  shall specify the date and amount of such prepayment and the Type(s) of Loans to  be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of  such Loans.  The Administrative Agent will promptly notify each Lender of its  receipt of each such notice, and of the amount of such Lender’s ratable portion of  such prepayment (based on such Lender’s Applicable Percentage in respect of the  Revolving Facility).  If such notice is given by the Borrower, the Borrower shall  make such prepayment and the payment amount specified in such notice shall be  due and payable on the date specified therein.  Any prepayment of a Eurodollar  Rate Loan shall be accompanied by all accrued interest on the amount prepaid,  together with any additional amounts required pursuant to Section 3.05.  Subject to  Section 2.15, such prepayments shall be paid to the Lenders in accordance with  their respective Applicable Percentages in respect of the Revolving Facility.  (ii) The Borrower may, upon notice to the Swingline Lender pursuant  to delivery to the Swingline Lender of a Notice of Loan Prepayment (with a copy  to the Administrative Agent), at any time or from time to time, voluntarily prepay  Swingline Loans in whole or in part without premium or penalty; provided that,  unless otherwise agreed by the Swingline Lender, (A) such notice must be received  by the Swingline Lender and the Administrative Agent not later than 12:00 p.m.,  noon, on the date of the prepayment, and (B) any such prepayment shall be in a  minimum principal amount of $100,000 or a whole multiple of $100,000 in excess  hereof (or, if less, the entire principal thereof then outstanding).  Each such notice  shall specify the date and amount of such prepayment.  If such notice is given by  

 

  50  the Borrower, the Borrower shall make such prepayment and the payment amount  specified in such notice shall be due and payable on the date specified therein.  (b) Mandatory.  If for any reason the Total Revolving Outstandings at any time  exceed the Revolving Facility at such time, the Borrower shall immediately prepay  Revolving Loans, Swingline Loans and L/C Borrowings and/or Cash Collateralize the L/C  Obligations in an aggregate amount equal to such excess; provided, however, that the  Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to this  Section 2.05(b) unless, after the prepayment of the Revolving Loans and Swingline Loans,  the Total Revolving Outstandings exceed the Revolving Facility at such time.  Upon the  drawing of any Letter of Credit that has been Cash Collateralized, the funds held as Cash  Collateral shall be applied (without any further action by or notice to or from the Borrower  or any other Loan Party or any Defaulting Lender that has provided Cash Collateral) to  reimburse the L/C Issuer or the Revolving Lenders, as applicable.  Within the parameters of the applications set forth above, prepayments pursuant to this  Section 2.05(b) shall be applied first to Base Rate Loans and then to Eurodollar Rate Loans in  direct order of Interest Period maturities.  All prepayments under this Section 2.05(b) shall be  subject to Section 3.05, but otherwise without premium or penalty, and shall be accompanied by  interest on the principal amount prepaid through the date of prepayment.   Termination or Reduction of Commitments.  (a) Optional.  The Borrower may, upon notice to the Administrative Agent,  terminate the Revolving Facility, the Letter of Credit Sublimit or the Swingline Sublimit,  or from time to time permanently reduce the Revolving Facility, the Letter of Credit  Sublimit or the Swingline Sublimit; provided that (i) any such notice shall be received by  the Administrative Agent not later than 10:00 a.m. five (5) Business Days prior to the date  of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount  of $1,000,000 or any whole multiple of $1,000,000 in excess thereof and (iii) the Borrower  shall not terminate or reduce (A) the Revolving Facility if, after giving effect thereto and  to any concurrent prepayments hereunder, the Total Revolving Outstandings would exceed  the Revolving Facility, (B) the Letter of Credit Sublimit if, after giving effect thereto, the  Outstanding Amount of L/C Obligations not fully Cash Collateralized hereunder would  exceed the Letter of Credit Sublimit, or (C) the Swingline Sublimit if, after giving effect  thereto and to any concurrent prepayments hereunder, the Outstanding Amount of  Swingline Loans would exceed the Letter of Credit Sublimit.  (b) Mandatory.  If after giving effect to any reduction or termination of  Revolving Commitments under this Section 2.06, the Letter of Credit Sublimit or the  Swingline Sublimit exceeds the Revolving Facility at such time, the Letter of Credit  Sublimit or the Swingline Sublimit, as the case may be, shall be automatically reduced by  the amount of such excess.  (c) Application of Commitment Reductions; Payment of Fees.  The  Administrative Agent will promptly notify the Lenders of any termination or reduction of  the Letter of Credit Sublimit, Swingline Sublimit or the Revolving Commitment under this  

 

  51  Section 2.06.  Any reduction of the Aggregate Commitments shall be applied to the  Commitment of each Lender according to its Applicable Percentage.  All fees in respect of  the Revolving Facility accrued until the effective date of any termination of the Revolving  Facility shall be paid on the effective date of such termination.   Repayment of Loans.  (a) Revolving Loans.  The Borrower shall repay to the Revolving Lenders on  the Maturity Date the aggregate principal amount of all Revolving Loans outstanding on  such date.  (b) Swingline Loans.  The Borrower shall repay each Swingline Loan on the  earlier to occur of (i) the date ten (10) Business Days after such Loan is made and (ii) the  Maturity Date.   Interest and Default Rate.  (a) Interest.  Subject to the provisions of Section 2.08(b), (i) each Eurodollar  Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest  Period from the applicable Borrowing date at a rate per annum equal to the Eurodollar Rate  for such Interest Period plus the Applicable Rate; (ii) each Base Rate Loan shall bear  interest on the outstanding principal amount thereof from the applicable Borrowing date at  a rate per annum equal to the Base Rate plus the Applicable Rate; and (iii) each Swingline  Loan shall bear interest on the outstanding principal amount thereof from the applicable  Borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate for the  Revolving Facility.  To the extent that any calculation of interest or any fee required to be  paid under this Agreement shall be based on (or result in) a calculation that is less than  zero, such calculation shall be deemed zero for purposes of this Agreement.  (b) Default Rate.  (i) If any amount of principal of any Loan is not paid when due (without  regard to any applicable grace periods), whether at stated maturity, by acceleration  or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate  per annum at all times equal to the Default Rate to the fullest extent permitted by  Applicable Laws.  (ii) If any amount (other than principal of any Loan) payable by the  Borrower under any Loan Document is not paid when due (without regard to any  applicable grace periods), whether at stated maturity, by acceleration or otherwise,  then upon the request of the Required Lenders such amount shall thereafter bear  interest at a fluctuating interest rate per annum at all times equal to the Default Rate  to the fullest extent permitted by Applicable Laws.  (iii) Upon the request of the Required Lenders, while any Event of  Default exists (other than as set forth in clauses (b)(i) and (b)(ii) above), the  principal amount of all outstanding Obligations hereunder may accrue at a  

 

  52  fluctuating interest rate per annum at all times equal to the Default Rate to the fullest  extent permitted by Applicable Laws.  (iv) Accrued and unpaid interest on past due amounts (including interest  on past due interest) shall be due and payable upon demand.  (c) Interest Payments.  Interest on each Loan shall be due and payable in arrears  on each Interest Payment Date applicable thereto and at such other times as may be  specified herein.  Interest hereunder shall be due and payable in accordance with the terms  hereof before and after judgment, and before and after the commencement of any  proceeding under any Debtor Relief Law.   Fees.  In addition to certain fees described in clauses (l) and (m) of Section 2.03:  (a) Commitment Fee.  The Borrower shall pay to the Administrative Agent for  the account of each Revolving Lender in accordance with its Applicable Percentage, a  commitment fee (a “Commitment Fee”) in Dollars equal to the Applicable Rate times the  actual daily amount by which the Revolving Facility exceeds the sum of (i) the Outstanding  Amount of Revolving Loans and (ii) the Outstanding Amount of L/C Obligations, subject  to adjustment as provided in Section 2.15.  For the avoidance of doubt, the Outstanding  Amount of Swingline Loans shall not be counted towards or considered usage of the  Revolving Facility for purposes of determining the Commitment Fee.  The Commitment  Fee shall accrue at all times during the Availability Period, including at any time during  which one or more of the conditions in Article IV is not met, and shall be due and payable  quarterly in arrears on the last Business Day of each March, June, September and  December, commencing with the first such date to occur after the Closing Date, and on the  last day of the Availability Period.  The Commitment Fee shall be calculated quarterly in  arrears, and if there is any change in the Applicable Rate during any quarter, the actual  daily amount shall be computed and multiplied by the Applicable Rate separately for each  period during such quarter that such Applicable Rate was in effect.  (b) Other Fees.  (i) The Borrower shall pay to the Arranger and the Administrative  Agent for their own respective accounts, in Dollars, fees in the amounts and at the  times specified in the Fee Letter.  Such fees shall be fully earned when paid and  shall not be refundable for any reason whatsoever.  (ii) The Borrower shall pay to the Lenders, in Dollars, such fees as shall  have been separately agreed upon in writing in the amounts and at the times so  specified.  Such fees shall be fully earned when paid and shall not be refundable for  any reason whatsoever.  

 

  53   Computation of Interest and Fees; Retroactive Adjustments of Applicable  Rate.  (a) Computation of Interest and Fees.  All computations of interest for Base  Rate Loans (including Base Rate Loans determined by reference to the Eurodollar Rate)  shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days  elapsed.  All other computations of fees and interest shall be made on the basis of a three  hundred sixty (360) day year and actual days elapsed (which results in more fees or interest,  as applicable, being paid than if computed on the basis of a 365 day year).  Interest shall  accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan,  or any portion thereof, for the day on which the Loan or such portion is paid, provided that  any Loan that is repaid on the same day on which it is made shall, subject to  Section 2.12(a), bear interest for one (1) day.  Each determination by the Administrative  Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes,  absent manifest error.  (b) Financial Statement Adjustments or Restatements.  If, as a result of any  restatement of or other adjustment to the financial statements of the Borrower and its  Subsidiaries or for any other reason, the Borrower, or the Lenders determine that (i) the  Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and  (ii) a proper calculation of the Leverage Ratio would have resulted in higher pricing for  such period, the Borrower shall immediately and retroactively be obligated to pay to the  Administrative Agent for the account of the applicable Lenders or the L/C Issuer, as the  case may be, promptly on demand by the Administrative Agent (or, after the occurrence of  an actual or deemed entry of an order for relief with respect to the Borrower under the  Bankruptcy Code of the United States, automatically and without further action by the  Administrative Agent, any Lender or the L/C Issuer), an amount equal to the excess of the  amount of interest and fees that should have been paid for such period over the amount of  interest and fees actually paid for such period.  This clause (b) shall not limit the rights of  the Administrative Agent, any Lender or the L/C Issuer, as the case may be, under any  provision of this Agreement to payment of any Obligations hereunder at the Default Rate  or under Article VIII.  The Borrower’s obligations under this clause (b) shall survive the  termination of the Aggregate Commitments and the repayment of all other Obligations  hereunder.   Evidence of Debt.  (a) Maintenance of Accounts.  The Credit Extensions made by each Lender  shall be evidenced by one or more accounts or records maintained by such Lender in the  ordinary course of business.  The Administrative Agent shall maintain the Register in  accordance with Section 11.06(c).  The accounts or records maintained by each Lender  shall be conclusive absent manifest error of the amount of the Credit Extensions made by  the Lenders to the Borrower and the interest and payments thereon.  Any failure to so record  or any error in doing so shall not, however, limit or otherwise affect the obligation of the  Borrower hereunder to pay any amount owing with respect to the Obligations.  In the event  of any conflict between the accounts and records maintained by any Lender and the  Register, the Register shall control in the absence of manifest error.  Upon the request of  

 

  54  any Lender made through the Administrative Agent, the Borrower shall execute and deliver  to such Lender (through the Administrative Agent) a Note, which shall evidence such  Lender’s Loans in addition to such accounts or records.  Each Lender may attach schedules  to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its  Loans and payments with respect thereto.  (b) Maintenance of Records.  In addition to the accounts and records referred  to in Section 2.11(a), each Lender and the Administrative Agent shall maintain in  accordance with its usual practice accounts or records evidencing the purchases and sales  by such Lender of participations in Letters of Credit and Swingline Loans.  In the event of  any conflict between the accounts and records maintained by the Administrative Agent and  the accounts and records of any Lender in respect of such matters, the accounts and records  of the Administrative Agent shall control in the absence of manifest error.   Payments Generally; Administrative Agent’s Clawback.  (a) General.  All payments to be made by the Borrower shall be made free and  clear of and without condition or deduction for any counterclaim, defense, recoupment or  setoff.  Except as otherwise expressly provided herein, all payments by the Borrower  hereunder shall be made to the Administrative Agent, for the account of the respective  Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars  and in immediately available funds not later than 1:00 p.m. on the date specified herein.   The Administrative Agent will promptly distribute to each Lender its Applicable  Percentage (or other applicable share as provided herein) of such payment in like funds as  received by wire transfer to such Lender’s Lending Office.  All payments received by the  Administrative Agent after 1:00 p.m. shall be deemed received on the next succeeding  Business Day and any applicable interest or fee shall continue to accrue.  As otherwise  specifically provided for in this Agreement, if any payment to be made by the Borrower  shall come due on a day other than a Business Day, payment shall be made on the next  following Business Day, and such extension of time shall be reflected in computing interest  or fees, as the case may be.  (b) Funding by Lenders; Presumption by Administrative Agent.  (i) Unless the  Administrative Agent shall have received notice from a Lender prior to the proposed date  of any Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate  Loans, prior to 2:00 p.m. on the date of such Borrowing) that such Lender will not make  available to the Administrative Agent such Lender’s share of such Borrowing, the  Administrative Agent may assume that such Lender has made such share available on such  date in accordance with Section 2.02 (or, in the case of a Borrowing of Base Rate Loans,  that such Lender has made such share available in accordance with and at the time required  by Section 2.02) and may, in reliance upon such assumption, make available to the  Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share  of the applicable Borrowing available to the Administrative Agent, then the applicable  Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on  demand such corresponding amount in immediately available funds with interest thereon,  for each day from and including the date such amount is made available to the Borrower  to but excluding the date of payment to the Administrative Agent, at (A) in the case of a  

 

  55  payment to be made by such Lender, the greater of the Federal Funds Rate and a rate  determined by the Administrative Agent in accordance with banking industry rules on  interbank compensation, plus any administrative, processing or similar fees customarily  charged by the Administrative Agent in connection with the foregoing, and (B) in the case  of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans.   If the Borrower and such Lender shall pay such interest to the Administrative Agent for  the same or an overlapping period, the Administrative Agent shall promptly remit to the  Borrower the amount of such interest paid by the Borrower for such period.  If such Lender  pays its share of the applicable Borrowing to the Administrative Agent, then the amount  so paid shall constitute such Lender’s Loan included in such Borrowing.  Any payment by  the Borrower shall be without prejudice to any claim the Borrower may have against a  Lender that shall have failed to make such payment to the Administrative Agent.  (ii) Payments by Borrower; Presumptions by Administrative Agent.   Unless the Administrative Agent shall have received notice from the Borrower prior  to the date on which any payment is due to the Administrative Agent for the account  of the Lenders or the L/C Issuer hereunder that the Borrower will not make such  payment, the Administrative Agent may assume that the Borrower has made such  payment on such date in accordance herewith and may, in reliance upon such  assumption, distribute to the Appropriate Lenders or the L/C Issuer, as the case may  be, the amount due.  In such event, if the Borrower has not in fact made such  payment, then each of the Appropriate Lenders or the L/C Issuer, as the case may  be, severally agrees to repay to the Administrative Agent forthwith on demand the  amount so distributed to such Lender or the L/C Issuer, in immediately available  funds with interest thereon, for each day from and including the date such amount  is distributed to it to but excluding the date of payment to the Administrative Agent,  at the greater of the Federal Funds Rate and a rate determined by the Administrative  Agent in accordance with banking industry rules on interbank compensation.  A notice of the Administrative Agent to any Lender or the Borrower with respect  to any amount owing under this clause (b) shall be conclusive, absent manifest error.  (c) Failure to Satisfy Conditions Precedent.  If any Lender makes available to  the Administrative Agent funds for any Loan to be made by such Lender as provided in the  foregoing provisions of this Article II, and such funds are not made available to the  Borrower by the Administrative Agent because the conditions to the applicable Credit  Extension set forth in Article IV are not satisfied or waived in accordance with the terms  hereof, the Administrative Agent shall return such funds (in like funds as received from  such Lender) to such Lender, without interest.  (d) Obligations of Lenders Several.  The obligations of the Lenders hereunder  to make Revolving Loans, to fund participations in Letters of Credit and Swingline Loans  and to make payments pursuant to Section 11.04(c) are several and not joint.  The failure  of any Lender to make any Loan, to fund any such participation or to make any payment  under Section 11.04(c) on any date required hereunder shall not relieve any other Lender  of its corresponding obligation to do so on such date, and no Lender shall be responsible  

 

  56  for the failure of any other Lender to so make its Loan, to purchase its participation or to  make its payment under Section 11.04(c).  (e) Funding Source.  Nothing herein shall be deemed to obligate any Lender to  obtain the funds for any Loan in any particular place or manner or to constitute a  representation by any Lender that it has obtained or will obtain the funds for any Loan in  any particular place or manner.  (f) Pro Rata Treatment.  Except to the extent otherwise provided herein:   (i) each Borrowing (other than Swingline Borrowings) shall be made from the Appropriate  Lenders, each payment of fees under Section 2.09 and clauses (l) and (m) of Section 2.03  shall be made for account of the Appropriate Lenders, and each termination or reduction  of the amount of the Commitments shall be applied to the respective Commitments of the  Lenders, pro rata according to the amounts of their respective Commitments; (ii) each  Borrowing shall be allocated pro rata among the Lenders according to the amounts of their  respective Commitments (in the case of the making of Revolving Loans) or their respective  Loans that are to be included in such Borrowing (in the case of conversions and  continuations of Loans); (iii) each payment or prepayment of principal of Loans by the  Borrower shall be made for account of the Appropriate Lenders pro rata in accordance with  the respective unpaid principal amounts of the Loans held by them; and (iv) each payment  of interest on Loans by the Borrower shall be made for account of the Appropriate Lenders  pro rata in accordance with the amounts of interest on such Loans then due and payable to  the respective Appropriate Lenders.   Sharing of Payments by Lenders.  If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain  payment in respect of (a) Obligations in respect of the Revolving Facility due and payable to such  Lender hereunder and under the other Loan Documents at such time in excess of its ratable share  (according to the proportion of (i) the amount of such Obligations due and payable to such Lender  at such time to (ii) the aggregate amount of the Obligations in respect of the Revolving Facility  due and payable to all Lenders hereunder and under the other Loan Documents at such time) of  payments on account of the Obligations in respect of the Revolving Facility due and payable to all  Lenders hereunder and under the other Loan Documents at such time obtained by all the Lenders  at such time or (b) Obligations in respect of the Revolving Facility owing (but not due and payable)  to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable  share (according to the proportion of (i) the amount of such Obligations owing (but not due and  payable) to such Lender at such time to (ii) the aggregate amount of the Obligations in respect of  the Revolving Facility owing (but not due and payable) to all Lenders hereunder and under the  other Loan Documents at such time) of payments on account of the Obligations in respect of the  Revolving Facility owing (but not due and payable) to all Lenders hereunder and under the other  Loan Documents at such time obtained by all of the Lenders at such time, then, in each case under  clauses (a) and (b) above, the Lender receiving such greater proportion shall (A) notify the  Administrative Agent of such fact, and (B) purchase (for cash at face value) participations in the  Loans and sub-participations in L/C Obligations and Swingline Loans of the other Lenders, or  make such other adjustments as shall be equitable, so that the benefit of all such payments shall be  shared by the Lenders ratably in accordance with the aggregate amount of Obligations in respect  

 

  57  of the Revolving Facility then due and payable to the Lenders or owing (but not due and payable)  to the Lenders, as the case may be, provided that:  (i) if any such participations or sub-participations are purchased and all  or any portion of the payment giving rise thereto is recovered, such participations  or sub-participations shall be rescinded and the purchase price restored to the extent  of such recovery, without interest; and  (ii) the provisions of this Section 2.13 shall not be construed to apply to  (A) any payment made by or on behalf of the Borrower pursuant to and in  accordance with the express terms of this Agreement (including the application of  funds arising from the existence of a Defaulting Lender), (B) the application of  Cash Collateral provided for in Section 2.14, or (C) any payment obtained by a  Lender as consideration for the assignment of or sale of a participation in any of its  Loans or sub-participations in L/C Obligations or Swingline Loans to any assignee  or participant, other than an assignment to any Loan Party or any Affiliate thereof  (as to which the provisions of this Section 2.13 shall apply).  Each Loan Party 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 Loan Party rights of setoff and counterclaim with respect  to such participation as fully as if such Lender were a direct creditor of such Loan Party in the  amount of such participation.   Cash Collateral.  (a) Obligation to Cash Collateralize.  At any time there shall exist a Defaulting  Lender, within one Business Day following the written request of the Administrative Agent  or the L/C Issuer (with a copy to the Administrative Agent), the Borrower shall Cash  Collateralize the L/C Issuer’s Fronting Exposure with respect to such Defaulting Lender  (determined after giving effect to Section 2.15(a)(iv) and any Cash Collateral provided by  such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.   Additionally, if the Administrative Agent notifies the Borrower at any time that the  Outstanding Amount of all L/C Obligations at such time exceeds 105% of the Letter of  Credit Sublimit then in effect, then within two (2) Business Days after receipt of such  notice, the Borrower shall provide Cash Collateral for the Outstanding Amount of the L/C  Obligations in an amount not less than the amount by which the Outstanding Amount of  all L/C Obligations exceeds the Letter of Credit Sublimit.  (b) Grant of Security Interest.  The Borrower, and to the extent provided by any  Defaulting Lender, such Defaulting Lender, hereby grants to (and subjects to the control  of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuer  and the Lenders, and agrees to maintain, a first priority security interest in all such cash,  deposit accounts and all balances therein, and all other property so provided as collateral  pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to  which such Cash Collateral may be applied pursuant to Section 2.14(c).  If at any time the  Administrative Agent determines that Cash Collateral is subject to any right or claim of  

 

  58  any Person other than the Administrative Agent or the L/C Issuer as herein provided, or  that the total amount of such Cash Collateral is less than the Minimum Collateral Amount,  the Borrower will, promptly upon demand by the Administrative Agent, pay or provide to  the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate  such deficiency (determined in the case of Cash Collateral provided pursuant to  Section 2.15(a)(v), after giving effect to Section 2.15(a)(v) and any Cash Collateral  provided by the Defaulting Lender).  All Cash Collateral (other than credit support not  constituting funds subject to deposit) shall be maintained in blocked deposit accounts at  Bank of America.  The Borrower shall pay on demand therefor from time to time all  customary account opening, activity and other administrative fees and charges in  connection with the maintenance and disbursement of Cash Collateral.  (c) Application.  Notwithstanding anything to the contrary contained in this  Agreement, Cash Collateral provided under any of this Section 2.14 or Sections 2.03, 2.05,  2.15 or 8.02 in respect of Letters of Credit shall be held and applied to the satisfaction of  the specific L/C Obligations and obligations to fund participations therein (including, as to  Cash Collateral provided by a Revolving Lender that is a Defaulting Lender, any interest  accrued on such obligation) for which the Cash Collateral was so provided, and shall not  be applied to any other Obligations, unless the maturity of the Loans shall have been  accelerated.  (d) Release.  Cash Collateral (or the appropriate portion thereof) provided to  reduce Fronting Exposure or secure L/C Obligations shall be released promptly following  (i) the elimination of the applicable Fronting Exposure or the termination of such L/C  Obligation or other obligations giving rise thereto (including by the termination of  Defaulting Lender status of the applicable Revolving Lender (or, as appropriate, its  assignee following compliance with Section 11.06(b)(vi))) or (ii) the determination by the  Administrative Agent and the L/C Issuer that there exists excess Cash Collateral; provided,  however, the Person providing Cash Collateral and the L/C Issuer may agree that Cash  Collateral shall not be released but instead held to support future anticipated Fronting  Exposure or other L/C Obligations.   Defaulting Lenders.  (a) Adjustments.  Notwithstanding anything to the contrary contained in this  Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that  Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law:  (i) Waivers and Amendments.  Such Defaulting Lender’s right to  approve or disapprove any amendment, waiver or consent with respect to this  Agreement shall be restricted as set forth in the definition of “Required Lenders”  and Section 11.01.  (ii) Defaulting Lender Waterfall.  Any payment of principal, interest,  fees or other amounts received by the Administrative Agent for the account of such  Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to  Article VIII or otherwise) or received by the Administrative Agent from a  

 

  59  Defaulting Lender pursuant to Section 11.08 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 L/C Issuer or the Swingline Lender hereunder; third,  to Cash Collateralize the L/C Issuer’s Fronting Exposure with respect to such  Defaulting Lender in accordance with Section 2.14; fourth, as the Borrower may  request (so long as no Default or Event of Default exists), to the funding of any  Loan in respect of which such Defaulting Lender has failed to fund its portion  thereof as required by this Agreement, as determined by the Administrative Agent;  fifth, if so determined by the Administrative Agent and the Borrower, to be held in  a deposit account and released pro rata in order to (A) satisfy such Defaulting  Lender’s potential future funding obligations with respect to Loans under this  Agreement and (B) Cash Collateralize the L/C Issuer’s future Fronting Exposure  with respect to such Defaulting Lender with respect to future Letters of Credit  issued under this Agreement, in accordance with Section 2.14; sixth, to the payment  of any amounts owing to the Lenders, the L/C Issuer or Swingline Lender as a result  of any judgment of a court of competent jurisdiction obtained by any Lender, the  L/C Issuer or the Swingline Lender against such Defaulting Lender as a result of  such Defaulting Lender’s breach of its obligations under this Agreement; seventh,  so long as no Default or Event of Default exists, to the payment of any amounts  owing to the Borrower as a result of any judgment of a court of competent  jurisdiction obtained by the Borrower against such Defaulting Lender as a result of  such Defaulting Lender’s breach of its obligations under this Agreement; and  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 L/C Borrowings 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 L/C Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior  to being applied to the payment of any Loans of, or L/C Obligations owed to, such  Defaulting Lender until such time as all Loans and funded and unfunded  participations in L/C Obligations and Swingline Loans are held by the Lenders pro  rata in accordance with the Commitments hereunder without giving effect to  Section 2.15(a)(iv).  Any payments, prepayments or other amounts paid or payable  to a Defaulting Lender that are applied (or held) to pay amounts owed by a  Defaulting Lender or to post Cash Collateral pursuant to this Section 2.15(a)(ii)  shall be deemed paid to and redirected by such Defaulting Lender, and each Lender  irrevocably consents hereto.  (iii) Certain Fees.  (A) Fees.  No Defaulting Lender shall be entitled to receive any  fee payable under Section 2.09(a) for any period during which that Lender  is a Defaulting Lender (and the Borrower shall not be required to pay any  

 

  60  such fee that otherwise would have been required to have been paid to that  Defaulting Lender).  (B) Letter of Credit Fees.  Each Defaulting Lender shall be  entitled to receive Letter of Credit Fees for any period during which that  Lender is a Defaulting Lender only to the extent allocable to its Applicable  Percentage of the stated amount of Letters of Credit for which it has  provided Cash Collateral pursuant to Section 2.14.  (C) Defaulting Lender Fees.  With respect to any Letter of Credit  Fee not required to be paid to any Defaulting Lender pursuant to clause (A)  or (B) above, the Borrower shall (1) pay to each Non-Defaulting Lender  that portion of any such fee otherwise payable to such Defaulting Lender  with respect to such Defaulting Lender’s participation in L/C Obligations  or Swingline Loans that has been reallocated to such Non-Defaulting  Lender pursuant to clause (iv) below, (2) pay to the L/C Issuer and the  Swingline Lender, as applicable, the amount of any such fee otherwise  payable to such Defaulting Lender to the extent allocable to such L/C  Issuer’s or such Swingline Lender’s Fronting Exposure to such Defaulting  Lender, and (3) not be required to pay the remaining amount of any such  fee.  (iv) Reallocation of Applicable Percentages to Reduce Fronting  Exposure.  All or any part of such Defaulting Lender’s participation in L/C  Obligations and Swingline Loans shall be reallocated among the Non-Defaulting  Lenders in accordance with their respective Applicable Percentages (calculated  without regard to such Defaulting Lender’s Commitment) but only to the extent  that such reallocation does not cause the aggregate Revolving Exposure of any  Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving  Commitment.  Subject to Section 11.20, no reallocation hereunder shall constitute  a waiver or release of any claim of any party hereunder against a Defaulting Lender  arising from that Lender having become a Defaulting Lender, including any claim  of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased  exposure following such reallocation.  (v) Cash Collateral, Repayment of Swingline Loans.  If the reallocation  described in clause (a)(iv) above cannot, or can only partially, be effected, the  Borrower shall, without prejudice to any right or remedy available to it hereunder  or under Applicable Law, (A) first, prepay Swingline Loans in an amount equal to  the Swingline Lender’s Fronting Exposure and (B) second, Cash Collateralize the  L/C Issuer’s Fronting Exposure in accordance with the procedures set forth in  Section 2.14.  (b) Defaulting Lender Cure.  If the Borrower, the Administrative Agent, the  Swingline Lender and the L/C Issuer agree in writing that a Lender is no longer a  Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon  as of the effective date specified in such notice and subject to any conditions set forth  

 

  61  therein (which may include arrangements with respect to any Cash Collateral), that Lender  will, to the extent applicable, purchase at par that portion of outstanding Loans of the other  Lenders or take such other actions as the Administrative Agent may determine to be  necessary to cause the Loans and funded and unfunded participations in Letters of Credit  and Swingline Loans to be held on a pro rata basis by the Lenders in accordance with their  Revolving Commitments (without giving effect to Section 2.15(a)(iv)), whereupon such  Lender will cease to be a Defaulting Lender; provided that no adjustments will be made  retroactively with respect to fees accrued or payments made by or on behalf of the  Borrower while that Lender was a Defaulting Lender; and provided, further, that except to  the extent otherwise expressly agreed by the affected parties, no change hereunder from  Defaulting Lender to Lender will constitute a waiver or release of any claim of any party  hereunder arising from that Lender’s having been a Defaulting Lender.  (c) New Swingline Loans/Letters of Credit.  So long as any Revolving Lender  is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline  Loans unless it is satisfied (after giving effect to any reallocation of Applicable Percentages  pursuant to Section 2.15(a)(iv)) that it will have no Fronting Exposure after giving effect  to such Swingline Loan and (ii) the L/C Issuer shall not be required to issue, extend,  increase, reinstate or renew any Letter of Credit unless the Borrower (after giving effect to  any reallocation of Applicable Percentages pursuant to Section 2.15(a)(iv)) shall have Cash  Collateralized the L/C Issuer’s Fronting Exposure in accordance with the procedures set  forth in Section 2.14(a).   Increase in Revolving Facility.  (a) Request for Increase.  Provided there exists no Default, upon notice to the  Administrative Agent (which shall promptly notify the Revolving Lenders), the Borrower  may from time to time, request an increase in the Revolving Facility by an amount (for all  such requests) not exceeding $100,000,000 (an “Incremental Facility”); provided that any  such request for an Incremental Facility shall be in a minimum amount of $25,000,000 (or  such lesser amount agreed to by the Administrative Agent in its sole discretion).  At the  time of sending such notice, the Borrower (in consultation with the Administrative Agent)  shall specify the time period within which each Revolving Lender is requested to respond  (which shall in no event be less than ten (10) Business Days from the date of delivery of  such notice to the Revolving Lenders).  (b) Lender Elections to Increase.  Each Revolving Lender shall notify the  Administrative Agent within such time period whether or not it agrees to increase its  Revolving Commitment and, if so, whether by an amount equal to, greater than, or less  than its Applicable Percentage of such requested increase.  Any Revolving Lender not  responding within such time period shall be deemed to have declined to increase its  Revolving Commitment.  (c) Notification by Administrative Agent; Additional Revolving Lenders.  The  Administrative Agent shall notify the Borrower and each Revolving Lender of the  Revolving Lenders’ responses to each request made hereunder.  To achieve the full amount  of a requested increase, and subject to the approval of the Administrative Agent, the L/C  

 

  62  Issuer and the Swingline Lender, the Borrower may also invite additional Eligible  Assignees to become Revolving Lenders pursuant to a joinder agreement (“New Revolving  Lenders”) in form and substance satisfactory to the Administrative Agent and its counsel.  (d) Effective Date and Allocations.  If the Revolving Facility is increased in  accordance with this Section 2.16, the Administrative Agent and the Borrower shall  determine the effective date (the “Revolving Increase Effective Date”) and the final  allocation of such increase.  The Administrative Agent shall promptly notify the Borrower  and the Revolving Lenders and the New Revolving Lenders of the final allocation of such  increase and the Revolving Increase Effective Date.  (e) Conditions to Effectiveness of Increase.  As a condition precedent to such  increase, the Borrower shall deliver to the Administrative Agent a certificate of each Loan  Party dated as of the Revolving Increase Effective Date (in sufficient copies for each  Lender) signed by a Responsible Officer of such Loan Party (i) certifying and attaching the  resolutions adopted by such Loan Party approving or consenting to such increase, and  (ii) in the case of the Borrower, certifying that, before and after giving effect to such  increase, (A) the representations and warranties contained in Article V are true and correct,  on and as of the Revolving Increase Effective Date, and except that for purposes of this  Section 2.16, the representations and warranties contained in clauses (a) and (b) of Section  5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses  (a) and (b), respectively, of Section 6.01, and (B) no Default exists.  The Borrower shall  prepay any Revolving Loans outstanding on the Revolving Increase Effective Date (and  pay any additional amounts required pursuant to Section 3.05) to the extent necessary to  keep the outstanding Revolving Loans ratable with any revised Applicable Percentages  arising from any nonratable increase in the Revolving Commitments under this  Section 2.16.  (f) Conflicting Provisions.  This Section 2.16 shall supersede any provisions in  Section 2.13 or 11.01 to the contrary.  (g) Incremental Facility.  Except as otherwise specifically set forth herein, all  of the other terms and conditions applicable to such Incremental Facility shall be identical  to the terms and conditions applicable to the Revolving Facility.  ARTICLE III    TAXES, YIELD PROTECTION AND ILLEGALITY   Taxes.  (a) Defined Terms.  For purposes of this Section 3.01, the term “Applicable  Law” includes FATCA and the term “Lender” includes any L/C Issuer.  (b) Payments Free of Taxes; Obligation to Withhold; Payments on Account of  Taxes.  Any and all payments by or on account of any obligation of any Loan Party under  any Loan Document shall be made without deduction or withholding for any Taxes, except  as required by Applicable Laws.  If any Applicable Laws (as determined in the good faith  

 

  63  discretion of an applicable Withholding Agent) require the deduction or withholding of  any Tax from any such payment by a Withholding Agent, then the applicable Withholding  Agent shall be entitled to make such deduction or withholding and shall timely pay the full  amount deducted or withheld to the relevant Governmental Authority in accordance with  Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the  applicable Loan Party shall be increased as necessary so that after any required withholding  or the making of all required deductions (including deductions applicable to additional  sums payable under this Section 3.01) the applicable Recipient receives an amount equal  to the sum it would have received had no such withholding or deduction been made.  (c) Payment of Other Taxes by the Loan Parties.  The Loan Parties shall timely  pay to the relevant Governmental Authority in accordance with Applicable Law, or at the  option of the Administrative Agent timely reimburse it for the payment of, any Other  Taxes.  (d) Tax Indemnifications.  (i) Each of the Loan Parties shall, and does hereby, jointly and severally  indemnify each Recipient, and shall make payment in respect thereof within  ten (10) days after demand therefor, for the full amount of any Indemnified Taxes  (including Indemnified Taxes imposed or asserted on or attributable to amounts  payable under this Section 3.01) payable or paid by such Recipient or required to  be withheld or deducted from a payment to such Recipient, and any penalties,  interest and reasonable expenses arising therefrom or with respect thereto, whether  or not such Indemnified Taxes were correctly or legally imposed or asserted by the  relevant Governmental Authority.  A certificate as to the amount of such payment  or liability delivered to the Borrower by a Lender (with a copy to the Administrative  Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender,  shall be conclusive absent manifest error.  Each of the Loan Parties shall also, and  does hereby, jointly and severally indemnify the Administrative Agent, and shall  make payment in respect thereof within ten (10) days after demand therefor, for  any amount which a Lender for any reason fails to pay indefeasibly to the  Administrative Agent as required pursuant to Section 3.01(d)(ii) below.  (ii) Each Lender shall, and does hereby, severally indemnify and shall  make payment in respect thereof within ten (10) days after demand therefor, (A) the  Administrative Agent against any Indemnified Taxes attributable to such Lender  (but only to the extent that any Loan Party has not already indemnified the  Administrative Agent for such Indemnified Taxes and without limiting the  obligation of the Loan Parties to do so), (B) the Administrative Agent and the Loan  Parties, as applicable, against any Taxes attributable to such Lender’s failure to  comply with the provisions of Section 11.06(d) relating to the maintenance of a  Participant Register and (C) the Administrative Agent and the Loan Parties, as  applicable, against any Excluded Taxes attributable to such Lender, in each case,  that are payable or paid by the Administrative Agent or a Loan Party 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  

 

  64  asserted by the relevant Governmental Authority.  A certificate as to the amount of  such payment or liability delivered to any Lender by the Administrative Agent shall  be conclusive absent manifest error.  Each Lender hereby authorizes the  Administrative Agent to set off and apply any and all amounts at any time owing  to such Lender under any Loan Document or otherwise payable by the  Administrative Agent to the Lender from any other source against any amount due  to the Administrative Agent under this clause (d)(ii).  (e) Evidence of Payments.  As soon as practicable after any payment of Taxes  by any Loan Party to a Governmental Authority, as provided in this Section 3.01, the  Borrower shall deliver to the Administrative Agent the original or a certified copy of a  receipt issued by such Governmental Authority evidencing such payment, a copy of any  return reporting such payment or other evidence of such payment reasonably satisfactory  to the Administrative Agent.  (f) Status of Lenders; Tax Documentation.  (i) Any Lender that is entitled to an exemption from or reduction of  withholding Tax with respect to payments made under any Loan Document shall  deliver to the Borrower and the Administrative Agent, at the time or times  reasonably requested by the Borrower or the Administrative Agent, such properly  completed and executed documentation reasonably requested by the Borrower or  the Administrative Agent as will permit such payments to be made without  withholding or at a reduced rate of withholding.  In addition, any Lender, if  reasonably requested by the Borrower or the Administrative Agent, shall deliver  such other documentation prescribed by Applicable Law or reasonably requested  by the Borrower or the Administrative Agent as will enable the Borrower or the  Administrative Agent to determine whether or not such Lender is subject to backup  withholding or information reporting requirements.  Notwithstanding anything to  the contrary in the preceding two sentences, the completion, execution and  submission of such documentation (other than such documentation set forth in  Section 3.01(e)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the  Lender’s reasonable judgment such completion, execution or submission would  subject such Lender to any material unreimbursed cost or expense or would  materially prejudice the legal or commercial position of such Lender.  (ii) Without limiting the generality of the foregoing, in the event that the  Borrower is a U.S. Person,  (A) any Lender that is a U.S. Person shall deliver to the Borrower  and the Administrative Agent on or prior to the date on which such Lender  becomes a Lender under this Agreement (and from time to time thereafter  upon the reasonable request of the Borrower or the Administrative Agent),  executed copies of IRS Form W–9 certifying that such Lender is exempt  from U.S. federal backup withholding tax;  

 

  65  (B) any Foreign Lender shall, to the extent it is legally entitled  to do so, deliver to the Borrower and the Administrative Agent (in such  number of copies as shall be requested by the recipient) on or prior to the  date on which such Foreign Lender becomes a Lender under this Agreement  (and from time to time thereafter upon the reasonable request of the  Borrower or the Administrative Agent), whichever of the following is  applicable:  (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–E (or W–8BEN, as applicable)  establishing an exemption from, or reduction of, U.S. federal  withholding Tax pursuant to the “interest” article of such tax treaty  and (y) with respect to any other applicable payments under any  Loan Document, IRS Form W–8BEN–E (or W–8BEN, as  applicable) establishing an exemption from, or reduction of, U.S.  federal withholding Tax pursuant to the “business profits” or “other  income” article of such tax treaty;  (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 I–1 to the  effect that such Foreign Lender is not a “bank” within the meaning  of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of  the Borrower within the meaning of Section 881(c)(3)(B) of the  Code, or a “controlled foreign corporation” described in Section  881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and  (y) executed copies of IRS Form W–8BEN–E (or W–8BEN, as  applicable); or  (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–E (or W–8BEN, as  applicable), a U.S. Tax Compliance Certificate substantially in the  form of Exhibit I-2 or Exhibit I-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 I-4 on behalf of each such direct and indirect partner;  (C) any Foreign Lender shall, to the extent it is legally entitled  to do so, deliver to the Borrower and the Administrative Agent (in such  

 

  66  number of copies as shall be requested by the recipient) on or prior to the  date on which such Foreign Lender becomes a Lender under this Agreement  (and from time to time thereafter upon the reasonable request of the  Borrower or the Administrative Agent), executed copies (or originals, as  required) of any other form prescribed by Applicable Law as a basis for  claiming exemption from or a reduction in U.S. federal withholding Tax,  duly completed, together with such supplementary documentation as may  be prescribed by Applicable Law to permit the Borrower or the  Administrative Agent to determine the withholding or deduction required  to be made; and  (D) if a payment made to a Lender under any Loan Document  would be subject to U.S. federal withholding Tax imposed by FATCA if  such Lender were to fail to comply with the applicable reporting  requirements of FATCA (including those contained in Section 1471(b)  or 1472(b) of the Code, as applicable), such Lender shall deliver to the  Borrower and the Administrative Agent at the time or times prescribed by  law and at such time or times reasonably requested by the Borrower or the  Administrative Agent such documentation prescribed by Applicable Law  (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such  additional documentation reasonably requested by the Borrower or the  Administrative Agent as may be necessary for the Borrower and the  Administrative Agent to comply with their obligations under FATCA 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 the purposes of this clause (f)(ii)(D) and clause (f)(iv)  below, “FATCA” shall include any amendments made to FATCA after the  date of this Agreement.  (iii) Each Lender agrees that if any form or certification it previously  delivered pursuant to this Section 3.01 expires or becomes obsolete or inaccurate  in any respect, it shall update such form or certification or promptly notify the  Borrower and the Administrative Agent in writing of its legal inability to do so.  (g) Treatment of Certain Refunds.  Unless required by Applicable Laws, at no  time shall the Administrative Agent have any obligation to file for or otherwise pursue on  behalf of a Lender, or have any obligation to pay to any Lender, any refund of Taxes  withheld or deducted from funds paid for the account of such Lender.  If any Recipient  determines, in its sole discretion exercised in good faith, that it has received a refund of  any Taxes as to which it has been indemnified by any Loan Party or with respect to which  any Loan Party has paid additional amounts pursuant to this Section 3.01, it shall pay to  such Loan Party an amount equal to such refund (but only to the extent of indemnity  payments made, or additional amounts paid, by such Loan Party under this Section 3.01  with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses  (including Taxes) incurred by such Recipient, as the case may be, and without interest  (other than any interest paid by the relevant Governmental Authority with respect to such  refund), provided that each Loan Party, upon the request of the Recipient, agrees to repay  

 

  67  the amount paid over to such Loan Party (plus any penalties, interest or other charges  imposed by the relevant Governmental Authority) to the Recipient in the event the  Recipient is required to repay such refund to such Governmental Authority.   Notwithstanding anything to the contrary in this clause (g), in no event will the applicable  Recipient be required to pay any amount to such Loan Party pursuant to this clause (g) the  payment of which would place the Recipient in a less favorable net after-Tax position than  such Recipient would have been in if the Tax subject to indemnification and giving rise to  such refund had not been deducted, withheld or otherwise imposed and the indemnification  payments or additional amounts with respect to such Tax had never been paid.  This  clause (g) shall not be construed to require any Recipient to make available its tax returns  (or any other information relating to its Taxes that it deems confidential) to any Loan Party  or any other Person.  (h) Survival.  Each party’s obligations under this Section 3.01 shall survive the  resignation or replacement of the Administrative Agent or any assignment of rights by, or  the replacement of, a Lender, the termination of the Commitments and the repayment,  satisfaction or discharge of all other Obligations.   Illegality.  If any Lender determines that any Law has made it unlawful, or that any  Governmental Authority has asserted that it is unlawful, for any Lender or its Lending  Office to make, maintain or fund or charge interest with respect to any Credit Extension,  or to determine or charge interest rates based upon the Eurodollar Rate, or any  Governmental Authority has imposed material restrictions on the authority of such Lender  to purchase or sell, or to take deposits of, Dollars in the London interbank market, then,  upon notice thereof by such Lender to the Borrower (through the Administrative Agent),  (i) any obligation of such Lender to make or continue Eurodollar Rate Loans to convert  Base Rate Loans to Eurodollar Rate Loans shall be suspended, and (ii) if such notice asserts  the illegality of such Lender making or maintaining Base Rate Loans the interest rate on  which is determined by reference to the Eurodollar Rate component of the Base Rate, the  interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such  illegality, be determined by the Administrative Agent without reference to the Eurodollar  Rate component of the Base Rate, in each case until such Lender notifies the  Administrative Agent and the Borrower that the circumstances giving rise to such  determination no longer exist.  Upon receipt of such notice, (A) the Borrower shall, upon  demand from such Lender (with a copy to the Administrative Agent), prepay or, if  applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans (the  interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such  illegality, be determined by the Administrative Agent without reference to the Eurodollar  Rate component of the Base Rate), either on the last day of the Interest Period therefor, if  such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day,  or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate  Loans and (B) if such notice asserts the illegality of such Lender determining or charging  interest rates based upon the Eurodollar Rate, the Administrative Agent shall during the  period of such suspension compute the Base Rate applicable to such Lender without  reference to the Eurodollar Rate component thereof until the Administrative Agent is  

 

  68  advised in writing by such Lender that it is no longer illegal for such Lender to determine  or charge interest rates based upon the Eurodollar Rate.  Upon any such prepayment or  conversion, the Borrower shall also pay accrued interest on the amount so prepaid or  converted, together with any additional amounts required pursuant to Section 3.05.   Inability to Determine Rates.  (a) If in connection with any request for a Eurodollar Rate Loan or a conversion  to or continuation thereof, (i) the Administrative Agent determines that (A) Dollar deposits  are not being offered to banks in the London interbank eurodollar market for the applicable  amount and Interest Period of such Eurodollar Rate Loan, (B) (1) adequate and reasonable  means do not exist for determining the Eurodollar Rate for any requested Interest Period  with respect to a proposed Eurodollar Rate Loan or in connection with an existing or  proposed Base Rate Loan and (2) the circumstances described in Section 3.03(c)(i) do not  apply (in each case with respect to this clause (i), “Impacted Loans”), or (ii) the  Administrative Agent or the Required Lenders determine that for any reason Eurodollar  Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan  does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the  Administrative Agent will promptly so notify the Borrower and each Lender.  Thereafter,  (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be  suspended (to the extent of the affected Eurodollar Rate Loans or Interest Periods), and  (y) in the event of a determination described in the preceding sentence with respect to the  Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate  component in determining the Base Rate shall be suspended, in each case until the  Administrative Agent (or, in the case of a determination by the Required Lenders described  in clause (ii) of this Section 3.03(a), until the Administrative Agent upon instruction of the  Required Lenders) revokes such notice.  Upon receipt of such notice, the Borrower may  revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar  Rate Loans (to the extent of the affected Eurodollar Rate Loans or Interest Periods) or,  failing that, will be deemed to have converted such request into a request for a Borrowing  of Base Rate Loans in the amount specified therein.  (b) Notwithstanding the foregoing, if the Administrative Agent has made the  determination described in clause (a)(i) of this Section 3.03, the Administrative Agent in  consultation with the Borrower, may establish an alternative interest rate for the Impacted  Loans, in which case, such alternative rate of interest shall apply with respect to the  Impacted Loans until (i) the Administrative Agent revokes the notice delivered with respect  to the Impacted Loans under clause (a)(i) of this Section 3.03, (ii) the Administrative Agent  or the Required Lenders notify the Administrative Agent and the Borrower that such  alternative interest rate does not adequately and fairly reflect the cost to such Lenders of  funding the Impacted Loans, or (iii) any Lender determines that any Law has made it  unlawful, or that any Governmental Authority has asserted that it is unlawful, for such  Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is  determined by reference to such alternative rate of interest or to determine or charge interest  rates based upon such rate or any Governmental Authority has imposed material  restrictions on the authority of such Lender to do any of the foregoing and provides the  Administrative Agent and the Borrower written notice thereof.  

 

  69  (c) Notwithstanding anything to the contrary in this Agreement or any other  Loan Documents, if the Administrative Agent determines (which determination shall be  conclusive absent manifest error), or the Borrower or Required Lenders notify the  Administrative Agent (with, in the case of the Required Lenders, a copy to the Borrower)  that the Borrower or Required Lenders (as applicable) have determined, that:  (i) adequate and reasonable means do not exist for ascertaining LIBOR  for any Interest Period hereunder or any other tenors of LIBOR, including, without  limitation, because the LIBOR Screen Rate is not available or published on a  current basis and such circumstances are unlikely to be temporary; or  (ii) the administrator of the LIBOR Screen Rate or a Governmental  Authority having jurisdiction over the Administrative Agent or such administrator  has made a public statement identifying a specific date after which LIBOR or the  LIBOR Screen Rate shall no longer be made available, or used for determining the  interest rate of loans, provided that, at the time of such statement, there is no  successor administrator that is satisfactory to the Administrative Agent, that will  continue to provide LIBOR after such specific date (such specific date, the  “Scheduled Unavailability Date”); or  (iii) the administrator of the LIBOR Screen Rate or a Governmental  Authority having jurisdiction over such administrator has made a public statement  announcing that all Interest Periods and other tenors of LIBOR are no longer  representative; or  (iv) syndicated loans currently being executed, or that include language  similar to that contained in this Section 3.03, are being executed or amended (as  applicable) to incorporate or adopt a new benchmark interest rate to replace  LIBOR;  then, in the case of clauses (i)-(iii) above, on a date and time determined by the  Administrative Agent (any such date, the “LIBOR Replacement Date”), which date shall  be at the end of an Interest Period or on the relevant interest payment date, as applicable,  for interest calculated and shall occur within a reasonable period of time after the  occurrence of any of the events or circumstances under clauses (i), (ii) or (iii) above and,  solely with respect to clause (ii) above, no later than the Scheduled Unavailability Date,  LIBOR will be replaced hereunder and under any Loan Document with, subject to the  proviso below, the first available alternative set forth in the order below for any payment  period for interest calculated that can be determined by the Administrative Agent, in each  case, without any amendment to, or further action or consent of any other party to, this  Agreement or any other Loan Document (the “LIBOR Successor Rate”; and any such rate  before giving effect to the Related Adjustment, the “Pre-Adjustment Successor Rate”):  (x) Term SOFR plus the Related Adjustment; and  (y) SOFR plus the Related Adjustment;  

 

  70  and in the case of clause (iv) above, the Borrower and Administrative Agent may amend  this Agreement solely for the purpose of replacing LIBOR under this Agreement and under  any other Loan Document in accordance with the definition of “LIBOR Successor Rate”  and such amendment will become effective at 4:00 p.m., on the fifth Business Day after  the Administrative Agent shall have notified all Lenders and the Borrower of the  occurrence of the circumstances described in clause (iv) above unless, prior to such time,  Lenders comprising the Required Lenders have delivered to the Administrative Agent  written notice that such Required Lenders object to the implementation of a LIBOR  Successor Rate pursuant to such clause;  provided that, if the Administrative Agent determines that Term SOFR has become  available, is administratively feasible for the Administrative Agent and would have been  identified as the Pre-Adjustment Successor Rate in accordance with the foregoing if it had  been so available at the time that the LIBOR Successor Rate then in effect was so identified,  and the Administrative Agent notifies the Borrower and each Lender of such availability,  then from and after the beginning of the Interest Period, relevant interest payment date or  payment period for interest calculated, in each case, commencing no less than thirty (30)  days after the date of such notice, the Pre-Adjustment Successor Rate shall be Term SOFR  and the LIBOR Successor Rate shall be Term SOFR plus the relevant Related Adjustment.  The Administrative Agent will promptly (in one or more notices) notify the Borrower and  each Lender of (x) any occurrence of any of the events, periods or circumstances under  clauses (i) through (iii) above, (y) a LIBOR Replacement Date and (z) the LIBOR  Successor Rate.  Any LIBOR Successor Rate shall be applied in a manner consistent with market practice;  provided that to the extent such market practice is not administratively feasible for the  Administrative Agent, such LIBOR Successor Rate shall be applied in a manner as  otherwise reasonably determined by the Administrative Agent.  Notwithstanding anything else herein, if at any time any LIBOR Successor Rate as so  determined would otherwise be less than 0.00%, the LIBOR Successor Rate will be deemed  to be 0.00% for the purposes of this Agreement and the other Loan Documents.  In connection with the implementation of a LIBOR Successor Rate, the Administrative  Agent will have the right to make LIBOR Successor Rate Conforming Changes from time  to time and, notwithstanding anything to the contrary herein or in any other Loan  Document, any amendments implementing such LIBOR Successor Rate Conforming  Changes will become effective without any further action or consent of any other party to  this Agreement; provided that, with respect to any such amendment effected, the  Administrative Agent shall post each such amendment implementing such LIBOR  Successor Rate Conforming Changes to the Borrower and the Lenders reasonably promptly  after such amendment becomes effective.  If the events or circumstances of the type described in Section 3.03(c)(i)-(iii) have occurred  with respect to the LIBOR Successor Rate then in effect, then the successor rate thereto  shall be determined in accordance with the definition of “LIBOR Successor Rate”.  

 

  71  (d) Notwithstanding anything to the contrary herein, (i) after any such  determination by the Administrative Agent or receipt by the Administrative Agent of any  such notice described under Section 3.03(c)(i)-(iii), as applicable, if the Administrative  Agent determines that none of the LIBOR Successor Rates is available on or prior to the  LIBOR Replacement Date, (ii) if the events or circumstances described in  Section 3.03(c)(iv) have occurred but none of the LIBOR Successor Rates is available, or  (iii) if the events or circumstances of the type described in Section 3.03(c)(i)-(iii) have  occurred with respect to the LIBOR Successor Rate then in effect and the Administrative  Agent determines that none of the LIBOR Successor Rates is available, then in each case,  the Administrative Agent and the Borrower may amend this Agreement solely for the  purpose of replacing LIBOR or any then current LIBOR Successor Rate in accordance with  this Section 3.03 at the end of any Interest Period, relevant interest payment date or  payment period for interest calculated, as applicable, with another alternate benchmark rate  giving due consideration to any evolving or then existing convention for similar U.S. dollar  denominated syndicated credit facilities for such alternative benchmarks and, in each case,  including any Related Adjustments and any other mathematical or other adjustments to  such benchmark giving due consideration to any evolving or then existing convention for  similar U.S. dollar denominated syndicated credit facilities for such benchmarks, which  adjustment or method for calculating such adjustment shall be published on an information  service as selected by the Administrative Agent from time to time in its reasonable  discretion and may be periodically updated.  For the avoidance of doubt, any such proposed  rate and adjustments shall constitute a LIBOR Successor Rate.  Any such amendment shall  become effective at 4:00 p.m. on the fifth Business Day after the Administrative Agent  shall have posted such proposed amendment to all Lenders and the Borrower unless, prior  to such time, Lenders comprising the Required Lenders have delivered to the  Administrative Agent written notice that such Required Lenders object to such amendment.  (e) If, at the end of any Interest Period, relevant interest payment date or  payment period for interest calculated, no LIBOR Successor Rate has been determined in  accordance with clauses (c) or (d) of this Section 3.03 and the circumstances under  clauses (c)(i) or (c)(iii) above exist or the Scheduled Unavailability Date has occurred (as  applicable), the Administrative Agent will promptly so notify the Borrower and each  Lender.  Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate  Loans shall be suspended, (to the extent of the affected Eurodollar Rate Loans, Interest  Periods, interest payment dates or payment periods), and (y) the Eurodollar Rate  component shall no longer be utilized in determining the Base Rate, until the LIBOR  Successor Rate has been determined in accordance with clauses (c) or (d).  Upon receipt of  such notice, the Borrower may revoke any pending request for a Borrowing of, conversion  to or continuation of Eurodollar Rate Loans (to the extent of the affected Eurodollar Rate  Loans, Interest Periods, interest payment dates or payment periods) or, failing that, will be  deemed to have converted such request into a request for a committed Borrowing of Base  Rate Loans (subject to the foregoing clause (y)) in the amount specified therein.  

 

  72   Increased Costs; Reserves on Eurodollar Rate Loans.  (a) Increased Costs Generally.  If any Change in Law shall:  (i) impose, modify or deem applicable any reserve, special deposit,  compulsory loan, insurance charge or similar requirement against assets of,  deposits with or for the account of, or credit extended or participated in by, any  Lender (except any reserve requirement contemplated by Section 3.04(d)) or the  L/C Issuer;  (ii) subject any Recipient to any Taxes (other than (A) Indemnified  Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded  Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of  credit, commitments, or other obligations, or its deposits, reserves, other liabilities  or capital attributable thereto; or  (iii) impose on any Lender or the L/C Issuer or the London interbank  market any other condition, cost or expense affecting this Agreement or Eurodollar  Rate Loans made by such Lender or any Letter of Credit or participation therein;  and the result of any of the foregoing shall be to increase the cost to such Lender of making,  converting to, continuing or maintaining any Loan (or of maintaining its obligation to make  any such Loan), or to increase the cost to such Lender or the L/C Issuer of participating in,  issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate  in or to issue any Letter of Credit), or to reduce the amount of any sum received or  receivable by such Lender or the L/C Issuer hereunder (whether of principal, interest or  any other amount) then, upon request of such Lender or the L/C Issuer, the Borrower will  pay to such Lender or the L/C Issuer, as the case may be, such additional amount or  amounts as will compensate such Lender or the L/C Issuer, as the case may be, for such  additional costs incurred or reduction suffered.  (b) Capital Requirements.  If any Lender or the L/C Issuer determines that any  Change in Law affecting such Lender or the L/C Issuer or any Lending Office of such  Lender or such Lender’s or the L/C Issuer’s holding company, if any, regarding capital or  liquidity requirements has or would have the effect of reducing the rate of return on such  Lender’s or the L/C Issuer’s capital or on the capital of such Lender’s or the L/C Issuer’s  holding company, if any, as a consequence of this Agreement, the Commitments of such  Lender or the Loans made by, or participations in Letters of Credit or Swingline Loans  held by, such Lender, or the Letters of Credit issued by the L/C Issuer, to a level below that  which such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding company  could have achieved but for such Change in Law (taking into consideration such Lender’s  or the L/C Issuer’s policies and the policies of such Lender’s or the L/C Issuer’s holding  company with respect to capital adequacy and liquidity), then from time to time the  Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional  amount or amounts as will compensate such Lender or the L/C Issuer or such Lender’s or  the L/C Issuer’s holding company for any such reduction suffered.  

 

  73  (c) Certificates for Reimbursement.  A certificate of a Lender or the L/C Issuer  setting forth the amount or amounts necessary to compensate such Lender or the L/C Issuer  or its holding company, as the case may be, as specified in clause (a) or (b) of this  Section 3.04 and delivered to the Borrower shall be conclusive absent manifest error.  The  Borrower shall pay such Lender or the L/C Issuer, as the case may be, the amount shown  as due on any such certificate within ten (10) days after receipt thereof.  (d) Reserves on Eurodollar Rate Loans.  The Borrower shall pay to each  Lender, as long as such Lender shall be required to maintain reserves with respect to  liabilities or assets consisting of or including eurocurrency funds or deposits (currently  known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of  each Eurodollar Rate Loan equal to the actual costs of such reserves allocated to such Loan  by such Lender (as determined by such Lender in good faith, which determination shall be  conclusive), which shall be due and payable on each date on which interest is payable on  such Loan, provided the Borrower shall have received at least ten (10) days’ prior notice  (with a copy to the Administrative Agent) of such additional interest or costs from such  Lender.  If a Lender fails to give notice ten (10) days prior to the relevant Interest Payment  Date, such additional interest shall be due and payable ten (10) days from receipt of such  notice.  (e) Delay in Requests.  Failure or delay on the part of any Lender or the L/C  Issuer to demand compensation pursuant to the foregoing provisions of this Section 3.04  shall not constitute a waiver of such Lender’s or the L/C Issuer’s right to demand such  compensation, provided that the Borrower shall not be required to compensate a Lender or  the L/C Issuer pursuant to the foregoing provisions of this Section 3.04 for any increased  costs incurred or reductions suffered more than nine (9) months prior to the date that such  Lender or the L/C Issuer, as the case may be, notifies the Borrower of the Change in Law  giving rise to such increased costs or reductions and of such Lender’s or the L/C Issuer’s  intention to claim compensation therefor (except that, if the Change in Law giving rise to  such increased costs or reductions is retroactive, then the nine (9) month period referred to  above shall be extended to include the period of retroactive effect thereof).   Compensation for Losses.  Upon demand of any Lender (with a copy to the Administrative Agent) from time to time,  the Borrower shall promptly compensate such Lender for and hold such Lender harmless from any  loss, cost or expense incurred by it as a result of:  (a) any continuation, conversion, payment or prepayment of any Loan other  than a Base Rate Loan on a day other than the last day of the Interest Period for such Loan  (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);  (b) any failure by the Borrower (for a reason other than the failure of such  Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than a Base  Rate Loan on the date or in the amount notified by the Borrower; or  

 

  74  (c) any assignment of a Eurodollar Rate Loan on a day other than the last day  of the Interest Period therefor as a result of a request by the Borrower pursuant to  Section 11.13;  including any loss of anticipated profits and any loss or expense arising from the liquidation  or reemployment of funds obtained by it to maintain such Loan or from fees payable to  terminate the deposits from which such funds were obtained.  The Borrower shall also pay  any customary administrative fees charged by such Lender in connection with the  foregoing.  For purposes of calculating amounts payable by the Borrower to the Lenders under this  Section 3.05, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it  at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London  interbank eurodollar market for a comparable amount and for a comparable period, whether or not  such Eurodollar Rate Loan was in fact so funded.   Mitigation Obligations; Replacement of Lenders.  (a) Designation of a Different Lending Office.  If any Lender requests  compensation under Section 3.04, or requires the Borrower to pay any Indemnified Taxes  or additional amounts to any Lender, the L/C Issuer, or any Governmental Authority for  the account of any Lender or the L/C Issuer pursuant to Section 3.01, or if any Lender gives  a notice pursuant to Section 3.02, then at the request of the Borrower, such Lender or the  L/C Issuer shall, as applicable, use reasonable efforts to designate a different Lending  Office for funding or booking its Loans hereunder or to assign its rights and obligations  hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender  or the L/C Issuer, such designation or assignment (i) would eliminate or reduce amounts  payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the  need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not  subject such Lender or the L/C Issuer, as the case may be, to any unreimbursed cost or  expense and would not otherwise be disadvantageous to such Lender or the L/C Issuer, as  the case may be.  The Borrower hereby agrees to pay all reasonable costs and expenses  incurred by any Lender or the L/C Issuer in connection with any such designation or  assignment.  (b) Replacement of Lenders.  If any Lender requests compensation under  Section 3.04, or if the Borrower is required to pay any Indemnified Taxes or additional  amounts to any Lender or any Governmental Authority for the account of any Lender  pursuant to Section 3.01 and, in each case, such Lender has declined or is unable to  designate a different lending office in accordance with Section 3.06(a), the Borrower may  replace such Lender in accordance with Section 11.13.   Survival.  All of the Borrower’s obligations under this Article III shall survive termination of the  Aggregate Commitments, repayment of all other Obligations hereunder, resignation of the  Administrative Agent and the Facility Termination Date.  

 

  75  ARTICLE IV    CONDITIONS PRECEDENT TO CREDIT EXTENSIONS   Conditions of Initial Credit Extension.  The obligation of the L/C Issuer and each Lender to make its initial Credit Extension  hereunder is subject to satisfaction of the following conditions precedent:  (a) Execution of Credit Agreement; Loan Documents.  The Administrative  Agent shall have received (i) counterparts of this Agreement, executed by a Responsible  Officer of each Loan Party and a duly authorized officer of each Lender, (ii) for the account  of each Lender requesting a Note, a Note executed by a Responsible Officer of the  Borrower and (iii) counterparts of any other Loan Document, executed by a Responsible  Officer of the applicable Loan Party and a duly authorized officer of each other Person  party thereto.  (b) Officer’s Certificate.  The Administrative Agent shall have received an  Officer’s Certificate dated the Closing Date, certifying as to the Organization Documents  of each Loan Party (which, to the extent filed with a Governmental Authority, shall be  certified as of a recent date by such Governmental Authority), the resolutions of the  governing body of each Loan Party, the good standing, existence or its equivalent of each  Loan Party and of the incumbency (including specimen signatures) of the Responsible  Officers of each Loan Party.  (c) Legal Opinions of Counsel.  The Administrative Agent shall have received  a favorable opinion of Thompson & Knight, LLP, dated the Closing Date and addressed to  the Administrative Agent and the Lenders, in form and substance reasonably acceptable to  the Administrative Agent.  (d) Financial Condition Certificate.  The Administrative Agent shall have  received a certificate or certificates executed by a Responsible Officer of the Borrower as  of the Closing Date, as to certain financial matters, substantially in the form of Exhibit K.  (e) Loan Notice.  The Administrative Agent shall have received a Loan Notice  with respect to the Loans (if any) to be made on the Closing Date.  (f) Termination of Existing Credit Agreement.  The Administrative Agent shall  have received evidence satisfactory to it that the Existing Credit Agreement has been or  concurrently with the Closing Date is being terminated;  (g) Anti-Money-Laundering; Beneficial Ownership.  Upon the reasonable  request of any Lender, the Borrower shall have provided to such Lender, and such Lender  shall be reasonably satisfied with, the documentation and other information so requested  in connection with applicable “know your customer” and anti-money-laundering rules and  regulations, including, without limitation, the Patriot Act, and any Loan Party that qualifies  as a “legal entity customer” under the Beneficial Ownership Regulation shall have  

 

  76  delivered to each Lender that so requests, a Beneficial Ownership Certification in relation  to such Loan Party.  (h) Consents.  The Administrative Agent shall have received evidence that all  members, boards of directors, governmental, shareholder and material third party consents  and approvals necessary in connection with the entering into of this Agreement have been  obtained.  (i) Fees and Expenses.  The Administrative Agent and the Lenders shall have  received all fees and expenses, if any, owing pursuant to the Fee Letter and Section 2.09.  (j) Attorneys Fees.  Unless waived by the Administrative Agent, the Borrower  shall have paid all fees, charges and disbursements of counsel to the Administrative Agent  (directly to such counsel if requested by the Administrative Agent) described in Section  11.04(a) to the extent invoiced in detail not less than one Business Day prior to the Closing  Date.  Without limiting the generality of the provisions of Section 9.03(c), for purposes of  determining compliance with the conditions specified in this Section 4.01, each Lender that has  signed this Agreement shall be deemed to have consented to, approved or accepted or to be  satisfied with, each document or other matter required thereunder to be consented to or approved  by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received  notice from such Lender prior to the proposed Closing Date specifying its objection thereto.   Conditions to all Credit Extensions.  The obligation of each Lender and the L/C Issuer to honor any Request for Credit Extension  (other than a Loan Notice requesting only a conversion of Loans to the other Type, or a  continuation of Eurodollar Rate Loans) is subject to the following conditions precedent:  (a) Representations and Warranties.  The representations and warranties of the  Borrower and each other Loan Party contained in Article II, Article V or any other Loan  Document that are subject to materiality or Material Adverse Effect qualifications shall be  true and correct in all respects, and the representations and warranties contained in  Article II, Article V and the other Loan Documents that are not subject to materiality or  Material Adverse Effect qualifications shall be true and correct in all material respects on  and as of the date of such Credit Extension, except to the extent that such representations  and warranties specifically refer to an earlier date, in which case they shall be true and  correct to the extent provided above as of such earlier date, and except that for purposes of  this Section 4.02, the representations and warranties contained in subsections (a) and (b)  of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant  to subsections (a) and (b), respectively, of Section 6.01.  (b) Default.  No Default shall exist, or would result from such proposed Credit  Extension or from the application of the proceeds thereof.  

 

  77  (c) Request for Credit Extension.  The Administrative Agent and, if applicable,  the L/C Issuer or the Swingline Lender shall have received a Request for Credit Extension  in accordance with the requirements hereof.  Each Request for Credit Extension (other than a Loan Notice requesting only a conversion  of Loans to the other Type or a continuation of Eurodollar Rate Loans) submitted by the Borrower  shall be deemed to be a representation and warranty that the conditions specified in  Sections 4.02(a) and (b) have been satisfied on and as of the date of the applicable Credit  Extension.  ARTICLE V    REPRESENTATIONS AND WARRANTIES  Each Loan Party represents and warrants to the Administrative Agent and the Lenders, as  of the date made or deemed made, that:   Existence, Qualification and Power.  Each Loan Party and each of its Subsidiaries  (a) is duly organized or formed, validly existing and, as applicable, in good standing under the  Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and  authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own  or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations  under the Loan Documents to which it is a party, and (c) is duly qualified and is licensed and, as  applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or  operation of properties or the conduct of its business requires such qualification or license; except  in each case referred to in clause (b)(i) or (c), to the extent that failure to do so could not reasonably  be expected to have a Material Adverse Effect.   Authorization; No Contravention.  The execution, delivery and performance by  each Loan Party of each Loan Document to which such Person is a party have been duly authorized  by all necessary corporate or other organizational action, and do not and will not (a) contravene  the terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach  or contravention of, or the creation of (or the requirement to create) any Lien under, or require any  payment to be made under (i) any Contractual Obligation to which such Person is a party or  affecting such Person or the properties of such Person or any of its Subsidiaries or (ii) any order,  injunction, writ or decree of any Governmental Authority or any arbitral award to which such  Person or its property is subject; or (c) violate any Applicable Law.   Governmental Authorization; Other Consents.  No approval, consent,  exemption, authorization, or other action by, or notice to, or filing with, any Governmental  Authority or any other Person is necessary or required in connection with the execution, delivery  or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan  Document, except for filings required pursuant to securities Laws.   Binding Effect.  This Agreement has been, and each other Loan Document, when  delivered hereunder, will have been, duly executed and delivered by each Loan Party that is party  thereto.  This Agreement constitutes, and each other Loan Document when so delivered will  

 

  78  constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan  Party that is party thereto in accordance with its terms, except to the extent that enforceability may  be limited by Debtor Relief Laws and subject to general principles of equity, regardless of whether  considered in a proceeding in equity or at Law.   Financial Statements; No Material Adverse Effect.  (a) Audited Financial Statements.  The Audited Financial Statements (i) were  prepared in accordance with GAAP consistently applied throughout the period covered  thereby, except as otherwise expressly noted therein; (ii) fairly present in all material  respects the financial condition of the Borrower and its Subsidiaries as of the date thereof  and their results of operations, cash flows and changes in Shareholders’ Equity for the  period covered thereby in accordance with GAAP consistently applied throughout the  period covered thereby, except as otherwise expressly noted therein; and (iii) show all  material indebtedness and other liabilities, direct or contingent, of the Borrower and its  Subsidiaries as of the date thereof, including liabilities for taxes, material commitments  and Indebtedness.  (b) Quarterly Financial Statements.  The unaudited Consolidated and  consolidating balance sheets of the Borrower and its Subsidiaries dated September 30,  2020, and the related Consolidated and consolidating statements of income or operations,  Shareholders’ Equity and cash flows for the Fiscal Quarter ended on that date (i) were  prepared in accordance with GAAP consistently applied throughout the period covered  thereby, except as otherwise expressly noted therein, and (ii) fairly present in all material  respects the financial condition of the Borrower and its Subsidiaries as of the date thereof  and their results of operations, cash flows and changes in Shareholders’ Equity for the  period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of  footnotes and to normal year-end audit adjustments.  There is no material indebtedness and  other liabilities, direct or contingent, of the Borrower and its Consolidated Subsidiaries not  included in such financial statements, including liabilities for taxes, material commitments  and Indebtedness.  (c) Material Adverse Effect.  Since the date of the balance sheet included in the  Audited Financial Statements, there has been no event or circumstance, either individually  or in the aggregate, that has had or could reasonably be expected to have a Material Adverse  Effect.   Litigation.  There are no actions, suits, proceedings, claims or disputes pending or,  to the knowledge of the Borrower after due and diligent investigation, threatened or contemplated,  at law, in equity, in arbitration or before any Governmental Authority, by or against the Borrower  or any of its Subsidiaries or against any of their properties or revenues that (a) purport to affect or  pertain to this Agreement or any other Loan Document, or any of the transactions contemplated  hereby, or (b) either individually or in the aggregate, if determined adversely, could reasonably be  expected to have a Material Adverse Effect.   No Default.  Neither any Loan Party nor any Subsidiary thereof is in default under  or with respect to, or a party to, any Contractual Obligation that could, either individually or in the  

 

  79  aggregate, reasonably be expected to have a Material Adverse Effect.  No Default has occurred  and is continuing or would result from the consummation of the transactions contemplated by this  Agreement or any other Loan Document.   Ownership of Property.  Each of the Borrower and each Subsidiary has good  record and defeasible title in fee simple to, or valid leasehold interests in, all real property  necessary or used in the ordinary conduct of its business, except for such defects in title as could  not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.   The property of the Borrower and its Subsidiaries is subject to no Liens, other than Liens permitted  by Section 7.01.   Environmental Matters.  The Borrower and its Subsidiaries conduct in the  ordinary course of business a review of the effect of existing Environmental Laws and claims  alleging potential liability or responsibility for violation of any Environmental Law on their  respective businesses, operations and properties, and as a result thereof the Borrower has  reasonably concluded that such Environmental Laws and claims could not, individually or in the  aggregate, reasonably be expected to have a Material Adverse Effect.   Insurance.  The properties of the Borrower and its Subsidiaries are insured with  financially sound and reputable insurance companies not Affiliates of the Borrower, in such  amounts (after giving effect to any self-insurance compatible with the following standards), with  such deductibles and covering such risks as are customarily carried by companies engaged in  similar businesses and owning similar properties in localities where the Borrower or the applicable  Subsidiary operates.   Taxes.  The Borrower and its Subsidiaries have filed all Federal, state and other  material tax returns and reports required to be filed, and have paid all Federal, state and other  material taxes, assessments, fees and other governmental charges levied or imposed upon them or  their properties, income or assets otherwise due and payable, except those which are being  contested in good faith by appropriate proceedings diligently conducted and for which adequate  reserves have been provided in accordance with GAAP.  There is no proposed tax assessment  against the Borrower or any Subsidiary that would, if made, have a Material Adverse Effect.   Neither any Loan Party nor any Subsidiary thereof is party to any tax sharing agreement.   ERISA Compliance.  (a) Each Plan is in compliance in all material respects with the applicable  provisions of ERISA, the Code and other Federal or state laws.  Each Pension Plan that is  intended to be a qualified plan under Section 401(a) of the Code has received a favorable  determination letter or is subject to a favorable opinion letter from the IRS to the effect that  the form of such Plan is qualified under Section 401(a) of the Code and the trust related  thereto has been determined by the IRS to be exempt from federal income tax under  Section 501(a) of the Code, or an application for such a letter is currently being processed  by the IRS.  To the best knowledge of the Borrower, nothing has occurred that would  prevent or cause the loss of such tax-qualified status.  

 

  80  (b) There are no pending or, to the best knowledge of the Borrower, threatened  claims, actions or lawsuits, or action by any Governmental Authority, with respect to any  Plan that could reasonably be expected to have a Material Adverse Effect.  There has been  no prohibited transaction or violation of the fiduciary responsibility rules with respect to  any Plan that has resulted or could reasonably be expected to result in a Material Adverse  Effect.  (c) (i) No ERISA Event has occurred, and neither the Borrower nor any ERISA  Affiliate is aware of any fact, event or circumstance that could reasonably be expected to  constitute or result in an ERISA Event with respect to any Pension Plan or Multiemployer  Plan; (ii) as of the most recent valuation date for any Pension Plan, the funding target  attainment percentage (as defined in Section 430(d)(2) of the Code) is 60% or higher and  neither the Borrower nor any ERISA Affiliate knows of any facts or circumstances that  could reasonably be expected to cause the funding target attainment percentage for any  such plan to drop below 60% as of the most recent valuation date; (iii) neither the Borrower  nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment  of premiums, and there are no premium payments which have become due that are unpaid;  (iv) neither the Borrower nor any ERISA Affiliate has engaged in a transaction that could  be subject to Section 4069 or Section 4212(c) of ERISA; and (v) no Pension Plan has been  terminated by the plan administrator thereof nor by the PBGC, and no event or  circumstance has occurred or exists that could reasonably be expected to cause the PBGC  to institute proceedings under Title IV of ERISA to terminate any Pension Plan.  (d) Neither the Borrower nor any ERISA Affiliate maintains or contributes to,  or has any unsatisfied obligation to contribute to, or liability under, any active or terminated  Pension Plan other than (i) on the Closing Date, those listed on Schedule 5.12 hereto and  (ii) thereafter, Pension Plans not otherwise prohibited by this Agreement.  (e) The Borrower represents and warrants as of the Closing Date that the  Borrower is not and will not be using “plan assets” (within the meaning of Section 3(42)  of ERISA or otherwise) of one or more Benefit Plans with respect to the Borrower’s  entrance into, participation in, administration of and performance of the Loans, the Letters  of Credit, the Commitments or this Agreement.   Subsidiaries; Equity Interests.  As of the Closing Date, the Borrower has no  Subsidiaries other than those specifically disclosed in Part (a) of Schedule 5.13, and all of the  outstanding Equity Interests in such Subsidiaries have been validly issued, are fully paid and non- assessable and are owned by a Loan Party in the amounts specified on Part (a) of Schedule 5.13  free and clear of all Liens other than Liens permitted under Section 7.01.  The Borrower has no  equity investments in any other corporation or entity other than those specifically disclosed in  Part (b) of Schedule 5.13, as supplemented from time to time by the Borrower by written notice to  

 

  81  the Administrative Agent.  All of the outstanding Equity Interests in the Borrower have been  validly issued, and are fully paid and non-assessable.   Margin Regulations; Investment Company Act.  (a) Margin Regulations.  Neither the Borrower nor any of its Subsidiaries is  engaged or will engage, principally or as one of its important activities, in the business of  purchasing or carrying margin stock (within the meaning of Regulation U), or extending  credit for the purpose of purchasing or carrying margin stock.  Following the application  of the proceeds of each Borrowing or drawing under each Letter of Credit, not more than  twenty-five percent (25%) of the value of the assets (either of the Borrower only or of the  Borrower and its Subsidiaries on a Consolidated basis) subject to the provisions of  Section 7.01 or Section 7.05 or subject to any restriction contained in any agreement or  instrument between the Borrower or any of its Subsidiaries and any Lender or any Affiliate  of any Lender relating to Indebtedness and within the scope of Section 8.01(e) will be  margin stock.  (b) Investment Company Act.  None of the Borrower, any Person Controlling  the Borrower, or any Subsidiary is or is required to be registered as an “investment  company” under the Investment Company Act of 1940.   Disclosure.  The Borrower has disclosed to the Administrative Agent and the  Lenders all agreements, instruments and corporate or other restrictions to which it or any of its  Subsidiaries or any other Loan Party is subject, and all other matters known to it, that, individually  or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.  No report,  financial statement, certificate or other information furnished (whether in writing or orally) by or  on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the  transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or  under any other Loan Document (in each case as modified or supplemented by other information  so furnished) 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 taken as a whole, not misleading; provided that, with respect to projected financial  information, the Borrower represents only that such information was prepared in good faith based  upon assumptions believed to be reasonable at the time.   Compliance with Laws.  Each Loan Party and each Subsidiary thereof is in compliance with the requirements of all  Applicable Laws and all orders, writs, injunctions and decrees applicable to it or to its properties,  except in such instances in which (a) such requirement of Law or order, writ, injunction or decree  is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure  to comply therewith, either individually or in the aggregate, could not reasonably be expected to  have a Material Adverse Effect.   Intellectual Property; Licenses, Etc.  The Borrower and its Subsidiaries own, or possess the right to use, all of the material  trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses and  

 

  82  other intellectual property rights (collectively, “IP Rights”) that are reasonably necessary for the  operation of their respective businesses, without conflict with the rights of any other Person.  To  the best knowledge of the Borrower, no slogan or other advertising device, product, process,  method, substance, part or other material now employed, or now contemplated to be employed, by  the Borrower or any Subsidiary infringes upon any rights held by any other Person which, either  individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.   No claim or litigation regarding any of the foregoing is pending or, to the best knowledge of the  Borrower, threatened, which, either individually or in the aggregate, could reasonably be expected  to have a Material Adverse Effect.   Solvency.  Each Loan Party is, individually and together with its Subsidiaries on a  Consolidated basis, Solvent.   Affected Financial Institutions.  No Loan Party is an Affected Financial  Institution.   Covered Entities.  No Loan Party is a Covered Entity.   Beneficial Ownership Certification.  The information included in the Beneficial  Ownership Certification, if applicable, is true and correct in all respects.   Labor.  There are no collective bargaining agreements or Multiemployer Plans  covering the employees of the Borrower or any of its Subsidiaries, and none of the Borrower or  any Subsidiary is aware of any contemplated, threatened or pending strikes, walkouts, work  stoppages or other material labor difficulty, in either case that could have a Material Adverse  Effect.   Sanctions Concerns and Anti-Corruption Laws.  (a) Sanctions Concerns.  No Loan Party, nor any Subsidiary, nor, to the  knowledge of the Loan Parties and their Subsidiaries, any director, officer, employee,  agent, affiliate or representative thereof, is an individual or entity that is, or is owned or  controlled by one or more individuals or entities that are (i) currently the subject or target  of any Sanctions, (ii) included on OFAC’s List of Specially Designated Nationals or  HMT’s Consolidated List of Financial Sanctions Targets, or any similar list enforced by  any other relevant sanctions authority or (iii) located, organized or resident in a Designated  Jurisdiction.  The Borrower and its Subsidiaries have conducted their businesses in  compliance with all applicable Sanctions and have instituted and maintained commercially  reasonable policies and procedures designed to promote and achieve compliance with such  Sanctions.  (b) Anti-Corruption Laws.  The Loan Parties and their Subsidiaries have  conducted their business in compliance in all material respects with the United States  Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other applicable anti- corruption legislation in other jurisdictions, and have instituted and maintained  commercially reasonable policies and procedures designed to promote and achieve  compliance with such laws.  

 

  83  ARTICLE VI    AFFIRMATIVE COVENANTS  Each of the Loan Parties hereby covenants and agrees that on the Closing Date and  thereafter until the Facility Termination Date, the Borrower shall, and shall (except in the case of  the covenants set forth in Sections 6.01, 6.02 and 6.03) cause each Subsidiary to:   Financial Statements.  Deliver to the Administrative Agent, in form and detail reasonably satisfactory to the  Administrative Agent:  (a) Audited Financial Statements.  As soon as available, but in any event within  one-hundred and twenty (120) days after the end of each Fiscal Year of the Borrower (or,  if earlier, fifteen (15) days after the date required to be filed with the SEC (without giving  effect to any extension permitted by the SEC)) (commencing with the Fiscal Year ended  December 31, 2020), a Consolidated balance sheet of the Borrower and its Subsidiaries as  at the end of such Fiscal Year, and the related Consolidated statements of income or  operations, changes in shareholders’ equity, and cash flows for such Fiscal Year, setting  forth in each case in comparative form the figures for the previous Fiscal Year, all in  reasonable detail and prepared in accordance with GAAP, such Consolidated statements to  be audited and accompanied by a report and opinion of an independent certified public  accountant of nationally recognized standing reasonably acceptable to the Required  Lenders, which report and opinion shall be prepared in accordance with generally accepted  auditing standards and shall not be subject to any “going concern” or like qualification or  exception or any qualification or exception as to the scope of such audit;  (b) Quarterly Financial Statements.  As soon as available, but in any event  within forty-five (45) days after the end of each of the first three (3) Fiscal Quarters of each  Fiscal Year of the Borrower (or, if earlier, 5 days after the date required to be filed with the  SEC (without giving effect to any extension permitted by the SEC)) (commencing with the  Fiscal Quarter ended March 31, 2021), a Consolidated balance sheet of the Borrower and  its Subsidiaries as at the end of such Fiscal Quarter, the related Consolidated statements of  income or operations for such Fiscal Quarter and for the portion of the Borrower’s Fiscal  Year then ended, and the related Consolidated statements of changes in shareholders’  equity, and cash flows for the portion of the Borrower’s Fiscal Year then ended, in each  case setting forth in comparative form, as applicable, the figures for the corresponding  Fiscal Quarter of the previous Fiscal Year and the corresponding portion of the previous  Fiscal Year, all in reasonable detail, such Consolidated statements to be certified by the  chief executive officer, chief financial officer, treasurer or controller of the Borrower as  fairly presenting in all material respects the financial condition, results of operations,  shareholders’ equity and cash flows of the Borrower and its Subsidiaries in accordance  with GAAP, subject only to normal year-end audit adjustments and the absence of  footnotes.  

 

  84  As to any information contained in materials furnished pursuant to Section 6.02(c), the Borrower  shall not be separately required to furnish such information under Section 6.01(a) or (b) above, but  the foregoing shall not be in derogation of the obligation of the Borrower to furnish the information  and materials described in Sections 6.01(a) and (b) above at the times specified therein.   Certificates; Other Information.  Deliver to the Administrative Agent, in form and detail reasonably satisfactory to the  Administrative Agent:  (a) Compliance Certificate.  Concurrently with the delivery of the financial  statements referred to in Sections 6.01(a) and (b) (commencing with the delivery of the  financial statements for the Fiscal Quarter ended December 31, 2020), a duly completed  Compliance Certificate signed by the chief executive officer, chief financial officer,  treasurer or controller of the Borrower (which delivery may, unless the Administrative  Agent, or a Lender requests executed originals, be by electronic communication including  fax or email and shall be deemed to be an original authentic counterpart thereof for all  purposes).  (b) Audit Reports; Management Letters; Recommendations.  Promptly after  any request by the Administrative Agent or any Lender, copies of any detailed audit  reports, management letters or recommendations submitted to the board of directors (or the  audit committee of the board of directors) of the Borrower by independent accountants in  connection with the accounts or books of the Borrower or any Subsidiary, or any audit of  any of them.  (c) Annual Reports; Etc.  Promptly after the same are available, copies of each  annual report, proxy or financial statement or other report or communication sent to the  stockholders of the Borrower, and copies of all annual, regular, periodic and special reports  and registration statements which the Borrower may file or be required to file with the SEC  under Section 13 or 15(d) of the Securities Exchange Act of 1934, or with any national  securities exchange, and in any case not otherwise required to be delivered to the  Administrative Agent pursuant hereto;.  (d) SEC Notices.  Promptly, and in any event within five (5) Business Days  after receipt thereof by any Loan Party or any Subsidiary thereof, copies of each notice or  other correspondence received from the SEC (or comparable agency in any applicable non- U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry  by such agency regarding financial or other operational results of any Loan Party or any  Subsidiary thereof.  (e) Anti-Money-Laundering; Beneficial Ownership Regulation.  Promptly  following any request therefor, information and documentation reasonably requested by  the Administrative Agent or any Lender for purposes of compliance with applicable “know  your customer” and anti-money-laundering rules and regulations, including, without  limitation, the Patriot Act.  

 

  85  (f) Beneficial Ownership.  To the extent any Loan Party qualifies as a “legal  entity customer” under the Beneficial Ownership Regulation, an updated Beneficial  Ownership Certification promptly following any change in the information provided in the  Beneficial Ownership Certification delivered to any Lender in relation to such Loan Party  that would result in a change to the list of beneficial owners identified in such certification.  (g) Additional Information.  Promptly, such additional information regarding  the business, financial, legal or corporate affairs of the Borrower or any Subsidiary, or  compliance with the terms of the Loan Documents, as the Administrative Agent or any  Lender may from time to time reasonably request.  Documents required to be delivered pursuant to Section 6.01(a) or (b) or  Section 6.02(c) (to the extent any such documents are included in materials otherwise filed  with the SEC) may be delivered electronically and if so delivered, shall be deemed to have  been delivered on the date (i) on which the Borrower posts such documents, or provides a  link thereto on the Borrower’s website on the Internet at the website address listed on  Schedule 1.01(a); or (ii) on which such documents are posted on the Borrower’s behalf on  an Internet or intranet website, if any, to which each Lender and the Administrative Agent  have access (whether a commercial, third-party website or whether sponsored by the  Administrative Agent); provided that:  (x) the Borrower shall deliver paper copies of such  documents to the Administrative Agent or any Lender upon its request to the Borrower to  deliver such paper copies and (y) the Borrower shall notify the Administrative Agent and  each Lender (by fax transmission or e-mail transmission) of the posting of any such  documents and provide to the Administrative Agent by e-mail electronic versions (i.e., soft  copies) of such documents.  The Administrative Agent shall have no obligation to request  the delivery of or to maintain paper copies of the documents referred to above, and in any  event shall have no responsibility to monitor compliance by the Borrower with any such  request by a Lender for delivery, and each Lender shall be solely responsible for requesting  delivery to it or maintaining its copies of such documents.  The Borrower hereby acknowledges that (i) the Administrative Agent and/or an  Affiliate thereof may, but shall not be obligated to, make available to the Lenders and the  L/C Issuer materials and/or information provided by or on behalf of the Borrower  hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on  IntraLinks, Syndtrak, ClearPar or a substantially similar electronic transmission system  (the “Platform”) and (ii) certain of the Lenders (each, a “Public Lender”) may have  personnel who do not wish to receive material non-public information with respect to the  Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may  be engaged in investment and other market-related activities with respect to such Persons’  securities.  The Borrower hereby agrees that (A) all Borrower Materials that are to be made  available to the Public Lenders shall be clearly and conspicuously marked “PUBLIC”  which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the  first page thereof; (B) by marking Borrower Materials “PUBLIC,” the Borrower shall be  deemed to have authorized the Administrative Agent, any Affiliate thereof, the Arranger,  the L/C Issuer and the Lenders to treat such Borrower Materials as not containing any  material non-public information (although it may be sensitive and proprietary) with respect  to the Borrower or its securities for purposes of United States federal and state securities  

 

  86  laws (provided, however, that to the extent such Borrower Materials constitute Information,  they shall be treated as set forth in Section 11.07); (C) all Borrower Materials marked  “PUBLIC” are permitted to be made available through a portion of the Platform designated  “Public Side Information;” and (D) the Administrative Agent and any Affiliate thereof and  the Arranger shall be entitled to treat any Borrower Materials that are not marked  “PUBLIC” as being suitable only for posting on a portion of the Platform not designated  “Public Side Information.”   Notices.  Promptly, but in any event within five (5) Business Days, notify the  Administrative Agent and each Lender:  (a) of the occurrence of any Default;  (b) of any matter that has resulted or could reasonably be expected to result in  a Material Adverse Effect, including (i) breach or non-performance of, or any default  under, a Contractual Obligation of the Borrower or any Subsidiary; (ii) any action, suit,  dispute, litigation, investigation, proceeding or suspension involving the Borrower or any  Subsidiary and any Governmental Authority; or (iii) the commencement of, or any material  development in, any litigation or proceeding affecting the Borrower or any Subsidiary,  including pursuant to any applicable Environmental Laws;  (c) of the occurrence of any ERISA Event;  (d) of any material change in accounting policies or financial reporting  practices by the Borrower or any Subsidiary, including any determination by the Borrower  referred to in Section 2.10(b) and  (e) changes in the Borrower’s or any Subsidiary’s Fiscal Year, state of  formation, form of organization or principal place of business.  Each notice pursuant to this Section 6.03 shall be accompanied by a statement of a  Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and  to the extent applicable, stating what action the Borrower has taken and proposes to take with  respect thereto.  Each notice pursuant to Section 6.03(a) shall describe with particularity any and  all provisions of this Agreement and any other Loan Document that have been breached.   Payment of Taxes.  Pay and discharge as the same shall become due and payable,  all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets,  unless the same are being contested in good faith by appropriate proceedings diligently conducted  and adequate reserves in accordance with GAAP are being maintained by the Borrower or such  Subsidiary.   Preservation of Existence, Etc.  (a) Preserve, renew and maintain in full force and effect its legal existence and  good standing under the Laws of the jurisdiction of its organization except in a transaction  permitted by Section 7.04 or 7.05;  

 

  87  (b) take all reasonable action to maintain all rights, privileges, permits, licenses  and franchises necessary or desirable in the normal conduct of its business, except to the  extent that failure to do so could not reasonably be expected to have a Material Adverse  Effect; and  (c) preserve or renew all of its registered patents, trademarks, trade names and  service marks, the non-preservation of which could reasonably be expected to have a  Material Adverse Effect.   Maintenance of Properties.  (a) Maintain, preserve and protect all of its material properties and equipment  necessary in the operation of its business in good working order and condition, ordinary  wear and tear excepted;  (b) make all necessary repairs thereto and renewals and replacements thereof  except where the failure to do so could not reasonably be expected to have a Material  Adverse Effect; and  (c) use the standard of care typical in the industry in the operation and  maintenance of its facilities.   Maintenance of Insurance.  Maintain with financially sound and reputable  insurance companies not Affiliates of the Borrower, insurance with respect to its properties and  business against loss or damage of the kinds customarily insured against by Persons engaged in  the same or similar business, of such types and in such amounts (after giving effect to any self- insurance compatible with the following standards) as are customarily carried under similar  circumstances by such other Persons.   Compliance with Laws.  Comply in all material respects with the requirements of  all Applicable Laws and all orders, writs, injunctions and decrees applicable to it or to its business  or property, except in such instances in which (a) such requirement of Law or order, writ,  injunction or decree is being contested in good faith by appropriate proceedings diligently  conducted; or (b) the failure to comply therewith could not reasonably be expected to have a  Material Adverse Effect.   Books and Records.  Maintain proper books of record and account, in which full,  true and correct entries in conformity with GAAP consistently applied shall be made of all  financial transactions and matters involving the assets and business of the Borrower or such  Subsidiary, as the case may be.   Inspection Rights.  Permit representatives and independent contractors of the  Administrative Agent and each Lender to visit and inspect any of its properties, to examine its  corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to  discuss its affairs, finances and accounts with its directors, officers, and independent public  accountants, all at such reasonable times during normal business hours and as often as may be  reasonably desired, upon reasonable advance notice to the Borrower.  Prior to the occurrence of  an Event of Default, only one such inspection per Fiscal Year shall be at the expense of the  

 

  88  Borrower; provided, however, that when an Event of Default exists the Administrative Agent or  any Lender (or any of their respective representatives or independent contractors) may do any of  the foregoing at the expense of the Borrower at any time during normal business hours and without  advance notice.   Use of Proceeds.  Use the proceeds of the Credit Extensions for general corporate  purposes not in contravention of any Law or of any Loan Document.   Covenant to Guarantee Obligations.  Notify the Administrative Agent at the time  that any Person becomes a Domestic Subsidiary, and promptly thereafter (and in any event within  30 days), cause such Person to (a) become a Guarantor by executing and delivering to the  Administrative Agent a counterpart of the Guaranty or such other document as the Administrative  Agent shall deem appropriate for such purpose, and (b) deliver to the Administrative Agent  documents of the types referred to in Sections 4.01(b) and (c), and upon request of the  Administrative Agent, favorable opinions of counsel to such Person (which shall cover, among  other things, the legality, validity, binding effect and enforceability of the documentation referred  to in clause (a)), all in form, content and scope reasonably satisfactory to the Administrative Agent.   Anti-Corruption Laws; Sanctions.  Conduct its business in compliance in all  material respects with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery  Act 2010 and other applicable anti-corruption legislation in other jurisdictions and with all  applicable Sanctions, and maintain policies and procedures designed to promote and achieve  compliance with such laws and Sanctions.  ARTICLE VII    NEGATIVE COVENANTS  Each of the Loan Parties hereby covenants and agrees that on the Closing Date and  thereafter until the Facility Termination Date, the Borrower shall not, nor shall it permit any  Subsidiary to, directly or indirectly:   Liens.  Create, incur, assume or suffer to exist any Lien upon any of its property, assets or  revenues, whether now owned or hereafter acquired, except for the following:  (a) Liens pursuant to any Loan Document;  (b) Liens existing on the Closing Date and listed on Schedule 7.01 and any  renewals or extensions thereof, provided that (i) the property covered thereby is not  changed, (ii) the amount secured or benefited thereby is not increased, and (iii) the direct  or any contingent obligor with respect thereto is not changed;  

 

  89  (c) Liens for Taxes not yet due or which are being contested in good faith and  by appropriate proceedings diligently conducted, if adequate reserves with respect thereto  are maintained on the books of the applicable Person in accordance with GAAP;  (d) Statutory Liens such as landlords’, carriers’, warehousemen’s, mechanics’,  materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business  which are not overdue for a period of more than thirty (30) days or which are being  contested in good faith and by appropriate proceedings diligently conducted; provided that  adequate reserves with respect thereto are maintained on the books of the applicable  Person;  (e) pledges or deposits in the ordinary course of business in connection with  workers’ compensation, unemployment insurance and other social security legislation,  other than any Lien imposed by ERISA;  (f) deposits to secure the performance of bids, trade contracts and leases (other  than Indebtedness), statutory obligations, surety and appeal bonds, performance bonds and  other obligations of a like nature incurred in the ordinary course of business;  (g) easements, rights-of-way, restrictions and other similar encumbrances  affecting real property which, in the aggregate, are not substantial in amount, and which  do not in any case materially detract from the value of the property subject thereto or  materially interfere with the ordinary conduct of the business of the applicable Person;  (h) Liens securing judgments for the payment of money (or appeal or other  surety bonds relating to such judgments) not constituting an Event of Default under  Section 8.01(h);  (i) Liens securing Indebtedness permitted under Section 7.02(d); provided that  (i) such Liens do not at any time encumber any property other than the property financed  by such Indebtedness and (ii) the Indebtedness secured thereby does not exceed the cost or  fair market value, whichever is lower, of the property being acquired on the date of  acquisition; and  (j) Liens arising solely by virtue of any statutory or common law provision  relating to banker’s liens, rights of set-off or similar rights and remedies, or under general  depository or brokerage agreements, and burdening only deposit or brokerage accounts or  other funds and assets maintained with a creditor depository institution or brokerage.   Indebtedness.  Create, incur, assume or suffer to exist any Indebtedness, except:  (a) Indebtedness under the Loan Documents;  (b) Guarantees of the Borrower or any Guarantor in respect of Indebtedness  otherwise permitted hereunder of the Borrower or any other Guarantor;  

 

  90  (c) obligations (contingent or otherwise) of the Borrower or any Subsidiary  existing or arising under any Swap Contract, provided that (i) such obligations are (or were)  entered into by such Person in the ordinary course of business for the purpose of directly  mitigating risks associated with liabilities, commitments, investments, assets, or property  held or reasonably anticipated by such Person, or changes in the value of securities issued  by such Person, and not for purposes of speculation or taking a “market view;” and (ii) such  Swap Contract does not contain any provision exonerating the non-defaulting party from  its obligation to make payments on outstanding transactions to the defaulting party;  (d) Indebtedness in respect of capital leases, Synthetic Lease Obligations and  purchase money obligations for fixed or capital assets within the limitations set forth in  Section 7.01(i); provided, however, that the aggregate amount of all such Indebtedness at  any one time outstanding shall not exceed $20,000,000;  (e) unsecured Indebtedness in an aggregate principal amount not to exceed  $150,000,000 at any time outstanding; provided that (i) such Indebtedness shall (A) be  issued with a market rate of interest for companies of similar size and similar credit quality  at such time, (B) not provide for any scheduled payment or prepayment of principal or  redemption prior to 91 days after the Maturity Date, and (C) not contain covenants, terms  or provisions materially more restrictive than the terms of this Agreement and the other  Loan Documents and (ii) no Default exists immediately before or after the issuance thereof  (“Section 7.02(e) Indebtedness”);  (f) Indebtedness of any Loan Party owing to another Loan Party; and  (g) unsecured Indebtedness not otherwise permitted pursuant to clauses (a)  through (f) above not to exceed $20,000,000 in aggregate principal amount outstanding at  any time.   Investments.  Make or hold any Investments, except:  (a) Investments held by the Borrower or such Subsidiary in the form of cash  equivalents and securities of the United States and certificates of deposit issued by  commercial banks organized in the United States which have assets in excess of  $1,000,000,000;  (b) advances to officers, directors and employees of the Borrower and  Subsidiaries for travel, entertainment, relocation and analogous ordinary business purposes  and loans to employees (who are not executive officers or the equivalent or directors) not  to exceed $500,000 in aggregate amount outstanding at any time;  (c) Investments of the Borrower in any Guarantor and Investments of any  Guarantor in the Borrower or in another Guarantor;  (d) Investments consisting of extensions of credit in the nature of accounts  receivable or notes receivable arising from the grant of trade credit in the ordinary course  

 

  91  of business, and Investments received in satisfaction or partial satisfaction thereof from  financially troubled account debtors to the extent reasonably necessary in order to prevent  or limit loss;  (e) Guarantees permitted by Section 7.02;  (f) Permitted Acquisitions; and  (g) other Investments not to exceed $10,000,000 in aggregate amount  outstanding at any time.   Fundamental Changes.  Merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether  in one transaction or in a series of transactions) all or substantially all of its assets (whether now  owned or hereafter acquired) to or in favor of any Person, except that, so long as no Default exists  or would result therefrom:  (a) any Subsidiary may merge with (i) the Borrower; provided that the  Borrower shall be the continuing or surviving Person, or (ii) any one or more other  Subsidiaries, provided that when any Guarantor is merging with another Subsidiary, such  Guarantor shall be the continuing or surviving Person; and  (b) any Subsidiary may Dispose of all or substantially all of its assets (upon  voluntary liquidation or otherwise) to the Borrower or to another Subsidiary; provided that  if the transferor in such a transaction is a Guarantor, then the transferee must either be the  Borrower or a Guarantor.   Dispositions.  Make any Disposition or enter into any agreement to make any Disposition, except:  (a) Dispositions of obsolete, surplus or worn out property, whether now owned  or hereafter acquired, in the ordinary course of business;  (b) Dispositions of Inventory in the ordinary course of business;  (c) Dispositions of equipment or real property to the extent that (i) such  property is exchanged for credit against the purchase price of similar replacement property,  (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase price  of such replacement property, or (iii) such property is the Borrower’s aircraft and no Event  of Default exists at the time of such Disposition and such Disposition is for fair market  value;  (d) Dispositions of property by any Subsidiary to the Borrower or to a wholly- owned Subsidiary; provided that if the transferor of such property is a Guarantor, the  transferee thereof must either be the Borrower or a Guarantor;  

 

  92  (e) Dispositions permitted by Section 7.04; and  (f) Dispositions by the Borrower and its Subsidiaries not otherwise permitted  under this Section 7.05; provided that (i) at the time of such Disposition, no Default shall  exist or would result from such Disposition and (ii) the aggregate book value of all property  Disposed of in reliance on this clause (f) in any Fiscal Year shall not exceed $10,000,000;  provided, however, that any Disposition pursuant to subsections (a), (b), (c), (e) and (f) shall be  for fair market value.   Restricted Payments.  Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation  (contingent or otherwise) to do so, except that, so long as no Default shall have occurred and be  continuing at the time of any action described below or would result therefrom:  (a) each Subsidiary may make Restricted Payments to the Borrower, the  Guarantors and any other Person that owns an Equity Interest in such Subsidiary, ratably  according to their respective holdings of the type of Equity Interest in respect of which  such Restricted Payment is being made;  (b) the Borrower and each Subsidiary may declare and make dividend  payments or other distributions payable solely in the common stock or other common  Equity Interests of such Person;  (c) the Borrower and each Subsidiary may purchase, redeem or otherwise  acquire Equity Interests issued by it with the proceeds received from the substantially  concurrent issue of new shares of its common stock or other common Equity Interests;  (d) the Borrower may declare or pay cash dividends to its stockholders; and  (e) the Borrower may purchase, redeem or otherwise acquire Equity Interests  issued by it during any period of four consecutive Fiscal Quarters not to exceed  (i) $15,000,000 or (ii) if the Leverage Ratio is equal to or less than 2.25 to 1.00 (both before  and after giving effect to such transaction on a pro-forma basis), an unlimited amount;  provided that if the amount of all Equity Interests acquisitions exceeds the limitation set  forth in subclause (i) of this clause (e) during any period during which the Leverage Ratio  test in subclause (ii) of this clause (e) is met, such excess Equity Interests acquisitions shall  not constitute an Event of Default if such Leverage Ratio is not met in any subsequent  period of four consecutive Fiscal Quarters.   Change in Nature of Business.  Engage in any material line of business substantially different from those lines of business  conducted by the Borrower and its Subsidiaries on the date hereof or any business substantially  related or incidental thereto.  

 

  93   Transactions with Affiliates.  Enter into any transaction with an Affiliate except in the ordinary course of business on  terms no less favorable to the Borrower, nor more favorable to such Affiliate, than would be  obtainable in a comparable arm’s length transaction with a Person who is not an Affiliate.  The  Borrower will not enter into any transaction with an Affiliate unless such transaction is specifically  approved by the board of directors of the Borrower as being an arm’s length transaction on terms  no less favorable to the Borrower, nor more favorable to such Affiliate, than would be obtainable  in a comparable arm’s length transaction with a Person who is not an Affiliate.   Burdensome Agreements.  Enter into any Contractual Obligation (other than this Agreement or any other Loan  Document) that (a) limits the ability (i) of any Subsidiary to make dividends or other distributions  to the Borrower or any Guarantor or otherwise transfer property to the Borrower or any Guarantor  or (ii) of the Borrower or any Subsidiary to create, incur, assume or suffer to exist Liens on  property of such Persons, provided, however, that this clause (ii) shall not prohibit any negative  pledge incurred or provided (A) in favor of any holder of Indebtedness permitted under  Section 7.02(d) solely to the extent any negative pledge relates to property financed by or the  subject of such indebtedness or, (B) as provided in the documents governing the Section 7.02(e)  Indebtedness, (C) relating to property existing at the time of the acquisition thereof, so long as the  restriction or condition relates only to the property so acquired, (D) in connection with a renewal,  extension, refinancing, refund or replacement (or successive extensions, renewals, refinancings,  refunds or replacements) of indebtedness issued under an agreement referred to in clauses (A)  through (C) above, so long as the restrictions and conditions contained in any such renewal,  extension, refinancing, refund or replacement agreement, taken as a whole, are not materially more  restrictive that the restrictions and conditions contained in the original agreement, (E) constituting  customary provisions restricting subletting or assignment of any leases of the Borrower or any  Subsidiary or provisions in agreements that restrict the assignment of such agreement or any rights  thereunder, (F) constituting restrictions on the sale or other disposition of any property securing  indebtedness as a result of a Lien on such property permitted hereunder, (G) constituting  customary restrictions on cash, other deposits or assets imposed by customers and other persons  under contract entered into in the ordinary course of business, (H) constituting any restriction or  condition with respect to property under an agreement that has been entered into for the disposition  of such property, provided that such disposition is otherwise permitted hereunder, or  (I) constituting any restriction or condition with respect to property under a charter, lease or other  agreement that has been entered into for the employment of such property; or (b) requires the grant  of a Lien to secure an obligation of such Person if a Lien is granted to secure another obligation of  such Person, except as provided herein or in the documents governing any Section 7.02(e)  Indebtedness.   Use of Proceeds.  Use the proceeds of any Credit Extension, whether directly or indirectly, and whether  immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of  Regulation U) or to extend credit to others for the purpose of purchasing or carrying margin stock  or to refund indebtedness originally incurred for such purpose.  

 

  94   Financial Covenants.  (a) Fixed Charge Coverage Ratio.  Permit the Fixed Charge Coverage Ratio as  of the end of any Measurement Period to be less than 2.00 to 1.00.  (b) Leverage Ratio.  Permit the Leverage Ratio as of the end of any  Measurement Period to be greater than 3.50 to 1.00; provided, that the Leverage Ratio as  of the end of any Measurement Period may not exceed 3.00 to 1.00 for more than two  consecutive Measurement Periods.   Amendments of Organization Documents; Legal Name Change.  (a) Amend any of its Organization Documents in a manner that is materially  adverse to the interest of the Administrative Agent and the Lenders; or  (b) without providing ten (10) days prior written notice to the Administrative  Agent (or such extended period of time as agreed to by the Administrative Agent), change  its name.   Prepayments, Etc. of Indebtedness.  Prepay, repurchase or defease any Indebtedness if at the time of such proposed prepayment,  repurchase or defeasance or after giving effect thereto any Default or Event of Default shall exist  and be continuing.   Amendments to Section 7.02(e) Indebtedness.  The Borrower shall not change or permit any Subsidiary to change or amend or accept any  waiver or consent with respect to, any document, instrument or agreement relating to any  Section 7.02(e) Indebtedness which would result in such Section 7.02(e) Indebtedness no longer  being in compliance with the requirements of the definition thereof set forth in Section 7.02(e).   Sanctions.  Directly or indirectly, use any Credit Extension or the proceeds of any Credit Extension,  or lend, contribute or otherwise make available such Credit Extension or the proceeds of any Credit  Extension to any Person, to fund any activities of or business with any Person, that, at the time of  such funding, is the subject of Sanctions, or in any other manner that will result in a violation by  any Person (including any Person participating in the transaction, whether as Lender, Arranger,  Administrative Agent, L/C Issuer, Swingline Lender, or otherwise) of Sanctions.   Anti-Corruption Laws.  Directly or indirectly, use any Credit Extension or the proceeds of any Credit Extension  for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the  UK Bribery Act 2010 and other similar anti-corruption legislation in other jurisdictions.  

 

  95  ARTICLE VIII    EVENTS OF DEFAULT AND REMEDIES   Events of Default.  Any of the following shall constitute an event of default (each, an “Event of Default”):  (a) Non-Payment.  The Borrower or any other Loan Party fails to pay (i) when  and as required to be paid herein, any amount of principal of any Loan or any L/C  Obligation or deposit any funds as Cash Collateral in respect of L/C Obligations, or  (ii) within three (3) Business Days after the same becomes due, any interest on any Loan  or on any L/C Obligation, or any fee due hereunder, or (iii) within five (5) Business Days  after the same becomes due, any other amount payable hereunder or under any other Loan  Document; or  (b) Specific Covenants.  Any Loan Party fails to perform or observe any term,  covenant or agreement contained in any of Section 6.01, 6.02(a), 6.03, 6.05(a), 6.10, 6.11,  6.12 or Article VII; or  (c) Other Defaults.  Any Loan Party fails to perform or observe any other  covenant or agreement (not specified in Section 8.01(a) or (b) above) contained in any  Loan Document on its part to be performed or observed and such failure continues for  thirty (30) days after the earlier of (i) the date on which written notice thereof has been  given to the Borrower by the Administrative Agent at the request of any Lender and (ii) the  date a Responsible Officer of the Borrower has knowledge of such failure; or  (d) Representations and Warranties.  Any representation, warranty,  certification or statement of fact made or deemed made by or on behalf of the Borrower or  any other Loan Party herein, in any other Loan Document, or in any document delivered  in connection herewith or therewith shall be incorrect or misleading in any material respect  (except that any representation or warranty that is qualified as to “materiality” or “Material  Adverse Effect” shall be incorrect or misleading in any respect) when made or deemed  made; or  (e) Cross-Default.  (i) The Borrower or any Subsidiary thereof (A) fails to  make any payment when due (whether by scheduled maturity, required prepayment,  acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee (other  than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate  principal amount (including undrawn committed or available amounts and including  amounts owing to all creditors under any combined or syndicated credit arrangement) of  more than $20,000,000, or (B) fails to observe or perform any other agreement or condition  relating to any such Indebtedness or Guarantee or contained in any instrument or agreement  evidencing, securing or relating thereto, or any other event occurs, the effect of which  default or other event is to cause, or to permit the holder or holders of such Indebtedness  or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such  holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if  

 

  96  required, such Indebtedness to be demanded or to become due or to be repurchased,  prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase,  prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or  such Guarantee to become payable or Cash Collateral in respect thereof to be demanded;  or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such  Swap Contract) resulting from (A) any event of default under such Swap Contract as to  which the Borrower or any Subsidiary thereof is the Defaulting Party (as defined in such  Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as  to which the Borrower or any Subsidiary thereof is an Affected Party (as so defined) and,  in either event, the Swap Termination Value owed by the Borrower or such Subsidiary as  a result thereof is greater than $20,000,000; or  (f) Insolvency Proceedings, Etc.  The Borrower or any Subsidiary institutes or  consents to the institution of any proceeding under any Debtor Relief Law, or makes an  assignment for the benefit of creditors; or applies for or consents to the appointment of any  receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or  for all or any material part of its property; or any receiver, trustee, custodian, conservator,  liquidator, rehabilitator or similar officer is appointed without the application or consent of  such Person and the appointment continues undischarged or unstayed for sixty (60)  calendar days; or any proceeding under any Debtor Relief Law relating to any such Person  or to all or any material part of its property is instituted without the consent of such Person  and continues undismissed or unstayed for sixty (60) calendar days, or an order for relief  is entered in any such proceeding; or  (g) Inability to Pay Debts; Attachment.  (i) The Borrower or any Subsidiary  becomes unable or admits in writing its inability or fails generally to pay its debts as they  become due, or (ii) any writ or warrant of attachment or execution or similar process is  issued or levied against all or any material part of the property of any such Person and is  not released, vacated or fully bonded within thirty (30) days after its issue or levy; or  (h) Judgments.  There is entered against the Borrower or any Subsidiary (i) one  or more final judgments or orders for the payment of money in an aggregate amount (as to  all such judgments and orders) exceeding $15,000,000 (to the extent not covered by  independent third-party insurance has been notified of the potential claim and does not  dispute coverage), or (ii) any one or more non-monetary final judgments that have, or could  reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect  and, in either case, (A) enforcement proceedings are commenced by any creditor upon such  judgment or order, or (B) there is a period of 30 consecutive days during which a stay of  enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect;  or  (i) ERISA.  (i) An ERISA Event occurs with respect to a Pension Plan or  Multiemployer Plan which has resulted or could reasonably be expected to result in liability  of the Borrower under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the  PBGC in an aggregate amount in excess of $15,000,000, or (ii) the Borrower or any ERISA  Affiliate fails to pay when due, after the expiration of any applicable grace period, any  

 

  97  installment payment with respect to its withdrawal liability under Section 4201 of ERISA  under a Multiemployer Plan in an aggregate amount in excess of $15,000,000; or  (j) Invalidity of Loan Documents.  Any provision of any Loan Document, at  any time after its execution and delivery and for any reason other than as expressly  permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be  in full force and effect in any material respect; or any Loan Party or any other Person  contests in any manner the validity or enforceability of any material provision of any Loan  Document; or any Loan Party denies that it has any or further liability or obligation under  any Loan Document, or purports to revoke, terminate or rescind any material provision of  any Loan Document; or  (k) Change of Control.  There occurs any Change of Control.  Without limiting the provisions of Article IX, if a Default or an Event of Default shall have  occurred, then such Default or Event of Default will continue to exist until it either is (x) cured (to  the extent specifically permitted) in accordance with the Loan Documents or (y) otherwise  expressly waived by the requisite Appropriate Lenders (or by the Administrative Agent with the  approval of the requisite Appropriate Lenders) as determined in accordance with Section 11.01.   Remedies Upon Event of Default.  If any Event of Default occurs and is continuing, the Administrative Agent shall, at the  request of, or may, with the consent of, the Required Lenders, take any or all of the following  actions:  (a) declare the Commitment of each Lender to make Loans and any obligation  of the L/C Issuer to make L/C Credit Extensions to be terminated, whereupon such  commitments and obligation shall be terminated;  (b) declare the unpaid principal amount of all outstanding Loans, all interest  accrued and unpaid thereon, and all other amounts owing or payable hereunder or under  any other Loan Document to be immediately due and payable, without presentment,  demand, protest or other notice of any kind, all of which are hereby expressly waived by  the Borrower;  (c) require that the Borrower Cash Collateralize the L/C Obligations (in an  amount equal to the Minimum Collateral Amount with respect thereto); and  (d) exercise on behalf of itself, the Lenders and the L/C Issuer all rights and  remedies available to it, the Lenders and the L/C Issuer under the Loan Documents or  Applicable Law or equity;  provided, however, that upon the occurrence of an event described in Section 8.01(f) with respect  to the Borrower, the Commitment of each Lender to make Loans and any obligation of the L/C  Issuer to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount  of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become  due and payable, and the obligation of the Borrower to Cash Collateralize the L/C Obligations as  

 

  98  aforesaid shall automatically become effective, in each case without further act of the  Administrative Agent or any Lender.   Application of Funds.  (a) After the exercise of remedies provided for in Section 8.02 (or after the  Loans have automatically become immediately due and payable and the L/C Obligations  have automatically been required to be Cash Collateralized as set forth in the proviso to  Section 8.02), any amounts received on account of the Obligations shall, subject to the  provisions of Sections 2.14 and 2.15, be applied by the Administrative Agent in the  following order:  First, to payment of that portion of the Obligations constituting fees, indemnities,  expenses and other amounts (including fees, charges and disbursements of counsel to the  Administrative Agent and amounts payable under Article III) payable to the  Administrative Agent in its capacity as such;  Second, to payment of that portion of the Obligations constituting fees, indemnities  and other amounts (other than principal, interest and Letter of Credit Fees) payable to the  Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the  respective Lenders and the L/C Issuer and amounts payable under Article III), ratably  among them in proportion to the respective amounts described in this clause Second  payable to them;  Third, to payment of that portion of the Obligations constituting accrued and unpaid  Letter of Credit Fees and interest on the Loans, L/C Borrowings and other Obligations and  fees, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts  described in this clause Third payable to them;  Fourth, to (a) payment of that portion of the Obligations constituting unpaid  principal of the Loans and L/C Borrowings, and (b) in respect of any amounts received as  payments under the Guaranty, payments of that portion of the Obligations constituting  unpaid principal of the Loans and L/C Borrowings and any amounts due under a Swap  Contract with a Hedge Bank, ratably among the Lenders, the L/C Issuer and the Hedge  Banks, in proportion to the respective amounts described in this clause Fourth held by  them;  Fifth, with respect to any other amount received as payments under the Guaranty,  to payments of amounts due under any Cash Management Agreement with any Cash  Management Bank, ratably among the Cash Management Banks in proportion to the  respective amounts described in clause Fifth held by them;  Sixth, to the Administrative Agent for the account of the L/C Issuer, to Cash  Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount  of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower  pursuant to Sections 2.03 and 2.14; and  

 

  99  Last, the balance, if any, after all of the Obligations have been indefeasibly paid in  full, to the Borrower or as otherwise required by Law.  (b) Subject to Sections 2.03(c) and 2.14, amounts used to Cash Collateralize  the aggregate undrawn amount of Letters of Credit pursuant to clause Sixth above shall be  applied to satisfy drawings under such Letters of Credit as they occur.  If any amount  remains on deposit as Cash Collateral after all Letters of Credit have either been fully  drawn or expired, such remaining amount shall be applied to the other Obligations, if any,  in the order set forth above.  Excluded Swap Obligations with respect to any Guarantor  shall not be paid with amounts received from such Guarantor or its assets, but appropriate  adjustments shall be made with respect to payments from other Loan Parties to preserve  the allocation to the Obligations otherwise set forth above in this Section 8.03.  ARTICLE IX  ADMINISTRATIVE AGENT   Appointment and Authority.  Each of the Lenders and the L/C Issuer hereby irrevocably appoints, designates and  authorizes Bank of America to act on its behalf as the Administrative Agent hereunder and under  the other Loan Documents and authorizes the Administrative Agent to take such actions on its  behalf and to exercise such powers as are delegated to the Administrative Agent by the terms  hereof or thereof, together with such actions and powers as are reasonably incidental thereto.  The  provisions of this Article IX are solely for the benefit of the Administrative Agent, the Lenders  and the L/C Issuer, and neither the Borrower nor any other Loan Party shall have rights as a third  party beneficiary of any of such provisions.  It is understood and agreed that the use of the term  “agent” herein or in any other Loan Documents (or any other similar term) with reference to the  Administrative Agent is not intended to connote any fiduciary or other implied (or express)  obligations arising under agency doctrine of any Applicable Law.  Instead such term is used as a  matter of market custom, and is intended to create or reflect only an administrative relationship  between contracting parties.   Rights as a Lender.  The Person serving as the Administrative Agent hereunder shall have the same rights and  powers in its capacity as a Lender as any other Lender and may exercise the same as though it  were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise  expressly indicated or unless the context otherwise requires, include the Person serving as the  Administrative Agent hereunder in its individual capacity.  Such Person and its Affiliates may  accept deposits from, lend money to, own securities of, act as the financial advisor or in any other  advisory capacity for and generally engage in any kind of banking, trust, financial, advisory,  underwriting or other business with the Borrower or any Subsidiary or other Affiliate thereof as if  such Person were not the Administrative Agent hereunder and without any duty to account therefor  to the Lenders or to provide notice to or consent of the Lenders with respect thereto.  

 

  100   Exculpatory Provisions.  (a) The Administrative Agent or the Arranger, as applicable, shall not have any  duties or obligations except those expressly set forth herein and in the other Loan  Documents, and its duties hereunder shall be administrative in nature.  Without limiting  the generality of the foregoing, the Administrative Agent or the Arranger, as applicable,  and its Related Parties:  (i) shall not be subject to any fiduciary or other implied duties,  regardless of whether a Default has occurred and is continuing;  (ii) shall not have any duty to take any discretionary action or exercise  any discretionary powers, except discretionary rights and powers expressly  contemplated hereby or by the other Loan Documents that the Administrative  Agent is required to exercise as directed in writing by the Required Lenders (or  such other number or percentage of the Lenders as shall be expressly provided for  herein or in the other Loan Documents), provided that the Administrative Agent  shall not be required to take any action that, in its opinion or the opinion of its  counsel, may expose the Administrative Agent to liability or that is contrary to any  Loan Document or Applicable Law, including for the avoidance of doubt any action  that may be in violation of the automatic stay under any Debtor Relief Law or that  may effect a forfeiture, modification or termination of property of a Defaulting  Lender in violation of any Debtor Relief Law; and  (iii) shall not have any duty or responsibility to disclose, and shall not be  liable for the failure to disclose, to any Lender or the L/C Issuer any credit or other  information concerning the business, prospects, operations, property, financial and  other condition or creditworthiness of any of the Loan Parties or any of their  Affiliates that is communicated to, or in the possession of, the Administrative  Agent, Arranger or any of their Related Parties in any capacity, except for notices,  reports and other documents expressly required to be furnished to the Lenders by  the Administrative Agent herein.  (b) Neither the Administrative Agent nor any of its Related Parties shall be  liable for any action taken or not taken by the Administrative Agent under or in connection  with this Agreement or any other Loan Document or the transactions contemplated hereby  or thereby (i) with the consent or at the request of the Required Lenders (or such other  number or percentage of the Lenders as shall be necessary), or as the Administrative Agent  shall believe in good faith shall be necessary, under the circumstances as provided in  Sections 11.01 and 8.02) or (ii) in the absence of its own gross negligence or willful  misconduct as determined by a court of competent jurisdiction by final and non-appealable  judgment.  The Administrative Agent shall be deemed not to have knowledge of any  Default unless and until notice describing such Default is given in writing to the  Administrative Agent by the Borrower, a Lender or the L/C Issuer.  (c) Neither the Administrative Agent nor any of its Related Parties have any  duty or obligation to any Lender or participant or any other Person to ascertain or inquire  

 

  101  into (i) any statement, warranty or representation made in or in connection with this  Agreement or any other Loan Document, (ii) the contents of any certificate, report or other  document delivered hereunder or thereunder or in connection herewith or therewith,  (iii) the performance or observance of any of the covenants, agreements or other terms or  conditions set forth herein or therein or the occurrence of any Default, (iv) the validity,  enforceability, effectiveness or genuineness of this Agreement, any other Loan Document  or any other agreement, instrument or document or (v) the satisfaction of any condition set  forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly  required to be delivered to the Administrative Agent.   Reliance by Administrative Agent.  The Administrative Agent shall be entitled to rely upon, and shall be fully protected in  relying and shall not incur any liability for relying upon, any notice, request, certificate,  communication, consent, statement, instrument, document or other writing (including any  electronic message, Internet or intranet website posting or other distribution) believed by it to be  genuine and to have been signed, sent or otherwise authenticated by the proper Person.  The  Administrative Agent also may rely upon any statement made to it orally or by telephone and  believed by it to have been made by the proper Person, and shall be fully protected in relying and  shall not incur any liability for relying thereon.  In determining compliance with any condition  hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of  Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the  Administrative Agent may presume that such condition is satisfactory to such Lender or the L/C  Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender  or the L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit.  The  Administrative Agent may consult with legal counsel (who may be counsel for the Loan Parties),  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.   For purposes of determining compliance with the conditions specified in Section 4.01, each Lender  that has signed this Agreement shall be deemed to have consented to, approved or accepted or to  be satisfied with, each document or other matter required thereunder to be consented to or approved  by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received  notice from such Lender prior to the proposed Closing Date specifying its objections.   Delegation of Duties.  The Administrative Agent may perform any and all of its duties and exercise its rights and  powers hereunder or under any other Loan Document by or through any one or more sub-agents  appointed by the Administrative Agent.  The Administrative Agent and any such sub-agent may  perform any and all of its duties and exercise its rights and powers by or through their respective  Related Parties.  The exculpatory provisions of this Article IX shall apply to any such sub-agent  and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to  their respective activities in connection with the syndication of the credit facilities provided for  herein as well as activities as Administrative Agent.  The Administrative Agent shall not be  responsible for the negligence or misconduct of any sub-agents except to the extent that a court of  competent jurisdiction determines in a final and non-appealable judgment that the Administrative  Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.  

 

  102   Resignation of Administrative Agent.  (a) Notice.  The Administrative Agent may at any time give notice of its  resignation to the Lenders, the L/C Issuer and the Borrower.  Upon receipt of any such  notice of resignation, the Required Lenders shall have the right, in consultation with the  Borrower, to appoint a successor, which shall be a bank with an office in the United States,  or an Affiliate of any such bank with an office in the United States.  If no such successor  shall have been so appointed by the Required Lenders and shall have accepted such  appointment within thirty (30) days after the retiring Administrative Agent gives notice of  its resignation (or such earlier day as shall be agreed by the Required Lenders) (the  “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not  be obligated to) on behalf of the Lenders and the L/C Issuer, appoint a successor  Administrative Agent meeting the qualifications set forth above; provided that in no event  shall any successor Administrative Agent be a Defaulting Lender.  Whether or not a  successor has been appointed, such resignation shall become effective in accordance with  such notice on the Resignation Effective Date.  (b) Defaulting Lender.  If the Person serving as Administrative Agent is a  Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders  may, to the extent permitted by Applicable Law, by notice in writing to the Borrower and  such Person remove such Person as Administrative Agent and, in consultation with the  Borrower, appoint a successor.  If no such successor shall have been so appointed by the  Required Lenders and shall have accepted such appointment within thirty (30) days (or  such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective  Date”), then such removal shall nonetheless become effective in accordance with such  notice on the Removal Effective Date.  (c) Effect of Resignation or Removal.  With effect from the Resignation  Effective Date or the Removal Effective Date (as applicable) (i) the retiring or removed  Administrative Agent shall be discharged from its duties and obligations hereunder and  under the other Loan Documents and (ii) except for any indemnity payments or other  amounts then owed to the retiring or removed Administrative Agent, all payments,  communications and determinations provided to be made by, to or through the  Administrative Agent shall instead be made by or to each Lender and the L/C Issuer  directly, until such time, if any, as the Required Lenders appoint a successor Administrative  Agent as provided for above.  Upon the acceptance of a successor’s appointment as  Administrative Agent hereunder, such successor shall succeed to and become vested with  all of the rights, powers, privileges and duties of the retiring (or removed) Administrative  Agent (other than as provided in Section 3.01(g) and other than any rights to indemnity  payments or other amounts owed to the retiring or removed Administrative Agent as of the  Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring  or removed Administrative Agent shall be discharged from all of its duties and obligations  hereunder or under the other Loan Documents (if not already discharged therefrom as  provided above in this Section 9.06).  The fees payable by the Borrower to a successor  Administrative Agent shall be the same as those payable to its predecessor unless otherwise  agreed between the Borrower and such successor.  After the retiring or removed  Administrative Agent’s resignation or removal hereunder and under the other Loan  

 

  103  Documents, the provisions of this Article XI and Section 11.04 shall continue in effect for  the benefit of such retiring or removed Administrative Agent, its sub-agents and their  respective Related Parties in respect of any actions taken or omitted to be taken by any of  them (A) while the retiring or removed Administrative Agent was acting as Administrative  Agent and (B) after such resignation or removal for as long as any of them continues to act  in any capacity hereunder or under the other Loan Documents, including, in respect of any  actions taken in connection with transferring the agency to any successor Administrative  Agent.  (d) L/C Issuer and Swingline Lender.  Any resignation or removal by Bank of  America as Administrative Agent pursuant to this Section 9.06 shall also constitute its  resignation as the L/C Issuer and Swingline Lender.  If Bank of America resigns as the L/C  Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder  with respect to all Letters of Credit outstanding as of the effective date of its resignation as  the L/C Issuer and all L/C Obligations with respect thereto, including the right to require  the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts  pursuant to Section 2.03(c).  If Bank of America resigns as Swingline Lender, it shall retain  all the rights of the Swingline Lender provided for hereunder with respect to Swingline  Loans made by it and outstanding as of the effective date of such resignation, including the  right to require the Lenders to make Base Rate Loans or fund risk participations in  outstanding Swingline Loans pursuant to Section 2.04(c).  Upon the appointment by the  Borrower of a successor L/C Issuer or Swingline Lender hereunder (which successor shall  in all cases be a Lender other than a Defaulting Lender), (i) such successor shall succeed  to and become vested with all of the rights, powers, privileges and duties of the retiring  L/C Issuer or Swingline Lender, as applicable, (ii) the retiring L/C Issuer and Swingline  Lender shall be discharged from all of their respective duties and obligations hereunder or  under the other Loan Documents, and (iii) the successor L/C Issuer shall issue Letters of  Credit in substitution for the Letters of Credit, if any, outstanding at the time of such  succession or make other arrangements satisfactory to Bank of America to effectively  assume the obligations of Bank of America with respect to such Letters of Credit.   Non-Reliance on Administrative Agent, the Arranger and the Other Lenders.  Each Lender and the L/C Issuer expressly acknowledges that none of the Administrative  Agent nor the Arranger has made any representation or warranty to it, and that no act by the  Administrative Agent or the Arranger hereafter taken, including any consent to, and acceptance of  any assignment or review of the affairs of any Loan Party or any Affiliate thereof, shall be deemed  to constitute any representation or warranty by the Administrative Agent or the Arranger to any  Lender or the L/C Issuer as to any matter, including whether the Administrative Agent or the  Arranger have disclosed material information in their (or their Related Parties’) possession.  Each  Lender and the L/C Issuer represents to the Administrative Agent and the Arranger that it has,  independently and without reliance upon the Administrative Agent, the Arranger, any other Lender  or any of their Related Parties and based on such documents and information as it has deemed  appropriate, made its own credit analysis of, appraisal of, and investigation into, the business,  prospects, operations, property, financial and other condition and creditworthiness of the Loan  Parties and their Subsidiaries, and all applicable bank or other regulatory Laws relating to the  transactions contemplated hereby, and made its own decision to enter into this Agreement and to  

 

  104  extend credit to the Borrower hereunder.  Each Lender and the L/C Issuer also acknowledges that  it will, independently and without reliance upon the Administrative Agent, the Arranger, any other  Lender or any of their Related Parties and based on such documents and information as it shall  from time to time deem appropriate, continue to make its own credit analysis, appraisals and  decisions in taking or not taking action under or based upon this Agreement, any other Loan  Document or any related agreement or any document furnished hereunder or thereunder, and to  make such investigations as it deems necessary to inform itself as to the business, prospects,  operations, property, financial and other condition and creditworthiness of the Loan Parties.  Each  Lender and the L/C Issuer represents and warrants that (i) the Loan Documents set forth the terms  of a commercial lending facility and (ii) it is engaged in making, acquiring or holding commercial  loans in the ordinary course and is entering into this Agreement as a Lender or L/C Issuer for the  purpose of making, acquiring or holding commercial loans and providing other facilities set forth  herein as may be applicable to such Lender or L/C Issuer, and not for the purpose of purchasing,  acquiring or holding any other type of financial instrument, and each Lender and the L/C Issuer  agrees not to assert a claim in contravention of the foregoing.  Each Lender and the L/C Issuer  represents and warrants that it is sophisticated with respect to decisions to make, acquire and/or  hold commercial loans and to provide other facilities set forth herein, as may be applicable to such  Lender or such L/C Issuer, and either it, or the Person exercising discretion in making its decision  to make, acquire and/or hold such commercial loans or to provide such other facilities, is  experienced in making, acquiring or holding such commercial loans or providing such other  facilities.   No Other Duties, Etc.  Anything herein to the contrary notwithstanding, none of the titles listed on the cover page  hereof shall have any powers, duties or responsibilities under this Agreement or any of the other  Loan Documents, except in its capacity, as applicable, as the Administrative Agent, the Arranger,  a Lender or the L/C Issuer hereunder.   Administrative Agent May File Proofs of Claim; Credit Bidding.  (a) In case of the pendency of any proceeding under any Debtor Relief Law or  any other judicial proceeding relative to any Loan Party, the Administrative Agent  (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and  payable as herein expressed or by declaration or otherwise and irrespective of whether the  Administrative Agent shall have made any demand on the Borrower) shall be entitled and  empowered, by intervention in such proceeding or otherwise:  (i) to file and prove a claim for the whole amount of the principal and  interest owing and unpaid in respect of the Loans, L/C Obligations and all other  Obligations that are owing and unpaid and to file such other documents as may be  necessary or advisable in order to have the claims of the Lenders, the L/C Issuer  and the Administrative Agent (including any claim for the reasonable  compensation, expenses, disbursements and advances of the Lenders, the L/C  Issuer and the Administrative Agent and their respective agents and counsel and all  other amounts due the Lenders, the L/C Issuer and the Administrative Agent under  

 

  105  Sections 2.03(h) and (i), 2.09, 2.10(b) and 11.04) allowed in such judicial  proceeding; and  (ii) to collect and receive any monies or other property payable or  deliverable on any such claims and to distribute the same;  and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar  official in any such judicial proceeding is hereby authorized by each Lender and the L/C  Issuer to make such payments to the Administrative Agent and, in the event that the  Administrative Agent shall consent to the making of such payments directly to the Lenders  and the L/C Issuer, to pay to the Administrative Agent any amount due for the reasonable  compensation, expenses, disbursements and advances of the Administrative Agent and its  agents and counsel, and any other amounts due the Administrative Agent under  Sections 2.09, 2.10(b) and 11.04.  (b) Nothing contained herein shall be deemed to authorize the Administrative  Agent to authorize or consent to or accept or adopt on behalf of any Lender or the L/C  Issuer any plan of reorganization, arrangement, adjustment or composition affecting the  Obligations or the rights of any Lender or the L/C Issuer to authorize the Administrative  Agent to vote in respect of the claim of any Lender or the L/C Issuer or in any such  proceeding.   Guaranty Matters.  (a) Each of the Lenders (including in its capacities as a potential Cash  Management Bank and a potential Hedge Bank) and the L/C Issuer irrevocably authorize  the Administrative Agent, at its option and in its discretion, to release any Guarantor from  its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a  transaction permitted under the Loan Documents.  (b) Upon request by the Administrative Agent at any time, the Required  Lenders will confirm in writing the Administrative Agent’s authority to release any  Guarantor from its obligations under the Guaranty pursuant to this Section 9.10.  In each  case as specified in this Section 9.10, the Administrative Agent will, at the Borrower’s  expense, execute and deliver to the applicable Loan Party such documents as such Loan  Party may reasonably request to release such Guarantor from its obligations under the  Guaranty, in each case in accordance with the terms of the Loan Documents and this  Section 9.10.   Certain ERISA Matters.  (a) Each Lender (x) represents and warrants, as of the date such Person became  a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender  party hereto to the date such Person ceases being a Lender party hereto, for the benefit of,  the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the  Borrower or any other Loan Party, that at least one of the following is and will be true:  

 

  106  (i) such Lender is not using “plan assets” (within the meaning of  Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to  such Lender’s entrance into, participation in, administration of and performance of  the Loans, the Letters of Credit, the Commitments, or this agreement,  (ii) the transaction exemption set forth in one or more PTEs, such as  PTE 84–14 (a class exemption for certain transactions determined by independent  qualified professional asset managers), PTE 95–60 (a class exemption for certain  transactions involving insurance company general accounts), PTE 90–1 (a class  exemption for certain transactions involving insurance company pooled separate  accounts), PTE 91–38 (a class exemption for certain transactions involving bank  collective investment funds) or PTE 96–23 (a class exemption for certain  transactions determined by in-house asset managers), is applicable with respect to  such Lender’s entrance into, participation in, administration of and performance of  the Loans, the Letters of Credit, the Commitments and this Agreement,  (iii) (A) such Lender is an investment fund managed by a “Qualified  Professional Asset Manager” (within the meaning of Part VI of PTE 84–14),  (B) such Qualified Professional Asset Manager made the investment decision on  behalf of such Lender to enter into, participate in, administer and perform the  Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance  into, participation in, administration of and performance of the Loans, the Letters  of Credit, the Commitments and this Agreement satisfies the requirements of sub- sections (b) through (g) of Part I of PTE 84–14 and (D) to the best knowledge of  such Lender, the requirements of subsection (a) of Part I of PTE 84–14 are satisfied  with respect to such Lender’s entrance into, participation in, administration of and  performance of the Loans, the Letters of Credit, the Commitments and this  Agreement, or  (iv) such other representation, warranty and covenant as may be agreed  in writing between the Administrative Agent, in its sole discretion, and such  Lender.  (b) In addition, unless either (1) clause (i) in the immediately preceding  clause (a) is true with respect to a Lender or (2) a Lender has provided another  representation, warranty and covenant in accordance with clause (iv) in the immediately  preceding clause (a), such Lender further (x) represents and warrants, as of the date such  Person became a Lender party hereto, to, and (y) covenants, from the date such Person  became a Lender party hereto to the date such Person ceases being a Lender party hereto,  for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for  the benefit of the Borrower or any other Loan Party, that the Administrative Agent is not a  fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into,  participation in, administration of and performance of the Loans, the Letters of Credit, the  Commitments and this Agreement (including in connection with the reservation or exercise  of any rights by the Administrative Agent under this Agreement, any Loan Document or  any documents related hereto or thereto).  

 

  107  ARTICLE X    CONTINUING GUARANTY   Guaranty.  Each Guarantor hereby absolutely and unconditionally, jointly and severally guarantees, as  primary obligor and as a guaranty of payment and performance and not merely as a guaranty of  collection, prompt payment when due, whether at stated maturity, by required prepayment, upon  acceleration, demand or otherwise, and at all times thereafter, of any and all Obligations (for each  Guarantor, subject to the proviso in this sentence, its “Guaranteed Obligations”); provided that  (a) the Guaranteed Obligations of a Guarantor shall exclude any Excluded Swap Obligations with  respect to such Guarantor and (b) the liability of each Guarantor individually with respect to this  Guaranty shall be limited to an aggregate amount equal to the largest amount that would not render  its obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code of the  United States or any comparable provisions of any applicable state law.  Without limiting the  generality of the foregoing, the Guaranteed Obligations shall include any such indebtedness,  obligations, and liabilities, or portion thereof, which may be or hereafter become unenforceable or  compromised or shall be an allowed or disallowed claim under any proceeding or case commenced  by or against any debtor under any Debtor Relief Laws.  The Administrative Agent’s books and  records showing the amount of the Obligations shall be admissible in evidence in any action or  proceeding, and shall be binding upon each Guarantor, and conclusive for the purpose of  establishing the amount of the Guaranteed Obligations.   Rights of Lenders.  Each Guarantor consents and agrees that the Guaranteed Parties may, at any time and from  time to time, without notice or demand, and without affecting the enforceability or continuing  effectiveness hereof:  (a) amend, extend, renew, compromise, discharge, accelerate or otherwise  change the time for payment or the terms of the Guaranteed Obligations or any part thereof;  (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any  security for the payment of this Guaranty or any Guaranteed Obligations; (c) apply such security  and direct the order or manner of sale thereof as the Administrative Agent, the L/C Issuer and the  Lenders in their sole discretion may determine; and (d) release or substitute one or more of any  endorsers or other guarantors of any of the Guaranteed Obligations.  Without limiting the  generality of the foregoing, each Guarantor consents to the taking of, or failure to take, any action  which might in any manner or to any extent vary the risks of such Guarantor under this Guaranty  or which, but for this provision, might operate as a discharge of such Guarantor.   Certain Waivers.  Each Guarantor waives (a) any defense arising by reason of any disability or other defense  of the Borrower or any other guarantor, or the cessation from any cause whatsoever (including any  act or omission of any Guaranteed Party) of the liability of the Borrower or any other Loan Party;  (b) any defense based on any claim that such Guarantor’s obligations exceed or are more  burdensome than those of the Borrower or any other Loan Party; (c) the benefit of any statute of  limitations affecting any Guarantor’s liability hereunder; (d) any right to proceed against the  

 

  108  Borrower or any other Loan Party, proceed against or exhaust any security (if any) for the  Guaranteed Obligations, or pursue any other remedy in the power of any Guaranteed Party  whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held by  any Guaranteed Party; and (f) to the fullest extent permitted by law, any and all other defenses or  benefits that may be derived from or afforded by Applicable Law limiting the liability of or  exonerating guarantors or sureties.  Each Guarantor expressly waives all setoffs and counterclaims  and all presentments, demands for payment or performance, notices of nonpayment or  nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands  of any kind or nature whatsoever with respect to the Guaranteed Obligations, and all notices of  acceptance of this Guaranty or of the existence, creation or incurrence of new or additional  Guaranteed Obligations.   Obligations Independent.  The obligations of each Guarantor hereunder are those of primary obligor, and not merely  as surety, and are independent of the Guaranteed Obligations and the obligations of any other  guarantor, and a separate action may be brought against each Guarantor to enforce this Guaranty  whether or not the Borrower or any other person or entity is joined as a party.   Subrogation.  No Guarantor shall exercise any right of subrogation, contribution, indemnity,  reimbursement or similar rights with respect to any payments it makes under this Guaranty until  all of the Guaranteed Obligations and any amounts payable under this Guaranty have been  indefeasibly paid and performed in full and the Commitments and the Revolving Facility are  terminated.  If any amounts are paid to a Guarantor in violation of the foregoing limitation, then  such amounts shall be held in trust for the benefit of the Guaranteed Parties and shall forthwith be  paid to the Guaranteed Parties to reduce the amount of the Guaranteed Obligations, whether  matured or unmatured.   Termination; Reinstatement.  This Guaranty is a continuing and irrevocable guaranty of all Guaranteed Obligations now  or hereafter existing and shall remain in full force and effect until the Facility Termination Date.   Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived,  as the case may be, if any payment by or on behalf of the Borrower or a Guarantor is made, or any  of the Guaranteed Parties exercises its right of setoff, in respect of the Guaranteed Obligations and  such payment or the proceeds of such setoff or any part thereof is subsequently invalidated,  declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement  entered into by any of the Guaranteed Parties in their discretion) to be repaid to a trustee, receiver  or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise,  all as if such payment had not been made or such setoff had not occurred and whether or not the  Guaranteed Parties are in possession of or have released this Guaranty and regardless of any prior  revocation, rescission, termination or reduction.  The obligations of each Guarantor under this  Section 10.06 shall survive termination of this Guaranty.  

 

  109   Stay of Acceleration.  If acceleration of the time for payment of any of the Guaranteed Obligations is stayed, in  connection with any case commenced by or against a Guarantor or the Borrower under any Debtor  Relief Laws, or otherwise, all such amounts shall nonetheless be payable by each Guarantor,  jointly and severally, immediately upon demand by the Guaranteed Parties.   Condition of Borrower.  Each Guarantor acknowledges and agrees that it has the sole responsibility for, and has  adequate means of, obtaining from the Borrower and any other guarantor such information  concerning the financial condition, business and operations of the Borrower and any such other  guarantor as such Guarantor requires, and that none of the Guaranteed Parties has any duty, and  such Guarantor is not relying on the Guaranteed Parties at any time, to disclose to it any  information relating to the business, operations or financial condition of the Borrower or any other  guarantor (each Guarantor waiving any duty on the part of the Guaranteed Parties to disclose such  information and any defense relating to the failure to provide the same).   Appointment of Borrower.  Each of the Loan Parties hereby appoints the Borrower to act as its agent for all purposes  of this Agreement, the other Loan Documents and all other documents and electronic platforms  entered into in connection herewith and agrees that (a) the Borrower may execute such documents  and provide such authorizations on behalf of such Loan Parties as the Borrower deems appropriate  in its sole discretion and each Loan Party shall be obligated by all of the terms of any such  document and/or authorization executed on its behalf, (b) any notice or communication delivered  by the Administrative Agent, L/C Issuer or a Lender to the Borrower shall be deemed delivered to  each Loan Party and (c) the Administrative Agent, L/C Issuer or the Lenders may accept, and be  permitted to rely on, any document, authorization, instrument or agreement executed by the  Borrower on behalf of each of the Loan Parties.   Right of Contribution.  The Guarantors agree among themselves that, in connection with payments made  hereunder, each Guarantor shall have contribution rights against the other Guarantors as permitted  under Applicable Law.   Keepwell.  Each Loan Party that is a Qualified ECP Guarantor at the time the Guaranty or the grant of  a Lien under the Loan Documents, in each case, by any Specified Loan Party becomes effective  with respect to any Swap Obligation, hereby jointly and severally, absolutely, unconditionally and  irrevocably undertakes to provide such funds or other support to each Specified Loan Party with  respect to such Swap Obligation as may be needed by such Specified Loan Party from time to time  to honor all of its obligations under the Loan Documents in respect of such Swap Obligation (but,  in each case, only up to the maximum amount of such liability that can be hereby incurred without  rendering such Qualified ECP Guarantor’s obligations and undertakings under this Article X  voidable under Applicable Law relating to fraudulent conveyance or fraudulent transfer, and not  

 

  110  for any greater amount).  The obligations and undertakings of each Qualified ECP Guarantor under  this Section 10.11 shall remain in full force and effect until the Guaranteed Obligations have been  indefeasibly paid and performed in full.  Each Loan Party intends this Section 10.11 to constitute,  and this Section 10.11 shall be deemed to constitute, a guarantee of the obligations of, and a  “keepwell, support, or other agreement” for the benefit of, each Specified Loan Party for all  purposes of the Commodity Exchange Act.  ARTICLE XI    MISCELLANEOUS   Amendments, Etc.  (a) Subject to Section 3.03(c) and the last paragraph of this Section 11.01, no  amendment or waiver of any provision of this Agreement or any other Loan Document,  and no consent to any departure by the Borrower or any other Loan Party therefrom, shall  be effective unless in writing signed by the Required Lenders (or by the Administrative  Agent with the consent of the Required Lenders) and the Borrower or the applicable Loan  Party, as the case may be, and acknowledged by the Administrative Agent, and each such  waiver or consent shall be effective only in the specific instance and for the specific  purpose for which given; provided, however, that no such amendment, waiver or consent  shall:  (i) waive any condition set forth in Section 4.01, without the written  consent of each Lender;  (ii) extend or increase the Commitment of any Lender (or reinstate any  Commitment terminated pursuant to Section 8.02) without the written consent of  such Lender (it being understood and agreed that a waiver of any condition  precedent in Section 4.02 or of any Default is not considered an extension or  increase in the Commitment of any Lender);  (iii) postpone any date fixed by this Agreement or any other Loan  Document for any payment (excluding mandatory prepayments) of principal,  interest, fees or other amounts due to the Lenders (or any of them) hereunder or  under such other Loan Document without the written consent of each Lender  entitled to such payment;  (iv) reduce the principal of, or the rate of interest specified herein on,  any Loan or L/C Borrowing, or (subject to clause (D) of the second proviso to this  Section 11.01) any fees or other amounts payable hereunder or under any other  Loan Document without the written consent of each Lender entitled to such  amount; provided, however, that only the consent of the Required Lenders shall be  necessary (i) to amend the definition of “Default Rate” or to waive any obligation  of the Borrower to pay interest or Letter of Credit Fees at the Default Rate or (ii) to  amend any financial covenant hereunder (or any defined term used therein) even if  

 

  111  the effect of such amendment would be to reduce the rate of interest on any Loan  or L/C Borrowing or to reduce any fee payable hereunder;  (v) change Section 8.03 in a manner that would alter the pro rata sharing  of payments required thereby without the written consent of each Lender;  (vi) change any provision of this Section 11.01 or the definition of  “Required Lenders” or any other provision hereof specifying the number or  percentage of Lenders required to amend, waive or otherwise modify any rights  hereunder or make any determination or grant any consent hereunder, without the  written consent of each Lender; or  (vii) release all or substantially all of the value of the Guaranty, without  the written consent of each Lender, except to the extent the release of any  Subsidiary from the Guaranty is permitted pursuant to Section 9.10 (in which case  such release may be made by the Administrative Agent acting alone);  and provided, further, that (A) no amendment, waiver or consent shall, unless in writing  and signed by the L/C Issuer in addition to the Lenders required above, affect the rights or  duties of the L/C Issuer under this Agreement or any Issuer Document relating to any Letter  of Credit issued or to be issued by it; (B) no amendment, waiver or consent shall, unless in  writing and signed by the Swingline Lender in addition to the Lenders required above,  affect the rights or duties of the Swingline Lender under this Agreement; (C) no  amendment, waiver or consent shall, unless in writing and signed by the Administrative  Agent in addition to the Lenders required above, affect the rights or duties of the  Administrative Agent under this Agreement or any other Loan Document; and (D) the Fee  Letter may be amended, or rights or privileges thereunder waived, in a writing executed  only by the parties thereto.  (b) Notwithstanding anything to the contrary herein, (i) no Defaulting Lender  shall have any right to approve or disapprove any amendment, waiver or consent hereunder  (and any amendment, waiver or consent which by its terms requires the consent of all  Lenders or each affected Lender, may be effected with the consent of the applicable  Lenders other than Defaulting Lenders), except that (A) the Commitment of any Defaulting  Lender may not be increased or extended without the consent of such Lender and (B) any  waiver, amendment or modification requiring the consent of all Lenders or each affected  Lender, or all Lenders or each affected Lender under a Facility, that by its terms affects  any Defaulting Lender disproportionately adversely relative to other affected Lenders shall  require the consent of such Defaulting Lender; (ii) each Lender is entitled to vote as such  Lender sees fit on any bankruptcy reorganization plan that affects the Loans, and each  Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code of the  United States supersedes the unanimous consent provisions set forth herein and (iii) the  Required Lenders shall determine whether or not to allow a Loan Party to use cash  collateral in the context of a bankruptcy or insolvency proceeding and such determination  shall be binding on all of the Lenders.  

 

  112  (c) Notwithstanding anything to the contrary herein, this Agreement may be  amended and restated without the consent of any Lender (but with the consent of the  Borrower and the Administrative Agent) if, upon giving effect to such amendment and  restatement, such Lender shall no longer be a party to this Agreement (as so amended and  restated), the Commitments of such Lender shall have terminated, such Lender shall have  no other commitment or other obligation hereunder and shall have been paid in full all  principal, interest and other amounts owing to it or accrued for its account under this  Agreement.  (d) Notwithstanding any provision herein to the contrary, if the Administrative  Agent and the Borrower acting together identify any ambiguity, omission, mistake,  typographical error or other defect in any provision of this Agreement or any other Loan  Document (including the schedules and exhibits thereto), then the Administrative Agent  and the Borrower shall be permitted to amend, modify or supplement such provision to  cure such ambiguity, omission, mistake, typographical error or other defect, and such  amendment shall become effective without any further action or consent of any other party  to this Agreement.   Notices; Effectiveness; Electronic Communication.  (a) Notices Generally.  Except in the case of notices and other communications  expressly permitted to be given by telephone (and except as provided in clause (b) below),  all notices and other communications provided for herein shall be in writing and shall be  delivered by hand or overnight courier service, mailed by certified or registered mail or  sent by fax transmission or e-mail transmission as follows, and all notices and other  communications expressly permitted hereunder to be given by telephone shall be made to  the applicable telephone number, as follows:  (i) if to the Borrower or any other Loan Party, the Administrative  Agent, the L/C Issuer or the Swingline Lender, to the address, fax number, e-mail  address or telephone number specified for such Person on Schedule 1.01(a); and  (ii) if to any other Lender, to the address, fax number, e-mail address or  telephone number specified in its Administrative Questionnaire (including, as  appropriate, notices delivered solely to the Person designated by a Lender on its  Administrative Questionnaire then in effect for the delivery of notices that may  contain material non-public information relating to the Borrower).  Notices and other communications sent by hand or overnight courier service, or  mailed by certified or registered mail, shall be deemed to have been given when received;  notices and other communications sent by fax transmission shall be deemed to have been  given when sent (except that, if not given during normal business hours for the recipient,  shall be deemed to have been given at the opening of business on the next Business Day  for the recipient).  Notices and other communications delivered through electronic  communications to the extent provided in clause (b) below shall be effective as provided  in such clause (b).  

 

  113  This Agreement was prepared by: Greenberg Traurig, LLP  2200 Ross Avenue, Suite 5200  Dallas, TX 75201  Attention:  Lou Ann Brunenn  Phone: (214) 665-3661  E-mail:  brunennl@gtlaw.com    (b) Electronic Communications.  (i) Notices and other communications to the Administrative Agent, the  Lenders, the Swingline Lender and the L/C Issuer hereunder may be delivered or  furnished by electronic communication (including e-mail, FPML messaging, and  Internet or intranet websites) pursuant to an electronic communications agreement  (or such other procedures approved by the Administrative Agent in its sole  discretion); provided that the foregoing shall not apply to notices to any Lender, the  Swingline Lender or the L/C Issuer pursuant to Article II if such Lender, the  Swingline Lender or the L/C Issuer, as applicable, has notified the Administrative  Agent that it is incapable of receiving notices under such Article II by electronic  communication.  The Administrative Agent, the Swingline Lender, the L/C Issuer  or the Borrower may each, in its discretion, agree to accept notices and other  communications to it hereunder by electronic communications pursuant to  procedures approved by it, provided that approval of such procedures may be  limited to particular notices or communications.  (ii) Unless the Administrative Agent otherwise prescribes, (A) notices  and other communications sent to an e-mail address shall be deemed received upon  the sender’s receipt of an acknowledgment from the intended recipient (such as by  the “return receipt requested” function, as available, return e-mail or other written  acknowledgement) and (B) notices and other communications posted to an Internet  or intranet website shall be deemed received by the intended recipient 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 address or other  written acknowledgement) indicating that such notice or communication is  available and identifying the website address therefor; provided that for both  clauses (A) and (B), if such notice or other communication is not sent during the  normal business hours of the recipient, such notice, email or communication shall  be deemed to have been sent at the opening of business on the next Business Day  for the recipient.  (c) The Platform.  THE PLATFORM IS PROVIDED “AS IS” AND “AS  AVAILABLE.”  THE AGENT PARTIES (AS DEFINED BELOW) DO NOT  WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER  MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY  DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER  MATERIALS.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR  STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS  FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY  

 

  114  RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE  BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS  OR THE PLATFORM.  In no event shall the Administrative Agent or any of its Related  Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender,  the L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of  any kind (whether in tort, contract or otherwise) arising out of the Borrower’s, any Loan  Party’s or the Administrative Agent’s transmission of Borrower Materials or notices  through the Platform, any other electronic platform or electronic messaging service, or  through the Internet except to the extent that such losses, claims, damages, liabilities or  expenses are determined by a court of competent jurisdiction by a final and non-appealable  judgment to have resulted from the gross negligence or willful misconduct of such Agent  Party.  (d) Change of Address, Etc.  Each of the Borrower, the Administrative Agent,  the L/C Issuer and the Swingline Lender may change its address, fax number or telephone  number or e-mail address for notices and other communications hereunder by notice to the  other parties hereto.  Each other Lender may change its address, fax number or telephone  number or e-mail address for notices and other communications hereunder by notice to the  Borrower, the Administrative Agent, the L/C Issuer and the Swingline Lender.  In addition,  each Lender agrees to notify the Administrative Agent from time to time to ensure that the  Administrative Agent has on record (i) an effective address, contact name, telephone  number, fax number and e-mail address to which notices and other communications may  be sent and (ii) accurate wire instructions for such Lender.  Furthermore, each Public  Lender agrees to cause at least one (1) individual at or on behalf of such Public Lender to  at all times have selected the “Private Side Information” or similar designation on the  content declaration screen of the Platform in order to enable such Public Lender or its  delegate, in accordance with such Public Lender’s compliance procedures and Applicable  Law, including United States federal and state securities Laws, to make reference to  Borrower Materials that are not made available through the “Public Side Information”  portion of the Platform and that may contain material non-public information with respect  to the Borrower or its securities for purposes of United States federal or state securities  laws.  (e) Reliance by Administrative Agent, L/C Issuer and Lenders.  The  Administrative Agent, the L/C Issuer and the Lenders shall be entitled to rely and act upon  any notices (including, without limitation, telephonic or electronic notices, Loan Notices,  Letter of Credit Applications, Notice of Loan Prepayment and Swingline Loan Notices)  purportedly given by or on behalf of the Borrower even if (i) such notices were not made  in a manner specified herein, were incomplete or were not preceded or followed by any  other form of notice specified herein, or (ii) the terms thereof, as understood by the  recipient, varied from any confirmation thereof.  The Loan Parties shall indemnify the  Administrative Agent, the L/C Issuer, each Lender and the Related Parties of each of them  from all losses, costs, expenses and liabilities resulting from the reliance by such Person  on each notice purportedly given by or on behalf of a Loan Party.  All telephonic notices  to and other telephonic communications with the Administrative Agent may be recorded  by the Administrative Agent, and each of the parties hereto hereby consents to such  recording.  

 

  115   No Waiver; Cumulative Remedies; Enforcement.  (a) No failure by any Lender, the L/C Issuer or the Administrative Agent to  exercise, and no delay by any such Person in exercising, any right, remedy, power or  privilege hereunder or under any other Loan Document shall operate as a waiver thereof;  nor shall any single or partial exercise of any right, remedy, power or privilege hereunder  or under any other Loan Document preclude any other or further exercise thereof or the  exercise of any other right, remedy, power or privilege.  The rights, remedies, powers and  privileges herein provided, and provided under each other Loan Document, are cumulative  and not exclusive of any rights, remedies, powers and privileges provided by law.  (b) Notwithstanding anything to the contrary contained herein or in any other  Loan Document, the authority to enforce rights and remedies hereunder and under the other  Loan Documents against the Loan Parties or any of them shall be vested exclusively in,  and all actions and proceedings at law in connection with such enforcement shall be  instituted and maintained exclusively by, the Administrative Agent in accordance with  Section 8.02 for the benefit of all the Lenders and the L/C Issuer; provided, however, that  the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own  behalf the rights and remedies that inure to its benefit (solely in its capacity as  Administrative Agent) hereunder and under the other Loan Documents, (b) the L/C Issuer  or the Swingline Lender from exercising the rights and remedies that inure to its benefit  (solely in its capacity as the L/C Issuer or Swingline Lender, as the case may be) hereunder  and under the other Loan Documents, (c) any Lender from exercising setoff rights in  accordance with Section 11.08 (subject to the terms of Section 2.13), or (d) any Lender  from filing proofs of claim or appearing and filing pleadings on its own behalf during the  pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and  provided, further, that if at any time there is no Person acting as Administrative Agent  hereunder and under the other Loan Documents, then (i) the Required Lenders shall have  the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and  (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso  and subject to Section 2.13, any Lender may, with the consent of the Required Lenders,  enforce any rights and remedies available to it and as authorized by the Required Lenders.   Expenses; Indemnity; Damage Waiver.  (a) Costs and Expenses.  The Loan Parties 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 and  its Affiliates), in connection with the syndication of the credit facilities provided for herein,  the preparation, negotiation, execution, delivery and administration of this Agreement and  the other Loan Documents or any amendments, modifications or waivers of the provisions  hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be  consummated), (ii) all reasonable out-of-pocket expenses incurred by the L/C Issuer in  connection with the issuance, amendment, extension, reinstatement or renewal of any  Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses  incurred by the Administrative Agent, any Lender or the L/C Issuer (including the fees,  charges and disbursements of any counsel for the Administrative Agent, any Lender or the  

 

  116  L/C Issuer), in connection with the enforcement or protection of its rights (A) in connection  with this Agreement and the other Loan Documents, including its rights under this  Section 11.04, or (B) in connection with Loans made or Letters of Credit issued hereunder,  including all such out-of-pocket expenses incurred during any workout, restructuring or  negotiations in respect of such Loans or Letters of Credit.  (b) Indemnification by the Loan Parties.  The Loan Parties shall indemnify the  Administrative Agent (and any sub-agent thereof), each Lender and the L/C Issuer, and  each Related Party of any of the foregoing Persons (each such Person being called an  “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims,  damages, liabilities and related expenses (including the fees, charges and disbursements of  any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any  Indemnitee by any Person (including the Borrower or any other Loan Party) arising out of,  in connection with, or as a result of (i) the execution or delivery of this Agreement, any  other Loan Document or any agreement or instrument contemplated hereby or thereby, the  performance by the parties hereto of their respective obligations hereunder or thereunder  or the consummation of the transactions contemplated hereby or thereby, or, in the case of  the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the  administration of this Agreement and the other Loan Documents (including in respect of  any matters addressed in Section 3.01), (ii) any Loan or Letter of Credit or the use or  proposed use of the proceeds therefrom (including any refusal by the L/C Issuer 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, leased or operated by a Loan Party or any of its Subsidiaries, or any Environmental  Liability related in any way to a Loan Party or any of its Subsidiaries, or (iv) any actual or  prospective claim, litigation, investigation or proceeding relating to any of the foregoing,  whether based on contract, tort or any other theory, whether brought by a third party or by  the Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party  thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN  WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR  SOLE NEGLIGENCE OF THE INDEMNITEE; 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 non-appealable judgment to have resulted from the gross negligence or willful  misconduct of such Indemnitee or (y) result from a claim brought by the Borrower or any  other Loan Party against an Indemnitee for a breach in bad faith of such Indemnitee’s  obligations hereunder or under any other Loan Document, if the Borrower or such Loan  Party has obtained a final and non-appealable judgment in its favor on such claim as  determined by a court of competent jurisdiction.  Without limiting the provisions of  Section 3.01(c), this Section 11.04(b) shall not apply with respect to Taxes other than any  Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.  (c) Reimbursement by Lenders.  To the extent that the Loan Parties for any  reason fail to indefeasibly pay any amount required under clauses (a) or (b) of this  Section 11.04 to be paid by it to the Administrative Agent (or any sub-agent thereof), the  L/C Issuer, the Swingline Lender or any Related Party of any of the foregoing, each Lender  

 

  117  severally agrees to pay to the Administrative Agent (or any such sub-agent), the L/C Issuer,  the Swingline Lender or such Related Party, as the case may be, such Lender’s pro rata  share (determined as of the time that the applicable unreimbursed expense or indemnity  payment is sought based on each Lender’s share of the Total Credit Exposure at such time)  of such unpaid amount (including any such unpaid amount in respect of a claim asserted  by such Lender), such payment to be made severally among them based on such Lender’s  Applicable Percentage (determined as of the time that the applicable unreimbursed expense  or indemnity payment is sought), provided further that the unreimbursed expense or  indemnified loss, claim, damage, liability or related expense, as the case may be, was  incurred by or asserted against the Administrative Agent (or any such sub-agent), the L/C  Issuer or the Swingline Lender in its capacity as such, or against any Related Party of any  of the foregoing acting for the Administrative Agent (or any such sub-agent), the L/C Issuer  or the Swingline Lender in connection with such capacity.  The obligations of the Lenders  under this clause (c) are subject to the provisions of Section 2.12(d).  (d) Waiver of Consequential Damages, Etc.  To the fullest extent permitted by  Applicable Law, each party hereto shall not assert and hereby waives, and acknowledges  that no other Person shall have, any claim against any Indemnitee, on any theory of liability,  for special, indirect, consequential or punitive damages (as opposed to direct or actual  damages) arising out of, in connection with, or as a result of, this Agreement, any other  Loan Document or any agreement or instrument contemplated hereby, the transactions  contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds  thereof.  No Indemnitee referred to in clause (b) above shall be liable for any damages  arising from the use by unintended recipients of any information or other materials  distributed to such unintended recipients by such Indemnitee through telecommunications,  electronic or other information transmission systems in connection with this Agreement or  the other Loan Documents or the transactions contemplated hereby or thereby other than  for direct or actual damages resulting from the gross negligence or willful misconduct of  such Indemnitee as determined by a final and non-appealable judgment of a court of  competent jurisdiction.  (e) Payments.  All amounts due under this Section 11.04 shall be payable not  later than ten (10) Business Days after demand therefor provided such demand shall be  accompanied by a reasonably detailed invoice outlining the costs and expenses to be  reimbursed.  (f) Survival.  The agreements in this Section 11.04 and the indemnity  provisions of Section 11.02(e) shall survive the resignation of the Administrative Agent,  the L/C Issuer and the Swingline Lender, the replacement of any Lender, the termination  of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other  Obligations.   Payments Set Aside.  To the extent that any payment by or on behalf of the Borrower is made to the  Administrative Agent, the L/C Issuer or any Lender, or the Administrative Agent, the L/C Issuer  or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any  

 

  118  part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or  required (including pursuant to any settlement entered into by the Administrative Agent, the L/C  Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in  connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent  of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived  and continued in full force and effect as if such payment had not been made or such setoff had not  occurred, and (b) each Lender and the L/C Issuer severally agrees to pay to the Administrative  Agent upon demand its applicable share (without duplication) of any amount so recovered from or  repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date  such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in  effect.  The obligations of the Lenders and the L/C Issuer under clause (b) of the preceding  sentence shall survive the payment in full of the Obligations and the termination of this Agreement.   Successors and Assigns.  (a) Successors and Assigns Generally.  The provisions of this Agreement and  the other Loan Documents shall be binding upon and inure to the benefit of the parties  hereto and thereto and their respective successors and assigns permitted hereby, except  neither the Borrower nor any other Loan Party may assign or otherwise transfer any of its  rights or obligations hereunder without the prior written consent of the Administrative  Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or  obligations hereunder except (i) to an assignee in accordance with the provisions of  Section 11.06(b), (ii) by way of participation in accordance with the provisions of  Section 11.06(d), or (iii) by way of pledge or assignment of a security interest subject to  the restrictions of Section 11.06(e) (and any other attempted assignment or transfer by any  party hereto shall be null and void).  Nothing in this Agreement, expressed or implied, shall  be construed to confer upon any Person (other than the parties hereto, their respective  successors and assigns permitted hereby, Participants to the extent provided in  Section 11.06(d) and, to the extent expressly contemplated hereby, the Related Parties of  each of the Administrative Agent, the L/C Issuer and the Lenders) any legal or equitable  right, remedy or claim under or by reason of this Agreement.  (b) Assignments by Lenders.  Any Lender may at any time assign to one or  more assignees all or a portion of its rights and obligations under this Agreement and the  other Loan Documents (including all or a portion of its Commitment(s) and the Loans  (including for purposes of this clause (b), participations in L/C Obligations and in  Swingline Loans) at the time owing to it); provided that any such assignment shall be  subject to the following conditions:  (i) Minimum Amounts.  (A) in the case of an assignment of the entire remaining amount  of the assigning Lender’s Commitment and/or the Loans at the time owing  to it or contemporaneous assignments to related Approved Funds  (determined after giving effect to such assignments) that equal at least the  amount specified in clause (b)(i)(B) of this Section 11.06 in the aggregate  

 

  119  or in the case of an assignment to a Lender, an Affiliate of a Lender or an  Approved Fund, no minimum amount need be assigned; and  (B) in any case not described in clause (b)(i)(A) of this  Section 11.06, the aggregate amount of the Commitment (which for this  purpose includes Loans outstanding thereunder) or, if the Commitment is  not then in effect, the principal outstanding balance of the Loans of the  assigning Lender subject to each such assignment, determined as of the date  the Assignment and Assumption with respect to such assignment is  delivered to the Administrative Agent or, if “Trade Date” is specified in the  Assignment and Assumption, as of the Trade Date, shall not be less than  $5,000,000, in the case of any assignment in respect of the Revolving  Facility, unless each of the Administrative Agent and, so long as no Event  of Default has occurred and is continuing, the Borrower otherwise consents  (each such consent not to be unreasonably withheld or delayed).  (ii) Proportionate Amounts.  Each partial assignment shall be made as  an assignment of a proportionate part of all the assigning Lender’s rights and  obligations under this Agreement and the other Loan Documents with respect to  the Loans and/or the Commitment assigned, except that this clause (b)(ii) shall not  apply to the Swingline Lender’s rights and obligations in respect of Swingline  Loans.  (iii) Required Consents.  No consent shall be required for any  assignment except to the extent required by clause (b)(i)(B) of this Section 11.06  and, in addition:  (A) the consent of the Borrower (such consent not to be  unreasonably withheld or delayed) shall be required unless (1) an Event of  Default has occurred and is continuing at the time of such assignment or  (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved  Fund; provided that the Borrower shall be deemed to have consented to any  such assignment unless it shall object thereto by written notice to the  Administrative Agent within five (5) Business Days after having received  notice thereof;  (B) the consent of the Administrative Agent (such consent not to  be unreasonably withheld or delayed) shall be required for assignments in  respect of any Revolving Commitment if such assignment is to a Person that  is not a Lender with a Revolving Commitment, an Affiliate of such Lender  or an Approved Fund with respect to such Lender; and  (C) the consent of the L/C Issuer and the Swingline Lender shall  be required for any assignment in respect of the Revolving Facility.  (iv) Assignment and Assumption.  The parties to each assignment shall  execute and deliver to the Administrative Agent an Assignment and Assumption,  

 

  120  together with a processing and recordation fee in the amount of $3,500; provided,  however, that the Administrative Agent may, in its sole discretion, elect to waive  such processing and recordation fee in the case of any assignment.  The assignee,  if it is not a Lender, shall deliver to the Administrative Agent an Administrative  Questionnaire.  (v) No Assignment to Certain Persons.  No such assignment shall be  made (A) to the Borrower or any of the Borrower’s Affiliates or Subsidiaries, (B) to  any Defaulting Lender or any of its Subsidiaries, or any Person who, upon  becoming a Lender hereunder, would constitute any of the foregoing Persons  described in this clause (B), or (C) to a natural Person (or a holding company,  investment vehicle or trust for, or owned and operated by or for the primary benefit  of one or more natural Persons).  (vi) Certain Additional Payments.  In connection with any assignment of  rights and obligations of any Defaulting Lender hereunder, no such assignment  shall be effective unless and until, in addition to the other conditions thereto set  forth herein, the parties to the assignment shall make such additional payments to  the Administrative Agent in an aggregate amount sufficient, upon distribution  thereof as appropriate (which may be outright payment, purchases by the assignee  of participations or sub-participations, or other compensating actions, including  funding, with the consent of the Borrower and the Administrative Agent, the  applicable pro rata share of Loans previously requested but not funded by the  Defaulting Lender, to each of which the applicable assignee and assignor hereby  irrevocably consent), to (A) pay and satisfy in full all payment liabilities then owed  by such Defaulting Lender to the Administrative Agent, the L/C Issuer or any  Lender hereunder (and interest accrued thereon) and (B) acquire (and fund as  appropriate) its full pro rata share of all Loans and participations in Letters of Credit  and Swingline Loans in accordance with its Applicable Percentage.   Notwithstanding the foregoing, in the event that any assignment of rights and  obligations of any Defaulting Lender hereunder shall become effective under  Applicable Law without compliance with the provisions of this clause (b)(vi), then  the assignee of such interest shall be deemed to be a Defaulting Lender for all  purposes of this Agreement until such compliance occurs.  (vii) Subject to acceptance and recording thereof by the Administrative  Agent pursuant to Section 11.06(c), from and after the effective date specified in  each Assignment and Assumption, the assignee thereunder shall be a party to this  Agreement and, to the extent of the interest assigned by such Assignment and  Assumption, have the rights and obligations of a Lender under this Agreement, and  the assigning Lender thereunder shall, to the extent of the interest assigned by such  Assignment and Assumption, be released from its obligations under this Agreement  (and, in the case of an Assignment and Assumption covering all of the assigning  Lender’s rights and obligations under this Agreement, such Lender shall cease to  be a party hereto but shall continue to be entitled to the benefits of Sections 3.01,  3.04, 3.05 and 11.04 with respect to facts and circumstances occurring prior to the  effective date of such assignment); provided, that except to the extent otherwise  

 

  121  expressly agreed by the affected parties, no assignment by a Defaulting Lender will  constitute a waiver or release of any claim of any party hereunder arising from that  Lender’s having been a Defaulting Lender.  Upon request, the Borrower (at its  expense) shall execute and deliver a Note to the assignee Lender.  Any assignment  or transfer by a Lender of rights or obligations under this Agreement that does not  comply with this clause (b) 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  Section 11.06(d).  (c) Register.  The Administrative Agent, acting solely for this purpose as a non- fiduciary agent of the Borrower (and such agency being solely for Tax purposes), shall  maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption  delivered to it (or the equivalent thereof in electronic form) and a register for the  recordation of the names and addresses of the Lenders, and the Commitments of, and  principal amounts (and interest amounts) of the Loans and L/C Obligations owing to, each  Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the  Register shall be conclusive, absent manifest error, and the Borrower, the Administrative  Agent and the Lenders shall treat each Person whose name is recorded in the Register  pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement.  The  Register shall be available for inspection by the Borrower and any Lender (with respect to  such Lender’s interest only), at any reasonable time and from time to time upon reasonable  prior notice.  (d) Participations.  (i) Any Lender may at any time, without the consent of, or notice to,  the Borrower or the Administrative Agent, sell participations to any Person (other  than a natural Person, or a holding company, investment vehicle or trust for, or  owned and operated for the primary benefit of one or more natural Persons, a  Defaulting Lender or the Borrower or any of the Borrower’s Affiliates or  Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights  and/or obligations under this Agreement (including all or a portion of its  Commitment and/or the Loans (including such Lender’s participations in L/C  Obligations and/or Swingline Loans) owing to it); provided that (i) such Lender’s  obligations under this Agreement shall remain unchanged, (ii) such Lender shall  remain solely responsible to the other parties hereto for the performance of such  obligations and (iii) the Borrower, the Administrative Agent, the Lenders and the  L/C Issuer shall continue to deal solely and directly with such Lender in connection  with such Lender’s rights and obligations under this Agreement.  For the avoidance  of doubt, each Lender shall be responsible for the indemnity under Section 11.04(c)  without regard to the existence of any participations.  (ii) 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  

 

  122  any amendment, waiver or other modification described in the first proviso to  Section 11.01 that affects such Participant.  The Borrower agrees that each  Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 (subject  to the requirements and limitations therein, including the requirements under  Section 3.01(e) (it being understood that the documentation required under  Section 3.01(e) shall be delivered to the Lender who sells the participation)) to the  same extent as if it were a Lender and had acquired its interest by assignment  pursuant to clause (b) of this Section 11.06; provided that such Participant (A) shall  be subject to the provisions of Sections 3.06 and 11.13 as if it were an assignee  under clause (b) of this Section 11.06 and (B) shall not be entitled to receive any  greater payment under Sections 3.01 or 3.04, with respect to any participation, than  the Lender from whom it acquired the applicable participation would have been  entitled to receive, except to the extent such entitlement to receive a greater  payment results from a Change in Law that occurs after the Participant acquired the  applicable participation.  Each Lender that sells a participation agrees, at the  Borrower’s request and expense, to use reasonable efforts to cooperate with the  Borrower to effectuate the provisions of Section 3.06 with respect to any  Participant.  To the extent permitted by law, each Participant also shall be entitled  to the benefits of Section 11.08 as though it were a Lender; provided that such  Participant agrees to be subject to Section 2.13 as though it were a Lender.  Each  Lender that sells a participation shall, acting solely for this purpose as a non- fiduciary agent of the Borrower, maintain a register on which it enters the name and  address of each Participant and the principal amounts (and interest amounts) 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.  (e) Certain Pledges.  Any Lender may at any time pledge or assign a security  interest in all or any portion of its rights under this Agreement (including under its Note or  Notes, if any) to secure obligations of such Lender, including any pledge or assignment to  secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment  shall release such Lender from any of its obligations hereunder or substitute any such  pledgee or assignee for such Lender as a party hereto.  (f) Resignation as L/C Issuer or Swingline Lender after Assignment.   Notwithstanding anything to the contrary contained herein, if at any time Bank of America  

 

  123  assigns all of its Revolving Commitment and Revolving Loans pursuant to clause (b)  above, Bank of America may, (i) upon thirty (30) days’ notice to the Administrative Agent,  the Borrower and the Lenders, resign as L/C Issuer and/or (ii) upon thirty (30) days’ notice  to the Borrower, resign as Swingline Lender.  In the event of any such resignation as L/C  Issuer or Swingline Lender, the Borrower shall be entitled to appoint from among the  Lenders a successor L/C Issuer or Swingline Lender hereunder; provided, however, that no  failure by the Borrower to appoint any such successor shall affect the resignation of Bank  of America as L/C Issuer or Swingline Lender, as the case may be.  If Bank of America  resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C  Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of  its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the  right to require the Lenders to make Base Rate Loans or fund risk participations in  Unreimbursed Amounts pursuant to Section 2.03(c)).  If Bank of America resigns as  Swingline Lender, it shall retain all the rights of the Swingline Lender provided for  hereunder with respect to Swingline Loans made by it and outstanding as of the effective  date of such resignation, including the right to require the Lenders to make Base Rate Loans  or fund risk participations in outstanding Swingline Loans pursuant to Section 2.04(c).   Upon the appointment of a successor L/C Issuer and/or Swingline Lender, (A) such  successor shall succeed to and become vested with all of the rights, powers, privileges and  duties of the retiring L/C Issuer or Swingline Lender, as the case may be, and (B) the  successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if  any, outstanding at the time of such succession or make other arrangements satisfactory to  Bank of America to effectively assume the obligations of Bank of America with respect to  such Letters of Credit.   Treatment of Certain Information; Confidentiality.  (a) Treatment of Certain Information.  Each of the Administrative Agent, the  Lenders and the L/C Issuer agrees to maintain the confidentiality of the Information (as  defined below), except that Information may be disclosed (i) to its Affiliates, its auditors  and its Related Parties (it being understood that the Persons to whom such disclosure is  made will be informed of the confidential nature of such Information and instructed to keep  such Information confidential), (ii) to the extent required or requested by any regulatory  authority purporting to have jurisdiction over such Person or its Related Parties (including  any self-regulatory authority, such as the National Association of Insurance  Commissioners), (iii) to the extent required by Applicable Laws or regulations or by any  subpoena or similar legal process, (iv) to any other party hereto, (v) in connection with the  exercise of any remedies hereunder or under any other Loan Document or any action or  proceeding relating to this Agreement or any other Loan Document or the enforcement of  rights hereunder or thereunder, (vi) subject to an agreement containing provisions  substantially the same as those of this Section 11.07, to (A) any assignee of or Participant  in, or any prospective assignee of or Participant in, any of its rights and obligations under  this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 11.01  or (B) any actual or prospective party (or its Related Parties) to any swap, derivative or  other transaction under which payments are to be made by reference to the Borrower and  its obligations, this Agreement or payments hereunder, (vii) on a confidential basis to  (A) any rating agency in connection with rating the Borrower or its Subsidiaries or the  

 

  124  credit facilities provided hereunder or (B) the provider of any Platform or other electronic  delivery service used by the Administrative Agent, the L/C Issuer and/or the Swingline  Lender to deliver Borrower Materials or notices to the Lenders, to the extent necessary for  such delivery on such Platform or other electronic delivery service, as applicable, or (viii)  the CUSIP Service Bureau or any similar agency in connection with the application,  issuance, publishing and monitoring of CUSIP numbers or other market identifiers with  respect to the credit facilities provided hereunder, or (ix) with the consent of the Borrower  or to the extent such Information (x) becomes publicly available other than as a result of a  breach of this Section 11.07, (xi) becomes available to the Administrative Agent, any  Lender, the L/C Issuer or any of their respective Affiliates on a nonconfidential basis from  a source other than the Borrower or (xii) is independently discovered or developed by a  party hereto without utilizing any Information received from the Borrower or violating the  terms of this Section 11.07.  For purposes of this Section 11.07, “Information” means all  information received from the Borrower or any Subsidiary relating to the Borrower or any  Subsidiary or any of their respective businesses, other than any such information that is  available to the Administrative Agent, any Lender or the L/C Issuer on a nonconfidential  basis prior to disclosure by the Borrower or any Subsidiary, provided that, in the case of  information received from the Borrower or any Subsidiary after the date hereof, such  information is clearly identified at the time of delivery as confidential.  Any Person  required to maintain the confidentiality of Information as provided in this Section 11.07  shall be considered to have complied with its obligation to do so if such Person has  exercised the same degree of care to maintain the confidentiality of such Information as  such Person would accord to its own confidential information.  In addition, the  Administrative Agent and the Lenders may disclose the existence of this Agreement and  information about this Agreement to market data collectors, similar service providers to  the lending industry and service providers to the Administrative Agent and the Lenders in  connection with the administration of this Agreement, the other Loan Documents and the  Commitments.  (b) Non-Public Information.  Each of the Administrative Agent, the Lenders  and the L/C Issuer acknowledges that (i) the Information may include material non-public  information concerning a Loan Party or a Subsidiary, as the case may be, (ii) it has  developed compliance procedures regarding the use of material non-public information and  (iii) it will handle such material non-public information in accordance with Applicable  Law, including United States federal and state securities Laws.  (c) Press Releases.  The Loan Parties and their Affiliates agree that they will  not in the future issue any press releases or other public disclosure using the name of the  Administrative Agent or any Lender or their respective Affiliates or referring to this  Agreement or any of the Loan Documents without the prior written consent of the  Administrative Agent, unless (and only to the extent that) the Loan Parties or such Affiliate  is required to do so under law.  For the avoidance of doubt, the Loan Parties shall not be  prohibited from filing annual, regular, periodic and special reports (including Forms 10K,  10Q and 8K) and registration statements which the Borrower may file or be required to file  with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, which  reports and statements may refer to and/or incorporate this Agreement and any other Loan  Documents, and to the names of the Administrative Agent and any Lender, and the  

 

  125  Administrative Agent hereby consents to the filing by the Loan Parties of any such reports  or statements; provided, however, in no event shall the Borrower disclose the fees provided  for in the Fee Letter unless otherwise required by Applicable Law.  (d) Customary Advertising Material.  The Loan Parties consent to the  publication by the Administrative Agent or any Lender of customary advertising material  relating to the transactions contemplated hereby using the name, product photographs, logo  or trademark of the Loan Parties.   Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender, the L/C Issuer  and each of their respective Affiliates is hereby authorized at any time and from time to time, to  the fullest extent permitted by Applicable Law to set off and apply any and all deposits (general  or special, time or demand, provisional or final, in whatever currency) at any time held and other  obligations (in whatever currency) at any time owing by such Lender, the L/C Issuer or any such  Affiliate to or for the credit or the account of the Borrower or any other Loan Party against any  and all of the obligations of the Borrower or such Loan Party now or hereafter existing under this  Agreement or any other Loan Document to such Lender, the L/C Issuer or such Affiliates,  irrespective of whether or not such Lender, the L/C Issuer or Affiliate shall have made any demand  under this Agreement or any other Loan Document and although such obligations of the Borrower  or such Loan Party may be contingent or unmatured, or are owed to a branch, office or Affiliate of  such Lender or the L/C Issuer different from the branch, office or Affiliate holding such deposit  or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall  exercise any such right of setoff, (a) all amounts so set off shall be paid over immediately to the  Administrative Agent for further application in accordance with the provisions of Section 2.15  and, pending such payment, shall be segregated by such Defaulting Lender from its other funds  and deemed held in trust for the benefit of the Administrative Agent, the L/C Issuer and the  Lenders, and (b) the Defaulting Lender shall provide promptly to the Administrative Agent a  statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to  which it exercised such right of setoff.  The rights of each Lender, the L/C Issuer and their  respective Affiliates under this Section 11.08 are in addition to other rights and remedies  (including other rights of setoff) that such Lender, the L/C Issuer or their respective Affiliates may  have under Applicable Law.  Each Lender and the L/C Issuer agrees to notify the Borrower and  the Administrative Agent promptly after any such setoff and application, provided that the failure  to give such notice shall not affect the validity of such setoff and application.   Interest Rate Limitation.  Notwithstanding anything to the contrary contained in any Loan Document, the interest  paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non- usurious interest permitted by Applicable Law (the “Maximum Rate”).  If the Administrative  Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess  interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal,  refunded to the Borrower.  In determining whether the interest contracted for, charged, or received  by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the  extent permitted by Applicable Law, (a) characterize any payment that is not principal as an  

 

  126  expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects  thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount  of interest throughout the contemplated term of the Obligations hereunder.   Counterparts; Integration; Effectiveness.  This Agreement and each of the other Loan Documents may be executed in counterparts  (and by different parties hereto in different counterparts), each of which shall constitute an original,  but all of which when taken together shall constitute a single contract.  This Agreement, the other  Loan Documents, and any separate letter agreements with respect to fees payable to the  Administrative Agent or the L/C Issuer, constitute the entire contract among the parties relating to  the subject matter hereof and supersede any and all previous agreements and understandings, oral  or written, relating to the subject matter hereof.  Except as provided in Section 4.01, this  Agreement shall become effective when it shall have been executed by the Administrative Agent  and when the Administrative Agent shall have received counterparts hereof that, when taken  together, bear the signatures of each of the other parties hereto.  Delivery of an executed  counterpart of a signature page of this Agreement or any other Loan Document, or any certificate  delivered thereunder, by fax transmission or e-mail transmission (e.g., “pdf” or “tif”) shall be  effective as delivery of a manually executed counterpart of this Agreement or such other Loan  Document or certificate.  Without limiting the foregoing, to the extent a manually executed  counterpart is not specifically required to be delivered under the terms of any Loan Document,  upon the request of any party, such fax transmission or e-mail transmission shall be promptly  followed by such manually executed counterpart.   Survival of Representations and Warranties.  All representations and warranties made hereunder and in any other Loan Document or  other document delivered pursuant hereto or thereto or in connection herewith or therewith shall  survive the execution and delivery hereof and thereof.  Such representations and warranties have  been or will be relied upon by the Administrative Agent and each Lender, regardless of any  investigation made by the Administrative Agent or any Lender or on their behalf and  notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge  of any Default at the time of any Credit Extension, and shall continue in full force and effect as  long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any  Letter of Credit shall remain outstanding.   Severability.  If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid  or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this  Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the  parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable  provisions with valid provisions the economic effect of which comes as close as possible to that  of the illegal, invalid or unenforceable provisions.  The invalidity of a provision in a particular  jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.   Without limiting the foregoing provisions of this Section 11.12, if and to the extent that the  enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited  

 

  127  by Debtor Relief Laws, as determined in good faith by the Administrative Agent, the L/C Issuer  or the Swingline Lender, as applicable, then such provisions shall be deemed to be in effect only  to the extent not so limited.   Replacement of Lenders.  (a) If the Borrower is entitled to replace a Lender pursuant to the provisions of  Section 3.06, or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then  the Borrower may, at its sole expense and effort, upon notice to such Lender and the  Administrative Agent, require such Lender to assign and delegate, without recourse (in  accordance with and subject to the restrictions contained in, and consents required by,  Section 11.06), all of its interests, rights (other than its existing rights to payments pursuant  to Sections 3.01 and 3.04) and obligations under this Agreement and the related Loan  Documents to an Eligible Assignee that shall assume such obligations (which assignee may  be another Lender, if a Lender accepts such assignment), provided that:  (i) the Borrower shall have paid to the Administrative Agent the  assignment fee (if any) specified in Section 11.06(b);  (ii) such Lender shall have received payment of an amount equal to  100% of the outstanding principal of its Loans and L/C Advances, accrued interest  thereon, accrued fees and all other amounts payable to it hereunder and under the  other Loan Documents (including any amounts under Section 3.05) from the  assignee (to the extent of such outstanding principal and accrued interest and fees)  or the Borrower (in the case of all other amounts);  (iii) in the case of any such assignment resulting from a claim for  compensation under Section 3.04 or payments required to be made pursuant to  Section 3.01, such assignment will result in a reduction in such compensation or  payments thereafter;  (iv) such assignment does not conflict with Applicable Laws; and  (v) in the case of an assignment resulting from a Lender becoming a  Non-Consenting Lender, the applicable assignee shall have consented to the  applicable amendment, waiver or consent.  (b) A Lender shall not be required to make any such assignment or delegation  if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances  entitling the Borrower to require such assignment and delegation cease to apply.  (c) Each party hereto agrees that (i) an assignment required pursuant to this  Section 11.13 may be effected pursuant to an Assignment and Assumption executed by the  Borrower, the Administrative Agent and the assignee and (ii) the Lender required to make  such assignment need not be a party thereto in order for such assignment to be effective  and shall be deemed to have consented to an be bound by the terms thereof; provided, that,  following the effectiveness of any such assignment, the other parties to such assignment  agree to execute and deliver such documents necessary to evidence such assignment as  

 

  128  reasonably requested by the applicable Lender, provided further that any such documents  shall be without recourse to or warranty by the parties thereto.  (d) Notwithstanding anything in this Section 11.13 to the contrary, (A) the  Lender that acts as the L/C Issuer may not be replaced hereunder at any time it has any  Letter of Credit outstanding hereunder unless arrangements satisfactory to such Lender  (including the furnishing of a backstop standby letter of credit in form and substance, and  issued by an issuer, reasonably satisfactory to the L/C Issuer or the depositing of Cash  Collateral into a Cash Collateral account in amounts and pursuant to arrangements  reasonably satisfactory to the L/C Issuer) have been made with respect to such outstanding  Letter of Credit and (B) the Lender that acts as the Administrative Agent may not be  replaced hereunder except in accordance with the terms of Section 9.06.   Governing Law; Jurisdiction; Etc.  (a) GOVERNING LAW.  THIS AGREEMENT AND THE OTHER LOAN  DOCUMENTS (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY  SET FORTH THEREIN) AND ANY CLAIMS, CONTROVERSY, DISPUTE OR  CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE)  BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY  OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT,  AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS  CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND  CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF TEXAS.  (b) SUBMISSION TO JURISDICTION.  EACH OF THE  ADMINISTRATIVE AGENT, EACH LENDER, THE L/C ISSUER, THE BORROWER  AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY  AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR  PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY,  WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE  ADMINISTRATIVE AGENT, ANY LENDER, THE L/C ISSUER, OR ANY RELATED  PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT  OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING  HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE  STATE OF TEXAS SITTING IN DALLAS COUNTY AND OF THE UNITED STATES  DISTRICT COURT OF THE NORTHERN DISTRICT OF TEXAS, AND ANY  APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES  HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE  JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN  RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE  HEARD AND DETERMINED IN SUCH TEXAS STATE COURT OR, TO THE  FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL  COURT.  EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT  IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE  AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE  JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.  NOTHING IN  

 

  129  THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY  RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C  ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING  RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT  AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES  IN THE COURTS OF ANY JURISDICTION.  (c) WAIVER OF VENUE.  EACH OF THE ADMINISTRATIVE AGENT,  EACH LENDER, THE L/C ISSUER, THE BORROWER AND EACH OTHER LOAN  PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST  EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY  NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR  PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY  OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN CLAUSE (b) OF  THIS SECTION 11.14.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY  AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY  APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE  MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.  (d) SERVICE OF PROCESS.  EACH PARTY HERETO IRREVOCABLY  CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR  NOTICES IN SECTION 11.02.  NOTHING IN THIS AGREEMENT WILL AFFECT  THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER  MANNER PERMITTED BY APPLICABLE LAW.   Waiver of Jury Trial.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST  EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL  BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF  OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE  TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON  CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (a) CERTIFIES  THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS  REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD  NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER  AND (b) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN  INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS  BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS  SECTION 11.15.   Subordination.  Each Loan Party (a “Subordinating Loan Party”) hereby subordinates the payment of all  obligations and indebtedness of any other Loan Party owing to it, whether now existing or hereafter  arising, including but not limited to any obligation of any such other Loan Party to the  Subordinating Loan Party as subrogee of the Guaranteed Parties or resulting from such  

 

  130  Subordinating Loan Party’s performance under this Guaranty, to the indefeasible payment in full  in cash of all Obligations.  If the Guaranteed Parties so request, any such obligation or indebtedness  of any such other Loan Party to the Subordinating Loan Party shall be enforced and performance  received by the Subordinating Loan Party as trustee for the Guaranteed Parties and the proceeds  thereof shall be paid over to the Guaranteed Parties on account of the Guaranteed Obligations, but  without reducing or affecting in any manner the liability of the Subordinating Loan Party under  this Agreement.  Without limitation of the foregoing, so long as no Default has occurred and is  continuing, the Loan Parties may make and receive payments with respect to intercompany  Indebtedness; provided, that in the event that any Loan Party receives any payment of any  intercompany Indebtedness at a time when such payment is prohibited by this Section 11.16, such  payment shall be held by such Loan Party, in trust for the benefit of, and shall be paid forthwith  over and delivered, upon written request, to the Administrative Agent.   No Advisory or Fiduciary Responsibility.  In connection with all aspects of each transaction contemplated hereby (including in  connection with any amendment, waiver or other modification hereof or of any other Loan  Document), the Borrower and each other Loan Party acknowledges and agrees, and acknowledges  its Affiliates’ understanding, that:  (a) (i) the arranging and other services regarding this  Agreement provided by the Administrative Agent, the Arranger and the Lenders and their  respective Affiliates are arm’s-length commercial transactions between the Borrower, each other  Loan Party and their respective Affiliates, on the one hand, and the Administrative Agent, the  Arranger and the Lenders and their respective Affiliates, on the other hand, (ii) each of the  Borrower and the other Loan Parties has consulted its own legal, accounting, regulatory and tax  advisors to the extent it has deemed appropriate, and (iii) the Borrower and each other Loan Party  is capable of evaluating, and understands and accepts, the terms, risks and conditions of the  transactions contemplated hereby and by the other Loan Documents; (b) (i) the Administrative  Agent, the Arranger and each Lender and each of their respective Affiliates each is and has been  acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has  not been, is not, and will not be acting as an advisor, agent or fiduciary, for the Borrower, any  other Loan Party or any of their respective Affiliates, or any other Person and (ii) neither the  Administrative Agent, the Arranger, nor any Lender nor any of their respective Affiliates has any  obligation to the Borrower, any other Loan Party or any of their respective Affiliates with respect  to the transactions contemplated hereby except those obligations expressly set forth herein and in  the other Loan Documents; and (c) the Administrative Agent, the Arranger and the Lenders and  their respective Affiliates may be engaged in a broad range of transactions that involve interests  that differ from those of the Borrower, the other Loan Parties and their respective Affiliates, and  neither the Administrative Agent, the Arranger, nor any Lender nor any of their respective  Affiliates has any obligation to disclose any of such interests to the Borrower, any other Loan Party  or any of their respective Affiliates.  To the fullest extent permitted by law, each of the Borrower  and each other Loan Party hereby waives and releases any claims that it may have against the  Administrative Agent, the Arranger, the Lenders and their respective Affiliates with respect to any  breach or alleged breach of agency or fiduciary duty in connection with any aspect of any  transactions contemplated hereby.  

 

  131   Electronic Execution; Electronic Records.  (a) The words “delivery,” “execute,” “execution,” “signed,” “signature,” and  words of like import in any Loan Document or any other document executed in connection  herewith shall be deemed to include electronic signatures, the electronic matching of  assignment terms and contract formations on electronic platforms approved by the  Administrative Agent, or the keeping of records in electronic form, each of which shall be  of the same legal effect, validity or enforceability as a manually executed signature,  physical delivery thereof or the use of a paper-based recordkeeping system, as the case may  be, to the extent and as provided for in any Applicable Law, including the Federal  Electronic Signatures in Global and National Commerce Act, the New York State  Electronic Signatures and Records Act, or any other similar state laws based on the  Uniform Electronic Transactions Act; provided that notwithstanding anything contained  herein to the contrary, neither the Administrative Agent, the L/C Issuer nor any Lender is  under any obligation to agree to accept electronic signatures in any form or in any format  unless expressly agreed to by the Administrative Agent, the L/C Issuer or such Lender  pursuant to procedures approved by it; provided, further, without limiting the foregoing,  upon the request of any party, any electronic signature shall be promptly followed by such  manually executed counterpart.  This Agreement and any document, amendment, approval,  consent, information, notice, certificate, request, statement, disclosure or authorization  related to this Agreement (each a “Communication”), including Communications required  to be in writing, may, if agreed by the Bank, be in the form of an Electronic Record and  may be executed using Electronic Signatures, including, without limitation, facsimile  and/or .pdf.  The Borrower agrees that any Electronic Signature (including, without  limitation, facsimile or .pdf) on or associated with any Communication shall be valid and  binding on the Borrower to the same extent as a manual, original signature, and that any  Communication entered into by Electronic Signature, will constitute the legal, valid and  binding obligation of the Borrower enforceable against the Borrower in accordance with  the terms thereof to the same extent as if a manually executed original signature was  delivered to the Bank.  Any Communication may be executed in as many counterparts as  necessary or convenient, including both paper and electronic counterparts, but all such  counterparts are one and the same Communication.  For the avoidance of doubt, the  authorization under this paragraph may include, without limitation, use or acceptance by  the Administrative Agent of a manually signed paper Communication which has been  converted into electronic form (such as scanned into PDF format), or an electronically  signed Communication converted into another format, for transmission, delivery and/or  retention.  The Administrative Agent may, at its option, create one or more copies of any  Communication in the form of an imaged Electronic Record (“Electronic Copy”), which  shall be deemed created in the ordinary course of the Administrative Agent’s business, and  destroy the original paper document.  All Communications in the form of an Electronic  Record, including an Electronic Copy, shall be considered an original for all purposes, and  shall have the same legal effect, validity and enforceability as a paper record.   Notwithstanding anything contained herein to the contrary, the Administrative Agent is  under no obligation to accept an Electronic Signature in any form or in any format unless  expressly agreed to by the Administrative Agent pursuant to procedures approved by it;  provided, further, without limiting the foregoing, (a) to the extent the Administrative Agent  has agreed to accept such Electronic Signature, the Administrative Agent shall be entitled  

 

  132  to rely on any such Electronic Signature purportedly given by or on behalf of any Loan  Party without further verification and (b) upon the request of the Administrative Agent any  Electronic Signature shall be promptly followed by a manually executed, original  counterpart.  For purposes hereof, “Electronic Record” and “Electronic Signature” shall  have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended  from time to time.  (b) The Borrower hereby acknowledges the receipt of a copy of this Agreement  and all other Loan Documents.  The Administrative Agent and each Lender may, on behalf  of the Borrower, create a microfilm or optical disk or other electronic image of this  Agreement and any or all of the other Loan Documents.  The Administrative Agent and  each Lender may store the electronic image of this Agreement and the other Loan  Documents in its electronic form and then destroy the paper original as part of the  Administrative Agent’s and each Lender’s normal business practices, with the electronic  image deemed to be an original and of the same legal effect, validity and enforceability as  the paper originals.   USA Patriot Act Notice.  Each Lender that is subject to the Patriot Act and the Administrative Agent (for itself and  not on behalf of any Lender) hereby notifies the Borrower and the other Loan Parties that pursuant  to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107–56 (signed into law  October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify and record information that  identifies the Borrower and each other Loan Party, which information includes the name and  address of the Borrower and each other Loan Party and other information that will allow such  Lender or the Administrative Agent, as applicable, to identify the Borrower and each other Loan  Party in accordance with the Patriot Act.  The Borrower and each other Loan Party shall, promptly  following a request by the Administrative Agent or any Lender, provide all such other  documentation and 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.   Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Solely to the extent any Lender or L/C Issuer that is an Affected Financial Institution is a  party to this Agreement and notwithstanding anything to the contrary in any Loan Document or in  any other agreement, arrangement or understanding among any such parties, each party hereto  acknowledges that any liability of any Lender or L/C Issuer that is an Affected Financial Institution  arising under any Loan Document, to the extent such liability is unsecured, may be subject to the  Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and  consents to, and acknowledges and agrees to be bound by:  (a) the application of any Write-Down and Conversion Powers by the  applicable Resolution Authority to any such liabilities arising hereunder which may be  payable to it by any Lender or L/C Issuer that is an Affected Financial Institution; and  

 

  133  (b) the effects of any Bail-In Action on any such liability, including, if  applicable:  (i) a reduction in full or in part or cancellation of any such liability;  (ii) a conversion of all, or a portion of, such liability into shares or other  instruments of ownership in such Affected Financial Institution, its parent  undertaking, or a bridge institution that may be issued to it or otherwise conferred  on it, and that such shares or other instruments of ownership will be accepted by it  in lieu of any rights with respect to any such liability under this Agreement or any  other Loan Document; or  (iii) the variation of the terms of such liability in connection with the  exercise of the Write-Down and Conversion Powers of the applicable Resolution  Authority.   Acknowledgement Regarding Any Supported QFCs.  To the extent that the Loan Documents provide support, through a guarantee or otherwise,  for any Swap Contract or any other agreement or instrument that is a QFC (such support, “QFC  Credit Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and agree as  follows with respect to the resolution power of the Federal Deposit Insurance Corporation under  the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and  Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special  Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the  provisions below applicable notwithstanding that the Loan Documents and any Supported QFC  may in fact be stated to be governed by the laws of the State of New York and/or of the United  States or any other state of the United States):  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.   ENTIRE AGREEMENT.  THIS AGREEMENT AND THE OTHER LOAN  DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY  

 

  134  NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR  SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN  ORAL AGREEMENTS AMONG THE PARTIES.  REMAINDER OF PAGE LEFT INTENTIONALLY BLANK    

 

  CREDIT AGREEMENT – Signature Page  IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly  executed as of the date first above written.  BORROWER: ENCORE WIRE CORPORATION  By:      /s/ Bret J. Eckert  Name: Bret J. Eckert  Title:   Chief Financial Officer     

 

CREDIT AGREEMENT – Signature Page  BANK OF AMERICA, N.A.,  as Administrative Agent  By:      /s/ Allison Connally  Name: Allison Connally  Title:   Senior Vice President  

 

  CREDIT AGREEMENT – Signature Page   BANK OF AMERICA, N.A.,  as a Lender, L/C Issuer and Swingline Lender  By:     /s/ Allison Connally                                     Name: Allison Connally                                         Title:   Senior Vice President                                       

 

  CREDIT AGREEMENT – Signature Page  LENDERS: WELLS FARGO BANK, NATIONAL  ASSOCIATION, as Syndication Agent and a  Lender  By:      /s/ Thomas Bolding  Name: Thomas Bolding  Title:   Vice President

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