Document:

Document

EXECUTION VERSION

SIXTH AMENDMENT dated as of June 21, 2021 (this “Amendment”), to the AMENDED AND RESTATED CREDIT AGREEMENT dated as of May 28, 2014 (as heretofore amended, the “Credit Agreement”), among MARATHON OIL CORPORATION, a Delaware corporation, the LENDERS party thereto, JPMORGAN CHASE BANK, N.A., as administrative agent, and certain other agents party thereto.
WHEREAS, the Lenders have agreed to extend credit to the Borrower under the Credit Agreement on the terms and subject to the conditions set forth therein;
WHEREAS, the Borrower has requested that the Credit Agreement be amended (a) with respect to the Extending Lenders (as defined below), to extend the Termination Date to June 21, 2024 (and to disregard such extension for the purpose of the limit on the number of times an extension may be requested under Section 2.18 of the Credit Agreement), (b) to increase the aggregate amount of the Commitments by $149,000,000 to an aggregate total amount of Commitments outstanding after giving effect to this Amendment of $3,149,000,000 and (c) to effect certain other amendments to the Credit Agreement as set forth herein;
WHEREAS, the Lenders party hereto, the Administrative Agent, the Swingline Lender and each Issuing Bank are willing to amend the Credit Agreement on the terms and subject to the conditions set forth herein; and
WHEREAS, each of JPMorgan Chase Bank, N.A., Mizuho Bank Ltd., Citibank, N.A., Morgan Stanley Senior Funding, Inc., RBC Capital Markets1, The Bank Of Nova Scotia, Houston Branch and TD Securities (USA) LLC has been appointed to act as joint lead arrangers and joint bookrunners for this Amendment (in such capacities, the “Amendment Arrangers”).
NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1.  Defined Terms.  Capitalized terms used but not otherwise defined herein (including in the preamble and the recitals hereto) have the meanings assigned to them in the Credit Agreement.
SECTION 2.  Termination Date Extension.  Each Person listed on Schedule I hereto under the caption “Extending Lenders” (collectively, the “Extending Lenders”), the Swingline Lender and each Issuing Bank agrees that, on and as of the Sixth Amendment Effective Date (as defined below), the Termination Date with respect to such Extending Lender, the Swingline Lender and such Issuing Bank shall be June 21, 2024 (or, if such 

1 RBC Capital Markets is a brand name for the capital markets businesses of Royal Bank of Canada and its affiliates.
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2

date is not a Eurodollar Business Day, the next preceding Eurodollar Business Day).  Any Person that shall have been a Lender as of the Sixth Amendment Effective Date but shall not be an Extending Lender shall constitute a Declining Lender for all purposes of Section 2.18 of the Credit Agreement, and the provisions of the sixth, seventh and eighth sentences of such Section 2.18 shall apply as if the extension of the Termination Date effected hereby had been effected pursuant to such Section.  It is agreed that the extension of the Termination Date effected hereby shall not reduce the number of occasions on which the Borrower may further extend the Termination Date in accordance with the terms and conditions of Section 2.18 of the Credit Agreement.
SECTION 3.  Concerning Commitments. (a)  Each Person listed on Schedule I hereto whose Commitment, as set forth on such Schedule, exceeds its Commitment as in effect immediately prior to the effectiveness of this Amendment (collectively, the “Increasing Lenders”; any Increasing Lender that was not a Lender immediately preceding the effectiveness of this Amendment being referred to as a “New Lender”) agrees that, on and as of the Sixth Amendment Effective Date, the Commitment of such Increasing Lender shall increase to equal to (or, in the case of a New Lender, such Increasing Lender shall extend a Commitment equal to) the amount set forth opposite its name on Schedule I hereto.  The Borrower agrees that, solely for purposes of the cap on the aggregate amount of increases in Commitments set forth in Section 2.17 of the Credit Agreement, the increase in the Commitments effected pursuant to this Amendment shall be deemed to be an increase made pursuant to Section 2.17 of the Credit Agreement.  For the avoidance of doubt, the New Lender hereby consents to the extension of the Termination Date as set forth in Section 2 hereof and constitutes an Extending Lender.
(b) Each party hereto acknowledges and agrees that, after giving effect to the provisions of Section 3(a) and certain other agreements among the Borrower and the Lenders, the amount of each Lender’s Commitment as of the Sixth Amendment Effective Date shall be as set forth on Schedule I hereto and that, on and as of Sixth Amendment Effective Date, Schedule I hereto sets forth all the Commitments of all the Lenders (and no Person whose name does not appear on such Schedule shall have, or shall be deemed to have, as of the Sixth Amendment Effective Date, a Commitment under the Credit Agreement).
(c) Each party hereto acknowledges and agrees that, on the Sixth Amendment Effective Date, the Percentages of the Lenders shall automatically be redetermined to give effect to Schedule I hereto.  Without limiting the foregoing, each Lender further acknowledges and agrees that, on the Sixth Amendment Effective Date and without any further action on the part of any Person, each Issuing Bank shall be deemed to have granted to such Lender, and such Lender shall have acquired from such Issuing Bank, a participation in each Letter of Credit (and the related Letter of Credit Liabilities) issued by such Issuing Bank and outstanding on the Sixth Amendment Effective Date equal to such Lender’s Percentage (as so automatically redetermined on the Sixth Amendment Effective Date) thereof.
SECTION 4.  Amendments to the Credit Agreement.  Effective as of the Sixth Amendment Effective Date, (a) the Credit Agreement (excluding the schedules 
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3

(other than the Commitment Schedule and the Pricing Schedule) and exhibits thereto, each of which shall remain as in effect immediately prior to the Sixth Amendment Effective Date) is hereby amended by inserting the language indicated in single underlined text (indicated textually in the same manner as the following example: single-underlined text) in Exhibit A hereto and by deleting the language indicated by strikethrough text (indicated textually in the same manner as the following example: stricken text) in Exhibit A hereto, (b) the Commitment Schedule is hereby amended and restated in its entirety to be in the form of Schedule I to this Amendment and (c) the Pricing Schedule is hereby amended and restated in its entirety to be in the form of the Pricing Schedule attached as Exhibit B hereto.
SECTION 5.  Representations and Warranties.  The Borrower represents and warrants to the Lenders that:
(a) The execution, delivery and performance by the Borrower of this Amendment are within the Borrower’s corporate powers and have been duly authorized by all necessary corporate action.  This Amendment constitutes a valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
(b) On and as of the Sixth Amendment Effective Date, after giving effect to this Amendment, the representations and warranties of the Borrower set forth in Article 4 of the Credit Agreement (and treating all references therein to (i) “this Agreement” as references to “each of this Agreement and the Sixth Amendment” and (ii) “the Effective Date” as references to “the Sixth Amendment Effective Date”) are true in all material respects (except to the extent (A) any such representations or warranties are expressly limited to an earlier date, in which case such representations and warranties continue to be true and correct in all material respects as of such specified earlier date or (B) such representations or warranties are qualified by a materiality standard, in which case such representations and warranties are true in all respects).
                (c) On and as of the Sixth Amendment Effective Date, before and after giving effect to this Amendment, no Default has occurred and is continuing.
SECTION 6.  Effectiveness.  This Amendment shall become effective as of the first date (the “Sixth Amendment Effective Date”) on which:
(a) the Administrative Agent shall have received from the Borrower, the Swingline Lender, each Issuing Bank, each Extending Lender, each Increasing Lender and each other Lender party to the Credit Agreement either a counterpart of this Amendment signed on behalf of such party or facsimile or other written confirmation satisfactory to the Administrative Agent confirming that such party has signed a counterpart of this Amendment;
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4

(b) the Administrative Agent shall have received all documents the Administrative Agent may reasonably request relating to the existence of the Borrower and the corporate authority for and the authorization of this Amendment, all in form and substance reasonably satisfactory to the Administrative Agent;
(c) the Administrative Agent shall have received a certificate, dated the Sixth Amendment Effective Date, of a financial officer of the Borrower confirming the accuracy of the representations and warranties set forth in Section 5 of this Amendment;
(d) the Borrower shall have paid to the Administrative Agent for the account of each Extending Lender, the fees required to be paid on the Sixth Amendment Effective Date pursuant to any fee letter separately agreed with the Amendment Arrangers in connection with this Amendment;
(e) the Borrower shall have paid to the Amendment Arrangers, for their own accounts, all fees required to be paid by it on or before the Sixth Amendment Effective Date in the amounts heretofore mutually agreed; and
(f) immediately prior to the Sixth Amendment Effective Date, no Revolving Borrowings shall be outstanding.
The Administrative Agent shall notify the Borrower and the Lenders of the Sixth Amendment Effective Date, and such notice shall be conclusive and binding.
SECTION 7.  Effect of this Amendment.  (a)  Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Administrative Agent, the Swingline Lender, the Issuing Banks or the Lenders under the Credit Agreement, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  Nothing herein shall be deemed to entitle the Borrower to any other consent to, or any other waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement in similar or different circumstances.
(b)  On and after the Sixth Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “herein”, “hereunder”, “hereto”, “hereof” and words of similar import shall, unless the context otherwise requires, refer to the Credit Agreement as amended hereby.
(c)  It is agreed that the Amendment Arrangers and their respective Related Parties shall be entitled to the benefits of Sections 9.03(a) and 9.03(b) of the Credit Agreement with respect to the arrangement of this Amendment, the preparation, execution and delivery of this Amendment and other matters relating to or arising out of this Amendment to the same extent as the Administrative Agent and its Related Parties 
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are entitled to the benefits of such Sections in respect of the preparation of the Credit Agreement or other matters relating to or arising out of the Credit Agreement.
SECTION 8.  Applicable Law.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
SECTION 9.  Counterparts.  This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original but all of which, when taken together, shall constitute a single instrument.  Delivery of an executed counterpart of a signature page of this Amendment that is an Electronic Signature transmitted by fax, emailed .pdf or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Amendment.  
SECTION 10.  Headings.  The Section headings used herein are for convenience of reference only, are not part of this Amendment and are not to affect the construction of, or to be taken into consideration in interpreting, this Amendment.
[Remainder of page intentionally left blank.]
[[5632054]]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the date first above written.
                                                						
	MARATHON OIL CORPORATION,
	By:

	

	/s/ James C. Sandoval

	

	Name:    James C. Sandoval
Title: Vice President & Treasurer

[Sixth Amendment to Amended and Restated Credit Agreement of Marathon Oil Corporation]
[[5632054]]

                                                           						
	JPMORGAN CHASE BANK, N.A., individually and as the Swingline Lender, an Issuing Bank and the Administrative Agent,

	By: 

	

	/s/ Tom K. Martin

	

	Name: Tom K. Martin
Title: Vice President

[Sixth Amendment to Amended and Restated Credit Agreement of Marathon Oil Corporation]
[[5632054]]

LENDER SIGNATURE PAGE TO
SIXTH AMENDMENT TO
THE AMENDED AND RESTATED CREDIT AGREEMENT OF
MARATHON OIL CORPORATION

Name of Lender (with each Lender that is an Issuing Bank executing this Amendment in its capacities both as a Lender and as an Issuing Bank):
        						
	Citibank, N.A., as a Lender and as an Issuing Bank

		
	By:
		/s/ Cathy Shepard
		Name: /s/ Cathy Shepard
		Title: Vice President

[Sixth Amendment to Amended and Restated Credit Agreement of Marathon Oil Corporation]
[[5632054]]

SCHEDULE I

Name of Lender (with each Lender that is an Issuing Bank executing this Amendment in its capacities both as a Lender and as an Issuing Bank):
Mizuho Bank, Ltd.
                                                                       						
	
	By:
		/s/ Edward Sacks
		Name: Edward Sacks
		Title: Authorized Signatory

[[5632054]]

SCHEDULE I

Name of Lender (with each Lender that is an Issuing Bank executing this Amendment in its capacities both as a Lender and as an Issuing Bank):
MORGAN STANLEY BANK, N.A.
                                                                       						
	
	By:
		/s/ Michael King
		Name: Michael King
		Title: Authorized Signatory

[[5632054]]

SCHEDULE I

Name of Lender (with each Lender that is an Issuing Bank executing this Amendment in its capacities both as a Lender and as an Issuing Bank):
The Bank of Nova Scotia, Houston Branch
                                                                       						
	
	By:
		/s/ Joe Lattanzi
		Name: Joe Lattanzi
		Title: Managing Director

[[5632054]]

SCHEDULE I

Name of Lender:
TORONTO DOMINION (TEXAS) LLC
                                                                       						
	
	By:
		/s/ Michael Borowiecki
		Name: Michael Borowiecki
		Title: Authorized Signatory

[[5632054]]

SCHEDULE I

Name of Issuing Bank:
THE TORONTO DOMINION BANK, NEW YORK BRANCH
                                                                       						
	
	By:
		/s/ Michael Borowiecki
		Name: Michael Borowiecki
		Title: Authorized Signatory

[[5632054]]

SCHEDULE I

Name of Lender (with each Lender that is an Issuing Bank executing this Amendment in its capacities both as a Lender and as an Issuing Bank):
ROYAL BANK OF CANADA
                                                                       						
	
	By:
		/s/ Emilee Scott
		Name: Emilee Scott
		Title Authorized Signatory

[[5632054]]

SCHEDULE I

Name of Lender (with each Lender that is an Issuing Bank executing this Amendment in its capacities both as a Lender and as an Issuing Bank):
BMO Harris Bank N.A.
                                                                       						
	
	By:
		/s/ Patrick Johnston
		Name: Patrick Johnston
		Title: Director

[[5632054]]

SCHEDULE I

Name of Lender (with each Lender that is an Issuing Bank executing this Amendment in its capacities both as a Lender and as an Issuing Bank):
MUFG Bank, Ltd.
                                                                       						
	
	By:
		/s/ Anastasiya Bykov
		Name: Anastasiya Bykov
		Title: Authorized Signatory

[[5632054]]

SCHEDULE I

Name of Lender (with each Lender that is an Issuing Bank executing this Amendment in its capacities both as a Lender and as an Issuing Bank):
CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH
						
	
	By:
		/s/ Trudy Nelson
		Name: Trudy Nelson
		Title: Authorized Signatory

For any Lender requiring a second signature block:

						
	
	By:
		/s/ Scott W. Danvers
		Name: Scott W. Danvers
		Title: Authorized Signatory

[[5632054]]

SCHEDULE I

Name of Lender (with each Lender that is an Issuing Bank executing this Amendment in its capacities both as a Lender and as an Issuing Bank):
GOLDMAN SACHS BANK USA
						
	
	By:
		/s/ Jacob Elder
		Name: Jacob Elder
		Title: Authorized Signatory

[[5632054]]

SCHEDULE I

Name of Lender (with each Lender that is an Issuing Bank executing this Amendment in its capacities both as a Lender and as an Issuing Bank):
PNC BANK, NATIONAL ASSOCIATION
						
	
	By:
		/s/ John Engel
		Name: John Engel
		Title: Senior Vice President

[[5632054]]

SCHEDULE I

Name of Lender:
Sumitomo Mitsui Banking Corporation
						
	
	By:
		/s/ Jeffrey Cobb
		Name: Jeffrey Cobb
		Title: Director

[[5632054]]

SCHEDULE I

Name of Lender (with each Lender that is an Issuing Bank executing this Amendment in its capacities both as a Lender and as an Issuing Bank):
TRUIST BANK
						
	
	By:
		/s/ James Giordano
		Name: James Giordano
		Title: Managing Director

[[5632054]]

SCHEDULE I

Name of Lender (with each Lender that is an Issuing Bank executing this Amendment in its capacities both as a Lender and as an Issuing Bank):
U.S. Bank National Association
						
	
	By:
		/s/ Douglas Baker
		Name: Douglas Baker
		Title: Assistant Vice President

[[5632054]]

SCHEDULE I

Name of Lender (with each Lender that is an Issuing Bank executing this Amendment in its capacities both as a Lender and as an Issuing Bank):
Credit Suisse AG, New York Branch
						
	
	By:
		/s/ Doreen Barr
		Name: Doreen Barr
		Title: Authorized Signatory

For any Lender requiring a second signature block:

						
	
	By:
		/s/ Michael Dieffenbacher
		Name: Michael Dieffenbacher
		Title: Authorized Signatory

[[5632054]]

SCHEDULE I

Name of Lender (with each Lender that is an Issuing Bank executing this Amendment in its capacities both as a Lender and as an Issuing Bank):
FIFTH THIRD BANK, NATIONAL ASSOCIATION
						
	
	By:
		/s/ Jonathan H. Lee
		Name: Jonathan H. Lee
		Title: Managing Director

[[5632054]]

SCHEDULE I

Name of Lender (with each Lender that is an Issuing Bank executing this Amendment in its capacities both as a Lender and as an Issuing Bank):
STANDARD CHARTERED BANK
						
	
	By:
		/s/ Kristopher Tracy
		Name: Kristopher Tracy
		Title: Director, Financing Solutions

[[5632054]]

SCHEDULE I

Name of Lender (with each Lender that is an Issuing Bank executing this Amendment in its capacities both as a Lender and as an Issuing Bank):
THE BANK OF NEW YORK MELLON
						
	
	By:
		/s/ William M. Feathers
		Name: William M. Feathers
		Title: Director

[[5632054]]

SCHEDULE I

Extending Lenders
						
	Extending Lender	Commitment
	JPMorgan Chase Bank, N.A.	$235,000,000
	Citibank, N.A.	$235,000,000
	Mizuho Bank Ltd.	$235,000,000
	Morgan Stanley Bank, N.A.	$235,000,000
	The Bank of Nova Scotia, Houston Branch	$235,000,000
	Toronto Dominion (Texas) LLC	$235,000,000
	Royal Bank of Canada	$235,000,000
	MUFG Bank, Ltd.	$154,000,000
	Canadian Imperial Bank of Commerce, New York Branch	$154,000,000
	Goldman Sachs Bank USA	$154,000,000
	PNC Bank, National Association	$154,000,000
	Sumitomo Mitsui Banking Corporation	$154,000,000
	Truist Bank	$154,000,000
	U.S. Bank National Association	$154,000,000
	Credit Suisse AG, New York Branch	$68,000,000
	Fifth Third Bank, National Association	$68,000,000
	Standard Chartered Bank	$68,000,000
	The Bank of New York Mellon	$68,000,000
	Total	$2,995,000,000

Non-Extending Lenders

						
	Non-Extending Lender	Commitment
	BMO Harris Bank N.A.	$154,000,000
	Total	$154,000,000

[[5632054]]

EXHIBIT A

Amendments to Credit Agreement
[See attached.]

[[5632054]]

EXHIBIT A
MARKED VERSION REFLECTING CHANGES
PURSUANT TO FIFTHSIXTH AMENDMENT
AGAINST COPY OF CREDIT AGREEMENT
Reflecting First Amendment dated as of May 5, 2015
Incremental Commitments Supplement dated as of March 4, 2016 
Second Amendment dated as of June 22, 2017
Incremental Commitment Supplement dated as of July 11, 2017
Third Amendment dated as of October 18, 2018
Fourth Amendment dated as of September 24, 2019
Fifth Amendment dated as of December 4, 2020

AMENDED AND RESTATED CREDIT AGREEMENT

dated as of May 28, 2014,

among
MARATHON OIL CORPORATION,
The LENDERS Party Hereto,

MIZUHO BANK, LTD., 
as Syndication Agent,

CITIBANK, N.A.,
MORGAN STANLEY SENIOR FUNDING, INC.
and

THE BANK OF NOVA SCOTIA, 
as Documentation Agents
and
JPMORGAN CHASE BANK, N.A.,
as Administrative Agent
________________________________
JPMORGAN CHASE BANK, N.A., MIZUHO BANK, LTD.,
CITIBANK, N.A., MORGAN STANLEY SENIOR FUNDING, INC., 
RBC CAPITAL MARKETS2, THE BANK OF NOVA SCOTIA, HOUSTON 
BRANCH
and
THE BANK OF NOVA SCOTIA TD SECURITIES (USA) LLC,
as Joint Lead Arrangers and Joint Bookrunners

2 RBC Capital Markets is a brand name for the capital markets businesses of Royal Bank of Canada and its affiliates. 
 [[5506827v.10]][[5632559]]

MIZUHO BANK, LTD.,
as Syndication Agent,
CITIBANK, N.A., MORGAN STANLEY SENIOR FUNDING, INC.,
RBC CAPITAL MARKETS, THE BANK OF NOVA SCOTIA, HOUSTON 
BRANCH
and
TD SECURITIES (USA) LLC,
as Documentation Agents
[CS&M Ref. No. 6702-041] 

 [[5506827v.10]][[5632559]]

TABLE OF CONTENTS

												
		ARTICLE 1

Definitions

	SECTION 1.01.	Definitions	1

	SECTION 1.02.	Terms Generally	21
	27

	SECTION 1.03.	Accounting Terms and Determinations	21
	27

	SECTION 1.04.	Classification Loans and Borrowings	22
	28

	SECTION 1.05.	Interest Rates; LIBOR Notification	22
	28

	SECTION 1.06.	Divisions	23
	29

		ARTICLE 2

The Credits	
	SECTION 2.01.	Commitments to Lend	23
	30

	SECTION 2.02.	Notice of Revolving Borrowing	23
	30

	SECTION 2.03.	Swingline Loans	24
	31

	SECTION 2.04.	Letters of Credit	26
	32

	SECTION 2.05.	Notice to Lenders; Funding of Revolving Loans	33
	40

	SECTION 2.06.	Registry; Notes	34
	41

	SECTION 2.07.	Maturity of Loans	35
	41

	SECTION 2.08.	Interest Rates	35
	42

	SECTION 2.09.	Method of Electing Interest Rates	36
	42

	SECTION 2.10.	Fees	38
	44

	SECTION 2.11.	Termination or Reduction of Commitments	38
	45

	SECTION 2.12.	Optional Prepayments	39
	45

	SECTION 2.13.	General Provisions as to Payments	39
	46

	SECTION 2.14.	Funding Losses	41
	47

	SECTION 2.15.	Computation of Interest and Fees	41
	47

	SECTION 2.16.	Change of Control	41
	48

	SECTION 2.17.	Optional Increase in Commitments	42
	49

	SECTION 2.18.	Extension Option	44
	50

	SECTION 2.19.	Defaulting Lenders	45
	52

		ARTICLE 3

Conditions	
	SECTION 3.01.	Effective Date	48
	54

	SECTION 3.02.	Credit Events	49
	55

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		ARTICLE 4

Representations and Warranties	
	SECTION 4.01.	Corporate Existence and Power	49
	56

	SECTION 4.02.	Corporate and Governmental Authorization; Non-contravention	49
	56

	SECTION 4.03.	Binding Effect	50
	56

	SECTION 4.04.	Financial Information	50
	56

	SECTION 4.05.	Litigation	50
	57

	SECTION 4.06.	Environmental Matters	51
	57

	SECTION 4.07.	Taxes	51
	57

	SECTION 4.08.	Compliance with Laws	51
	57

	SECTION 4.09.	ERISA	51
	58

	SECTION 4.10.	Marathon Oil Company	51
	58

	SECTION 4.11.	Use of Proceeds	51
	58

	SECTION 4.12.	Investment Company Status	51
	58

	SECTION 4.13.	Anti-Corruption Laws and Sanctions	51
	58

		ARTICLE 5

Covenants	
	SECTION 5.01.	Information	52
	59

	SECTION 5.02.	Consolidations and Mergers	53
	60

	SECTION 5.03.	Negative Pledge	54
	61

	SECTION 5.04.	Sale and Leaseback	56
	62

	SECTION 5.05.	Maximum Consolidated Leverage Ratio	57
	63

	SECTION 5.06.	Subsidiary Indebtedness	57
	63

		ARTICLE 6

Defaults	
	SECTION 6.01.	Events of Default	58
	65

	SECTION 6.02.	Notice of Default	60
	67

	SECTION 6.03.	Cash Collateral	60
	67

		ARTICLE 7

The Administrative Agent	
	SECTION 7.01.	Appointment and Authorization	61
	67

	SECTION 7.02.	Administrative Agent and Affiliates	61
	67

	SECTION 7.03.	Action by Administrative Agent	61
	68

	SECTION 7.04.	Consultation with Experts	62
	68

				

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	SECTION 7.05.	Liability of Administrative Agent	62
	68

	SECTION 7.06.	Credit Decision; Acknowledgements of Lenders and Issuing Banks	63
	69
	SECTION 7.07.	Successor Administrative Agent	64
	70
	SECTION 7.08.	Administrative Agent’s Fee	64
	72
	SECTION 7.09.	Other Agents	65
	72
		ARTICLE 8

Change in Circumstances	
	SECTION 8.01.
	Basis for DeterminingAlternate Rate of Interest Rate Inadequate or Unfair
	65
	72

	SECTION 8.02.	Illegality	66
	75

	SECTION 8.03.	Increased Cost and Reduced Return	67
	75

	SECTION 8.04.	Base Rate Loans Substituted for Affected Eurodollar Loans	68
	77

	SECTION 8.05.	Taxes	69
	77

	SECTION 8.06.	Mitigation Obligations; Replacement of Lenders	73
	81

	SECTION 8.07.	Notice Mandatory	74
	82

		ARTICLE 9

Miscellaneous	
	SECTION 9.01.	Notices	74
	82

	SECTION 9.02	No Waivers	76
	84

	SECTION 9.03	Expenses; Indemnification; Limitation of Liability
	76
	84

	SECTION 9.04.	Sharing	78
	86

	SECTION 9.05.	Amendments and Waivers	78
	87

	SECTION 9.06.	Successors and Assigns	79
	88

	SECTION 9.07.	Survival	83
	92

	SECTION 9.08.	Governing Law; Submission to Jurisdiction; Consent to the Service of Process	84
	92

	SECTION 9.09.	Counterparts; Integration; Electronic Execution
	84
	93

	SECTION 9.10.	Severability	85
	94

	SECTION 9.11.	Right of Setoff	85
	94

	SECTION 9.12.	WAIVER OF JURY TRIAL	85
	95

	SECTION 9.13.	Headings	86
	95

	SECTION 9.14.	Interest Rate Limitation	86
	95

	SECTION 9.15.	USA PATRIOT Act	86
	96

	SECTION 9.16.	No Fiduciary Relationship	86
	96

	SECTION 9.17.	Confidentiality	87
	96

	SECTION 9.18.	Non-Public Information	87
	97

	SECTION 9.19.	Amendment and Restatement of Existing Credit Agreement	88
	97

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	SECTION 9.20.	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	88
	98

SCHEDULES:

Pricing Schedule
Commitment Schedule
Schedule 5.06 – Existing Subsidiary Indebtedness

Exhibit A    -    Form of Assignment and Assumption Agreement
Exhibit B    -    Form of U.S. Tax Certificate
Exhibit C    -    Form of Promissory Note
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AMENDED AND RESTATED CREDIT AGREEMENT dated as of May 28, 2014, among MARATHON OIL CORPORATION, the LENDERS party hereto, MIZUHO BANK, LTD. (“Mizuho”), as syndication agent, CITIBANK, N.A. (“Citibank”), MORGAN STANLEY SENIOR FUNDING, INC. (“MSSF”) and THE BANK OF NOVA SCOTIA (“Scotia Bank”), 
as documentation agents, and JPMORGAN CHASE BANK, N.A. (“JPMCBJPMORGAN”), as administrative agent.
WHEREAS, the Borrower, the lenders party thereto, The Royal Bank of Scotland PLC, as syndication agent, Citibank, MSSF and UBS Securities LLC, as documentation agents, and JPMCBJPMorgan, as administrative agent, have previously entered into a Credit Agreement dated as of April 5, 2012 (the “Existing Credit Agreement”).
WHEREAS, on the Effective Date, the Existing Credit Agreement is hereby being amended and restated to be in the form of this Agreement.
WHEREAS, the Lenders have indicated their willingness to lend and the Issuing Banks have indicated their willingness to issue Letters of Credit, in each case, 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 agree as follows:
ARTICLE 1

Definitions
SECTION 1.01.Definitions.  The following terms, as used herein, have the following meanings:
“Adjusted London Interbank Offered Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate.
“Administrative Agent” means JPMCBJPMorgan, in its capacity as administrative agent for the Lenders hereunder, and its successors in such capacity.
“Administrative Questionnaire” means, with respect to each Lender, an administrative questionnaire in the form prepared by the Administrative Agent, completed by such Lender and returned to the Administrative Agent (with a copy to the Borrower).
“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

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“Affiliate” means, with respect to a specified Person, another Person that directly or indirectly Controls or is Controlled by or is under common Control with the Person specified.  For purposes of this definition, “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.
“Agreement” means this Amended and Restated Credit Agreement, as amended, restated, supplemented or otherwise modified from time to time, including pursuant to any Incremental Commitments Supplement.
“Ancillary Document” has the meaning specified in Section 9.09(c).
“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or its Subsidiaries from time to time concerning or relating to bribery or corruption.
“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.
“Arrangers” means JPMorgan Chase Bank, N.A.,, Mizuho Bank, Ltd.,, Citibank, N.A.MSSF, Morgan Stanley Senior Funding, Inc. and The Bank of NovaRBCCM, Scotia Bank and TD Securities, in their capacities as joint lead arrangers and joint bookrunners for the credit facility provided under this Agreement.
“Assignment and Assumption Agreement” means an Assignment and Assumption Agreement in substantially the form of Exhibit A hereto.
        “Attributable Debt” means, with respect to any sale and leaseback transaction entered into pursuant to Section 5.04(c) as of any date of determination, the present value (discounted at the rate set forth or implicit in the terms of the lease included in such sale and leaseback transaction) of the total obligations of the lessee for rental payments (other than amounts required to be paid on account of taxes, maintenance, repairs, insurance, assessments, utilities, operating and labor costs and other items that do not constitute payments for property rights) during the remaining term of the lease included in such sale and leaseback transaction (including any period for which such lease has been extended).  In the case of any lease that is terminable by the lessee upon payment of a penalty, the Attributable Debt shall be the lesser of the Attributable Debt determined assuming termination on the first date such lease may be terminated (in which case the Attributable Debt shall also include the amount of the penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated) or the Attributable Debt determined assuming no such termination.
“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such 
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Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to Section 8.01(b)(iv).
“Backstopped Letter of Credit” has the meaning specified in Section 2.04(b).
“Bail-In Action” means, as to any Affected Financial Institution, the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of such Affected Financial Institution.
“Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time that 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).
“Bankruptcy Event” means, with respect to any Person, that such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment; provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority, so long as such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States of America or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.
“Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% per annum and (c) the LIBO Rate on such day (or if such day is not a Eurodollar Business Day, the immediately preceding Eurodollar Business Day) for a deposit in dollars with a maturity of one month plus 1% per annum.  For purposes of clause (c) above, the LIBO Rate shall be based on the LIBO Screen Rate (or, in the event the LIBO Screen Rate is not available for such maturity of one month, the Interpolated Screen Rate) at approximately 11:00 a.m. (London time) on such day for deposits in dollars with a maturity of one month; provided that if such rate shall be less than zero, such rate shall be deemed to be zero. If the Base Rate is being used as an alternate rate of interest pursuant 
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to Section 8.01 or if the LIBO Rate otherwise cannot be determined, then the Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above; provided that the Base Rate shall not be less than 1% per annum.  Any change in the Base Rate due to a change in the Prime Rate, the NYFRB Rate or the LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the LIBO Rate, respectively.
“Base Rate Borrowing” means any Borrowing comprised of Base Rate Loans.
“Base Rate Loan” means a Loan that bears interest at a rate determined on the basis of the Base Rate in accordance with this Agreement.
“Base Rate Margin” has the meaning specified in the Pricing Schedule.
“Base Rate Revolving Loan” means a Revolving Loan that is a Base Rate Loan.
“Base Rate Swingline Loan” means a Swingline Loan that is a Base Rate Loan.
“Benchmark” means, initially, LIBO Rate; provided that if a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to LIBO Rate or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Sections 8.01(b)(i) or 8.01(b)(ii).
“Benchmark Replacement” means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:
(1) the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;
(2) the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;
(3) the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for dollar-denominated syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment;
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provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; provided further that, notwithstanding anything to the contrary in this Agreement, upon the occurrence of a Term SOFR Transition Event, and the delivery of a Term SOFR Notice, on the applicable Benchmark Replacement Date the “Benchmark Replacement” shall revert to and shall be deemed to be the sum of (a) Term SOFR and (b) the related Benchmark Replacement Adjustment, as set forth in clause (1) of this definition (subject to the first proviso above).
If the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement.
“Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:
(1) for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement”, the first alternative set forth in the order below that can be determined by the Administrative Agent:
(a) the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor;
(b) the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and
(2) for purposes of clause (3) of the definition of “Benchmark Replacement”, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark 
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with the applicable Unadjusted Benchmark Replacement for dollar-denominated syndicated credit facilities;

provided that, in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion.
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate”, the definition of “Eurodollar Business Day”, the definition of “Interest Period”, timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement), provided that such changes shall, unless otherwise consented by the Borrower, be consistent with the corresponding changes made or being made by the Administrative Agent in other US Dollar-denominated syndicated credit facilities for which it acts as the administrative agent.
“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:
(1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event”, the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof);
(2) in the case of clause (3) of the definition of “Benchmark Transition Event”, the date of the public statement or publication of information referenced therein; or
(3) in the case of a Term SOFR Transition Event, the date that is 30 days after the date a Term SOFR Notice is provided to the Lenders and the Borrower pursuant to Section 8.01(b)(ii); or 

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(4) in the case of an Early Opt-in Election, the sixth Domestic Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth Domestic Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Required Lenders.
For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).
“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:
(1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);
(2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Board of Governors, the NYFRB, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or
(3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representative.
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For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).
“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder in accordance with Section 8.01(b) and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder in accordance with Section 8.01(b).
“Benefit Plan” means (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”.
“Board of Governors” means the Board of Governors of the Federal Reserve System of the United States of America.
“Borrower” means Marathon Oil Corporation, a Delaware corporation, and its successors in accordance with Section 5.02.
“Borrower’s 20182020 Form 10-K” means the Borrower’s Annual Report on Form 10-K for the fiscal year ended December 31, 20182020, as filed with the SEC pursuant to the Exchange Act.
“Borrower’s Q2 20191 2021 Form 10-Q” means the Borrower’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30March 31, 20192021, as filed with the SEC pursuant to the Exchange Act.
“Borrowing” means (a) Revolving Loans of the same Type made, converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect, or (b) a Swingline Loan.
“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations, subject to Section 1.03, are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall, subject to Section 1.03, be the capitalized amount thereof determined in accordance with GAAP.

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“Change in Law” means the occurrence, after the Effective Date, of any of the following:  (a) the adoption or taking effect of any law, rule, regulation or treaty by any Governmental Authority, (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 rule, request, guideline or directive (whether or not having the force of law) of any Governmental Authority; provided that, notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all rules, requests, guidelines or directives thereunder or issued in connection therewith and (ii) all rules, requests, guidelines or directives concerning capital adequacy or liquidity 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” to the extent enacted, adopted, promulgated or issued by any Governmental Authority or otherwise having the force of law, regardless of the date so enacted, adopted, promulgated or issued.
“Change of Control” has the meaning specified in Section 2.16.
“Charges” has the meaning specified in Section 9.14.
“Citibank” has the meaning specified in the preamble heretomeans Citibank, N.A.
“Code” means the Internal Revenue Code of 1986, as amended, or any successor statute.
“Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate permitted amount of such Lender’s Outstanding Amount hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.11, (b) increased from time to time pursuant to Section 2.17 and (c) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.06(b).  The amount of each Lender’s Commitment as of the FourthSixth Amendment Effective Date is set forth on the Commitment Schedule, as amended by the FourthSixth Amendment, and, in the case of any Lender that acquires its Commitment after the FourthSixth Amendment Effective Date, the initial amount of each such Lender’s Commitment is set forth in the Assignment and Assumption Agreement or the Incremental Commitments Supplement pursuant to which such Lender shall have acquired its Commitment, as applicable.  The aggregate amount of the Commitments as of the FourthSixth Amendment Effective Date is $3,000,000,0003,149,000,000.
“Commitment Fee Rate” has the meaning specified in the Pricing Schedule.

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“Commitment Schedule” means the Commitment Schedule attached hereto (for the avoidance of doubt, as amended and restated by the FourthSixth Amendment).
“Communications” means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of the Borrower  pursuant to this Agreement or the transactions contemplated herein that is distributed by the Administrative Agent, any Lender or any Issuing Bank by means of electronic communications pursuant to Section 9.01, including through the Platform.
“Consenting Lender” has the meaning specified in Section 2.18.
“Consolidated Capitalization” means, at any time, the sum of Consolidated Shareholders’ Equity of the Borrower and Consolidated Total Indebtedness.
“Consolidated Net Tangible Assets” means the aggregate value of all assets of the Borrower and its Subsidiaries on a consolidated basis after deducting therefrom 
(a) all current liabilities (excluding all long-term debt due within one year), (b) all investments in unconsolidated entities and all investments accounted for on the equity method and (c) all goodwill, patents and trademarks, unamortized debt discount and other intangibles, all determined in conformity with GAAP and calculated on a basis consistent with the Borrower’s most recent audited consolidated financial statements.
“Consolidated Shareholders’ Equity” means, at any time, (a) with respect to the Borrower, (i) the consolidated total shareholders’ equity of the Borrower, determined in conformity with GAAP and calculated on a basis consistent with the Borrower’s most recent audited consolidated financial statements, plus (ii) the absolute cumulative amount by which such consolidated total shareholders’ equity shall have been reduced as a result of (A) the non-cash impairment charge recognized by the Borrower in the first quarter of 2017 in respect of its Canadian oil mining business and certain related assets (it being acknowledged that the amount of such charge is $4,831,922,571) and (B) any non-cash impairment charge in respect of oil and gas assets recognized by the Borrower from time to time after September 30, 2020 and (b) with respect to any other Person, the consolidated total shareholders’ equity of such Person, determined in conformity with GAAP. 
“Consolidated Total Indebtedness” means the total Indebtedness of the Borrower and its Subsidiaries, determined on a consolidated basis in accordance with GAAP.
“Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.
“Credit Event” has the meaning specified in Section 3.02.
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“Credit Exposure” means, with respect to any Lender at any time, (a) the amount of its Commitment (whether used or unused) at such time or (b) if the Commitments have terminated in their entirety, such Lender’s Outstanding Amount at such time.  For purposes of this definition, the Swingline Liabilities of any Lender that is the Swingline Lender shall be deemed to exclude that portion of its Swingline Liabilities that exceeds its Percentage of the aggregate principal amount of all outstanding Swingline Loans, but adjusted to give effect to any reallocation under Section 2.19 of the Swingline Liabilities of Defaulting Lenders in effect at the time of determination.
“Credit Party” means the Administrative Agent, any Issuing Bank, the Swingline Lender or any other Lender.
“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for business loans; provided, that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion.
“Declining Lender” has the meaning specified in Section 2.18.
“Default” means any condition or event which constitutes an Event of Default or which with the giving of notice or lapse of time or both would, unless cured or waived, become an Event of Default.
“Defaulting Lender” means any Lender that (a) has failed, within three Domestic Business Days of the date required to be funded or paid, to (i) fund any portion of its Revolving Loans, unless such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless (in the case of this clause (iii)) such Lender notifies the Administrative Agent in writing that such failure is the result of a good faith dispute with respect to the requirement to pay such amount, (b) has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a Loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Domestic Business Days after written request by the Borrower, the Administrative Agent, an Issuing Bank or the Swingline Lender, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations to fund prospective Revolving Loans and participations in 
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then outstanding Letters of Credit and Swingline Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon the receipt by the Borrower, the Administrative Agent, the applicable Issuing Bank or the Swingline Lender, as the case may be, of such certification (with a copy to the Administrative Agent if the Administrative Agent shall not have been the requesting party), (d) has become the subject of a Bankruptcy Event or (e) has, or has a parent company that has, become the subject of a Bail-In Action.
“Documentation Agents” means Citibank, MSSF and, RBCCM, Scotia Bank and TD Securities, in their capacity as documentation agents in connection with the credit facility provided under this Agreement.
“dollars” or “$” refers to lawful money of the United States of America.
“Domestic Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed.
“Early Opt-in Election” means, if the then-current Benchmark is LIBO Rate, the occurrence of:
(1)    a notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the other parties hereto that at least five currently outstanding dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and
(2)    the joint election by the Administrative Agent and the Borrower to trigger a fallback from LIBO Rate and the provision by the Administrative Agent of written notice of such election to the Lenders.
“EEA Financial Institution” means (a) any entity established in any EEA Member Country that is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country that is a parent of an entity described in clause (a) of this definition, or (c) any entity established in an EEA Member Country that is a subsidiary of an entity described in clause (a) or (b) above and is subject to consolidated supervision with its parent.
“EEA Member Country” means any member state 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.
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“Effective Date” means the date on which the conditions specified in Section 3.01 are satisfied (or waived in accordance with Section 9.05).
“Electronic Signature” has the meaning specified in Section 9.09(b).
“Eligible Assignee” means (a) any Lender, (b) any Affiliate of any Lender, (c) any Approved Fund and (d) any other Person, other than, in each case, (i) the Borrower (or any of its Subsidiaries or other Affiliates), (ii) a natural person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person) or (iii) a Defaulting Lender, an Affiliate of a Defaulting Lender or a Person that would be a Defaulting Lender upon effectiveness of the applicable assignment.
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, or any successor statute as amended from time to time, and the regulations promulgated and rulings thereunder.
“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under 
Section 414(b) or 414(c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.
“ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived), (b) any failure to meet the “minimum funding standards” (as defined in Section 412 of the Code or Section 302(a) of ERISA) with respect to any Plan, whether or not waived, (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan, (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan, (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan, (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be insolvent within the meaning of Title IV of ERISA.
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.
“Eurodollar Business Day” means any Domestic Business Day on which commercial banks are open for international business (including dealings in dollar deposits) in London interbank market.
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“Eurodollar Loan” means a Loan that bears interest at a rate determined on the basis of the Adjusted London Interbank Offered Rate in accordance with this Agreement.
“Eurodollar Margin” has the meaning specified in the Pricing Schedule.
“Events of Default” has the meaning specified in Section 6.01.
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.
“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be deducted or withheld from a payment to or for the account of a Recipient:  (a) franchise Taxes or Taxes imposed on (or measured by) net income (however denominated) or net profits, in each case, imposed by the United States of America (or any state or political subdivision thereof), or by the jurisdiction under the laws of which such Recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits Taxes imposed by the United States of America or any similar Taxes imposed by any other jurisdiction described in clause (a) above, (c) in the case of any Lender (other than an assignee pursuant to a request by the Borrower under Section 8.06(b)), any 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 resulting from any law in effect on the date such Lender becomes a party to this Agreement (or designates a new lending office), except to the extent that such Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to such Taxes pursuant to Section 8.05(a), (d) Taxes attributable to such Recipient’s failure to comply with Section 8.05(f) or 8.05(g), (e) any U.S. Federal withholding Taxes imposed under FATCA and (f) Other Connection Taxes.
“Existing Borrowings” has the meaning specified in Section 2.17.
“Existing Credit Agreement” has the meaning specified in the preliminary statements to this Agreement.
“Existing Termination Date” has the meaning specified in Section 2.18.
“Extending Lenders” means (a) the “Extending Lenders”, as defined in the Sixth Amendment and (b) any other Lender that shall have consented, in writing reasonably acceptable to the Borrower and the Administrative Agent, to extend the Termination Date as set forth in the Sixth Amendment, in each case together with their respective successors and assigns.
“FATCA” means Sections 1471 through 1474 of the Code, as of the Effective Date (or any amended or successor version of such provisions that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into 
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pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code, and any fiscal or regulatory legislation, rules or practices adopted pursuant to such intergovernmental agreement.
“Federal Funds Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depository institutions (as determined in such manner as the NYFRB shall set forth on its public websitethe NYFRB’s Website from time to time) and published on the next succeeding Domestic Business Day by the NYFRB as the federal funds effective rate; provided that if such rate shall be less than zero, such rate shall be deemed to be zero.
“Fifth Amendment Effective Date” means December 4, 2020.
“First Amendment Effective Date” means May 5, 2015.
“Fourth Amendment” means the Fourth Amendment, dated as of September 24, 2019, to this Agreement.
“Fourth Amendment Effective Date” means September 24, 2019.
“Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to LIBO Rate.
“Fund” means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business.
“GAAP” means, subject to Section 1.03, generally accepted accounting principles in the United States of America as in effect from time to time.
“Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).
“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working 
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capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business.
“Increase Effective Date” has the meaning specified in Section 2.17.
“Increasing Lender” has the meaning specified in Section 2.17.
“Incremental Commitments Supplement” has the meaning specified in Section 2.17.
“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding (i) accounts payable and accrued 
liabilities incurred in the ordinary course of business and (ii) amounts which are being contested in good faith and for which reserves in conformity with GAAP have been provided), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, but only to the extent of such property’s fair market value, (f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of (i) all letters of credit or letters of guaranty issued to support Indebtedness of any Person and (ii) other drawn letters of credit and letters of guaranty that have been called upon and (i) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances.  The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is legally liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor.  The Indebtedness of any Person shall not include endorsements of checks, bills of exchange and other instruments for deposit or collection in the ordinary course of business.
“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by the Borrower hereunder and (b) to the extent not otherwise described in clause (a) of this definition, Other Taxes.
“Indemnitee” has the meaning specified in Section 9.03(b).
“Interest Period” means, with respect to each Eurodollar Borrowing, the period commencing on the date of such Eurodollar Borrowing as specified in the applicable Notice of Revolving Borrowing or the applicable Notice of Interest Rate 
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Election and ending one, two, three or six months thereafter, as the Borrower may elect in such notice; provided that (a) any Interest Period which would otherwise end on a day which is not a Eurodollar Business Day shall be extended to the next succeeding Eurodollar Business Day unless such Eurodollar Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Eurodollar Business Day, (b) any Interest Period which begins on the last Eurodollar Business Day in 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, subject to clause (c) below, end on the last Eurodollar Business Day in a calendar month and (c)  no Interest Period shall end after the Termination Date.
“Interpolated Screen Rate” means, with respect to any period, a rate per annum which results from interpolating on a linear basis between (a) the applicable LIBO Screen Rate for the longest maturity for which a LIBO Screen Rate is available that is shorter than such period and (b) the applicable LIBO Screen Rate for the shortest maturity for which a LIBO Screen Rate is available that is longer than such period, in each case as of the time the Interpolated Screen Rate is required to be determined in accordance with the other provisions hereof.
“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.
“Issuing Bank” means (a) each of JPMCBJPMorgan, Mizuho, Citibank, Morgan Stanley and, RBC, Scotia Bank and TD and (b) any other Lender designated by the Borrower that may agree to issue Letters of Credit hereunder pursuant to an instrument in form reasonably satisfactory to the Administrative Agent, each in its capacity as an issuer of a Letter of Credit hereunder, in each case other than any such Issuing Bank that ceases to be such pursuant to Section 2.04(g).  Each Issuing Bank may arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank (subject to the consent of the Borrower in the case of any Affiliate that is not a U.S. Person), in which case the term “Issuing Bank” shall, for all purposes of this Agreement, include any such Affiliate with respect to Letters of Credit issued by such Affiliate (it being agreed that such Issuing Bank shall, and shall cause such Affiliate to, comply with all obligations of an Issuing Bank under this Agreement); provided that, for purposes of the definition of “Excluded Taxes”, such Affiliate shall be deemed to have become a party to this Agreement on the date such Affiliate issues a Letter of Credit.
“JPMCBJPMorgan” has the meaning specified in the preamble hereto.
“Lender” means each Person listed on the Commitment Schedule and each other Person that shall have become a Lender pursuant to Section 2.17 or 9.06(b),  other than any such Person that has ceased to be a Lender as a result of one or more assignments pursuant to Section 9.06(b).  Unless the context requires otherwise, the term “Lenders” shall include the Swingline Lender.
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“Lender-Related Person” means the Administrative Agent, each Arranger, each Issuing Bank, each Lender and their respective Related Parties.
“Letter of Credit” means a letter of credit issued hereunder by an Issuing Bank.
“Letter of Credit Commitment” means (a) as to each of JPMCBJPMorgan, Mizuho, Citibank, Morgan Stanley and, RBC, Scotia Bank and TD, $75,000,00055,000,000 and (b) as to each other Issuing Bank, the commitment of such Issuing Bank to issue Letters of Credit pursuant to Section 2.04 as set forth in the instrument under which such Issuing Bank became an Issuing Bank.  
“Letter of Credit Disbursement” means a payment made by an Issuing Bank in respect of a draw under a Letter of Credit issued by such Issuing Bank.
“Letter of Credit Liabilities” means, at any time, the sum of (a) the aggregate amount of Letter of Credit Disbursements that have not been reimbursed by or on behalf of the Borrower at such time and (b) the aggregate amount available for drawing under all outstanding Letters of Credit at such time.  The Letter of Credit Liabilities of any 
Lender at any time shall be its Percentage of the total amount of the Letter of Credit Liabilities at such time, adjusted to give effect to any reallocation under Section 2.19 of the Letter of Credit Liabilities of Defaulting Lenders in effect at such time.
“Letter of Credit Termination Date” means the fifth Domestic Business Day prior to the Termination Date.
“Liabilities” means any losses, claims (including intraparty claims), demands, damages or liabilities.
“LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the LIBO Screen Rate at approximately 11:00 a.m. (London time) two Eurodollar Business Days prior to the commencement of such Interest Period; provided that (a) if no LIBO Screen Rate shall be available at such time for such Interest Period but LIBO Screen Rates shall be available for maturities both longer and shorter than such Interest Period, then the “LIBO Rate” for such Interest Period shall be Interpolated Screen Rate at such time and (b) if the LIBO Rate, determined as set forth above, shall be less than zero, such rate shall be deemed to be zero.
“LIBO Screen Rate” means, for any date and time, with respect to any Eurodollar Borrowing for any Interest Period, or with respect to any determination of the Base Rate pursuant to clause (c) of the definition thereof, the London interbank offered rate as administered by the ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for deposits in dollars (for delivery on the first day of such Interest Period) for a period equal in length to such Interest Period as displayed on the Reuters screen page that displays such rate (currently page LIBOR01 or LIBOR02) or, in the event such rate does not appear on a page of the Reuters screen, on 
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the appropriate page of such other information service that published such rate from time to time as selected by the Administrative Agent from time to time in its reasonable discretion.
 “LIBOR” has the meaning specified in Section 1.05. 
“Loan” means a Revolving Loan or a Swingline Loan.
“Marathon Oil Company” means Marathon Oil Company, an Ohio corporation and a Subsidiary of the Borrower.
“Material Adverse Change” means any event, development or circumstance that has had or could reasonably be expected to have a Material Adverse Effect.
“Material Adverse Effect” means a material adverse effect on (a) the business, operations, property or financial condition of the Borrower and its Subsidiaries, taken as a whole, (b) the ability of the Borrower to perform its obligations under this Agreement or (c) the rights and remedies of the Administrative Agent and the Lenders hereunder.
“Material Indebtedness” means Indebtedness (other than the Loans), or obligations in respect of one or more Swap Agreements, of any one or more of the Borrower and its Subsidiaries in an aggregate principal amount of $150,000,000 or more.  For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Borrower or its Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time.  
“Maximum Rate” has the meaning specified in Section 9.14.
“Mizuho” has the meaning specified in the preamble hereto.means Mizuho Bank, Ltd.
 “MNPI” means material information concerning the Borrower, any Subsidiary or any Affiliate of any of the foregoing or their securities that has not been disseminated in a manner making it available to investors generally, within the meaning of Regulation FD under the Securities Act and the Exchange Act.  For purposes of this definition, “material information” means information concerning the Borrower, the Subsidiaries or any Affiliate of any of the foregoing, or any of their securities, that could reasonably be expected to be material for purposes of the United States federal and state securities laws.
“Money Market Rate” means (a) the “ASK” rate for Federal funds appearing on the applicable Reuters screen (or on any successor or substitute for such screen, providing rate quotations comparable to those currently provided on such screen, as determined by the Swingline Lender from time to time for purposes of providing 
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quotations of the offer rates applicable to Federal funds for a term of one Domestic Business Day) at the time reviewed by the Swingline Lender plus (b) the Eurodollar Margin.  In the event that part (a) of such rate is not available at such time for any reason, then part (a) of such rate will be the rate agreed to between the Swingline Lender and the Borrower (or, in the absence of such agreement, a rate reasonably determined by the Swingline Lender and communicated to the Borrower).  The Borrower understands and agrees that the rate quoted from such applicable Reuters screen is a real-time rate that changes from time to time.  The rate quoted by the Swingline Lender and used for the purpose of setting the interest rate for any Swingline Loan bearing interest at the Money Market Rate will be the rate on the screen of the Swingline Lender at the time of setting the rate and will not be an average or composite of rates for that day.  Notwithstanding the foregoing, if the Money Market Rate, determined as provided above, would otherwise be less than zero, then the Money Market Rate shall be deemed to be zero for all purposes of this Agreement.
“Money Market Rate Loan” means a Swingline Loan that bears interest at a rate determined on the basis of the Money Market Rate in accordance with this Agreement.
“Moody’s” means Moody’s Investors Service, Inc., or any successor to the rating agency business thereof.
“Morgan Stanley” means Morgan Stanley Bank, N.A. 
“Mortgage” has the meaning specified in Section 5.03.
“MSSF” has the meaning specified in the preamble heretomeans Morgan Stanley Senior Funding, Inc.
“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.
“Non-Defaulting Lender” means, at any time, any Lender that is not a Defaulting Lender at such time.
“Non-U.S. Lender” means a Lender that is not a U.S. Person.
“Notice of Interest Rate Election” has the meaning specified in Section 2.09(b).
“Notice of LC Credit Event” has the meaning specified in Section 2.04(b).
“Notice of Revolving Borrowing” has the meaning specified in Section 2.02.
“Notice of Swingline Borrowing” has the meaning specified in Section 2.03(b).

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“NYFRB” means the Federal Reserve Bank of New York.
“NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or, for any day that is not a Domestic Business Day, on the immediately preceding Domestic Business Day); provided that if none of such rates are published for any day, the term “NYFRB Rate” shall mean the rate for a federal funds transaction quoted at 11:00 a.m. (New York City time) on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided further that if the NYFRB Rate, determined as set forth above, shall be less than zero, such rate shall be deemed to be zero.
“NYFRB’s Website” means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.
“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Taxes (other than a connection arising from such Recipient having executed, delivered, enforced, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, or engaged in any other transaction pursuant to, or enforced, this Agreement, or sold or assigned an interest in this Agreement).
“Other Taxes” means any present or future stamp, court, documentary, intangible, recording, filing or similar excise or property Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the registration, receipt or perfection of a security interest under, or otherwise with respect to, this Agreement, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment under Section 8.06(b)).
“Outstanding Amount” means, with respect to any Lender at any time, the sum of (a) the aggregate outstanding principal amount of its Revolving Loans at such time, (b) its Letter of Credit Liabilities at such time and (c) its Swingline Liabilities at such time.
“Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar borrowings by U.S.-managed banking offices of depository institutions (as such composite rate shall be determined by the NYFRB as set forth on its public websitethe NYFRB’s Website from time to time) and published on the next succeeding Domestic Business Day by the NYFRB as an overnight bank funding rate. 
“Participant” has the meaning specified in Section 9.06(e).
“Participant Register” has the meaning specified in Section 9.06(g).
“Payment” has the meaning specified in Section 7.08.

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“Payment Date” has the meaning specified in Section 2.04(c).
“Payment Notice” has the meaning specified in Section 7.08.
“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor performing similar functions.
“Percentage” means, with respect to any Lender at any time, the percentage of the aggregate amount of all the Commitments represented by such Lender’s Commitment at such time.  At any time after the Commitments shall have terminated, the term “Percentage” shall refer to a Lender’s Percentage immediately before such termination, adjusted to reflect any subsequent assignments pursuant to Section 9.06(b).
“Person” means an individual, a corporation, a limited liability company, a partnership, an association, a trust or any other entity or organization, including a Governmental Authority.
“Plan” means, at any time, an employee pension benefit plan (other than a Multiemployer Plan) subject to Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.
“Platform” has the meaning specified in Section 9.01(d).
“Pricing Schedule” means the Pricing Schedule attached hereto.
“Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the United States or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent).  Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.
“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.
“Quarterly Payment Dates” means each March 31, June 30, September 30 and December 31.
“RBC” means Royal Bank of Canada. 
“RBCCM” means RBC Capital Markets. 
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“Recipient” means the Administrative Agent, any Lender and any Issuing Bank.
“Reference Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is LIBO Rate, 11:00 a.m. (London time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not LIBO Rate, the time determined by the Administrative Agent in its reasonable discretion.
“Register” has the meaning specified in Section 9.06(c).
“Regulation U” means Regulation U of the Board of Governors, as in effect from time to time.
“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the directors, officers, employees and agents of such Person and of such Person’s Affiliates.
“Relevant Governmental Body” means the Board of Governors or the NYFRB, or a committee officially endorsed or convened by the Board of Governors or the NYFRB, or any successor thereto.
“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.
“Required Lenders” means, at any time, subject to Section 2.19, Lenders having more than 50% in aggregate amount of the Credit Exposures at such time.
“Reuters” means Thomson Reuters Corporation, a corporation incorporated under and governed by the Business Corporations Act (Ontario), Canada, Refinitiv or, in each case, a successor thereto.
“Revolving Credit Period” means the period from and including the Effective Date to but not including the Termination Date.
“Revolving Borrowing” means a Borrowing consisting of Revolving Loans.
“Revolving Loan” means a loan made by a Lender pursuant to Section 2.01.
“S&P” means S&P Global Ratings, a division of S&P Global Inc., or any successor to the rating agency business thereof.
 “Sanctioned Country” means, at any time, a country, region or territory which is the subject or target of any Sanctions.

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“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the United Nations Security Council, the European Union or any EU member state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person controlled by any such Person or Persons described in clause (a) or (b) above.
“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.
“Scotia Bank” has the meaning specified in the preamble heretomeans The Bank of Nova Scotia, Houston Branch.
“SEC” means the United States Securities and Exchange Commission.
“Sixth Amendment” means the Sixth Amendment, dated as of June 21, 2021, to this Agreement.
“Sixth Amendment Effective Date” means June 21, 2021.
“SOFR” means, with respect to any Domestic Business Day, a rate per annum equal to the secured overnight financing rate for such Domestic Business Day published by the SOFR Administrator on the SOFR Administrator’s Website at approximately 8:00 a.m. (New York City time) on the immediately succeeding Domestic Business Day.
“SOFR Administrator” means the NYFRB (or a successor administrator of the secured overnight financing rate).
“SOFR Administrator’s Website” means the NYFRB’s Website or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.
“Specified Oil and Gas Property” means any property interest in oil and gas reserves located in the United States owned by the Borrower or any Subsidiary which is capable of producing crude oil, condensate, natural gas, natural gas liquids or other similar hydrocarbon substances in paying quantities, the net book value of which property interest or interests exceeds 2% of Consolidated Net Tangible Assets, except any such property interest or interests that in the opinion of the board of directors of the Borrower is not of material importance to the business conducted by the Borrower and its Subsidiaries, taken as a whole.
“Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, 
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special, emergency or supplemental reserves) expressed as a decimal established by the Board of Governors to which the Administrative Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board of Governors).  Such reserve percentages shall include those imposed pursuant to such Regulation D.  Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation.  The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.
“Stop Notice” means any “Stop Notice” given by the Administrative Agent at the request of the Required Lenders as contemplated by Section 2.04(f).
“Subsequent Borrowings” has the meaning specified in Section 2.17.
“Subsidiary” means, as to any Person, any corporation or other entity of which securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by such Person. Unless otherwise specified, “Subsidiary” means a Subsidiary of the Borrower.
“Swap Agreement” means (a) any agreement with respect to any swap, forward, future or derivative transaction, or any option or similar agreement, involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions, (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 and (c) any other derivative agreement or other similar agreement or arrangement, in each case, including any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Borrower or any of its Subsidiaries shall be a Swap Agreement.
“Swingline Lender” means JPMCBJPMorgan, in its capacity as lender of Swingline Loans hereunder.
“Swingline Liabilities” means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time.  When used in respect of any Lender at any time, the term “Swingline Liabilities” means an amount equal at such time to the sum of (a) such Lender’s Percentage of the aggregate principal amount of all Swingline Loans outstanding at such time (excluding, in the case of any Lender that is also the Swingline 
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Lender for purposes of determining the outstanding principal amount of Swingline Loans, Swingline Loans made by it and outstanding at such time to the extent that the other Lenders shall not have funded their participations in such Swingline Loans), adjusted to give effect to any reallocation under Section 2.19 of the Swingline Liabilities of Defaulting Lenders in effect at such time, and (b) in the case of any Lender that is the Swingline Lender, the aggregate principal amount of all Swingline Loans made by such Lender and outstanding at such time to the extent that the other Lenders shall not have funded their participations in such Swingline Loans.
“Swingline Loan” has the meaning specified in Section 2.03(a).
“Syndication Agent” means Mizuho Bank, Ltd.,, in its capacity as syndication agent in connection with the credit facility provided under this Agreement.
“Taxes” means any present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
“TD” means The Toronto-Dominion Bank, New York Branch.
“TD Securities” means TD Securities (USA) LLC.
“Termination Date” means May 28, 2023subject to Section 2 of the Sixth Amendment, June 21, 2024, or such later date to which the Termination Date may be extended pursuant to Section 2.18, or if any such date is not a Eurodollar Business Day, the next preceding Eurodollar Business Day.
“Term SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.
“Term SOFR Notice” means a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term SOFR Transition Event. 
“Term SOFR Transition Event” means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark Transition Event or an Early Opt-in Election, as applicable, has previously occurred resulting in a Benchmark Replacement in accordance with Section 8.01(b) that is not Term SOFR.
“Total Outstanding Amount” means, at any time, the sum of (a) the aggregate outstanding principal amount of the Loans at such time and (b) the aggregate Letter of Credit Liabilities of all Lenders at such time, determined after giving effect, if 

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one or more Loans are being made at such time, to any substantially concurrent application of the proceeds thereof to repay one or more other Loans.
“Type” refers to the determination whether a Loan is a Base Rate Loan or a Eurodollar Loan.
“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any Person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain Affiliates of such credit institutions or investment firms.
“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.
“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.
“U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code.
“U.S. Tax Certificate” has the meaning specified in Section 8.05(f)(ii)(D).
“USA PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001.
“Voting Power” has the meaning specified in Section 2.16(a).
“Voting Stock” has the meaning specified in Section 2.16(a).
“Withholding Agent” means the Borrower and the Administrative Agent.
“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.
“Write-Down and Conversion Powers” means (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of such Person or any other Person, to provide that any 
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such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.
SECTION 1.02.Terms Generally.  The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.  The word “will” shall be construed to have the same meaning and effect as the word “shall”.  Unless the context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any restrictions on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including intellectual property, cash, securities, accounts and contract rights, (f) with respect to the determination of any period of time, the word “from” means “from and including” and the word “to” means “to but excluding” and (g) reference to any law, rule or regulation means such as amended, modified, codified or reenacted, in whole or in part, and in effect from time to time.
SECTION 1.03.Accounting Terms and Determinations.  Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared, in accordance with GAAP, applied on a basis consistent (except for changes concurred in by the Borrower’s independent public accountants) with the most recent audited consolidated financial statements of the Borrower delivered to the Administrative Agent; provided that if the Borrower, by notice to the Administrative Agent, shall request an amendment to any provision hereof to eliminate the effect of any change occurring after the Effective Date in GAAP or in the application thereof on the operation of such provision (or if the Required Lenders, by notice from the Administrative Agent to the Borrower, shall request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith in a manner satisfactory to the Borrower and the Required Lenders.  Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all 
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computations of amounts and ratios referred to herein shall be made, without giving effect to (a) any election under Accounting Standards Codification 825-10-25 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein, (b) any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof, (c) any deduction of debt issuance costs in respect of any Indebtedness from the principal amount of such Indebtedness under Accounting Standards Update 2015-03, and (d) any change in accounting for leases pursuant to GAAP resulting from the implementation of Financial Accounting Standards Board Accounting Standards Update No. 2016-02, Leases (Topic 842), to the extent such adoption would require recognition of a lease liability where such lease (or similar arrangement) would not have been required to be recognized as a lease liability under GAAP as in effect on December 31, 2015. 
SECTION 1.04.Classification Loans and Borrowings.  For purposes of this Agreement, Loans may be classified and referred to by Type (e.g., a Eurodollar Revolving Loan is a Revolving Loan that is a Eurodollar Loan) and Borrowings may be classified and referred to by the Types of Loans comprising such Borrowings (e.g., a Eurodollar Borrowing is a Borrowing comprised of Eurodollar Loans and a Base Rate Revolving Borrowing is a Revolving Borrowing comprised of Base Rate Loans).
SECTION 1.05.Interest Rates; LIBOR Notification.  The interest rate on Eurodollar Loans is determined by reference tomay be derived from an interest rate benchmark that is, or may in the future become, the subject of regulatory reform.  Regulators have signaled the need to use alternative benchmark reference rates and, as a result, such interest rate benchmark may cease to comply with applicable laws and regulations, may be permanently discontinued, and/or the LIBO Rate,basis on which it is derived from the calculated may change. The London interbank offered rate. The (“LIBOR”) is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market.  On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that: immediately after December 31, 2021, publication of the 1-week and 2-month U.S. dollar LIBOR settings will permanently cease; immediately after June 30, 2023, publication of the overnight and 12-month U.S. dollar LIBOR settings will permanently cease; and immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored.  There is no assurance that dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition, or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published.  Each party to this
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Agreement should consult its own advisors to stay informed of any such developments.  Public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR.  Upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, Sections 8.01(b)(i) and 8.01(b)(ii) provide the mechanism for determining an alternative rate of interest. The Administrative Agent will promptly notify the Borrower, pursuant to Section 8.01(b)(iv), of any change to the reference rate upon which the interest rate on Eurodollar Loans is based.  However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of “LIBO Screen Rate” or with respect to any alternative or successor rate thereto, or replacement rate thereof (including, without limitation, (i) any such alternative, successor or replacement rate implemented pursuant to Sections 8.01(b)(i) or 8.01(b)(ii), whether upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, and (ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to Section 8.01(b)(iii)), including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant to Section 8.01(b), will be similar to, or produce the same value or economic equivalence of, the LIBO Rate or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability.
SECTION 1.06.Divisions.  For all purposes under this Agreement, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws):  (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders of its equity interests at such time.
ARTICLE 2

The Credits
SECTION 2.01.Commitments to Lend.   (a) Each Lender severally agrees, on the terms and conditions set forth in this Agreement, to make Revolving Loans to the Borrower from time to time during the Revolving Credit Period in dollars; provided that, immediately after each such Loan is made, (i) such Lender’s Outstanding Amount shall not exceed its Commitment and (ii) the Total Outstanding Amount shall not exceed the aggregate amount of the Commitments.  Each Revolving Borrowing shall be in an aggregate principal amount of $10,000,000 or any larger integral multiple of $5,000,000, except that (A) any Revolving Borrowing may be in the aggregate amount of unused Commitments and (B) any Base Rate Revolving Borrowing may be in an aggregate amount that is required to finance the reimbursement of all or any portion of 
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any Letter of Credit Disbursement as provided in Section 2.04(c).  Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans. 
(b)Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans of the same Type made by the Lenders ratably in proportion to their respective Commitments.  The failure of any Lender to make any Revolving Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Revolving Loans as required.
SECTION 2.02.Notice of Revolving Borrowing.  To request a Revolving Borrowing, the Borrower shall deliver a written notice (a “Notice of Revolving Borrowing”) to the Administrative Agent by hand delivery, e-mail or fax (a) in the case of a Base Rate Revolving Borrowing, not later than 1:00 p.m. (New York City time) on the date of such Base Rate Revolving Borrowing and (b) in the case of a Eurodollar Revolving Borrowing, not later than 1:00 p.m. (New York City time) on the third Eurodollar Business Day before the requested date of such Eurodollar Revolving Borrowing, specifying:
(i)the date of such Revolving Borrowing, which shall be a Domestic Business Day, in the case of a Base Rate Revolving Borrowing, or a Eurodollar Business Day, in the case of a Eurodollar Revolving Borrowing;
(ii)the aggregate amount of such Revolving Borrowing, which shall comply with Section 2.01(a);
(iii)the initial Type of the Revolving Loans comprising such Revolving Borrowing; 
(iv)in the case of a Eurodollar Revolving Borrowing, the duration of the initial Interest Period applicable thereto, which shall comply with the provisions of the definition of Interest Period; and
(v)the deposit account of the Borrower with the Administrative Agent to which funds are to be disbursed or, in the case of any Revolving Borrowing requested to finance the reimbursement of all or any portion of any Letter of Credit Disbursement as provided in Section 2.04(c)(i), the identity of such Issuing Bank.
If no election as to the Type of Revolving Borrowing is specified, then the requested Revolving Borrowing shall be a Base Rate Revolving Borrowing.  If no Interest Period is specified with respect to any requested Eurodollar Revolving Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.  Notwithstanding the foregoing, Revolving Borrowings may also be requested by the Administrative Agent on behalf of the Borrower in accordance with Section 2.04(c)(ii).

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SECTION 2.03.Swingline Loans.    (a) Commitment to Make Swingline Loans.  Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make loans to the Borrower (each such loan, a “Swingline Loan”) from time to time during the Revolving Credit Period in dollars, in an aggregate principal amount at any time outstanding that will not result in (i) the Outstanding Amount of any Lender exceeding its Commitment, (ii) the Total Outstanding Amount exceeding the aggregate amount of the Commitments and (iii) the aggregate principal amount of outstanding Swingline Loans exceeding $100,000,000; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan.  Each Swingline Loan shall be in an aggregate principal amount that is an integral multiple of $1,000,000, except that any Swingline Loan may be in the aggregate amount of unused Commitments or in an aggregate amount that is required to finance the reimbursement of all or any portion of any Letter of Credit Disbursement as provided in Section 2.04(c).  Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans.  
(b)Notice of Swingline Loans.  To request a Swingline Loan, the Borrower shall deliver a written notice (a “Notice of Swingline Borrowing”) to the Administrative Agent by hand delivery, e-mail or fax, not later than 2:00 p.m. (New York City time) on the day of a proposed Swingline Loan.  Each such notice shall be irrevocable and shall specify the requested date (which shall be a Domestic Business Day), amount of the requested Swingline Loan and whether such Swingline Loan is to be a Base Rate Loan or a Money Market Rate Loan and, in the case of any Swingline Loan requested to finance the reimbursement of all or any portion of any Letter of Credit Disbursements as provided in Section 2.04(c)(i), the identity of such Issuing Bank.  The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Borrower.  The Swingline Lender shall make each Swingline Loan available to the Borrower by means of a credit to the general deposit account of the Borrower with the Swingline Lender (or, in the case of a Swingline Loan made to finance the reimbursement of all or any portion of any Letter of Credit Disbursement as provided in Section 2.04(c)(i), by remittance to such Issuing Bank) by 3:00 p.m. (New York City time) on the requested date of such Swingline Loan.
(c)Participations.  The Swingline Lender may, by written notice given to the Administrative Agent not later than 12:00 p.m. (New York City time), on any Domestic Business Day, require the Lenders to acquire participations on such Domestic Business Day in all or a portion of the Swingline Loans outstanding.  Such notice shall specify the aggregate amount of Swingline Loans in which Lenders will participate.  Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Lender, specifying in such notice such Lender’s Percentage of such Swingline Loan or Swingline Loans.  Each Lender hereby absolutely and unconditionally agrees to pay, upon receipt of notice as provided above, to the Administrative Agent, for the account of the Swingline Lender, such Lender’s Percentage of such Swingline Loan or Swingline Loans.  Each Lender acknowledges and agrees that in making any Swingline Loan the Swingline Lender shall be entitled to conclusively rely, and shall not incur any 
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liability for relying, upon the representation and warranty of the Borrower deemed made pursuant to Section 3.02.  Each Lender further acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this Section 2.03(c) is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.  Each Lender shall comply with its obligation under this Section 2.03(c) by wire transfer of immediately available funds, in the same manner as provided in Section 2.05 with respect to Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Lenders under this Section 2.03(c)), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Lenders.  The Administrative Agent shall notify the Borrower of any participations in any Swingline Loan acquired pursuant to this Section 2.03(c), and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender.  Any amounts received by the Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that shall have made their payments pursuant to this Section 2.03(c) and to the Swingline Lender, as their interests may appear; provided that any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the Borrower for any reason.  The purchase of participations in a Swingline Loan pursuant to this Section 2.03(c) shall not constitute a Loan and shall not relieve the Borrower of its obligation to repay such Swingline Loan.
SECTION 2.04.Letters of Credit.    (a) Commitment to Issue Letters of Credit; Participations.  Subject to the terms and conditions hereof (and to the terms and conditions of any separate agreement between the Borrower and any Issuing Bank limiting the types of Letters of Credit to be issued by such Issuing Bank), each Issuing Bank agrees to issue Letters of Credit denominated in dollars (and to amend and extend outstanding Letters of Credit) from time to time before the Letter of Credit Termination Date upon the request of the Borrower; provided that, immediately after each Letter of Credit is issued, amended or extended (i) the Outstanding Amount of any Lender shall not exceed its Commitment, (ii) the Total Outstanding Amount shall not exceed the aggregate amount of the Commitments, (iii) the aggregate Letter of Credit Liabilities attributable to Letters of Credit issued by such Issuing Bank shall not exceed the Letter of Credit Commitment of such Issuing Bank and (iv) the aggregate amount of the Letter of Credit Liabilities shall not exceed $500,000,000.  Upon issuance by an Issuing Bank of a Letter of Credit (or any amendment of a Letter of Credit increasing the amount thereof), such Issuing Bank shall be deemed, without further action by any party hereto, to have granted to each Lender, and each Lender shall be deemed, without further action by any party hereto, to have acquired from such Issuing Bank, a participation in such Letter of Credit and the related Letter of Credit Liabilities equal to such Lender’s 
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Percentage thereof and, in consideration and in furtherance of the foregoing, in accordance with Section 2.04(c)(iii), each Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of such Issuing Bank, such Lender’s Percentage of each Letter of Credit Disbursement made by such Issuing Bank under such Letter of Credit and not reimbursed or discharged and replaced in full on the date due as provided in Section 2.04(c)(i) or 2.04(c)(ii), or of any reimbursement payment required to be refunded to the Borrower for any reason, including after the Termination Date.  On the Effective Date, the Lenders shall hold participations in any Letters of Credit outstanding on such date (including any such Letters of Credit issued or deemed under the Existing Credit Agreement) in proportion to the Lenders’ respective Percentages determined after giving effect to the amendment and restatement hereof (including of the Commitment Schedule) on the Effective Date.
(b)Notice of LC Credit Event; Terms; Extensions.    (i) To request the issuance of a Letter of Credit by any Issuing Bank (or the amendment or extension of an outstanding Letter of Credit (other than an automatic extension permitted pursuant to Section 2.04(b)(iii))), the Borrower shall give such Issuing Bank notice at least three Domestic Business Days (or such other period as such Issuing Bank and the Borrower may agree) prior to the requested date of issuance, amendment or extension, specifying the date such Letter of Credit is to be issued, amended or extended and describing the terms of such Letter of Credit (any such notice being referred to as a “Notice of LC Credit Event”). Upon receipt of a Notice of LC Credit Event, the applicable Issuing Bank shall promptly notify the Administrative Agent of the contents thereof.
(ii)The obligation of the applicable Issuing Bank to issue, amend or extend any Letter of Credit shall, in addition to the conditions precedent set forth in Section 3.02 (if applicable by the terms thereof), be subject to the conditions precedent that such Letter of Credit shall be of the type customarily issued by such Issuing Bank and in such form and contain such terms as shall be reasonably satisfactory to such Issuing Bank and that the Borrower shall have executed and delivered such other customary instruments and agreements (which may include a letter of credit application) relating to such Letter of Credit as such Issuing Bank shall have reasonably requested.  An Issuing Bank shall not be required to issue a Letter of Credit if the issuance of such Letter of Credit would violate one or more policies of such Issuing Bank applicable to letters of credit generally; and, without limiting the foregoing, Morgan Stanley shall not be required to issue any Letter of Credit that is not a standby Letter of Credit.  In the event of any conflict or inconsistency between the terms and conditions of this Agreement and the terms and conditions of any letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, the applicable Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. 
(iii)Each Letter of Credit shall expire at or before the close of business on the date that is one year after such Letter of Credit is issued (or, in the case of any extension thereof, one year after such extension); provided that (A) a Letter of Credit may contain a provision pursuant to which it is deemed to be automatically extended on an annual basis unless notice of termination is given by the applicable Issuing Bank and (B) 
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in no event will a Letter of Credit expire (including pursuant to an extension thereof) on a date later than the Letter of Credit Termination Date, unless such Letter of Credit is, at the time it is issued, amended or extended (or such other time as may be agreed to in writing by the applicable Issuing Bank), cash collateralized or otherwise backstopped in an amount and manner and pursuant to documentation approved in writing by the applicable Issuing Bank (any such Letter of Credit being referred to as a “Backstopped Letter of Credit”).
(c)Payments; Reimbursement Obligations.   (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable Issuing Bank shall, within the period stipulated by the terms and conditions of such Letter of Credit, examine the drawing documents. After such examination, and provided the drawing documents are compliant, the Issuing Bank shall promptly notify the Administrative Agent, and the Administrative Agent shall promptly notify the Borrower, as to the amount to be paid as a result of such drawing and the date such payment is to be made by such Issuing Bank (the “Payment Date”). The Borrower shall be irrevocably and unconditionally obligated to reimburse the applicable Issuing Bank for any Letter of Credit Disbursement made by such Issuing Bank, without presentment, demand, protest or other formalities of any kind.  Such reimbursement shall be made not later than 3:00 p.m. (New York City time) on the Payment Date, if the Borrower shall have received such notice from the Administrative Agent prior to 10:00 a.m. (New York City time) on the Payment Date, or, if such notice has not been received by the Borrower prior to such time on the Payment Date, then not later than 3:00 p.m. (New York City time) on (A) the Domestic Business Day that the Borrower receives such notice, if such notice is received prior to 10:00 a.m. (New York City time) on the day of receipt, or (B) the Domestic Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time on the day of receipt; provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.02 or 2.03 that such payment be financed with a Base Rate Revolving Borrowing or a Swingline Loan and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Base Rate Revolving Borrowing or Swingline Loan; provided further that the Borrower’s obligation to make such payment may also be discharged and replaced by a Base Rate Revolving Borrowing as provided in Section 2.04(c)(ii).  If and to the extent any Letter of Credit Disbursement is not reimbursed 
or discharged and replaced in full in accordance with this Section 2.04(c)(i) or Section 2.04(c)(ii), then (irrespective of when notice thereof is received by the Borrower), such reimbursement obligation shall bear interest, payable on demand, for each day from and including the Payment Date to but excluding the date such reimbursement obligation is paid or discharged and replaced in full at a rate per annum equal to, subject to Section 2.08(e), the rate applicable to Base Rate Revolving Loans for such day.
(ii)Upon receipt of a notice from any Issuing Bank referred to in Section 2.04(c)(i), the Administrative Agent shall at or about 1:00 p.m. (New York City time) on the Payment Date, if the Administrative Agent shall have received such notice 
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prior to 10:00 a.m. (New York City time) on the Payment Date, or, if such notice has not been received by the Administrative Agent prior to such time on the Payment Date, then at or about 1:00 p.m. (New York City time) on (A) the Domestic Business Day that the Administrative Agent receives such notice, if such notice is received prior to 10:00 a.m. (New York City time) on the day of receipt, or (B) the Domestic Business Day immediately following the day that the Administrative Agent receives such notice, if such notice is not received prior to such time on the day of receipt, notify the Lenders thereof, specifying the amount of the applicable LC Disbursement and requesting, on behalf of the Borrower (which hereby irrevocably directs the Administrative Agent so to act on its behalf), that on the Payment Date or such Domestic Business Day, as applicable, Lenders make a Base Rate Revolving Borrowing in the amount of such Letter of Credit Disbursement, specifying each Lender’s Revolving Loan to be made as part of such Base Rate Revolving Borrowing; provided that no such notice to the Lenders shall be required to be given by the Administrative Agent, and no such request on behalf of the Borrower shall be made by the Administrative Agent, in each case if, not later than 12:00 p.m. (New York City time) on the Payment Date or such Domestic Business Day, as applicable, the Borrower shall have delivered (by e-mail or fax) a written notice to the Administrative Agent to the effect that the Borrower intends to satisfy its obligation to reimburse such Letter of Credit Disbursement other than in reliance on the provisions of this Section 2.04(c)(ii).  Subject to the conditions to borrowing set forth herein, upon receipt of such notice from the Administrative Agent, each Lender shall make available its Revolving Loan to be made as part of such Base Rate Revolving Borrowing by wire transfer, no later than 3:00 p.m. (New York City time) on the requested date of such Base Rate Revolving Borrowing, of immediately available funds to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders, and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the Lenders.  To the extent of the Base Rate Revolving Loans so made by the Lenders, the Borrower’s obligation to reimburse the applicable Letter of Credit Disbursement shall be discharged and replaced by the resulting Base Rate Revolving Borrowing, it being understood that if any Lender fails to fund its Base Rate Revolving Loan pursuant to this Section 2.04(c)(ii), the Administrative Agent shall notify the Borrower in writing of such failure by 10:00 a.m. (New York City time) on the immediately succeeding Domestic Business Day, and the Borrower’s obligation to reimburse the applicable Letter of Credit Disbursement shall nonetheless be deemed paid when due for purposes of Section 6.01(a) if the Borrower reimburses the applicable Issuing Bank in the amount of any undischarged portion of such Letter of Credit Disbursement by 12:00 p.m. (New York City time) on such Domestic Business Day on which the Borrower receives such notice.
(iii)To the extent any Letter of Credit Disbursement has not been reimbursed or discharged and replaced in full as provided in Section 2.04(c)(i) or 2.04(c)(ii), each Lender will pay to the Administrative Agent, for the account of the applicable Issuing Bank and without any offset, abatement, withholding or reduction whatsoever, promptly upon such Issuing Bank’s demand, an amount equal to such Lender’s Percentage of such unreimbursed Letter of Credit Disbursement, together with interest on such amount for each day from the date of such Issuing Bank’s demand for such payment (or, if such demand is made after 1:00 p.m. (New York City time) on such 
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date, from the next succeeding Domestic Business Day) to the date of payment by such Lender of such amount at a rate of interest per annum equal to the Federal Funds Rate for the first three Domestic Business Days after the date of such demand and thereafter at a rate per annum equal to the Base Rate for each additional day.  The Administrative Agent shall notify the Borrower of any participations in any Letter of Credit Disbursements funded pursuant to this Section 2.04(c)(iii), and thereafter payments in respect of such Letter of Credit Disbursements shall be made to the Administrative Agent and not to the applicable Issuing Bank.  Any amounts received by the applicable Issuing Bank from the Borrower in respect of any Letter of Credit Disbursement (including in respect of accrued interest thereon) after receipt by such Issuing Bank of the proceeds of the funding by Lenders of participations therein pursuant to this Section 2.04(c)(iii) shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that shall have funded their participations pursuant to this Section 2.04(c)(iii) and to the applicable Issuing Bank, as their interests may appear; provided that any such payment so remitted shall be repaid to the applicable Issuing Bank or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the Borrower for any reason.
(d)Obligations Absolute.  The obligations of the Borrower and each Lender under Section 2.04(c) shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement, under all circumstances whatsoever, including the following circumstances:
(i)any lack of validity or enforceability of this Agreement or any Letter of Credit or any document related hereto or thereto;
(ii)any amendment or waiver of or any consent to departure from all or any of the provisions of this Agreement or any Letter of Credit or any document related hereto or thereto provided by any party affected thereby;
(iii)the use which may be made of the Letter of Credit by, or any acts or omissions of, a beneficiary of a Letter of Credit (or any Person for whom the beneficiary may be acting);
(iv)the existence of any claim, set-off, defense or other rights that the Borrower may have at any time against a beneficiary of a Letter of Credit (or any Person 
for whom the beneficiary may be acting), any Lender, any Issuing Bank or any other Person, whether in connection with this Agreement or the Letter of Credit or any document related hereto or thereto or any unrelated transaction;
(v)any statement or any other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect whatsoever;
(vi)payment under a Letter of Credit against presentation to an Issuing Bank of documents that do not comply with the terms of such Letter of Credit;
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(vii)any force majeure or other event that under any rule of law or uniform practices to which any Letter of Credit is subject (including Section 3.14 of ISP 98 or any successor publication of the International Chamber of Commerce) permits a drawing to be made under such Letter of Credit after the expiration thereof;
(viii)any amendment or extension of any Letter of Credit, the occurrence and continuance of a Default or any termination of the Commitments prior to, on or after the Payment Date for any Letter of Credit, whether at the scheduled termination thereof, by operation of Section 6.01 or otherwise; or
(ix)any other act or omission to act or delay of any kind by any Lender, any Issuing Bank, the Administrative Agent or any other Person or any other event or circumstance whatsoever that might, but for the provisions of this Section 2.04(d), constitute a legal or equitable discharge of or defense to the Borrower’s or the Lender’s obligations hereunder;
provided that this Section 2.04(d) shall not limit the rights of the Borrower under Section 2.04(e)(i).
(e)Limitation of Liabilities.    (i) None of the Lenders, the Issuing Banks, the Administrative Agent or their respective Related Parties shall be liable or responsible by reason of or in connection with the execution and delivery or transfer of or payment or failure to pay under any Letter of Credit, including any of the circumstances enumerated in Section 2.04(d), 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 other act, failure to act or other event or circumstance arising from causes beyond the control of the Issuing Bank; provided that, notwithstanding the foregoing and Section 2.04(d), the Borrower shall have a claim against an Issuing Bank for direct (but not indirect, consequential, special or punitive) damages suffered by it, to the extent finally determined by a court of competent jurisdiction (so long as such determination has not been reversed or vacated on appeal) to have been caused by (x) such Issuing Bank’s gross negligence or willful misconduct in determining whether documents presented under any Letter of Credit complied with the terms of such Letter of Credit or (y) such Issuing Bank’s failure to pay under any Letter of 
Credit after the presentation to it of documents strictly complying with the terms and conditions of such Letter of Credit. The parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, an Issuing Bank may, in its discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.
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(ii)Nothing in this Section 2.04(e) is intended to limit the obligations of the Borrower under any other provision of this Agreement.
(f)Stop Notice.  Each Lender acknowledges and agrees that in issuing, amending or extending any Letter of Credit, the applicable Issuing Bank shall be entitled to conclusively rely, and shall not incur any liability for relying, upon the representation and warranty of the Borrower deemed made pursuant to Section 3.02.  If the Required Lenders reasonably determine at any time that the conditions set forth in Section 3.02 would not be satisfied in respect of the issuance of a Letter of Credit at such time, then the Required Lenders may request that the Administrative Agent issue a “Stop Notice” to the Issuing Banks, whereupon the Administrative Agent shall issue such notice to each Issuing Bank.  No Letter of Credit shall be issued, amended to increase the amount thereof or extended while a Stop Notice is in effect; provided that an Issuing Bank shall incur no liability for an issuance, amendment or extension of any Letter of Credit while a Stop Notice is in effect (and neither its rights nor the obligations of the Borrower or the Lenders hereunder with respect to any such Letter of Credit shall be diminished or otherwise affected in any manner) unless such Issuing Bank shall have received such Stop Notice at least one Domestic Business Day prior to the time such Letter of Credit is so issued, amended or extended (or, in the case of an automatic extension permitted pursuant to Section 2.04(b)(iii), at least one Domestic Business Day prior to the time by which the notice of termination or non-extension must be made by the applicable Issuing Bank).  The Administrative Agent and the Issuing Banks may conclusively rely upon any Stop Notice while it remains in effect.  Any Stop Notice shall be withdrawn upon a determination by the Required Lenders that the circumstances giving rise thereto no longer exist.  The Required Lenders may request issuance of a Stop Notice under this Section 2.04(f) only if there is a reasonable basis therefor, and shall consider reasonably and in good faith a request by the Borrower for withdrawal thereof on the basis that the conditions in Section 3.02 would be satisfied.
(g)Termination of an Issuing Bank.  The Borrower may terminate the status of any Issuing Bank as an “Issuing Bank” hereunder by providing a written notice thereof to such Issuing Bank, with a copy to the Administrative Agent.  Any such termination shall become effective upon the earlier of (i) such Issuing Bank acknowledging receipt of such notice and (ii) the 10th Domestic Business Day following the date of the delivery thereof; provided that no such termination shall become effective until and unless the Letter of Credit Liabilities attributable to Letters of Credit issued by such Issuing Bank (or its Affiliates) shall have been reduced to zero or cash collateralized (in an amount equal to 100% of such Letter of Credit Liabilities) in a manner approved in writing by such Issuing Bank, or other arrangements with respect to such Letter of Credit Liabilities approved in writing by such Issuing Bank shall have been made.  At the time any such termination shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the terminated Issuing Bank pursuant to Section 2.10(b).  Notwithstanding the effectiveness of any such termination, the terminated Issuing Bank shall remain a party hereto and shall continue to have all the rights of 
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an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such termination, but shall not issue any additional Letters of Credit.
(h)Issuing Bank Reports to the Administrative Agent.  Each Issuing Bank shall, in addition to its notification obligations set forth elsewhere in this Section 2.04, report in writing to the Administrative Agent such information as the Administrative Agent shall reasonably request as to the Letters of Credit issued by such Issuing Bank.
(i)Letter of Credit Amounts.  (i) For all purposes of this Agreement (other than the calculation of fees under Section 2.10), the amount of a Letter of Credit that, by its terms or the terms of any document related thereto, provides for one or more automatic increases in the stated amount thereof 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 the time of determination.
(ii) For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Article 29(a) of the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 600 (or such later version thereof as may be in effect at the applicable time) or Rule 3.13 or Rule 3.14 of the International Standby Practices, International Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect at the applicable time) or similar terms of the Letter of Credit itself, or if compliant documents have been presented but not yet honored, such Letter of Credit shall be deemed to be “outstanding” and “undrawn” in the amount so remaining available to be paid, and the obligations of the Borrower and each Lender shall remain in full force and effect until the applicable Issuing Bank and the Lenders shall have no further obligations to make any payments or disbursements under any circumstances with respect to any Letter of Credit.
SECTION 2.05.Notice to Lenders; Funding of Revolving Loans.  (a) Promptly after receiving a Notice of Revolving Borrowing, the Administrative Agent shall notify each Lender of the contents thereof and of the amount of such Lender’s Revolving Loan to be made as part of such Revolving Borrowing, and such Notice of Revolving Borrowing shall not thereafter be revocable by the Borrower.
(b)Before the later of 12:00 p.m. (New York City time) or two hours after the receipt of a Notice of Revolving Borrowing on the date of each Revolving Borrowing, each Lender shall make available its Revolving Loan to be made as part of such Revolving Borrowing by wire transfer of immediately available funds to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders.  Unless the Administrative Agent determines that any applicable condition specified in Section 3.02 has not been satisfied, the Administrative Agent will make the funds so received from the Lenders available to the Borrower by promptly remitting the amounts so received, in like funds, to an account of the Borrower (or, in the case of any Revolving 
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Borrowing made to finance the reimbursement of any Letter of Credit Disbursement as provided in Section 2.04(c)(i), to the Issuing Bank specified by the Borrower in the applicable Notice of Revolving Borrowing).  Notwithstanding the foregoing, Revolving Loans to be made as part of any Base Rate Revolving Borrowing requested to be made pursuant to Section 2.04(c)(ii) shall be made as set forth in such Section.
(c)Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Revolving Borrowing (including any Base Rate Revolving Borrowing requested to be made pursuant to Section 2.04(c)(ii)) that such Lender will not make available to the Administrative Agent such Lender’s share of such Revolving Borrowing, the Administrative Agent may assume that such Lender has made such share available to the Administrative Agent on the date of such Revolving Borrowing in accordance with Section 2.05(b) (or, in the case of any such Base Rate Revolving Borrowing, in accordance with Section 2.04(c)(ii)), and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower (or, if applicable, to the applicable Issuing Bank) on such date a corresponding amount.  If and to the extent that such Lender shall not have so made such share available to the Administrative Agent, such Lender and, if such Lender shall not have done so within five Domestic Business Days of demand therefor by the Administrative Agent, the Borrower, each agrees to pay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Administrative Agent, at (i) if such amount is repaid by the Borrower, a rate per annum equal to the interest rate applicable to such Revolving Borrowing pursuant to Section 2.08 and (ii) if such amount is repaid by such Lender, the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. If such Lender shall repay to the Administrative Agent such corresponding amount, the Borrower shall not be required to repay such amount and the amount so repaid by such Lender shall constitute such Lender’s Revolving Loan included in such Revolving Borrowing for purposes of this Agreement. Nothing in this Section 2.05(c) shall relieve any Lender of its obligation to make Revolving Loans in accordance with the terms and conditions of this Agreement or relieve any Lender from responsibility for default by it in such obligation.
SECTION 2.06.Registry; Notes.    (a) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.
(b)The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender 
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hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof.
(c)The entries made in the accounts maintained pursuant to Section 2.06(a) or 2.06(b) shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement.
(d)Any Lender may request that Loans made by it be evidenced by a promissory note.  In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note substantially in the form of Exhibit C hereto, payable to such Lender and its registered assigns.  Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.06(b)) be represented by one or more promissory notes in such form payable to the payee named therein and its registered assigns.
SECTION 2.07.Maturity of Loans.      (a) Each Revolving Loan shall mature, and the principal amount thereof shall be due and payable (together with interest accrued thereon), on the Termination Date.  
(b)Each Swingline Loan shall mature, and the principal amount thereof shall be due and payable (together with interest accrued thereon), on the earlier of the Termination Date and the first date after such Swingline Loan is made that is the 15th or last day of a calendar month and is at least two Domestic Business Days after such Swingline Loan is made; provided that on each date that a Revolving Borrowing is made, the Borrower shall repay all Swingline Loans that were outstanding on the date such Revolving Borrowing was requested.
SECTION 2.08.Interest Rates.    (a) Each Base Rate Loan (including each Base Rate Swingline Loan) shall bear interest on the outstanding principal amount thereof, for each day from the date such Loan is made to but excluding the date it becomes due, at a rate per annum equal to the sum of the Base Rate Margin for such day plus the Base Rate for such day.  
(b)Each Money Market Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such Loan is made to but excluding the date it becomes due, at a rate per annum equal to the Money Market Rate for such day.   
(c)Each Eurodollar Loan shall bear interest on the outstanding principal amount thereof, for each day during each Interest Period applicable thereto, at a rate per annum equal to the sum of the Eurodollar Margin for such day plus the Adjusted London Interbank Offered Rate applicable to such Interest Period. 

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(d)Interest on each Base Rate Revolving Loan shall be payable quarterly in arrears on each Quarterly Payment Date and on the Termination Date.  Interest on each Swingline  Loan shall be payable in arrears on the date on which such Loan becomes due and payable.  Interest on each Eurodollar Loan shall be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof and, with respect to the principal amount of any Eurodollar Loan that is prepaid or converted to a Base Rate Loan, on the date of such prepayment or conversion.
(e)Any overdue principal of and interest on any Loan, and any Letter of Credit Disbursement that is not reimbursed or discharged and replaced in full by the time when due pursuant to Section 2.04(c)(i) or 2.04(c)(ii), shall bear interest (after as well as before judgment), payable on demand, for each day from and including the date payment or reimbursement thereof was due to but excluding the date of actual payment, at a rate per annum equal to the sum of 2% plus the interest rate applicable to Base Rate Loans for such day as provided in Section 2.08(a).
(f)The Administrative Agent shall determine each interest rate applicable to the Loans hereunder in accordance with the terms hereof. The Administrative Agent shall promptly notify the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of manifest error.
SECTION 2.09.Method of Electing Interest Rates.    (a) The Revolving Loans included in each Revolving Borrowing shall initially be of the Type, and in the case of Eurodollar Revolving Borrowings, shall have an initial Interest Period, as specified by the Borrower in the applicable Notice of Revolving Borrowing or as otherwise provided in Section 2.02. Thereafter, the Borrower may from time to time elect to change or continue the Type of the Revolving Loans included in such Revolving Borrowing (subject to Section 2.09(e) and the provisions of Article 8) as follows:
(i)if such Revolving Loans are Base Rate Loans, the Borrower may elect to convert such Revolving Loans to Eurodollar Loans as of any Eurodollar Business Day; and
(ii)if such Revolving Loans are Eurodollar Loans, the Borrower may elect to convert such Revolving Loans to Base Rate Loans as of any Domestic Business Day, or may elect to continue such Revolving Loans as Eurodollar Loans, as of the end of any Interest Period applicable thereto, for an additional Interest Period, subject to Section 2.14 if any such conversion is effective on any day other than the last day of an Interest Period applicable to such Revolving Loans.
This Section 2.09 shall not apply to Swingline Loans, which may not be converted or continued.

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(b)Each election pursuant to this Section 2.09 shall be made by delivering a notice (a “Notice of Interest Rate Election”) to the Administrative Agent by hand delivery, e-mail or fax, not later than the time that a Notice of Revolving Borrowing would be required under Section 2.02 if the Borrower were requesting a Revolving Borrowing consisting of Revolving Loans of the Type resulting from such election to be made on the effective date of such election. A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Revolving Borrowing; provided that (i) such portion shall be allocated ratably among the Revolving Loans comprising such Revolving Borrowing (and the Revolving Loans comprising each such portion shall be considered a separate Revolving Borrowing) and (ii) the portion to which such Notice of Interest Rate Election applies, and the remaining portion to which it does not apply, are each at least $10,000,000 (unless such portion is comprised of Base Rate Loans). If no such notice is timely received before the end of an Interest Period for any Eurodollar Revolving Borrowing, the Borrower shall be deemed to have elected that the Revolving Loans included in such Revolving Borrowing be converted to Base Rate Loans at the end of such Interest Period.
(c)Each Notice of Interest Rate Election shall specify, in compliance with this Section 2.09:
(i)the Revolving Borrowing (or portion thereof) to which such notice applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Revolving Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Revolving Borrowing);
(ii)the date on which the conversion or continuation selected in such Notice of Interest Rate Election is to be effective, which shall comply with Section 2.09(a);
(iii)if the Revolving Loans comprising such Revolving Borrowing are to be converted, the new Type thereof and, if the Revolving Loans resulting from such conversion are to be Eurodollar Loans, the duration of the next succeeding Interest Period applicable thereto; and
(iv)if such Revolving Loans are to be continued as Eurodollar Loans for an additional Interest Period, the duration of such additional Interest Period.
Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of Interest Period.  If any such Notice of Interest Rate Election requests conversion to or a continuation of a Eurodollar Revolving Borrowing but does not specify an Interest Period therefor, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.
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notify each Lender of the contents thereof, and such notice shall not thereafter be revocable by the Borrower.
(e)The Borrower shall not be entitled to elect to convert any Revolving Loans to, or continue any Revolving Loans for an additional Interest Period as, a Eurodollar Revolving Borrowing if (i) the aggregate principal amount of any Eurodollar Revolving Borrowing created or continued as a result of such election would be less than $10,000,000 or (ii) an Event of Default shall have occurred and be continuing when the Borrower delivers the applicable Notice of Interest Rate Election to the Administrative Agent and, except in the case of an Event of Default under Section 6.01(f) or 6.01(g),  the Administrative Agent or the Required Lenders shall have notified the Borrower that Eurodollar Loans will not be available while such Event of Default continues.
SECTION 2.10.Fees.    (a) Commitment Fee.  The Borrower shall pay to the Administrative Agent, for the account of the Lenders ratably in proportion to their Commitments, a commitment fee calculated for each day at the Commitment Fee Rate for such day on the aggregate unused amount of the Commitments on such day.  For purposes of computing commitment fees, a Commitment of a Lender shall be deemed to be used to the extent of the outstanding Revolving Loans and Letter of Credit Liabilities of such Lender and participations in outstanding Swingline Loans that have been funded by such Lender (but unfunded participations in Swingline Loans shall be disregarded for such purpose).  Such commitment fee shall accrue for each day from and including the Effective Date to but excluding the day on which the Commitments are reduced to zero.
(b)Letter of Credit Fees.  The Borrower shall pay to (i) the Administrative Agent, for the account of the Lenders ratably in proportion to their participations therein, a letter of credit fee accruing daily on the aggregate undrawn amount of all outstanding Letters of Credit at a rate per annum equal to the Eurodollar Margin for such day and (ii) each Issuing Bank, for its own account, a letter of credit fronting fee accruing daily on the aggregate undrawn amount of all outstanding Letters of Credit issued by such Issuing Bank at the rate per annum mutually agreed between the Borrower and such Issuing Bank from time to time (it being understood that an obligation to pay such fronting fee to any Issuing Bank shall be without duplication of any separate written agreement with respect thereto between the Borrower and such Issuing Bank and may be modified as set forth in any such separate written agreement between the Borrower and such Issuing Bank).  The Borrower shall also pay to each Issuing Bank, for its own account, issuance, drawing, amendment, settlement and extension charges, if any, in the amounts and at the times as agreed between the Borrower and such Issuing Bank.
(c)Payments.  Commitment fees and letter of credit participation and fronting fees accrued for the account of the Lenders and the Issuing Banks under this Section 2.10 shall be payable quarterly in arrears on each Quarterly Payment Date and on the day on which the Commitments terminate in their entirety; provided that any such letter of credit participation fees accruing after 
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the date on which the Commitments terminate in their entirety shall be payable on demand.
SECTION 2.11.Termination or Reduction of Commitments.  (a) The Borrower may, upon at least three Domestic Business Days’ notice to the Administrative Agent, (i) terminate the Commitments at any time or (ii) reduce from time to time by an aggregate amount of $25,000,000 or any larger integral multiple of $1,000,000, the aggregate amount of the Commitments; provided that the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.12, (i) the Outstanding Amount of any Lender would exceed its Commitment as a result thereof or (ii) the Total Outstanding Amount would exceed the aggregate amount of the Commitments as a result thereof.  For the avoidance of doubt, any notice of termination of the Commitments may state that such notice is conditioned upon the effectiveness of other credit facilities or the closing of one or more securities offerings, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified date) if such condition is not satisfied.  Promptly after receiving a notice pursuant to this Section 2.11(a), the Administrative Agent shall notify each Lender of the contents thereof.  Each reduction of the Commitments shall be made ratably among the Lenders in proportion to their respective Commitments.  Any termination or reduction of the Commitments shall be permanent, subject to the Borrower’s rights set forth in Section 2.17.
(b)Unless previously terminated, the Commitments shall automatically terminate in their entirety on the Termination Date.
SECTION 2.12.Optional Prepayments.    (a) Subject in the case of Eurodollar Loans to Section 2.14, the Borrower may (i) upon notice to the Administrative Agent on or prior to the date of prepayment, prepay any Base Rate Borrowing or (ii) upon at least three Eurodollar Business Days’ notice to the Administrative Agent, prepay any Eurodollar Borrowing, in each case in whole at any time, or from time to time in part in amounts that would be permitted in the case of the making of a Revolving Borrowing comprised of Loans of the same Type or a Swingline Loan, as applicable. Each such notice shall specify the prepayment date, the Borrowing or Borrowings to be prepaid and the principal amount of each such Borrowing or portion thereof to be prepaid. Each such optional prepayment shall be applied to prepay ratably the Loans of the Lenders included in such Borrowing.  Prepayments shall be accompanied by interest to the extent required by Section 2.08.
(b)Promptly after receiving a notice of prepayment pursuant to this Section 2.12, the Administrative Agent shall notify each Lender (or, in the case of any such notice relating solely to a Swingline Loan, the Swingline Lender) of the contents thereof and of such Lender’s ratable share of such prepayment, and such notice shall not thereafter be revocable by the Borrower; provided that if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.11, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.11. 
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SECTION 2.13.General Provisions as to Payments.    (a) The Borrower shall make each payment of principal of and interest on the Loans, fees and other amounts required to be paid by it hereunder prior to the time expressly required hereunder for such payment or, if no such time is expressly required, not later than 12:00 p.m. (New York City time), on the date when due, in immediately available funds, without reduction by reason of any set-off, counterclaim or deduction of any kind.  All such payments shall be made to the Administrative Agent to such account as may be specified by the Administrative Agent to the Borrower in writing for such purpose from time to time, except that payments to be made directly to an Issuing Bank or the Swingline Lender as expressly provided herein shall be made directly to such Issuing Bank or the Swingline Lender, as applicable, and payments pursuant to Sections 2.14, 8.03, 8.05 and 9.03 shall be made directly to the Persons entitled thereto.  The Administrative Agent will distribute each such payment received by the Administrative Agent for the account of any other Person to the appropriate recipient promptly following receipt thereof. Whenever any payment of principal of, or interest on, the Base Rate Loans or of fees or other amounts (except as provided in the immediately succeeding sentence) shall be due on a day which is not a Domestic Business Day, the date for payment thereof shall be extended to the next succeeding Domestic Business Day. Whenever any payment of principal of, or interest on, the Eurodollar Loans shall be due on a day which is not a Eurodollar Business Day, the date for payment thereof shall be extended to the next succeeding Eurodollar Business Day unless such Eurodollar Business Day falls in another calendar month, in which case the date for payment thereof shall be the next preceding Eurodollar Business Day.  If the date for any payment of principal is extended by operation of law or otherwise, interest thereon shall be payable for such extended time.  All payments hereunder shall be made in dollars.
(b)Unless the Borrower notifies the Administrative Agent before the date on which any payment is due to the Lenders or any Issuing Bank hereunder that the Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower has made such payment in full to the Administrative Agent on such date and the Administrative Agent may, in reliance on such assumption, cause to be distributed to each Lender or such Issuing Bank on such due date an amount equal to the amount then due such Lender or such Issuing Bank. If and to the extent that such payment shall not have been so made by the Borrower, each Lender or such Issuing Bank, as the case may be, shall repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or such Issuing Bank together with interest thereon, for each day from the date such amount is distributed to such Lender or such Issuing Bank until the date such Lender or such Issuing Bank repays such amount to the Administrative Agent, at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
(c)If any Lender shall fail to make any payment required to be made by it hereunder to or for the account of the Administrative Agent, any Issuing Bank or the Swingline Lender, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such
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Lender’s obligations in respect of such payment until all such unsatisfied obligations have been discharged or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations of such Lender pursuant to Sections 2.03(c), 2.04(c), 2.05(c), 2.13(b), 8.05(e) and 9.03(d), in each case in such order as shall be determined by the Administrative Agent in its discretion.
SECTION 2.14.Funding Losses.  If the Borrower makes any payment of principal with respect to any Eurodollar Loan or any Eurodollar Loan is converted to a different Type (whether such payment or conversion is pursuant to Article 2, 6 or 8 or otherwise) on any day other than the last day of the Interest Period applicable thereto, or if the Borrower fails (other than as a result of the failure of a Lender to fund a Loan required to be funded hereunder) to borrow, prepay, convert or continue any Eurodollar Loan after notice has been given to any Lender in accordance with Section 2.05, 2.09 or 2.12 (whether or not such notice may be revoked in accordance with the terms hereof), the Borrower shall reimburse each Lender within 30 days after demand for any resulting loss or expense incurred by it, including any loss incurred in obtaining, liquidating or employing deposits from third parties, but excluding loss of margin for the period after such payment or conversion or failure to borrow, prepay, convert or continue; provided that such Lender shall have delivered to the Borrower a certificate as to the amount of such loss or expense, including in reasonable detail a description of the basis for such compensation and a calculation of such amount, which certificate shall be conclusive in the absence of manifest error.
SECTION 2.15.Computation of Interest and Fees.  Interest based on the Prime Rate hereunder shall be computed on the basis of a year of 365 days (or 366 days in a leap year) and paid for the actual number of days elapsed (including the first day but excluding the last day). All other interest and all commitment fees and letter of credit participation and fronting fees shall be computed on the basis of a year of 360 days and paid for the actual number of days elapsed (including the first day but excluding the last day).
SECTION 2.16.Change of Control.  If a Change of Control shall occur, the Borrower will, within 10 days after the occurrence thereof, give the Administrative Agent notice thereof, and the Administrative Agent shall promptly notify each Lender thereof.  Such notice shall describe in reasonable detail the facts and circumstances giving rise thereto and the date of such Change of Control, and each Lender may, by notice to the Borrower and the Administrative Agent given not later than 50 days after the date of such Change of Control, terminate its Commitment and declare its Loans (together with accrued interest thereon) and any other amounts payable hereunder for its account to be due and payable, in which case its Commitment shall terminate, and such Loans and other amounts shall become due and payable, in each case on the 60th day after the date of such Change of Control (or if such day is not a Domestic Business Day, the next succeeding Domestic Business Day), without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.  In the event that, after giving effect to any termination of Commitments and repayment of Loans under this Section 2.16, the Total Outstanding Amount shall exceed the aggregate Commitments remaining 
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in effect, the Borrower shall make additional prepayments of Loans or cash collateralize, in a manner approved in writing by the Administrative Agent and the Issuing Banks, an amount of the Letter of Credit Liabilities equal to such excess.
For purposes of this Section 2.16, the following terms have the following meanings:
A “Change of Control” shall occur if (i) any “person” or “group” of persons shall have acquired “beneficial ownership” (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended, and the applicable rules and regulations thereunder), of shares of Voting Stock representing 35% or more of the Voting Power of the Borrower, (ii) during any period of 25 consecutive months, commencing before or after the Effective Date, individuals who at the beginning of such 25-month period were members of the board of directors of the Borrower (together with any replacement or additional directors whose election was recommended by incumbent management of the Borrower or whose election, nomination or appointment to the board of directors of the Borrower was approved by a majority of directors then in office) cease to constitute a majority of the board of directors of the Borrower or (iii) any Person or group of related Persons shall acquire all or substantially all of the assets of the Borrower; provided that a Change of Control shall not be deemed to have occurred pursuant to clause (iii) above if the Borrower shall have merged or consolidated with or transferred all or substantially all of its assets to another corporation in compliance with the provisions of Section 5.02 and the surviving or successor or transferee corporation is no more leveraged than the Borrower was immediately prior to such event. For purposes of this definition, the term “leveraged” when used with respect to any corporation shall mean the percentage represented by the consolidated total assets of such corporation divided by its stockholders’ equity, in each case determined and as would be shown in a consolidated balance sheet of such corporation prepared in accordance with GAAP.
“Voting Power” as applied to the stock of any corporation means the total voting power represented by all outstanding Voting Stock of such corporation.
“Voting Stock” as applied to the stock of any corporation means stock of any class or classes (however designated) having ordinary voting power for the election of the directors of such corporation, other than stock having such power only by reason of the happening of a contingency.
SECTION 2.17.Optional Increase in Commitments.  The Borrower may from time to time, by written notice to the Administrative Agent (which shall promptly deliver a copy to each of the Lenders), executed by the Borrower and one or more financial institutions (any such financial institution being referred to as an “Increasing Lender”), which may include any Lender (it being understood that no Lender shall have any obligation to become an Increasing Lender), cause the Commitments of the Increasing Lenders to be increased (or cause Commitments to be extended by the Increasing Lenders, as the case may be) in an amount for each Increasing Lender set forth in such notice; provided that (a) the amount of any such increase in the aggregate Commitments shall be not less than $25,000,000, (b) the aggregate amount of increases in 
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Commitments made pursuant to this Section 2.17 on or after the FourthSixth Amendment Effective Date shall not exceed $500,000,000 and (c) each Increasing Lender must be an Eligible Assignee and, if not already a Lender hereunder, shall be subject to the approval of the Administrative Agent, each Issuing Bank and the Swingline Lender to the extent its consent would have been required pursuant to Section 9.06(b) for an assignment of a Commitment to such Increasing Lender (which approval shall not be unreasonably withheld, conditioned or delayed).  Such notice shall set forth the date (the “Increase Effective Date”) on which such increase is requested to become effective (which shall not be less than five Domestic Business Days or more than 45 days after the date of such notice).  Each Increasing Lender shall execute all such documentation as the Administrative Agent and the Borrower shall specify to evidence the increase or the extension of the Commitment of such Increasing Lender and its status as a Lender hereunder (such documentation, an “Incremental Commitments Supplement”).  On the Increase Effective Date, (i) the aggregate principal amount of the Revolving Borrowings outstanding (the “Existing Borrowings”) immediately prior to giving effect to the commitment increase on the Increase Effective Date shall be deemed to be repaid, (ii) after the effectiveness of the commitment increase, the Lenders shall be deemed to have made new Revolving Borrowings (the “Subsequent Borrowings”) of the Types and in an aggregate principal amount equal to the aggregate principal amount of the Existing Borrowings and, in the case of Existing Borrowings that were Eurodollar Borrowings, for the Interest Periods equal to the remaining portions of the Interest Periods in effect prior to such deemed repayment, (iii) each Lender shall pay to the Administrative Agent by wire transfer of immediately available funds an amount equal to the difference, if positive, between (x) such Lender’s Percentage (calculated after giving effect to the commitment increase) of the Subsequent Borrowings and (y) such Lender’s Percentage (calculated without giving effect to the commitment increase) of the Existing Borrowings, (iv) after the Administrative Agent receives the funds specified in clause (iii) above, the Administrative Agent shall remit to each Lender the portion of such funds that is equal to the difference, if positive, between (x) such Lender’s Percentage (calculated without giving effect to the commitment increase) of the Existing Borrowings and (y) such Lender’s Percentage (calculated after giving effect to the commitment increase) of the amount of the Subsequent Borrowings, (v) each Lender (including each Increasing Lender) shall be deemed to hold its Percentage of each Subsequent Borrowing (each calculated after giving effect to the commitment increase) and (vi) the Borrower shall pay to the Administrative Agent, for the account of the Lenders (other than any Increasing Lender that was not a Lender before giving effect to the commitment increase), all accrued but unpaid interest on the Existing Borrowings.  The deemed payments made pursuant to clause (i) above in respect of each Eurodollar Revolving Loan shall be subject to indemnification by the Borrower pursuant to the provisions of Section 2.14 if the Increase Effective Date occurs other than on the last day of the Interest Period relating thereto (it being agreed that Lenders will be entitled to break-funding compensation only with respect to the net amounts by which their Eurodollar Revolving Loans shall have been reduced as a result of the transactions provided for in the immediately preceding sentence).  Notwithstanding the foregoing, no increase in the Commitments (or in any Commitment of any Lender) or addition of an Increasing Lender shall become effective under this Section 2.17 unless (I) to the extent reasonably requested by the Administrative 
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Agent, the Administrative Agent shall have received documents consistent with those delivered pursuant to Section 3.01(b) and/or 3.01(d) as to the corporate power and authority of the Borrower to borrow hereunder after giving effect to such increase and (II) the Administrative Agent shall have received a certificate executed by a financial officer of the Borrower, dated as of the Increase Effective Date, stating that (1) as of such date, no Default shall have occurred and is continuing and (2) the representations and warranties of the Borrower contained in Article 4 are true in all material respects on and as of such date (except to the extent any such representations or warranties are limited to an earlier date, in which case such representations and warranties shall be true in all material respects as of such earlier date).  The Administrative Agent shall notify the Borrower and the Lenders of the occurrence of the Increase Effective Date, and such notice shall be conclusive and binding.
SECTION 2.18.Extension Option.  The Borrower may, by written notice to the Administrative Agent (which shall promptly deliver a copy to each of the Lenders) not less than 30 days and not more than 90 days prior to any anniversary of the Effective Date (but on not more than two occasions after the FourthSixth Amendment Effective Date), request that the Lenders extend the Termination Date for an additional period of one year.  Each Lender shall, by notice to the Borrower and the Administrative Agent given not later than the 20th day after the date of the Administrative Agent’s receipt of the Borrower’s notice, advise the Borrower whether or not it agrees to the requested extension (each Lender agreeing to a requested extension being called a “Consenting Lender”, and each Lender declining to agree to a requested extension being called a “Declining Lender”).  Any Lender that has not so advised the Borrower and the Administrative Agent by such day shall be deemed to have declined to agree to such extension and shall be a Declining Lender.  If Lenders constituting the Required Lenders shall have agreed to a Termination Date extension request, then the Termination Date shall, as to the Consenting Lenders, be extended to the first anniversary of the Termination Date theretofore in effect (the Termination Date in effect prior to such extension being called the “Existing Termination Date”).  The decision of any Lender to agree or withhold agreement to any extension request shall be at the sole discretion of such Lender.  The Commitment of any Declining Lender shall terminate on the Existing Termination Date.  The principal amount of any outstanding Loans made by Declining Lenders, together with any accrued interest thereon and any accrued fees and other amounts payable to or for the accounts of such Declining Lenders hereunder, shall be due and payable on the Existing Termination Date, and on the Existing Termination Date the Borrower shall also make such other prepayments of the Loans and, to the extent no Loans remain outstanding, cash collateralize, in a manner approved in writing by the Administrative Agent and the applicable Issuing Banks, or make other arrangements approved in writing by the Administrative Agent and the applicable Issuing Banks, such portion of the outstanding Letter of Credit Liabilities as shall be required in order that, after giving effect to the termination of the Commitments of, and all payments to, Declining Lenders pursuant to this sentence, the Total Outstanding Amount shall not exceed the aggregate Commitments.  The Borrower shall have the right, pursuant to and in accordance with Section 8.06(b), at any time prior to the Existing Termination Date, to replace a Declining Lender with a Lender or other financial institution that will agree to a Termination Date extension request, and any such replacement Lender shall for all 
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purposes constitute a Consenting Lender.  Notwithstanding the foregoing, (a) the Revolving Credit Period, the Letter of Credit Termination Date and the Termination Date (without taking into consideration any extension pursuant to this Section 2.18), as such terms are used in reference to the Swingline Lender or any Swingline Loans made by the Swingline Lender or any Issuing Bank and any Letters of Credit issued by such Issuing Bank, may not be extended without the prior written consent of the Swingline Lender or such Issuing Bank, as the case may be (it being understood and agreed that, in the event the Swingline Lender or any Issuing Bank shall not have consented to any such extension, (i) the Swingline Lender or such Issuing Bank, as applicable, shall continue to have all the rights and obligations of the Swingline Lender or an Issuing Bank, as applicable, hereunder through the Existing Termination Date (or the Revolving Credit Period or the Letter of Credit Termination Date determined on the basis thereof, as applicable), and thereafter shall have no obligation to make any Swingline Loans or to issue, amend or extend any Letter of Credit (but shall, in each case, continue to be entitled to the benefits of Sections 2.03, 2.04, 8.03, 8.05 and 9.03, as applicable, as to Swingline Loans or Letters of Credit made or issued prior to such time), (ii) the principal amount of any outstanding Swingline Loans made by the Swingline Lender, together with any accrued interest thereon, shall, to the extent outstanding or accrued but unpaid on the Existing Termination Date, be due and payable on the Existing Termination Date and (iii) the Borrower shall cause the Letter of Credit Liabilities attributable to Letters of Credit issued by such Issuing Bank to be cash collateralized or otherwise backstopped in an amount and manner and pursuant to documentation approved in writing by the applicable Issuing Bank and the Administrative Agent, in each case, no later than the Letter of Credit Termination Date and (b) no extension of the Termination Date pursuant to this Section 2.18 shall become effective unless (i) to the extent reasonably requested by the Administrative Agent, the Administrative Agent shall have received documents consistent with those delivered under Section 3.01(b) and/or 3.01(d) as to the corporate power and authority of the Borrower to effect such extension and (ii) the Administrative Agent shall have received a certificate executed by a financial officer of the Borrower, dated as of the date of effectiveness of the applicable extension, stating that (A) as of such date, no Default shall have occurred and is continuing and (B) the representations and warranties of the Borrower contained in Article 4 are true in all material respects on and as of such date (except to the extent any such representations or warranties are limited to an earlier date, in which case such representations and warranties shall be true in all material respects as of such earlier date).  For the avoidance of doubt, no consent, upfront or similar fees will be required to be paid by the Borrower in connection with any extension effected pursuant to this Section 2.18, except as otherwise expressly agreed by the Borrower.
SECTION 2.19.Defaulting Lenders.  Notwithstanding any provision herein to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:
(a)commitment fees shall cease to accrue on the unused portion of the Commitment of such Defaulting Lender pursuant to Section 2.10(a);

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(b)the Commitment and Outstanding Amount of such Defaulting Lender shall not be included in determining whether all Lenders (or each Lender) or the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 9.05); provided that this clause (b) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification providing for an increase in such Defaulting Lender’s Commitment, providing for an extension of such Defaulting Lender’s Commitment (other than in determining whether the Required Lenders have consented to the extension of the Termination Date under Section 2.18) or requiring the consent of each Lender affected thereby (including pursuant to Sections 9.05(a)(i) and (ii)) if such Defaulting Lender is an affected Lender;
(c)if any Swingline Liabilities or Letter of Credit Liabilities exist at the time such Lender becomes a Defaulting Lender, then:
(i)the Swingline Liabilities (other than (A) in the case of a Defaulting Lender that is the Swingline Lender, any portion of the Swingline Liabilities referred to in clause (b) of the definition of such term and (B)  any portion thereof with respect to which such Defaulting Lender shall have funded its participation as contemplated by Section 2.03(c)) and Letter of Credit Liabilities (other than any portion thereof attributable to unreimbursed Letter of Credit Disbursements with respect to which such Defaulting Lender shall have funded its participation as contemplated by Section 2.04(c)(iii)) of such Defaulting Lender shall be reallocated (effective as of the date such Lender becomes a Defaulting Lender) among the Non-Defaulting Lenders in accordance with their respective Percentages (for the purposes of such reallocation, such Defaulting Lender’s Commitment shall be disregarded in determining the Non-Defaulting Lenders’ respective Percentages), but only to the extent that (A) the sum of all Non-Defaulting Lenders’ Outstanding Amounts plus such Defaulting Lender’s Swingline Liabilities and Letter of Credit Liabilities so reallocated does not exceed the sum of all Non-Defaulting Lenders’ Commitments and (B) after giving effect to any such reallocation, the Outstanding Amount of each Non-Defaulting Lender shall not exceed such Non-Defaulting Lender’s Commitment;
(ii)if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall, within three Domestic Business Days following the Borrower’s receipt of written notice from the Administrative Agent, (A) first, prepay the portion of such Defaulting Lender’s Swingline Liabilities that has not been reallocated and (B) second, cash collateralize, for the benefit of the applicable Issuing Banks only, the Borrower’s obligations corresponding to such Defaulting Lender’s Letter of Credit Liabilities remaining after giving effect to any partial reallocation pursuant to clause (i) above in a manner approved in writing by the Administrative Agent for so long as such Letter of Credit Liabilities are outstanding;
(iii)if the Borrower cash collateralizes any portion of such Defaulting Lender’s Letter of Credit Liabilities pursuant to clause (ii) above, the Borrower shall not be required to pay any letter of credit participation fees to such Defaulting Lender 
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pursuant to Section 2.10(b) with respect to such portion of such Defaulting Lender’s Letter of Credit Liabilities during the period such Letter of Credit Liabilities are cash collateralized;
(iv)if all or any portion of such Defaulting Lender’s Letter of Credit Liabilities is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Sections 2.10(a) and 2.10(b) shall be adjusted to give effect to such reallocation; and
(v)if all or any portion of such Defaulting Lender’s Letter of Credit Liabilities is neither reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of any Issuing Bank or any other Lender hereunder, all letter of credit participation fees that otherwise would have been payable to such Defaulting Lender under Section 2.10(b) with respect to such Defaulting Lender’s unreallocated Letter of Credit Liabilities shall be payable to the Issuing Banks, ratably based on the portion of such Letter of Credit Liabilities attributable to Letters of Credit issued by each Issuing Bank, until and to the extent that such Letter of Credit Liabilities are reallocated and/or cash collateralized pursuant to clause (i) or (ii) above; and
(d)so long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and no Issuing Bank shall be required to issue, amend (if increasing the amount thereof) or extend any Letter of Credit, in each case, unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding Swingline Liabilities or Letter of Credit Liabilities, as applicable, will be 100% covered by the Commitments of the Non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 2.19(c), and participating interests in any newly made Swingline Loan or any such newly issued, amended or extended Letter of Credit shall be allocated among the Non-Defaulting Lenders in a manner consistent with Section 2.19(c)(i) (and such Defaulting Lender shall not participate therein).
In the event that the Administrative Agent, the Borrower, the Swingline Lender and each Issuing Bank agree that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Liabilities and Letter of Credit Liabilities of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment, and on such date such Lender shall purchase at par such of the Revolving Loans and other funded credit exposures of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans and funded exposures in accordance with its Percentage, and such Lender shall thereupon cease to be a Defaulting Lender (but shall not be entitled to receive any fees accrued during the period when it was a Defaulting Lender, and all amendments, waivers or modifications effected without its consent in accordance with the provisions of Section 9.05 and this Section during such period shall be binding on it).  The rights and remedies against, and with respect to, a Defaulting Lender under this Section 2.19 are in addition to, and cumulative and not in limitation of, all other rights and remedies that the Borrower, the Administrative Agent, each Lender, each Issuing Bank or the Swingline Lender may at any time have against, or with respect to, such Defaulting Lender.
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ARTICLE 3

Conditions
SECTION 3.01.Effective Date.  The amendment and restatement of the Existing Credit Agreement to be in the form of this Agreement, and the Commitments hereunder, shall become effective only when all the following conditions have been satisfied (or waived in accordance with Section 9.05):
(a)the Administrative Agent shall have received from each party hereto either a counterpart hereof signed by such party or facsimile or other written confirmation satisfactory to the Administrative Agent confirming that such party has signed a counterpart hereof;
(b)the Administrative Agent shall have received an opinion of (i) Baker Botts L.L.P., counsel for the Borrower, and (ii) the General Counsel of the Borrower (or such other counsel for the Borrower as may be acceptable to the Administrative Agent), in each case in form and substance reasonably satisfactory to the Administrative Agent;
(c)the Borrower shall have paid to (i) the Administrative Agent for its own account and the account of the Lenders and (ii) each Arranger, for its own account, the fees required to be paid on or before the Effective Date in the amounts heretofore mutually agreed;
(d)the Administrative Agent shall have received all documents the Administrative Agent may reasonably request relating to the existence of the Borrower, the corporate authority for and the authorization of this Agreement and any other matters relevant hereto, all in form and substance reasonably satisfactory to the Administrative Agent; 
(e)the Administrative Agent shall have received a certificate of a financial officer of the Borrower confirming that, as of the Effective Date, the representations and warranties of the Borrower contained in Article 4 are true in all material respects (except to the extent that (i) any such representations or warranties are limited to an earlier date, in which case such representations and warranties are true in all material respects as of such earlier date, or (ii) any such representations or warranties are qualified by a materiality standard, in which case such representations and warranties are true in all respects) and no Default exists; and
(f)each Lender shall have received all documentation and other information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act, to the extent the Borrower has received such Lender’s request therefor at least three Domestic Business Days prior to the Effective Date.

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The Administrative Agent shall notify the Borrower and the Lenders of the occurrence of the Effective Date, and such notice shall be conclusive and binding on all parties hereto.  
SECTION 3.02.Credit Events.  The obligation of any Lender to make any Loan (for the avoidance of doubt, not including any conversion or continuation of any Loan) and the obligation of an Issuing Bank to issue, amend (if increasing the amount thereof) or extend any Letter of Credit (each, a “Credit Event”) is subject to the satisfaction of the following conditions (or the waiver thereof in accordance with Section 9.05):
(a)except in the case of any Base Rate Revolving Borrowing requested by the Administrative Agent on behalf of the Borrower as contemplated by Section 2.04(c)(ii), receipt by the Administrative Agent of notice of such Credit Event as required hereunder;
(b)immediately before and immediately after such Credit Event, no Default shall exist; and
(c)the representations and warranties of the Borrower contained in Article 4 shall be true in all material respects on and as of the date of such Credit Event (except to the extent that (i) any such representations or warranties are limited to an earlier date, in which case such representations and warranties shall be true in all material respects as of such earlier date, or (ii) any such representations or warranties are qualified by a materiality standard, in which case such representations and warranties shall be true in all respects).
Each Credit Event shall be deemed to be a representation and warranty by the Borrower on the date of such Credit Event as to the satisfaction of the conditions specified in Sections 3.02(b) and 3.02(c).
ARTICLE 4

Representations and Warranties
The Borrower represents and warrants, as of the Effective Date and each other date such representations and warranties are required to be made or deemed made hereunder, that:
SECTION 4.01.Corporate Existence and Power.  The Borrower (a) is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware, (b) has all corporate powers and all material governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted and (c) except where the failure to be so qualified or in good standing, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required.

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SECTION 4.02.Corporate and Governmental Authorization; Non-contravention.  The execution, delivery and performance by the Borrower of this Agreement (a) are within the Borrower’s corporate powers, (b) have been duly authorized by all necessary corporate action, (c) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect (except for any reports required to be filed by the Borrower with the SEC pursuant to the Exchange Act), (d) do not violate in any material respect any law or regulation or any order of any Governmental Authority, in each case, applicable to or binding upon the Borrower, (e) do not contravene or constitute (alone or with notice or lapse of time, or both) a default under any indenture, agreement or other instrument binding upon the Borrower, except to the extent that a Material Adverse Effect would not reasonably be expected to result therefrom, (f) will not result in the creation or imposition of any Mortgage prohibited hereunder on any asset of the Borrower or any of its Subsidiaries and (g) do not violate the certificate of incorporation or by-laws of the Borrower.
SECTION 4.03.Binding Effect.  This Agreement constitutes a valid and binding agreement of the Borrower and any promissory notes executed and delivered in accordance with this Agreement will constitute, valid and binding obligations of the Borrower, in each case enforceable against the Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
SECTION 4.04.Financial Information.  (a) (i) The consolidated balance sheet of the Borrower as of December 31, 20182020, and the related consolidated statements of income, cash flows and stockholders’ equity for the fiscal year then ended, reported on by PricewaterhouseCoopers LLP and included in the Borrower’s  20182020 Form 10-K, present fairly, in all material respects, in conformity with GAAP the consolidated financial position of the Borrower as of such date and its consolidated results of operations and cash flows for such fiscal year and (ii) the consolidated balance sheet of the Borrower as of June 30March 31, 20192021, and the related consolidated statements of income and cash flows for the fiscal quarter and the portion of the fiscal year then ended, included in the Borrower’s Q2 20191 2021 Form 10-Q, present fairly, in all material respects, in conformity with GAAP (subject to normal year-end audit adjustments and the absence of footnotes), the consolidated financial position of the Borrower as of such date and its consolidated results of operations and cash flows for such fiscal quarter and such portion of such fiscal year.
(b)As of the FourthSixth Amendment Effective Date, there has been, since December 31, 20182020, no Material Adverse Change.
SECTION 4.05.Litigation.  As of the FourthSixth Amendment Effective Date, except as set forth in the Borrower’s 20182020 Form 10-K or the Borrower’s Q2 20191 2021 Form 10-Q, there is no action, suit, arbitration or other proceeding, inquiry or investigation, at law or in equity, or before or by any Governmental Authority, arbitrator or arbitral body, pending against the Borrower, or of 
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which the Borrower has otherwise received official notice or which to the knowledge of the Borrower is threatened against the Borrower, wherein there is a reasonable possibility of an unfavorable decision, ruling or finding that would reasonably be expected to result in a Material Adverse Effect.
SECTION 4.06.Environmental Matters.  The Borrower does not presently anticipate that remediation costs and penalties associated with environmental laws, to the extent not previously provided for, will result in a Material Adverse Effect.
SECTION 4.07.Taxes.  The Borrower has filed all United States Federal income tax returns and all other material tax returns that were required to have been filed by it and has paid all Taxes due pursuant to such returns or pursuant to any assessment received by it, except (a)  any such Taxes being diligently contested in good faith and by appropriate proceedings or (b) to the extent that the failure to pay such Taxes would not reasonably be expected to result in a Material Adverse Effect.  Adequate reserves have been provided on the books of the Borrower in respect of all Taxes in accordance with GAAP, and no Tax liabilities in excess of the amount so provided are anticipated that would reasonably be expected to result in a Material Adverse Effect.
SECTION 4.08.Compliance with Laws.  The Borrower and Marathon Oil Company are in compliance with all applicable laws, rules and regulations, other than such laws, rules or regulations (i) the validity or applicability of which the Borrower or Marathon Oil Company is contesting in good faith or (ii) the failure to comply with which cannot reasonably be expected to have consequences that would reasonably be expected to result in a Material Adverse Effect.
SECTION 4.09.ERISA.  No ERISA Event has occurred or is reasonably expected to occur that would reasonably be expected to result in a Material Adverse Effect.
SECTION 4.10.Marathon Oil Company.  Marathon Oil Company is a corporation duly incorporated, validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all corporate powers and all material governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted.
SECTION 4.11.Use of Proceeds.  The proceeds of the Loans and Letters of Credit will be used by the Borrower for general corporate purposes.  None of such proceeds will be used in violation of any applicable law or regulation, including Regulation U.  Immediately following the application of the proceeds of any Loan for any purpose that would result in such Loan constituting a “purpose credit” within the meaning of Regulation U, margin stock (as defined in Regulation U) will represent less than 25% of the value of the assets subject to any limitation on sale or pledge hereunder.
SECTION 4.12.Investment Company Status.  The Borrower is not an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940.
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SECTION 4.13.Anti-Corruption Laws and Sanctions.  The Borrower has implemented and maintains in effect standards and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and applicable Sanctions, and the Borrower, its Subsidiaries and their respective officers and employees and, to the knowledge of the Borrower, its directors, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects.  None of (a) the Borrower, any of its Subsidiaries or, to the knowledge of the Borrower, any of their respective directors, officers or employees or (b) to the knowledge of the Borrower, any agent of the Borrower or any of its Subsidiaries that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person.  No Borrowing or Letter of Credit, use of proceeds thereof or other transaction contemplated by this Agreement will result in a violation by the Borrower or any of its Subsidiaries (assuming, for purposes of this sentence, that each of the Borrower’s Subsidiaries is required to comply with all Sanctions as such term is defined herein) of any Anti-Corruption Laws or applicable Sanctions.
ARTICLE 5

Covenants
The Borrower agrees that, so long as any Lender has any Credit Exposure hereunder:
SECTION 5.01.Information.  The Borrower will deliver to the Administrative Agent, for each of the Lenders:
(a)as soon as available and in any event within 75 days after the end of each fiscal year of the Borrower (or such shorter period as may be required by the SEC for the filing of its Annual Report on Form 10-K with respect to such fiscal year), a consolidated balance sheet of the Borrower as of the end of such fiscal year and the related consolidated statements of income, cash flows and stockholders’ equity for such fiscal year, prepared in conformity with GAAP and setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by PricewaterhouseCoopers LLP or other independent public registered accounting firm of nationally recognized standing;
(b)as soon as available and in any event within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower (or such shorter period as may be required by the SEC for the filing of its Quarterly Report on Form 10-Q with respect to such fiscal quarter), a consolidated balance sheet of the Borrower as of the end of such quarter and the related consolidated statements of income and cash flows for such quarter and for the portion of the Borrower’s fiscal year ended at the end of such quarter, prepared in conformity with GAAP (subject to normal year-end audit adjustments and the absence of footnotes) and setting forth in each case in comparative form the figures for the corresponding quarter and the corresponding portion of the Borrower’s previous fiscal year;
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(c)substantially simultaneously with the delivery of each set of financial statements referred to in clauses (a) and (b) above, a certificate of a financial officer of the Borrower stating whether there exists on the date of such certificate any Default and, if any Default then exists, setting forth the details thereof and the action which the Borrower is taking or proposes to take with respect thereto;
(d)forthwith upon the occurrence of any Default, a certificate of an officer of the Borrower setting forth the details thereof and the action which the Borrower is taking or proposes to take with respect thereto;
(e)promptly upon the mailing thereof to the shareholders of the Borrower generally, copies of all financial statements, reports and proxy statements so mailed;
(f)promptly upon the filing thereof, copies of all annual, quarterly or other reports which the Borrower shall have filed with the SEC; and
(g)from time to time such additional information regarding the financial position or business of the Borrower and its Subsidiaries and other Affiliates as the Administrative Agent, at the request of any Lender, may reasonably request.
Information required to be delivered pursuant to Section 5.01(a), 5.01(b), 5.01(e) or 5.01(f) shall be deemed to have been delivered to the Administrative Agent on the date that such information has been posted (and is publicly available) on the Borrower’s website on the Internet (which website is located as of the FourthSixth Amendment Effective Date at http://www.marathonoil.com) or on the SEC website accessible through http://www.sec.gov/edgar (or any successor webpage of the SEC thereto).
SECTION 5.02.Consolidations and Mergers.  The Borrower shall not consolidate or merge with or into any other Person or convey, transfer or lease all or substantially all of its consolidated assets as an entirety to any Person, unless:
(a)either (i) the Borrower shall be the Person surviving such merger or (ii) the Person formed by such consolidation or into which Borrower is merged or the Person which acquires by conveyance, transfer or lease all or substantially all of the consolidated assets of the Borrower as an entirety shall, in each case, be a corporation organized and existing under the laws of the United States of America or any State thereof or the District of Columbia and shall execute and deliver to the Administrative Agent (which shall promptly deliver a copy to each Lender) an agreement, in form and substance reasonably satisfactory to the Administrative Agent, containing an assumption by such successor or transferee Person of the due and punctual performance and observance of each covenant and condition of this Agreement to be performed or observed by the Borrower;

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(b)in the case of a consolidation or merger in which the Borrower is not the surviving Person or any conveyance, transfer or lease of all or substantially all of the consolidated assets of the Borrower as an entirety, the successor Person formed by such consolidation or into which the Borrower is merged or to which such conveyance, transfer or lease is made shall have a Consolidated Shareholders’ Equity that is not less than the Consolidated Shareholders’ Equity of the Borrower immediately prior to such consolidation, merger, conveyance, transfer or lease; and
(c)immediately after giving effect to such transaction, no Event of Default shall have occurred and be continuing.
Upon any consolidation or merger in which the Borrower is not the surviving Person or any conveyance, transfer or lease of all or substantially all of the consolidated assets of the Borrower as an entirety in accordance with this Section 5.02, the successor Person formed by such consolidation or into which the Borrower is merged or to which such conveyance, transfer or lease is made shall, subject to the last sentence of this paragraph, succeed to, and be substituted for, and may exercise every right and power of, the Borrower under this Agreement with the same effect as if such successor Person had been named as the Borrower herein.  No such conveyance, transfer or lease of all or substantially all of the consolidated assets of the Borrower as an entirety shall have the effect of releasing the Borrower or any successor Person which shall theretofore have become such in the manner prescribed in this Section 5.02 from any liability hereunder.
SECTION 5.03.Negative Pledge.  If the Borrower or any Subsidiary shall mortgage, pledge, encumber or subject to a lien (hereinafter to “Mortgage” or a “Mortgage”) as security for any indebtedness for money borrowed any Specified Oil and Gas Property, the Borrower will secure or will cause such Subsidiary to secure the Borrower’s obligations hereunder equally and ratably with all indebtedness secured by the Mortgage then being given and with any other indebtedness of the Borrower or such Subsidiary then entitled thereto; provided, however, this covenant shall not apply in the case of:
(a)any Mortgage existing on the Effective Date (whether or not such Mortgage includes an after-acquired property provision);
(b)any Mortgage, including a purchase money Mortgage, incurred in connection with the acquisition of any property (for purposes hereof, the creation of any Mortgage within 180 days after the acquisition or completion of construction of such property shall be deemed to be incurred in connection with the acquisition of such property), the assumption of any Mortgage previously existing on any acquired property or any Mortgage existing on the property of any Person when such Person becomes a Subsidiary of the Borrower;
(c)any Mortgage on such property in favor of the United States of America, any State thereof or any agency, department, political subdivision or other instrumentality of either, to secure partial, progress or advance payments to 
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the Borrower or any Subsidiary pursuant to the provisions of any contract or any statute;
(d)any Mortgage on such property in favor of the United States of America, any State thereof or any agency, department, political subdivision or other instrumentality of either, to secure borrowings by the Borrower or any Subsidiary for the purchase or construction of the property mortgaged;
(e)any Mortgage in connection with a sale or other transfer of (i) oil or gas in place for a period of time or in an amount such that the purchaser will realize therefrom a specified amount of money or specified amount of minerals or (ii) any interest in property of the character commonly referred to as an “oil payment” or “production payment”;
(f)any Mortgage on any property arising in connection with or to secure all or any part of the cost of the repair, construction, improvement, alteration, exploration, development or drilling of such property or any portion thereof;
(g)any Mortgage on any pipeline, gathering system, pumping or compressor station, pipeline storage facility, other pipeline facility, drilling equipment, drilling platform, drilling barge, any movable railway, marine or automotive equipment, gas plant, office building, storage tank, or warehouse facility, any of which is located on a Specified Oil and Gas Property;
(h)any Mortgage on any equipment or other personal property used in connection with a Specified Oil and Gas Property;
(i)any Mortgage on a Specified Oil and Gas Property arising in connection with the sale of accounts receivable resulting from the sale of oil or gas at the wellhead; or
(j)any renewal of or substitution for any Mortgage permitted under the preceding clauses.
Notwithstanding the foregoing restriction contained in this Section 5.03, the Borrower may, and may permit its Subsidiaries to, incur or grant Mortgages on Specified Oil and Gas Properties as security for any indebtedness for money borrowed so long as the sum, without duplication, of (i) the aggregate outstanding principal amount of indebtedness for money borrowed secured by such Mortgages, (ii) the aggregate amount of the Attributable Debt in respect of all sale and leaseback transactions entered into in reliance on the exception provided in Section 5.04(c) and (iii) the aggregate principal amount of Indebtedness of Subsidiaries of the Borrower outstanding in reliance on Section 5.06(j), does not at the time such Mortgage is incurred or granted exceed 15% of Consolidated Net Tangible Assets.
SECTION 5.04.Sale and Leaseback.  The Borrower will not, nor will it permit any Subsidiary to, sell or transfer any Specified Oil and Gas Property, with the 
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intention of taking back a lease of such property; provided, however, this covenant shall not apply if:
(a)the sale is to a Subsidiary of the Borrower (or to the Borrower in the case of a Subsidiary);
(b)the lease is for a period of not more than three years by the end of which it is intended that the use of such property by the lessee will be discontinued;
(c)the Borrower or a Subsidiary could, in accordance with Section 5.03, Mortgage such property without equally and ratably securing the Borrower’s obligations hereunder;
(d)the transfer is incident to or necessary to effect any operating, farm out, farm in, unitization, acreage exchange, acreage contributions, bottom hole or dry hole arrangements or pooling agreement or any other agreement of the same general nature relating to the acquisition, exploration, maintenance, development and operation of oil or gas properties in the ordinary course of business or as required by regulatory agencies having jurisdiction over such property; or
(e)(i) the Borrower promptly informs the Administrative Agent of such sale, (ii) the net proceeds of such sale are at least equal to the fair value (as determined by resolution adopted by the board of directors of the Borrower) of such property and (iii) the Borrower shall, and in any such case the Borrower covenants that it will, within 180 days after such sale, apply an amount equal to the net proceeds of such sale to the retirement of debt of the Borrower, or of a Subsidiary in the case of property of such Subsidiary, maturing by its terms more than one year after the date on which it was originally incurred (herein called “funded debt”); provided that the amount to be applied to the retirement of funded debt of the Borrower or of a Subsidiary of the Borrower shall be reduced by the amount equal to the amount below if, within 75 days after such sale, the Borrower shall deliver to the Administrative Agent an officer’s certificate (A) stating that on a specified date after such sale the Borrower or a Subsidiary, as the case may be, voluntarily retired a specified principal amount of funded debt, (B) stating that such retirement was not effected by payment at maturity or pursuant to any applicable mandatory sinking fund or prepayment provision (other than provisions requiring retirement of any funded debt of the Borrower or a Subsidiary, as the case may be, under the circumstances referred to in this Section 5.04) and (C) stating the then optional redemption or prepayment price applicable to funded debt so retired or, if there is no such price applicable, the amount applied by the Borrower or a Subsidiary, as the case may be, to the retirement of such funded debt. The Borrower shall deliver to the Administrative Agent a certified copy of the resolution of the board of directors of the Borrower referred to in clause (e)(ii) above and an officer’s certificate setting forth all material facts under this Section 5.04.   The term 
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“retirement” of any funded debt shall include the in-substance defeasance of such funded debt in accordance with then applicable accounting rules.
SECTION 5.05.Maximum Consolidated Leverage Ratio.  The Borrower shall not permit the ratio of Consolidated Total Indebtedness to Consolidated Capitalization as of the last day of any fiscal quarter of the Borrower to be greater than 0.65 to 1.00.
SECTION 5.06.Subsidiary Indebtedness.  From and after the Fifth Amendment Effective Date, the Borrower will not permit any Subsidiary of the Borrower to create, incur, assume or permit to exist any Indebtedness, except:
(a)Indebtedness existing on the Fifth Amendment Effective Date which is either (i) set forth on Schedule 5.06 or (ii) in a principal amount that is less than (x) $25,000,000 individually and (y) $100,000,000 in the aggregate;
(b)Indebtedness of any Subsidiary owing to the Borrower or any Subsidiary; provided that such Indebtedness shall not have been transferred to any Person other than the Borrower or a Subsidiary;
(c)Guarantees by any Subsidiary of Indebtedness of any other Subsidiary; provided that a Subsidiary shall not Guarantee Indebtedness of any other Subsidiary that it would not have been permitted to incur under this Section if it were a primary obligor thereon;
(d)Indebtedness of any Subsidiary incurred to finance the acquisition, construction, repair, development or improvement of any fixed or capital assets, including Capital Lease Obligations, and any Indebtedness assumed in connection with the acquisition of any such assets; provided that such Indebtedness when incurred shall not exceed the purchase price and costs, as applicable, of acquisition, construction, repair, development or improvement of the asset(s) financed and all fees, costs and expenses relating thereto;
(e)Indebtedness of a Person that is not a Subsidiary of the Borrower as of the Fifth Amendment Effective Date and that becomes a Subsidiary after the Fifth Amendment Effective Date or is merged or consolidated with or into the Borrower or any Subsidiary after the Fifth Amendment Effective Date, in each case, if such Indebtedness is existing at the time such Person becomes a Subsidiary or is so merged or consolidated and is not incurred in contemplation of such transaction;
(f)Indebtedness in respect of letters of credit, letters of guaranty, bankers’ acceptances and similar instruments issued for the account of any Subsidiary in the ordinary course of business;
(g)Indebtedness in respect of netting services, overdraft protections and otherwise arising from treasury, depository and cash management
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services or in connection with any automated clearing-house transfers of funds, overdraft or any similar services, in each case in the ordinary course of business;
(h)Indebtedness with respect to bid, surety, appeal, indemnity, performance or other similar bonds, workers’ compensation claims or self-insurance obligations, in each case, incurred in the ordinary course of business, and Indebtedness in the form of purchase price adjustments, earn-outs, earnest money or similar obligations incurred in connection with any acquisition or disposition;
(i)Indebtedness owing to any insurance company in connection with the financing of insurance premiums in the ordinary course of business;

(j)other Indebtedness of any Subsidiary; provided that at the time of and after giving pro forma effect to the creation, incurrence or assumption of any such Indebtedness, the sum, without duplication, of (i) the aggregate outstanding principal amount of all such Indebtedness of any Subsidiary, (ii) the aggregate outstanding principal amount of indebtedness for money borrowed secured by Mortgages in reliance on the last paragraph of Section 5.03 and (iii) the aggregate amount of the Attributable Debt in respect of all sale and leaseback transactions entered into in reliance on the exception provided in Section 5.04(c) does not exceed 15% of Consolidated Net Tangible Assets; and;
(k)extensions, refinancings, renewals or replacements of the Indebtedness permitted by clause (a), (d) or (e) above which, in the case of any such extension, refinancing, renewal or replacement, does not increase the amount of the Indebtedness being extended, refinanced, renewed or replaced, other than amounts incurred to pay the costs of such extension, refinancing, renewal or replacement.
ARTICLE 6

Defaults
SECTION 6.01.Events of Default.  If one or more of the following events (“Events of Default”) shall have occurred and be continuing:
(a)the Borrower (i) shall fail to pay when due any principal of any Loan or any reimbursement obligation in respect of any Letter of Credit or (ii) shall fail to pay within five Domestic Business Days after the due date thereof any interest or fees payable hereunder;
(b)the Borrower shall fail to observe or perform any covenant contained in Section 5.01(d), 5.02 or 5.05;
(c)the Borrower shall fail to observe or perform any covenant contained in Section 5.03 or 5.04 for five Domestic Business Days after written notice thereof has been given to the Borrower by the Administrative Agent at the request of any Lender;
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(d)the Borrower shall fail to observe or perform any covenant or agreement contained in this Agreement (other than those covered by clauses (a), (b) or (c) above) for 30 days after written notice thereof has been given to the Borrower by the Administrative Agent at the request of any Lender;
(e)any representation, warranty, certification or statement made or deemed made by or on behalf of the Borrower in this Agreement or in any certificate, financial statement or other document delivered pursuant to this Agreement shall prove to have been incorrect in any material respect when made or deemed made;
(f)the Borrower shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, or shall consent to any such relief or to the appointment of any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall take any corporate action to authorize any of the foregoing;
(g)an involuntary case or other proceeding shall be commenced against the Borrower in any court of competent jurisdiction seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 60 days; or an order for relief approving or ordering any of the foregoing shall be entered by such court against the Borrower under the federal bankruptcy laws as now or hereafter in effect;
(h)the Borrower shall fail generally to pay its debts as they become due; 
(i)an ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred, would reasonably be expected to result in a Material Adverse Effect;
(j)the Borrower or any of its Subsidiaries shall fail to make any payment (whether of principal, interest, fees or other amounts) in respect of any Material Indebtedness, when and as the same shall become due and payable, and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Material Indebtedness;
(k)any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity; provided that this clause (k) shall not apply to (i) secured Indebtedness that becomes due as a result of the

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voluntary sale or transfer of the property or assets securing such Indebtedness, (ii) any Indebtedness that becomes due as a result of a voluntary prepayment, purchase or redemption thereof or (iii) in the case of any Swap Agreement, termination events or equivalent events pursuant to the terms of such Swap Agreement not arising as a result of a default by the Borrower or any Subsidiary thereunder; or
(l)one or more judgments or orders for the payment of money in an aggregate amount in excess of $150,000,000 (to the extent not covered by (i) valid and collectible insurance in respect thereof or (ii) an indemnity from an indemnitor reasonably acceptable to the Required Lenders) shall be rendered against the Borrower, any Subsidiary, or any combination thereof and either (i) proper or valid enforcement or levying proceedings shall have been commenced by any creditor upon such judgment or order or (ii) such judgment or order shall continue to be unsatisfied and unstayed for a period of sixty (60) consecutive days;
then, and in every such event, the Administrative Agent shall, if requested by the Required Lenders, by notice to the Borrower terminate the Commitments, and they shall thereupon terminate, and/or declare the Loans (together with accrued interest thereon) and any other amounts payable hereunder to be, and the Loans and such amounts shall thereupon become, immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; provided that in the case of any Event of Default specified in clause (f) or (g) above, without any notice to the Borrower or any other act by the Administrative Agent or the Lenders, the Commitments shall thereupon automatically terminate and the Loans (together with accrued interest thereon) and all other amounts payable hereunder shall automatically become immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.
SECTION 6.02.Notice of Default.  The Administrative Agent shall give notice to the Borrower under Section 6.01(c) or 6.01(d) promptly upon being requested to do so by any Lender and shall thereupon notify all the Lenders thereof.
SECTION 6.03.Cash Collateral.  The Borrower agrees, in addition to the provisions of Section 6.01, that upon the occurrence and during the continuance of any Event of Default, it shall, if requested by the Administrative Agent upon the instruction of the Required Lenders, pay to the Administrative Agent an amount in immediately available funds (which funds shall be held as collateral pursuant to arrangements satisfactory to the Administrative Agent) equal to the aggregate amount available for drawing under all Letters of Credit outstanding at such time, provided that, upon the occurrence of any Event of Default specified in Section 6.01(f) or 6.01(g), the Borrower shall pay such amount forthwith without any notice or demand or any other act by the Administrative Agent or the Lenders.  Any such funds held as collateral by the Administrative Agent shall be held for the satisfaction of the reimbursement obligations of the Borrower for the aggregate Letter of Credit Liabilities at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Required Lenders), 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 
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the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Domestic Business Days after all Events of Default have been cured or waived.  
ARTICLE 7

The Administrative Agent
SECTION 7.01.Appointment and Authorization.  Each Lender and Issuing Bank irrevocably appoints the entity named as Administrative Agent in the heading of this Agreement and its successors to serve as administrative agent hereunder and authorizes the Administrative Agent to take such action and to exercise such powers under this Agreement as are delegated to the Administrative Agent by the terms hereof, together with all such powers as are reasonably incidental thereto.
SECTION 7.02.Administrative Agent and Affiliates.  The Person serving as the Administrative Agent shall have the same rights and powers under this Agreement in its capacity as a Lender or an Issuing Bank as any other Lender or Issuing Bank and may exercise or refrain from exercising the same as though it were not the Administrative Agent.  Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate of the Borrower as if it were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders or the Issuing Banks.
SECTION 7.03.Action by Administrative Agent.  The Administrative Agent shall not have any duties or obligations except those expressly set forth in this Agreement, and its duties hereunder shall be administrative in nature.  Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing (and it is understood and agreed that the use of the term “agent” herein 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, and that such term is used as a matter of market custom and is intended to create or reflect only an administrative relationship between contracting parties), (b) the Administrative Agent shall not have any duty to take any discretionary action or to exercise any discretionary power, except discretionary rights and powers expressly contemplated by this Agreement 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 necessary, or as the Administrative Agent shall believe in good faith to be necessary, under the circumstances as provided in this Agreement), provided that the Administrative Agent shall not be required to take any action that, in its opinion, could expose the Administrative Agent to liability or be contrary to this Agreement or applicable law, (c) the Administrative Agent shall not be required to take any action with respect to any Default, except as expressly provided in Article 6, and (d) except as expressly set forth in this Agreement, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the 
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Borrower, any Subsidiary or any other Affiliate thereof that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity.
SECTION 7.04.Consultation with Experts.  The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the advice of such counsel, accountants or experts.
SECTION 7.05.Liability of Administrative Agent.  Neither the Administrative Agent nor any of its Related Parties shall be liable for any action taken or not taken by it in connection herewith (a) 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 to be necessary, under the circumstances as provided in this Agreement) or (b) in the absence of its own gross negligence or willful misconduct or a material breach by the Administrative Agent of the express terms of this Agreement, as determined by a final judgment of a court of competent jurisdiction (so long as such determination has not been reversed or vacated on appeal); provided that the provisions of this sentence are for the sole benefit of the Administrative Agent and shall not release any Lender from liability it would otherwise have to the Borrower.  The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof (stating that it is a “notice of default”) is given to the Administrative Agent by the Borrower, a Lender or an Issuing Bank, and neither the Administrative Agent nor any of its Related Parties shall be responsible for or have any duty to ascertain, inquire into or verify (i) any statement, warranty or representation made in connection with this Agreement or any Credit Event, (ii) the contents of any certificate, report or other document delivered thereunder or in connection therewith, (iii) the performance or observance of any of the covenants or agreements of the Borrower hereunder or the occurrence of any Default, (iv) the satisfaction of any condition specified in Article 3, except for confirmation of the receipt of items required to be delivered to the Administrative Agent, or (v) the sufficiency, validity, enforceability, effectiveness or genuineness of this Agreement or any other instrument or writing furnished in connection herewith.  The Administrative Agent shall be entitled to rely, and shall not incur any liability for relying, upon any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person (whether or not such Person in fact meets the requirements for being the signatory, sender or authenticator thereof).  The Administrative Agent also shall be entitled to rely, and shall not incur any liability for relying, upon any statement made to it orally or by telephone and believed by it to be made by the proper Person (whether or not such Person in fact meets the requirements for being maker thereof), and may act upon any such statement prior to receipt of written confirmation thereof.  In determining compliance with any condition hereunder to the making of any Credit Event, the Administrative Agent may presume that such condition is satisfactory to such Lender or Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such 
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Lender or Issuing Bank sufficiently in advance to the making of such Loan or the issuance of such Letter of Credit.
SECTION 7.06.Credit Decision; Acknowledgements of Lenders and Issuing Banks.  (a) Each Lender and Issuing Bank acknowledges that it has, independently and without reliance on the Administrative Agent, the Arrangers or any other Lender or Issuing Bank, or any of the Related Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.  Each Lender and Issuing Bank also acknowledges that it will, independently and without reliance on the Administrative Agent, the Arrangers or any other Lender or Issuing Bank, or any of the Related Parties of any of the foregoing, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking any action under this Agreement.
(b)Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and its Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower, that at least one of the following is and will be true: (i) such Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Commitments or this Agreement (ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, (iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement or (iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent and such Lender.

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(c)In addition, unless either (1) sub-clause (i) in the immediately preceding clause (b) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (b), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document  or any documents related hereto or thereto)).
SECTION 7.07.Successor Administrative Agent.  The Administrative Agent may resign at any time by giving notice thereof to the Lenders and the Borrower.  Upon any such resignation, the Borrower shall have the right to appoint a successor Administrative Agent from among the Lenders, subject to the approval of the Required Lenders, which shall not be unreasonably withheld.  If no successor Administrative Agent shall have been so appointed by the Borrower and approved by the Required Lenders, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent gives notice of resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which shall be a commercial bank organized or licensed under the laws of the United States or of any State thereof and having a combined capital and surplus of at least $100,000,000.  Upon the acceptance of its appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder. After any retiring Administrative Agent resigns as Administrative Agent hereunder, the provisions of this Article and of Section 9.03 shall inure to its benefit as to actions taken or omitted to be taken by it while it was Administrative Agent.
SECTION 7.08.Acknowledgements of Lenders.  (i) Each Lender and each Issuing Bank hereby agrees that (x) if the Administrative Agent notifies such Lender or Issuing Bank that the Administrative Agent has determined in its sole discretion that any funds received by such Lender or Issuing Bank from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”) were erroneously transmitted to such Lender or Issuing Bank (whether or not known to such Lender or Issuing Bank), and demands the return of such Payment (or a portion thereof), such Lender or Issuing Bank shall promptly, but in no event later than one Domestic Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) 
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was received by such Lender or Issuing Bank to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender or Issuing Bank shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on “discharge for value” or any similar doctrine.  A notice of the Administrative Agent to any Lender or Issuing Bank under this Section 7.08(i) shall be conclusive, absent manifest error. 
(ii)Each Lender and each Issuing Bank hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a “Payment Notice”) or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment.  Each Lender and each Issuing Bank agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender or Issuing Bank shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one Domestic Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender or Issuing Bank to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.
(iii)Each party hereby agrees that (x) in the event an erroneous Payment (or portion thereof) is not recovered from any Lender or Issuing Bank that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender or Issuing Bank with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any obligations owed by the Borrower, except, in each case, to the extent such erroneous Payment is, and solely with respect to the amount of such erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower. 
(iv)Each party’s obligations under this Section 7.08 shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Loans or other obligations hereunder.

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SECTION 7.09.SECTION  7.08. Administrative Agent’s Fee.  The Borrower shall pay to the Administrative Agent for its own account fees in the amounts and at the times previously agreed upon by the Borrower and the Administrative Agent.
SECTION 7.10.SECTION  7.09. Other Agents.  None of the Arrangers, the Documentation Agents or the Syndication Agent, in their capacities as such, shall have any duties or obligations of any kind under this Agreement.
ARTICLE 8

Change in Circumstances
SECTION 8.01.Basis for DeterminingAlternate Rate of Interest  Rate Inadequate or Unfair.  
(a)IfSubject to Section 8.01(b), if on or before the first day of any Interest Period for any Eurodollar Borrowing:
(i)the Administrative Agent reasonably determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted London Interbank Offered Rate for such Interest Period; provided that no Benchmark Transition Event shall have occurred at such time; or
(ii)the Required Lenders advise the Administrative Agent that the Adjusted London Interbank Offered Rate for such Interest Period as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Lenders of funding or maintaining their Loans included in such Eurodollar Borrowing for such Interest Period;
then the Administrative Agent shall forthwith give notice thereof to the Borrower and the Lenders, whereupon until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Lenders to make Eurodollar Loans, or to continue or convert outstanding Loans as or into Eurodollar Loans, shall be suspended and (ii) each outstanding Eurodollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto.  Unless the Borrower notifies the Administrative Agent at least two Domestic Business Days before the date of any affected Borrowing for which a Notice of Revolving Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
(c)If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in paragraph (a)(i) of this Section have arisen (including because the LIBO Screen Rate is not available or published on a current basis) and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in paragraph (a)(i) of this Section have not arisen but (w) the supervisor for the administrator of the LIBO 
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Screen Rate has made a public statement that the administrator of the LIBO Screen Rate is insolvent (and there is no successor administrator that will continue publication of the LIBO Screen Rate), (x) the supervisor for the administrator or the administrator of the LIBO Screen Rate has made a public statement identifying a specific date after which the LIBO Screen Rate will permanently or indefinitely cease to be published or (y) the supervisor for the administrator of the LIBO Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Screen Rate may no longer be used for determining interest rates for loans, then the Administrative Agent and the Borrower shall endeavor in good faith to establish an alternate rate of interest to the Adjusted London Interbank Offered Rate that gives due consideration to the then prevailing market convention in the United States for determining a rate of interest for syndicated loans denominated in dollars at such time, and the Administrative Agent and the Borrower shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable (it being understood that such amendment shall not reduce the Eurodollar Margin); provided that if such alternative rate of interest shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.  Notwithstanding anything to the contrary in Section 9.05, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within 10 Domestic Business Days of the date a copy of such amendment is provided to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such amendment. Until an alternate rate of interest shall be determined in accordance with this paragraph (b) (but, in the case of the circumstances described in clause (ii) of the first sentence of this paragraph (b) (in the case of sub-clause (y), prior to such specified date), only to the extent the LIBO Screen Rate for such Interest Period is not available or published at such time on a current basis), clauses (i) and (ii) of paragraph (a) of this Section shall be applicable. (i) Notwithstanding anything to the contrary herein, if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth Domestic Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this 
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Agreement so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.
(ii)Notwithstanding anything to the contrary herein and subject to the proviso below in this paragraph, if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement; provided that this paragraph shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term SOFR Notice. For the avoidance of doubt, the Administrative Agent shall not be required to deliver a Term SOFR Notice after a Term SOFR Transition Event and may do so in its sole discretion.
(iii)In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement.
(iv)The Administrative Agent will promptly notify the Borrower and the Lenders of (A) any occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (B) the implementation of any Benchmark Replacement, (C) the effectiveness of any Benchmark Replacement Conforming Changes, (D) the removal or reinstatement of any tenor of a Benchmark pursuant to paragraph (v) below and (E) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 8.01(b), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement, except, in each case, as expressly required pursuant to this Section 8.01(b).
(v)Notwithstanding anything to the contrary herein, at any time (including in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including Term SOFR or LIBO Rate) and either (1) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (2) the regulatory 
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supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (B) if a tenor that was removed pursuant to clause (A) above either (1) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (2) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.
(vi)Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a borrowing of, conversion to or continuation of Eurodollar Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate.
SECTION 8.02.Illegality.    (a) If, on or after the Effective Date, any Change in Law shall make it unlawful or impossible for any Lender (or its applicable lending office) to make, maintain or fund its Eurodollar Loans and such Lender shall so notify the Administrative Agent, the Administrative Agent shall forthwith give notice thereof to the other Lenders and the Borrower, whereupon until such Lender notifies the Borrower and the Administrative Agent that the circumstances giving rise to such suspension no longer exist, the obligation of such Lender to make Eurodollar Loans, or to continue or convert outstanding Loans as or into Eurodollar Loans, shall be suspended.  Before giving any notice to the Administrative Agent pursuant to this Section 8.02, such Lender shall designate a different lending office if such designation will avoid the need for giving such notice and will not, in the judgment of such Lender, be otherwise disadvantageous to such Lender.
(b)If such notice is given, each Eurodollar Loan of such Lender then outstanding shall be converted to a Base Rate Loan either (i) on the last day of the then current Interest Period applicable to such Eurodollar Loan, if such Lender may lawfully continue to maintain and fund such Loan as a Eurodollar Loan to such day, or (ii) immediately, if such Lender shall determine that it may not lawfully continue to maintain and fund such Loan as a Eurodollar Loan to such day.  Interest and principal on any such Base Rate Loan shall be payable on the same dates as, and on a pro rata basis with, the interest and principal payable on the related Eurodollar Loans of the other Lenders.
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SECTION 8.03.Increased Cost and Reduced Return.   (a) If any Change in Law shall:
(i)impose, modify or deem applicable any reserve, special deposit or similar requirement (including any compulsory loan or insurance charge) against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any such reserve requirement reflected in the Adjusted London Interbank Offered Rate) or any Issuing Bank;
(ii)impose on any Lender or any Issuing Bank or the London interbank market any other condition, cost or expense (other than with respect to Taxes) affecting this Agreement or Eurodollar Loans made by such Lender or any Letter of Credit or participation therein; or
(iii)subject any Recipient to any Taxes on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto (other than (A) Indemnified Taxes, (B) Other Connection Taxes (x) imposed on (or measured by) gross or net income (however denominated), profits or revenue (including value-added or similar Taxes) or (y) that are franchise Taxes or branch profits Taxes and (C) Excluded Taxes described in clauses (b) through (e) of the definition of Excluded Taxes);
and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, continuing, converting into or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender, such Issuing Bank or such other Recipient of participating in, issuing or maintaining any Letter of Credit (or 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, such Issuing Bank or such other Recipient hereunder (whether of principal, interest or otherwise), then subject to Sections 8.03(c) and 8.03(d), the Borrower will pay to such Lender, such Issuing Bank or such other Recipient such additional amount or amounts as will compensate such Lender, such Issuing Bank or such other Recipient for such additional costs incurred or reduction suffered.
(c)If any Lender or any Issuing Bank determines in good faith that any Change in Law affecting such Lender or such Issuing Bank or any lending office of such Lender or such Lender’s or such Issuing Bank’s holding company, if any, regarding capital or liquidity requirements has the effect of reducing the rate of return on such Lender’s or such Issuing Bank’s capital or on the capital of such Lender’s or such Issuing Bank’s holding company, if any, as a consequence of this Agreement, the Commitment 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 such Issuing Bank, to a level below that which such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s or such Issuing Bank’s holding company with respect to capital adequacy 
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and liquidity), then from time to time, subject to Sections 8.03(c) and 8.03(d), the Borrower will pay to such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company for any such reduction suffered; provided that such Lender or such Issuing Bank is generally seeking, or intends generally to seek, compensation from similarly situated borrowers under similar credit facilities (to the extent such Lender or such Issuing Bank has the right under such similar credit facilities to do so) with respect to such Change in Law regarding capital or liquidity requirements.
(d)A certificate of a Lender or an Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or such Issuing Bank or its holding company, as the case may be, as specified in Section 8.03(a) or 8.03(b), including in reasonable detail a description of the basis for such claim for compensation and an explanation of how such amount or amounts were determined, shall be delivered to the Borrower and shall be conclusive absent manifest error.  The Borrower shall pay such Lender or such Issuing Bank, as the case may be, the amount shown as due on any such certificate within 30 days after receipt thereof.
(e)Failure or delay on the part of any Lender or any Issuing Bank to demand compensation pursuant to this Section 8.03 shall not constitute a waiver of such Lender’s or such Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or an Issuing Bank pursuant to this Section 8.03 for any increased costs or reductions incurred more than 180 days prior to the date that such Lender or such Issuing Bank, as the case may be, notifies the Borrower in writing of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or such Issuing Bank’s intention to claim compensation therefor; provided further that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.
SECTION 8.04.Base Rate Loans Substituted for Affected Eurodollar Loans.  If (a) the obligation of any Lender to make, or to continue or convert outstanding Loans as or to, Eurodollar Loans has been suspended pursuant to Section 8.02 or (b) any Lender has demanded compensation under Section 8.03 with respect to its Eurodollar Loans and the Borrower shall, by at least five Eurodollar Business Days’ prior notice to such Lender through the Administrative Agent, have elected that the provisions of this Section 8.04 shall apply to the Lender demanding such compensation, then, unless and until such Lender notifies the Borrower that the circumstances giving rise to such suspension or demand for compensation no longer exist, all Loans which would otherwise be made by such Lender as (or continued as or converted to) Eurodollar Loans shall instead be Base Rate Loans on which interest and principal shall be payable contemporaneously with the related Eurodollar Loans of the other Lenders. If such Lender notifies the Borrower that the circumstances giving rise to such suspension or demand for compensation no longer exist, the principal amount of each such Base Rate Loan shall, subject to Section 8.02, be converted into a Eurodollar Loan on the first day of the next 
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succeeding Interest Period applicable to the related Eurodollar Loans of the other Lenders.
SECTION 8.05.Taxes.    (a) Withholding of Taxes; Gross-Up.  Each payment by the Borrower hereunder shall be made without withholding for any Taxes, unless such withholding is required by any law.  If any Withholding Agent determines, in its sole discretion exercised in good faith, that it is so required to withhold Taxes from any such payment, then such Withholding Agent may so withhold and shall timely pay the full amount of withheld Taxes to the relevant Governmental Authority in accordance with applicable law.  If such Taxes are Indemnified Taxes, then the amount payable by the Borrower shall be increased as necessary so that, net of such withholding (including such withholding for Indemnified Taxes applicable to additional amounts payable under this Section 8.05(a)), the applicable Recipient receives the amount it would have received had no such withholding for Indemnified Taxes been made.
(b)Payment of Other Taxes by the Borrower.  The Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law.
(c)Evidence of Payments.  As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this Section 8.05, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.
(d)Indemnification by the Borrower.  The Borrower shall indemnify each Recipient for any Indemnified Taxes that are paid or payable (without duplication) by such Recipient in connection with this Agreement (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 8.05(d)) and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority; provided that the Borrower shall not be required to indemnify a Recipient pursuant to this Section 8.05(d) for any Indemnified Taxes unless such Recipient notifies the Borrower of the indemnification claim for such Indemnified Taxes no later than 180 days after the date on which such Recipient has made payment of such Indemnified Taxes.  The indemnity under this Section 8.05(d) shall be paid within 20 days after the Recipient delivers to the Borrower a certificate stating the amount of any Indemnified Taxes so paid or payable by such Recipient and describing the basis for the indemnification claim (including how such amounts were determined).  Such certificate shall be conclusive of the amount so paid or payable absent manifest error.  Such Recipient shall deliver a copy of such certificate to the Administrative Agent.
(e)Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative Agent for (i) any Taxes (but, in the case of 
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any Indemnified Taxes, only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so) attributable to such Lender and (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.06(g) relating to the maintenance of a Participant Register, in each case that are paid or payable by the Administrative Agent in connection with this Agreement and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  The indemnity under this Section 8.05(e) shall be paid within 10 days after the Administrative Agent delivers to the applicable Lender a certificate stating the amount of Taxes so paid or payable by the Administrative Agent.  Such certificate shall be conclusive of the amount so paid or payable absent manifest error.  Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this Section 8.05(e) to the extent such amount shall not have been paid as provided herein.
(f)Status of Lenders.   (i) Any Lender (which, solely for purposes of Sections 8.05(f) and 8.05(g), shall include the Administrative Agent) that is entitled to an exemption from, or reduction of, withholding Tax with respect to any payments under this Agreement 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, or at a reduced rate of, withholding.  In addition, any Lender, if requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by 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 any withholding (including 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 8.05(f)(ii)(A) through (E)  and Section 8.05(g)) 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.  Upon the reasonable request of the Borrower or the Administrative Agent, any Lender shall update any form or certification previously delivered pursuant to this Section 8.05(f) or Section 8.05(g).  If any form or certification previously delivered pursuant to this Section 8.05(f) or Section 8.05(g) expires or becomes obsolete or inaccurate in any respect with respect to a Lender, such Lender shall promptly (and in any event within 10 days after such expiration, obsolescence or inaccuracy) notify the Borrower and the Administrative Agent in writing of such expiration, obsolescence or inaccuracy and update the form or certification if it is legally eligible to do so.
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(ii)Without limiting the generality of the foregoing, any Lender shall, if it is legally eligible to do so, deliver to the Borrower and the Administrative Agent (in such number of copies reasonably requested by the Borrower and the Administrative Agent) on or prior to the date on which such Lender becomes a party hereto (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), duly completed and executed originals of whichever of the following is applicable:
(A)in the case of a Lender that is a U.S. Person, IRS Form W-9 certifying that such Lender is exempt from U.S. Federal backup withholding tax;
(B)in the case of a Non-U.S. Lender claiming the benefits of an income tax treaty to which the United States is a party (1) with respect to payments of interest under this Agreement, IRS Form W-8BEN or W-8BEN-E (as applicable) establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of such tax treaty and (2) with respect to any other applicable payments under this Agreement, IRS Form W-8BEN or W-8BEN-E (as applicable) establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;
(C)in the case of a Non-U.S. Lender, IRS Form W-8ECI;
(D)in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code both (1) IRS Form W-8BEN or W-8BEN-E (as applicable) and (2) a certificate substantially in the form of Exhibit B (a “U.S. Tax Certificate”) to the effect that such Lender is neither (a) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (b) a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code or (c) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code;
(E)in the case of a Non-U.S. Lender that is not the beneficial owner of payments made under this Agreement (including a partnership or a participating Lender) (1) an IRS Form W-8IMY on behalf of itself and (2) the relevant forms prescribed in clauses (A), (B), (C), (D), (E) and (F) of this Section 8.05(f)(ii) that would be required of each such beneficial owner or partner of such partnership if such beneficial owner or partner were a Lender; provided, however, that if the Lender is a partnership and one or more of its direct or indirect partners are claiming the exemption for portfolio interest under Section 881(c) of the Code, such Lender may provide a U.S. Tax Certificate on behalf of such partners; or
(F)any other form prescribed by law as a basis for claiming exemption from, or a reduction of, U.S. Federal withholding Tax together with such supplementary documentation necessary to enable the Borrower or the 

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Administrative Agent to determine the amount of Tax (if any) required by law to be withheld.
(g)FATCA.  If a payment made to a Lender hereunder 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, to determine that such Lender has or has not complied with such Lender’s obligations under FATCA and, as necessary, to determine the amount to deduct and withhold from such payment.  Solely for purposes of this Section 8.05(g), “FATCA” shall include any amendments made to FATCA after the Effective Date.  
(h)Treatment of Certain Refunds.  If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 8.05 (including by payment of additional amounts pursuant to this Section 8.05), it shall, within 45 days after receiving such refund, pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 8.05 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid to such indemnifying party pursuant to the previous sentence (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this Section 8.05(h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 8.05(h) the payment of which would place such indemnified party in a less favorable net after-Tax position than it would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid.  This Section 8.05(h) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes which it deems confidential) to the indemnifying party or any other Person.
(i)Defined Terms. For purposes of this Section 8.05, the term “Lender” includes any Issuing Bank and the term “law” includes FATCA.

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(j)For purposes of determining withholding Taxes imposed under FATCA, from and after the First Amendment Effective Date, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Borrower and the Administrative Agent to treat) the Commitment as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).
SECTION 8.06.Mitigation Obligations; Replacement of Lenders.   (a) Mitigation Obligations. If any Lender requests compensation under Section 8.03, or the Borrower is or will be 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 8.05, then such Lender shall (at the request of the Borrower) 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 reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 8.03 or 8.05, as the case may be, in the future and (ii) would not subject such Lender to any material unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.  The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.
(b)Replacement of Lenders.  If (i) the obligation of any Lender to make or to convert or continue outstanding Loans as or into Eurodollar Loans has been suspended pursuant to Section 8.02, (ii) any Lender has demanded compensation under Section 8.03 or the Borrower is or will be 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 8.05, (iii) any Lender has become a Defaulting Lender, (iv) any Lender refuses to consent to any proposed amendment, modification, waiver or consent with respect to any provision hereof that requires the unanimous approval of all Lenders, or the approval of each of the Lenders affected thereby (in each case in accordance with Section 9.05), and the consent of the Required Lenders shall have been obtained with respect to such amendment, modification, waiver or consent, or (v) any Lender shall be a Declining Lender, then the Borrower shall have the right, upon notice to such Lender and the Administrative Agent, to designate a substitute financial institution or financial institutions (which may be one or more of the Lenders) to purchase for cash, pursuant to an Assignment and Assumption Agreement and in accordance with Section 9.06(b), the outstanding Revolving Loans and funded participations in Letter of Credit drawings and Swingline Loans of such Lender and assume the Commitment of such Lender, without recourse to or warranty by, or expense to, such Lender, for a purchase price equal to the principal amount of all of such Lender’s outstanding Revolving Loans and funded participations in Letter of Credit drawings and Swingline Loans plus any accrued but unpaid interest thereon and accrued but unpaid fees for the account of such Lender hereunder, plus such amount, if any, as would be payable pursuant to Section 2.14 if the outstanding Revolving Loans of such Lender were prepaid in their entirety on the date of consummation of such assignment, provided that the Borrower shall have received 
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the prior written consent of the Administrative Agent, the Swingline Lender and each Issuing Bank to the extent such consent is required under Section 9.06(b), which consent shall not unreasonably be withheld, conditioned or delayed.  Each party hereto agrees that an assignment required pursuant to this Section 8.06(b) may be effected pursuant to an Assignment and Assumption Agreement executed by the Borrower, the Administrative Agent and the assignee and that the Lender required to make such assignment need not be a party thereto.
SECTION 8.07.Notice Mandatory.  The Administrative Agent or the affected Lender, as the case may be, shall promptly give notice to the Borrower when circumstances which gave rise to a suspension of the obligations of the Lenders or a Lender to make or maintain Eurodollar Loans pursuant to Section 8.01 or 8.02 no longer exist.
ARTICLE 9

Miscellaneous
SECTION 9.01.Notices.   (a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to Section 9.01(b)), 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 or e-mail, as follows:
(i)if to the Borrower, to it at 5555 San Felipe Street, Houston, TX  77056, Attention of Jim Sandoval, Vice President and Treasurer (FaxPhone No.: (713) 296-4519296-4623; E-Mail: morrisclarkjamessandoval@marathonoil.com);
(ii)if to the Administrative Agent, to JPMorgan Chase Bank, N.A., Wholesale Loan Operations, 500 Stanton Christiana Road, Floor 3, Ops 2, Newark, DE, 19713, Attention of Rea Seth (Fax No.: (302) 634-1417; E-Mail: rea.n.seth@jpmorgan.com);
(iii)if to any Issuing Bank, to it at its address (or fax number or e-mail address) most recently specified by it in a notice delivered to the Administrative Agent and the Borrower (or, in the absence of any such notice, to the address (or fax number or e-mail address) set forth in the Administrative Questionnaire of the Lender that is serving as such Issuing Bank or is an Affiliate thereof);
(iv)if to the Swingline Lender, to it at 500 Stanton Christiana Road, Floor 3, Ops 2, Newark, DE, 19713-2107, Attention of Rea Seth (Fax No.: (302) 634-1417; E-Mail: rea.n.seth@jpmorgan.com); and
(v)if to any other Lender, to it at its address (or fax number or e-mail address) set forth in its Administrative Questionnaire.
Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by fax 
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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); and notices delivered through electronic communications to the extent provided in Section 9.01(b) shall be effective as provided in such Section.
(c)Notices and other communications to the Lenders and Issuing Banks hereunder may be delivered or furnished by electronic communications (including email and Internet and intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices under Article 2 to any Lender or Issuing Bank if such Lender or Issuing Bank, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication.  Any notices or other communications to the Administrative Agent or the Borrower may be delivered or furnished by electronic communications pursuant to procedures approved by the recipient thereof prior thereto; provided that approval of such procedures may be limited or rescinded by any such Person by notice to each other such Person.  Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgment); provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient; and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor.
(d)Any party hereto may change its address or fax number for notices and other communications hereunder by notice to the other parties hereto.
(e)The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make any Communication available to the Issuing Banks and the Lenders by posting such Communication on Debt Domain, Intralinks, Syndtrak or a similar electronic transmission system providing for access to data protected by passcodes or other security system (the “Platform”).  The Platform is provided “as is” and “as available”.  Neither the Administrative Agent nor any of its Related Parties warrants, or shall be deemed to warrant, the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications.  No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made, or shall be deemed to be made, by the Administrative Agent or any of its Related Parties in connection with the Communications or the Platform.
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SECTION 9.02.No Waivers.  No failure or delay by the Administrative Agent, any Issuing Bank or any Lender in exercising any right, power or privilege hereunder or under any Letter of Credit shall operate as a waiver thereof, nor shall any single or partial exercise thereof, or any abandonment or discontinuance of steps to enforce such a right, power or privilege, preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.
SECTION 9.03.Expenses; Indemnification;  Limitation of Liability.  (a) The Borrower shall pay (i) all reasonable and documented (with reasonably detailed invoices) out-of-pocket expenses of the Administrative Agent, including fees and disbursements of counsel for the Administrative Agent, in connection with the preparation of this Agreement, any waiver or consent hereunder or any amendment hereof (whether or not the transactions contemplated thereby shall be consummated) or any Default or alleged Default hereunder and (ii) if an Event of Default occurs, all reasonable and documented (with reasonably detailed invoices) out-of-pocket expenses incurred by the Administrative Agent, any Issuing Bank or any Lender, including (without duplication) the fees and disbursements of outside counsel, in connection with such Event of Default and collection, or any bankruptcy, insolvency, reorganization or other enforcement proceedings resulting therefrom. 
(b)The Borrower agrees to indemnify the Administrative Agent, each Issuing Bank, each Lender and their respective Related Parties (each, an “Indemnitee”) and hold each Indemnitee harmless from and against any and all liabilities, losses, damages, costsLiabilities and expenses of any kind, including reasonable fees and disbursements of counsel, which may be incurred by such Indemnitee in connection with any investigative, administrative or judicial proceeding (whether based on contract, tort or any other theory, whether initiated against or by any party hereto, any Affiliate thereof or any third party and whether or not such Indemnitee shall be designated a party thereto) brought or threatened relating to or arising out of this Agreement or any actual or proposed use of proceeds of Loans or Letters of Credit hereunder; provided that (i) no Indemnitee shall have the right to be indemnified hereunder for its own gross negligence or willful misconduct or for its material breach of the express terms of this Agreement, in each case as determined by final judgment of a court of competent jurisdiction (so long as such determination has not been reversed or vacated on appeal), or in connection with any such proceeding not relating to or arising from any act or omission by the Borrower or any of its Subsidiaries brought by an Indemnitee against any other Indemnitee (other than any such proceeding brought against the Administrative Agent, any Arranger or any other titled person in its capacity as, or in fulfilling its role as, such), (ii) the Borrower shall not, in connection with any such proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees and expenses of more than one separate law firm at any one time for the Indemnitees (which shall be selected by the Administrative Agent after consultation with the Borrower), provided that in the case of a conflict of interest where the Indemnitee affected by such conflict informs the Borrower of such conflict, the Borrower shall be responsible for the reasonable 
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fees and expenses of one firm of counsel for each such affected Indemnitee, (iii) each Indemnitee shall consult with the Borrower from time to time at the request of the Borrower regarding the conduct of the defense in any such proceeding, and (iv) the Borrower shall not be obligated to pay an amount of any settlement entered into without its consent (which shall not be unreasonably withheld or delayed).  This Section 9.03(b) shall not apply with respect to Taxes, other than any Taxes that represent liabilities, losses, damages, costs and expenses arising from any non-Tax claim.
(c)To the extent permitted by applicable law, no party hereto shall assert, and each party hereto hereby waives, any claimLiabilities against any other party hereto and, in the case of the Borrower, against any other Lender-Related Person, 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 or any agreement or instrument contemplated hereby, any Loan or Letter of Credit or the use of proceeds thereof; provided that nothing in this Section 9.03(c) shall limit the indemnification obligations of the Borrower under Section 9.03(b) with respect to any special, indirect, consequential or punitive damages that may be awarded against any Indemnitee in favor of any third party.  The Borrower shall not assert, and hereby waives, any claim against any IndemniteeLender-Related Person, on any theory of liability, for any damagesLiabilities arising from the use by unintended recipientsothers of information or other materials (including any personal data) obtained bythrough telecommunications, electronic means;or other information transmission systems (including the internet); provided that the foregoing shall not apply to the extent such damagesLiabilities are found by a final judgment of a court of competent jurisdiction to have arisen from the willful misconduct or gross negligence of such Indemnitee or the material breach by such Indemnitee of its agreements in Section 9.13 (which judgment has not been reversed or vacated on appeal).
(d)To the extent that the Borrower fails to pay any amount required to be paid by it under this Section 9.03 to the Administrative Agent, any Issuing Bank, the Swingline Lender or any Related Party of any of the foregoing (and without limiting the Borrower’s obligation to do so), each Lender severally agrees to pay to the Administrative Agent, such Issuing Bank, the Swingline Lender or such Related Party, as the case may be, such Lender’s ratable share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount.  For purposes of this Section 9.03(d), a Lender’s “ratable share” shall be determined based upon its share of the sum of the Total Outstanding Amount (provided that for such purpose the Swingline Liabilities of any Lender that is the Swingline Lender shall be deemed to exclude that portion of its Swingline Liabilities that exceeds its Percentage of the aggregate principal amount of all outstanding Swingline Loans) and unused Commitments at the time (or most recently outstanding and in effect).

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(e)All amounts due under this Section 9.03 shall be payable within 30 days after written demand therefor.
SECTION 9.04.Sharing.  If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or participations in disbursements under Letters of Credit or Swingline Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and participations in disbursements under Letters of Credit and Swingline Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall notify the Administrative Agent of such fact and shall purchase (for cash at face value) participations in the Loans and participations in disbursements under Letters of Credit and Swingline Loans of other Lenders to the extent necessary so that the amount of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amounts of principal of and accrued interest on their Loans and participations in disbursements under Letters of Credit and Swingline Loans; provided that (a) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (b) the provisions of this Section 9.04 shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement (for the avoidance of doubt, as in effect from time to time), including Section 2.16, or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in disbursements under Letters of Credit or Swingline Loans to any Person that is an Eligible Assignee (as such term is defined from time to time).  The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.
SECTION 9.05.Amendments and Waivers.   (a) Except as provided in Section 8.01(b), any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed by the Borrower and the Required Lenders (and, if the rights or duties of any Issuing Bank, the Swingline Lender or the Administrative Agent are affected thereby, by such Issuing Bank, the Swingline Lender or the Administrative Agent, as applicable); provided that (subject to Section 2.19 with respect to any Defaulting Lender) no such amendment or waiver shall:
(i)unless signed by each affected Lender, (A) increase the Commitment of any Lender, (B) reduce the principal of or interest on any Loan or the amount to be reimbursed in respect of any Letter of Credit or any interest thereon or any fees hereunder or (C) postpone the date fixed for any payment of principal of or interest on any Loan or for reimbursement in respect of any Letter of Credit or any fees hereunder (or reduce the amount of, waive or excuse any such payment), or postpone the date fixed for the termination of any Commitment or (except as expressly provided in Section 2.04) the expiry date of any Letter of Credit; or
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(ii)unless signed by all Lenders, (A) change the percentage of the Credit Exposures which shall be required for the Lenders or any of them to take any action under this Section 9.05(a) or any other provision of this Agreement, (B) change this Section 9.05(a) or (C) change the pro rata distribution of payments to Lenders under this Agreement; 
provided that the amount set forth with respect to any Issuing Bank as its Letter of Credit Commitment may be amended by a writing signed by the Borrower and such Issuing Bank, without the requirement of a consent of any other Person.
For avoidance of doubt, the operation of Section 2.17 or 2.18 in accordance with its terms is not an amendment subject to this Section 9.05.
(c)Notwithstanding the foregoing, any provision of this Agreement may be amended by an agreement in writing entered into by the Borrower and the Administrative Agent to cure any ambiguity, omission, defect or inconsistency of a technical nature so long as the Lenders shall have received at least 10 Domestic Business Days’ prior written notice thereof and the Administrative Agent shall not have received, within 10 Domestic Business Days of the date of such notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such amendment.
(d)The Administrative Agent may, but shall have no obligation to, with the prior written concurrence of any Lender, execute amendments, waivers or other modifications on behalf of such Lender.  Any amendment, waiver or other modification effected in accordance with this Section 9.05 shall be binding upon each Person that is at the time thereof a Lender and each Person that subsequently becomes a Lender.
SECTION 9.06.Successors and Assigns.    (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit), except that (i) except as expressly provided in Section 5.02, the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section 9.06.  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in Section 9.06(e)), the Arrangers, the Syndication Agent, the Documentation Agents and, to the extent expressly contemplated hereby, the Related Parties of any of the Administrative Agent, the Arrangers, the Syndication Agents, the Documentation Agents, any Issuing Bank and any Lender) any legal or equitable right, remedy or claim under or by reason of this Agreement.

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(b)Any Lender may assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent of the Administrative Agent (provided that no consent of the Administrative Agent shall be required for an assignment to a Lender, an Affiliate of a Lender or an Approved Fund), each Issuing Bank, the Swingline Lender and, unless an Event of Default has occurred and is continuing, the Borrower (provided that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender or an Approved Fund) (each such consent not to be unreasonably withheld, conditioned or delayed); provided that (i) except in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) subject to each such assignment (determined as of the date the Assignment and Assumption Agreement with respect to such assignment is delivered to the Administrative Agent) shall not be less than $10,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consent (each such consent not to be unreasonably withheld, delayed or conditioned), (ii) 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, (iii) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption Agreement, together with a processing and recordation fee of $3,500, (iv) the Eligible Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain MNPI) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable law, including Federal, State and foreign securities laws and (v) the assignee, if it shall not be a Lender, shall be required to execute and deliver the applicable forms to the extent required under Sections 8.05(f) and 8.05(g) for any Lender, and no assignment shall be effective in connection herewith unless and until such forms are so delivered.  If the consent of the Borrower is required under this Section 9.06(b), the Borrower shall be deemed to have given its consent 10 Domestic Business Days after the date notice thereof has been delivered by the assigning Lender (through the Administrative Agent) and receipt thereof has been acknowledged by the Borrower, unless such consent is expressly refused by the Borrower prior to such 10th Domestic Business Day.  Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section 9.06(d), from and after the effective date specified in each Assignment and Assumption Agreement, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption Agreement, 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 Agreement, be released from its obligations under this Agreement (and, in the case of an Assignment and 
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Assumption Agreement 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 (and subject to the obligations) of Section 2.14, 8.03, 8.05 and 9.03).  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.06(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 9.06(e).
(c)The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices in the United States of America a copy of each Assignment and Assumption Agreement delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and the Borrower, the Administrative Agent, the Lenders and the Issuing Banks shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, any Issuing Bank and any Lender (as to its own interest hereunder), at any reasonable time and from time to time upon reasonable prior notice.
(d)Upon receipt by the Administrative Agent of an Assignment and Assumption Agreement executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire and the applicable forms to the extent required under Sections 8.05(f) and 8.05(g) (unless the assignee shall already be a Lender hereunder) and the processing and recordation fee referred to in this Section 9.06, the Administrative Agent shall accept such Assignment and Assumption Agreement and record the information contained therein in the Register; provided that the Administrative Agent shall not be required to accept such Assignment and Assumption Agreement or so record the information contained therein if the Administrative Agent reasonably believes that such Assignment and Assumption Agreement lacks any written consent required by this Section 9.06 or is otherwise not in proper form, it being acknowledged that the Administrative Agent shall have no duty or obligation (and shall incur no liability) with respect to obtaining (or confirming the receipt) of any such written consent or with respect to the form of (or any defect in) such Assignment and Assumption Agreement, any such duty and obligation being solely with the assigning Lender and the assignee.  No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this Section 9.06(d), and following such recording, unless otherwise determined by the Administrative Agent (such determination to be made in the sole discretion of the Administrative Agent, which determination may be conditioned on the consent of the assigning Lender and the assignee), shall be effective notwithstanding any defect in the Assignment and Assumption Agreement relating thereto.  Each assigning Lender and the assignee, by its execution and delivery of an Assignment and Assumption Agreement, shall be deemed to have represented to the Administrative Agent that all written consents 
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required by this Section 9.06 with respect thereto (other than the consent of the Administrative Agent) have been obtained and that such Assignment and Assumption Agreement is otherwise duly completed and in proper form, and each assignee, by its execution and delivery of an Assignment and Assumption Agreement, shall be deemed to have represented to the assigning Lender and the Administrative Agent that such assignee is an Eligible Assignee.
(e)Any Lender may, without the consent of the Borrower, the Administrative Agent, any Issuing Bank or the Swingline Lender, sell participations to one or more Eligible Assignees (each, a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment, Loans, Swingline Liabilities and/or Letter of Credit Liabilities 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 Issuing Banks and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.  Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in Section 9.05(a)(i) that affects such Participant.  Subject to Section 9.06(f), the Borrower agrees that each Participant shall be entitled to the benefits of Sections 8.03 and 8.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 9.06(b) (thereby becoming a Lender).  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.04 as though it were a Lender, provided such Participant agrees to be subject to Section 9.04 as though it were a Lender.  The Borrower shall be notified promptly by the applicable Lender of each participation sold by such Lender to a Participant pursuant to this Section 9.06(e).
(f)A Participant shall not be entitled to receive any greater payment under Section 8.03 or 8.05 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent.  A Participant shall not be entitled to the benefits of Section 8.05 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 8.05 (including Sections 8.05(f) and 8.05(g)) and be subject to Section 8.06 as though it were a Lender.
(g)Each Lender that sells a participation shall, acting solely for this purpose as a nonfiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under 
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this Agreement (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 rights and/or obligations under this Agreement (including all or a portion of its Commitment, Loans and/or Letter of Credit Liabilities or its other obligations under this Agreement) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loans and/or Letter of Credit Liabilities 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.
(h)Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central bank authority, and this Section 9.06 shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
SECTION 9.07.Survival.  All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, any Issuing Bank, any Lender or any Affiliate of any of the foregoing may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or been terminated.  Notwithstanding the foregoing or anything else to the contrary set forth in this Agreement, in the event that, in connection with the refinancing or repayment in full of the credit facility provided for herein, an Issuing Bank shall have provided to the Administrative Agent a written consent to the release of the Lenders from their obligations hereunder with respect to any Letter of Credit issued by such Issuing Bank (whether as a result of the obligations of the Borrower in respect of such Letter of Credit having been collateralized in full by a deposit of cash with such Issuing Bank, or being supported by a letter of credit that names such Issuing Bank as the beneficiary thereunder, or otherwise), then from and after such time such Letter of Credit shall cease to be a “Letter of Credit” outstanding hereunder for all purposes of this Agreement (other than Sections 2.14, 8.03, 8.05 and 9.03), and the Lenders shall be deemed to have no 
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participations in such Letter of Credit, and no obligations with respect thereto, under Section 2.04(c).  In addition, notwithstanding anything to the contrary set forth in this Agreement, in the event that on the Letter of Credit Termination Date any Letter of Credit shall be a Backstopped Letter of Credit, then, unless on such date any unreimbursed drawing shall have been outstanding thereunder, such Letter of Credit shall cease to be a “Letter of Credit” outstanding hereunder for all purposes of this Agreement (other than Sections 2.14, 8.03, 8.05 and 9.03), and the Lenders shall be deemed to have no participations in such Letter of Credit, and no obligations with respect thereto, under Section 2.04(c).  The provisions of Sections 2.14, 8.03, 8.05 and 9.03 and Article 7 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the termination of the Commitments.
SECTION 9.08.Governing Law; Submission to Jurisdiction; Consent to the Service of Process.    (a) This Agreement shall be governed by and construed in accordance with the laws of the State of New York.
(b)Each party hereto hereby irrevocably and unconditionally submits to the jurisdiction of the United States District Court for the Southern District of New York and of any New York State court sitting in New York County, and any appellate court from any thereof, for purposes of all legal proceedings arising out of or relating to this Agreement or the transactions contemplated hereby or for recognition or enforcement of any judgment, and each party hereto hereby irrevocably and unconditionally agrees that any such legal proceeding shall be heard and determined exclusively in such Federal court or, if such Federal court shall not have subject matter jurisdiction, such New York State court.  Each party hereto irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum.  Each party hereto agrees that a final judgment in any such proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  
(c)Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 9.01.  Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.
SECTION 9.09.Counterparts; Integration; Electronic Execution.   (a) This Agreement may be signed in any number of counterparts (and by different parties hereto on different counterparts), each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.   Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging shall be effective as delivery of a manually executed counterpart of this Agreement.  
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(b)This Agreement constitutes the entire agreement and understanding among the parties hereto and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof.
(c)Delivery of an executed counterpart of a signature page of this Agreement and/or any document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered pursuant to Section 9.01), certificate, request, statement, disclosure or authorization related to this Agreement and/or the transactions contemplated hereby and/or thereby (each, an “Ancillary Document”) that is an Electronic Signature transmitted by fax, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement or such Ancillary Document, as applicable.  The words “execution”, “signed”, “signature”, “delivery” and words of like import in or relating to this Agreement and/or any Ancillary Document shall be deemed to include Electronic Signatures and deliveries or the keeping of records in any electronic form (including deliveries by fax, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; provided that nothing herein shall require the Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; provided, further, without limiting the foregoing,  to the extent the Administrative Agent has agreed to accept any Electronic Signature, the Administrative Agent, the Lenders and the Issuing Banks shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of the Borrower without further verification thereof and without any obligation to review the appearance or form of any such Electronic Signature and  upon the request of the Administrative Agent, any Lender or any Issuing Bank, any Electronic Signature  shall be promptly followed by a manually executed counterpart.  Without limiting the generality of the foregoing, the Borrower hereby (A) agrees that, for all purposes, including, without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders, the Issuing Banks and the Borrower, Electronic Signatures transmitted by fax, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page and/or any electronic images of this Agreement and/or any Ancillary Document shall have the same legal effect, validity and enforceability as any paper original, (B) the Administrative Agent, each of the Lenders and the Issuing Banks may, at its option, create one or more copies of this Agreement and/or any Ancillary Document in the form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such Person’s business, and destroy the original paper document (and all such electronic records shall be considered an original for all purposes and shall 

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have the same legal effect, validity and enforceability as a paper record), (C) waives any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement and/or any Ancillary Document based solely on the lack of paper original copies of this Agreement and/or such Ancillary Document, respectively, including with respect to any signature pages thereto and  (D) waives any claim against any Lender-Related Person for any Liabilities arising solely from the Administrative Agent’s, any Lender’s and/or any Issuing Bank’s reliance on or use of Electronic Signatures and/or transmissions by fax, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page, including any Liabilities arising as a result of the failure of the Borrower to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature.
SECTION 9.10.Severability.  Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.
SECTION 9.11.Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender and Issuing Bank, and each Affiliate of any of the foregoing (other than, in each case, a Defaulting Lender), 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) or other amounts at any time held and other obligations (in whatever currency) at any time owing by such Lender or Issuing Bank, or by such an Affiliate, to or for the credit or the account of the Borrower against any of and all the obligations of the Borrower that are due and payable at such time under this Agreement held by such Lender or Issuing Bank, irrespective of whether or not such Lender or Issuing Bank shall have made any demand under this Agreement and although such obligations of the Borrower are owed to a branch, office or Affiliate of such Lender or such Issuing Bank different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness.  The rights of each Lender and Issuing Bank, and each Affiliate of any of the foregoing, under this Section 9.11 are in addition to other rights and remedies (including other rights of setoff) that such Lender, Issuing Bank or Affiliate may have.  Each Lender and Issuing Bank agrees to notify the Borrower and the Administrative Agent within one Domestic Business Day after any such setoff and application; provided that the failure to give notice shall not affect the validity of such setoff and application.
SECTION 9.12.WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO
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REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
SECTION 9.13.Headings.  Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.
SECTION 9.14.Interest Rate Limitation.  Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts that are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) that may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section 9.14 shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Rate to the date of repayment, shall have been received by such Lender.
SECTION 9.15.USA PATRIOT Act.  Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the USA PATRIOT Act.
SECTION 9.16.No Fiduciary Relationship.  The Borrower, on behalf of itself and its Affiliates, agrees that in connection with all aspects of the transactions contemplated hereby and any communications in connection therewith, the Borrower and its Affiliates, on the one hand, and the Administrative Agent, the Lenders, the Issuing Banks and their Affiliates, on the other hand, will have a business relationship that does not create, by implication or otherwise, any fiduciary duty on the part of the Administrative Agent, the Lenders, the Issuing Banks or their Affiliates, and no such duty will be deemed to have arisen in connection with any such transactions or communications.  The Administrative Agent, the Lenders, the Issuing Banks and their Affiliates may be engaged, for their own accounts or the accounts of customers, in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and none of the Administrative Agent, the Lenders, the Issuing Banks 
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or their Affiliates has any obligation to disclose any of such interests to the Borrower or any of its Affiliates.  To the fullest extent permitted by law, the Borrower hereby agrees not to assert, or permit any of its Affiliates to assert, any claims against the Administrative Agent, the Lenders, the Issuing Banks and their Affiliates with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.
SECTION 9.17.Confidentiality.  Each of the Administrative Agent, the Issuing Banks and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) upon the request or demand of any regulatory authority (including any self-regulatory authority) having jurisdiction over the Administrative Agent, such Issuing Bank or such Lender, as applicable, or its Affiliates (in which case such Person shall, except with respect to any audit or examination conducted by bank accountants or any governmental bank regulatory authority exercising examination or regulatory authority (or any request by any governmental bank regulatory authority), (i) promptly notify the Borrower in advance of such disclosure, to the extent practicable and permitted by law, and (ii) so furnish only that portion of such information which the applicable Person is legally required to disclose), (c) to the extent required by any legal, judicial, administrative proceeding or other process or otherwise as required by applicable law or regulations (in which case the Administrative Agent, such Issuing Bank or such Lender, as applicable, shall (i) promptly notify the Borrower in advance of such disclosure, to the extent practicable and permitted by law, and (ii) so furnish only that portion of such information which the applicable Person is legally required to disclose), (d) to any other party to this Agreement, (e) to the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Loans (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), (f) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (g) subject to an agreement containing provisions no less restrictive than those of this Section 9.17, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty to any swap, securitization or derivative transaction relating to the Borrower and its obligations under this Agreement, (h) with the consent of the Borrower or (i) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section 9.17 or (ii) becomes available to the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential basis from a source other than the Borrower or any of its Affiliates.  For the purposes of this Section 9.17, “Information” means all information received from the Borrower or any of its Subsidiaries relating to the Borrower or any of its Affiliates or their business, other than any such information that is available to the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by the Borrower or any of its Subsidiaries. Any Person required to maintain the confidentiality of Information as 
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provided in this Section 9.17 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.
SECTION 9.18.Non-Public Information.  Each Lender acknowledges that all information, including requests for waivers and amendments, furnished by the Borrower or the Administrative Agent pursuant to or in connection with, or in the course of administering, this Agreement will be syndicate-level information, which may contain MNPI.  Each Lender represents to the Borrower and the Administrative Agent that (a) it has developed compliance procedures regarding the use of MNPI and that it will handle MNPI in accordance with such procedures and applicable law, including Federal, state and foreign securities laws, and (b) it has identified in its Administrative Questionnaire a credit contact who may receive information that may contain MNPI in accordance with its compliance procedures and applicable law, including Federal, state and foreign securities laws.
SECTION 9.19.Amendment and Restatement of Existing Credit Agreement.  This Agreement shall amend and restate the Existing Revolving Credit Agreement in its entirety, and all of the terms and provisions hereof shall supersede the terms and conditions thereof.  The Indebtedness of the Borrower evidenced under this Agreement and the other Loan Documents areis given in renewal, extension, modification but not in extinguishment or discharge of the Indebtedness under the Existing Credit Agreement.  The parties agrees that, upon the effectiveness of this Agreement, the “Loans” made and outstanding under the Existing Revolving Credit Agreement, if any, and all accrued and unpaid interest thereon shall be deemed to be Loans outstanding under and payable by this Agreement and all “Letters of Credit” issued and outstanding under the Existing Revolving Credit Agreement, if any, shall be deemed to be issued and outstanding as Letters of Credit hereunder.
SECTION 9.20.Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Notwithstanding anything to the contrary in this Agreement or in any related agreement, arrangement or understanding among the parties hereto, each party hereto acknowledges that any liability of any Affected Financial Institution arising hereunder 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 that may be payable to it by any party hereto that is an Affected Financial Institution; and
(b)the effects of any Bail-in Action on any such liability, including, if applicable:
(i)a reduction in full or in part or cancellation of any such liability;

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(ii)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement; or
(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.

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

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Each of “Commitment Fee Rate”, “Eurodollar Margin” and “Base Rate Margin” means, for any day, the rate per annum set forth in the table below (expressed in basis points per annum) in the column under such term and in the row corresponding to the Pricing Level applicable on such day:
															
		Applicable Ratings
(Moody’s/S&P)	Commitment Fee
	Eurodollar Margin	Base Rate Margin
	Pricing Level 1	A2/A or higher	8	87.5	0
	Pricing Level 2	A3/A-	10	100	0
	Pricing Level 3	Baa1/BBB+	12.5	112.5	12.5
	Pricing Level 4	Baa2/BBB	17.5	125	25
	Pricing Level 5	Baa3/BBB- or lower	22.5	150	50

The applicable Pricing Level will be based on the Applicable Ratings (as defined below) from Moody’s and S&P.  For purposes of the foregoing, (a) if either Moody’s or S&P shall not have in effect an Applicable Rating (other than by reason of the circumstances referred to in the next succeeding paragraph), then the applicable Pricing Level will be based on the single available Applicable Rating, (b) if the Applicable Ratings established or deemed to have been established by Moody’s and S&P shall fall within different levels, the applicable Pricing Level shall be based on the higher of the two Applicable Ratings unless one of the two ratings is two or more levels lower than the other, in which case the applicable Pricing Level shall be determined by reference to the level one rating lower than the higher of the two Applicable Ratings, and (c) if the Applicable Ratings established by Moody’s and S&P shall be changed (other than as a result of a change in the rating system of Moody’s or S&P), such change shall be effective as of the date on which it is first announced by the applicable rating agency, irrespective of when notice of such change shall have been furnished by the Borrower to the Administrative Agent and the Lenders.  Each change in the applicable Pricing Level resulting from a change in the Applicable Ratings shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change.
If the rating system of Moody’s or S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Commitment Fee Rate, the Eurodollar Margin, and the Base Rate Margin shall be determined by reference to the rating most recently in effect from such rating agency prior to such change or cessation.

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For any day when no Applicable Rating is in effect, the Commitment Fee Rate, the Eurodollar Margin, and the Base Rate Margin shall be the rates set forth opposite Pricing Level 5. 
“Applicable Rating” shall mean, for each of Moody’s and S&P, (a) the rating assigned by such rating agency to the Borrower’s senior, unsecured long-term indebtedness for borrowed money that is not subject to any credit enhancement, or (b) if such rating agency shall not have in effect a rating referred to in the preceding clause (a), then the rating assigned by such rating agency to the Loans, or (c) if such rating agency shall not have in effect a rating referred to in either of the preceding clause (a) or (b), the “company” or “corporate credit” rating assigned by such rating agency to the Borrower.
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EXHIBIT B

Amendments to Pricing Schedule
[See attached.]

[[5632054]]

EXHIBIT B

Each of “Commitment Fee Rate”, “Eurodollar Margin” and “Base Rate Margin” means:
(a)    with respect to the Extending Lenders, for any day, the rate per annum set forth in the table below (expressed in basis points per annum) in the column under such term and in the row corresponding to the Pricing Level applicable on such day:
															
		Applicable Ratings
(Moody’s/S&P)
	Commitment Fee

	Eurodollar Margin
	Base Rate Margin

	Pricing Level 1
	A2/A or higher
	8.0
	100.0
	0.0

	Pricing Level 2
	A3/A-
	10.0
	112.5
	12.5

	Pricing Level 3
	Baa1/BBB+
	12.5
	125.0
	25.0

	Pricing Level 4
	Baa2/BBB
	17.5
	137.5
	37.5

	Pricing Level 5
	Baa3/BBB-
	22.5
	162.5
	62.5

	Pricing Level 6
	Ba1/BB+ or lower
	27.5
	187.5
	87.5

(b)     with respect to Lenders that are not Extending Lenders, for any day, the rate per annum set forth in the table below (expressed in basis points per annum) in the column under such term and in the row corresponding to the Pricing Level applicable on such day:
															
		Applicable Ratings
(Moody’s/S&P)
	Commitment Fee

	Eurodollar Margin
	Base Rate Margin

	Pricing Level 1
	A2/A or higher
	8.0
	87.5
	0.0

	Pricing Level 2
	A3/A-
	10.0
	100.0
	0.0

	Pricing Level 3
	Baa1/BBB+
	12.5
	112.5
	12.5

	Pricing Level 4
	Baa2/BBB
	17.5
	125.0
	25.0

	Pricing Level 5
	Baa3/BBB- or lower
	22.5
	150.0
	50.0

The applicable Pricing Level will be based on the Applicable Ratings (as defined below) from Moody’s and S&P.  For purposes of the foregoing, (a) if either Moody’s or S&P shall not have in effect an Applicable Rating (other than by reason of the circumstances referred to in the next succeeding paragraph), then the applicable Pricing Level will be based on the single available Applicable Rating, (b) if the Applicable Ratings established or deemed to have been established by Moody’s and S&P shall fall within different levels, the applicable Pricing Level shall be based on the higher of the two 

[[5632594]]

Applicable Ratings unless one of the two ratings is two or more levels lower than the other, in which case the applicable Pricing Level shall be determined by reference to the level one rating lower than the higher of the two Applicable Ratings, and (c) if the Applicable Ratings established by Moody’s and S&P shall be changed (other than as a result of a change in the rating system of Moody’s or S&P), such change shall be effective as of the date on which it is first announced by the applicable rating agency, irrespective of when notice of such change shall have been furnished by the Borrower to the Administrative Agent and the Lenders.  Each change in the applicable Pricing Level resulting from a change in the Applicable Ratings shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change.
If the rating system of Moody’s or S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Commitment Fee Rate, the Eurodollar Margin, and the Base Rate Margin shall be determined by reference to the rating most recently in effect from such rating agency prior to such change or cessation.
For any day when no Applicable Rating is in effect, the Commitment Fee Rate, the Eurodollar Margin, and the Base Rate Margin shall be the rates set forth opposite Pricing Level 6 (in the case of Extending Lenders) or Pricing Level 5 (in the case of Lenders that are not Extending Lenders). 
“Applicable Rating” shall mean, for each of Moody’s and S&P, (a) the rating assigned by such rating agency to the Borrower’s senior, unsecured long-term indebtedness for borrowed money that is not subject to any credit enhancement, or (b) if such rating agency shall not have in effect a rating referred to in the preceding clause (a), then the rating assigned by such rating agency to the Loans, or (c) if such rating agency shall not have in effect a rating referred to in either of the preceding clause (a) or (b), the “company” or “corporate credit” rating assigned by such rating agency to the Borrower.
[[5632594]]Exhibit 10.1

  
    

    

    LICENSE AGREEMENT

    

    

    BY AND BETWEEN

    

    

    PROCESSA PHARMACEUTICALS, INC.

    

    

    AND

    

    

    OCUPHIRE PHARMA, INC.

    

    

    DATED AS OF JUNE 16, 2021

    

    

    
      
        

    

    
    
      	
              TABLE OF CONTENTS

            
	 	 	 	 
	
              ARTICLE I DEFINITIONS

            	
              1

            
	 	 	 	 
	
              ARTICLE II GRANTS OF RIGHTS

            	
              11

            
	 	 	 	 
	 	
              2.1

            	
              Licenses

            	
              11

            
	 	
              2.2

            	
              Rights Retained by the Parties

            	
              12

            
	 	
              2.3

            	
              Section 365(n) of the Bankruptcy Code

            	
              12

            
	 	
              2.4

            	
              Transfer of Ocuphire material and Know-How

            	
              12

            
	 	 	 	 
	
              ARTICLE III DEVELOPMENT

            	
              13

            
	 	 	 
	 	
              3.1

            	
              General

            	
              13

            
	 	
              3.2

            	
              Exchange of Information Regarding Development

            	
              13

            
	 	 	 	 
	
              ARTICLE IV COMMERCIALIZATION

            	
              13

            
	 	 	 
	 	
              4.1

            	
              General

            	
              13

            
	 	
              4.2

            	
              Commercialization Plans

            	
              14

            
	 	 	 	 
	
              ARTICLE V DILIGENCE

            	
              14

            
	 	 	 
	 	
              5.1

            	
              Commercially Reasonable Efforts

            	
              14

            
	 	
              5.2

            	
              Termination for Failure to Meet Diligence Obligations

            	
              14

            
	 	 	 	 
	
              ARTICLE VI FINANCIAL PROVISIONS

            	
              14

            
	 	 	 
	 	
              6.1

            	
              Upfront Fee

            	
              14

            
	 	
              6.2

            	
              Development Milestones.

            	
              15

            
	 	
              6.3

            	
              Development and Commercialization Costs

            	
              15

            
	 	
              6.4

            	
              Sales Milestone Payments

            	
              15

            
	 	
              6.5

            	
              Product Royalties

            	
              16

            
	 	
              6.6

            	
              Sublicense Payments

            	
              17

            
	 	
              6.7

            	
              Reports; Payments

            	
              18

            
	 	
              6.8

            	
              Books and Reconrds; Audit Rights

            	
              19

            
	 	
              6.9

            	
              Tax Matters

            	
              19

            
	 	
              6.10

            	
              Payment Method and Currency Conversion

            	
              20

            
	 	
              6.11

            	
              Blocked Payments

            	
              20

            
	 	
              6.12

            	
              Late Payments

            	
              20

            
	 	 	 	 
	
              ARTICLE VII INTELLECTUAL PROPERTY OWNERSHIP, PROTECTION AND RELATED MATTERS

            	
              20

            
	 	 	 
	 	
              7.1

            	
              Ownership of Inventions

            	
              20

            
	 	
              7.2

            	
              Prosecution and Maintenance of Patent Rights

            	
              21

            
	 	
              7.3

            	
              Third-Party Infringement

            	
              22

            
	 	
              7.4

            	
              Patent Invalidity Claim

            	
              24

            
	 	
              7.5

            	
              Claimed Infringement

            	
              24

            
	 	
              7.6

            	
              Patent Term Extensions

            	
              25

            
	 	
              7.7

            	
              Patent Marking

            	
              25

            
	 	
              7.8

            	
              Certification under Drug Price Competition and Patent Restoration Act

            	
              25

            
	 	
              7.9

            	
              Privileged Communications

            	
              25

            
	 	
              7.10

            	
              Settlement

            	
              26

            

    

    

    

    
      - i -

      
        

    

    
      	
              ARTICLE VIII CONFIDENTIAL INFORMATION

            	
              26

            
	 	 	 
	 	
              8.1

            	
              Treatment of Confidential Information

            	
              26

            
	 	
              8.2

            	
              Confidential Information

            	
              27

            
	 	
              8.3

            	
              Publications

            	
              27

            
	 	
              8.4

            	
              Press Releases and Other Disclosures

            	
              28

            
	 	
              8.5

            	
              Equitable Relief

            	
              28

            
	 	 	 	 
	
              ARTICLE IX REPRESENTATIONS, WARRANTIES AND COVENANTS

            	
              28

            
	 	 	 
	 	
              9.1

            	
              Ocuphire’s Representations

            	
              28

            
	 	
              9.2

            	
              Processa’s Representations

            	
              31

            
	 	
              9.3

            	
              Ocuphire Covenants

            	
              31

            
	 	
              9.4

            	
              Processa Covenants

            	
              32

            
	 	
              9.5

            	
              No Warranty

            	
              33

            
	 	 	 	 
	
              ARTICLE X INDEMNIFICATION

            	
              33

            
	 	 	 
	 	
              10.1

            	
              Indemnification in Favor of Ocuphire

            	
              33

            
	 	
              10.2

            	
              Indemnification in Favor of Processa

            	
              34

            
	 	
              10.3

            	
              General Indemnification Procedures

            	
              35

            
	 	
              10.4

            	
              Insurance

            	
              36

            
	 	
              10.5

            	
              No Consequential or Punitive Damages

            	
              36

            
	 	 	 	 
	
              ARTICLE XI TERM AND TERMINATION

            	
              36

            
	 	 	 
	 	
              11.1

            	
              Term

            	
              36

            
	 	
              11.2

            	
              Termination for Convenience

            	
              37

            
	 	
              11.3

            	
              Termination for Cause

            	
              37

            
	 	
              11.4

            	
              Additional Termination by Ocuphire

            	
              37

            
	 	
              11.5

            	
              Termination for Insolvency

            	
              37

            
	 	
              11.6

            	
              Termination for Challenge of Ocuphire Patent Rights

            	
              37

            
	 	
              11.7

            	
              Consequences of Termination

            	
              38

            
	 	
              11.8

            	
              Effect of Termination; Accrued Rights and Obligations

            	
              39

            
	 	
              11.9

            	
              Survival

            	
              40

            
	 	 	 	 
	
              ARTICLE XII MISCELLANEOUS

            	
              40

            
	 	 	 
	 	
              12.1

            	
              Governing Law; Jurisdiction

            	
              40

            
	 	
              12.2

            	
              Dispute Resolution

            	
              40

            
	 	
              12.3

            	
              Waiver

            	
              40

            
	 	
              12.4

            	
              Notices

            	
              41

            
	 	
              12.5

            	
              Entire Agreement

            	
              41

            
	 	
              12.6

            	
              Severability

            	
              41

            
	 	
              12.7

            	
              Assignment

            	
              41

            
	 	
              12.8

            	
              Counterparts; Exchange by Facsimile

            	
              42

            
	 	
              12.9

            	
              Force Majeure

            	
              42

            
	 	
              12.10

            	
              Third-Party Beneficiaries

            	
              42

            
	 	
              12.11

            	
              Relationship of the Parties

            	
              42

            
	 	
              12.12

            	
              Performance by Affiliates

            	
              42

            

    

    

    

    
      - ii -

      
        

    

    LICENSE AGREEMENT

    

    

    THIS LICENSE AGREEMENT is entered into this 16 day of June, 2021 (the “Effective Date”), by and between Processa Pharmaceuticals, Inc., a company
      organized under the laws of Delaware, having a business address at 7380 Coca Cola Drive, Suite 106, Hanover, MD 21076 (“Processa”), and Ocuphire Pharma, Inc., a company organized under the laws of Delaware, having a business address at 37000
      Grand River Avenue, Suite 120, Farmington Hills, MI 48335 (“Ocuphire”).

    

    

    WHEREAS, Ocuphire has developed or obtained rights to Ocuphire Know-How, Ocuphire Patent Rights and the Compound (each as defined below); and

    

    

    WHEREAS, Processa desires to obtain a license of the Ocuphire Patent Rights and the Ocuphire Know-How to Develop and Commercialize Compounds and Products (each as defined below), under the terms and
      conditions set forth herein, and Ocuphire desires to grant such a license;

    

    

    NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants herein contained, the Parties agree as follows:

    

    

    ARTICLE I

    DEFINITIONS

    

    

    The following terms, whether used in the singular or plural, shall have the following meanings:

    

    

    1.1         “Affiliate”. Affiliate means any Person directly or indirectly controlled by, controlling or under common control with, a Party, but only for so long as such control shall
      continue. For purposes of this definition, “control” (including, with correlative meanings, “controlled by”, “controlling” and “under common control with”) means, with respect to a Person, possession, direct or indirect, of (a) the power to direct or
      cause direction of the management and policies of such Person (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise), or (b) at least 50% of the voting securities (whether directly or pursuant
      to any vested and exercisable option, warrant or other similar arrangement) or other comparable equity interests. For clarity, neither of the Parties shall be deemed to be an “Affiliate” of the other.

    

    

    1.2       “Anti-Bribery Laws”. Anti-Bribery Laws means all Laws in the Territory regarding corruption, bribery, ethical business conduct, money laundering, political contributions, gifts and
      gratuities, or lawful expenses to public officials and private persons, agency relationships, commissions, lobbying books and records and financial controls, including U.S. Foreign Corrupt Practices Act of 1977, 15 U.S.C. §§ 78dd-1, et seq., as
      amended, the U.S. False Claims Act, 31 U.S.C. §§ 3729-3733, the U.S. Anti-Kickback Statute, 42 U.S.C. § 1320a-7b(b), the U.K. Bribery Act 2010.

    

    

    1.3          “Bankruptcy Code”. Bankruptcy Code means Title 11 of the U.S. Code, as amended from time to time.

    

    

    
      
        

    

    
    1.4         “Business Day”. Business Day means a day that is not a Saturday, Sunday or a day on which banking institutions in Baltimore, Maryland are authorized by Law to remain closed.

    

    

    1.5        “Biosense Agreement”. Biosense Agreement means the Collaboration and License Agreement dated February 24, 2019 between Biosense Global LLC (“Biosense”) and Rexahn
      Pharmaceuticals, Inc., as amended by the first amendment dated August 24, 2019 to the Biosense Agreement, and the second amendment dated March 10, 2020 to the Biosense Agreement, and which has been assigned to Ocuphire pursuant to the merger of
      Rexahn Pharmaceuticals, Inc.

    

    

    1.6          “Calendar Quarter”. Calendar Quarter means each of the periods ending on March 31, June 30, September 30, and December 31 of any Calendar Year.

    

    

    1.7          “Calendar Year”. Calendar Year means each calendar year during the Term.

    

    

    1.8        “Change of Control”. A Change of Control shall occur if: (a) any Third Party (an “Acquiror”) acquires directly or indirectly the beneficial ownership of any voting security
      of a Party, or if the percentage ownership of such Third Party in the voting securities of a Party is increased through stock redemption, cancellation or other recapitalization, and immediately after such acquisition or increase such Acquiror is,
      directly or indirectly, the beneficial owner of voting securities representing more than fifty percent (50%) of the total voting power of all of the then outstanding voting securities of a Party; (b) a merger, consolidation, recapitalization or
      reorganization of a Party is consummated, other than any such transaction, which would result in stockholders or equity holders of such Party immediately prior to such transaction, owning, directly or indirectly, at least fifty percent (50%) of the
      outstanding securities of the surviving entity (or its parent entity) immediately following such transaction; (c) the stockholders or equity holders of a Party approve a plan of complete liquidation of such Party, or an agreement for the sale or
      disposition by such Party of all or substantially all of such Party’s assets, other than pursuant to a transaction described above or to an Affiliate; (d) individuals who, as of the date hereof, constitute the Board of Directors of a Party (the “Incumbent
        Board”) cease for any reason to constitute at least a majority of the Board of Directors of such Party (provided, however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for
      election by such Party’s shareholders, was recommended or approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board); or (e) the
      sale, transfer or exclusive license to an Acquiror of all or substantially all of such Party’s assets.

    

    

    1.9         “Clinical Trial” shall mean any study in which human subjects are dosed with a drug, whether approved or investigational, including any Phase I, II, III or IV clinical study.

    

    

    1.10       “Combination Product”. Combination Product means (a) any pharmaceutical product that is a single formulation consisting of a Compound and one or more other active compounds, active
      excipients or active ingredients, which other active compounds or active ingredients are not Compounds (“Other API”) or (b) any combination of a Compound sold together with any separately formulated Other API for a single invoiced price.

    

    

    1.11     “Commercialization” or “Commercialize”. Commercialization or Commercialize means activities directed to obtaining pricing and reimbursement approvals, marketing, promoting,
      Manufacturing commercial supplies of, distributing, importing, offering for sale, or selling a product.

    

    

    
      2

      
        

    

    1.12      “Commercially Reasonable Efforts”. Commercially Reasonable Efforts means, with respect to an objective, the reasonable, diligent, good faith efforts of a Party (including the efforts
      of its Affiliates and Sublicensees) to accomplish such objective that a biopharmaceutical company of comparable size and resources would normally use to accomplish a similar objective under similar circumstances, and, specifically with respect to
      obligations hereunder relating to a Compound or Product, the carrying out of such obligations with those efforts and resources that a biopharmaceutical company of comparable size and resources would use were it Developing, Manufacturing or
      Commercializing its own pharmaceutical products that are at a similar stage of development or product life cycle and of similar market potential as the Compound or Product, taking into account actual and potential issues of safety, efficacy or
      stability, product profile (including product modality, category and mechanism of action), stage of development or life cycle status, product labeling or anticipated labeling, the present and future market potential, past performance of the Compound
      or Product, actual and projected Development, Regulatory Approval, pricing and reimbursement approval, Manufacturing and Commercialization costs, existing or projected pricing, sales, reimbursement and financial return, medical and clinical
      considerations, present and future regulatory environment, any issues regarding the ability to Manufacture the Compound or Product, the likelihood and timing of obtaining Regulatory Approvals and pricing and reimbursement approvals, proprietary
      position, strength and duration of patent protection and anticipated exclusivity, competitive Third-Party products at the time and the likely competitive environment at the time of projected entry into the market and thereafter, and any other
      relevant scientific, technical, operational and commercial factors, all as measured by the facts and circumstances at the time such efforts are due. Commercially Reasonable Efforts will be determined on a country-by-country and
      Indication-by-Indication basis for the Compound or Product, and the level of effort is expected to change over time, reflecting changes in the status and value of the Compound or Product and the market conditions and country(ies) involved.

    

    

    1.13      “Compound”. Compound means RX-3117 (fluorocyclopentenylcytosine or also known as roducitabine) [which is a cytidine analog, similar to gemcitabine,][with a sequence of
      4-amino-1-[(1S,4R,5S)-2-fluoro-4,5-dihydroxy-3-(hydroxymethyl)cyclopent-2-en-1-yl] pyrimidin-2-one] together with all analogs, derivatives, metabolites, stereoisomers, polymorphs, formulations, mixtures or compositions thereof covered by Ocuphire
      Intellectual Property, and any existing or future improved or modified versions of the foregoing developed by or on behalf of Processa, its Affiliates or Sublicensees.

    

    

    1.14       “Control” or “Controlled”. Control or Controlled means, with respect to any tangible property or intellectual property right or other intangible property, the possession
      (whether by ownership or license (other than by grant of a license to one Party by the other Party pursuant to this Agreement or by grant of a license or sublicense to a Sublicensee by Processa pursuant to a license or sublicense agreement)) by a
      Person of the ability to grant to another Person access to such tangible property or access to or a license or sublicense to such intellectual property right or other intangible property, as provided herein without violating the terms of any
      agreement with any other Person.

    

    

    
      3

      
        

    

    1.15       “Cover”, “Covering” or “Covered”. Cover, Covering or Covered means, with respect to a compound, product, technology, process or method that, in the absence of
      ownership of or a license granted under a Patent Right, the Manufacture, use, offer for sale, sale or importation of such compound or product or the practice of such technology, process or method would infringe such Patent Right (or, in the case of a
      Patent Right that has not yet issued, would infringe such Patent Right if it were to issue).

    

    

    1.16       “Development” or “Develop”. Development or Develop means pre-clinical, non-clinical and clinical drug research, discovery and development activities, including IND-enabling
      toxicology and other IND-enabling pre-clinical development efforts, stability testing, process development, compound property optimization, formulation development, delivery system development, quality assurance and quality control development,
      statistical analysis, clinical pharmacology, Manufacturing supplies of compounds and products for pre-clinical, non-clinical and clinical use, Clinical Trials (including pre- and post-approval studies and investigator sponsored Clinical Trials),
      regulatory affairs, regulatory activities (excluding regulatory activities directed to obtaining pricing and reimbursement approvals) and other activities, reasonably necessary to obtain or maintain Regulatory Approval of a pharmaceutical product.

    

    

    1.17       “EMA”. EMA means the European Medicines Agency and any successor agency.

    

    

    1.18      “EU”. EU means the European Union member states as then-currently constituted; provided, however, that the EU shall always be deemed to include the Major European
      Countries.

    

    

    1.19        “FDA”. FDA means the U.S. Food and Drug Administration and any successor agency.

    

    

    1.20       “Field”. Field means for use in the treatment, prevention, palliation, and/or diagnosis of any and all human and/or animal diseases, disorders, or conditions.

    

    

    1.21       “First Commercial Sale”. First Commercial Sale means, with respect to a Product in a country, the first sale of such Product in such country by Processa, any of its Affiliates or
      any Sublicensee for which revenue has been recognized by Processa or its Affiliates or Sublicensees in such country for use or consumption of such Product in such country after receipt of the first Regulatory Approval for such Product in such
      country. Sales for purposes of testing the Product and sample purposes shall not be deemed a First Commercial Sale. For clarity, First Commercial Sale will be determined on a Product-by-Product and country-by-country basis, as applicable.

    

    

    1.22      “Governmental Authority”. Governmental Authority means any national, federal, state or local government, or political subdivision thereof, or any multinational organization or
      authority or any authority, agency or commission entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power, any court or tribunal (or any department, bureau or division thereof), or any
      governmental arbitrator or arbitral body.

    

    

    1.23       “IND”. IND means an investigational new drug application filed with the FDA with respect to a Compound or Product, or an equivalent application filed with the Regulatory Authority
      of a country or regulatory jurisdiction in the Territory other than the U.S., and all amendments and supplements thereto.

    

    

    
      4

      
        

    

    1.24      “Indication”. Indication means the disease or condition the Product is intended to be used to diagnose, treat, prevent, cure, or mitigate, including the target patient population.
      For the avoidance of doubt, the first Indication means the first disease or condition the Product is developed for or has Regulatory Approval for within a target patient population, and the second Indication means the second disease or condition the
      Product is developed for or has Regulatory Approval for within a target patient population and does not require that a Product has Regulatory Approval for the first Indication.

    

    

    1.25       “Invention”. Invention means any discovery, development, update, enhancement, modification, adaptation, variation or revision conceived and reduced to practice by or on behalf of a
      Party or the Parties jointly during the Term (a) in connection with the activities under this Agreement or (b) that relate to the Ocuphire Intellectual Property, in each case, whether or not subject to the protection of any Patent Rights or other
      intellectual property rights, and whether or not any exploitation thereof would infringe any of the Ocuphire Intellectual Property.

    

    

    1.26      “Know-How”. Know-How means all unpatented technical information, trade secrets, formulae, standards, knowledge, directions, instructions, test protocols, procedures and results,
      studies, analyses, raw material sources, data, Manufacturing data, and any other confidential or proprietary interest in information.

    

    

    1.27       “Law” or “Laws”. Law or Laws means all laws, statutes, rules, regulations, orders, judgments, or ordinances of any Governmental Authority.

    

    

    1.28       “Losses”. Losses means any and all (a) claims, losses, liabilities, damages, fines, royalties, governmental penalties or punitive damages, deficiencies, interest, awards, judgments,
      and settlement amounts (including special, indirect, incidental, and consequential damages, lost profits, and Third-Party punitive and multiple damages), and (b) in connection with all of the items referred to in clause (a) above, any and all costs
      and expenses (including reasonable counsel fees and all other expenses reasonably incurred in investigating, preparing or defending any litigation or proceeding, commenced or threatened).

    

    

    1.29        “Major European Countries”. Major European Countries means, collectively, France, Germany, Italy, Spain and the United Kingdom.

    

    

    1.30        “Major Markets”. Major Markets means, collectively, the U.S., each of the Major European Countries and Japan, and Major Market means any one of the foregoing.

    

    

    1.31       “Manufacture” or “Manufacturing”. Manufacture or Manufacturing means activities directed to making, having made, producing, Manufacturing, processing, filling, finishing,
      packaging, labeling, quality assurance testing and release, shipping and storage of a product.

    

    

    1.32        “MHLW”. MHLW means the Japanese Ministry of Health, Labour and Welfare, and any successor agency.

    

    

    1.33       “NDA”. NDA means a New Drug Application, as defined in the Act, filed with the FDA with respect to a pharmaceutical product, or an equivalent application filed with the Regulatory
      Authority of a country in the Territory other than the U.S., and all amendments and supplements thereto.

    

    

    
      5

      
        

    

    1.34       “Net Sales”. Net Sales means the gross amounts billed or invoiced by Processa, or any of its Affiliates, to any Third-Party purchasers (including its distributors) that is not a
      Sublicensee with respect to sales of Products in the Territory, calculated in accordance with GAAP, consistently applied, and in the same manner as reported in such Person’s audited financial statements, less the following (without duplication):

    

    

    (a)          Volume, cash or trade discounts, credits or allowances, including discounts in the form of inventory management fees paid to wholesalers and distributors, in each case, to the extent
      such discounts are included in the invoices and actually granted;

    

    

    (b)          Credits, refunds or allowances granted upon returns, rejections or recalls and for retroactive price reductions or billing errors;

    

    

    (c)          Freight, postage, shipping and insurance costs incurred in transporting the applicable Products, to the extent that such items are applicable to such sale and are separately itemized and
      invoiced and actually paid as evidenced by invoices, receipts or other appropriate documents;

    

    

    (d)        Amounts paid (including rebates and chargeback payments or credits or other equivalents thereof) to formularies, government or government agency programs, trade customers, managed health
      care organizations and pharmacy benefit managers (or equivalents thereof) to obtain listing or purchase of the applicable Products not to exceed forty percent (40%) of the billed or invoiced amount;

    

    

    (e)          Bad debts, , actual and estimated uncollectible amounts, and collection costs relating to the sale of Products that are actually written off; and

    

    

    (f)          To the extent not reimbursed by a Third Party, taxes, tariffs, duties or other governmental charges (other than income taxes) levied on, absorbed, or otherwise imposed on the sales,
      transportation, delivery, use, exportation, or importation of the applicable Products and included in the invoice in respect of such sale.

    

    

    Sales of Products between Processa and its Affiliates or Sublicensees for resale shall be excluded from the computation of Net Sales, and Net Sales shall be determined based on the total amount invoiced by such
      Affiliate or Sublicensee on resale. Disposal or use of Products at or below cost for regulatory, development or charitable purposes, such as Clinical Trials, compassionate use, named patient use, or indigent patient programs, shall not be deemed a
      sale hereunder.

    

    

    With respect to any sale of any Product in a given country for any substantive consideration other than monetary consideration on arm’s length terms (which has the effect of reducing the invoiced amount below what it
      would have been in the absence of such non-monetary consideration), for purposes of calculating the Net Sales under this Agreement, such Product shall be deemed to be sold exclusively for cash at the average Net Sales price charged to Third Parties
      for cash sales in such country during the applicable reporting period (or if there were only de minimis cash sales in such country, at the fair market value as determined in good faith based on pricing in
      comparable markets).

    

    

    
      6

      
        

    

    If a Product is sold as part of a Combination Product, Net Sales will be the product of (x) Net Sales of the Combination Product calculated as above (i.e., calculated as for a
      non-Combination Product) and (y) the fraction (A/(A+B)), where:

    

    

    (i)          A is the average selling price of the Product comprising a Compound as the sole therapeutically active ingredient during the most recently completed Calendar Quarter during which such
      non-Combination Product was sold in such country; and

    

    

    (ii)         B is the average selling price in such country of products containing the Other API contained in the Combination Product as the sole therapeutically active ingredient when sold
      separately during the most recently completed Calendar Quarter during which such products were sold in such country.

    

    

    If both A and B cannot be determined by reference to non-Combination Product sales as described above, then Net Sales for purposes of determining royalty payments will be calculated as above, but the average selling
      price in the above equation shall be determined by mutual agreement reached in good faith by the Parties prior to the end of the accounting period in question based on an equitable method of determining same that takes into account, in the applicable
      country, variations in dosage units and the relative fair market value of each therapeutically active ingredient in the Combination Product. If the Parties are unable to reach such an agreement prior to the end of the applicable accounting period,
      then the Parties will refer such matter to a jointly selected Third Party with expertise in the pricing of pharmaceutical products that is not an employee, consultant, legal advisor, officer, director or stockholder of, and does not have any conflict
      of interest with respect to, either Party for resolution, which will be final and binding on the Parties.

    

    

    1.35        “Ocuphire Intellectual Property”. Ocuphire Intellectual Property means the Ocuphire Know-How and the Ocuphire Patent Rights.

    

    

    1.36      “Ocuphire Know-How”. Ocuphire Know-How means all Know-How that is Controlled by Ocuphire or any of its Affiliates as of the Effective Date and that is necessary or useful to Develop,
      Manufacture or Commercialize any Compound or Product, including the Know-How set forth on Schedule 1.36.

    

    

    1.37       “Ocuphire Patent Rights”. Ocuphire Patent Rights means all Patent Rights in the Territory that are Controlled by Ocuphire or any of its Affiliates as of the Effective Date and that
      Cover any Compound or Product, including the Patent Rights set forth on Schedule 1.37.

    

    

    1.38        “Party”. Party means either Ocuphire or Processa; “Parties” means both Ocuphire and Processa.

    

    

    1.39      “Patent Rights”. Patent Rights means all patent applications, patents, certificates of invention, applications for certificates of invention and priority patent filings, including
      any continuations, continuations-in-part, renewals, requests for continued examination and divisions of any such patents and patent applications, any patents or certificates of invention issuing from any of the foregoing, any extensions, reissues,
      reexaminations, substitutions, confirmations, registrations, revalidations, revisions, additions or supplementary patent certificates thereto, and all foreign counterparts thereof.

    

    

    
      7

      
        

    

    1.40        “Payments”. Payments means royalties and other amounts payable by Processa to Ocuphire pursuant to this Agreement.

    

    

    1.41        “Person”. Person means any natural person or any corporation, company, partnership, joint venture, firm, Governmental Authority, or other entity, including a Party.

    

    

    1.42       “Phase II Clinical Trial”. Phase II Clinical Trial means a Clinical Trial of a compound or product for an Indication, the principal purpose of which is a determination of safety and
      efficacy for such Indication in a target patient population over a range of doses, as more fully defined in 21 C.F.R. §312.21(b), or its successor regulation, or the equivalent in any foreign country or region.

    

    

    1.43       “Phase III Clinical Trial”. Phase III Clinical Trial means a Clinical Trial of a compound or product for an Indication on a sufficient number of subjects that is designed to
      establish that the compound or product is safe and efficacious for its intended use, and to determine warnings, precautions, and adverse reactions that are associated with the compound or product in the dosage range to be prescribed, and to support
      Regulatory Approval of the compound or product for such Indication, as more fully defined in 21 C.F.R. §312.21(c), or its successor regulation, or the equivalent in any foreign country or region.

    

    

    1.44       “Pivotal Clinical Trial” shall mean (a) a Phase III Clinical Trial that is intended by Processa or its Affiliates or Sublicensees to be submitted (together with any other
      registration trials that are prospectively planned when such Phase III Clinical Trial is initiated) for Regulatory Approval in the U.S. or the EU, or (b) any other Clinical Trial that is intended by Processa or its Affiliates or Sublicensees to
      establish that a Product is safe and efficacious for its intended use, and to determine warnings, precautions, and adverse reactions that are associated with such pharmaceutical product in the dosage range to be prescribed, which Clinical Trial is a
      registration trial intended by Processa or its Affiliates or Sublicensees to be sufficient for filing an application for a Regulatory Approval for such product in the U.S. or another country in the Territory, solely as evidenced by the acceptance for
      filing for a Regulatory Approval for such Product after completion of such Clinical Trial.

    

    

    1.45        “Processa Intellectual Property” means, collectively, Processa Know-How and Processa Patent Rights.

    

    

    1.46      “Processa Know-How”. Processa Know-How means all Know-How Controlled as of the Effective Date or thereafter during the Term by Processa or any of its Affiliates (other than any
      Know-How included in Joint Intellectual Property) that is used by Processa or any of its Affiliates in the Development, Manufacture or Commercialization of any Compound or Product; provided, however, that, if Processa is acquired by a
      Third Party, “Processa Know-How” shall exclude any Know-How that (a) is Controlled by such Third Party or the Affiliates of such Third Party (other than Processa and the Persons that were Processa’s Affiliates immediately prior to the closing of such
      acquisition transaction (such Affiliates, “Processa Pre-Existing Affiliates”)) (“Processa Excluded Affiliates”) and (b) was not Controlled by Processa or any of the Processa Pre-Existing Affiliates immediately prior to the closing of
      such acquisition transaction; provided further that, if, after the closing of such acquisition, any such Processa Excluded Affiliate Develops or Commercializes any Compound or Product or otherwise performs any activities or obtains any rights
      with respect to any Compound or Product, such Affiliate will cease to be a Processa Excluded Affiliate and applicable Know-How that is Controlled by such Affiliate shall be included in Processa Know-How.

    

    

    
      8

      
        

    

    1.47       “Processa Patent Rights”. Processa Patent Rights means all Patent Rights in the Territory Controlled as of the Effective Date or thereafter during the Term by Processa or any of its
      Affiliates (other than Joint Patent Rights) that Cover any Compound or Product and are used by Processa or any of its Affiliates in the Development, Manufacture or Commercialization of any Compound or Product; provided, however, that,
      if Processa is acquired by a Third Party, “Processa Patent Rights” shall exclude any Patent Rights that (a) are Controlled by such Third Party or the Affiliates of such Third Party (other than Processa and Processa Pre-Existing Affiliates) and (b)
      were not Controlled by Processa or any of the Processa Pre-Existing Affiliates immediately prior to the closing of such acquisition transaction; provided further that, if, after the closing of such acquisition, any such Processa Excluded
      Affiliate Develops or Commercializes any Compound or Product or otherwise performs any activities or obtains any rights with respect to any Compound or Product, such Affiliate will cease to be a Processa Excluded Affiliate and applicable Patent
      Rights that are Controlled by such Affiliate shall be included in Processa Patent Rights.

    

    

    1.48       “Product”. Product means any pharmaceutical preparation containing one or more Compounds either as an active ingredient(s) or any Combination Product. For the avoidance of doubt,
      nothing in this Agreement grants to Processa any right or license under any Patent Rights or Know-How Controlled by Ocuphire with respect to any Other API.

    

    

    1.49      “Regulatory Approval”. Regulatory Approval means an approval by the applicable Regulatory Authority of an NDA and any other approval, license, registration, permit, notification or
      authorizations (or waiver) of the applicable Regulatory Authority, which is necessary for the Manufacture, use, storage, import, transport, promotion, marketing, distribution, offer for sale, sale, or other commercialization of pharmaceutical
      products in a given country or regulatory jurisdiction, other than any pricing or reimbursement approval.

    

    

    1.50      “Regulatory Authority”. Regulatory Authority means any Governmental Authority with responsibility for granting licenses or approvals necessary for the Development, Manufacture, use,
      storage, import, transport, or Commercialization of pharmaceutical products in a country or regulatory jurisdiction, including but limited to the FDA, EMA or MHLW.

    

    

    1.51       “Regulatory Exclusivity”. Regulatory Exclusivity means exclusive marketing rights or data protection or other exclusivity rights conferred by any Regulatory Authority with respect
      to a Product in a country or regulatory jurisdiction within the Territory, other than a Patent Right, including orphan drug exclusivity, pediatric exclusivity and rights conferred in the U.S. under the Hatch-Waxman Act.

    

    

    
      9

      
        

    

    1.52       “Senior Executive”. Senior Executive means, with respect to Ocuphire, the CEO of Ocuphire, or his or her designee, and, with respect to Processa, the CEO of Processa, or his or her
      designee. “Senior Executives” means the applicable officers of Ocuphire and Processa.

    

    

    1.53       “Sublicense Consideration”. Sublicense Consideration mean any payments or other consideration that Processa or its Affiliates receive from a Sublicensee for the grant of a
      sublicense, an option to obtain such sublicense, a covenant not to asset, or a similar transfer of rights under this Agreement, in each case, under the Ocuphire Intellectual Property, including license fees, license option fees, milestone payments
      (but only to the extent in excess of the applicable milestone payments due under this Agreement), license maintenance fees, equity, and royalties on Sublicensee Product sales, provided that in the event that Processa or its Affiliates receive
      non-monetary consideration in connection with a sublicense, Sublicense Considerations shall be calculated based on the fair market value of such consideration or transaction, assuming an arm’s length transaction made in the ordinary course of
      business. Notwithstanding the foregoing, “Sublicense Considerations” shall not include amounts expressly dedicated to, and actually expended by the Sublicensee to reimburse Processa and its Affiliates for, the Development of Products, up to the sum
      of the actual external costs incurred by Processa and its Affiliates for such activities.

    

    

    1.54       “Sublicensee”. Sublicensee means a Third Party that has been granted a sublicense under the rights granted to Processa pursuant to Section 2.1 of this Agreement, beyond the mere
      right to purchase Compound or Product from Processa or its Affiliates.

    

    

    1.55       “Territory”. Territory means all countries of the world, excluding any territory licensed by Ocuphire pursuant to the Biosense Agreement prior to the date of this Agreement (such
      excluded territory, the “Excluded Territory”).

    

    

    1.56        “Third Party”. Third Party means any Person other than Ocuphire or Processa or any of their respective Affiliates.

    

    

    1.57        “U.S.”. U.S. means the United States of America, including its territories and possessions.

    

    

    1.58        “Valid Claim”. Valid Claim means any claim of (a) an issued and unexpired patent within the Ocuphire Patent Rights that has not been revoked or held unenforceable or invalid by a
      final decision of a court or other Governmental Authority of competent jurisdiction, or that has not been disclaimed, denied or admitted to be invalid or unenforceable through reissue or disclaimer or otherwise; or (b) a patent application within the
      Ocuphire Patent Rights; provided that such a claim within a patent application has not been canceled, withdrawn, or abandoned or been pending for more than seven (7) years from the date of its first priority filing in the applicable country.
      For clarity, a claim of a patent that, pursuant to clause (b), had ceased to be a Valid Claim before it issued but that subsequently issues and is otherwise described by clause (a), shall again be considered to be a Valid Claim once it issues until
      it is no longer considered a Valid Claim in accordance with clause (a).

    

    

    1.59       Additional Definitions. Each of the following definitions is set forth in the Section of this Agreement indicated below:

    

    

    
      	
              Definition:

            	
              Section:

            
	
              Abandoned Patents

            	
              Section 7.2(a)

            
	
              Action

            	
              Section 7.3(b)

            
	
              Agents

            	
              Section 8.1

            
	
              Biosense

            	
              Section 1.5

            
	
              Commercialization Plan

            	
              Section 4.2

            
	
              Confidential Information

            	
              Section 8.2

            
	
              Confidentiality Agreement

            	
              Section 8.2

            
	
              Courts

            	
              Section 13.1

            
	
              Development Milestone

            	
              Section 6.2

            
	
              Development Milestone Payment

            	
              Section 6.2

            
	
              Development Plan

            	
              Section 3.2

            
	
              Effective Date

            	
              Preamble

            
	
              Incumbent Board

            	
              Section 1.8

            
	
              Indemnified Party

            	
              Section 10.3(a)

            
	
              Indemnifying Party

            	
              Section 10.3(a)

            
	
              Infringement Claim

            	
              Section 7.3(a)

            
	
              Joint Intellectual Property

            	
              Section 7.1(c)

            
	
              Joint Inventions

            	
              Section 7.1(c)

            
	
              Joint Patent Rights

            	
              Section 7.2(b)

            
	
              MSs

            	
              Section 6.2

            
	
              Ocuphire

            	
              Section 10.2(e)

            
	
              Other API

            	
              Section 1.8

            
	
              Paragraph IV Claim

            	
              Section 7.8(a)

            
	
              Periodic Report

            	
              Section 6.7

            
	
              Product Liability Claim

            	
              Section 10.1(b)

            
	
              Processa

            	
              Preamble

            
	
              Processa Common Stock

            	
              Section 6.1(a)

            
	
              Processa Excluded Affiliates

            	
              Section 1.46

            
	
              Processa Parties

            	
              Section 10.2

            
	
              Processa Pre-Existing Affiliates

            	
              Section 1.46

            
	
              Processa Sole Inventions

            	
              Section 7.1(b)

            
	
              Product Liability Claims

            	
              Section 10.1(b)

            
	
              Royalty Term

            	
              Section 6.5(b)

            
	
              Ocuphire

            	
              Preamble

            
	
              Ocuphire Parties

            	
              Section 10.1

            
	
              Ocuphire Sole Inventions

            	
              Section 7.1(b)

            
	
              Sales Milestone

            	
              Section 6.4

            
	
              Sales Milestone Payment

            	
              Section 6.4

            
	
              SEC

            	
              Section 6.1(b)

            
	
              Sole Inventions

            	
              Section 7.1(b)

            
	
              Sublicense Payment

            	
              Section 6.6(a)

            
	
              Sublicensee Intellectual Property

            	
              Section 2.1(b)

            
	
              Taxes

            	
              Section 6.9

            
	
              Term

            	
              Section 11.1

            
	
              Third-Party Claims

            	
              Section 10.1

            
	
              Third-Party Patent Licenses

            	
              Section 6.5(c)

            
	
              Upfront Fee

            	
              Section 6.1(a)

            
	
              Upfront Shares

            	
              Section 6.1(a)

            
	
              VWAP

            	
              Section 6.2

            

    

    

    

    
      10

      
        

    

    1.60      Captions; Certain Conventions; Construction. All headings and captions herein are for convenience only and shall not be interpreted as having any substantive meaning. The Schedules
      to this Agreement are incorporated herein by reference and shall be deemed a part of this Agreement. Unless otherwise expressly provided herein or the context of this Agreement otherwise requires:

    

    

    (a)          words of any gender include each other gender;

    

    

    (b)          words such as “herein”, “hereof” and “hereunder” refer to this Agreement as a whole and not merely to the particular provision in which such words appear;

    

    

    (c)          words using the singular shall include the plural, and vice versa;

    

    

    (d)          the words “include,” “includes” and “including” shall be deemed to be followed by the phrase “but not limited to”, “without limitation”, “inter alia” or words of similar import;

    

    

    (e)          the word “or” shall be deemed to include the word “and” (i.e., shall mean “and/or”)

    

    

    (f)         references to “Article,” “Section,” “subsection”, “paragraph”, “clause” or other subdivision, or to a Schedule, without reference to a document, are to the specified provision or Schedule
      of this Agreement; and

    

    

    (g)          references to “$” or “dollars” shall be references to U.S. Dollars.

    

    

    This Agreement shall be construed as if the Parties drafted it jointly.

    

    

    ARTICLE II

    GRANTS OF RIGHTS

    

    

    2.1          Licenses.

    

    

    (a)        License. Subject to the terms of this Agreement, Ocuphire shall, and hereby does, grant to Processa an exclusive (even as to Ocuphire and its Affiliates), royalty-bearing right and
      license, including the right to sublicense in accordance with Section 2.1(b), under the Ocuphire Intellectual Property and Ocuphire’s interest in the Joint Intellectual Property, to Develop, Manufacture, use and Commercialize, including filing for,
      obtaining and maintaining Regulatory Approval for, Products in the Field in the Territory.

    

    

    
      11

      
        

    

    (b)         Sublicenses. From the Effective Date, Processa shall have the right to grant sublicenses under the licenses to Ocuphire Intellectual Property and Ocuphire’s interest in the Joint
      Intellectual Property granted to Processa under Section 2.1(a) to its Affiliates and to Third Parties; provided that Ocuphire provides its prior written consent to such sublicense, such consent not to be unreasonably withheld, conditioned or
      delayed, except that a sublicense to an Affiliate shall not require Ocuphire’s consent for so long as such Affiliate remains an Affiliate of Processa; provided, further, that any such sublicense shall be consistent with, and subject
      to, all applicable terms and conditions of this Agreement, and Processa shall remain responsible for the performance of its obligations under this Agreement, regardless of whether Processa may have delegated those obligations to its Sublicensee or
      Affiliate. Each agreement with each Sublicensee must include grants of rights sufficient to enable Processa to grant substantially the rights set forth in Sections 11.7(c) through 11.7(e) with respect to (i) all Know-How and Patent Rights (including
      all applicable pre-clinical and clinical data, including pharmacology and biology data; Manufacturing documents and materials; and Manufacturing technologies) Controlled by such Sublicensee during the Term and used by such Sublicensee in the
      Development, Manufacture or Commercialization of any Compound or Product (collectively, “Sublicensee Intellectual Property”); (ii) all filings with Regulatory Authorities in the Territory relating to Compounds and Products and Regulatory
      Approvals relating to Compounds and Products held by such Sublicensee, including related correspondence with Regulatory Authorities; (iii) all Manufacturing agreements to which such Sublicensee is a party that are related to Compounds or Products;
      (iv) all of such Sublicensee’s inventory of Compounds and Products existing as of the applicable date; and (v) all trademarks owned by such Sublicensee and used solely in connection with the Products, along with all associated goodwill. Without
      limiting the foregoing, Processa shall, within thirty (30) days after granting any sublicense, notify Ocuphire of the grant of such sublicense and provide Ocuphire with a copy of such sublicense agreement.

    

    

    2.2         Rights Retained by the Parties. Any rights of Ocuphire or Processa, as the case may be, not expressly granted to the other Party under the provisions of this
      Agreement shall be retained by such Party.

    

    

    2.3        Section 365(n) of the Bankruptcy Code. All rights and licenses granted under or pursuant to any section of this Agreement, including the licenses granted under
      Section 2.1 to Patent Rights and Know-How (including any data included in the Know-How), are and will otherwise be deemed to be for purposes of Section 365(n) of the Bankruptcy Code, licenses of rights to “intellectual property” as defined in Section
      101(35A) of the Bankruptcy Code. Each Party will retain and may fully exercise all of its respective rights and elections under the Bankruptcy Code. The Parties agree that each Party, as licensee of such rights under this Agreement, will retain and
      may fully exercise all of its rights and elections under the Bankruptcy Code or any other provisions of applicable Law outside the United States that provide similar protection for “intellectual property.”

    

    

    2.4       Transfer of Ocuphire Material and Know-How. Within thirty (30) days after the Effective Date, Ocuphire shall transition Ocuphire Know-How to Processa by
      delivering to Processa, in Microsoft Word or PDF format, all documents related to the Compound required for Processa to Develop, Manufacture and Commercialize the Compound and Products in the Field in the Territory, including: pre-IND briefing
      package, reports and documentation related to Clinical Trials, Manufacturing process documentation, reports of API and finished Product, all Ocuphire Patent Rights and documentation related to Ocuphire Know-How. Such transferred materials shall
      include all information relevant to the Compound in the Field in the Territory in Ocuphire’s possession from Ocuphire’s Third-Party service providers, excluding any information related to the Excluded Territory; provided, that Ocuphire may redact
      from such information any information not solely related to the Compound in the Territory. In addition, within ninety (90) days after the Effective Date, except to the extent Ocuphire is required to retain such documents or materials pursuant to the
      Biosense Agreement, Ocuphire, will transfer to Processa the following materials related to the Compound in the Field in the Territory: (i) drug substance, (ii) drug product, and (iii) all documents related to the Product including all Regulatory
      Approvals or clearances or submissions.

    

    

    
      12

      
        

    

    ARTICLE III

    DEVELOPMENT

    

    

    3.1         General. From the Effective Date, and subject to the terms of this Agreement, including the requirements of ARTICLE V, Processa (or its Affiliates or
      Sublicensees) shall control and be solely responsible for the Development of and regulatory activities with respect to Compounds and Products in the Field in the Territory, including all costs and expenses relating thereto. If Processa requests
      Ocuphire’s assistance with respect to any Development activities, and Ocuphire, in its sole discretion, agrees to provide such assistance, the Parties shall mutually agree in advance on a budget therefor, and Processa shall reimburse Ocuphire for any
      expenses incurred by Ocuphire under this Section 3.1 within thirty (30) days after receiving an invoice therefor. For clarity, following the Effective Date, Ocuphire shall have no future obligations with regard to the Development of Products in the
      Field in the Territory.

    

    

    3.2         Development Plans. Processa’s Development activities with respect to Compounds and Products in the Field in the Territory shall be conducted in accordance with a development plan
      (the “Development Plan”), which shall set forth a summary of the planned Development activities to be conducted by or on behalf of Processa and its Affiliates and Sublicensees with respect to such Product in each country in the Territory
      during the applicable Calendar Year. Since both Parties recognize that the development of the Product is an evolving process and requires sometimes immediate decisions or changes to the Development Plan that cannot be anticipated in the beginning of
      the year, both Parties acknowledge that the plan will serve as a guide not a recipe or required steps that Processa must take in order to develop the product for regulatory approval. The initial Development Plan with respect to 2022 and 2023 shall be
      delivered to Ocuphire within one hundred eighty (180) days after the Effective Date. Thereafter during the Term, Processa shall prepare and deliver to Ocuphire before May 1st of each Calendar Year an updated Development Plan for the
      upcoming Calendar Year.

    

    

    3.3        Exchange of Information Regarding Development. At least once each Calendar Year, beginning in Calendar Year 2022 and ending on the date on which Processa meets
      its diligence obligations set forth in Section 5.1 below, Processa shall provide Ocuphire with a reasonably detailed report describing Processa’s Development activities and the summary results thereof with respect to all Compounds and Products.

    

    

    ARTICLE IV

    COMMERCIALIZATION

    

    

    4.1         General. From the Effective Date, and subject to the terms of this Agreement, including the requirements of ARTICLE V, Processa (or its Affiliates or
      Sublicensees) shall control and be solely responsible for the Commercialization of Products in the Field in the Territory, including all costs and expenses relating thereto. For clarity, following the Effective Date, Ocuphire shall have no future
      obligations with regard to the Commercialization of Products in the Field in the Territory.

    

    

    
      13

      
        

    

    4.2         Commercialization Plans. During the Royalty Term with respect to each Product, at least thirty (30) days prior to the commencement of each Calendar Year,
      Processa shall provide Ocuphire, for information purposes only, a summary of the planned Commercialization activities to be conducted by or on behalf of Processa and its Affiliates and Sublicensees with respect to such Product in each country in the
      Territory during such Calendar Year (each such plan, a “Commercialization Plan”).

    

    

    4.3         Exchange of Information Regarding Commercialization. At least once each Calendar Year, beginning in the first Calendar Year during the Royalty Term and ending, on a
      Product-by-Product basis, on the expiration of the applicable Royalty Term, Processa shall provide Ocuphire with a reasonably detailed report describing Processa’s Commercialization activities and the summary results thereof with respect to all
      applicable Products.

    

    

    ARTICLE V

    DILIGENCE

    

    

    5.1         Commercially Reasonable Efforts. During the Term, Processa shall, directly or through its Affiliates or Sublicensees, use Commercially Reasonable Efforts, from
      and after the Effective Date, to Develop and obtain Regulatory Approval for one (1) Product in the Field in the U.S., or one (1) other Major Market. Without limiting or derogating from the foregoing, Processa, by itself or through its Affiliates or
      Sublicensees, shall meet each of the following milestones within the respective time periods set forth herein:

    

    

    (a)          Prior to the three (3) year anniversary of the Effective Date: first patient administered drug in a Clinical Trial of a Product; and

    

    

    (b)         Prior to the five (5) year anniversary of the Effective Date: first patient administered drug in a Pivotal Clinical Trial of a Product or first patient administered drug in a Clinical
      Trial for a second Indication of a Product.

    

    

    5.2         Termination for Failure to Meet Diligence Obligation. If, at any time during the Term, Processa fails to timely achieve any of the foregoing milestones, or if
      Ocuphire reasonably believes that Processa (itself and through its Affiliates and Sublicensees) has not complied with its obligations under Section 5.1 to use Commercially Reasonable Efforts to Develop and obtain Regulatory Approval for one (1)
      Product in the Field in the U.S., or one (1) other Major Market, Ocuphire shall provide written notice to Processa specifying the nature of such reasonable belief, and Ocuphire may terminate this Agreement pursuant to Section 11.4.

    

    

    ARTICLE VI

    FINANCIAL PROVISIONS

    

    

    6.1          Upfront Fee.

    

    

    (a)         In partial consideration for the rights and licenses granted to Processa hereunder and for no additional consideration, within forty-five (45) Business Days following the Effective Date,
      Processa shall issue to Ocuphire (i) 44,689 shares of Processa Common Stock, equal to $300,000 in value based on the price of $ 6.7131 per share and rounded to the closest whole share, which was determined using the volume weighted average price (“VWAP”)
      for Processa Common Stock over the previous thirty (30) trading days up to and including June 15, 2021 as reported on the Nasdaq Capital Stock Market (the “Upfront Shares”) and (ii) USD $200,000 to be paid to Ocuphire, both of which together
      shall be defined as the “Upfront Fee”.

    

    

    
      14

      
        

    

    (b)         Lock-Up Provision. The Upfront Shares will contain a restrictive legend that restricts the sale, transfer, or disposition of these shares for a period commencing on the date of
      issuance and ending one (1) year thereafter (such period, the “Lock-up Period”). In addition, the Upfront Shares shall contain a customary restrictive legend that specifies that such shares of common stock have not been registered with the
      Securities and Exchange Commission (“SEC”) until such time as Processa shall receive a satisfactory opinion of legal counsel that specifies that such restrictive legend is no longer required by law.

    

    

    6.2      Development Milestone Payments. Processa will notify Ocuphire within ten (10) days of the achievement by Processa, its Affiliates or Sublicensees of each
      development milestone set forth in the table below (each, a “Development Milestone”). Within thirty (30) days of the first achievement of each Development Milestone with respect to a Product, Processa shall remit the applicable payment
      corresponding to such Development Milestone (each, a “Development Milestone Payment”). Each Development Milestone Payment shall be made only one-time with respect to the first Product to achieve the corresponding Development Milestone. The
      Development Milestone Payments shall be in the form of USD, as set forth in the table below.

    

    

    
      	
              Development Milestone

            	 	
              Development Milestone Payment

            	 
	
              1st Patient Dosed in 1st Pivotal Clinical Trial, 1st Indication

            	 	
              $

            	
              750,000

            	 
	
              Last Patient Dosed in 1st Pivotal Clinical Trial, 1st Indication

            	 	
              $

            	
              750,000

            	 
	
              1st Patient Dosed in 1st Pivotal Clinical Trial, 2nd Indication

            	 	
              $

            	
              375,000

            	 
	
              Last Patient Dosed in 1st Pivotal Clinical Trial, 2nd Indication

            	 	
              $

            	
              375,000

            	 
	
              1st Regulatory Approval in the U.S.

            	 	
              $

            	
              7,000,000

            	 
	
              2nd Regulatory Approval in the U.S.

            	 	
              $

            	
              5,000,000

            	 
	
              1st Regulatory Approval within Licensed Territory Outside the US

            	 	
              $

            	
              4,000,000

            	 
	
              2nd Regulatory Approval within Licensed Territory Outside the US

            	 	
              $

            	
              2,000,000

            	 

    

    

    

    6.3        Development and Commercialization Costs. For clarity, following the Effective Date, Processa shall be solely responsible for all costs it incurs in Developing
      and Commercializing Compounds and Products, including all Manufacturing costs.

    

    

    6.4         Sales Milestone Payments. Processa will notify Ocuphire within ten (10) days of the achievement by Processa, its Affiliates or Sublicensees of each sales
      milestone set forth in the table below (each, a “Sales Milestone”). Processa shall pay Ocuphire the one-time, non-refundable, non-creditable sales milestone payments set forth in the table below (each, a “Sales Milestone Payment”)
      within thirty (30) days after the end of the first Calendar Quarter during which the worldwide annual accrued Net Sales first reach the applicable Sales Milestone. For clarity, the Sales Milestone Payment will be payable once and only once when the
      applicable Sales Milestone is first achieved. Thereafter, such Sales Milestone Payment will no longer apply. In addition, only one Sales Milestone can be achieved in a given Calendar Year and if more than one Sales Milestone is achieved in a Calendar
      Year, then the highest Sales Milestone achieved in the Calendar Year will be paid; provided that any additional Sales Milestones achieved during the same Calendar Year will remain payable upon achievement of the applicable Sales Milestone in any of
      the following Calendar Years. For illustration purposes, if at a given year worldwide annual accrued Net Sales first reach $160,000,000 (without having reached $50M prior to such year); the Sales Milestone Payment for such year will be $5,000,000 (on
      account of the $100M Sales Milestone). If in any subsequent year, worldwide annual accrued Net Sales reach $100,000,000, the Sales Milestone Payment for such year will be $2,500,000 (on account of the $50M Sales Milestone), and so on.

    

    

    
      15

      
        

    

    
      	
              Worldwide Annual Accrued Net Sales

            	 	
              Payment

            	 
	
              ≥ $50 M

            	 	
              $

            	
              2,500,000

            	 
	
              ≥ $100 M

            	 	
              $

            	
              5,000,000

            	 
	
              ≥ $250 M

            	 	
              $

            	
              12,500,000

            	 
	
              ≥ $500 M

            	 	
              $

            	
              25,000,000

            	 
	
              ≥ $750 M

            	 	
              $

            	
              37,500,000

            	 
	
              ≥ $1 Billion

            	 	
              $

            	
              50,000,000

            	 
	
              ≥ $1.5 Billion

            	 	
              $

            	
              75,000,000

            	 

    

    

    

    6.5          Product Royalties.

    

    

    (a)          Royalty Rate. Processa shall pay a seven percent (7.5%) royalty rate on the aggregate worldwide annual accrued Net Sales of Products in the Territory during each Calendar Year to
      Ocuphire on a Product-by-Product basis, excluding all sales made by a Sublicensee in the event that Processa receives Sublicense Consideration on account of a specific Product in a specific Territory from such Sublicensee for which Processa is
      required to pay Ocuphire the applicable percentage of the Sublicense Consideration as set forth in Section 6.6. During any period within the Royalty Term applicable to a Product in a country when there is no Regulatory Exclusivity and no Valid Claim
      of the Ocuphire Patent Rights in such country, the royalty rate applicable to Net Sales of such Product in such country shall be reduced to fifty percent (50%) of the royalty rates described in this Section 6.5. Notwithstanding the foregoing, such
      reduction shall not cause the royalty rate payable to Ocuphire, after giving effect to any other reductions contemplated by this Section 6.5, to be reduced to less than three percent (3%) of annual Net Sales for such Product. Upon the expiration of
      the Royalty Term with respect to each Product in each country, the license granted to Processa in Section 2.1(a) shall become fully paid-up and irrevocable with respect to such Product in such country.

    

    

    (b)        Royalty Term and Adjustments. Processa’s royalty obligations to Ocuphire under this Section 6.5 shall commence on a country-by-country and Product-by-Product basis on the date of
      First Commercial Sale of such Product in such country and shall expire on a country-by-country basis and Product-by-Product basis on the last to occur of (i) expiration or invalidation of the last Valid Claim Covering such Product in such country,
      (ii) the tenth (10th) anniversary of the date of the First Commercial Sale of such Product in such country and (iii) the expiration of all Regulatory Exclusivities covering such Product in such country (the “Royalty Term”).

    

    

    (c)        Third-Party Payments. If, in the opinion of patent counsel mutually acceptable to both Processa and Ocuphire, in order to Develop, Manufacture, use or Commercialize a Product in
      the Field in a country of the Territory without infringing any Third Party intellectual property rights relating to the Ocuphire Intellectual Property, Processa or its Affiliate or Sublicensee is obligated to obtain a license or comparable grant of
      rights (e.g., a covenant not to sue) under any Patent Rights from a Third Party (“Third-Party Patent Licenses”) and pay a royalty under such Third-Party Patent License with respect to such Product in
      such country, then, subject to Section 6.5, forty percent (40%) of such royalties actually paid by Processa, its Affiliates or Sublicensees shall be creditable against royalties payable to Ocuphire hereunder with respect to such Product in such
      country; provided that, if Processa is obligated to enter into any Third-Party Patent License, Processa shall use Commercially Reasonable Efforts to minimize the royalties owed by Processa under such Third-Party Patent License.
      Notwithstanding the foregoing, such credit shall not cause the royalty rate payable to Ocuphire, after giving effect to any other reductions contemplated by this Section 6.5, to be reduced to less than three percent (3%) on annual Net Sales for such
      Product.

    

    

    
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    6.6          Sublicense Payments.

    

    

    (a)          If Processa enters into a sublicense agreement with a Sublicensee, Ocuphire shall receive 32% of any Sublicense Consideration (the “Sublicense Payments”). The percentages
      described in this Section 6.6 shall apply to all Sublicense Consideration. Processa shall pay Ocuphire the Sublicense Payments within thirty (30) days after the receipt of the Sublicense Consideration.

    

    

    (b)         Notwithstanding the foregoing, achievement of a Development Milestone by a Sublicensee shall not require a Development Milestone Payment under Section 6.2 and, in the event that Processa
      receives Sublicense Consideration on account of a specific Product in a specific Territory, then in such case Processa shall be required to pay Ocuphire the applicable Sublicense Payment, but such Sublicense Consideration shall not be taken into
      account when calculating Sales Milestone Payments under Section 6.4 or royalties payable to Ocuphire under Section 6.5. Notwithstanding the foregoing, the Development Milestone Payments, Sales Milestone Payments and royalty will continue to be
      payable for any Product and any country in the Territory that has not been sublicensed to a Sublicensee. To clarify, three example scenarios are presented for illustrative purposes only:

    

    

    Example 1: If Processa Develops the Product and receives Regulatory Approval in multiple countries in the Territory and licenses out the commercial sales to Sublicensee in countries in the Territory
      such that Processa does not sell such Product, the financial terms of ARTICLE VI with respect to such Product would then be the following: Section 6.2 and 6.3 would apply, Sections 6.4 and 6.5 would no longer apply. The Sublicense Payments set forth
      in Section 6.6 would apply to all Sublicense Consideration received by Processa from the Sublicensee such as upfront fees, any milestones payments, and royalties.

    

    

    
      17

      
        

    

    Example 2: If Processa Develops and Commercializes a Product in U.S. while Sublicensing the Product for Development and Commercialization in other countries in the Territory, the financial terms of
      ARTICLE VI with respect to such Product would then be the following: Sections 6.2 through 6.5 would apply with respect to the Product Developed and Commercialized in the U.S. by Processa, and Sections 6.2 through 6.5 would not apply with respect to a
      Product Developed and Commercialized by a Sublicensee. Instead, the Sublicense Payments set forth in Section 6.6 would apply to all Sublicense Consideration received by Processa from the Sublicensee such as upfront fees, any milestones payments, and
      royalties.

    

    

    Example 3: If Processa sublicenses a Product prior to the 1st patient dosed in the Pivotal Clinical Trial for the 1st Indication and Sublicensee completes Development, obtains
      Regulatory Approval, and Commercializes such Product in all countries in the Territory, the financial terms of ARTICLE VI with respect to such Product would then be the following: for Section 6.2, Processa would pay for Development Milestones that
      Processa has completed, the remaining Development Milestones not completed by Processa would no longer apply, Sections 6.4 through 6.5 with respect to Sales Milestones and royalties would no longer apply. The Sublicense Payments set forth in Section
      6.6 would apply to all Sublicense Consideration received by Processa from the Sublicensee such as upfront fees, any milestones payments, and royalties.

    

    

    6.7         Reports; Payments. Within thirty (30) days after the end of each Calendar Quarter commencing from the earlier of (a) the First Commercial Sale of a Product; or
      (b) the receipt of Sublicense Consideration, Processa shall furnish Ocuphire with a quarterly report (“Periodic Report”) detailing, at a minimum, the following information for the applicable Calendar Quarter, each listed by Product and by
      country of sale: (i) the total number of units of Product sold by Processa, its Affiliates and Sublicensees, including a breakdown of the number and type of Products sold, (ii) gross amounts received for all such sales, (iii) deductions by type taken
      from Net Sales as specified herein, (iv) Net Sales, (v) Royalties and milestone payments owed to Ocuphire, listed by category, (vi) Sublicense Consideration received during the preceding Calendar Quarter and Sublicense Payments due to Ocuphire, (vii)
      the currency in which the sales were made, including the computations for any applicable currency conversions, (viii) invoice dates and all other data enabling the royalties and Sublicense Payments payable to be calculated accurately and (ix) a
      detailed summary of progress against each Development Milestone and Sales Milestone, and an estimate of the timing of the achievement of the next Development Milestone and Sales Milestone. Once the requirement to deliver Periodic Reports is
      triggered, Periodic Reports shall be provided to Ocuphire whether or not royalties, milestone payments or Sublicense Payments are payable for a particular Calendar Quarter. In addition to the foregoing, upon Ocuphire’s reasonable request, Processa
      will provide to Ocuphire such other information as may be reasonably requested by Ocuphire, and will otherwise cooperate with Ocuphire as reasonably necessary, to enable Ocuphire to verify Processa’s compliance with the payment and related
      obligations under this Agreement, including verification of the calculation of amounts due to Ocuphire under this Agreement and of all financial information provided or required to be provided in the Periodic Reports. Concurrently with each such
      Periodic Report, Processa shall pay to Ocuphire all amounts payable by it under Section 6.5 and 6.6.

    

    

    
      18

      
        

    

    6.8        Books and Records; Audit Rights. Processa shall keep and maintain for three (3) years complete and accurate records of the underlying revenue and expense data
      relating to the calculations of Net Sales, Sublicense Consideration and payments required by this Article VI. Ocuphire shall have the right, once annually at its own expense, to have an independent, certified public accounting firm, selected by
      Ocuphire and reasonably acceptable to Processa, review any such records of Processa in the location(s) where such records are maintained by Processa upon reasonable notice (which shall be no less than fourteen (14) days prior notice) and during
      regular business hours and under obligations of confidentiality no less strict than as set forth in Article VIII, for the sole purpose of verifying the basis and accuracy of payments made under Section 6.8 within the thirty-six (36) month period
      preceding the date of the request for review. The report of such accounting firm shall be limited to a certificate stating whether any report made or payment submitted by Processa during such period is accurate or inaccurate and the actual amounts of
      Net Sales and Sublicense Consideration, and milestone payments, royalties and Sublicense Payments due, for such period. Processa shall receive a copy of each such report concurrently with receipt by Ocuphire. Should such inspection lead to the
      discovery of a discrepancy to Ocuphire’s detriment, Processa shall pay within five (5) Business Days after its receipt from the accounting firm of the certificate the amount of the discrepancy plus interest calculated in accordance with Section 6.12.
      Ocuphire shall pay the full cost of the review unless the underpayment of royalties, milestone payments or Sublicense Payments is greater than five percent (5%) of the amount due for the period being audited, in which case Processa shall pay the
      reasonable cost charged by such accounting firm for such review. Any overpayment by Processa revealed by an examination shall be fully creditable against future payments.

    

    

    6.9         Tax Matters. Except as expressly provided below, no payments to be made to Ocuphire by Processa hereunder shall be reduced by or on account of any taxes,
      levies, imposts, duties, charges, assessments or fees (collectively, “Taxes”). Notwithstanding the immediately preceding sentence, if any applicable Law requires (with due regard to any relief to which Ocuphire may be entitled) that Taxes be
      deducted and withheld from any payment made to Ocuphire by Processa under this Agreement, Processa shall (a) deduct those Taxes, together with any interest and penalties properly assessed thereon, from such payment or from any other payment owed by
      Processa hereunder; (b) transmit the amounts so deducted to the proper Governmental Authority; (c) send evidence of the requirement together with proof of due transmission of the amounts described in clause (b) to Ocuphire promptly following such
      payment; and (d) remit to Ocuphire the net amount of such payment after taking account of such deduction. In determining whether to deduct any amount hereunder and prior to making such deduction, Processa shall contact Ocuphire and take due account
      of all documentation supplied by Ocuphire, and of other facts known to Processa, supporting a reduction in any Tax otherwise required to be deducted, or a credit therefor or refund thereof. Processa will reasonably cooperate with Ocuphire in respect
      of Tax matters relating to payments made by Processa to Ocuphire under this Agreement and any disputes with a Governmental Authority regarding such matters, including without limitation: (y) complying with reasonable requests from Ocuphire to change
      the form, place or other circumstances of payments to be made to Ocuphire by Processa under this Agreement so as to reduce the incidence of Taxes on such payments or recover any Taxes imposed on such payments (any such recovery to be for the benefit
      of Ocuphire); and (z) in connection with any official or unofficial audit or contest relating to such payments.

    

    

    
      19

      
        

    

    6.10      Payment Method and Currency Conversion. All Payments shall be made in U.S. dollars in immediately available funds via either a bank wire transfer, an ACH
      (automated clearing house) mechanism, or any other means of electronic funds transfer, at Processa’s election, to Ocuphire’s bank account, or to such other bank account as Ocuphire shall designate in a notice at least ten (10) days before the payment
      is due. For the purposes of determining the amount of any royalties or Sublicense Payments due for the relevant Calendar Quarter under Section 6.8, the amount of Net Sales or Sublicense Consideration in any foreign currency shall be converted into
      U.S. dollars in accordance with the prevailing rates of exchange published in the Wall Street Journal for such currency on the last Business Day of the relevant Calendar Quarter.

    

    

    6.11       Blocked Payments. If by reason of applicable Laws in any country in the Territory, it becomes impossible or illegal for Processa or its Affiliates or
      Sublicensees to transfer, or have transferred on its behalf royalties or other payments to Ocuphire, Processa shall promptly notify Ocuphire of the conditions preventing such transfer. To the extent any payments to Ocuphire cannot be transferred
      pursuant to the preceding sentence, such amounts shall be deposited in local currency in the relevant country to the credit of Ocuphire in a recognized banking institution designated by Ocuphire or, if none is designated by Ocuphire within a period
      of thirty (30) days, in a recognized banking institution selected by Processa or its Affiliate or Sublicensee, as the case may be, and identified in a notice given to Ocuphire. If so deposited in a foreign country, Processa shall provide, or cause
      its Affiliate or Sublicensee to provide, reasonable cooperation to Ocuphire so as to allow Ocuphire to assume control over such deposit as promptly as practicable.

    

    

    6.12       Late Payments. If Processa shall fail to make a timely payment pursuant to the terms of this Agreement, interest shall accrue on the past due amount starting on
      the date on which the applicable payment was due at the thirty (30) day U.S. dollar London Interbank Offered Rate effective for the date that payment was due (as published in the Wall Street Journal) plus five percent (5%) per annum, computed for the
      actual number of days after the due date that the payment was past due.

    

    

    ARTICLE VII

    INTELLECTUAL PROPERTY OWNERSHIP, PROTECTION

    AND RELATED MATTERS

    

    

    7.1          Ownership of Intellectual Property.

    

    

    (a)        Background Intellectual Property. Each Party retains all right, title, ownership and interest in and to any of its intellectual property rights, including all Know-How and Patent
      Rights, that exists prior to the Effective Date and/or is developed by such Party independent of any use of the Ocuphire Intellectual Property.

    

    

    (b)        Sole Inventions. Each Party shall exclusively own all Inventions made solely by or on behalf of such Party, its employees, agents, and consultants (“Sole Inventions”). Sole
      Inventions made solely by Processa, its employees, agents and consultants are referred to herein as “Processa Sole Inventions”. Sole Inventions made solely by Ocuphire, its employees, agents and consultants are referred to herein as “Ocuphire
        Sole Inventions”.

    

    

    
      20

      
        

    

    (c)          Joint Inventions. The Parties shall jointly own all Inventions made jointly by employees, agents and consultants of Processa, on the one hand, and employees, agents and
      consultants of Ocuphire, on the other hand (“Joint Inventions”), and all Know-How, Patent Rights and other intellectual property rights therein (the “Joint Intellectual Property”) on the basis of each Party having an undivided interest
      in the whole. Joint Inventions may only be used in accordance with and subject to the terms and conditions of this Agreement.

    

    

    (d)        Inventorship. For purposes of determining whether an invention is a Processa Sole Invention, a Ocuphire Sole Invention or a Joint Invention, questions of inventorship shall be
      resolved in accordance with United States patent Laws.

    

    

    7.2          Prosecution and Maintenance of Patent Rights.

    

    

    (a)          Prosecution of Ocuphire Patent Rights. With respect to Ocuphire Patent Rights, Processa shall be responsible for and control the prosecution and maintenance of Ocuphire Patent
      Rights in the Territory. The out-of-pocket costs and expenses incurred by Processa after the Effective Date to obtain prosecute and maintain Ocuphire Patent Rights shall be borne one hundred percent (100%) by Processa. Processa shall file
      international patent applications, or designate for national filing and file, in all countries in the Territory desired by Processa. Processa shall promptly deliver to Ocuphire copies of all official correspondence with the applicable patent and
      trademark offices in the Territory relating to the Ocuphire Patent Rights and, after the Effective Date Processa shall promptly provide Ocuphire drafts of all proposed material filings and correspondence to any patent authority with respect to the
      Ocuphire Patent Rights. Processa shall keep Ocuphire informed of the status of all pending patent applications that pertain to any Compound or Product. Processa shall not abandon any Ocuphire Patent Rights (the “Abandoned Patents”) without at
      least ninety (90) days’ prior notice to Ocuphire. If Processa decides to abandon any Ocuphire Patent Rights, Ocuphire shall have the option to continue to prosecute and maintain the Abandoned Patents in Ocuphire’s name and at Ocuphire’s sole expense.

    

    

    (b)        Prosecution of Joint Patent Rights. Processa shall be responsible for obtaining, prosecuting, and/or maintaining patents and patent applications, in any countries in the Territory,
      Covering Joint Inventions (“Joint Patent Rights”). Processa shall control such prosecution and maintenance of the Joint Patent Rights. The out-of-pocket costs and expenses incurred to obtain, prosecute and maintain Joint Patent Rights shall be
      borne one-hundred percent (100%) by Processa. Processa shall keep Ocuphire informed of the status of all pending Joint Patent Rights, and shall use reasonable efforts to solicit Ocuphire’s comments on material prosecution matters related to the Joint
      Patent Rights. Processa, its agents and attorneys shall not unreasonably decline to implement or incorporate any comments of Ocuphire regarding any aspect of such patent prosecutions. Processa shall not abandon any Joint Patent Right without at least
      ninety (90) days’ prior notice to Ocuphire. If Processa decides to abandon any Joint Patent Right, Ocuphire shall have the option to continue to prosecute and maintain such Joint Patent Right in Ocuphire’s name, at Ocuphire’s sole expense.

    

    

    
      21

      
        

    

    (c)          Prosecution of Processa Patent Rights. Processa has the sole right, but not the responsibility, to obtain, prosecute, and/or maintain the Processa Patent Rights.

    

    

    (d)         Cooperation. Each Party agrees to cooperate fully in the preparation, filing, prosecution, and maintenance of Ocuphire Patent Rights, Joint Patent Rights, and Processa Patent
      Rights, pursuant to this Section 7.2 and in the obtaining and maintenance of any patent term extensions, supplementary protection certificates, pediatric extensions, and their equivalent with respect thereto. Such cooperation includes: (i) executing
      all papers and instruments, or requiring its employees or contractors, to execute such papers and instruments, so as enable the other Party to apply for and to prosecute patent applications in any country as permitted by this Section 7.2; and (ii)
      promptly informing the other Party of any matters coming to such Party’s attention that may affect the preparation, filing, prosecution, or maintenance of any such patent applications.

    

    

    7.3          Third-Party Infringement.

    

    

    (a)          Notice. Each Party shall promptly report in writing to the other Party during the Term any known or suspected (i) infringement of any of the Ocuphire Patent Rights or Joint
      Patent Rights in the Territory, or (ii) unauthorized use or misappropriation of any of the Ocuphire Know-How or Joint Inventions, in the case of either clause (i) or clause (ii), that could reasonably be expected to impact the (A) Development,
      Manufacture, use or Commercialization of a Compound or Product in the Field in the Territory, or (B) scope of the rights licensed to Processa under ARTICLE II (an “Infringement Claim”), of which such Party becomes aware, and shall provide the
      other Party with all available evidence supporting such Infringement Claim.

    

    

    (b)          Initial Right to Enforce.

    

    

    (i)          Subject to Section 7.3(c), Processa (itself or through its Affiliate or Sublicensee) shall have the first right, but not the obligation, to initiate a suit, or take other appropriate
      action (an “Action”) that it believes is reasonably required to protect (i.e., prevent or abate actual or threatened infringement or misappropriation of) or otherwise enforce the Processa Intellectual
      Property, Ocuphire Intellectual Property and Joint Intellectual Property with respect to an Infringement Claim; provided, however, that Processa shall (i) consult with Ocuphire in good faith with respect to any claim that any Ocuphire
      Patent Right or Joint Patent Right is invalid or unenforceable and implement any reasonable comment from Ocuphire regarding any aspect of defending against any such claim, (ii) not take any position with respect to such Action in any way that is
      reasonably likely to directly and adversely affect the scope, validity or enforceability of the Ocuphire Intellectual Property or Joint Intellectual Property; and (c) if Processa does not intend to prosecute or defend an Action, or ceases to
      diligently pursue such an Action, in either case solely for an Infringement Claim, it shall promptly inform Ocuphire in such a manner that such Action will not be prejudiced and Section 7.3(b)(ii) shall apply. Any such Action by Processa shall be
      brought either in the name of Ocuphire or its Affiliate, the name of Processa or its Affiliate, or the names of Processa, Ocuphire and their respective Affiliates, as may be required by the Law of the forum. For this purpose, Ocuphire shall execute
      such legal papers and cooperate in the prosecution of such Action, including providing full access to documents, information and witnesses as reasonably requested by Processa in connection with such Action, as may be reasonably requested by Processa;
      provided that Processa shall promptly reimburse all out-of-pocket expenses (including reasonable counsel fees and expenses) actually incurred by Ocuphire in connection with such cooperation.

    

    

    
      22

      
        

    

    (ii)          If (A) Processa informs Ocuphire that it does not intend to prosecute an Infringement Claim in respect of the Ocuphire Intellectual Property or Joint Intellectual Property, (B) within
      ninety (90) days after notice of the Infringement Claim in respect of the Ocuphire Intellectual Property or Joint Intellectual Property Processa has not commenced any Action in respect of such intellectual property, or (C) if Processa thereafter
      ceases to diligently pursue such Action, then Ocuphire shall have the right (but not the obligation), at its own expense, upon notice to Processa to take appropriate action to address such Infringement Claim, including by initiating its own Action or
      taking over prosecution of any Action initiated by Processa. In such event, Ocuphire shall keep Processa fully informed about such Action and Processa shall provide all reasonable cooperation requested by Ocuphire in connection with such Action; provided
      that Ocuphire shall promptly reimburse all out-of-pocket expenses (including reasonable counsel fees and expenses) actually incurred by Processa in connection with such cooperation. Ocuphire shall not take any position with respect to such Action in
      any way that is reasonably likely to directly and adversely affect the scope, validity or enforceability of the Joint Intellectual Property. Ocuphire’s right to enforcement as described in this Section 7.3(b)(ii) with respect to an Infringement Claim
      is applicable solely to the extent permitted by applicable Law.

    

    

    (iii)       For clarity, as between Ocuphire and Processa, (A) Ocuphire shall have the sole right, but not the obligation, to protect Ocuphire Intellectual Property against any suspected
      misappropriation or infringement that does not constitute an Infringement Claim and (B) the Parties shall jointly determine by mutual agreement whether and how to protect Joint Intellectual Property against any suspected misappropriation or
      infringement that does not constitute an Infringement Claim, and the provisions of this ARTICLE VII shall not apply with respect thereto.

    

    

    (c)          Conduct of Certain Actions; Costs. The Party initiating suit or taking other action with respect to an Infringement Claim shall have the sole and exclusive right to select
      counsel for, and otherwise control, any suit or action initiated by it pursuant to Section 7.3(b). The initiating Party shall assume and pay all of its own out-of-pocket costs incurred in connection with any litigation or proceedings initiated by it
      pursuant to Section 7.3(b), including the fees and expenses of the counsel selected by it. The other Party shall have the right to participate, but not control, and be represented in, any such suit by its own counsel at its own expense.

    

    

    (d)         Recoveries. Except as otherwise agreed by the Parties as part of a cost-sharing arrangement, any damages, settlements, accounts of profits, or other financial compensation
      recovered from a Third Party by the Party that assumes control over enforcing any Infringement Claim shall be allocated between the Parties as follows:

    

    

    (i)         first, to reimburse the Parties’ actual out-of-pocket expenses (including reasonable counsel fees and expenses) incurred in pursuing such Infringement Claim; and

    

    

    (ii)        second, (x) if Processa controlled the assertion of the Infringement Claim any remaining amount that represents compensatory damages relating to any Compound or Product (including lost
      sales or lost profits) shall be deemed Net Sales and paid to Processa, less an amount equal to royalty payments to Ocuphire on such deemed Net Sales in accordance with the royalty provisions of Section 6.5, which amount shall be paid to Ocuphire, and
      any remaining amount that represents punitive damages shall be shared equally by the Parties and (y) if Ocuphire controlled the assertion of the Infringement Claim, any remaining recoveries shall be retained by Ocuphire.

    

    

    
      23

      
        

    

    7.4        Patent Invalidity Claim. Each of the Parties shall promptly notify the other in the event of any legal or administrative action by any Third Party against a
      Ocuphire Patent Right or Joint Patent Right of which it becomes aware, including any nullity, revocation, reexamination or compulsory license proceeding. Ocuphire shall have the first right, but not the obligation, to defend against any such action
      involving a Ocuphire Patent Right, and the costs of any such defense shall be at Ocuphire’s expense; provided, however, that, in the case of any inter partes review or similar post-grant
      matter before the Patent Trial and Appeal Board or similar administrative body that is based on the same subject matter as any claim or counterclaim in any Infringement Claim, Processa shall have the first right, but not the obligation, to defend
      against any such action involving a Ocuphire Patent Right, and the costs of any such defense shall be at Processa’s expense; provided, further that in the case of any Paragraph IV Claim, Section 7.8 shall apply. Processa shall have
      the sole right, but not the obligation, to defend against any such action involving a Processa Patent Right and the first right, but not the obligation, to defend against any action involving a Joint Patent Right, and, in each case, the costs of any
      such defense shall be at Processa’s expense. If the Party that has the first right to defend against any such action involving such Ocuphire Patent Right or Joint Patent Right does not do so within sixty (60) days of notice thereof, then the other
      Party shall have the right, but not the obligation, to defend such action and any such defense shall be at such other Party’s expense. Upon request of the Party that defends against any such action involving a Ocuphire Patent Right, Processa Patent
      Right or Joint Patent Right, the other Party agrees to join in any such action and to cooperate reasonably with the defending Party, including providing full access to documents, information and witnesses as reasonably requested by the defending
      Party in connection with such action, provided that the defending Party shall promptly reimburse all out-of-pocket expenses (including reasonable counsel fees and expenses) actually incurred by the other Party in connection with such
      cooperation.

    

    

    7.5        Claimed Infringement. If any action, suit or proceeding brought against a Party (or an Affiliate or Sublicensee of such Party) alleging that the Manufacture,
      use or Commercialization of a Product infringes, or is suspected or alleged to infringe, the Know-How or Patent Rights of any Third Party in the Territory, such Party shall notify the other Party within thirty (30) days of the earlier of (a) receipt
      of service of process in such action, suit or proceeding or (b) the date such Party becomes aware that such action, suit or proceeding has been instituted, and, thereafter, the Parties shall meet as soon as possible to discuss the overall strategy
      for defense of such matter. Processa shall have the right to defend such action, suit or proceeding in the Territory at its sole cost and expense. Ocuphire shall have the right to separate counsel at its own expense in any such action, suit or
      proceeding. The Parties shall cooperate with each other in all reasonable respects in any such action, suit or proceeding. Each Party shall promptly furnish the other Party with a copy of each communication relating to the alleged infringement that
      is received by such Party, including all documents filed in any litigation.

    

    

    
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    7.6      Patent Term Extensions. Processa shall have the exclusive right and obligation to seek patent term extensions or supplemental patent protection, including
      supplementary protection certificates, in each country in the Territory in relation to the Products at Processa’s expense. Ocuphire and Processa shall cooperate in connection with all such activities, and Processa, its agents and attorneys will give
      due consideration to all timely suggestions and comments of Ocuphire regarding any such activities; provided that all final decisions shall be made by Processa.

    

    

    7.7         Patent Marking. Processa shall comply with the patent marking statutes in each country in the Territory in which any Product is sold by Processa, its
      Affiliates, or its Sublicensees.

    

    

    7.8         Certification under Drug Price Competition and Patent Restoration Act.

    

    

    (a)         Notice. If a Party becomes aware of any certification filed pursuant to 21 U.S.C. § 355(b)(2)(A) or 355(j)(2)(A)(vii)(IV) or its successor provisions, or any similar provision in
      any country in the Territory other than the U.S., claiming that any Ocuphire Patent Rights or Joint Patent Rights are invalid or otherwise unenforceable, or that infringement will not arise from the Manufacture, use, import or sale of a product by a
      Third Party (a “Paragraph IV Claim”), such Party shall promptly notify the other Party in writing within five (5) Business Days after its receipt thereof.

    

    

    (b)       Control of Response; Recoveries. Processa shall have the first right, but not the obligation, to initiate and control patent infringement litigation for any Paragraph IV Claim; provided,
      however, that Processa shall (i) consult with Ocuphire in good faith with respect to any claim that any Ocuphire Patent Right or Joint Patent Right is invalid or unenforceable and (ii) implement any comment from Ocuphire regarding any aspect
      of defending against any such claim. Any suit by Processa shall be brought either in the name of Ocuphire or its Affiliate, the name of Processa or its Affiliate, or the names of Processa, Ocuphire, and their respective Affiliates, as may be required
      by the Law of the forum. For this purpose, Ocuphire shall execute such legal papers and cooperate in the prosecution of such suit, including providing full access to documents, information and witnesses, as may be reasonably requested by Processa; provided
      that Processa shall promptly reimburse all out-of-pocket expenses (including reasonable counsel fees and expenses) actually incurred by Ocuphire in connection with such cooperation. If Processa elects not to assume control over litigating any
      Paragraph IV Claim, Processa shall notify Ocuphire as soon as practicable but in any event not later than ten (10) days before the first action required to litigate such Paragraph IV Claim so that Ocuphire may, but shall not be required to, assume
      sole control over litigating such Paragraph IV Claim using counsel of its own choice. Any suit by Ocuphire shall be either in the name of Ocuphire or its Affiliate, the name of Processa or its Affiliate, or the names of Processa, Ocuphire, and their
      respective Affiliates, as may be required by the Law of the forum. For this purpose, Processa shall execute such legal papers and cooperate in the prosecution of such suit, including providing full access to documents, information and witnesses, as
      may be reasonably requested by Ocuphire; provided that Ocuphire shall promptly reimburse all out-of-pocket expenses (including reasonable counsel fees and expenses) actually incurred by Processa in connection with such cooperation. Any
      compensation recovered as a result of such litigation shall be allocated as set forth in Section 7.3(d) above.

    

    

    7.9        Privileged Communications. In furtherance of this Agreement, it is expected that Processa and Ocuphire will, from time to time, disclose to one another
      privileged communications with counsel, including opinions, memoranda, letters, and other written, electronic and verbal communications. Such disclosures are made with the understanding that they shall remain confidential, that they will not be
      deemed to waive any applicable attorney-client or attorney work product or other privilege and that they are made in connection with the shared community of legal interests existing between Ocuphire and Processa, including the community of legal
      interests in avoiding infringement of any valid, enforceable patents of Third Parties and maintaining the validity of Ocuphire Patent Rights, Processa Patent Rights and Joint Patent Rights.

    

    

    
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    7.10      Settlement. Neither Party shall unilaterally enter into any settlement or compromise of any suit, action or proceeding under this ARTICLE VII that would in any
      manner alter, diminish, or be in derogation of the other Party’s rights under this Agreement without the prior written consent of such other Party, which shall not be unreasonably withheld or delayed.

    

    

    ARTICLE VIII

    CONFIDENTIAL INFORMATION

    

    

    8.1         Treatment of Confidential Information. During the Term and for five (5) years thereafter, each Party shall maintain Confidential Information (as defined in
      Section 8.2) of the other Party in confidence, and shall not (a) disclose, divulge or otherwise communicate such Confidential Information of the other Party (except to agents, directors, officers, employees, consultants, subcontractors, licensees,
      sublicensees, partners, Affiliates and advisors who have a need to know such Confidential Information to perform obligations or exercise rights on behalf of such Party (collectively, “Agents”) that are under written obligations of
      confidentiality no less stringent than those set forth in this ARTICLE VIII) or (b) use such Confidential Information of the other Party for any purpose other than in connection with the Development, Manufacture, use or Commercialization of Compounds
      or Products pursuant to this Agreement or otherwise to accomplish the purposes of this Agreement, including exercising its rights or performing its obligations hereunder. Each Party shall exercise Commercially Reasonable Efforts to prevent and
      restrain the unauthorized disclosure of such Confidential Information by any of its Agents, which efforts shall be at least as diligent as those generally used by such Party in protecting its own confidential and proprietary information, and in any
      event no less than reasonable efforts. Each Party will be responsible for any breach of this ARTICLE VIII by its Agents. Either receiving Party may disclose Confidential Information of the disclosing Party (including the existence and terms of this
      Agreement) (i) to Governmental Authorities in order to comply with applicable Laws, respond to inquiries, requests or investigations by Governmental Authorities, including filing, prosecuting or maintaining Patent Rights and filings with Regulatory
      Authorities, in each case as permitted by this Agreement; (ii) to comply with the regulations or requirements of any stock exchange; (iii) to the extent reasonably necessary in order to defend or prosecute litigation; and (iv) to potential and actual
      bona fide investors, Acquirors and other financial or commercial partners solely for the purpose of evaluating or carrying out an actual or potential investment, Change of Control or collaboration; provided
      that the receiving Party shall (x) promptly provide prior notice of such disclosure to the disclosing Party and use Commercially Reasonable Efforts to avoid or minimize the degree of such disclosure, (y) use reasonable efforts to secure confidential
      treatment of such Confidential Information, and (z) obtain the same written confidentiality obligations from any Third Parties to which it discloses the Confidential Information of the disclosing Party as it obtains with respect to its own similar
      types of confidential information, and in any event such obligations shall be no less stringent than those set forth in this ARTICLE VIII.

    

    

    
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    8.2         Confidential Information. “Confidential Information” means all trade secrets or other proprietary information, including any proprietary data and
      materials (whether or not patentable or protectable as a trade secret), that is disclosed by a Party to the other Party. All information disclosed prior to the Effective Date by Ocuphire to Processa pursuant to the Amended and Restated Nondisclosure
      Agreement dated December 17, 2020 by and between the Parties, as amended, through the Effective Date (the “Confidentiality Agreement”), shall be deemed “Confidential Information” of Ocuphire. The terms of this Agreement shall be the
      Confidential Information of both Parties. Notwithstanding the foregoing, Confidential Information shall not include any information that:

    

    

    (a)          either before or after the date of the disclosure to the receiving Party is lawfully disclosed to the receiving Party by a Third Party without any violation of any obligation to the
      other Party; or

    

    

    (b)          either before or after the date of the disclosure to the receiving Party, becomes published or generally known to the public through no fault or omission on the part of the receiving
      Party or its Agents; or

    

    

    (c)         is independently developed by or for the receiving Party without reference to or reliance upon the disclosing Party’s Confidential Information as demonstrated by contemporaneous written
      records of the receiving Party.

    

    

    8.3         Publications. The Parties recognize the desirability of publishing and publicly disclosing the results of Clinical Trials of pharmaceutical products.
      Accordingly, subject to coordination through designated representatives of each Party, Processa shall be free to publicly disclose the results of Clinical Trials involving Compounds or Products, subject to prior review by Ocuphire for issues of
      patentability and protection of its Confidential Information, in a manner consistent with all Laws applicable to Processa and best industry practices. In addition, if Processa intends to publish articles in scientific or medical journals or to make
      presentations of the results of Clinical Trials involving Compounds or Products, Processa shall provide Ocuphire through the designated representatives of each Party at its earliest opportunity (but in any event no less than forty-five (45) days
      prior to intended submission or presentation) with any proposed abstracts, manuscripts or summaries of presentations that cover the results of Development of any Compound or Product. Ocuphire shall respond promptly through its designated
      representative, and in any event no later than thirty (30) days after receipt of such proposed publication or presentation, or such shorter period as may be required by the publication. If timely requested by Ocuphire, Processa agrees to allow a
      reasonable period (not to exceed sixty (60) days) to permit filings for patent protection and to otherwise address issues of Confidential Information or related competitive harm to the reasonable satisfaction of Ocuphire. In addition, Processa will
      consider in good faith any comments furnished by Ocuphire to Processa during such period. Processa shall be responsible to assure that its Affiliates and licensees agree to, and comply with, equivalent undertakings in favor of Ocuphire. Ocuphire and
      its Affiliates may make any publication or public disclosure of any data concerning the Compounds or Products that existed as of the Effective Date, provided that Ocuphire provides Processa at least thirty (30) days (or such shorter period as
      may be required by the publication) to review such publication or public disclosure, allows a reasonable period (not to exceed sixty (60) days) to permit filings for patent protection and to otherwise address issues of Confidential Information or
      related competitive harm to the reasonable satisfaction of Processa, and reasonably considers any timely comments provided by Processa with respect to such publication or public disclosure. Ocuphire shall not, and shall cause each of its Affiliates,
      licensees, and sublicensees not to, make any other publications or public disclosures regarding the Compounds or Products without Processa’s prior written consent. If Processa consents to Ocuphire making such publications, Ocuphire shall provide
      Processa a reasonable opportunity to comment on any such publications and such comments shall not be unreasonably rejected. All publications involving Compounds or Products shall include appropriate acknowledgement consistent with standard scientific
      practice of any contributions of each Party to the results being publicly disclosed.

    

    

    
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    8.4          Press Releases and Other Disclosures.

    

    

    (a)         The Parties recognize that each Party may from time to time desire to issue press releases and make other public statements or disclosures regarding the subject matter of this Agreement.
      In such event, the Party desiring to issue a press release or make a public statement or disclosure shall provide the other Party with a copy of the proposed press release, public statement or disclosure for review at least twenty-four (24) hours
      prior to release; provided, however, that a Party shall not be required to provide to the other Party for review any press releases, public statements, or public disclosures which only discuss the development and/or the marketing and sales of the
      Product, including study design, study data, study results or potential market, as long as the other Party is not named or referenced. Neither Party shall have any obligation to disclose or approve the disclosure of Confidential Information except to
      the extent required or permitted pursuant to this ARTICLE VIII. No other public statement or disclosure concerning the existence or terms of this Agreement shall be made, either directly or indirectly, by either Party, without first obtaining the
      written approval of the other Party.

    

    

    (b)        Each party understands and agrees that this Agreement may be publicly filed with the Securities and Exchange Commission (or such other Government Authority) and all material terms of such
      Agreement may be described in such Party’s filings with the Securities and Exchange Commission.

    

    

    8.5         Equitable Relief. Given the nature of the Confidential Information and the competitive damage that a Party would suffer upon unauthorized disclosure, use, or
      transfer of its Confidential Information to any Third Party, the Parties agree that monetary damages would not be a sufficient remedy for any breach of this ARTICLE VIII. In addition to all other remedies, a Party shall be entitled to seek specific
      performance and injunctive and other equitable relief as a remedy for any breach or threatened breach of this ARTICLE VIII.

    

    

    ARTICLE IX

    REPRESENTATIONS, WARRANTIES AND COVENANTS

    

    

    9.1          Ocuphire’s Representations. Ocuphire hereby represents and warrants as of the Effective Date as follows:

    

    

    (a)         Ocuphire has the corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution, delivery, and performance of this Agreement
      has been duly and validly authorized and approved by all necessary corporate action on the part of Ocuphire. Ocuphire has taken all other action required by Law, its certificate of incorporation or by-laws, or any agreement to which it is a party or
      by which it or its assets are bound, to authorize such execution, delivery, and performance. Assuming due authorization, execution, and delivery on the part of Processa, this Agreement constitutes a legal, valid, and binding obligation of Ocuphire,
      enforceable against Ocuphire in accordance with its terms.

    

    

    
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    (b)         The execution and delivery of this Agreement by Ocuphire do not require Ocuphire to obtain any permit, authorization or consent from any Governmental Authority or from any other Person
      which has not been obtained prior to the Effective Date, and such execution and delivery by Ocuphire will not result in the breach of or give rise to any termination of, rescission, renegotiation or acceleration under or trigger any other rights
      under any agreement or contract to which Ocuphire may be a party that relates to the Ocuphire Patent Rights or the Ocuphire Know-How.

    

    

    (c)         Schedule 1.50 is a complete and correct list of all Patent Rights owned by Ocuphire as of the Effective Date that Cover any Compound or Product in the Territory. No Patent Right
      that Covers any Compound or Product in the Territory has been licensed to Ocuphire.

    

    

    (d)       Ocuphire is the legal and beneficial owner of all Ocuphire Patent Rights, free and clear of any liens, mortgages, security interests or other similar encumbrances. All assignments to
      Ocuphire of ownership rights relating to such Ocuphire Patent Rights are valid and enforceable. All of the Ocuphire Patent Rights that are issued patents are in full force and effect, and all applicable filing, maintenance and other fees required to
      be paid to a patent office with respect to the Ocuphire Patent Rights have been timely paid, except as indicated on Schedule 1.50. Ocuphire has the right to grant the licenses granted by it in this Agreement and has not previously assigned,
      transferred, conveyed or otherwise encumbered its right, title and interest in the Ocuphire Intellectual Property in the Territory in a manner that conflicts with any rights granted to Processa hereunder.

    

    

    (e)          To Ocuphire’s knowledge, there is no action, claim, demand, suit, proceeding, arbitration, grievance, citation, summons, subpoena, inquiry or investigation of any nature, civil,
      criminal, regulatory or otherwise, in law or in equity, pending against Ocuphire in connection with the Compounds or Products or any Ocuphire Patent Rights, Ocuphire Know-How or against or relating to the transactions contemplated by this Agreement.
      Ocuphire has not received any written notice from a Third Party that the Development of any Compound or Product conducted by Ocuphire has infringed, or that any Development or Commercialization of any Compound or Product will infringe, any Patent
      Rights of any Third Party. The Ocuphire Know-How does not infringe upon, misappropriate, or otherwise violate the intellectual property rights of any Third Party.

    

    

    (f)          To Ocuphire’s knowledge, (i) no claim or action has been brought by any Third Party alleging that the Ocuphire Patent Rights are invalid or unenforceable, and (ii) no Ocuphire Patent
      Rights are the subject of any litigation, interference, post-grant review, opposition, cancellation or other proceeding challenging the validity or enforceability of the Ocuphire Patent Rights.

    

    

    
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    (g)         Neither Ocuphire nor, to the knowledge of Ocuphire, any of its directors, officers, employees, agents or subcontractors has been convicted of any crime or engaged in any conduct that has
      resulted in, or would reasonably be expected to result, in debarment by the FDA under 21 U.S.C. § 335a or any similar state or foreign Law.

    

    

    (h)          Ocuphire is in compliance with all of the material terms and conditions of the Biosense Agreement.

    

    

    (i)           Ocuphire has not licensed any rights, title or interest in the Compound to any Third Party other than Biosense.

    

    

    (j)           Ocuphire is as of the date hereof is an “accredited investor” as defined in Rule 501 under the Securities Act.

    

    

    (k)          The Upfront Shares are being acquired for investment for Ocuphire’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and
        as of the date hereof, Ocuphire has no present intention of selling, granting any participation or otherwise distributing the Upfront Shares. Ocuphire, either alone or together with its representatives, has such knowledge, sophistication and
        experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Upfront Shares, and has so evaluated the merits and risks of such investment. Ocuphire is able to bear the
        economic risk of an investment in the Upfront Shares and, at the present time, is able to afford a complete loss of such investment.

    

    

    (l)          Ocuphire acknowledges that it has had the opportunity to review Processa’s filings with the SEC, including Processa’s most recent Annual Report on Form 10-K and subsequent Quarterly
        Reports on Form 10-Q, and has been afforded, (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of Processa concerning the terms and conditions of the offering of the Upfront Shares
        and the merits and risks of investing in the Upfront Shares; (ii) access to information about Processa and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its
        investment; and (iii) the opportunity to obtain such additional information that Processa possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment.

    

    

    (m)       Ocuphire is not acquiring the Upfront Shares as a result of (a) any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or
        broadcast over television, radio or the Internet, in each case, relating to Processa, or (ii) any seminar or meeting whose attendees, including Ocuphire, have been invited by any general solicitation or general advertising related to Process.

    

    

    (n)         In addition to any other legend required by law, the book-entry or certificated form of the Upfront Shares shall bear any legend required by the “blue sky” laws of any state and a
        restrictive legend in substantially the following form:

    

    

    THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A
        REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF SUCH ACT.

    

    

    
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    9.2          Processa’s Representations. Processa hereby represents and warrants as of the Effective Date as follows:

    

    

    (a)         Processa has the corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution, delivery, and performance of this Agreement
      has been duly and validly authorized and approved by all necessary corporate action on the part of Processa. Processa has taken all other action required by Law, its certificate of incorporation or by-laws or any agreement to which it is a party or
      by which it or its assets are bound to authorize such execution, delivery and (subject to obtaining all necessary governmental approvals with respect to the Development, Manufacture, use and Commercialization of Compounds and Products) performance.
      Assuming due authorization, execution, and delivery on the part of Ocuphire, this Agreement constitutes a legal, valid, and binding obligation of Processa, enforceable against Processa in accordance with its terms.

    

    

    (b)        The execution and delivery of this Agreement by Processa will not violate any U.S. Law or, to Processa’s knowledge, any Law of any Governmental Authority outside the U.S.

    

    

    (c)         There is no action, claim, demand, suit, proceeding, arbitration, grievance, citation, summons, subpoena, inquiry or investigation of any nature, civil, criminal, regulatory or otherwise,
      in law or in equity, pending or, to the knowledge of Processa, threatened against Processa in connection with or relating to the transactions contemplated by this Agreement.

    

    

    (d)        The execution and delivery of this Agreement do not require Processa to obtain any permit, authorization or consent from any Governmental Authority or from any other Person, and such
      execution and delivery by Processa will not result in the breach of or give rise to any termination of, rescission, renegotiation or acceleration under or trigger any other rights under any agreement or contract to which Processa may be a party that
      relates to the Products, Processa Patent Rights or Processa Know-How.

    

    

    (e)         Neither Processa nor, to the knowledge of Processa, any of its directors, officers, employees, agents or subcontractors has been convicted of any crime or engaged in any conduct that has
      resulted in, or would reasonably be expected to result, in debarment by the FDA under 21 U.S.C. § 335a or any similar state or foreign Law.

    

    

    9.3        Ocuphire Covenants. Ocuphire covenants and agrees that, subject to Processa’s, its Affiliates’ and Sublicensees’ performance of their obligations under this
      Agreement:

    

    

    (a)          During the Term, Ocuphire shall not grant to any Third Party any rights that would be inconsistent or conflict with Processa’s rights hereunder.

    

    

    
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    (b)         Ocuphire shall not amend the terms of the Biosense Agreement without the prior written consent of Processa, which may be withheld in its sole and absolute discretion.

    

    

    (c)          Ocuphire shall remain in compliance with all of the material terms and conditions of the Biosense Agreement.

    

    

    (d)         During the Term and subject to Section 12.7, Ocuphire shall not assign, transfer, convey, or otherwise encumber its right, title, and interest in the Ocuphire Intellectual Property in a
      manner that conflicts with any rights granted to Processa hereunder.

    

    

    9.4          Processa Covenants.

    

    

    (a)          Processa shall conduct, and shall ensure that its contractors and consultants-conduct, all of activities contemplated under this Agreement in accordance with all applicable Laws of the
      country in which such activities are conducted, including applicable requirements of “good laboratory practices”, “good clinical practices” and “good Manufacturing practices”, as applicable, as defined by the FDA.

    

    

    (b)         All employees of Processa or its Affiliates or Sublicensees working under this Agreement shall be under obligation to assign all right, title and interest in and to their Inventions, if
      any, to Processa as the sole owner thereof;

    

    

    (c)        Processa shall not employ (or use any subcontractor or consultant that employs) any individual or entity debarred by the FDA or any equivalent sanction instituted by a Regulatory Authority
      other than the FDA, or an individual or entity who is the subject of an FDA debarment investigation or proceeding or any equivalent investigation or proceeding instituted by a Regulatory Authority other than the FDA, in the conduct of its activities
      under the Development Plan or Commercialization Plan.

    

    

    (d)       Subject to Section 12.7, Processa shall not assign, transfer, convey, or otherwise encumber its right, title, and interest in the intellectual property rights (including Processa
      Intellectual Property, Ocuphire Intellectual Property and Joint Intellectual Property) it Controls in a manner that conflicts with or interferes with any of the rights granted hereunder to Ocuphire, including upon termination.

    

    

    (e)        Processa shall not, in the performance of its obligations under this Agreement, directly or indirectly, offer, pay, promise to pay or authorize the giving of money or anything of value to
      any official or employee of any government or any department, agency or instrumentality thereof (including any health or medical providers owned or controlled by the government), to any political party or official thereof, or to any candidate for
      political office, or to any other person, for the purpose of:

    

    

    (i)        Inappropriately influencing any act or decisions of such person, official, political party, party official, or candidate in, if applicable, its official capacity, including a decision to
      fail to perform official functions;

    

    

    (ii)         Inducing such person, official, political party, party official, or candidate to use influence with the government, any instrumentality thereof, or any other entity to affect or
      influence any act or decision of such government or instrumentality, or entity, in order to assist Processa in obtaining or retaining business for or with, or directing business to, any Affiliate or Third Party; or

    

    

    
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    (iii)       Otherwise inappropriately influencing any decisions favorable to Processa or its Affiliates and the business resulting therefrom in contravention of the Anti-Bribery Laws applicable to
      the activities of Processa under this Agreement.

    

    

    (f)          Processa shall have reasonably necessary procedures in place to prevent bribery and corrupt conduct by itself and each of its Affiliates and to comply with all applicable Anti-Bribery
      Laws.

    

    

    9.5      No Warranty. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER PARTY MAKES ANY REPRESENTATION OR EXTENDS ANY WARRANTY OF ANY KIND, EITHER EXPRESS
      OR IMPLIED. IN PARTICULAR, BUT WITHOUT LIMITATION, EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER PARTY MAKES ANY REPRESENTATION OR EXTENDS ANY WARRANTY CONCERNING WHETHER ANY OF THE COMPOUNDS OR PRODUCTS ARE FIT FOR ANY
      PARTICULAR PURPOSE OR SAFE FOR HUMAN CONSUMPTION.

    

    

    ARTICLE X

    INDEMNIFICATION

    

    

    10.1      Indemnification in Favor of Ocuphire. Processa shall indemnify, defend and hold harmless Ocuphire, its Affiliates and their respective agents, directors,
      officers, licensees, sublicensees and employees (collectively, the “Ocuphire Parties”) from and against any and all Losses incurred, suffered or sustained by any of the Ocuphire Parties or to which any of the Ocuphire Parties becomes subject
      as a result of any Third-Party claim, action, suit, proceeding, liability or obligation (collectively, “Third-Party Claims”) arising out of, relating to or resulting from:

    

    

    (a)          any misrepresentation or breach of any representation, warranty, covenant or agreement made by Processa in this Agreement;

    

    

    (b)        the Development, Manufacture, use or Commercialization of Compounds or Products by Processa, its Affiliates or Sublicensees, including all Third-Party Claims involving death or bodily
      injury caused or allegedly caused by the use of such a Compound or Product, and even if such a Compound or Product is altered for use for a purpose not intended (any and all such Third-Party Claims “Product Liability Claims”);

    

    

    (c)        any actual or alleged infringement of any trademark, Patent Right or other intellectual property right, or misappropriation of any trade secret, of any Third Party as a result of the
      Development, Manufacture, use or Commercialization of Compounds or Products by Processa, its Affiliates or Sublicensees; or

    

    

    (d)        the negligence, recklessness or wrongful intentional acts or omissions of any of the Processa Parties (as hereinafter defined) in connection with Processa’s performance of its obligations
      or exercises of its rights under this Agreement.

    

    

    
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    The indemnification obligations set forth in this Section 10.1 shall not apply to the extent that any Loss is the result of (i) a breach of any representation, warranty, covenant, or agreement made
      by Ocuphire in this Agreement or (ii) the negligence, recklessness or wrongful intentional acts or omissions of any applicable Ocuphire Party.

    

    

    10.2      Indemnification in Favor of Processa. Ocuphire shall indemnify, defend and hold harmless Processa its Affiliates and their respective agents, directors,
      officers, licensees, Sublicensees and employees (collectively, the “Processa Parties”) from and against any and all Losses incurred, suffered or sustained by any of the Processa Parties or to which any of the Processa Parties becomes subject
      as a result of any Third-Party Claim arising out of, relating to or resulting from:

    

    

    (a)          any misrepresentation or breach of any representation, warranty, covenant or agreement made by Ocuphire in this Agreement;

    

    

    (b)       the Development, Manufacture, use or Commercialization of Compounds or Products by Ocuphire, its Affiliates, licensees (excluding Processa) or sublicensees prior to the Effective Date [or
      after any termination of this Agreement for any reason other than by Processa under Section 11.3 or 11.5], including all Product Liability Claims arising out of any such pre-Effective Date, post-termination Development, Manufacture or
      Commercialization by Ocuphire, its Affiliates, licensees (excluding Processa) or sublicensees; or

    

    

    (c)        any actual or alleged infringement of any trademark, Patent Right or other intellectual property right, or misappropriation of any trade secret, of any Third Party as a result of the
      Development, Manufacture, use or Commercialization of Compounds or Products by Ocuphire, its Affiliates, licensees (excluding Processa) or sublicensees prior to the Effective Date [or after any termination of this Agreement for any reason other than
      by Processa under Section 11.3 or 11.5]; or

    

    

    (d)       the negligence, recklessness or wrongful intentional acts or omissions of any of the Ocuphire Parties in connection with Ocuphire’s performance of its obligations or exercises of its rights
      under this Agreement; or

    

    

    (e)        any claims for damages, money, property, royalties, license payments, fees, compensation or intellectual property or any other claims or demands or injunctions made by the shareholders of
      Ocuphire or any other holders of any rights (including but not limited to contingent value rights) to be issued in connection with the Agreement and Plan of Merger and Reorganization, dated June 17, 2020, with Ocuphire Pharma, Inc. (“Ocuphire”),
      or Ocuphire and its shareholders in connection with the Merger Agreement, not related to this Agreement.

    

    

    The indemnification obligations set forth in this Section 10.2 shall not apply to the extent that any Loss is the result of (i) a breach of any representation, warranty, covenant, or agreement made
      by Processa in this Agreement, or (ii) the negligence, recklessness or wrongful intentional acts or omissions of any applicable Processa Party.

    

    

    
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    10.3       General Indemnification Procedures.

    

    

    (a)         A Ocuphire Party or Processa Party seeking indemnification pursuant to this ARTICLE X (an “Indemnified Party”) shall (a) give prompt notice to the Party from which such
      indemnification is sought (the “Indemnifying Party”) of the commencement or assertion of any Third-Party Claim in respect of which indemnity may be sought hereunder, (b) give the Indemnifying Party such information with respect to any
      indemnified matter as the Indemnifying Party may reasonably request, and (b) not make any admission concerning any Third-Party Claim, unless such admission is required by applicable Law or legal process, including in response to questions presented
      in depositions or interrogatories. Any admission made by the Indemnified Party or the failure to give such notice shall relieve the Indemnifying Party of any liability hereunder only to the extent that the ability of the Indemnifying Party to defend
      such Third-Party Claim is prejudiced thereby (and no admission required by applicable Law or legal process shall be deemed to result in prejudice). The Indemnifying Party shall assume and conduct the defense of such Third-Party Claim, with counsel
      selected by the Indemnifying Party and reasonably acceptable to the Indemnified Party. Subject to the initial and continuing satisfaction of the terms and conditions of this ARTICLE X by the Indemnifying Party, the Indemnifying Party shall have full
      control of such Third-Party Claim, including settlement negotiations and any legal proceedings. If the Indemnifying Party does not assume the defense of such Third-Party Claim in accordance with this Section 10.3, the Indemnified Party may defend the
      Third-Party Claim. If both Parties are Indemnifying Parties with respect to the same Third-Party Claim, the Parties shall determine by mutual agreement, within twenty (20) days following their receipt of notice of commencement or assertion of such
      Third-Party Claim (or such lesser period of time as may be required to respond properly to such claim), which Party shall assume the lead role in the defense thereof. Should the Indemnifying Parties be unable to mutually agree on which of them shall
      assume the lead role in the defense of such Third-Party Claim, both Indemnifying Parties shall be entitled to participate in such defense through counsel of their respective choosing.

    

    

    (b)         Any Indemnified Party or Indemnifying Party not managing the defense of a Third-Party Claim shall have the right to participate in (but not control), at its own expense (subject to the
      immediately succeeding sentence), the defense. The Indemnifying Party managing the defense shall not be liable for any litigation cost or expense incurred, without its consent, by the Indemnified Party where the action or proceeding is under the
      control of such Indemnifying Party; provided, however, that, if the Indemnifying Party managing the defense fails to take reasonable steps necessary to defend such Third-Party Claim, the Indemnified Party may assume its own defense,
      and the Indemnifying Party managing the defense will be liable for all reasonable costs or expenses paid or incurred in connection therewith.

    

    

    (c)        The Indemnifying Party shall not, except with the consent of the Indemnified Party, consent to a settlement of, or the entry of any judgment against, an Indemnified Party arising from any
      Third-Party Claim to the extent such settlement or judgment involves equitable or other non-monetary relief from the Indemnified Party. No Party shall, without the prior written consent of the other Party or the Indemnified Party, enter into any
      compromise or settlement that commits the other Party or the Indemnified Party to take, or to forbear to take, any action.

    

    

    
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    (d)          The Parties shall cooperate in the defense or prosecution of any Third-Party Claim and shall furnish such records, information and testimony, and attend such conferences, discovery
      proceedings, hearings, trials and appeals, as may be reasonably requested in connection therewith; provided, however, that the Indemnifying Party shall reimburse the Indemnified Party for any out-of-pocket expenses actually and
      reasonably incurred in connection with any such cooperation.

    

    

    (e)         Any indemnification hereunder shall be made net of any insurance proceeds or amounts actually recovered by the Indemnified Party from unaffiliated Third Parties; provided, however,
      that if, following the payment to the Indemnified Party of any amount under this ARTICLE X, such Indemnified Party recovers any such insurance proceeds in respect of the claim for which such indemnification payment was made, the Indemnified Party
      shall promptly pay an amount equal to the amount of such proceeds (but not exceeding the amount of such net indemnification payment) to the Indemnifying Party.

    

    

    10.4       Insurance. During the Term, for so long as a Third-Party Claim may be brought for which Processa must indemnify Ocuphire pursuant to Section 10.1, Processa
      shall obtain and maintain, at its sole cost and expense, product liability insurance in amounts that are reasonable and customary in the pharmaceutical industry, but in no event less than five million dollars ($5,000,000) per occurrence or claim, and
      ten million dollars ($10,000,000) in the aggregate, or a comparable program of self-insurance. Such product liability insurance shall insure against all liability, including product liability and property damage arising out of the Development, use or
      Commercialization of Compounds and Products by Processa, its Affiliates, or Sublicensees in the Territory. Without limiting the generality of the foregoing, Processa shall maintain comprehensive general liability insurance, including product
      liability insurance, to cover its activities and, unless its Affiliates and Sublicensees maintain comparable coverage, the activities of its Affiliates and Sublicensees, with respect to Compounds and Products.

    

    

    10.5       No Consequential or Punitive Damages. NEITHER PARTY WILL BE LIABLE FOR INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY, OR PUNITIVE DAMAGES, INCLUDING
      LOST PROFITS, ARISING FROM OR RELATING TO THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF SUCH DAMAGES. NOTHING IN THIS SECTION 10.5 IS INTENDED TO LIMIT OR RESTRICT (A) THE INDEMNIFICATION RIGHTS OR OBLIGATIONS OF EITHER PARTY UNDER THIS AGREEMENT WITH
      RESPECT TO THIRD-PARTY CLAIMS, OR (B) DAMAGES TO WHICH A PARTY MAY BE ENTITLED FOR BREACH OF CONFIDENTIALITY AND LIMITATION ON USE OBLIGATIONS SET FORTH IN THIS AGREEMENT, OR (C) DAMAGES TO WHICH A PARTY MAY BE ENTITLED FOR THE WILLFUL MISCONDUCT,
      INTENTIONAL BREACH OR FRAUD OF THE OTHER PARTY.

    

    

    ARTICLE XI

    TERM AND TERMINATION

    

    

    11.1        Term; Expiration. The term of this Agreement (the “Term”) shall commence on the Effective Date and, unless earlier terminated as provided in this
      ARTICLE XI, shall continue in full force and effect until and expire upon the expiration of the last Royalty Term. On a country-by-country and Product-by-Product basis, upon the expiration of the Royalty Term in such country with respect to such
      Product, Processa shall have a fully paid-up, perpetual, irrevocable license under the Ocuphire Intellectual Property and Ocuphire’s interest in the Joint Intellectual Property with respect to such Product in such country.

    

    

    
      36

      
        

    

    11.2       Termination for Convenience. Processa shall have the right upon one hundred twenty (120) days prior written notice to Ocuphire to terminate this Agreement in
      its entirety for any reason.

    

    

    11.3       Termination for Cause. In the event of a material breach of this Agreement by a Party, the other Party may give the Party in default notice requiring it to cure
      such default, which notice shall specify the nature of the breach. If such material breach is not cured within one-hundred twenty (120) days after receipt of such notice (or within fifteen (15) days in the case of a payment breach), the notifying
      Party shall be entitled (without prejudice to any other rights conferred on it by this Agreement or under applicable Law) to terminate this Agreement by giving written notice to the defaulting Party. The right of either Party to terminate this
      Agreement as set forth in this Section 11.3 shall not be affected in any way by its waiver of, or failure to take action with respect to, any previous default.

    

    

    11.4       Additional Termination by Ocuphire. In the event that Ocuphire has provided written notice to Processa pursuant to Section 5.2, if Processa does not respond to
      Ocuphire in writing within ninety (90) days of receipt of such notice from Ocuphire and reasonably demonstrate in such response compliance with Processa’s obligations under Section 5.1, Ocuphire shall be entitled (without prejudice to any other
      rights conferred on it by this Agreement or under applicable Law) to terminate this Agreement by giving written notice to Processa.

    

    

    11.5       Termination for Insolvency. This Agreement may be terminated by a Party upon written notice to the other Party if (a) the other Party shall make an assignment
      for the benefit of its creditors, file a petition in bankruptcy, petition or apply to any tribunal for the appointment of a custodian, receiver or trustee for it or a substantial part of its assets, or shall commence any proceeding under any
      bankruptcy, reorganization, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect; or (b) if there shall have been filed against the other Party any such bona fide petition or application, or any such proceeding shall have been commenced against it, in which an order for relief is entered or that remains undismissed or unstayed for a period of ninety (90) days or more; or (c) if the
      other Party by any act or omission shall consent to, approve of or acquiesce in any such petition, application or proceeding or order for relief or the appointment of a custodian, receiver or trustee for it or any substantial part of its assets, or
      shall suffer any such custodianship, receivership or trusteeship to continue undischarged or unstayed for a period of ninety (90) days or more. Termination shall be effective upon the date specified in such notice.

    

    

    11.6       Termination for Challenge of Patent Rights. If a Processa or any of Processa’s Affiliates or Sublicensees commences an action in any court or tribunal of
      competent jurisdiction that challenges, opposes or disputes the validity, enforceability or patentability of any of the Ocuphire Patent Rights or Joint Patent Rights that are the subject of this Agreement, or any of the claims thereof, or supports or
      assists any Third Party that commences such an action in any such court or tribunal, the Ocuphire shall have the right to terminate this Agreement upon notice to Processa; provided, however, that the Ocuphire shall not have a right to
      terminate if the challenge is brought by a Sublicensee, either directly or indirectly through any Third Party, and Processa or its Affiliate, as the case may be, terminates such Sublicensee’s sublicense rights hereunder within thirty (30) days after
      becoming aware of such challenge.

    

    

    
      37

      
        

    

    11.7       Consequences of Termination. From and after the effective date of termination of this Agreement, the following clause (a) shall apply and, in the event of
      termination by Ocuphire pursuant to Section 11.3, 11.4, 11.5 or 11.6, the following clauses (b) through (f) shall apply:

    

    

    (a)         Ocuphire Intellectual Property and Products. All rights and licenses granted by Ocuphire to Processa under this Agreement will terminate. Processa and its Affiliates and
      Sublicensees (except as set forth in subsection (b) below) will cease all use of the Ocuphire Intellectual Property and all Development, use and Commercialization of Products, except to the extent necessary for Processa to perform its obligations
      under this Section 11.7.

    

    

    (b)        Sublicenses. Ocuphire hereby grants, effective automatically upon any termination of this Agreement for any reason, a direct license to each then-existing Sublicensee, provided
      that (i) such Sublicensee is not in breach under the applicable sublicense, (ii) such Sublicensee’s failure to comply with the terms of its sublicense or other actions or omissions were not a basis for such termination, and (iii) such Sublicensee
      continues to satisfy all obligations under this Agreement applicable to such sublicense, including the diligence obligations set forth in ARTICLE V and all payments under the then-existing Sublicensee agreement, from and after the effective date of
      termination of this Agreement. For clarity, Ocuphire shall not be bound to any responsibility or liability of Processa under its sublicense agreements that has already accrued at the time of such termination of this Agreement by Ocuphire pursuant to
      this ARTICLE XI, or that is attributable to a period prior to such termination.

    

    

    (c)          Regulatory Matters. Processa shall promptly transfer to Ocuphire ownership of all filings with Regulatory Authorities in the Territory relating to Compounds and Products and
      Regulatory Approvals relating to Compounds and Products held Processa or its Affiliates or applicable Sublicensees, including related correspondence with Regulatory Authorities, and Processa shall provide copies thereof to Ocuphire.

    

    

    (d)         Pre-clinical and Clinical Matters. Processa shall transfer to Ocuphire all pre-clinical and clinical data, including pharmacology and biology data, within the Processa Know-How
      and applicable Sublicensee Intellectual Property;

    

    

    (e)        Manufacturing Matters. Processa shall promptly provide to Ocuphire copies of all agreements relating to the Manufacture of Product in the Territory. At Ocuphire’s option, to be
      exercised no later than the later of (x) thirty (30) days after the effective date of termination or (y) thirty (30) days after Ocuphire’s receipt of the applicable Manufacturing agreements, Processa shall (or shall cause its Affiliates or
      Sublicensees to):

    

    

    (i)           use Commercially Reasonable Efforts to effect the assignment of each Manufacturing agreement specific and exclusive to Compounds or Products to Ocuphire, if such agreement is then in
      effect and such assignment is permitted under such agreement or by the applicable Third Party; provided that Processa and its applicable Affiliates and applicable Sublicensees shall be released (to the extent the applicable Third Party will
      permit) from any obligation arising out of such agreement following such assignment and Ocuphire shall execute such documentation reasonably satisfactory to Processa to effectuate such agreement; provided further that if any such agreement is
      specific but not exclusive to Compounds or Products, or is not assigned to Ocuphire for any reason, Processa will discuss in good faith with Ocuphire terms upon which Processa and its Affiliates and applicable Sublicensees shall use Commercially
      Reasonable Efforts to provide Ocuphire with the benefits of such agreement to the extent it relates to Compounds or Products for a limited period of time (not to exceed six (6) months) and upon payment of a reasonably acceptable fee to Processa;

    

    

    
      38

      
        

    

    (ii)       for a period of up to six (6) months following the effective date of termination, (A) cooperate with Ocuphire in reasonable respects to transfer Manufacturing documents and materials
      within the Processa Know-How and applicable Sublicensee Intellectual Property that are used (at the time of the termination) by Processa or its Affiliates or applicable Sublicensees in the Manufacture of Compounds and Products to the extent such
      Manufacturing documents and materials are not obtained by Ocuphire pursuant to the assignment of agreements pursuant to paragraph (i) above, and (B) cooperate with Ocuphire to provide Ocuphire with access to and right to use such Manufacturing
      documents and materials in Processa’s or its Affiliates’ or applicable Sublicensees’ possession or Control to the extent they relate to, but are not used in, the Manufacture of Compounds and Products, subject to appropriate confidentiality and
      limitation on use protections applicable to for Manufacturing documents and materials;

    

    

    (iii)       for a period of up to six (6) months following the effective date of termination, (A) cooperate with Ocuphire in reasonable respects to transfer Manufacturing technologies within the
      Processa Intellectual Property and applicable Sublicensee Intellectual Property that are used (at the time of the termination) by Processa or its Affiliates or applicable Sublicensees exclusively in the Manufacture of Compounds and Products, and (B)
      cooperate with Ocuphire to provide Ocuphire with reasonable access to and right to use such Manufacturing technologies Controlled by Processa or its Affiliates (other than Processa Excluded Affiliates) or applicable Sublicensees to the extent they
      relate to, but are not used exclusively in, the Manufacture of Compounds and Products and that Processa or such Affiliates or Sublicensees are permitted to provide such access to Ocuphire; provided that Ocuphire shall reimburse Processa for
      Processa’s reasonable out-of-pocket expenses to provide such requested assistance, to the extent such Manufacturing technologies are not obtained by Ocuphire pursuant to the assignment of agreements pursuant to paragraph (i) above.

    

    

    (f)         Inventory. At Ocuphire’s request within thirty (30) days after the effective date of termination, Processa shall (i) sell to Ocuphire all of Processa’s or its Affiliates’ or
      applicable Sublicensees’ then-existing inventory of Compounds and Products to Ocuphire, at Processa’s or its applicable Affiliates’ or applicable Sublicensees’ cost of Manufacture, but only if the following conditions have been met: (A) such
      Compounds and Products meet the applicable release specifications; and (B) Processa does not reasonably believe the continued use of such Compounds and Products causes safety concerns; and (ii) discard any remaining inventory of Compounds and
      Products that do not meet the requirements set forth in clauses (A) and (B).

    

    

    11.8       Effect of Termination or Expiration; Accrued Rights and Obligations. Termination or expiration of this Agreement for any reason shall not release either Party
      from any liability that, at the time of such termination or expiration, has already accrued or that is attributable to a period prior to such termination (including payment obligations accrued prior to the Effective Date of termination or expiration
      pursuant to ARTICLE VI) nor preclude either Party from pursuing any right or remedy it may have hereunder or at Law or in equity with respect to any breach of this Agreement.

    

    

    
      39

      
        

    

    11.9      Survival. The rights and obligations set forth in this Agreement shall extend beyond the Term or termination or expiration of this Agreement only to the extent
      expressly provided for in this Agreement or to the extent required to give effect to a termination or expiration of this Agreement or the consequences of a termination or expiration of this Agreement as expressly provided for in this Agreement.
      Without limiting the generality of the foregoing, it is agreed that the provisions of ARTICLE I, Sections 2.2, 2.3, 6.8 (only for thirty-six (36) months after expiration or termination), 6.9, 6.10, 6.11, 6.12, 7.1, 7.9, 8.1, 8.2, 8.5, 9.5, ARTICLE X,
      and Sections 11.1 (last sentence as to any such license that became perpetual and irrevocable prior to expiration or termination), 7, 11.8, and 11.9, and ARTICLE XII shall survive expiration or termination of this Agreement for any reason.

    

    

    ARTICLE XII

    MISCELLANEOUS

    

    

    12.1       Governing Law; Jurisdiction. This Agreement shall be governed by and interpreted in accordance with the laws of the state of Maryland without regard to its
      conflicts of laws rules. Each Party (a) irrevocably submits to the exclusive jurisdiction in the state court sitting in Maryland (collectively, the “Courts”), for purposes of any action, suit or other proceeding arising out of this Agreement,
      and (b) agrees not to raise any objection at any time to the laying or maintaining of the venue of any such action, suit or proceeding in any of the Courts, irrevocably waives any claim that such action, suit or other proceeding has been brought in
      an inconvenient forum and further irrevocably waives the right to object, with respect to such action, suit or other proceeding, that such Court does not have any jurisdiction over such Party. Either Party may serve any process required by such
      Courts by way of notice under this Agreement. Notwithstanding anything to the contrary in this Section 12.1, each Party shall have the right to institute judicial proceedings against the other Party or anyone acting by, through, or under such other
      Party, in any court of competent jurisdiction, in order to enforce the instituting Party’s rights hereunder through reformation of contract, specific performance, injunction, or similar equitable relief.

    

    

    12.2       Dispute Resolution. In the event of a dispute arising out of or relating to this Agreement, either Party shall provide written notice of the dispute to the
      other, in which event the dispute shall be referred to the Senior Executives of each Party, for attempted resolution by good faith negotiations within twenty (20) days after such notice is received. In the event the Senior Executives do not resolve
      such dispute within the allotted twenty (20) days, either Party may, after the expiration of the twenty (20) day period, seek to resolve the dispute in accordance with Section 12.1.

    

    

    12.3       Waiver. Waiver by a Party of a breach hereunder by the other Party shall not be construed as a waiver of any succeeding breach of the same or any other
      provision. No delay or omission by a Party to exercise or avail itself of any right, power, or privilege that it has or may have hereunder shall operate as a waiver of any right, power, or privilege by such Party. No waiver shall be effective unless
      made in writing with specific reference to the relevant provision(s) of this Agreement and signed by a duly authorized representative of the Party granting the waiver.

    

    

    
      40

      
        

    

    12.4       Notices. All notices, instructions and other communications hereunder or in connection herewith shall be in writing, shall be sent to the address specified in
      this Section 12.4 and shall be: (a) delivered personally; (b) sent by registered or certified mail, return receipt requested, postage prepaid; (c) sent via a reputable nationwide overnight courier service; or (d) sent by electronic mail. Any such
      notice, instruction or communication shall be deemed to have been delivered upon receipt if delivered by hand, three (3) Business Days after it is sent by registered or certified mail, return receipt requested, postage prepaid, one (1) Business Day
      after it is sent via a reputable nationwide overnight courier service, or when transmitted with confirmation of receipt, if transmitted by electronic mail (if such transmission is on a Business Day; otherwise, on the next Business Day following such
      transmission).

    

    

    Notices to Processa shall be addressed to:

    

    

    Processa Pharmaceuticals, Inc.

    7380 Coca Cola Drive, Suite 106

    Hanover, MD 21076

    Attn: Wendy Guy, Chief Administrative Officer

    Email: wguy@processapharmaceuticals.com

    

    

    Notices to Ocuphire shall be addressed to:

    

    

    Ocuphire Pharmaceuticals, Inc.

    37000 Grand River Avenue, Suite 120

    Farmington Hills, MI 48335

    Attn: Mina Sooch, Chief Executive Officer

    Email: msooch@ocuphire.com

    

    

    Either Party may change its address by giving notice to the other Party in the manner provided above.

    

    

    12.5       Entire Agreement. This Agreement (including Schedules) contains the complete understanding of the Parties with respect to the subject matter of this Agreement
      and supersedes all prior understandings and writings between the Parties relating to such subject matter, including the Confidentiality Agreement.

    

    

    12.6       Severability. If any provision of this Agreement is held unenforceable by a court or tribunal of competent jurisdiction because it is invalid or conflicts with
      any Law of any relevant jurisdiction, the validity of the remaining provisions shall not be affected. In such event, the Parties shall negotiate a substitute provision that, to the extent possible, accomplishes the original business purpose.

    

    

    12.7       Assignment. Neither this Agreement nor any right or obligation hereunder may be assigned or otherwise transferred by any Party without the consent of the other
      Party; provided, however, that any Party may, without such consent, assign this Agreement, in whole or in part: (a) to any of its respective Affiliates, provided that such Affiliate has acknowledged and confirmed in writing
      that effective as of such assignment, such Affiliate shall be bound by this Agreement to the identical extent applicable to the assigning Party; or (b) to any successor in interest by way of a Change of Control or other merger, acquisition or sale of
      all or substantially all of its business or assets relating to the subject matter of this Agreement, provided that such successor (if the applicable Party is not the surviving entity in such transaction) agrees in writing to be bound by the
      terms of this Agreement to the identical extent applicable to the assigning Party. Any purported assignment in violation of this Section 12.7 shall be void. Any permitted assignee shall assume all obligations of its assignor under this Agreement.

    

    

    
      41

      
        

    

    12.8       Counterparts; Exchange by PDF. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and that together shall
      constitute one and the same instrument. Such counterparts may be exchanged by PDF (provided that each executed counterpart is transmitted in one complete transmission or electronic mail message). Where there is an exchange of executed
      counterparts by PDF, each Party shall be bound by the Agreement notwithstanding that original copies of the Agreement may not be exchanged.

    

    

    12.9       Force Majeure. No Party shall be liable for failure of or delay in performing obligations set forth in this Agreement, and no Party shall be deemed in breach of
      its obligations, if such failure or delay is due to a natural disaster, pandemic, explosion, fire, flood, tornadoes, thunderstorms, earthquake, war, terrorism, riots, embargo, losses or shortages of power, labor stoppage, or any injunction, Laws,
      order, proclamation, demand or requirement of any Governmental Authority, provided that such Party uses Commercially Reasonable Efforts to overcome the difficulties created by such force majeure event and to resume performance of its
      obligations as soon as practicable.

    

    

    12.10     Third-Party Beneficiaries. None of the provisions of this Agreement shall be for the benefit of or enforceable by any Third Party other than a Ocuphire Party or
      a Processa Party, as applicable, that is an Indemnified Party under ARTICLE X, and no Third Party shall obtain any right under any provision of this Agreement or shall by reason of any such provision make any claim in respect of any debt, liability
      or obligation (or otherwise) against either Party.

    

    

    12.11      Relationship of the Parties. Each Party shall bear its own costs incurred in the performance of its obligations hereunder without charge or expense to the
      other, except as expressly provided in this Agreement. Neither Party shall have any responsibility for the hiring, termination or compensation of the other Party’s employees or for any employee compensation or benefits of the other Party’s employees.
      No employee or representative of a Party shall have any authority to bind or obligate the other Party for any sum or in any manner whatsoever, or to create or impose any contractual or other liability on the other Party without said other Party’s
      approval. For all purposes and notwithstanding any other provision of this Agreement to the contrary, the legal relationship under this Agreement of each Party to the other Party shall be that of independent contractor. Nothing in this Agreement
      shall be construed to establish a relationship of partners or joint venturers between the Parties.

    

    

    12.12      Performance by Affiliates. To the extent that this Agreement imposes obligations on Affiliates of a Party, such Party agrees to cause its Affiliates to perform
      such obligations.

    

    

    [Signature page follows]

    

    

    
      42

      
        

    

    IN WITNESS WHEREOF, the Parties have signed this Agreement as of the Effective Date.

    

    

    	
            PROCESSA PHARMACEUTICALS, INC.

          	 	
            OCUPHIRE PHARMA, INC.

          
	 	 	 	 	 
	
            By:

          	
            /s/ David Young

          	 	
            By:

          	
            /s/ Mina Sooch

          
	
            Name:

          	
            David Young

          	 	
            Name:

          	
            Mina Sooch

          
	
            Title:

          	
            CEO

          	 	
            Title:

          	
            CEO

          

    

    

    
      
        

    

    Exhibit A

    

    

    Initial Development Plan

    

    

    Pursuant to Section 3.2, the initial Development Plan is to be delivered within one-hundred eighty (180) days from the Effective Date.

     

    
      
        

    

    Schedule 1.49

    

    

    Ocuphire Know-How

    

    

    The Ocuphire Know-How consists of information regarding:

    

      	

            	●	
              Preclinical studies

            

      

      

      	

            	○	
              Biomarker Studies

            

      

      

      	

            	○	
              Toxicology and safety

            

      

      

      	

            	○	
              ADME Studies

            

      

      

      	

            	○	
              In Vitro Studies

            

      

      

      	

            	○	
              In Vivo Studies

            

      

      

      	 	●	
              Regulatory

            

      

      

      	 	○	
              IND Filing

            

      

      

      	 	○	
              FDA Correspondence

            

      

      

      	 	○	
              Investigator’s Brochure

            

      

      

      	 	○	
              Orphan Drug Designation

            

      

      

      	 	●	
              Clinical

            

      

      

      	 	●	
              CMC

            

    

    

    

    that is presently collected in a digital data room, and any other previously extant information relevant to the Compound that is discovered to be in Ocuphire’s possession.

    

    

    
      
        

    

    Schedule 1.50

    

    

    Ocuphire Patent Rights

    

    

    [See following pages]

    

    

    
      
        

    

    RX-3117 Related Patents and Applications

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