CREDIT AGREEMENT
Dated as of January 11, 2021
among
DOCUSIGN, INC.,
as the Borrower,
THE SUBSIDIARIES OF THE BORROWER PARTY HERETO,
as the Guarantors,
BANK OF AMERICA, N.A.,
as the Administrative Agent and an L/C Issuer,
and
THE OTHER LENDERS AND L/C ISSUERS PARTY HERETO
BOFA SECURITIES, INC.,
and
SILICON VALLEY BANK,
as Joint Lead Arrangers and Joint Bookrunners,
MORGAN STANLEY BANK, N.A.,
JPMORGAN CHASE BANK, N.A.,
and
GOLDMAN SACHS BANK USA,
as Joint Bookrunners,
and
BARCLAYS BANK PLC,
MIZUHO BANK, LTD.
and
citibank, n.a.,
as Co-Documentation Agents
TABLE OF CONTENTS
Page
ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS
1
1.01
Defined Terms
1
1.02
Other Interpretive Provisions
36
1.03
Accounting Terms; Changes in GAAP; Calculation of Financial Covenants on
a Pro Forma Basis
39
1.04
Rounding
40
1.05
Times of Day; Rates
40
1.06
Letter of Credit Amounts
40
1.07
Exchange Rates; Currency Equivalents.
41
1.08
Change of Currency.
41
ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS
42
2.01
Revolving Loans and Term Loans
42
2.02
Borrowings, Conversions and Continuations of Loans
42
2.03
Letters of Credit
44
2.04
[Reserved]
54
2.05
Prepayments
54
2.06
Optional Reductions of the Aggregate Revolving Commitments
55
2.07
Repayment of Loans
55
2.08
Interest
55
2.09
Fees
56
2.10
Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate
57
2.11
Evidence of Debt
57
2.12
Payments Generally; Administrative Agent’s Clawback
58
2.13
Sharing of Payments by Lenders
60
2.14
Cash Collateral
60
2.15
Defaulting Lenders
61
2.16
Increase to Commitments
64
ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY
67
3.01
Taxes
67
3.02
Illegality
71
3.03
Inability to Determine Rates
72
3.04
Increased Costs; Reserves on Eurodollar Rate Loans
76
3.05
Compensation for Losses
77
3.06
Mitigation of Obligations; Replacement of Lenders
78
3.07
Survival
78
ARTICLE IV. GUARANTY
78
4.01
The Guaranty
78
4.02
Obligations Unconditional
79
4.03
Reinstatement
80
4.04
Certain Additional Waivers
80
4.05
Remedies
80
i
4.06
Rights of Contribution
80
4.07
Guarantee of Payment; Continuing Guarantee
80
4.08
Keepwell
81
ARTICLE V. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
81
5.01
Conditions to Effectiveness.
81
5.02
Conditions to all Credit Extensions
83
ARTICLE VI. REPRESENTATIONS AND WARRANTIES
84
6.01
Existence, Qualification and Power
84
6.02
Authorization; No Contravention
85
6.03
Governmental Authorization; Other Consents
85
6.04
Binding Effect
85
6.05
Financial Statements; No Material Adverse Effect
85
6.06
Litigation
86
6.07
No Default
86
6.08
Ownership of Property; Liens
86
6.09
Environmental Compliance
86
6.10
Insurance
87
6.11
Taxes
87
6.12
ERISA Compliance
87
6.13
Subsidiaries
88
6.14
Margin Regulations; Investment Company Act
89
6.15
Disclosure
89
6.16
Compliance with Laws
89
6.17
Intellectual Property; Licenses, Etc
89
6.18
Solvency
90
6.19
Perfection of Security Interests in the Collateral
90
6.20
Business Locations; Taxpayer Identification Number
90
6.21
OFAC; Anti-Corruption
90
6.22
USA PATRIOT Act
91
6.23
Covered Entities
91
ARTICLE VII. AFFIRMATIVE COVENANTS
91
7.01
Financial Statements
91
7.02
Certificates; Other Information
92
7.03
Notices
93
7.04
Payment of Taxes
94
7.05
Preservation of Existence, Etc
94
7.06
Maintenance of Properties
94
7.07
Maintenance of Insurance
95
7.08
Compliance with Laws
95
7.09
Books and Records
95
7.10
Inspection Rights
95
7.11
Use of Proceeds
96
7.12
Additional Guarantors
96
7.13
Pledged Assets
96
ii
7.14
Anti-Corruption Laws; Sanctions
97
ARTICLE VIII. NEGATIVE COVENANTS
97
8.01
Liens
97
8.02
Investments
100
8.03
Indebtedness
102
8.04
Fundamental Changes
105
8.05
Dispositions
106
8.06
Restricted Payments
106
8.07
Change in Nature of Business
108
8.08
Transactions with Affiliates
108
8.09
Burdensome Agreements
108
8.10
Use of Proceeds
109
8.11
Financial Covenants
109
8.12
Other Indebtedness
110
8.13
Organization Documents; Fiscal Year; Legal Name, State of Organization and
Form of Entity
111
8.14
Sale Leasebacks
111
8.15
Sanctions
111
8.16
Anti-Corruption Laws
111
ARTICLE IX. EVENTS OF DEFAULT AND REMEDIES
112
9.01
Events of Default
112
9.02
Remedies Upon Event of Default
114
9.03
Application of Funds
114
ARTICLE X. ADMINISTRATIVE AGENT
116
10.01
Appointment and Authority
116
10.02
Rights as a Lender
116
10.03
Exculpatory Provisions
117
10.04
Reliance by Administrative Agent
117
10.05
Delegation of Duties
118
10.06
Resignation of Administrative Agent
118
10.07
Non-Reliance on Administrative Agent, Arrangers and Other Lenders
119
10.08
No Other Duties; Etc
120
10.09
Administrative Agent May File Proofs of Claim; Credit Bidding
120
10.10
Collateral and Guaranty Matters
122
10.11
Secured Cash Management Agreements and Secured Hedge Agreements
122
ARTICLE XI. MISCELLANEOUS
123
11.01
Amendments, Etc
123
11.02
Notices; Effectiveness; Electronic Communications
125
11.03
No Waiver; Cumulative Remedies; Enforcement
127
11.04
Expenses; Indemnity; Damage Waiver
128
11.05
Payments Set Aside
130
11.06
Successors and Assigns
130
11.07
Treatment of Certain Information; Confidentiality
135
iii
11.08
Right of Setoff
136
11.09
Interest Rate Limitation
137
11.10
Counterparts; Integration; Effectiveness
137
11.11
Survival of Representations and Warranties
137
11.12
Severability
138
11.13
Replacement of Lenders
138
11.14
Governing Law; Jurisdiction; Etc
139
11.15
Waiver of Jury Trial
140
11.16
No Advisory or Fiduciary Responsibility
140
11.17
Electronic Execution
141
11.18
Subordination of Intercompany Indebtedness
141
11.19
USA PATRIOT Act Notice
142
11.20
California Judicial Reference
142
11.21
Appointment of Borrower
142
11.22
Acknowledgement and Consent to Bail-In of Affected Financial Institutions
143
11.23
Certain ERISA Matters
143
11.24
Intercreditor Agreement
144
11.25
Acknowledgement Regarding Any Supported QFCs
144
11.26
Judgment Currency
145
SCHEDULES
2.01
Commitments
and
Applicable
Percentages;
Letter
of
Credit
Commitments
6.13
Subsidiaries
6.17
IP Rights
6.20-1
Locations of Real Property
6.20-2
Location of Chief Executive Office; Taxpayer Identification Number
6.20-3
Changes in Legal Name, State of Formation and Structure
8.01
Existing Liens
8.02
Existing Investments
8.03
Existing Indebtedness
11.02
Administrative Agent’s Office; Certain Addresses for Notices
iv
EXHIBITS
A
Form of Loan Notice
B
[Reserved]
C
Form of Note
D
Form of Compliance Certificate
E
Form of Joinder Agreement
F-1
Form of Assignment and Assumption
F-2
Form of Administrative Questionnaire
G
Forms of U.S. Tax Compliance Certificates
H
Form of Secured Party Designation Notice
I
Form of Notice of Loan Prepayment
v
CREDIT AGREEMENT
This CREDIT AGREEMENT is entered into as of January 11, 2021 among DOCUSIGN, INC.,
a Delaware corporation (the “Borrower”), the Guarantors (defined herein), the Lenders (defined herein),
the L/C Issuers (defined herein), and BANK OF AMERICA, N.A., as Administrative Agent and an L/C
Issuer.
The Borrower has requested that the Lenders provide credit facilities for the purposes set forth
herein, and the Lenders are willing to do so on the terms and conditions set forth herein.
In consideration of the mutual covenants and agreements herein contained, the parties hereto
covenant and agree as follows:
ARTICLE I.
DEFINITIONS AND ACCOUNTING TERMS
1.01Defined Terms.
As used in this Agreement, the following terms shall have the meanings set forth below:
“Acquisition” means, with respect to any Person, the acquisition by such Person, in a single
transaction or in a series of related transactions, of either (a) all or any substantial portion of the property
of, or a line of business, division or operating group of, another Person or (b) at least a majority of the
Voting Equity Interests of another Person, in each case whether or not involving a merger or
consolidation with such other Person.
“Administrative Agent” means Bank of America in its capacity as administrative agent under
any of the Loan Documents, or any successor administrative agent.
“Administrative Agent’s Office” means the Administrative Agent’s address and, as appropriate,
account as set forth on Schedule 11.02 or such other address or account as the Administrative Agent
may from time to time notify the Borrower and the Lenders.
“Administrative Questionnaire” means an Administrative Questionnaire in substantially the
form of Exhibit F-2 or any other form approved by the Administrative Agent.
“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK
Financial Institution.
“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly
through one or more intermediaries, Controls or is Controlled by or is under common Control with the
Person specified.
“Agent Party” has the meaning specified in Section 11.02(c).
“Aggregate Revolving Commitments” means the Revolving Commitments of all the Lenders.
The amount of the Aggregate Revolving Commitments in effect on the Effective Date is FIVE
HUNDRED MILLION DOLLARS ($500,000,000).
1
“Agreement” means this Credit Agreement.
“Alternative Currency” means EUR, GBP, CAD, AUD, ILS and any other currency (other than
Dollars) that is an Eligible Currency; provided that at the time of the issuance, amendment, increase or
extension of any Letter of Credit denominated in a currency other than Dollars, EUR, GBP, CAD, AUD
or ILS, such other currency is acceptable to the Administrative Agent, the applicable Issuing Bank in
respect of such Letter of Credit and each of the Lenders..
“Alternative Currency Equivalent” means, at any time, with respect to any amount denominated
in Dollars, the equivalent amount thereof in the applicable Alternative Currency as determined by the
Administrative Agent or the L/C Issuer, as the case may be, by reference to Bloomberg (or such other
publicly available service for displaying exchange rates), to be the exchange rate for the purchase of
such Alternative Currency with Dollars at approximately 11:00 a.m. on the date two (2) Business Days
prior to the date as of which the foreign exchange computation is made; provided, however, that if no
such rate is available, the “Alternative Currency Equivalent” shall be determined by the Administrative
Agent or the L/C Issuer, as the case may be, using any reasonable method of determination its deems
appropriate in its sole discretion (and such determination shall be conclusive absent manifest error).
“Applicable Percentage” means, with respect to any Lender at any time: (a) with respect to such
Lender’s Revolving Commitment at any time, the percentage (carried out to the ninth decimal place) of
the Aggregate Revolving Commitments represented by such Lender’s Revolving Commitment at such
time; provided, that, if the commitment of each Lender to make Revolving Loans and the obligation of
each L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 9.02 or if the
Aggregate Revolving Commitments have expired, then the Applicable Percentage with respect to each
Lender’s Revolving Commitment shall be determined based on the Applicable Percentage of such
Lender’s Revolving Commitment most recently in effect, giving effect to any subsequent assignments;
and (b) with respect to such Lender’s portion of any outstanding Term Loan at any time, the percentage
(carried out to the ninth decimal place) of the outstanding principal amount of such Term Loan
represented by the portion of such Term Loan held by such Lender at such time. The initial Applicable
Percentages of each Lender are set forth opposite the name of such Lender on Schedule 2.01 or in the
Assignment and Assumption pursuant to which such Lender becomes a party hereto or in any
documentation executed by such Lender pursuant to this Agreement. The Applicable Percentages shall
be subject to adjustment as provided in Section 2.15.
“Applicable Rate” means, except as otherwise provided in any Incremental Amendment with
respect to the applicable Loans and Commitments thereunder, the following percentages per annum,
based upon the Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate
received by the Administrative Agent pursuant to Section 7.02(b):
Pricing
Tier
Consolidated Leverage Ratio
Eurodollar
Rate Loans
Base Rate
Loans
Commitment
Fee
1
> 3.25:1.0
1.75%
0.75%
0.30 %
2
1.25:1.0
1.50%
0.50%
0.25%
3
< 1.25:1.0
1.25%
0.25%
0.25%
Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated
Leverage Ratio shall become effective as of the first Business Day immediately following the date a
Compliance Certificate is delivered pursuant to Section 7.02(b); provided, that, if a Compliance
Certificate is not delivered when due in accordance with such Section, then, upon the request of the
2
Required Lenders, Pricing Tier 1 shall apply as of the first Business Day after the date on which such
Compliance Certificate was required to have been delivered and shall remain in effect until the first
Business Day immediately following the date on which such Compliance Certificate is delivered in
accordance with Section 7.02(b), whereupon the Applicable Rate shall be adjusted based upon the
calculation of the Consolidated Leverage Ratio contained in such Compliance Certificate. The
Applicable Rate in effect from the Effective Date until the first Business Day immediately following
the date a Compliance Certificate is delivered pursuant to Section 7.02(b) for the first full fiscal quarter
of the Borrower ending after the Effective Date shall be determined based upon Pricing Tier 2.
Notwithstanding anything to the contrary contained in this definition, the determination of the
Applicable Rate for any period shall be subject to the provisions of Section 2.10(b).
“Applicable Revolving Percentage” means, with respect to any Lender at any time, such
Lender’s Applicable Percentage in respect of such Lender’s Revolving Commitment at such time.
“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an
Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.
“Arranger” means each of BofA Securities and Silicon Valley Bank, in each case in their
respective capacities as a joint lead arranger and a joint bookrunner.
“Assignment and Assumption” means an assignment and assumption entered into by a Lender
and an Eligible Assignee (with the consent of any party whose consent is required by Section 11.06(b)),
and accepted by the Administrative Agent, in substantially the form of Exhibit F-1 or any other form
(including electronic documentation generated by use of an electronic platform) approved by the
Administrative Agent.
“Attributable Indebtedness” means, with respect to any Person on any date, (a) in respect of
any capital lease, the capitalized amount thereof that would appear on a balance sheet of such Person
prepared as of such date in accordance with GAAP, (b) in respect of any Synthetic Lease Obligation,
the capitalized amount of the remaining lease payments under the relevant lease that would appear on
a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were
accounted for as a capital lease and (c) in respect of any Sale and Leaseback Transaction, the present
value (discounted in accordance with GAAP at the debt rate implied in the applicable lease) of the
obligations of the lessee for rental payments during the term of such lease.
“Auto-Extension Letter of Credit” has the meaning specified in Section 2.03(b)(iii).
“Auto-Reinstatement Letter of Credit” has the meaning specified in Section 2.03(b)(iv).
“Availability Period” means the period from and including the Effective Date to the earliest of
(a) the Maturity Date with respect to the Revolving Loans, (b) the date of termination of the Aggregate
Revolving Commitments pursuant to Section 2.06 and (c) the date of termination of the commitment of
each Lender to make Revolving Loans and of the obligations of each L/C Issuer to make L/C Credit
Extensions pursuant to Section 9.02.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the
applicable Resolution Authority in respect of any liability of an Affected Financial Institution.
“Bail-In Legislation” means, (a) with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European
Union, the
3
implementing law, rule, regulation or requirement for such EEA Member Country from time to time
which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom,
Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law,
regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing
banks, investment firms or other financial institutions or their affiliates (other than through liquidation,
administration or other insolvency proceedings).
“Bank of America” means Bank of America, N.A. and its successors.
“Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the
Federal Funds Rate plus 1/2 of 1.0%, (b) the rate of interest in effect for such day as publicly announced
from time to time by Bank of America as its “prime rate” and (c) the Eurodollar Rate plus 1.0%;
provided, that, if the Base Rate shall be less than zero, such rate shall be deemed zero for purposes of
this Agreement. The “prime rate” is a rate set by Bank of America based upon various factors including
Bank of America’s costs and desired return, general economic conditions and other factors, and is used
as a reference point for pricing some loans, which may be priced at, above, or below such announced
rate. Any change in such prime rate announced by Bank of America shall take effect at the opening of
business on the day specified in the public announcement of such change. If the Base Rate is being used
as an alternate rate of interest pursuant to Section 3.03, then the Base Rate shall be determined without
reference to clause (c) above.
“Base Rate Loan” means a Revolving Loan or a Term Loan that bears interest based on the
Base Rate.
“Beneficial Ownership Certification” means a certification regarding beneficial ownership
required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.
“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is
subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Internal
Revenue 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 Internal Revenue Code) the assets of
any such “employee benefit plan” or “plan”.
“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and
interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.
“BofA Securities” means BofA Securities, Inc.
“Borrower” has the meaning specified in the introductory paragraph hereto.
“Borrower Materials” has the meaning specified in Section 7.02.
“Borrowing” means a borrowing consisting of simultaneous Loans of the same Type and Class
and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the
applicable Lenders pursuant to Section 2.01.
“Business Day” means any day other than a Saturday, Sunday or other day on which
commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the
4
Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan, means
any such day that is also a London Banking Day.
“Businesses” has the meaning specified in Section 6.09(a).
“CAD” or “C$” means the lawful money of Canada.
“Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent,
for the benefit of one or more of the L/C Issuers or the Lenders, as collateral for the L/C Obligations or
obligations of the Lenders to fund participations in respect of L/C Obligations, cash or deposit account
balances or, if the Administrative Agent and the applicable L/C Issuer shall agree in their sole discretion,
other credit support, in each case pursuant to documentation in form and substance satisfactory to the
Administrative Agent and such L/C Issuer. “Cash Collateral” shall have a meaning correlative to the
foregoing and shall include the proceeds of such cash collateral and other credit support.
“Cash Equivalents” means, as at any date, (a) with respect to the Borrower or any of its
Subsidiaries: (i) securities issued or directly and fully guaranteed or insured by the United States or any
agency or instrumentality thereof (provided, that, the full faith and credit of the United States is pledged
in support thereof) having maturities of not more than twelve months from the date of acquisition, (ii)
time deposits and certificates of deposit of (A) any Lender, (B) any domestic commercial bank of
recognized standing having capital and surplus in excess of $500,000,000 or (C) any bank whose short-
term commercial paper rating from S&P is at least A-1 or the equivalent thereof or from Moody’s is at
least P-1 or the equivalent thereof (any such bank being an “Approved Bank”), in each case with
maturities of not more than twelve months from the date of acquisition, (iii) commercial paper and
variable or fixed rate notes issued by any Approved Bank (or by the parent company thereof) or any
variable rate notes issued by, or guaranteed by, any domestic corporation rated A-1 (or the equivalent
thereof) or better by S&P or P-1 (or the equivalent thereof) or better by Moody’s and maturing within
twelve months of the date of acquisition, (iv) repurchase agreements entered into by any Person with a
bank or trust company (including any Lender) or recognized securities dealer having capital and surplus
in excess of $500,000,000 for direct obligations issued by or fully guaranteed by the United States in
which such Person shall have a perfected first priority security interest (subject to no other Liens) and
having, on the date of purchase thereof, a fair market value of at least 100% of the amount of the
repurchase obligations, (v) securities with maturities of one year or less from the date of acquisition
which (or the issuer of which) are rated at least A or A-1 by S&P or A2 or P-1 by Moody’s, (vi)
investments, classified in accordance with GAAP as current assets, in money market investment
programs registered under the Investment Company Act of 1940 which are administered by reputable
financial institutions having capital of at least $500,000,000 and the portfolios of which are limited to
Investments of the character described in the foregoing clauses (a)(i) through (a)(v), (vii) Investments
similar to those described in the foregoing clauses (a)(i) through (a)(vi) above that are permitted
pursuant to Borrower’s investment policy as approved by the board of directors (or committee thereof)
of the Borrower from time to time; and (b) with respect to any Foreign Subsidiary: (i) investments of
the type and maturity described in clause (a) above of foreign commercial banks, which investments or
commercial banks (or the parents of such commercial banks) have comparable credit quality and are
customarily used by companies in the jurisdictions of such Foreign Subsidiaries for cash management
purposes and (ii) other short-term investments utilized by Foreign Subsidiaries in accordance with
normal investment practices for cash management of comparable tenure and credit quality to those
described in clause (a) above or other high quality short term investments, in each case, customarily
utilized in countries in which such Foreign Subsidiary operates for short term cash management
purposes.
5
“Cash Management Agreement” means any agreement that is not prohibited by the terms hereof
to provide treasury or cash management services, including deposit accounts, overnight draft, credit
cards, debit cards, p-cards (including purchasing cards and commercial cards), funds transfer,
automated clearinghouse, zero balance accounts, returned check concentration, controlled
disbursement, lockbox, account reconciliation and reporting and trade finance services and other cash
management services.
“Cash Management Bank” means any Person in its capacity as a party to a Cash Management
Agreement with the Borrower or any Subsidiary; provided, that, (a) at the time such Person enters into
such Cash Management Agreement, such Person is a Lender or an Affiliate of a Lender (even if such
Person ceases to be a Lender or such Person’s Affiliate ceases to be a Lender) or (b) such Cash
Management Agreement exists at the time such Person or Affiliate of such Person becomes a Lender
(even if such Person ceases to be a Lender or such Person’s Affiliate ceases to be a Lender).
“Change in Law” means the occurrence, after the Effective Date, of any of the following: (a)
the adoption or taking effect of any Law, (b) any change in any Law or in the administration,
interpretation, implementation or application thereof by any Governmental Authority or (c) the making
or issuance of any request, rule, guideline or directive (whether or not having the force of Law) by any
Governmental Authority; provided, that, notwithstanding anything herein to the contrary, (i) the Dodd-
Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives
thereunder or issued in connection therewith or in the implementation thereof and (ii) all requests, rules,
guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee
on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory
authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”,
regardless of the date enacted, adopted, implemented or issued.
“Change of Control” means an event or series of events by which any “person” or “group” (as
such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding
any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its
capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial
owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a
person or group shall be deemed to have “beneficial ownership” of all Equity Interests that such person
or group has the right to acquire, whether such right is exercisable immediately or only after the passage
of time (such right, an “option right”)), directly or indirectly, of Voting Equity Interests of the Borrower
representing forty percent (40%) or more of the combined voting power of all Voting Equity Interests
of the Borrower on a fully diluted basis (and taking into account all such securities that such person or
group has the right to acquire pursuant to any option right).
“Class” (a) when used with respect to any Lender, refers to whether such Lender has a Loan or
Commitment with respect to a particular Class of Loans or Commitments, (b) when used with respect
to Commitments, refers to whether such Commitments are Revolving Commitments or Incremental
Term Loan Commitments and (c) when used with respect to Loans or a Borrowing, refers to whether
such Loans, or the Loans comprising such Borrowing, are Revolving Loans or an Incremental Term
Loan. Commitments (and the Loans made pursuant to such Commitments) that have different terms
and conditions shall be construed to be in different Classes. Commitments (and the Loans made
pursuant to such Commitments) that have the same terms and conditions shall be construed to be in the
same Class (unless otherwise agreed by the Borrower and the Administrative Agent). There shall be no
more than one Class of revolving loan facilities under this Agreement.
6
“Collateral” means a collective reference to all property, other than Excluded Property, with
respect to which Liens in favor of the Administrative Agent, for the benefit of itself and the other holders
of the Obligations, are purported to be granted pursuant to and in accordance with the terms of the
Collateral Documents.
“Collateral Documents” means a collective reference to the Security Agreement and other
security documents as may be executed and delivered by any Loan Party pursuant to the terms of Section
7.13 or any of the Loan Documents.
“Commitment” means, as the context requires, a Revolving Commitment and/or an Incremental
Term Loan Commitment.
“Commitment Fee” has the meaning specified in Section 2.09(a).
“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. Section 1
et seq
.).
“Communication” has the meaning specified in Section 11.17.
“Compliance Certificate” means a certificate substantially in the form of Exhibit D.
“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured
by net income (however denominated) or that are franchise Taxes or branch profits Taxes.
“Consolidated EBITDA” means, for any period, for the Borrower and its Subsidiaries on a
consolidated basis, an amount equal to Consolidated Net Income for such period
plus:
(a)the following (without duplication) to the extent deducted in calculating such Consolidated
Net Income for such period (except in the cases of clauses (a)(iv) and (a)(vi)):
(i)Consolidated Interest Charges for such period;
(ii)the provision for federal, state, local and foreign income taxes payable by the Borrower and its
Subsidiaries for such period, including any franchise taxes or other taxes based on income, profits or
capital (including in respect of repatriated funds) and all other taxes that are included in the provision
for income tax line item on the consolidated income statement of the Borrower and its Subsidiaries for
such period;
(iii)depreciation and amortization expense, including the amortization or impairment of intangible
assets, for such period;
(iv)any changes in deferred or unearned revenue or substantially equivalent items for such period (net
of any changes in deferred contract acquisition and fulfillment costs, net of related amortization for
such period);
(v)all non-cash expenses, losses or charges for such period (other than any such non-cash expenses,
losses or charges that represent an accrual or reserve for future cash expenses, losses or charges or that
relate to the write-down of current assets), including, without limitation, (A) non-cash equity based
employee compensation expenses for such
7
period, (B) unrealized losses resulting from mark-to-market accounting in respect of convertible notes,
Swap Contracts, bond hedge transactions, non-cash foreign currency translation losses and other
derivative or similar instruments, (C) unrealized losses on equity investments and (D) expenses, losses
and charges for deferred tax asset valuation allowances and (E) non-cash operating lease costs;
(vi)any cost-savings, operating expense reductions, other operating improvements and initiatives and
synergies related to any Acquisition or Material Disposition that are projected by a Responsible Officer
in good faith to be reasonably anticipated to be realizable within 18 months of the date of such
Acquisition or Material Disposition (to be added on a Pro Forma Basis as so projected until fully
realized), net of the amount of actual benefits realized during such period from such actions; provided,
that, with respect to this clause (vi) such cost-savings, operating expense reductions, other operating
improvements and initiatives or synergies are reasonably identifiable and factually supportable (in the
good faith determination of a Responsible Officer of the Borrower); provided, further, that, the
aggregate amount of cost-savings, operating expense reductions, other operating improvements and
initiatives or synergies added pursuant to this clause (vi), combined with the aggregate amount of fees
and expenses and non-recurring charges added pursuant to clause (vii) below, shall not exceed 20% of
Consolidated EBITDA (calculated without giving effect to such clauses (vi) and (vii) for such period);
(vii)any unusual or non-recurring fees, expenses and charges, including (to the extent unusual or non-
recurring) (A) severance and restructuring charges, closing or consolidation expenses, charges and fees,
and (B) fees, expenses and charges related to, arising out of or made in connection with any Acquisition,
Material Disposition, settlements, legal proceedings, investigations and regulatory matters; provided,
that, the aggregate amount of fees and expenses and non-recurring charges added pursuant to this clause
(vii), combined with the aggregate amount of cost-savings, operating expense reductions, other
operating improvements and initiatives or synergies added pursuant to clause (vi) above, shall not
exceed 20% of Consolidated EBITDA (calculated without giving effect to such clauses (vi) and (vii)
for such period);
(viii)fees, costs and expenses incurred in connection with the Transactions, the incurrence of any
Indebtedness permitted hereunder, the offering of any Equity Interests by the Borrower, any acquisition,
investment or disposition transactions, in each case whether or not completed;
(ix)any extraordinary expenses, charges or losses;
(x)expenses associated with any loss from the early extinguishment of Indebtedness or of any Permitted
Call Spread Transaction, and expenses associated with the equity component of, and any mark-to-
market losses with respect to convertible notes;
(xi)any net loss incurred in such period from foreign currency exchanges, conversions, translations
and/or related contracts; and
(xii)adjustments relating to purchase accounting, or the allocation of the purchase price, paid in
Acquisitions;
8
minus:
(b)the following (without duplication) to the extent included in calculating such Consolidated
Net Income:
(i)any extraordinary gains (less all fees and expenses related thereto);
(ii)all non-cash income or gains for such period including unrealized gains resulting from mark-to-
market accounting in respect of convertible notes, Swap Contracts, bond hedge transactions, foreign
currency exchanges, conversions, transactions and/or contracts and other derivative or similar
instruments and unrealized gains on equity investments (excluding any items that represent the reversal
of any accrual of, or cash reserve for, anticipated cash charges in any prior period that are described in
clause (a)(v) above or any such item that is non-cash during such period but the subject of a cash
payment in a prior or future period);
(iii)any non-cash income or gains representing a reversal of any addback described in subclause (vii) of
clause (a) above that increased Consolidated EBITDA in a prior period; and
(iv)any other gains related to any of the addbacks described in subclauses (x), (xi) or (xii) of clause (a)
above.
“Consolidated Funded Indebtedness” means, as of any date of determination, the (x) then
outstanding principal amount of Funded Indebtedness of the Borrower and its Subsidiaries on a
consolidated basis minus (y) the aggregate amount of unrestricted cash and Cash Equivalents included
in the consolidated balance sheet of the Borrower and its Subsidiaries as of the date of the most recently
ended fiscal quarter of the Borrower for which the Borrower has delivered financial statements pursuant
to Section 7.01(a) or (b) (or, prior to the first such delivery, the financial statements for the fiscal quarter
ended October 31, 2020), without duplication; provided, that, the aggregate amount included in this
clause (y) shall not exceed 50% of the Consolidated EBITDA for the period of the four fiscal quarters
of the Borrower most recently ended.
“Consolidated Interest Charges” means, for any period, for the Borrower and its Subsidiaries
on a consolidated basis, the sum of (a) all interest, premium payments, debt discount, fees, charges and
related expenses in connection with borrowed money (including capitalized interest) or in connection
with the deferred purchase price of assets, in each case to the extent treated as interest in accordance
with GAAP, plus (b) the portion of rent expense with respect to such period under capital leases that is
treated as interest in accordance with GAAP plus (c) the implied interest component of Synthetic Lease
Obligations with respect to such period, but excluding any payments with respect to make-whole
premiums, prepayment penalties or other breakage costs of any Indebtedness.
“Consolidated Interest Coverage Ratio” means, as of any date of determination, the ratio of (a)
Consolidated EBITDA for the period of the four fiscal quarters of the Borrower most recently ended to
(b) the Consolidated Interest Charges for the period of the four fiscal quarters of the Borrower most
recently ended.
“Consolidated Leverage Ratio” means, as of any date of determination, the ratio of (a)
Consolidated Funded Indebtedness as of such date to
(b) Consolidated EBITDA for the period of the
four fiscal quarters of the Borrower most recently ended.
9
“Consolidated Net Income” means, for any period, for the Borrower and its Subsidiaries on a
consolidated basis, net income for such period; provided, that, Consolidated Net Income shall exclude
(a) the net income of any Subsidiary during such period to the extent that the declaration or payment of
dividends or similar distributions by such Subsidiary of such income is not permitted by operation of
the terms of its Organization Documents or Law applicable to such Subsidiary during such period,
except that the Borrower’s equity in any net loss of any such Subsidiary for such period shall be included
in determining Consolidated Net Income and (b) any income (or loss) for such period of any Person if
such Person is not a Subsidiary, except to the extent that such income (or loss) for such period would
be included in Consolidated Net Income of the Borrower and its Subsidiaries when calculating
Consolidated Net Income in accordance with GAAP.
“Consolidated Secured Indebtedness” means, as of any date of determination, Consolidated
Funded Indebtedness of the Borrower and its Subsidiaries that is secured by a Lien on the properties or
assets of the Borrower and/or one of more of its Subsidiaries.
“Consolidated Secured Leverage Ratio” means, as of any date of determination, the ratio of (a)
Consolidated Secured Indebtedness as of such date to
(b) Consolidated EBITDA for the period of the
four fiscal quarters of the Borrower most recently ended.
“Consolidated Total Assets” means, as of any date of determination, for the Borrower and its
Subsidiaries on a consolidated basis, the total assets of the Borrower and its Subsidiaries as of such date
as set forth on the most recent financial statements delivered pursuant to Section 7.01(a) or (b) (or, prior
to the first such delivery, the financial statements for the fiscal quarter ended October 31, 2020).
“Contractual Obligation” means, as to any Person, any provision of any security issued by such
Person or of any agreement, instrument or other undertaking to which such Person is a party or by which
it or any of its property is bound.
“Control” means the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of a Person, whether through the ability to exercise voting
power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto.
“Covered Entity” means any of the following: (a) a “covered entity” as that term is defined in,
and interpreted in accordance with, 12 C.F.R. § 252.82(b); (b) a “covered bank” as that term is defined
in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (c) a “covered FSI” as that term is defined
in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
“Covered Party” has the meaning specified in Section 11.25.
“Credit Extension” means each of the following: (a) a Borrowing; and (b) an L/C Credit
Extension.
“Debt Issuance” means the issuance by a Loan Party of any Indebtedness other than
Indebtedness permitted under Section 8.03.
“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United
States or other applicable jurisdictions from time to time in effect.
10
“Default” means any event or condition that constitutes an Event of Default or that, with the
giving of any notice, the passage of time, or both, would be an Event of Default.
“Default Rate” means: (a) when used with respect to Obligations other than Letter of Credit
Fees, an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate, if any, applicable to Base
Rate Loans plus (iii) 2% per annum; provided, that, with respect to a Eurodollar Rate Loan, the Default
Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise
applicable to such Loan plus 2% per annum; and (b) when used with respect to Letter of Credit Fees, a
rate equal to the Applicable Rate for Revolving Loans that are Eurodollar Rate Loans plus 2% per
annum.
“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance
with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
“Defaulting Lender” means, subject to Section 2.15(d), any Lender that (a) has failed to (i) fund
all or any portion of its Loans within two Business Days of the date such Loans were required to be
funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing
that such failure is the result of such Lender’s determination that one or more conditions precedent to
funding (each of which conditions precedent, together with any applicable default, shall be specifically
identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any L/C Issuer
or any other Lender any other amount required to be paid by it hereunder (including in respect of its
participation in Letters of Credit) within two Business Days of the date when due, (b) has notified the
Borrower, the Administrative Agent or any L/C Issuer in writing that it does not intend to comply with
its funding obligations hereunder, or has made a public statement to that effect (unless such writing or
public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such
position is based on such Lender’s determination that a condition precedent to funding (which condition
precedent, together with any applicable default, shall be specifically identified in such writing or public
statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the
Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the
Borrower that it will comply with its prospective funding obligations hereunder (provided, that, such
Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written
confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect
parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had
appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of
creditors or similar Person charged with reorganization or liquidation of its business or assets, including
the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in
such a capacity or (iii) become the subject of a Bail-In Action; provided, that, a Lender shall not be a
Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender
or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership
interest does not result in or provide such Lender with immunity from the jurisdiction of courts within
the United States or from the enforcement of judgments or writs of attachment on its assets or permit
such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts
or agreements made with such Lender. Any determination by the Administrative Agent that a Lender
is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of the effective date
of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed
to be a Defaulting Lender (subject to Section 2.15(d)) as of the date established therefor by the
Administrative Agent in a written notice of such determination, which shall be delivered by the
Administrative Agent to the Borrower, each L/C Issuer and each other Lender promptly following such
determination.
11
“Designated Jurisdiction” means any country or territory to the extent that such country or
territory itself is the subject of any comprehensive embargo or territorial Sanction.
“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition of any
property by the Borrower or any Subsidiary, including any Sale and Leaseback Transaction and any
sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable
or any rights and claims associated therewith, but excluding: (a) the disposition of inventory in the
ordinary course of business; (b) the disposition of machinery and equipment no longer used or useful
in the conduct of business of the Borrower and its Subsidiaries in the ordinary course of business; (c)
the disposition of property (including any Collateral) to the Borrower or any Subsidiary; provided, that,
if the transferor of such property is a Loan Party then the transferee thereof must be a Loan Party; (d)
the disposition of accounts receivable in connection with the collection or compromise thereof; (e)
licenses, sublicenses, leases or subleases granted to others not interfering in any material respect with
the business of the Borrower and its Subsidiaries; (f) the sale or disposition of Cash Equivalents for fair
market value; (g) any Recovery Event; (h) [reserved]; (i) the sale by the Borrower of any securities and
other Investments held from time to time in securities accounts maintained in connection with deferred
compensation arrangements pursuant to Section 8.02(c); provided, that, the proceeds of such sale are
paid to the beneficiary thereof or designee of such beneficiary or maintained in such securities accounts
and reinvested in accordance with the terms of such deferred compensation arrangements; (j) the
disposition of Equity Interests of the Borrower; (k) the disposition of real property (i) no longer used or
useful in the conduct of business of the Borrower and its Subsidiaries in the ordinary course of business
or (ii) that is no longer material to the Borrower and its Subsidiaries, taken as a whole; and (l) to the
extent otherwise constituting a Disposition, Restricted Payments permitted under Section 8.06.
“Disqualified Stock” means, with respect to any Person, any Equity Interest of such Person
which by its terms (or by the terms of any security into which it is convertible or for which it is
exchangeable) or upon the happening of any event:
(a)matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise;
(b)is convertible or exchangeable for Indebtedness or Disqualified Stock (excluding Equity
Interest which is convertible or exchangeable solely at the option of the Borrower or a Subsidiary); or
(c)is redeemable at the option of the holder of the Equity Interest in whole or in part,
in each case on or prior to the date that is 91 days after the then-latest Maturity Date; provided
that only the portion of Equity Interest which so matures or is mandatorily redeemable, is so convertible
or exchangeable or is redeemable at the option of the holder thereof prior to such date will be deemed
to be Disqualified Stock.
“Dollar” and “$” mean lawful money of the United States.
“Dollar Equivalent” means, for any amount, at the time of determination thereof, (a) if such
amount is expressed in Dollars, such amount, (b) if such amount is expressed in an Alternative
Currency, the equivalent of such amount in Dollars determined by using the rate of exchange for the
purchase of Dollars with the Alternative Currency last provided (either by publication or otherwise
provided to the Administrative Agent or the L/C Issuer, as applicable) by the applicable Bloomberg
source (or such other publicly available source for displaying exchange rates) on date that is two (2)
Business Days
12
immediately preceding the date of determination (or if such service ceases to be available or ceases to
provide such rate of exchange, the equivalent of such amount in Dollars as determined by the
Administrative Agent or the L/C Issuer, as applicable using any method of determination it deems
appropriate in its sole discretion) and (c) if such amount is denominated in any other currency, the
equivalent of such amount in Dollars as determined by the Administrative Agent or the L/C Issuer, as
applicable, using any method of determination it deems appropriate in its sole discretion. Any
determination by the Administrative Agent or the applicable L/C Issuer pursuant to clauses (b) or (c)
above shall be conclusive absent manifest error.
“Domestic Subsidiary” means any Subsidiary that is organized under the Laws of any state of
the United States or the District of Columbia.
“EEA Financial Institution” means (a) any credit institution or investment firm established in
any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any
entity established in an EEA Member Country which is a parent of an institution described in clause (a)
of this definition, or (c) any financial institution established in an EEA Member Country which is a
Subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated
supervision with its parent.
“EEA Member Country” means any of the member states of the European Union, Iceland,
Liechtenstein, and Norway.
“EEA Resolution Authority” means any public administrative authority or any person entrusted
with public administrative authority of any EEA Member Country (including any delegee) having
responsibility for the resolution of any EEA Financial Institution.
“Effective Date” means January 11, 2021.
“Electronic Copy” has the meaning specified in Section 11.17.
“Electronic Record” has the meaning assigned to such term in 15 U.S.C. §7006.
“Electronic Signature” has the meaning assigned to such term in 15 U.S.C. §7006.
“Eligible Assignee” means any Person that meets the requirements to be an assignee under
Sections 11.06(b)(iii) and (v) (subject to such consents, if any, as may be required under Section
11.06(b)(iii)).
“Eligible Currency” means any lawful currency other than Dollars that is readily available,
freely transferable and convertible into Dollars in the international interbank market available to the
Lenders in such market and as to which a Dollar Equivalent may be readily calculated. If, after the
designation by the Lenders of any currency as an Alternative Currency, any change in currency controls
or exchange regulations or any change in the national or international financial, political or economic
conditions are imposed in the country in which such currency is issued, result in, in the reasonable
opinion of an L/C Issuer (in the case of any Letter of Credit to be denominated in an Alternative
Currency), (a) such currency no longer being readily available, freely transferable and convertible into
Dollars, (b) a Dollar Equivalent is no longer readily calculable with respect to such currency or (c)
providing such currency is impracticable for such L/C Issuer (each of clauses (a), (b) and (c), a
“Disqualifying Event”) and such L/C Issuer has notified the Administrative Agent of such Disqualifying
Event, then the Administrative Agent
13
shall promptly notify the Lenders and the Borrower, and such country’s currency shall no longer be an
Alternative Currency until such time as the Disqualifying Event(s) no longer exist.
“Environmental Laws” means any and all federal, state, local and foreign statutes, laws,
regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises,
licenses, agreements or governmental restrictions relating to pollution and the protection of the
environment or the release of any materials into the environment, including those related to hazardous
substances or wastes, air emissions and discharges to waste or public systems.
“Environmental Liability” means any liability, contingent or otherwise (including any liability
for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or
any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental
Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous
Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any
Hazardous Materials into the environment or (e) any contract, agreement or other consensual
arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.
“Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or
other ownership or profit interests in) such Person, all of the warrants, options or other rights for the
purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit
interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock
of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase
or acquisition from such Person of such shares (or such other interests), and all of the other ownership
or profit interests in such Person (including partnership, member or trust interests therein), whether
voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are
outstanding on any date of determination; provided, that Permitted Convertible Indebtedness does not
constitute Equity Interests in the Company.
“ERISA” means the Employee Retirement Income Security Act of 1974.
“ERISA Affiliate” means any trade or business (whether or not incorporated) under common
control or treated as a single employer with a Loan Party within the meaning of Section 414(b) or (c)
of the Internal Revenue Code (and Sections 414(m) and (o) of the Internal Revenue Code for purposes
of provisions relating to Section 412 of the Internal Revenue Code).
“ERISA Event” means: (a) a Reportable Event with respect to a Pension Plan; (b) the
withdrawal of a Loan Party or any ERISA Affiliate from a Pension Plan subject to Section 4063 of
ERISA during a plan year in which such entity was a “substantial employer” (as defined in Section
4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section
4062(e) of ERISA; (c) a complete or partial withdrawal by a Loan Party or any ERISA Affiliate from a
Multiemployer Plan; (d) the filing of a notice of intent to terminate, or the treatment of a Pension Plan
amendment as a termination under Section 4041(c) or 4041A of ERISA; (e) the institution by the PBGC
of proceedings to terminate a Pension Plan; (f) any event or condition which constitutes grounds under
Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension
Plan; (g) the determination that any Pension Plan is considered an at-risk plan or any Multiemployer
Plan is in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Internal
Revenue Code or Sections 303, 304 and 305 of ERISA; or (h) the imposition of any liability under Title
IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA,
upon any Loan Party or any ERISA Affiliate.
14
“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.
“EUR” or “€” means the lawful currency of the member states of the European Union that have
adopted a single currency in accordance with applicable law or treaty.
“Eurodollar Rate” means:
(a)for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to
the London Interbank Offered Rate as administered by ICE Benchmark Administration (or any other
Person that takes over the administration of such rate for Dollars for a period equal in length to such
Interest Period) (“LIBOR”) as published on the applicable Bloomberg screen page (or such other
commercially available source providing such quotations as may be designated by the Administrative
Agent from time to time) at approximately 11:00 a.m., London time, two (2) Business Days prior to the
commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest
Period) with a term equivalent to such Interest Period; and
(b)for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum
equal to LIBOR, at or about 11:00 a.m., London time determined two (2) London Banking Days prior
to such date for Dollar deposits with a term of one month commencing that day;
provided, that, if the Eurodollar Rate shall be less than 0.0%, such rate shall be deemed 0.0% for
purposes of this Agreement.
“Eurodollar Rate Loan” means a Revolving Loan or a Term Loan that bears interest at a rate
based on clause (a) of the definition of “Eurodollar Rate.”
“Event of Default” has the meaning specified in Section 9.01.
“Excluded Property” means, with respect to any Loan Party, (a) any owned or leased real
property, (b) the Equity Interests of any Foreign Subsidiary to the extent not required to be pledged to
secure the Obligations pursuant to Section 7.13(a), (c) any property which, subject to the terms of
Section 8.09, is subject to a Lien of the type described in Section 8.01(i) pursuant to documents which
prohibit such Loan Party from granting any other Liens in such property, (d) any lease, license, contract
or other agreement of such Loan Party if the grant of a security interest in such lease, license, contract
or other agreement in the manner contemplated by the Loan Documents is prohibited under the terms
of such lease, license, contract or other agreement or under applicable Law or would result in default
thereunder, the termination thereof or give the other parties thereto the right to terminate, accelerate or
otherwise alter such Loan Party’s rights, titles and interests thereunder (including upon the giving of
notice or the lapse of time or both), other than to the extent (i) such prohibition or limitation is rendered
ineffective pursuant to the Uniform Commercial Code or other applicable Law or principles of equity
or (ii) such prohibition or limitation or the requirement for any consent contained in such lease, license,
contract or other agreement or applicable Law is eliminated or terminated to the extent sufficient to
permit any such item to become Collateral or such consent has been granted or waived or the
requirement for such consent has been terminated, (e) government licenses, state or local franchises,
charters and authorizations and any other property and assets to the extent that the Administrative Agent
may not validly possess a security interest therein under, or such security interest is restricted by,
applicable Laws (including rules and regulations of any Governmental Authority or agency) or the
pledge or creation of a security interest in
15
which would require governmental consent, approval, license or authorization, other than to the extent
such prohibition or limitation is rendered ineffective under the Uniform Commercial Code or other
applicable Law notwithstanding such prohibition (but excluding proceeds of any such governmental
licenses), (f) particular assets if and for so long as, if, in each case, as determined by the Administrative
Agent in its reasonable discretion, the cost of creating or perfecting such pledges or security interests
in such assets exceeds the practical benefits to be obtained by the Lenders therefrom, (g) any intent-to-
use trademark application prior to the filing of a “Statement of Use” or “Amendment to Allege Use”
with respect thereto, to the extent, if any, that, and solely during the period, if any, in which the grant
of a security interest therein would impair the validity or enforceability of such intent-to-use trademark
application under applicable federal law, (h) assets of, and Equity Interests in, any Person (other than a
wholly-owned Subsidiary) to the extent not permitted by the terms of such Person’s Organization
Documents or other agreements among holders of such Equity Interests, (i) the Equity Interests of any
Foreign Subsidiary to the extent (i) such Equity Interests are pledged as collateral to secure the
Indebtedness of a Foreign Subsidiary, (ii) such Indebtedness is permitted under Section 8.03 and (iii)
such Lien is a Permitted Lien, (j) any Investments maintained by the Borrower pursuant to the
Borrower’s unqualified deferred compensation arrangements permitted under Section 8.02(c) and (k)
margin stock (within the meaning of Regulation U of the FRB).
“Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if,
and to the extent that, all or a portion of the Guaranty of such Guarantor of, or the grant under a Loan
Document by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee
thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of
the Commodity Futures Trading Commission (or the application or official interpretation of any
thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract
participant” as defined in the Commodity Exchange Act (determined after giving effect to Section 4.08
and any other “keepwell, support or other agreement” for the benefit of such Guarantor and any and all
guarantees of such Guarantor’s Swap Obligations by other Loan Parties) at the time the Guaranty of
such Guarantor, or grant by such Guarantor of a security interest, becomes effective with respect to
such Swap Obligation. If a Swap Obligation arises under a Master Agreement governing more than one
Swap Contract, such exclusion shall apply to only the portion of such Swap Obligation that is
attributable to Swap Contracts for which such Guaranty or security interest is illegal or becomes
excluded in accordance with the first sentence of this definition.
“Excluded Taxes” means any of the following Taxes imposed on or with respect to any
Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on
or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each
case, (i) imposed as a result of such Recipient being organized under the Laws of, or having its principal
office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax
(or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender,
U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with
respect to an applicable interest in a Loan or Commitment pursuant to a Law in effect on the date on
which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an
assignment request by the Borrower under Section 11.13) or (ii) such Lender changes its Lending
Office, except in each case to the extent that, pursuant to Section 3.01(a)(ii), (a)(iii) or (c), amounts with
respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender
became a party hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes
attributable to such Recipient’s failure to comply with Section 3.01(e) and (d) any withholding Taxes
imposed pursuant to FATCA.
16
“Existing Convertible Notes” means the $575,000,000, 0.5% Convertible Senior Notes Due
2023 issued by the Borrower.
“Existing Convertible Notes Indenture” means the indenture for the Existing Convertible Notes,
dated as of September 18, 2018, between the Borrower and U.S. Bank National Association, as trustee.
“Facilities” has the meaning specified in Section 6.09(a).
“Facility Termination Date” means the date as of which all of the following shall have occurred:
(a) all Commitments have terminated, (b) all Obligations arising under the Loan Documents have been
paid in full (other than contingent indemnification obligations), and (c) all Letters of Credit have
terminated or expired (other than Letters of Credit that have been Cash Collateralized).
“FASB ASC” means the Accounting Standards Codification of the Financial Accounting
Standards Board.
“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code, as of the Effective
Date (or any amended or successor version that is substantively comparable and not materially more
onerous to comply with), any current or future regulations or official interpretations thereof, any
agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code and any fiscal or
regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty
or convention among Governmental Authorities and implementing such Sections of the Internal
Revenue Code.
“Federal Funds Rate” means, for any day, the rate per annum calculated by the Federal Reserve
Bank of New York based on such day’s federal funds transactions by depository institutions (as
determined in such manner as the Federal Reserve Bank of New York shall set forth on its public
website from time to time) and published on the next succeeding Business Day by the Federal Reserve
Bank of New York as the federal funds effective rate; provided, that, if the Federal Funds Rate as so
determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“Fee Letter” means the administrative agent fee letter agreement dated December 29, 2020
among the Borrower, BofA Securities and the Administrative Agent.
“Foreign Lender” means a Lender that is not a U.S. Person. For purposes of this definition, the
United States, each State thereof and the District of Columbia shall be deemed to constitute a single
jurisdiction.
“Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary.
“FRB” means the Board of Governors of the Federal Reserve System of the United States.
“Fronting Exposure” means, at any time there is a Defaulting Lender, with respect to each L/C
Issuer, such Defaulting Lender’s Applicable Revolving Percentage of the outstanding L/C Obligations
other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been
reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.
“Fund” means any Person (other than a natural Person) that is (or will be) engaged in making,
purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the
ordinary course of its activities.
17
“Funded Indebtedness” means, as to any Person as of any date of determination, without
duplication, all of the following types of Indebtedness, whether or not included as indebtedness or
liabilities in accordance with GAAP:
(a)all obligations, whether current or long-term, for borrowed money (including Obligations
hereunder) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar
instruments;
(b)all purchase money Indebtedness;
(c)all obligations in respect of the deferred purchase price of property or services (other than
(i) trade accounts payable, intercompany charges of expenses, deferred revenue and other accrued
liabilities (including deferred payments in respect of services by employees), in each case incurred in
the ordinary course of business, and (ii) any earn-out obligation or other post-closing balance sheet
adjustment so long as no payment is owed thereunder and past due);
(d)all Attributable Indebtedness;
(e)all obligations to purchase, redeem, retire, defease or otherwise make any payment prior to
the then-latest Maturity Date in respect of any Disqualified Stock valued, in the case of a redeemable
preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and
unpaid dividends;
(f)without duplication, all Guarantees with respect to outstanding Indebtedness of the types
specified in clauses (a) through (e) above of another Person; and
(g)all Indebtedness of the types referred to in clauses (a) through (f) above of any partnership
or joint venture (other than a joint venture that is itself a corporation or limited liability company) in
which such Person is a general partner or joint venturer, except to the extent that Indebtedness is
expressly made non-recourse to such Person (except for customary exceptions to non-recourse
provisions such as fraud, misappropriation of funds and environmental liabilities).
“GAAP” means generally accepted accounting principles in the United States set forth in the
opinions and pronouncements of the Accounting Principles Board and the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board consistently applied.
“Governmental Authority” means the government of the United States or any other nation, or
of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality,
regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government (including any supra-
national bodies such as the European Union or the European Central Bank).
“GSB” or “£” means the lawful currency of the United Kingdom.
“Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise, of such
Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation
payable or performable by another Person (the “primary obligor”) in any manner, whether directly or
indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or
advance or
18
supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or
lease property, securities or services for the purpose of assuring the obligee in respect of such
Indebtedness or other obligation of the payment or performance of such Indebtedness or other
obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or
liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to
pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other
manner the obligee in respect of such Indebtedness or other obligation of the payment or performance
thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on
any assets of such Person securing any Indebtedness or other obligation of any other Person, whether
or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or
otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee
shall be deemed to be an amount equal to the stated or determinable amount of the related primary
obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or
determinable, the maximum reasonably anticipated liability in respect thereof as determined by the
guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning.
“Guarantors” means, collectively, (a) each Domestic Subsidiary identified as a “Guarantor” on
the signature pages hereto, (b) each Person that joins as a Guarantor pursuant to Section 7.12 or
otherwise, (c) with respect to (i) Obligations under any Secured Hedge Agreement, (ii) Obligations
under any Secured Cash Management Agreement and (iii) any Swap Obligation of a Specified Loan
Party (determined before giving effect to Sections 4.01 and 4.08) under the Guaranty, the Borrower,
and (d) the successors and permitted assigns of the foregoing.
“Guaranty” means the Guaranty made by the Guarantors in favor of the Administrative Agent,
the L/C Issuers, the Lenders and the other holders of the Obligations pursuant to Article IV.
“Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates,
asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical
wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.
“Hedge Bank” means any Person in its capacity as a party to a Swap Contract with the Borrower
or any Subsidiary; provided, that, (a) at the time such Person enters into such Swap Contract, such
Person is a Lender or an Affiliate of a Lender (even if such Person ceases to be a Lender or such Person’s
Affiliate ceases to be a Lender; provided, that, in such case, such Person shall continue to be a Hedge
Bank only through the stated termination date of such Swap Contract (without extension or renewal))
or (b) such Swap Contract exists at the time such Person or Affiliate of such Person becomes a Lender
(even if such Person ceases to be a Lender or such Person’s Affiliate ceases to be a Lender; provided,
that, in such case, such Person shall continue to be a Hedge Bank only through the stated termination
date of such Swap Contract (without extension or renewal)).
“Historical Financial Statements” means, collectively, (a) the January 31, 2020 audited
consolidated financial statements of the Borrower and its Subsidiaries heretofore delivered to the
Administrative Agent and the Lenders, copies of which are included in the Borrower’s Annual Report
on Form 10-K as filed with the SEC and (b) the unaudited consolidated financial statements of the
Borrower and its Subsidiaries for April 30, 2020, July 31, 2020 and October 31, 2020, copies of which
are included in the Borrower’s quarterly report on Form 10-Q as filed with the SEC.
“Honor Date” has the meaning specified in Section 2.03(c)(i).
19
“IFRS” means international accounting standards within the meaning of IAS Regulation
1606/2002 to the extent applicable to the relevant financial statements delivered under or referred to
herein.
“ILS” or “₪” means the lawful money of Israel.
“Immaterial Domestic Subsidiary” means a Domestic Subsidiary which, (a) when considered
on an individual basis, does not have (i) assets with an aggregate book value in excess of 5 % of
Consolidated Total Assets as of the date of the most recently ended fiscal quarter of the Borrower for
which the Borrower has delivered financial statements pursuant to Section 7.01(a) or (b) (or, prior to
the first such delivery, the financial statements for the fiscal quarter ended October 31, 2020) or (ii)
revenues attributable to such Domestic Subsidiary in excess of 5% of the consolidated revenues of the
Borrower and its Subsidiaries as of the most recently ended fiscal quarter of the Borrower for which the
Borrower has delivered financial statements pursuant to Section 7.01(a) or (b) (or, prior to the first such
delivery, the financial statements for the fiscal quarter ended October 31, 2020) and (b) when taken
together with all other Immaterial Domestic Subsidiaries which are not Guarantors, does not have (i)
assets with an aggregate book value in excess of 15% of Consolidated Total Assets as of the date of the
most recently ended fiscal quarter of the Borrower for which the Borrower has delivered financial
statements pursuant to Section 7.01(a) or (b) (or, prior to the first such delivery, the financial statements
for the fiscal quarter ended October 31, 2020)or (ii) revenues in excess of 15% of the consolidated
revenues of the Borrower and its Subsidiaries as of the most recently ended fiscal quarter of the
Borrower for which the Borrower has delivered financial statements pursuant to Section 7.01(a) or (b)
(or, prior to the first such delivery, the financial statements for the fiscal quarter ended October 31,
2020).
“Immaterial Foreign Subsidiary” means a Foreign Subsidiary which, when considered on an
individual basis, does not have (a) assets with an aggregate book value in excess of 5% of Consolidated
Total Assets as of the date of the most recently ended fiscal quarter of the Borrower for which the
Borrower has delivered financial statements pursuant to Section 7.01(a) or (b) (or, prior to the first such
delivery, the financial statements for the fiscal quarter ended October 31, 2020)or (b) revenues
attributable to such Foreign Subsidiary in excess of 5% of the consolidated revenues of the Borrower
and its Subsidiaries as of the most recently ended fiscal quarter of the Borrower for which the Borrower
has delivered financial statements pursuant to Section 7.01(a) or (b) (or, prior to the first such delivery,
the financial statements for the fiscal quarter ended October 31, 2020).
“Impacted Loans” has the meaning specified in Section 3.03.
“Incremental Amendment” has the meaning specified in Section 2.16(f).
“Incremental Commitments” has the meaning specified in Section 2.16(a).
“Incremental Facility Closing Date” has the meaning specified in Section 2.16(d).
“Incremental Term Loan” has the meaning specified in Section 2.01(b).
“Incremental Term Loan Commitments” has the meaning specified in Section 2.16(a).
20
“Indebtedness” means, as to any Person as of any date of determination, without duplication,
all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:
(a)all obligations, whether current or long-term, for borrowed money (including Obligations
hereunder) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar
instruments;
(b)all purchase money indebtedness;
(c)the maximum amount available to be drawn under letters of credit (including standby and
commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments;
(d)all obligations in respect of the deferred purchase price of property or services (other than
(i) trade accounts payable, intercompany charges of expenses, deferred revenue and other accrued
liabilities (including deferred payments in respect of services by employees), in each case incurred in
the ordinary course of business, and (ii) any earn-out obligation or other post-closing balance sheet
adjustment so long as no payment is owed thereunder and past due);
(e)all Attributable Indebtedness;
(f)the Swap Termination Value of any Swap Contract;
(g)indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or
being purchased by such Person (including indebtedness arising under conditional sales or other title
retention agreements), whether or not such indebtedness shall have been assumed by such Person or is
limited in recourse;
(h)all obligations to purchase, redeem, retire, defease or otherwise make any payment prior to
then-latest Maturity Date in respect of any Disqualified Stock, valued, in the case of a redeemable
preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and
unpaid dividends;
(i)without duplication, all Guarantees in respect of any of the foregoing; and
(j)all Indebtedness of the types referred to in clauses (a) through (i) above of any partnership or
joint venture (other than a joint venture that is itself a corporation or limited liability company) in which
such Person is a general partner or a joint venturer, except to the extent that such Indebtedness is
expressly made non-recourse to such Person (except for customary exceptions to non-recourse
provisions such as fraud, misappropriation of funds and environmental liabilities).
For the avoidance of doubt, notwithstanding anything to the contrary contained in this
Agreement or in any other Loan Document, the following shall not constitute Indebtedness: (i) trade
payables created in the ordinary course of business in connection with the acquisition of inventory
(including inventory subject to a Lien described under Section 8.01(y)), (ii) overdraft lines and (iii)
Permitted Call Spread Transactions.
21
“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect
to any payment made by or on account of any obligation of any Loan Party under any Loan Document
and (b) to the extent not otherwise described in clause (a) above, Other Taxes.
“Indemnitee” has the meaning specified in Section 11.04(b).
“Information” has the meaning specified in Section 11.07.
“Intercompany Indebtedness” means Indebtedness owing by a Loan Party to another Loan
Party.
“Intercreditor Agreement” means, with respect to any Indebtedness permitted pursuant to
Section 8.03 and secured by any Permitted Lien, any intercreditor agreement entered into between or
among the holders of such Indebtedness (or any duly authorized trustee, agent or other representative
for such holder(s)) and the Administrative Agent, in form and substance reasonably satisfactory to the
Administrative Agent.
“Interest Payment Date” means: (a) as to any Eurodollar Rate Loan, the last day of each Interest
Period applicable to such Loan and the Maturity Date applicable to such Loan; provided, that, if any
Interest Period for a Eurodollar Rate Loan exceeds three months, the respective dates that fall every
three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b)
as to any Base Rate Loan, the last Business Day of each January, April, July and October and the
Maturity Date applicable to such Loan.
“Interest Period” means, as to each Eurodollar Rate Loan, the period commencing on the date
such Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan and
ending on the date one, two, three or six months thereafter (in each case, subject to availability), as
selected by the Borrower in its Loan Notice, or such other period that is twelve months or less requested
by the Borrower and consented to by all the applicable Lenders; provided, that:
(a)any Interest Period that would otherwise end on a day that is not a Business Day shall be
extended to the next succeeding Business Day unless such Business Day falls in another calendar
month, in which case such Interest Period shall end on the next preceding Business Day;
(b)any Interest Period that begins on the last Business Day of a calendar month (or on a day for
which there is no numerically corresponding day in the calendar month at the end of such Interest
Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and
(c)no Interest Period for any Loan shall extend beyond the Maturity Date applicable to such
Loan.
“Internal Revenue Code” means the Internal Revenue Code of 1986.
“Investment” means, as to any Person, (a) the purchase or other acquisition by such Person of
Equity Interests of another Person, (b) a loan, advance or capital contribution by such Person to,
Guarantee or assumption of Indebtedness by such Person of, or purchase or other acquisition by such
Person of any other debt or equity participation or interest in, another Person, including any partnership
or joint venture interest in such other Person, or (c) an Acquisition by such Person. For purposes of
covenant compliance, unless otherwise specified, the amount of any Investment shall be the amount
actually
22
invested at any one time outstanding, without adjustment for subsequent increases or decreases in the
value of such Investment.
“IP Rights” has the meaning specified in Section 6.17.
“IRS” means the United States Internal Revenue Service.
“ISDA Definitions”: 2006 ISDA Definitions (or successor definitional booklet for interest rate
derivatives) published by the International Swaps and Derivatives Association, Inc. or any successor
thereto, as amended or supplemented from time to time.
“ISP” means, with respect to any Letter of Credit, 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 such Letter of Credit is issued).
“Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit Application,
and any other document, agreement and instrument entered into by an L/C Issuer and the Borrower (or
any Subsidiary) or in favor of such L/C Issuer and relating to such Letter of Credit.
“Joinder Agreement” means a joinder agreement substantially in the form of Exhibit E executed
and delivered by a Domestic Subsidiary in accordance with the provisions of Section 7.12 or any other
documents as the Administrative Agent shall deem appropriate for such purpose.
“Junior Indebtedness” means (a) unsecured debt securities issued by the Borrower or any
Subsidiary, (b) unsecured term loans borrowed by the Borrower or any Subsidiary, (c) Subordinated
Indebtedness, and (d) Indebtedness secured on a junior basis to the Liens securing the Obligations. For
the avoidance of doubt, Junior Indebtedness does not include Loans.
“L/C Advance” means, with respect to each Lender with a Revolving Commitment, such
Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Revolving
Percentage.
“L/C Borrowing” means an extension of credit resulting from a drawing under any Letter of
Credit which has not been reimbursed on the date when made or refinanced as a Borrowing of Revolving
Loans.
“L/C Commitment” means, with respect to each L/C Issuer, the commitment of such L/C Issuer
to issue Letters of Credit hereunder. The initial amount of each L/C Issuer’s Letter of Credit
Commitment is set forth on Schedule 2.01 or, with respect to any Person that becomes an L/C Issuer
after the Effective Date, the amount set forth for such L/C Issuer as its Letter of Credit Commitment in
the Register maintained by the Administrative Agent. The Letter of Credit Commitment of an L/C Issuer
may be modified from time to time by agreement between such L/C Issuer and the Borrower, and
notified to the Administrative Agent.
“L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or
extension of the expiry date thereof, or the increase of the amount thereof.
“L/C Issuer” means, with respect to a particular Letter of Credit, (a) Bank of America and
Silicon Valley Bank, as applicable, each in its capacity as issuer of such Letters of Credit hereunder, or
any successor issuer of such Letter of Credit hereunder, and (b) each other Lender selected by the
Borrower
23
pursuant to Section 2.03(l) (subject to the consent of such Lender as provided in Section 2.03(l)) from
time to time to issue such Letter of Credit, or any successor issuer of such Letter of Credit hereunder.
“L/C Obligations” means, as at any date of determination, the aggregate amount available to be
drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts,
including all L/C Borrowings. For purposes of computing the amount available to be drawn under any
Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section
1.06. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired
by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of
the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available
to be drawn.
“Laws” means, collectively, all international, foreign, federal, state and local statutes, treaties,
rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities,
including the interpretation or administration thereof by any Governmental Authority charged with the
enforcement, interpretation or administration thereof, and all applicable administrative orders, directed
duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental
Authority, in each case whether or not having the force of Law.
“LCA Test Date” has the meaning specified in Section 1.03(e).
“Lender” means each of the Persons identified as a “Lender” on the signature pages hereto,
each other Person that becomes a “Lender” in accordance with this Agreement and their successors and
assigns.
“Lending Office” means, as to the Administrative Agent, any L/C Issuer or any Lender, the
office or offices of such Person described as such in such Person’s Administrative Questionnaire, or
such other office or offices as such Person may from time to time notify the Borrower and the
Administrative Agent, which office may include any Affiliate of such Person or any domestic or foreign
branch of such Person or such affiliate.
“Letter of Credit” means any standby letter of credit issued hereunder providing for the payment
of cash upon the honoring of a presentation thereunder.
“Letter of Credit Application” means an application and agreement for the issuance or
amendment of a Letter of Credit in the form from time to time in use by the applicable L/C Issuer.
“Letter of Credit Expiration Date” means the day that is seven days prior to the Maturity Date
then in effect for the Revolving Loans (or, if such day is not a Business Day, the next preceding Business
Day).
“Letter of Credit Fee” has the meaning specified in Section 2.03(h).
“Letter of Credit Sublimit” means an amount equal to $50,000,000. The Letter of Credit
Sublimit is part of, and not in addition to, the Aggregate Revolving Commitments.
“Leverage Increase Period” has the meaning specified in Section 8.11(a).
“LIBOR” has the meaning specified in the definition of “Eurodollar Rate.”
“LIBOR Replacement Date” has the meaning specified in Section 3.03(c).
24
“LIBOR Screen Rate” means the LIBOR quote on the applicable screen page the
Administrative Agent designates to determine LIBOR (or such other commercially available source
providing such quotations as may be designated by the Administrative Agent from time to time).
“LIBOR Successor Rate” has the meaning specified in Section 3.03(c).
“LIBOR Successor Rate Conforming Changes” means, with respect to any proposed LIBOR
Successor Rate, any conforming changes to the definition of Base Rate, Interest Period, timing and
frequency of determining rates and making payments of interest and other technical, administrative or
operational matters (including, for the avoidance of doubt, the definition of Business Day, timing of
borrowing requests or prepayment, conversion or continuation notices, and length of look-back periods)
as may be appropriate, in Administrative Agent’s discretion, to reflect the adoption and implementation
of such LIBOR Successor Rate and to permit the administration thereof by the Administrative Agent in
a manner substantially consistent with market practice (or, if the Administrative Agent determines that
adoption of any portion of such market practice is not administratively feasible or that no market
practice for the administration of such LIBOR Successor Rate exists, in such other manner of
administration as the Administrative Agent determines is reasonably necessary in connection with the
administration of this Agreement and any other Loan Document).
“Lien” means any mortgage, pledge, hypothecation, assignment as collateral security, deposit
arrangement, encumbrance, lien (statutory or other), charge, or other security interest or preferential
arrangement in the nature of a security interest of any kind or nature whatsoever (including any
conditional sale or other title retention agreement, any easement, right of way or other encumbrance on
title to real property, and any financing lease having substantially the same economic effect as any of
the foregoing).
“Limited Condition Acquisition” means any Permitted Acquisition or other Investment
permitted by Section 8.02 that the Borrower or any Subsidiary is contractually committed to
consummate and whose consummation is not conditioned upon the availability of, or on obtaining, third
party financing.
“Liquidity” means the sum of (i) all unrestricted cash and Cash Equivalents of the Borrower
and its Subsidiaries and (ii) the aggregate unused Commitments then available to be drawn by the
Borrower under the Revolving Credit Facility.
“Loan” means an extension of credit by a Lender to the Borrower under Article II in the form
of a Revolving Loan or a Term Loan.
“Loan Documents” means this Agreement, each Note, each Issuer Document, each Joinder
Agreement, the Collateral Documents, any Intercreditor Agreement, each Incremental Amendment, the
Fee Letter and any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions
of Section 2.14 (but specifically excluding Secured Hedge Agreements and Secured Cash Management
Agreements).
“Loan Notice” means a notice of (a) a Borrowing of Revolving Loans or a Term Loan, (b) a
conversion of Loans from one Type to the other, or (c) a continuation of Eurodollar Rate Loans, in each
case pursuant to Section 2.02(a), which shall be substantially in the form of Exhibit A or such other
form as may be approved by the Administrative Agent (including any form on an electronic platform
or electronic transmission system as shall be approved by the Administrative Agent), appropriately
completed and signed by a Responsible Officer of the Borrower.
25
“Loan Parties” means, collectively, the Borrower and each Guarantor.
“London Banking Day” means any day on which dealings in Dollar deposits are conducted by
and between banks in the London interbank eurodollar market.
“Master Agreement” has the meaning specified in the definition of “Swap Contract.”
“Material Adverse Effect” means: a material adverse change in, or a material adverse effect
upon, (a) the operations, business, properties, liabilities (actual or contingent) or financial condition of
the Borrower and its Subsidiaries, taken as a whole; (b) the rights and remedies of the Administrative
Agent or any Lender, taken as a whole, under any Loan Document to which it is a party or is a
beneficiary thereof; (c) the ability of the Loan Parties (taken as a whole) to perform their payment
obligations under any Loan Document to which they are a party; or (d) the legality, validity, binding
effect or enforceability against any Loan Party of any Loan Document to which it is a party.
“Material Disposition” means any single Disposition or series of related Dispositions for which
the aggregate gross cash proceeds received by the Borrower and its Subsidiaries exceeds $10,000,000.
“Material Indebtedness” means any Indebtedness (other than Indebtedness arising under the
Loan Documents and Indebtedness arising under Swap Contracts) having an aggregate principal amount
(including undrawn committed or available amounts and including amounts owing to all creditors under
any combined or syndicated credit arrangement) of more than the Threshold Amount.
“Material Recovery Event” means any single Recovery Event or series of related Recovery
Events for which the aggregate gross cash proceeds received by the Borrower and its Subsidiaries
exceeds $10,000,000.
“Maturity Date” means (a) as to the Revolving Loans and Letters of Credit (and the related L/C
Obligations), the earlier of (i) the date that is five (5) years after the Effective Date and (ii) 91 days prior
to the maturity date of any Indebtedness (including the Existing Convertible Notes) with aggregate
outstanding principal amount that exceeds the greater of (x) $150,000,000 and (y) 50% of Consolidated
EBITDA as of the most recent four fiscal quarter period preceding such 91
st
day for which financial
statements were required to be delivered pursuant to Section 7.01(a) or (b); provided, that, if on such
91
st
day and each subsequent day until such Indebtedness is paid in full either (x) Consolidated Leverage
Ratio is lower than 2.00:1.00 (recalculated as of the last day of the most recently ended period of the
four fiscal quarters of the Borrower for which the Borrower has delivered financial statements pursuant
to Section 7.01(a) or (b) and on a Pro Forma Basis upon consummation of each Specified Transaction)
or (y) Liquidity is greater than 125% of the aggregate outstanding principal amount of such
Indebtedness, then the applicable Maturity Date with respect to this clause (ii) shall be the date that is
one Business Day after the date when neither of the conditions set forth in clauses (x) and (y) above is
satisfied and (b) as to an Incremental Term Loan, the final maturity date applicable thereto as specified
in the applicable Incremental Amendment; provided, that, in each case, if such date is not a Business
Day, the Maturity Date shall be the next preceding Business Day.
“Maximum Rate” has the meaning specified in Section 11.09.
“Minimum Collateral Amount” means, at any time, (a) with respect to Cash Collateral
consisting of cash or deposit account balances provided to reduce or eliminate Fronting Exposure during
the existence of a Defaulting Lender, an amount equal to 103% of the Fronting Exposure of the L/C
Issuers with respect to Letters of Credit issued and outstanding at such time and (b) with respect to Cash
26
Collateral consisting of cash or deposit account balances provided in accordance with the provisions of
Section 2.14(a)(i), (a)(ii) or (a)(iii), an amount equal to 103% of the Outstanding Amount of all L/C
Obligations.
“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.
“Multiemployer Plan” means any plan of the type described in Section 4001(a)(3) of ERISA,
to which any Loan Party or any ERISA Affiliate makes or is obligated to make contributions, or during
the preceding five plan years, has made or been obligated to make contributions.
“Multiple Employer Plan” means a Pension Plan which has two or more contributing sponsors
(including any Loan Party or any ERISA Affiliate) at least two of whom are not under common control,
as such a plan is described in Section 4064 of ERISA.
“Non-Consenting Lender” means any Lender that does not approve any consent, waiver or
amendment that (a) requires the approval of all Lenders or all affected Lenders in accordance with the
terms of Section 11.01 and (b) has been approved by the Required Lenders.
“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at
such time.
“Non-Extension Notice Date” has the meaning specified in Section 2.03(b)(iii).
“Non-Reinstatement Deadline” has the meaning specified in Section 2.03(b)(iv).
“Note” has the meaning specified in Section 2.11(a).
“Notice of Loan Prepayment” means a notice of prepayment with respect to a Loan, which shall
be substantially in the form of Exhibit I or such other form as may be approved by the Administrative
Agent (including any form on an electronic platform or electronic transmission system as shall be
approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer
of the Borrower.
“Obligations” means, with respect to each Loan Party, (a) all advances to, and debts, liabilities,
obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise
with respect to any Loan or Letter of Credit and (b) all obligations of the Borrower or any Subsidiary
owing to a Cash Management Bank or a Hedge Bank in respect of Secured Cash Management
Agreements or Secured Hedge Agreements, in each case whether direct or indirect (including those
acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising
and including interest and fees that accrue after the commencement by or against any Loan Party or any
Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in
such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding;
provided, that, the “Obligations” of a Guarantor shall exclude any Excluded Swap Obligations with
respect to such Guarantor.
“OFAC” means the Office of Foreign Assets Control of the United States Department of the
Treasury.
“Organization Documents” means: (a) with respect to any corporation, the certificate or articles
of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to
any
27
non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of
formation or organization and operating agreement; and (c) with respect to any partnership, joint
venture, trust or other form of business entity, the partnership, joint venture or other applicable
agreement of formation or organization and any agreement, instrument, filing or notice with respect
thereto filed in connection with its formation or organization with the applicable Governmental
Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles
of formation or organization of such entity.
“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of
a present or former connection between such Recipient and the jurisdiction imposing such Tax (other
than connections arising from such Recipient having executed, delivered, become a party to, performed
its obligations under, received payments under, received or perfected a security interest under, engaged
in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in
any Loan or Loan Document).
“Other Taxes” means all present or future stamp, court or documentary, intangible, recording,
filing or similar Taxes that arise from any payment made under, from the execution, delivery,
performance, enforcement or registration of, from the receipt or perfection of a security interest under,
or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection
Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 3.06).
“Outstanding Amount” means (a) with respect to any Loans on any date, the aggregate
outstanding principal amount thereof after giving effect to any borrowings and prepayments or
repayments of any Loans occurring on such date and (b) with respect to any L/C Obligations on any
date, the Dollar Equivalent amount of such L/C Obligations on such date after giving effect to any L/C
Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C
Obligations as of such date, including as a result of any reimbursements by the Borrower of
Unreimbursed Amounts.
“Pari Passu Indebtedness” has the meaning specified in Section 8.03(g).
“Pari Passu Term Loan” has the meaning specified in Section 8.03(g).
“Participant” has the meaning specified in Section 11.06(d).
“Participant Register” has the meaning specified in Section 11.06(d).
“PBGC” means the Pension Benefit Guaranty Corporation.
“Pension Funding Rules” means the rules of the Internal Revenue Code and ERISA regarding
minimum required contributions (including any installment payment thereof) to Pension Plans and set
forth in Sections 412, 430, 431, 432 and 436 of the Internal Revenue Code and Sections 302, 303, 304
and 305 of ERISA.
“Pension Plan” means any employee pension benefit plan (including a Multiple Employer Plan
but excluding a Multiemployer Plan) that is maintained or is contributed to by any Loan Party and any
ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding
standards under Section 412 of the Internal Revenue Code.
“Permitted Acquisition” means an Investment consisting of an Acquisition by the Borrower or
any Subsidiary; provided, that: (a) no Event of Default shall have occurred and be continuing or would
28
result from such Acquisition (except with respect to a Limited Condition Acquisition, in which case (i)
no Event of Default shall have occurred and be continuing on the date of execution of the definitive
purchase agreement for such Limited Condition Acquisition and (ii) no Event of Default under Section
9.01(a), (f) or (g) shall have occurred and be continuing on the date of consummation of such Limited
Condition Acquisition or would exist after giving effect to such Limited Condition Acquisition); (b) the
property acquired (or the property of the Person acquired) in such Acquisition is used or useful in the
same or a similar line of business as the Borrower and its Subsidiaries were engaged in on the Effective
Date (or any reasonable extensions or expansions thereof); (c) in the case of an Acquisition of the Equity
Interests of another Person, the board of directors (or other comparable governing body) of such other
Person shall have duly approved such Acquisition; and (d) the Loan Parties shall be in compliance with
the financial covenants set forth in Section 8.11 recomputed as of the last day of the most recently ended
period of the four fiscal quarters of the Borrower for which the Borrower has delivered financial
statements pursuant to Section 7.01(a) or (b) (or, prior to the first such delivery, the financial statements
for the fiscal quarter ended October 31, 2020) after giving effect to such Acquisition on a Pro Forma
Basis; provided, that, in the case of an Acquisition for which the aggregate value of the consideration
paid exceeds $200,000,000 (excluding earn-out obligations, the deferred portion of any deferred
purchase price, or any other post-closing purchase price adjustments), at least three (3) Business Days
prior to the consummation of such Acquisition (or, in the case of a Limited Condition Acquisition, at
the Borrower’s option, at least three (3) Business Days prior to the date of execution of the definitive
purchase agreement for such Limited Condition Acquisition), the Borrower shall have delivered to the
Administrative Agent a Pro Forma Compliance Certificate demonstrating compliance with this clause
(d).
“Permitted Bond Hedge Transaction” means any bond hedge, capped call or similar option
transaction entered into in connection with the issuance of Permitted Convertible Indebtedness;
provided, that, in the case of any such transaction entered into after the Effective Date, such transaction
is consummated substantially simultaneously with the issuance of such Permitted Convertible
Indebtedness and paid for out of the proceeds thereof.
“Permitted Call Spread Transaction” means any Permitted Bond Hedge Transaction together
with, if applicable, any Permitted Warrant Transaction.
“Permitted Convertible Indebtedness” means any notes, bonds, debentures or similar
instruments issued by the Borrower that are convertible into or exchangeable for (x) cash, (y) shares of
the Borrower’s common stock or preferred stock or other equity securities that constitute Qualified
Stock and/or (z) a combination thereof.
“Permitted Liens” means, at any time, Liens in respect of property of the Borrower or any
Subsidiary permitted to exist at such time pursuant to the terms of Section 8.01.
“Permitted Sale and Leaseback Transaction” means any Sale and Leaseback Transaction
entered into by the Borrower or any of its Subsidiaries; provided, that, the aggregate fair market value
of all properties of the Borrower and its Subsidiaries that are Disposed of pursuant to Permitted Sale
and Leaseback Transactions after the Effective Date shall not exceed an amount equal to the greater of
(a) $50,000,000 and (b) an amount equal to 2.5% of Consolidated Total Assets (determined on the date
of consummation of any such Sale and Leaseback Transaction by reference to the amount of
Consolidated Total Assets existing as of the last day of the most recent fiscal year of the Borrower
ended on or prior to such date for which the Borrower has delivered financial statements pursuant to
Section 7.01(a) (or, prior to the first such delivery, the financial statements for the fiscal quarter ended
October 31, 2020)).
29
“Permitted Transfers” means (a) Dispositions of inventory in the ordinary course of business;
(b) Dispositions of assets that are no longer used or useful in the conduct of business of the Loan Parties
and their Subsidiaries that are Disposed of in the ordinary course of business; (c) Dispositions of
accounts receivable in connection with the collection or compromise thereof; (d) licenses, sublicenses,
leases or subleases granted to others (including licenses of IP Rights), and terminations thereof not
interfering in any material respect with the business of the Borrower and its Subsidiaries; (e) the sale or
Disposition of cash and Cash Equivalents for fair market value; (f) Dispositions of obsolete or worn-
out equipment, whether now owned or hereafter acquired, in the ordinary course of business; (g) the
abandonment of IP Rights no longer used or useful in the conduct of the business of the Borrower or
any of its Subsidiaries; (h) Dispositions of property to the extent that (i) such property is exchanged for
credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition
are reasonably promptly applied to the purchase price of such replacement property; (i) the surrender
or waiver of contractual rights and settlement or waiver of contractual or litigation claims by the
Borrower or any Subsidiary in the ordinary course of business; (j) the unwinding of any Swap Contract
pursuant to its terms; (k) Dispositions of Investments in joint ventures to the extent required by, or made
pursuant to customary buy/sell arrangements between, the joint venture parties set forth in joint venture
arrangements and similar binding arrangements; (l) the issuance or sale of shares of any Subsidiary’s
Equity Interests to qualify directors if required by applicable Law; and (m) Dispositions of property or
assets subject to a Recovery Event.
“Permitted Warrant Transaction” means any warrant issued by the Borrower concurrently with
the purchase, by the Borrower, of a Permitted Bond Hedge Transaction for the purpose of offsetting the
cost of such Permitted Bond Hedge Transaction.
“Person” means any natural person, corporation, limited liability company, trust, joint venture,
association, company, partnership, Governmental Authority or other entity.
“Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA
(including a Pension Plan), maintained for employees of any Loan Party or any ERISA Affiliate or any
such Plan to which any Loan Party or any ERISA Affiliate contributes or is required to contribute on
behalf of any of its employees.
“Platform” has the meaning specified in Section 7.02.
“Pre-Adjustment Successor Rate” has the meaning specified in Section 3.03(c).
“Pro Forma Basis” means, with respect to any transaction, that for purposes of calculating the
financial covenants or the Consolidated Secured Leverage Ratio, such transaction (including the
incurrence of any Indebtedness in connection therewith) shall be deemed to have occurred as of the first
day of the most recent period of four fiscal quarters of the Borrower preceding the date of such
transaction for which the Borrower was required to deliver financial statements pursuant to Section
7.01(a) or (b) (or, prior to the first such delivery, the financial statements for the fiscal quarter ended
October 31, 2020). In connection with the foregoing, (a) with respect to any Material Disposition or
Material Recovery Event, (i) income statement and cash flow statement items (whether positive or
negative) attributable to the property disposed of shall be excluded to the extent relating to any period
occurring prior to the date of such transaction and (ii) Indebtedness which is retired shall be excluded
and deemed to have been retired as of the first day of the applicable period and (b) with respect to any
Acquisition, (i) income statement and cash flow statement items attributable to the Person or property
acquired shall be included to the extent relating to any period applicable in such calculations to the
extent
30
(A) such items are not otherwise included in such income statement and cash flow statement items for
the Borrower and its Subsidiaries in accordance with GAAP or in accordance with any defined terms
set forth in Section 1.01 and (B) such items are supported by financial statements or other information
reasonably satisfactory to the Administrative Agent and (ii) any Indebtedness incurred or assumed by
the Borrower or any Subsidiary (including the Person or property acquired) in connection with such
transaction and any Indebtedness of the Person or property acquired which is not retired in connection
with such transaction (A) shall be deemed to have been incurred as of the first day of the applicable
period and (B) if such Indebtedness has a floating or formula rate, shall have an implied rate of interest
for the applicable period for purposes of this definition determined by utilizing the rate which is or
would be in effect with respect to such Indebtedness as at the relevant date of determination.
“Pro Forma Compliance Certificate” means a certificate of a Responsible Officer of the
Borrower containing reasonably detailed calculations of the financial covenants set forth in Section 8.11
recomputed as of the last day of the most recently ended period of four fiscal quarters of the Borrower
for which the Borrower has delivered financial statements pursuant to Section 7.01(a) or (b) (or, prior
to the first such delivery, the financial statements for the fiscal quarter ended October 31, 2020) after
giving effect to the applicable transaction on a Pro Forma Basis.
“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor,
as any such exemption may be amended from time to time.
“Public Lender” has the meaning specified in Section 7.02.
“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be
interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).
“QFC Credit Support” has the meaning specified in Section 11.25.
“Qualified Acquisition” means a Permitted Acquisition (or series of Permitted Acquisitions
consummated in any six (6)-month period) that is designated by the Company to the Administrative
Agent as a “Qualified Acquisition” hereunder and for which either (i) the aggregate consideration is at
least $100,000,000 and is paid in cash and/or funded with Indebtedness (including with proceeds
thereof) or (ii) the resulting Consolidated Leverage Ratio, calculated on a Pro Forma Basis, is at least
0.25 higher than the Consolidated Leverage Ratio reflected in the Compliance Certificate most recently
delivered by the Borrower pursuant to Section 7.02(b); provided, that, for any individual Permitted
Acquisition or series of Permitted Acquisitions to qualify as a “Qualified Acquisition,” the
Administrative Agent shall have received, prior to, or concurrently with, the consummation of any such
individual Permitted Acquisition (or in the case of a series of Permitted Acquisitions that meet the
requirements set forth above in this definition, prior to, or concurrently with, the consummation of the
final Permitted Acquisition in the series of Permitted Acquisitions that, taken together, meet the
requirements set forth above in this definition), a certificate from a Responsible Officer of the Borrower
certifying that such individual Permitted Acquisition or series of Permitted Acquisitions meet the
requirements set forth in this definition and notifying the Administrative Agent that the Borrower has
elected to treat such individual Permitted Acquisition or series of Permitted Acquisitions as a “Qualified
Acquisition” (such certificate, a “Qualified Acquisition Certificate”).
“Qualified Acquisition Certificate” has the meaning specified in the definition of “Qualified
Acquisition.”
31
“Qualified ECP Guarantor” means, at any time, each Loan Party with total assets exceeding
$10,000,000 or that qualifies at such time as an “eligible contract participant” under the Commodity
Exchange Act and can cause another Person to qualify as an “eligible contract participant” at such time
under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
“Qualified Stock” means, with respect to any Person, Equity Interests of such Person which is
not Disqualified Stock.
“Recipient” means the Administrative Agent, any Lender, any L/C Issuer or any other recipient
of any payment to be made by or on account of any obligation of any Loan Party hereunder.
“Recovery Event” means any loss of, damage to or destruction of, or any condemnation or other
taking for public use of, any property of the Borrower or any Subsidiary.
“Register” has the meaning specified in Section 11.06(c).
“Related Adjustment” means, in determining any LIBOR Successor Rate, the first relevant
available alternative set forth in the order below that can be determined by the Administrative Agent
applicable to such LIBOR Successor Rate: (a) the spread adjustment, or method for calculating or
determining such spread adjustment, that has been selected or recommended by the Relevant
Governmental Body for the relevant Pre-Adjustment Successor Rate (taking into account the interest
period, interest payment date or payment period for interest calculated and/or tenor thereto) and which
adjustment or method (i) is published on an information service as selected by the Administrative Agent
from time to time in its discretion or (ii) solely with respect to Term SOFR, if not currently published,
which was previously so recommended for Term SOFR and published on an information service
acceptable to the Administrative Agent; or (b) the spread adjustment that would apply (or has previously
been applied) to the fallback rate for a derivative transaction referencing the ISDA Definitions (taking
into account the interest period, interest payment date or payment period for interest calculated and/or
tenor thereto).
“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners,
directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives
of such Person and of such Person’s Affiliates.
“Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve
Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board
and/or the Federal Reserve Bank of New York.
“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than
events for which the thirty-day notice period has been waived.
“Request for Credit Extension” means (a) with respect to a Borrowing, conversion or
continuation of Loans, a Loan Notice and (b) with respect to an L/C Credit Extension, a Letter of Credit
Application.
“Required Lenders” means, at any time, Lenders having Total Credit Exposures representing
more than 50% of the Total Credit Exposures of all Lenders. The Total Credit Exposure of any
Defaulting Lender shall be disregarded in determining Required Lenders at any time; provided, that,
the amount of any participation in any Unreimbursed Amounts that such Defaulting Lender has failed
to fund that have
32
not been reallocated to and funded by another Lender shall be deemed to be held by the Lender that is
the applicable L/C Issuer, as the case may be, in making such determination.
“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK
Financial Institution, a UK Resolution Authority.
“Responsible Officer” means the chief executive officer, president, chief financial officer,
treasurer, chief operating officer or corporate secretary of the applicable Loan Party so specified herein
and, solely for purposes of the delivery of incumbency certificates, the secretary or any assistant
secretary of a Loan Party and, solely for purposes of notices given pursuant to Article II, any other
officer of the applicable Loan Party so designated by any of the foregoing officers in a notice to the
Administrative Agent or any other officer or employee of the applicable Loan Party designated in or
pursuant to an agreement between the applicable Loan Party and the Administrative Agent. Any
document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be
conclusively presumed to have been authorized by all necessary corporate, partnership and/or other
action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to
have acted on behalf of such Loan Party. To the extent requested by the Administrative Agent, each
Responsible Officer will provide an incumbency certificate and appropriate authorization
documentation, in form and substance reasonably satisfactory to the Administrative Agent.
“Restricted Payment” means any dividend or other distribution (whether in cash, securities or
other property) with respect to any Equity Interests of any Person, or any payment (whether in cash,
securities or other property), including any sinking fund or similar deposit, on account of the purchase,
redemption, retirement, defeasance, acquisition, cancellation or termination of any such Equity Interests
or on account of any return of capital to such Person’s stockholders, partners or members (or the
equivalent Person thereof), or any option, warrant or other right to acquire any such dividend or other
distribution or payment, including any payment of (or to repurchase) Permitted Convertible
Indebtedness in cash (a) upon conversion thereof into capital stock of the Borrower or (b) prior to the
conversion thereof, in an amount in excess of the principal and accrued interest thereon; provided, that,
(i) any such payment with respect to the Existing Convertible Notes shall not constitute a Restricted
Payment and (ii) any payment of (or to repurchase or convert) Permitted Convertible Indebtedness to
the extent made with Equity Interests of the Borrower (other than Disqualified Stock) shall not
constitute a Restricted Payment.
“Revaluation Date” means, with respect to any Letter of Credit, each of the following: (i) each
date of issuance, amendment and/or extension of a Letter of Credit denominated in an Alternative
Currency, (ii) each date of any payment by the applicable L/C Issuer under any Letter of Credit
denominated in an Alternative Currency and (iii) such additional dates as the Administrative Agent or
the applicable L/C Issuer shall determine or the Required Lenders shall require.
“Revolving Commitment” means, as to each Lender, its obligation to (a) make Revolving
Loans to the Borrower pursuant to Section 2.01(a) and (b) purchase participations in L/C Obligations,
in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite
such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such
Lender becomes a party hereto or in any documentation executed by such Lender pursuant to Section
2.16(f), as applicable, as such amount may be adjusted from time to time in accordance with this
Agreement.
“Revolving Commitment Increase” has the meaning provided in Section 2.16(a).
33
“Revolving Credit Exposure” means, as to any Lender at any time, the aggregate principal
amount at such time of such Lender’s outstanding Revolving Loans and such Lender’s participation in
L/C Obligations at such time.
“Revolving Credit Facility” means the Revolving Commitments and any Credit Extension
made thereunder.
“Revolving Loan” has the meaning specified in Section 2.01(a).
“S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc. and
any successor thereto.
“Sale and Leaseback Transaction” means, with respect to any Person, any arrangement, directly
or indirectly, whereby such Person shall sell or transfer any property used or useful in its business,
whether now owned or hereafter acquired, and thereafter rent or lease such property or other property
that it intends to use for substantially the same purpose or purposes as the property being sold or
transferred.
“Sanction(s)” means any international economic sanction or trade embargo administered or
enforced by the United States Government, including, OFAC, the United Nations Security Council, the
European Union (not to include those protecting against the effects of extraterritorial sanctions by other
nations), Her Majesty’s Treasury or other relevant sanctions authority of OECD member countries.
“Scheduled Unavailability Date” has the meaning specified in Section 3.03(c).
“SEC” means the Securities and Exchange Commission, or any Governmental Authority
succeeding to any of its principal functions.
“Secured Cash Management Agreement” means any Cash Management Agreement that is
entered into by and between the Borrower or any Subsidiary and any Cash Management Bank with
respect to such Cash Management Agreement. For the avoidance of doubt, a holder of Obligations in
respect of Secured Cash Management Agreements shall be subject to the last paragraph of Section 9.03
and Section 10.11.
“Secured Hedge Agreement” means any Swap Contract that is entered into by and between the
Borrower or any Subsidiary and any Hedge Bank with respect to such Swap Contract. For the avoidance
of doubt, a holder of Obligations in respect of Secured Hedge Agreements shall be subject to the last
paragraph of Section 9.03 and Section 10.11.
“Secured Party Designation Notice” shall mean a notice from any Lender or an Affiliate of a
Lender substantially in the form of Exhibit H.
“Security Agreement” means the security and pledge agreement, dated as of the Effective Date,
by and among the Loan Parties and the Administrative Agent, for the benefit of the holders of the
Obligations.
“SOFR” means, with respect to any Business Day, the secured overnight financing rate
published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark
(or a successor administrator) on the Federal Reserve Bank of New York's website (or any successor
source) at approximately 8:00 a.m. (New York City time) on the immediately succeeding Business Day
and, in each case, that has been selected or recommended by the Relevant Governmental Body.
34
“Solvent” or “Solvency” means, with respect to any Person as of a particular date, that on such
date (a) such Person is able to pay its debts and other liabilities, contingent obligations and other
commitments as they mature in the ordinary course of business, (b) such Person does not intend to, and
does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and
liabilities as they mature in the ordinary course of business, (c) such Person is not engaged in a business
or a transaction, and is not about to engage in a business or a transaction, for which such Person’s
property would constitute unreasonably small capital, (d) the fair value of the property of such Person
is greater than the total amount of liabilities, including contingent liabilities, of such Person, (e) the
present fair salable value of the property of such Person is not less than the amount that will be required
to pay the probable liability of such Person on its debts as they become absolute and matured and (f)
such Person does not intend, in any transaction, to hinder, delay or defraud either present or future
creditors or any other person to which such Person is or will become, through such transaction, indebted.
The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all
the facts and circumstances existing at such time, represents the amount that can reasonably be expected
to become an actual or matured liability.
“Specified Loan Party” has the meaning specified in Section 4.08.
“Specified Representations” means the representations and warranties set forth in Section 6.01
(solely with respect to the Loan Parties), Section 6.02 (solely with respect to clauses (a) and (c) and
solely with respect to the Loan Parties), Section 6.03 (to the extent related to approvals, consents,
exemptions, authorizations, or other actions required by a Governmental Authority or applicable Laws),
Section 6.04, Section 6.14, Section 6.18, Section 6.19 (subject to any exceptions to be agreed by the
Lenders providing the relevant Incremental Term Loan), Section 6.21 (solely with respect to the use of
proceeds of the Incremental Term Loans) and Section 6.22.
“Specified Transaction” means any Acquisition, Material Disposition, Material Recovery
Event or incurrence of Indebtedness.
“Subordinated Indebtedness” means Indebtedness for borrowed money of the Borrower or any
Subsidiary which by its terms is subordinated in right of payment to the payment in full of the
Obligations in a form and substance reasonably acceptable to the Administrative Agent.
“Subordinating Loan Party” has the meaning specified in Section 11.18.
“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability
company or other business entity of which a majority of the shares of Voting Equity Interests is at the
time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly
through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references
herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower.
“Supported QFC” has the meaning specified in Section 11.25.
“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative
transactions, forward rate transactions, commodity swaps, commodity options, forward commodity
contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options
or forward bond or forward bond price or forward bond index transactions, interest rate options, forward
foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap
transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other
similar transactions or any combination of any of the foregoing (including any options to enter into any
of the
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foregoing), whether or not any such transaction is governed by or subject to any master agreement, and
(b) any and all transactions of any kind, and the related confirmations, which are subject to the terms
and conditions of, or governed by, any form of master agreement published by the International Swaps
and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other
master agreement (any such master agreement, together with any related schedules, a “Master
Agreement”), including any such obligations or liabilities under any Master Agreement.
“Swap Obligation” means, with respect to any Guarantor, any obligation to pay or perform
under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section
1a(47) of the Commodity Exchange Act.
“Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking
into account the effect of any legally enforceable netting agreement relating to such Swap Contracts,
(a) for any date on or after the date such Swap Contracts have been closed out and termination value(s)
determined in accordance therewith, such termination value(s) and (b) for any date prior to the date
referenced in clause (a) above, the amount(s) determined as the mark-to-market value(s) for such Swap
Contracts, as determined based upon one or more mid-market or other readily available quotations
provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate
of a Lender).
“Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a so-called
synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of
property creating obligations that do not appear on the balance sheet of such Person but which, upon
the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person
(without regard to accounting treatment).
“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings
(including backup withholding), assessments, fees or other charges imposed by any Governmental
Authority, including any interest, additions to tax or penalties applicable thereto.
“Term Loan” means any Incremental Term Loan.
“Term SOFR” means the forward-looking term rate for any period that is approximately (as
determined by the Administrative Agent) as long as any of the Interest Period options set forth in the
definition of “Interest Period” and that is based on SOFR and that has been selected or recommended
by the Relevant Governmental Body, in each case as published on an information service as selected
by the Administrative Agent from time to time in its discretion.
“Threshold Amount” means $100,000,000.
“Total Credit Exposure” means, as to any Lender at any time, the unused Commitments of such
Lender at such time, the outstanding Loans of such Lender at such time and such Lender’s participation
in L/C Obligations at such time.
“Total Revolving Outstandings” means the aggregate Outstanding Amount of all Revolving
Loans and all L/C Obligations.
“Transactions” means, collectively, (a) the execution and delivery of the Loan Documents, (b)
the effectiveness of the Revolving Credit Facility, (c) the funding of Loans on the Effective Date, if
any, (d)
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the performance and/or consummation, as applicable, of all other transactions related to any of the
foregoing and (e) the payment of all fees and expenses in connection with any of the foregoing.
“Type” means, with respect to any Revolving Loan or any Term Loan, its character as a Base
Rate Loan or a Eurodollar Rate Loan.
“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the
PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential
Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from
time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain
credit institutions and investment firms, and certain affiliates of such credit institutions or investment
firms.
“UK Resolution Authority” means the Bank of England or any other public administrative
authority having responsibility for the resolution of any UK Financial Institution.
“United States” and “U.S.” mean the United States of America.
“Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i).
“U.S. Person” means any Person that is a “United States Person” as defined in Section
7701(a)(30) of the Internal Revenue Code.
“U.S. Special Resolution Regimes” has the meaning specified in Section 11.25.
“U.S. Tax Compliance Certificate” has the meaning specified in Section 3.01(e)(ii)(B)(III).
“USA PATRIOT Act” has the meaning specified in Section 6.22.
“Voting Equity Interests” means, with respect to any Person, Equity Interests issued by such
Person the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the
election of directors (or persons performing similar functions) of such Person, even though the right so
to vote has been suspended by the happening of such a contingency.
“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the
number of years obtained by dividing: (a) the sum of the products obtained by multiplying (i) the amount
of each then remaining installment, sinking fund, serial maturity or other required payments of
principal, including payment at final maturity, in respect thereof, by (ii) the number of years (calculated
to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b)
the then outstanding principal amount of such Indebtedness.
“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution
Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time
under the Bail-In Legislation for the applicable EEA Member Country, which write-down and
conversion powers are described in the EU Bail-In Legislation Schedule and (b) with respect to the
United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to
cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract
or instrument under which that liability arises, to convert all or part of that liability into shares, securities
or obligations of that person or any other person, to provide that any such contract or instrument is to
have effect as if a right had been exercised under it or to suspend any obligation in respect of that
liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of
those powers.
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1.02Other Interpretive Provisions.
With reference to this Agreement and each other Loan Document, unless otherwise specified
herein or in such other Loan Document:
(a)The definitions of terms herein shall apply equally to the singular and plural forms of the
terms defined. Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be
deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have
the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any
definition of or reference to any agreement, instrument or other document (including the Loan
Documents and any Organization Document) shall be construed as referring to such agreement,
instrument or other document as from time to time amended, modified, extended, restated, replaced or
supplemented from time to time (subject to any restrictions on such amendments, modifications,
extensions, restatements, replacements or supplements set forth herein or in any other Loan Document),
(ii) any reference herein to any Person shall be construed to include such Person’s successors and
assigns, (iii) the words “hereto,” “herein,” “hereof” and “hereunder,” and words of similar import when
used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not
to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections,
Preliminary Statements, Exhibits and Schedules shall be construed to refer to Articles and Sections of,
and Preliminary Statements, Exhibits and Schedules to, the Loan Document in which such references
appear, (v) any reference to any law shall include all statutory and regulatory rules, regulations, orders
and provisions consolidating, amending, replacing or interpreting such Law and any reference to any
law, rule or regulation shall, unless otherwise specified, refer to such law, rule or regulation as amended,
modified, extended, restated, replaced or supplemented from time to time, and (vi) the words “asset”
and “property” shall be construed to have the same meaning and effect and to refer to any and all assets
and properties, tangible and intangible, real and personal, including cash, securities, accounts and
contract rights.
(b)In the computation of periods of time from a specified date to a later specified date, the word
“from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the
word “through” means “to and including.”
(c)Section headings herein and in the other Loan Documents are included for convenience of
reference only and shall not affect the interpretation of this Agreement or any other Loan Document.
(d)Any reference herein to a merger, transfer, consolidation, amalgamation, assignment, sale
or disposition, or similar term, shall be deemed to apply to a division of or by a limited liability
company, or an allocation of assets to a series of a limited liability company (or the unwinding of such
a division or allocation), as if it were a merger, transfer, consolidation, amalgamation, assignment, sale
or disposition, or similar term, as applicable, to, of or with a separate Person. Any division of a limited
liability company shall constitute a separate Person hereunder (and each division of any limited liability
company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person).
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1.03Accounting Terms; Changes in GAAP; Calculation of Financial Covenants on a Pro Forma
Basis.
(a)Generally. All accounting terms not specifically or completely defined herein shall be
construed in conformity with, and all financial data (including financial ratios and other financial
calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with,
GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with
that used in preparing the Historical Financial Statements (as in existence on the Effective Date), except
as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes of determining
compliance with any covenant (including the computation of any financial covenant) contained herein,
Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the
outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on
financial liabilities shall be disregarded. In addition, in the case of any Permitted Convertible
Indebtedness for which the embedded conversion obligation must be settled by paying solely cash, so
long as substantially concurrently with the offering of such Permitted Convertible Indebtedness, the
Borrower enters into a cash-settled Permitted Bond Hedge Transaction relating to such Permitted
Convertible Indebtedness, notwithstanding any other provision contained herein, for so long as such
Permitted Bond Hedge Transaction (or a portion thereof corresponding to the amount of outstanding
Permitted Convertible Indebtedness) remains in effect in an amount sufficient to fully satisfy such
conversion obligation in cash, all computations of amounts and ratios referred to herein shall be made
as if the amount of Indebtedness represented by such Permitted Convertible Indebtedness were equal to
the face principal amount thereof without regard to any mark-to-market derivative accounting for such
Indebtedness. In addition, notwithstanding the foregoing, all financial covenants contained herein shall
be calculated, and compliance with all other covenants shall be determined without giving effect to any
change in accounting for leases pursuant to GAAP resulting from the adoption of Financial Accounting
Standards Board Accounting Standards Update No. 2016-02, Leases (Topic 842) (“FAS 842”), to the
extent such adoption would require (x) treating any lease (or similar arrangement conveying the right
to use) as a capital lease where such lease (or similar arrangement) would not have been required to be
so treated under GAAP as in effect on December 31, 2015 or (y) recognizing liabilities on the balance
sheet with respect to operating leases under FAS 842.
(b)Changes in GAAP. If at any time any change in GAAP (including the adoption of IFRS)
would affect the computation of any financial ratio or requirement set forth in any Loan Document, and
either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders
and the Loan Parties shall negotiate in good faith to amend such ratio or requirement to preserve the
original intent thereof in light of such change in GAAP (subject to the approval of the Required
Lenders); provided, that, until so amended, (i) such ratio or requirement shall continue to be computed
in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the
Administrative Agent and the Lenders financial statements and other documents required under this
Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of
such ratio or requirement made before and after giving effect to such change in GAAP. .
(c)Consolidation of Variable Interest Entities. All references herein to consolidated financial
statements of the Borrower and its Subsidiaries or to the determination of any amount for the Borrower
and its Subsidiaries on a consolidated basis or any similar reference shall, in each case, be deemed to
include each variable interest entity that the Borrower is required to
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consolidate pursuant to FASB ASC 810 as if such variable interest entity were a Subsidiary as defined
herein.
(d)Calculation of Financial Covenants on a Pro Forma Basis. Notwithstanding the above, the
parties hereto acknowledge and agree that all calculations of the financial covenants in Section 8.11
(including for purposes of determining the Applicable Rate) shall be made on a Pro Forma Basis with
respect to any Acquisition, any Material Disposition or any Material Recovery Event occurring during
the applicable period.
(e)Limited Condition Acquisitions. Notwithstanding anything to the contrary herein, to the
extent that the terms of this Agreement require compliance with any financial ratio or test in connection
with a Limited Condition Acquisition, at the option of the Borrower, the date of determination of
whether the relevant condition is satisfied shall be deemed to be the date (on the basis of the financial
statements for the most recently ended period of four quarters of the Borrower for which financial
statements have been delivered) of execution of the definitive agreement with respect to such Limited
Condition Acquisition (the “LCA Test Date”), after giving effect to the relevant Limited Condition
Acquisition and related incurrence of Indebtedness, on a Pro Forma Basis; provided, that,
notwithstanding the foregoing, the Limited Condition Acquisition and the related Indebtedness to be
incurred (and any associated Lien) and the use of proceeds thereof (and the consummation of any
Acquisition or Investment) shall be deemed incurred and/or applied at the LCA Test Date (until such
time as the Indebtedness is actually incurred or the applicable definitive agreement is terminated without
actually consummating the applicable Limited Condition Acquisition) and outstanding thereafter solely
for purposes of pro forma compliance with any applicable calculation of the financial covenants set
forth in Section 8.11 in determining whether the relevant Limited Condition Acquisition and related
incurrence of Indebtedness are permitted to be consummated.
1.04Rounding.
Any financial ratios required to be maintained by the Loan Parties pursuant to this Agreement
shall be calculated by dividing the appropriate component by the other component, carrying the result
to one place more than the number of places by which such ratio is expressed herein and rounding the
result up or down to the nearest number (with a rounding-up if there is no nearest number).
1.05Times of Day; Rates.
Unless otherwise specified, all references herein to times of day shall be references to Eastern
time (daylight or standard, as applicable). The Administrative Agent does not warrant, nor accept
responsibility, nor shall the Administrative Agent have any liability with respect to, the administration,
submission or any other matter related to the rates in the definition of “Eurodollar Rate” or with respect
to any rate that is an alternative or replacement for or successor to any of such rate (including any
LIBOR Successor Rate) or the effect of any of the foregoing, or of any LIBOR Successor Rate
Conforming Changes.
1.06Letter of Credit Amounts.
Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed
to be the Dollar Equivalent of the stated amount of such Letter of Credit in effect at such time; provided,
that, with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related
thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such
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Letter of Credit shall be deemed to be the Dollar Equivalent of the maximum stated amount of such
Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount
is in effect at such time.
1.07Exchange Rates; Currency Equivalents.
(a)The applicable L/C Issuer shall determine the Dollar Equivalent amounts of L/C Credit
Extensions and Outstanding Amounts with respect to any L/C Obligation denominated in Alternative
Currencies. Such Dollar Equivalent shall become effective as of such Revaluation Date and shall be the
Dollar Equivalent of such amounts until the next Revaluation Date to occur. Except for purposes of
financial statements delivered by Loan Parties hereunder or calculating financial covenants hereunder
or except as otherwise provided herein, the applicable amount of any currency (other than Dollars) for
purposes of the Loan Documents shall be such Dollar Equivalent amount as so determined by the
applicable L/C Issuer.
(b)Wherever in this Agreement in connection with an issuance, amendment or extension of a
Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Dollars,
but such Letter of Credit is denominated in an Alternative Currency, such amount shall be the relevant
Alternative Currency Equivalent of such Dollar amount (rounded to the nearest unit of such Alternative
Currency, with 0.5 of a unit being rounded upward), as determined by the applicable L/C Issuer.
1.08Change of Currency.
(a)Each obligation of the Borrower to make a payment denominated in the national currency
unit of any member state of the European Union that adopts the EUR as its lawful currency after the
date hereof shall be redenominated into EUR at the time of such adoption. If, in relation to the currency
of any such member state, the basis of accrual of interest expressed in this Agreement in respect of that
currency shall be inconsistent with any convention or practice in the London interbank market for the
basis of accrual of interest in respect of the EUR, such expressed basis shall be replaced by such
convention or practice with effect from the date on which such member state adopts the EUR as its
lawful currency; provided that, if any Borrowing in the currency of such member state is outstanding
immediately prior to such date, such replacement shall take effect, with respect to such Borrowing, at
the end of the then current Interest Period.
(b)Each provision of this Agreement shall be subject to such reasonable changes of construction
as the Administrative Agent may from time to time specify to be appropriate to reflect the adoption of
the EUR by any member state of the European Union and any relevant market conventions or practices
relating to the EUR.
(c)Each provision of this Agreement also shall be subject to such reasonable changes of
construction as the Administrative Agent may from time to time specify to be appropriate to reflect a
change in currency of any other country and any relevant market conventions or practices relating to
the change in currency.
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ARTICLE II.
THE COMMITMENTS AND CREDIT EXTENSIONS
2.01Revolving Loans and Term Loans.
(a)Revolving Loans. Subject to the terms and conditions set forth herein, each Lender severally
agrees to make loans (each such loan, a “Revolving Loan”) to the Borrower in Dollars from time to
time on any Business Day during the Availability Period in an aggregate amount not to exceed at any
time outstanding the amount of such Lender’s Revolving Commitment; provided, that, after giving
effect to any Borrowing of Revolving Loans, (i) the Total Revolving Outstandings shall not exceed the
Aggregate Revolving Commitments, and (ii) the Revolving Credit Exposure of any Lender shall not
exceed such Lender’s Revolving Commitment. Within the limits of each Lender’s Revolving
Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow Revolving
Loans under this Section 2.01(a), prepay Revolving Loans pursuant to Section 2.05(a), and reborrow
Revolving Loans under this Section 2.01(a). Revolving Loans may be Base Rate Loans or Eurodollar
Rate Loans, or a combination thereof, as further provided herein.
(b)Incremental Term Loans. Subject to the terms and conditions set forth herein, on any
Incremental Facility Closing Date on which any Incremental Term Loan Commitments of any Class
are effected pursuant to Section 2.16, (i) each Lender of such Class severally agrees to make its portion
of a term loan (each, an “Incremental Term Loan”) to the Borrower in Dollars in an amount equal to
such Lender’s Incremental Term Loan Commitment with respect to such Incremental Term Loan.
Amounts repaid on any Incremental Term Loan may not be reborrowed. An Incremental Term Loan
may consist of Base Rate Loans or Eurodollar Rate Loans, or a combination thereof, as further provided
herein.
2.02Borrowings, Conversions and Continuations of Loans.
(a)Each Borrowing, each conversion of Loans from one Type to the other, and each
continuation of Eurodollar Rate Loans shall be made upon the Borrower’s irrevocable notice to the
Administrative Agent, which may be given by telephone or a Loan Notice; provided, that any telephonic
notice must be confirmed promptly by delivery to the Administrative Agent of a Loan Notice. Each
such notice must be received by the Administrative Agent not later than 11:00 a.m. (i) three Business
Days prior to the requested date of any Borrowing of, conversion to or continuation of, Eurodollar Rate
Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans, and (ii) on the requested date
of any Borrowing of Base Rate Loans; provided, that, if the Borrower wishes to request Eurodollar Rate
Loans having an Interest Period other than one, two, three or six months in duration as provided in the
definition of “Interest Period,” the applicable notice must be received by the Administrative Agent not
later than 11:00 a.m. four Business Days prior to the requested date of such Borrowing, conversion or
continuation, whereupon the Administrative Agent shall give prompt notice to the appropriate Lenders
of such request and determine whether the requested Interest Period is acceptable to all of them (and
the Administrative Agent shall notify the Borrower (which notice may be by telephone) whether or not
the requested Interest Period has been consented to by all of the appropriate Lenders not later than 11:00
a.m., three Business Days before the requested date of such Borrowing, conversion or continuation).
Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal
amount of $1,000,000 or a whole multiple of $500,000 in excess thereof (or, in
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connection with any conversion or continuation of a Term Loan, if less, the entire principal thereof then
outstanding). Except as provided in Section 2.03(c), each Borrowing of or conversion to Base Rate
Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof (or,
in connection with any conversion or continuation of a Term Loan, if less, the entire principal thereof
then outstanding). Each Loan Notice and each telephonic notice shall specify (A) whether the Borrower
is requesting a Borrowing (and, if so, whether the Borrower is requesting a Borrowing of Revolving
Loans or a Borrowing of an Incremental Term Loan), a conversion of Loans from one Type to the other,
or a continuation of Eurodollar Rate Loans, (B) the requested date of the Borrowing, conversion or
continuation, as the case may be (which shall be a Business Day), (C) the principal amount of Loans to
be borrowed, converted or continued, (D) the Type of Loans to be borrowed or to which existing Loans
are to be converted, and (E) if applicable, the duration of the Interest Period with respect thereto. If the
Borrower fails to specify a Type of a Loan in a Loan Notice or if the Borrower fails to give a timely
notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted
to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last
day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If the
Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any Loan
Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of
one month.
(b)Following receipt of a Loan Notice, the Administrative Agent shall promptly notify each
Lender of the amount of its Applicable Percentage of the applicable Loans, and if no timely notice of a
conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each
Lender of the details of any automatic conversion to Base Rate Loans described in Section 2.02(a). In
the case of a Borrowing, each Lender shall make the amount of its Loan available to the Administrative
Agent in immediately available funds at the Administrative Agent’s Office not later than 1:00 p.m. on
the Business Day specified in the applicable Loan Notice. Upon satisfaction of the applicable conditions
set forth in Section 5.02, the Administrative Agent shall make all funds so received available to the
Borrower in like funds as received by the Administrative Agent either by (i) crediting the account of
the Borrower on the books of Bank of America with the amount of such funds or (ii) wire transfer of
such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the
Administrative Agent by the Borrower; provided, that, if, on the date the Loan Notice with respect to a
Borrowing of Revolving Loans is given by the Borrower, there are L/C Borrowings outstanding, then
the proceeds of such Borrowing, first, shall be applied to the payment in full of any such L/C
Borrowings and second, shall be made available to the Borrower as provided above.
(c)Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted
only on the last day of the Interest Period for such Eurodollar Rate Loan. During the existence of a
Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans without the
consent of the Required Lenders, and the Required Lenders may demand that any or all of the
outstanding Eurodollar Rate Loans be converted immediately to Base Rate Loans.
(d)Each determination of an interest rate by the Administrative Agent pursuant to any provision
of this Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of
manifest error.
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(e)After giving effect to all Borrowings, all conversions of Loans from one Type to the other,
and all continuations of Loans as the same Type, there shall not be more than ten (10) Interest Periods
in effect.
(f)Notwithstanding anything to the contrary in this Agreement, any Lender may exchange,
continue or rollover all or a portion of its Loans in connection with any refinancing, extension, loan
modification, repricing or similar transaction permitted by the terms of this Agreement, pursuant to a
cashless settlement mechanism approved by the Borrower, the Administrative Agent and such Lender.
2.03Letters of Credit.
(a)The Letter of Credit Commitment.
(i)Subject to the terms and conditions set forth herein: (A) each L/C Issuer agrees, in reliance
upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business
Day during the Availability Period, and until the Letter of Credit Expiration Date, to issue Letters of
Credit in Dollars or an Alternative Currency for the account of the Borrower or any Subsidiary, and to
amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(b) and (2)
to honor drawings under the Letters of Credit; and (B) the Lenders with Revolving Commitments
severally agree to participate in Letters of Credit issued for the account of the Borrower or any
Subsidiary and any drawings thereunder; provided, that, after giving effect to any L/C Credit Extension
with respect to any Letter of Credit, (1) the Total Revolving Outstandings shall not exceed the
Aggregate Revolving Commitments, (2) the Revolving Credit Exposure of any Lender shall not exceed
such Lender’s Revolving Commitment, (3) the Outstanding Amount of the L/C Obligations shall not
exceed the Letter of Credit Sublimit and (4) the aggregate outstanding amount of all L/C Obligations
of any L/C Issuer shall not exceed such L/C Issuer’s L/C Commitment (unless otherwise agreed by such
L/C Issuer in its sole discretion). Each request by the Borrower for the issuance or amendment of a
Letter of Credit shall be deemed to be a representation by the Borrower that the L/C Credit Extension
so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the
foregoing limits, and subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters
of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period,
obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and
reimbursed.
(ii)No L/C Issuer shall issue or extend any Letter of Credit if:
(A)subject to Section 2.03(b)(iii), the expiry date of the requested Letter of Credit would occur
more than twelve months after the date of issuance or last extension, unless the Lenders (other than
Defaulting Lenders) holding a majority of the Revolving Credit Exposure have approved such expiry
date; or
(B)the expiry date of such requested Letter of Credit would occur after the Letter of Credit
Expiration Date, unless all the Lenders that have Revolving Commitments have approved such expiry
date.
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(iii)No L/C Issuer shall be under any obligation to issue any Letter of Credit if:
(A)any order, judgment or decree of any Governmental Authority or arbitrator shall by its
terms purport to enjoin or restrain such L/C Issuer from issuing such Letter of Credit, or any Law
applicable to such L/C Issuer or any request or directive (whether or not having the force of Law) from
any Governmental Authority with jurisdiction over such L/C Issuer shall prohibit, or request that such
L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular
or shall impose upon such L/C Issuer with respect to such Letter of Credit any restriction, reserve or
capital requirement (for which such L/C Issuer is not otherwise compensated hereunder) not in effect
on the Effective Date, or shall impose upon such L/C Issuer any unreimbursed loss, cost or expense
which was not applicable on the Effective Date and which such L/C Issuer in good faith deems material
to it;
(B)the issuance of such Letter of Credit would violate one or more policies of such L/C Issuer
applicable to letters of credit generally;
(C)except as otherwise agreed by the Administrative Agent and such L/C Issuer, such Letter
of Credit is in an initial stated amount less than $100,000;
(D)such Letter of Credit is to be denominated in a currency other than Dollars or an Alternative
Currency;
(E)any Lender with a Revolving Commitment is at that time a Defaulting Lender, unless such
L/C Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to such
L/C Issuer (in its sole discretion) with the Borrower or such Defaulting Lender to eliminate such L/C
Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.15(b)) with respect to the
Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of
Credit and all other L/C Obligations as to which such L/C Issuer has actual or potential Fronting
Exposure, as it may elect in its sole discretion; or
(F)such Letter of Credit contains any provisions for automatic reinstatement of the stated
amount after any drawing thereunder.
(iv)No L/C Issuer shall amend any Letter of Credit if such L/C Issuer would not be permitted at
such time to issue such Letter of Credit in its amended form under the terms hereof.
(v)No L/C Issuer shall be under any obligation to amend any Letter of Credit if (A) such L/C
Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under
the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment
to such Letter of Credit.
(vi)Each L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued
by it and the documents associated therewith, and such L/C Issuer shall have all of the benefits and
immunities (A) provided to the Administrative
45
Agent in Article X with respect to any acts taken or omissions suffered by such L/C Issuer in connection
with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to
such Letters of Credit as fully as if the term “Administrative Agent” as used in Article X included such
L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect
to such L/C Issuer.
(b)Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of
Credit.
(i)Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the
Borrower delivered to an L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter
of Credit Application, appropriately completed and signed by a Responsible Officer of the Borrower.
Such Letter of Credit Application may be sent by facsimile, by United States mail, by overnight courier,
by electronic transmission using the system provided by such L/C Issuer, by personal delivery or by
any other means acceptable to such L/C Issuer. Such Letter of Credit Application must be received by
such L/C Issuer and the Administrative Agent not later than 11:00 a.m. at least two Business Days (or
such later date and time as the Administrative Agent and such L/C Issuer may agree in a particular
instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the case
may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit
Application shall specify in form and detail satisfactory to such L/C Issuer: (A) the proposed issuance
date of the requested Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the
expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be
presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to
be presented by such beneficiary in case of any drawing thereunder; (G) the purpose and nature of the
requested Letter of Credit; and (H) such other matters as such L/C Issuer may require. In the case of a
request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall
specify in form and detail satisfactory to such L/C Issuer: (1) the Letter of Credit to be amended; (2)
the proposed date of amendment thereof (which shall be a Business Day); (3) the nature of the proposed
amendment; and (4) such other matters as such L/C Issuer may require. Additionally, the Borrower
shall furnish to such L/C Issuer and the Administrative Agent such other documents and information
pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents,
as such L/C Issuer or the Administrative Agent may require.
(ii)Promptly after receipt of any Letter of Credit Application, the applicable L/C Issuer will
confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has
received a copy of such Letter of Credit Application from the Borrower and, if not, such L/C Issuer will
provide the Administrative Agent with a copy thereof. Unless such L/C Issuer has received written
notice from any Lender, the Administrative Agent or any Loan Party, at least one Business Day prior
to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more
applicable conditions contained in Article V shall not then be satisfied, then, subject to the terms and
conditions hereof, such L/C Issuer shall, on the requested date, issue a Letter of Credit for the account
of the Borrower or the applicable Subsidiary or enter into the applicable amendment, as the case may
be, in each case in accordance with such L/C
46
Issuer’s usual and customary business practices. Immediately upon the issuance of each Letter of Credit,
each Lender with a Revolving Commitment shall be deemed to, and hereby irrevocably and
unconditionally agrees to, purchase from the applicable L/C Issuer a risk participation in such Letter of
Credit in an amount equal to the product of such Lender’s Applicable Revolving Percentage times the
amount of such Letter of Credit.
(iii)If the Borrower so requests in any applicable Letter of Credit Application, an L/C Issuer may,
in its sole discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an
“Auto-Extension Letter of Credit”); provided, that, any such Auto-Extension Letter of Credit must
permit such L/C Issuer to prevent any such extension at least once in each twelve-month period
(commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary
thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve-month period to be
agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by an L/C Issuer, the
Borrower shall not be required to make a specific request to such L/C Issuer for any such extension.
Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have
authorized (but may not require) such L/C Issuer to permit the extension of such Letter of Credit at any
time to an expiry date not later than the Letter of Credit Expiration Date; provided, that, such L/C Issuer
shall not permit any such extension if (A) such L/C Issuer has determined that it would not be permitted,
or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended)
under the terms hereof (by reason of the provisions of Section 2.03(a)(ii), Section 2.03(a)(iii) or
otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day
that is seven Business Days before the Non-Extension Notice Date (1) from the Administrative Agent
that the Required Lenders have elected not to permit such extension or (2) from the Administrative
Agent, any Lender or any Loan Party that one or more of the applicable conditions specified in Section
5.02 is not then satisfied, and in each case directing such L/C Issuer not to permit such extension.
(iv)If the Borrower so requests in any applicable Letter of Credit Application, an L/C Issuer may,
in its sole discretion, agree to issue a Letter of Credit that permits the automatic reinstatement of all or
a portion of the stated amount thereof after any drawing thereunder (each, an “Auto-Reinstatement
Letter of Credit”). Unless otherwise directed by an L/C Issuer, the Borrower shall not be required to
make a specific request to such L/C Issuer to permit such reinstatement. Once an Auto-Reinstatement
Letter of Credit has been issued, except as provided in the following sentence, the Lenders shall be
deemed to have authorized (but may not require) such L/C Issuer to reinstate all or a portion of the
stated amount thereof in accordance with the provisions of such Letter of Credit. Notwithstanding the
foregoing, if such Auto-Reinstatement Letter of Credit permits an L/C Issuer to decline to reinstate all
or any portion of the stated amount thereof after a drawing thereunder by giving notice of such non-
reinstatement within a specified number of days after such drawing (the “Non-Reinstatement
Deadline”), such L/C Issuer shall not permit such reinstatement if it has received a notice (which may
be by telephone or in writing) on or before the day that is seven Business Days before the Non-
Reinstatement Deadline (A) from the Administrative Agent that the Required Lenders have elected not
to permit such reinstatement or (B) from the Administrative Agent, any Lender or any Loan Party that
one or more of the applicable
47
conditions specified in Section 5.02 is not then satisfied (treating such reinstatement as an L/C Credit
Extension for purposes of this clause) and, in each case, directing such L/C Issuer not to permit such
reinstatement.
(v)Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to
an advising bank with respect thereto or to the beneficiary thereof, the applicable L/C Issuer will also
deliver to the Borrower and the Administrative Agent a true and complete copy of such Letter of Credit
or amendment.
(c)Drawings and Reimbursements; Funding of Participations.
(i)Upon receipt from the beneficiary of any Letter of Credit of any notice of drawing under such
Letter of Credit, the applicable L/C Issuer shall notify the Borrower and the Administrative Agent
thereof. Not later than 11:00 a.m. on the date of any payment by such L/C Issuer under a Letter of Credit
(each such date, an “Honor Date”), the Borrower shall reimburse such L/C Issuer through the
Administrative Agent in an amount equal to the amount of such drawing. If the Borrower fails to so
reimburse such L/C Issuer by such time, the Administrative Agent shall promptly notify each Lender
of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the
amount of such Lender’s Applicable Revolving Percentage thereof. In such event, the Borrower shall
be deemed to have requested a Borrowing of Revolving Loans that are Base Rate Loans to be disbursed
on the Honor Date in an amount equal to the Dollar Equivalent amount of the Unreimbursed Amount,
without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base
Rate Loans, but subject to the unutilized portion of the Aggregate Revolving Commitments and the
conditions set forth in Section 5.02 (other than the delivery of a Loan Notice). Any notice given by an
L/C Issuer or the Administrative Agent pursuant to this Section 2.03(c)(i) may be given by telephone if
immediately confirmed in writing; provided, that, the lack of such an immediate confirmation shall not
affect the conclusiveness or binding effect of such notice.
(ii)Each Lender shall upon any notice pursuant to Section 2.03(c)(i) make funds available (and
the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the
applicable L/C Issuer at the Administrative Agent’s Office in an amount equal to its Applicable
Revolving Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day
specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section
2.03(c)(iii), each Lender that so makes funds available shall be deemed to have made a Revolving Loan
that is a Base Rate Loan to the Borrower in such amount. The Administrative Agent shall remit the
funds so received to such L/C Issuer.
(iii)With respect to any Unreimbursed Amount that is not fully refinanced by a Borrowing of
Revolving Loans that are Base Rate Loans because the conditions set forth in Section 5.02 cannot be
satisfied or for any other reason, the Borrower shall be deemed to have incurred from the applicable
L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced,
which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest
at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account
of such L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of its
48
participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in
satisfaction of its participation obligation under this Section 2.03.
(iv)Until each Lender funds its Revolving Loan or L/C Advance pursuant to this Section 2.03(c)
to reimburse the applicable L/C Issuer for any amount drawn under any Letter of Credit, interest in
respect of such Lender’s Applicable Revolving Percentage of such amount shall be solely for the
account of such L/C Issuer.
(v)Each Lender’s obligation to make Revolving Loans or L/C Advances to reimburse the
applicable L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this Section
2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance, including:
(A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against
such L/C Issuer, the Borrower, any Subsidiary or any other Person for any reason whatsoever; (B) the
occurrence or continuance of a Default; or (C) any other occurrence, event or condition, whether or not
similar to any of the foregoing; provided, that, each Lender’s obligation to make Revolving Loans
pursuant to this Section 2.03(c) is subject to the conditions set forth in Section 5.02 (other than delivery
by the Borrower of a Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair
the obligation of the Borrower to reimburse any L/C Issuer for the amount of any payment made by
such L/C Issuer under any Letter of Credit, together with interest as provided herein.
(vi)If any Lender fails to make available to the Administrative Agent for the account of the
applicable L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing
provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii), then, without limiting the
other provisions of this Agreement, such L/C Issuer shall be entitled to recover from such Lender (acting
through the Administrative Agent), on demand, such amount with interest thereon for the period from
the date such payment is required to the date on which such payment is immediately available to such
L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by
such L/C Issuer in accordance with banking industry rules on interbank compensation, plus any
administrative, processing or similar fees customarily charged by such L/C Issuer in connection with
the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid
shall constitute such Lender’s Revolving Loan included in the relevant Borrowing or L/C Advance in
respect of the relevant L/C Borrowing, as the case may be. A certificate of such L/C Issuer submitted
to any Lender (through the Administrative Agent) with respect to any amounts owing under this Section
2.03(c)(vi) shall be conclusive absent manifest error.
(d)Repayment of Participations.
(i)At any time after an L/C Issuer has made a payment under any Letter of Credit and has
received from any Lender such Lender’s L/C Advance in respect of such payment in accordance with
Section 2.03(c), if the Administrative Agent receives for the account of such L/C Issuer any payment
in respect of the related Unreimbursed Amount or interest thereon (whether directly from the Borrower
or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the
Administrative Agent will distribute to such Lender its Applicable Revolving Percentage thereof in the
same funds as those received by the Administrative Agent.
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(ii)If any payment received by the Administrative Agent for the account of an L/C Issuer pursuant
to Section 2.03(c)(i) is required to be returned under any of the circumstances described in Section
11.05 (including pursuant to any settlement entered into by such L/C Issuer in its discretion), each
Lender shall pay to the Administrative Agent for the account of such L/C Issuer its Applicable
Revolving Percentage thereof on demand of the Administrative Agent, plus interest thereon from the
date of such demand to the date such amount is returned by such Lender, at a rate per annum equal to
the Federal Funds Rate from time to time in effect. The obligations of the Lenders under this clause
shall survive the Facility Termination Date and the termination of this Agreement.
(e)Obligations Absolute. The obligation of the Borrower to reimburse each L/C Issuer for each
drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional
and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all
circumstances, including the following:
(i)any lack of validity or enforceability of such Letter of Credit, this Agreement or any other
Loan Document;
(ii)the existence of any claim, counterclaim, setoff, defense or other right that the Borrower or
any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit
(or any Person for whom any such beneficiary or any such transferee may be acting), such L/C Issuer
or any other Person, whether in connection with this Agreement, the transactions contemplated hereby
or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;
(iii)any draft, demand, certificate or other document presented under such Letter of Credit proving
to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or
inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required
in order to make a drawing under such Letter of Credit;
(iv)waiver by such L/C Issuer of any requirement that exists for such L/C Issuer’s protection and
not the protection of the Borrower or any waiver by such L/C Issuer which does not in fact materially
prejudice the Borrower;
(v)honor of a demand for payment presented electronically even if such Letter of Credit requires
that demand be in the form of a draft;
(vi)any payment made by such L/C Issuer in respect of an otherwise complying item presented
after the date specified as the expiration date of, or the date by which documents must be received under
such Letter of Credit if presentation after such date is authorized by the Uniform Commercial Code or
the ISP;
(vii)any payment by such L/C Issuer under such Letter of Credit against presentation of a draft or
certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made
by such L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy,
debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of
or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in
connection with any proceeding under any Debtor Relief Law;
50
(viii)any other circumstance or happening whatsoever, whether or not similar to any of the
foregoing, including any other circumstance that might otherwise constitute a defense available to, or a
discharge of, the Borrower or any Subsidiary; or
(ix)any adverse change in the relevant exchange rates or in the availability of the relevant
Alternative Currency to the Borrower or any Subsidiary or in the relevant currency markets generally.
The Borrower shall promptly examine a copy of each Letter of Credit and each amendment
thereto that is delivered to it and, in the event of any claim of noncompliance with the Borrower’s
instructions or other irregularity, the Borrower will immediately notify the applicable L/C Issuer. The
Borrower shall be conclusively deemed to have waived any such claim against such L/C Issuer and its
correspondents unless such notice is given as aforesaid.
(f)Role of L/C Issuer. Each Lender and the Borrower agree that, in paying any drawing under
a Letter of Credit, no L/C Issuer shall have any responsibility to obtain any document (other than any
sight draft, certificates and documents expressly required by such Letter of Credit) or to ascertain or
inquire as to the validity or accuracy of any such document or the authority of the Person executing or
delivering any such document. None of any L/C Issuer, the Administrative Agent, any of their
respective Related Parties nor any correspondent, participant or assignee of any L/C Issuer shall be
liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the
approval of the Lenders, the Required Lenders or the Lenders holding a majority of the Revolving
Credit Exposure, as applicable, (ii) any action taken or omitted in the absence of gross negligence or
willful misconduct or (iii) the due execution, effectiveness, validity or enforceability of any document
or instrument related to any Letter of Credit or Issuer Document. The Borrower hereby assumes all risks
of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit;
provided, that, this assumption is not intended to, and shall not, preclude the Borrower from pursuing
such rights and remedies as it may have against the beneficiary or transferee at law or under any other
agreement. None of any L/C Issuer, the Administrative Agent, any of their respective Related Parties
nor any correspondent, participant or assignee of any L/C Issuer shall be liable or responsible for any
of the matters described in Sections 2.03(e)(i) through (e)(viii); provided, that, anything in such sections
to the contrary notwithstanding, the Borrower may have a claim against an L/C Issuer, and such L/C
Issuer may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to
consequential or exemplary, damages suffered by the Borrower which the Borrower proves, as
determined by a final nonappealable judgment of a court of competent jurisdiction, were caused by such
L/C Issuer’s willful misconduct or gross negligence or such L/C Issuer’s willful failure to pay under
any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly
complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation of
the foregoing, an L/C Issuer may accept documents that appear on their face to be in order, without
responsibility for further investigation, regardless of any notice or information to the contrary, and such
L/C Issuer shall not be responsible for the validity or sufficiency of any instrument transferring,
endorsing or assigning or purporting to transfer, endorse or assign a Letter of Credit or the rights or
benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective
for any reason. An L/C Issuer may send a Letter of Credit or conduct any communication to or from
the beneficiary via the Society for Worldwide Interbank Financial Telecommunication message or
overnight courier, or any other commercially reasonable means of communicating with a beneficiary.
51
(g)Applicability of ISP; Limitation of Liability. Unless otherwise expressly agreed by an L/C
Issuer and the Borrower when a Letter of Credit is issued, the rules of the ISP shall apply to each Letter
of Credit. Notwithstanding the foregoing, no L/C Issuer shall be responsible to the Borrower for, and
each L/C Issuer’s rights and remedies against the Borrower shall not be impaired by, any action or
inaction of such L/C Issuer required or permitted under any Law, order, or practice that is required or
permitted to be applied to any Letter of Credit or this Agreement, including the Law or any order of a
jurisdiction where such L/C Issuer or the beneficiary is located, the practice stated in the ISP or in the
decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the
Bankers Association for Finance and Trade-International Financial Services Association (BAFT-
IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit
chooses such Law or practice.
(h)Letter of Credit Fees. The Borrower shall pay to the Administrative Agent, for the account
of each Lender with a Revolving Commitment, in accordance, subject to Section 2.15, with its
Applicable Revolving Percentage, a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of
Credit equal to the Applicable Rate for Revolving Loans that are Eurodollar Rate Loans times the daily
amount available to be drawn under such Letter of Credit. For purposes of computing the daily amount
available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined
in accordance with Section 1.06. Letter of Credit Fees shall be (i) due and payable on the last Business
Day of each January, April, July and October, commencing with the first such date to occur after the
issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand and
(ii) computed on a quarterly basis in arrears. If there is any change in the Applicable Rate during any
quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and
multiplied by the Applicable Rate separately for each period during such quarter that such Applicable
Rate was in effect. Notwithstanding anything to the contrary contained herein, upon the request of the
Required Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue at the Default
Rate.
(i)Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. The Borrower
shall pay directly to each L/C Issuer, for its own account, a fronting fee of 0.125% per annum with
respect to each Letter of Credit, computed on the daily amount available to be drawn under such Letter
of Credit on a quarterly basis in arrears. In the case of Bank of America, in its capacity as an L/C Issuer,
such fronting fee shall be due and payable on the tenth Business Day after the end of each January,
April, July and October in respect of the most recently-ended quarterly period (or portion thereof, in
the case of the first payment), commencing with the first such date to occur after the issuance of such
Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. In the case of each
other L/C Issuer, such fronting fee shall be due and payable as agreed in writing between the Borrower
and such L/C Issuer. For purposes of computing the daily amount available to be drawn under any Letter
of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. In
addition, the Borrower shall pay directly to each L/C Issuer, for its own account, the customary issuance,
presentation, amendment and other processing fees, and other standard costs and charges, of such L/C
Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard costs
and charges are due and payable on demand and are nonrefundable.
(j)Conflict with Issuer Documents. In the event of any conflict between the terms hereof and
the terms of any Issuer Document, the terms hereof shall control.
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(k)Letters of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or
outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the
Borrower shall be obligated to reimburse each L/C Issuer hereunder for any and all drawings under
such Letter of Credit. The Borrower hereby acknowledges that the issuance of Letters of Credit for the
account of Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business derives
substantial benefits from the businesses of such Subsidiaries.
(l)Additional L/C Issuers. The Borrower may from time to time, upon not less than five (5)
Business Days’ notice from the Borrower to the Administrative Agent (or such shorter period of time
as may be agreed by the Administrative Agent in its sole discretion), designate a Lender as an L/C
Issuer (upon obtaining such Lender’s prior consent thereto). The Administrative Agent will promptly
notify the Lenders of any designation of any such additional L/C Issuers by the Borrower. Upon (i)
notification to the Lenders of any additional L/C Issuer by the Administrative Agent and (ii) delivery
by the Borrower of such contact and other information regarding such L/C Issuer as the Administrative
Agent shall reasonably request, such Lender shall become an L/C Issuer for all purposes of this
Agreement, and references to “L/C Issuer” shall mean and include such Lender in its capacity as an L/C
Issuer.
(m)L/C Issuer Reports to the Administrative Agent. Unless otherwise agreed by the
Administrative Agent, each L/C Issuer shall, in addition to its notification obligations set forth
elsewhere in this Section 2.03, provide the Administrative Agent, the following:
(i)reasonably prior to the time that such L/C Issuer issues, amends, renews, increases or extends
a Letter of Credit, the date of such issuance, amendment, renewal, increase or extension and the stated
amount of the applicable Letters of Credit after giving effect to such issuance, amendment, renewal or
extension (and whether the amounts thereof shall have changed);
(ii)on each Business Day on which such L/C Issuer makes a payment pursuant to a Letter of
Credit, the date and amount of such payment;
(iii)on any Business Day on which the Borrower fails to reimburse a payment made pursuant to
a Letter of Credit required to be reimbursed to such L/C Issuer on such day, the date of such failure and
the amount of such payment;
(iv)on any other Business Day, such other information as the Administrative Agent shall
reasonably request as to the Letters of Credit issued by such L/C Issuer; and
(v)for so long as any Letter of Credit issued by an L/C Issuer is outstanding, such L/C Issuer
shall deliver to the Administrative Agent (A) on the last Business Day of each calendar month, and (B)
on each date that (1) an L/C Credit Extension occurs or (2) there is any expiration, cancellation and/or
disbursement, in each case, with respect to any such Letter of Credit, a such information as the
Administrative Agent shall reasonably request, including, the letter of credit number, maximum face
amount, current face amount, beneficiary name, issuance date, expiry date and whether such Letter of
Credit is may be automatically renewed or extended.
The Administrative Agent shall maintain a record of all outstanding Letters of Credit based
upon information provided by the Borrower and the L/C Issuers pursuant to this Section 2.03(m), and
such record of the Administrative Agent shall, absent manifest error, be deemed a
53
correct and conclusive record of all Letters of Credit outstanding from time to time hereunder.
Notwithstanding the foregoing, if and to the extent the Administrative Agent determines that there are
one or more discrepancies between information provided by the Borrower and any L/C Issuer
hereunder, the Administrative Agent will notify the Borrower and such L/C Issuer thereof and the
Borrower and such L/C Issuer shall endeavor to reconcile any such discrepancy.
2.04[Reserved].
2.05Prepayments.
(a)Voluntary Prepayments. The Borrower may, upon notice from the Borrower to the
Administrative Agent pursuant to delivery to the Administrative Agent of a Notice of Loan Prepayment,
at any time or from time to time voluntarily prepay Revolving Loans and/or the Term Loans in whole
or in part without premium or penalty; provided, that, unless otherwise agreed by the Administrative
Agent, (A) such notice must be received by the Administrative Agent not later than 11:00 a.m. (2) two
Business Days prior to any date of prepayment of Eurodollar Rate Loans and (2) on the date of
prepayment of Base Rate Loans, (B) any such prepayment of Eurodollar Rate Loans shall be in a
principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof (or, if less, the entire
principal amount thereof then outstanding), (C) any prepayment of Base Rate Loans shall be in a
principal amount of $500,000 or a whole multiple of $100,000 in excess thereof (or, if less, the entire
principal amount thereof then outstanding) and (D) any prepayment of any Incremental Term Loan shall
be applied as provided in the relevant Incremental Amendment. Each such notice shall specify the date
and amount of such prepayment and the Type(s) and Class(es) of Loans to be prepaid and, if Eurodollar
Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will
promptly notify each appropriate Lender of its receipt of each such notice, and of the amount of such
Lender’s Applicable Percentage of such prepayment. If such notice is given by the Borrower, the
Borrower shall make such prepayment and the payment amount specified in such notice shall be due
and payable on the date specified therein. Any prepayment of a Eurodollar Rate Loan shall be
accompanied by all accrued interest on the amount prepaid, together with any additional amounts
required pursuant to Section 3.05. Subject to Section 2.15, each such prepayment shall be applied to the
Loans of the Lenders in accordance with their respective Applicable Percentages.
(b)Mandatory Prepayments of Loans.
(i)Revolving Commitments. If for any reason the Total Revolving Outstandings at any time
exceed the Aggregate Revolving Commitments then in effect, the Borrower shall immediately prepay
Revolving Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such
excess; provided, that, the Borrower shall not be required to Cash Collateralize the L/C Obligations
pursuant to this Section 2.05(b)(i) unless after the prepayment in full of the Revolving Loans the Total
Revolving Outstandings exceed the Aggregate Revolving Commitments then in effect.
(ii)Application of Mandatory Prepayments. All amounts required to be paid pursuant to this
Section 2.05(b) shall be applied: first, ratably to the L/C Borrowings, second, to the outstanding
Revolving Loans, and, third, to Cash Collateralize the remaining L/C Obligations (if required by the
provision of Section 2.05(b)(i)).
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Within the parameters of the applications set forth above, prepayments shall be applied first to
Base Rate Loans and then to Eurodollar Rate Loans in direct order of Interest Period maturities. All
prepayments under this Section 2.05(b) shall be subject to Section 3.05, but otherwise without premium
or penalty, and shall be accompanied by interest on the principal amount prepaid through the date of
prepayment.
2.06Optional Reductions of the Aggregate Revolving Commitments. The Borrower may, upon
notice to the Administrative Agent, terminate the Aggregate Revolving Commitments, or from time to
time permanently reduce the Aggregate Revolving Commitments; provided, that, unless otherwise
agreed by the Administrative Agent, (i) any such notice shall be received by the Administrative Agent
not later than 11:00 a.m. three Business Days prior to the date of termination or reduction, (ii) any such
partial reduction shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in
excess thereof, (iii) the Borrower shall not terminate or reduce the Aggregate Revolving Commitments
if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Revolving
Outstandings would exceed the Aggregate Revolving Commitments and (iv) if, after giving effect to
any reduction of the Aggregate Revolving Commitments or the Letter of Credit Sublimit exceeds the
amount of the Aggregate Revolving Commitments, such sublimit shall be automatically reduced by the
amount of such excess. The Administrative Agent will promptly notify the Lenders of any such notice
of termination or reduction of the Aggregate Revolving Commitments. Any reduction of the Aggregate
Revolving Commitments shall be applied to the Revolving Commitment of each Lender according to
its Applicable Revolving Percentage. All fees accrued until the effective date of any termination of the
Aggregate Revolving Commitments shall be paid on the effective date of such termination.
2.07Repayment of Loans.
(a)Revolving Loans. The Borrower shall repay to the Lenders on the Maturity Date for the
Revolving Loans the aggregate principal amount of all Revolving Loans outstanding on such date.
(b)Incremental Term Loans. The Borrower shall repay the outstanding principal amount of each
Incremental Term Loan as provided in the applicable Incremental Amendment, unless accelerated
sooner pursuant to Section 9.02.
2.08Interest.
(a)Subject to the provisions of Section 2.08(b), (i) each Eurodollar Rate Loan shall bear interest
on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the
Eurodollar Rate for such Interest Period plus the Applicable Rate and (ii) each Base Rate Loan shall
bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate
per annum equal to the Base Rate plus the Applicable Rate. To the extent that any calculation of interest
or any fee required to be paid under this Agreement shall be based on (or would result in) a calculation
that is less than zero, such calculation shall be deemed zero for purposes of this Agreement.
(b)(i) If any amount of principal of any Loan is not paid when due (without regard to any applicable
grace periods), whether at stated maturity, by acceleration or otherwise,
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such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to
the Default Rate to the fullest extent permitted by applicable Laws.
(ii)If any amount (other than principal of any Loan) payable by the Borrower under any Loan
Document is not paid when due (without regard to any applicable grace periods), whether at stated
maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount
shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate
to the fullest extent permitted by applicable Laws.
(iii)Upon the request of the Required Lenders, while any Event of Default exists, the Borrower
shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating
interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable
Laws.
(iv)Accrued and unpaid interest on past due amounts (including interest on past due interest) shall
be due and payable upon demand.
(c)Interest on each Loan shall be due and payable in arrears on each Interest Payment Date
applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due
and payable in accordance with the terms hereof before and after judgment, and before and after the
commencement of any proceeding under any Debtor Relief Law.
2.09Fees.
In addition to certain fees described in Sections 2.03(h) and (i):
(a)Commitment Fee. The Borrower shall pay to the Administrative Agent, for the account of
each Lender with a Revolving Commitment, in accordance with its Applicable Revolving Percentage,
a commitment fee (the “Commitment Fee”) equal to the product of (i) the Applicable Rate times (ii) the
actual daily amount by which the Aggregate Revolving Commitments exceed the sum of (A) the
Outstanding Amount of Revolving Loans and (B) the Outstanding Amount of L/C Obligations, subject
to adjustment as provided in Section 2.15. The Commitment Fee shall accrue at all times during the
Availability Period, including at any time during which one or more of the conditions in Article V is
not met, and shall be due and payable quarterly in arrears on the last Business Day of each January,
April, July and October, commencing with the first such date to occur after the Effective Date, and on
the last day of the Availability Period. The Commitment Fee shall be calculated quarterly in arrears,
and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be
computed and multiplied by the Applicable Rate separately for each period during such quarter that
such Applicable Rate was in effect.
(b)Other Fees.
(i)The Borrower shall pay the Administrative Agent, for its own account, fees in the amounts
and at the times specified in the Fee Letter. Such fees shall be fully earned when paid and shall not be
refundable for any reason whatsoever.
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(ii)The Borrower shall pay to the Lenders such fees as shall have been separately agreed upon in
writing in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall
not be refundable for any reason whatsoever.
2.10Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate.
(a)All computations of interest for Base Rate Loans (including Base Rate Loans determined by
reference to the Eurodollar Rate) shall be made on the basis of a year of 365 or 366 days, as the case
may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis
of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being
paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on
which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which
the Loan or such portion is paid; provided, that, any Loan that is repaid on the same day on which it is
made shall, subject to Section 2.12(a), bear interest for one day. Each determination by the
Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all
purposes, absent manifest error.
(b)If, as a result of any restatement of or other adjustment to the financial statements of the
Borrower or for any other reason, the Borrower or the Lenders determine that (i) the Consolidated
Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper
calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period,
the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent, for
the account of the applicable Lenders or the L/C Issuers, as the case may be, promptly on demand by
the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief
with respect to the Borrower under the Bankruptcy Code of the United States, automatically and without
further action by the Administrative Agent, any Lender or any L/C Issuer), an amount equal to the
excess of the amount of interest and fees that should have been paid for such period over the amount of
interest and fees actually paid for such period. This paragraph shall not limit the rights of the
Administrative Agent, any Lender or any L/C Issuer, as the case may be, under this Agreement. The
Borrower’s obligations under this paragraph shall survive the Facility Termination Date.
2.11Evidence of Debt.
(a)The Credit Extensions made by each Lender shall be evidenced by one or more accounts or
records maintained by such Lender and by the Administrative Agent in the ordinary course of business.
The Administrative Agent shall maintain the Register in accordance with Section 11.06(c). The
accounts or records maintained by each Lender shall be conclusive absent manifest error of the amount
of the Credit Extensions made by the Lenders to the Borrower and the interest and payments thereon.
Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the
obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the
event of any conflict between the accounts and records maintained by any Lender and the Register, the
Register shall control in the absence of manifest error. Upon the request of any Lender made through
the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the
Administrative Agent) a promissory note, which shall evidence such Lender’s Loans in addition to such
accounts or records. Each such promissory note shall be in the form of Exhibit C (a “Note”). Each
Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and
maturity of its Loans and payments with respect thereto.
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(b)In addition to the accounts and records referred to in Section 2.11(a), each Lender and the
Administrative Agent shall maintain in accordance with its usual practice accounts or records
evidencing the purchases and sales by such Lender of participations in Letters of Credit. In the event of
any conflict between the accounts and records maintained by the Administrative Agent and the accounts
and records of any Lender in respect of such matters, the accounts and records of the Administrative
Agent shall control in the absence of manifest error.
2.12Payments Generally; Administrative Agent’s Clawback.
(a)General. All payments to be made by the Borrower shall be made free and clear of and
without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise
expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative
Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative
Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date
specified herein. The Administrative Agent will promptly distribute to each Lender its Applicable
Percentage (or other applicable share as provided herein) of such payment in like funds as received by
wire transfer to such Lender’s Lending Office. All payments received by the Administrative Agent after
2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or
fee shall continue to accrue. If any payment to be made by the Borrower shall come due on a day other
than a Business Day, payment shall be made on the next following Business Day (or, in the case of
principal repayment installments on Eurodollar Rate Loans, if the result of such extension would be to
extend such principal repayment installment into another calendar month, such principal repayment
installment shall be due on the immediately preceding Business Day), and such extension of time shall
be reflected in computing interest or fees, as the case may be.
(b)(i)Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent
shall have received notice from a Lender prior to the proposed date of any Borrowing of Eurodollar
Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon on the date of
such Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s
share of such Borrowing, the Administrative Agent may assume that such Lender has made such share
available on such date in accordance with Section 2.02 (or, in the case of a Borrowing of Base Rate
Loans, that such Lender has made such share available in accordance with and at the time required by
Section 2.02) and may, in reliance upon such assumption, make available to the Borrower a
corresponding amount. In such event, if a Lender has not in fact made its share of the applicable
Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower
severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in
immediately available funds with interest thereon, for each day from and including the date such amount
is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at
(A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a
rate reasonably determined by the Administrative Agent in accordance with banking industry rules on
interbank compensation, plus any administrative, processing or similar fees customarily charged by the
Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by
the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall
pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative
Agent shall promptly remit to the Borrower the amount of such interest paid by the
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Borrower for such period. If such Lender pays its share of the applicable Borrowing to the
Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such
Borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may
have against a Lender that shall have failed to make such payment to the Administrative Agent.
(ii)Payments by Borrower; Presumptions by Administrative Agent. Unless the Administrative
Agent shall have received notice from the Borrower prior to the date on which any payment is due to
the Administrative Agent for the account of the Lenders or the L/C Issuers hereunder that the Borrower
will not make such payment, the Administrative Agent may assume that the Borrower has made such
payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to
the Lenders or the L/C Issuers, as the case may be, the amount due. In such event, if the Borrower has
not in fact made such payment, then each of the Lenders or the L/C Issuers, as the case may be, severally
agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such
Lender or such L/C Issuer, in immediately available funds with interest thereon, for each day from and
including the date such amount is distributed to it to but excluding the date of payment to the
Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation.
A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount
owing under this Section 2.12(b) shall be conclusive, absent manifest error.
(c)Failure to Satisfy Conditions Precedent. If any Lender makes available to the Administrative
Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this
Article II, and such funds are not made available to the Borrower by the Administrative Agent because
the conditions to the applicable Credit Extension set forth in Article V are not satisfied or waived in
accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as
received from such Lender) to such Lender, without interest.
(d)Obligations of Lenders Several. The obligations of the Lenders hereunder to make Loans, to
fund participations in Letters of Credit and to make payments pursuant to Section 11.04(c) are several
and not joint. The failure of any Lender to make any Loan, to fund any such participation or to make
any payment under Section 11.04(c) on any date required hereunder shall not relieve any other Lender
of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure
of any other Lender to so make its Loan, to purchase its participation or to make its payment under
Section 11.04(c).
(e)Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds
for any Loan in any particular place or manner or to constitute a representation by any Lender that it
has obtained or will obtain the funds for any Loan in any particular place or manner.
(f)Insufficient Funds. If at any time insufficient funds are received by and available to the
Administrative Agent to pay fully all amounts of principal, L/C Borrowings, interest and fees then due
hereunder, such funds shall be applied (i) first, toward payment of interest and fees
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then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest
and fees then due to such parties, and (ii) second, toward payment of principal and L/C Borrowings
then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of
principal and L/C Borrowings then due to such parties.
2.13Sharing of Payments by Lenders.
If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain
payment in respect of any principal of or interest on any of the Loans made by it, or the participations
in L/C Obligations, resulting in such Lender’s receiving payment of a proportion of the aggregate
amount of such Loans or participations and accrued interest thereon greater than its pro rata share
thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the
Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans
and subparticipations in L/C Obligations of the other Lenders, or make such other adjustments as shall
be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in
accordance with the aggregate amount of principal of and accrued interest on their respective Loans
and other amounts owing them; provided, that:
(i)if any such participations or subparticipations are purchased and all or any portion of the
payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and
the purchase price restored to the extent of such recovery, without interest; and
(ii)the provisions of this Section shall not be construed to apply to (A) any payment made by
or on behalf of the Borrower pursuant to and in accordance with the express terms of this Agreement
(including the application of funds arising from the existence of a Defaulting Lender), (B) the
application of Cash Collateral provided for in Section 2.14 or (C) any payment obtained by a Lender as
consideration for the assignment of or sale of a participation in any of its Loans or subparticipations in
L/C Obligations to any assignee or participant, other than an assignment to the Borrower or any
Subsidiary (as to which the provisions of this Section shall apply).
Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so
under applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements
may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation.
2.14Cash Collateral.
(a)Certain Credit Support Events. If (i) an L/C Issuer has honored any full or partial drawing
request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, (ii) as of the
Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, (iii) the
Borrower shall be required to provide Cash Collateral pursuant to Section 9.02(c) or (iv) there shall
exist a Defaulting Lender, the Borrower shall immediately (in the case of clause (iii) above) or within
one Business Day (in all other cases) following any request by the Administrative Agent or such L/C
Issuer provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount
(determined in the case of Cash Collateral provided pursuant to clause (iv) above, after giving effect to
Section 2.15(b) and any Cash Collateral provided by the Defaulting Lender).
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(b)Grant of Security Interest. The Borrower, and to the extent provided by any Defaulting
Lender, such Defaulting Lender, hereby grants to (and subjects to the control of) the Administrative
Agent, for the benefit of the Administrative Agent, the L/C Issuers and the Lenders, and agrees to
maintain, a first priority security interest in all such cash, deposit accounts and all balances therein, and
all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as
security for the obligations to which such Cash Collateral may be applied pursuant to Section 2.14(c).
If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim
of any Person other than the Administrative Agent or an L/C Issuer as herein provided (other than Liens
permitted under Section 8.01(m)), or that the total amount of such Cash Collateral is less than the
Minimum Collateral Amount, the Borrower will, promptly upon demand by the Administrative Agent,
pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to
eliminate such deficiency. All Cash Collateral (other than credit support not constituting funds subject
to deposit) shall be maintained in blocked, non-interest bearing deposit accounts at Bank of America.
The Borrower shall pay on demand therefor from time to time all customary account opening, activity
and other administrative fees and charges in connection with the maintenance and disbursement of Cash
Collateral.
(c)Application. Notwithstanding anything to the contrary contained in this Agreement, Cash
Collateral provided under any of this Section 2.14 or Sections 2.03, 2.05, 2.15 or 9.02 in respect of
Letters of Credit shall be held and applied to the satisfaction of the specific L/C Obligations, obligations
to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any
interest accrued on such obligation) and other obligations for which the Cash Collateral was so
provided, prior to any other application of such property as may otherwise be provided for herein.
(d)Release. Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting
Exposure or to secure other obligations shall be released promptly following (i) the elimination of the
applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of
Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance
with Section 11.06(b)(vi)) or (ii) the determination by the Administrative Agent and the applicable L/C
Issuer that there exists excess Cash Collateral; provided, that, (A) any such release shall be without
prejudice to, and any disbursement or other transfer of Cash Collateral shall be and remain subject to,
any other Lien conferred under the Loan Documents and the other applicable provisions of the Loan
Documents, and (B) the Person providing Cash Collateral and such L/C Issuer may agree that Cash
Collateral shall not be released but instead held to support future anticipated Fronting Exposure or other
obligations.
2.15Defaulting Lenders.
(a)Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any
Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting
Lender, to the extent permitted by applicable Law:
(i)Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any
amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the
definition of “Required Lenders” and Section 11.01.
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(ii)Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts
received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or
mandatory, at maturity, pursuant to Article IX or otherwise) or received by the Administrative Agent
from a Defaulting Lender pursuant to Section 11.08 shall be applied at such time or times as may be
determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such
Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of
any amounts owing by such Defaulting Lender to the L/C Issuers hereunder; third, to Cash Collateralize
each L/C Issuer’s Fronting Exposure with respect to such Defaulting Lender in accordance with Section
2.14; fourth, as the Borrower may request (so long as no Default exists), to the funding of any Loan in
respect of which such Defaulting Lender has failed to fund its portion thereof as required by this
Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative
Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such
Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement
and (y) Cash Collateralize each L/C Issuer’s future Fronting Exposure with respect to such Defaulting
Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section
2.14; sixth, to the payment of any amounts owing to the Lenders, the L/C Issuers as a result of any
judgment of a court of competent jurisdiction obtained by any Lender, any L/C Issuer against such
Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this
Agreement; seventh, so long as no Default exists, to the payment of any amounts owing to the Borrower
as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such
Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this
Agreement; and eighth, to such Defaulting Lender or as otherwise as may be required under the Loan
Documents in connection with any Lien conferred thereunder or directed by a court of competent
jurisdiction; provided, that, if (x) such payment is a payment of the principal amount of any Loans or
L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate share,
and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions
set forth in Section 5.02 were satisfied or waived, such payment shall be applied solely to pay the Loans
of, and L/C Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied
to the payment of any Loans of, or L/C Obligations owed to, such Defaulting Lender until such time as
all Loans and funded and unfunded participations in L/C Obligations are held by the Lenders pro rata
in accordance with the Commitments hereunder without giving effect to Section 2.15(b). Any payments,
prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay
amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.15(a)(ii)
shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents
hereto.
(iii)Certain Fees.
(A)No Defaulting Lender shall be entitled to receive any fee payable under Section 2.09(a),
Section 2.09(b) or Section 2.09(c)(ii) for any period during which that Lender is a Defaulting Lender
(and the Borrower shall not be required to pay any such fee that otherwise would have been required to
have been paid to that Defaulting Lender).
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(B)Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period
during which that Lender is a Defaulting Lender only to the extent allocable to its Applicable Revolving
Percentage of the stated amount of Letters of Credit for which such Defaulting Lender has provided
Cash Collateral pursuant to Section 2.14.
(C)With respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender
pursuant to clause (B) above, the Borrower shall (1) pay to each Non-Defaulting Lender that portion of
any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s
participation in L/C Obligations that has been reallocated to such Non-Defaulting Lender pursuant to
Section 2.15(b) below, (2) pay to the L/C Issuers the amount of any such fee otherwise payable to such
Defaulting Lender to the extent allocable to each L/C Issuer’s Fronting Exposure to such Defaulting
Lender, and (3) not be required to pay the remaining amount of any such fee.
(b)Reallocation of Applicable Revolving Percentages to Reduce Fronting Exposure. All or any
part of such Defaulting Lender’s participation in L/C Obligations shall be reallocated among the Non-
Defaulting Lenders in accordance with their respective Applicable Revolving Percentages (calculated
without regard to such Defaulting Lender’s Revolving Commitment) but only to the extent that such
reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to
exceed such Non-Defaulting Lender’s Revolving Commitment. Subject to Section 11.22, no
reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against
a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim
of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following
such reallocation.
(c)Cash Collateral. If the reallocation described in Section 2.15(b) above cannot, or can only
partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it
hereunder or under applicable Law, Cash Collateralize the L/C Issuers’ Fronting Exposure in
accordance with the procedures set forth in Section 2.14.
(d)Defaulting Lender Cure. If the Borrower, the Administrative Agent and the L/C Issuers agree
in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the
parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions
set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender
will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or
take such other actions as the Administrative Agent may determine to be necessary to cause the Loans
and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders
in accordance with their Applicable Revolving Percentages (without giving effect to Section 2.15(b)),
whereupon such Lender will cease to be a Defaulting Lender; provided, that, no adjustments will be
made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while
that Lender was a Defaulting Lender; provided, further, that, except to the extent otherwise expressly
agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a
waiver or release of any claim of any party hereunder arising from that Lender’s having been a
Defaulting Lender.
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2.16Increase to Commitments.
(a)Incremental Commitments. The Borrower may from time to time after the Effective Date
(but in any case not more than five times), by written notice to the Administrative Agent, request (i)
one or more increases to the Aggregate Revolving Commitments (each, a “Revolving Commitment
Increase”) or (ii) one or more new Classes of Term Loans (any commitment with respect to any new
Class of Term Loan, an “Incremental Term Loan Commitment”; any Incremental Term Loan
Commitment, or any commitment with respect to any Revolving Commitment Increase, an
“Incremental Commitment”), whereupon the Administrative Agent shall promptly deliver a copy or
such written notice to each of the Lenders.
(b)Incremental Term Loan Commitments. Any Incremental Term Loan Commitments effected
through the establishment of one or more new Term Loans shall be designated a separate Class of
Incremental Term Loan Commitments and Term Loans for all purposes of this Agreement.
Notwithstanding the foregoing, Incremental Term Loans may have identical terms to any of the then-
outstanding Term Loans and be treated as the same Class as any of such Term Loans.
(c)Request for Incremental Commitments. Each request for Incremental Commitments from
the Borrower pursuant to this Section 2.16 shall set forth the requested amount and proposed terms of
the relevant Incremental Commitments. Incremental Commitments may be provided by any existing
Lender (but no existing Lender will have any obligation to provide any Incremental Commitment, and
the Borrower will not have any obligation to approach any existing Lenders to provide any Incremental
Commitment) or by any other bank or other financial institution that qualifies as an Eligible Assignee.
(d)Effectiveness of Incremental Amendment. The effectiveness of any Incremental
Amendment and the Incremental Commitments thereunder shall be subject to the satisfaction on the
date thereof (the “Incremental Facility Closing Date”) of each of the following conditions:
(i)no Default shall have occurred and be continuing or would exist after giving effect to such
Incremental Commitments; provided, that, in the case of an Incremental Term Loan the proceeds of
which are used to fund, in whole or in part, the purchase price of a Limited Condition Acquisition, the
foregoing condition shall be (A) no Event of Default shall have occurred and be continuing on the date
of execution of the definitive purchase agreement for such Limited Condition Acquisition and (B) no
Event of Default under Section 9.01(a), (f) or (g) shall have occurred and be continuing or would exist
after giving effect to such Limited Condition Acquisition and the funding of such Incremental Term
Loan;
(ii)the representations and warranties set forth in Article VI shall be true and correct as and to
the extent set forth in Section 5.02;
(iii)the Administrative Agent shall have received a Pro Forma Compliance Certificate
demonstrating that the Loan Parties would be in compliance with the financial covenants set forth in
Section 8.11 recomputed as of the last day of the period of four (4) fiscal quarters of the Borrower most
recently ended for which financial statements have been delivered pursuant to Section 7.01(a) or 7.01(b)
(or, prior to the first such delivery, the financial statements for the fiscal quarter ended October 31,
2020) after giving effect
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to any Incremental Commitments on a Pro Forma Basis (assuming all Loans available under such
Incremental Commitments had been outstanding as of the last day of such period); provided, that, in
the case of an Incremental Term Loan the proceeds of which are used to fund, in whole or in part, the
purchase price of a Limited Condition Acquisition, receipt of such Pro Forma Compliance Certificate
may be satisfied in accordance with Section 1.03(e), at the option of the Borrower, on the applicable
LCA Test Date for such Limited Condition Acquisition;
(iv)the aggregate Incremental Commitments for any Revolving Commitment Increase or any
other Class of Incremental Term Loan shall be in an aggregate principal amount that is not less than
$10,000,000 (or if less, the entire remaining amount available for such institution) and shall be in an
increment of $1,000,000 (or such lesser amounts as agreed by the Administrative Agent);
(v)after giving effect to the establishment of such Incremental Commitments, the aggregate
principal amount of all Incremental Commitments effected pursuant to this Section 2.16 shall not
exceed the sum of (A) $250,000,000 plus (B) an unlimited amount so long as the Consolidated Secured
Leverage Ratio (calculated on a Pro Forma Basis and assuming any such Incremental Commitments
are fully drawn) is less than 2.25:1.0;
(vi)receipt by the Administrative Agent of (A) such resolutions of the board of directors of the
Loan Parties and opinions of counsel to the Loan Parties as it may reasonably request relating to the
organizational authority for the establishment of such Incremental Commitments and the enforceability
thereof and any other matters relevant thereto, and (B) such amendments to the Collateral Documents
as may be reasonably requested by the Administrative Agent, all in form and substance reasonably
satisfactory to the Administrative Agent;
(vii)such other conditions as the Borrower, each Lender providing any such Incremental
Commitment and the Administrative Agent shall agree.
For purposes of calculating the aggregate principal amount of all Incremental Commitments
pursuant to Section 2.16(d)(v), the Borrower may elect to establish such Incremental Commitments in
reliance on Section 2.16(d)(v)(A) or Section 2.16(d)(v)(B) in any order or concurrently. If in connection
with the establishment of any Incremental Commitments the Borrower is able to establish such
Incremental Commitments in reliance on either of Section 2.16(d)(v)(A) or Section 2.16(d)(v)(B), and
the Borrower does not notify the Administrative Agent as to which section such Incremental
Commitments are being established make an election as to which section such Incremental
Commitments are being established, the Borrower will be deemed to have established such Incremental
Commitments in reliance on Section 2.16(d)(v)(B). If the Borrower establishes Incremental
Commitments in reliance on Section 2.16(d)(v)(A) concurrently with the establishment of Incremental
Commitments in reliance on Section 2.16(d)(v)(B), the amount of any such Incremental Commitments
established in reliance on Section 2.16(d)(v)(A) shall be disregarded for purposes of calculating the
Consolidated Secured Leverage Ratio in connection with determining the permissibility of the amount
of such Incremental Commitments that may be established at such time in reliance on Section
2.16(d)(v)(B).
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(e)Required Terms. The terms, provisions and documentation of the Incremental Commitments
of any Class shall be as agreed among the Borrower, the Administrative Agent and the applicable
Lenders providing such Incremental Commitments. In any event:
(i)any Incremental Commitments with respect to a Revolving Commitment Increase shall be on
terms and conditions identical to the Aggregate Revolving Commitments;
(ii)any Incremental Term Loan Commitments with respect to any new Class of Incremental Term
Loan shall be on terms and conditions reasonably satisfactory to Administrative Agent and may include
customary amortization and mandatory prepayments (it being understood that to the extent any financial
maintenance covenant is added for the benefit of any new Class of Incremental Term Loan (and the
Incremental Term Loan Commitments with respect thereto), no consent for such financial maintenance
covenant shall be required from the Administrative Agent or any of the Lenders to the extent that such
financial maintenance covenant is also added for the benefit of the existing credit facilities hereunder);
provided, that, any new Class of Incremental Term Loan shall (A)(1) rank pari
passu in right of payment
and of security with the Revolving Credit Facility and (2) have no obligors other than the Loan Parties,
(B) not mature earlier than the latest Maturity Date of the Revolving Credit Facility at the time of
incurrence of such Incremental Term Loan, (C) other than customary amortization, have a Weighted
Average Life to Maturity not shorter than the then-remaining Weighted Average Life to Maturity of the
Revolving Credit Facility and (D) subject to clauses (B) and (C) of the proviso to this Section 2.16(e)(ii)
set forth above, have an Applicable Rate, fees, customary amortization and customary mandatory
prepayments determined by the Borrower and the applicable Lenders providing such Incremental Term
Loan.
(f)Incremental Amendment. Each Class of Incremental Commitments shall become
Commitments under this Agreement pursuant to an amendment (each, an “Incremental Amendment”)
to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, the
Lenders providing such Incremental Commitments and the Administrative Agent. Each Incremental
Amendment may, without the consent of any other Lender, effect such amendments to this Agreement
and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the
Administrative Agent and the Borrower, to effect the provisions of this Section 2.16 with respect to the
establishment of any Incremental Commitments.
(g)Generally. This Section 2.16 shall supersede any provisions in Section 2.13 or 11.01 to the
contrary.
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ARTICLE III.
TAXES, YIELD PROTECTION AND ILLEGALITY
3.01Taxes.
(a)Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.
(i)Any and all payments by or on account of any obligation of any Loan Party under any Loan
Document shall be made without deduction or withholding for any Taxes, except as required by
applicable Laws. If any applicable Laws (as determined in the good faith discretion of the
Administrative Agent) require the deduction or withholding of any Tax from any such payment by the
Administrative Agent or a Loan Party, then the Administrative Agent or such Loan Party shall be
entitled to make such deduction or withholding, upon the basis of the information and documentation
to be delivered pursuant to Section 3.01(e).
(ii)If any Loan Party or the Administrative Agent shall be required by the Internal Revenue Code
to withhold or deduct any Taxes, including both United States Federal backup withholding and
withholding taxes, from any payment, then (A) the Administrative Agent shall withhold or make such
deductions as are determined by the Administrative Agent to be required based upon the information
and documentation it has received pursuant to Section 3.01(e), (B) the Administrative Agent shall
timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance
with the Internal Revenue Code, and (C) to the extent that the withholding or deduction is made on
account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as
necessary so that after any required withholding or the making of all required deductions (including
deductions applicable to additional sums payable under this Section 3.01) the applicable Recipient
receives an amount equal to the sum it would have received had no such withholding or deduction been
made.
(iii)If any Loan Party or the Administrative Agent shall be required by any applicable Laws other
than the Internal Revenue Code to withhold or deduct any Taxes from any payment, then (A) such Loan
Party or the Administrative Agent, as required by such Laws, shall withhold or make such deductions
as are determined by it to be required based upon the information and documentation it has received
pursuant to Section 3.01(e), (B) such Loan Party or the Administrative Agent, to the extent required by
such Laws, shall timely pay the full amount withheld or deducted to the relevant Governmental
Authority in accordance with such Laws, and (C) to the extent that the withholding or deduction is made
on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as
necessary so that after any required withholding or the making of all required deductions (including
deductions applicable to additional sums payable under this Section 3.01) the applicable Recipient
receives an amount equal to the sum it would have received had no such withholding or deduction been
made.
(b)Payment of Other Taxes by the Loan Parties. Without limiting the provisions of Section
3.01(a), the Loan Parties shall timely pay to the relevant Governmental Authority in
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accordance with applicable Law, or at the option of the Administrative Agent timely reimburse it for
the payment of, any Other Taxes.
(c)Tax Indemnifications.
(i)Each of the Loan Parties shall, and does hereby, jointly and severally indemnify each
Recipient, and shall make payment in respect thereof within ten days after demand therefor, for the full
amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable
to amounts payable under this Section 3.01) payable or paid by such Recipient or required to be withheld
or deducted from a payment to such Recipient, and any penalties, interest and reasonable expenses
arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or
legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of
such payment or liability delivered to the Borrower by a Lender or an L/C Issuer (with a copy to the
Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or an
L/C Issuer, shall be conclusive absent manifest error. Each of the Loan Parties shall, and does hereby,
jointly and severally indemnify the Administrative Agent, and shall make payment in respect thereof
within ten days after demand therefor, for any amount which a Lender or an L/C Issuer for any reason
fails to pay indefeasibly to the Administrative Agent as required pursuant to Section 3.01(c)(ii).
(ii)Each Lender and each L/C Issuer shall, and does hereby, severally indemnify, and shall make
payment in respect thereof within ten days after demand therefor, (A) the Administrative Agent against
any Indemnified Taxes attributable to such Lender or such L/C Issuer (but only to the extent that any
Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and
without limiting the obligation of the Loan Parties to do so), (B) the Administrative Agent and the Loan
Parties, as applicable, against any Taxes attributable to such Lender’s failure to comply with the
provisions of Section 11.06(d) relating to the maintenance of a Participant Register and (C) the
Administrative Agent and the Loan Parties, as applicable, against any Excluded Taxes attributable to
such Lender or such L/C Issuer, in each case, that are payable or paid by the Administrative Agent or a
Loan Party in connection with any Loan Document, and any reasonable expenses arising therefrom or
with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered
to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender and
each L/C Issuer hereby authorizes the Administrative Agent to set off and apply any and all amounts at
any time owing to such Lender or such L/C Issuer, as the case may be, under this Agreement or any
other Loan Document against any amount due to the Administrative Agent under this Section
3.01(c)(ii).
(d)Evidence of Payments. Upon request by any Loan Party or the Administrative Agent, as the
case may be, after any payment of Taxes by such Loan Party or by the Administrative Agent to a
Governmental Authority as provided in this Section 3.01, such Loan Party shall deliver to the
Administrative Agent or the Administrative Agent shall deliver to such Loan Party, as the case may be,
the original or a certified copy of a receipt issued by such Governmental Authority evidencing such
payment, a copy of any return required by Laws to
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report such payment or other evidence of such payment reasonably satisfactory to such Loan Party or
the Administrative Agent, as the case may be.
(e)Status of Lenders; Tax Documentation.
(i)Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect
to payments made under any Loan Document shall deliver to the Borrower and the Administrative
Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such
properly completed and executed documentation reasonably requested by the Borrower or the
Administrative Agent as will permit such payments to be made without withholding or at a reduced rate
of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative
Agent, shall deliver such other documentation prescribed by applicable Law or reasonably requested
by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent
to determine whether or not such Lender is subject to backup withholding or information reporting
requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion,
execution and submission of such documentation (other than such documentation set forth in Sections
3.01(e)(ii)(A), 3.01(e)(ii)(B) and 3.01(e)(ii)(D)) shall not be required if in the Lender’s reasonable
judgment such completion, execution or submission would subject such Lender to any material
unreimbursed cost or expense or would materially prejudice the legal or commercial position of such
Lender.
(ii)Without limiting the generality of the foregoing, in the event that the Borrower is a U.S.
Person:
(A)any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent
on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time
to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed
originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding
tax;
(B)any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower
and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or
prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time
to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever
of the following is applicable:
(1)in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the
United States is a party (x) with respect to payments of interest under any Loan Document, executed
originals of IRS Form W-8BEN or IRS Form W-8BENE establishing an exemption from, or reduction
of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect
to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-
8BENE establishing an exemption from, or reduction of,
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U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax
treaty;
(2)executed originals of IRS Form W-8ECI;
(3)in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest
under Section 881(c) of the Internal Revenue Code, (x) a certificate substantially in the form of Exhibit
G-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A)
of the Internal Revenue Code, a “10 percent shareholder” of the Borrower within the meaning of Section
881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign corporation” described in Section
881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax Compliance Certificate”) and (y) executed
originals of IRS Form W-8BEN or IRS Form W-8BENE; or
(4)to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form
W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BENE, a U.S.
Tax Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9,
and/or other certification documents from each beneficial owner, as applicable; provided, that, if the
Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are
claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance
Certificate substantially in the form of Exhibit G-4 on behalf of each such direct and indirect partner;
(C)any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower
and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or
prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time
to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed
originals of any other form prescribed by applicable Law as a basis for claiming exemption from or a
reduction in U.S. federal withholding Tax, duly completed, together with such supplementary
documentation as may be prescribed by applicable Law to permit the Borrower or the Administrative
Agent to determine the withholding or deduction required to be made; and
(D)if a payment made to a Lender under any Loan Document would be subject to U.S. federal
withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting
requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal
Revenue 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 Internal Revenue Code) and such additional documentation
reasonably requested by the Borrower or the Administrative
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Agent as may be necessary for the Borrower and the Administrative Agent to comply with their
obligations under FATCA and to determine that such Lender has complied with such Lender’s
obligations under FATCA or to determine the amount to deduct and withhold from such payment.
Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after
the Effective Date.
(iii)Each Lender agrees that if any form or certification it previously delivered pursuant to this
Section 3.01 expires or becomes obsolete or inaccurate in any respect, it shall update such form or
certification or promptly notify the Borrower and the Administrative Agent in writing of its legal
inability to do so.
(f)Treatment of Certain Refunds. Unless required by applicable Laws, at no time shall the
Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender or an
L/C Issuer, or have any obligation to pay to any Lender or any L/C Issuer, any refund of Taxes withheld
or deducted from funds paid for the account of such Lender or such L/C Issuer, as the case may be. If
any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of
any Taxes as to which it has been indemnified by any Loan Party or with respect to which any Loan
Party has paid additional amounts pursuant to this Section 3.01, it shall pay to such Loan Party an
amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts
paid, by a Loan Party under this Section 3.01 with respect to the Taxes giving rise to such refund), net
of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other
than any interest paid by the relevant Governmental Authority with respect to such refund); provided,
that, such Loan Party, upon the request of the Recipient, agrees to repay the amount paid over to such
Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) to the Recipient in the event the Recipient is required to repay such refund to such
Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event will
the applicable Recipient be required to pay any amount to any Loan Party pursuant to this subsection
the payment of which would place the Recipient in a less favorable net after-Tax position than such
Recipient would have been in if the Tax subject to indemnification and giving rise to such refund had
not been deducted, withheld or otherwise imposed and the indemnification payments or additional
amounts with respect to such Tax had never been paid. This subsection shall not be construed to require
any Recipient to make available its tax returns (or any other information relating to its taxes that it
deems confidential) to any Loan Party or any other Person.
(g)Survival. Each party’s obligations under this Section 3.01 shall survive the resignation or
replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender
or an L/C Issuer, the termination of the Aggregate Revolving Commitments and the Facility
Termination Date.
3.02Illegality.
If any Lender determines that any Law has made it unlawful, or that any Governmental
Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to perform
any of its obligations hereunder or to make, maintain or fund or charge interest with respect to any
Credit Extension, or to determine or charge interest rates based upon the Eurodollar Rate, or any
Governmental Authority has imposed material restrictions on the authority of such Lender to purchase
or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such
Lender to the
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Borrower through the Administrative Agent, (a) any obligation of such Lender to issue, make, maintain,
fund or charge interest with respect to any Credit Extension or continue Eurodollar Rate Loans or to
convert Base Rate Loans to Eurodollar Rate Loans shall be suspended and (b) if such notice asserts the
illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is
determined by reference to the Eurodollar Rate component of the Base Rate, the interest rate on which
Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the
Administrative Agent without reference to the Eurodollar Rate component of the Base Rate, in each
case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving
rise to such determination no longer exist. Upon receipt of such notice, (i) the Borrower shall, upon
demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert
all Eurodollar Rate Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate
Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative
Agent without reference to the Eurodollar Rate component of the Base Rate), either on the last day of
the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate
Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such
Eurodollar Rate Loans and (ii) if such notice asserts the illegality of such Lender determining or
charging interest rates based upon the Eurodollar Rate, the Administrative Agent shall during the period
of such suspension compute the Base Rate applicable to such Lender without reference to the Eurodollar
Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is
no longer illegal for such Lender to determine or charge interest rates based upon the Eurodollar Rate.
Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount
so prepaid or converted, together with any additional amounts required pursuant to Section 3.05.
Each Lender at its option may make any Credit Extension to the Borrower by causing any
domestic or foreign branch or Affiliate of such Lender to make such Credit Extension; provided, that,
any exercise of such option shall not affect the obligation of the Borrower to repay such Credit
Extension in accordance with the terms of this Agreement.
3.03Inability to Determine Rates.
(a)If in connection with any request for a Eurodollar Rate Loan or a conversion to or
continuation thereof (i) the Administrative Agent determines that (A) Dollar deposits are not being
offered to banks in the London interbank eurodollar market for the applicable amount and Interest
Period of such Eurodollar Rate Loan or (B)(x) adequate and reasonable means do not exist for
determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar
Rate Loan or in connection with an existing or proposed Base Rate Loan and (y) the circumstances
described in Section 3.03(c) do not apply (in each case with respect to clause (i) above, “Impacted
Loans”) or (ii) the Administrative Agent or the Required Lenders determine that for any reason the
Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does
not adequately and fairly reflect the cost to such Lenders of funding such Eurodollar Rate Loan, the
Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (1) the
obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended (to the extent
of the affected Eurodollar Rate Loans or Interest Periods) and (2) in the event of a determination
described in the preceding sentence with respect to the Eurodollar Rate component of the Base Rate,
the utilization of the Eurodollar Rate component in determining the Base Rate shall be suspended, in
each case until the Administrative Agent (or, in the case of a determination by the Required Lenders
described in the foregoing clause (ii), until the Administrative Agent upon the instruction of the
Required Lenders) revokes such notice. Upon receipt of such notice, (x) the Borrower may revoke any
pending request for a
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Borrowing of, conversion to or continuation of Eurodollar Rate Loans (to the extent of the affected
Eurodollar Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such
request into a request for a Borrowing of Base Rate Loans in the amount specified therein and (y) any
outstanding affected Eurodollar Rate Loans will be deemed to have been converted into Base Rate
Loans at the end of the applicable Interest Period.
(b)Notwithstanding the foregoing, if the Administrative Agent has made the determination
described in clause (i) of Section 3.03(a), the Administrative Agent, in consultation with the Borrower
and the affected Lenders, may establish an alternative interest rate for the Impacted Loans, in which
case, such alternative rate of interest shall apply with respect to the Impacted Loans until (i) the
Administrative Agent revokes the notice delivered with respect to the Impacted Loans under clause (i)
of Section 3.03(a), (ii) the Administrative Agent, or the Required Lenders notify the Administrative
Agent and the Borrower, notifies the Borrower that such alternative interest rate does not adequately
and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (iii) any Lender determines
that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful,
for such Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is
determined by reference to such alternative rate of interest or to determine or charge interest rates based
upon such rate or any Governmental Authority has imposed material restrictions on the authority of
such Lender to do any of the foregoing and provides the Administrative Agent and the Borrower written
notice thereof.
(c)Notwithstanding anything to the contrary in this Agreement or any other Loan Document, if
the Administrative Agent determines (which determination shall be conclusive absent manifest error),
or the Borrower or Required Lenders notify the Administrative Agent (with, in the case of the Required
Lenders, a copy to the Borrower) that the Borrower or Required Lenders (as applicable) have
determined, that:
(i)adequate and reasonable means do not exist for ascertaining LIBOR for any requested Interest
Period, including because the LIBOR Screen Rate is not available or published on a current basis and
such circumstances are unlikely to be temporary;
(ii)the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction
over the Administrative Agent has made a public statement identifying a specific date after which
LIBOR or the LIBOR Screen Rate shall no longer be made available, or used for determining the
interest rate of loans; provided, that, at the time of such statement, there is no successor administrator
that is satisfactory to the Administrative Agent, that will continue to provide LIBOR after such specific
date (such specific date, the “Scheduled Unavailability Date”);
(iii)the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction
over such administrator has made a public statement announcing that all Interest Periods and other
tenors of LIBOR are no longer representative; or
(iv)syndicated loans currently being executed, or that include language similar to that contained
in this Section 3.03, are being executed or amended (as applicable) to incorporate or adopt a new
benchmark interest rate to replace LIBOR;
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then, in the case of clauses (i) through (iii) above, on a date and time determined by the
Administrative Agent (any such date, “LIBOR Replacement Date”), which date shall be at the end of
an Interest Period or on the relevant interest payment date, as applicable, for interest calculated and
shall occur reasonably promptly upon the occurrence of any of the events or circumstances under
clauses (i), (ii) or (iii) above and, solely with respect to clause (ii) above, no later than the Scheduled
Unavailability Date, LIBOR will be replaced hereunder and under the other Loan Documents with,
subject to the proviso below, the first available alternative set forth in the order below for any payment
period for interest calculated that can be determined by the Administrative Agent, in each case, without
any amendment to, or further action or consent of any other party to, this Agreement or any other Loan
Document (“LIBOR Successor Rate”; and any such rate before giving effect to the Related Adjustment,
“Pre-Adjustment Successor Rate”):
(x)Term SOFR plus the Related Adjustment; and
(y)SOFR plus
the Related Adjustment;
and in the case of clause (iv) above, the Administrative Agent and the Borrower may amend
this Agreement solely for the purpose of replacing LIBOR under this Agreement and the other Loan
Documents in accordance with the definition of “LIBOR Successor Rate” and such amendment will
become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have
notified Lenders and the Borrower of the occurrence of the circumstances described in clause (iv) above
unless, prior to such time, Required Lenders have delivered to the Administrative Agent written notice
that such Required Lenders object to the implementation of a LIBOR Successor Rate pursuant to such
clause; provided, that if the Administrative Agent determines that Term SOFR has become available,
is administratively feasible for the Administrative Agent and would have been identified as the Pre-
Adjustment Successor Rate in accordance with the foregoing if it had been so available at the time that
the LIBOR Successor Rate then in effect was so identified, and notifies the Borrower and Lenders of
such availability, then from and after the beginning of the Interest Period, relevant interest payment date
or payment period for interest calculated, in each case, commencing no less than 30 days after the date
of such notice, the Pre-Adjustment Successor Rate shall be Term SOFR and the LIBOR Successor Rate
shall be Term SOFR plus
the relevant Related Adjustment.
The Administrative Agent will promptly (in one or more notices) notify the Borrower and
Lenders of (x) any occurrence of any of the events, periods or circumstances under clauses (i) through
(iii) above, (y) a LIBOR Replacement Date, and (z) the LIBOR Successor Rate. Any LIBOR Successor
Rate shall be applied in a manner consistent with market practice; provided, that to the extent such
market practice is not administratively feasible for the Administrative Agent, such LIBOR Successor
Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent.
Notwithstanding anything else herein, if at any time any LIBOR Successor Rate as so determined would
otherwise be less than 0.0%, the LIBOR Successor Rate will be deemed to be 0.0% for the purposes of
this Agreement and the other Loan Documents.
In connection with the implementation of a LIBOR Successor Rate, the Administrative Agent
will have the right to make LIBOR Successor Rate Conforming Changes from time to time and,
notwithstanding anything to the contrary herein or in any other Loan Document, any amendments
implementing such LIBOR Successor Rate Conforming Changes will become effective without any
further action or consent of any other party to this Agreement; provided, that with respect to any such
amendment effected, the Administrative Agent shall post each such amendment implementing such
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LIBOR Successor Rate Conforming Changes to the Borrower and Lenders reasonably promptly after
such amendment becomes effective.
If events or circumstances of the type described in clauses (i) through (iii) above have occurred
with respect to the LIBOR Successor Rate then in effect, then the successor rate thereto shall be
determined in accordance with the definition of “LIBOR Successor Rate.”
(d)Notwithstanding anything to the contrary herein, (i) after any such determination by the
Administrative Agent or receipt by the Administrative Agent of any such notice described under Section
3.03(c)(i) through (iii), as applicable, if the Administrative Agent determines that none of the LIBOR
Successor Rates is available on or prior to the LIBOR Replacement Date, (ii) if the events or
circumstances described in Section 3.03(c)(iv) have occurred but none of the LIBOR Successor Rates
is available, or (iii) if the events or circumstances of the type described in Section 3.03(c)(i) through
(iii) have occurred with respect to the LIBOR Successor Rate then in effect and the Administrative
Agent determines that none of the LIBOR Successor Rates is available, then in each case, the
Administrative Agent and the Borrower may amend this Agreement solely for the purpose of replacing
LIBOR or any then current LIBOR Successor Rate in accordance with this Section 3.03 at the end of
any Interest Period, relevant interest payment date or payment period for interest calculated, as
applicable, with another alternate benchmark rate giving due consideration to any evolving or then
existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative
benchmarks and, in each case, including any Related Adjustments and any other mathematical or other
adjustments to such benchmark giving due consideration to any evolving or then existing convention
for similar U.S. dollar denominated syndicated credit facilities for such benchmarks, which adjustment
or method for calculating such adjustment shall be published on an information service as selected by
the Administrative Agent from time to time in its discretion and may be periodically updated. For the
avoidance of doubt, any such proposed rate and adjustments shall constitute a LIBOR Successor Rate.
Any such amendment shall become effective at 5:00 p.m. on the fifth Business Day after the
Administrative Agent shall have posted such proposed amendment to Lenders and the Borrower unless,
prior to such time, Required Lenders have delivered to the Administrative Agent written notice that
such Required Lenders object to such amendment.
If, at the end of any Interest Period, relevant interest payment date or payment period for interest
calculated, no LIBOR Successor Rate has
been determined in accordance with Section 3.03(c) or
3.03(d) and the circumstances under Section 3.03(c)(i) through (iii) above exist or the Scheduled
Unavailability Date has occurred (as applicable), the Administrative Agent will promptly so notify the
Borrower and Lenders. Thereafter, (i) the obligation of Lenders to make or maintain Eurodollar Rate
Loans shall be suspended (to the extent of the affected Eurodollar Rate Loans, Interest Periods,
interest payment dates or payment periods), and (ii) the LIBOR component shall no longer be utilized
in determining Base Rate, until the LIBOR Successor Rate has been determined in accordance with
Section 3.03(c) or 3.03(d). Upon receipt of such notice, Borrowers may revoke any pending request
for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans (to the extent of the
affected Loans, Interest Periods, interest payment dates or payment periods) or, failing that, will be
deemed to have converted such request into a request for Base Rate Loans (subject to the foregoing
clause (ii)).
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3.04Increased Costs; Reserves on Eurodollar Rate Loans.
(a)Increased Costs Generally. If any Change in Law shall:
(i)impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance
charge or similar requirement against assets of, deposits with or for the account of, or credit extended
or participated in by, any Lender (except any reserve requirement contemplated by Section 3.04(e)) or
any L/C Issuer;
(ii)subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described
in clauses (b) through (d) of the definition of “Excluded Taxes” and (C) Connection Income Taxes) on
its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves,
other liabilities or capital attributable thereto; or
(iii)impose on any Lender or any L/C Issuer or the London interbank market any other condition,
cost or expense affecting this Agreement or Eurodollar Rate Loans made by such Lender or any Letter
of Credit or participation therein;
and the result of any of the foregoing shall be to increase the cost to such Lender of making, converting
to, continuing or maintaining any Loan (or of maintaining its obligation to make any such Loan), or to
increase the cost to such Lender or such L/C Issuer of participating in, issuing or maintaining any Letter
of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce
the amount of any sum received or receivable by such Lender or such L/C Issuer hereunder (whether of
principal, interest or any other amount) then, upon request of such Lender or such L/C Issuer, the
Borrower will pay to such Lender or such L/C Issuer, as the case may be, such additional amount or
amounts as will compensate such Lender or such L/C Issuer, as the case may be, for such additional
costs incurred or reduction suffered.
(b)Capital Requirements. If any Lender or any L/C Issuer determines that any Change in Law
affecting such Lender or such L/C Issuer or any Lending Office of such Lender or such Lender’s or
such L/C Issuer’s holding company, if any, regarding capital or liquidity requirements has or would
have the effect of reducing the rate of return on such Lender’s or such L/C Issuer’s capital or on the
capital of such Lender’s or such L/C Issuer’s holding company, if any, as a consequence of this
Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of
Credit held by, such Lender, or the Letters of Credit issued by such L/C Issuer, to a level below that
which such Lender or such L/C Issuer or such Lender’s or such L/C Issuer’s holding company could
have achieved but for such Change in Law (taking into consideration such Lender’s or such L/C Issuer’s
policies and the policies of such Lender’s or such L/C Issuer’s holding company with respect to capital
adequacy or liquidity), then from time to time the Borrower will pay to such Lender or such L/C Issuer,
as the case may be, such additional amount or amounts as will compensate such Lender or such L/C
Issuer or such Lender’s or such L/C Issuer’s holding company for any such reduction suffered.
(c)Certificates for Reimbursement. A certificate of a Lender or an L/C Issuer setting forth the
amount or amounts necessary to compensate such Lender or such L/C Issuer or its holding company,
as the case may be, as specified in Section 3.04(a) or (b) and delivered to the Borrower shall be
conclusive absent manifest error. The Borrower shall pay such Lender or such
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L/C Issuer, as the case may be, the amount shown as due on any such certificate within ten days after
receipt thereof.
(d)Delay in Requests. Failure or delay on the part of any Lender or any L/C Issuer to demand
compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of such
Lender’s or such L/C Issuer’s right to demand such compensation; provided, that, the Borrower shall
not be required to compensate a Lender or an L/C Issuer pursuant to the foregoing provisions of this
Section for any increased costs incurred or reductions suffered more than six months prior to the date
that such Lender or such L/C Issuer, as the case may be, notifies the Borrower of the Change in Law
giving rise to such increased costs or reductions and of such Lender’s or such L/C Issuer’s intention to
claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or
reductions is retroactive, then the six-month period referred to above shall be extended to include the
period of retroactive effect thereof).
(e)Reserves on Eurodollar Rate Loans. The Borrower shall pay to each Lender, as long as such
Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or
including Euro-currency funds or deposits (currently known as “Eurocurrency liabilities”), additional
interest on the unpaid principal amount of each Eurodollar Rate Loan equal to the actual costs of such
reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which
determination shall be conclusive absent manifest error), which shall be due and payable on each date
on which interest is payable on such Loan; provided, that, the Borrower shall have received at least 15
days’ prior notice (with a copy to the Administrative Agent) of such additional interest from such
Lender. If a Lender fails to give notice 15 days prior to the relevant Interest Payment Date, such
additional interest shall be due and payable 15 days from receipt of such notice.
3.05Compensation for Losses.
Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the
Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss,
cost or expense incurred by it as a result of:
(a)any continuation, conversion, payment or prepayment of any Eurodollar Rate Loan on a day
other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic,
by reason of acceleration, or otherwise);
(b)any failure by the Borrower (for a reason other than the failure of such Lender to make a
Loan) to prepay, borrow, continue or convert any Eurodollar Rate Loan on the date or in the amount
notified by the Borrower; or
(c)any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest
Period therefor as a result of a request by the Borrower pursuant to Section 11.13;
including any loss or expense arising from the liquidation or reemployment of funds obtained by it to
maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained.
The Borrower shall also pay any customary administrative fees charged by such Lender in connection
with the foregoing.
For purposes of calculating amounts payable by the Borrower to the Lenders under this Section
3.05, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the
Eurodollar
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Rate used in determining the Eurodollar Rate for such Loan by a matching deposit or other borrowing
in the London interbank eurodollar market for a comparable amount and for a comparable period,
whether or not such Eurodollar Rate Loan was in fact so funded.
3.06Mitigation of Obligations; Replacement of Lenders.
(a)Designation of a Different Lending Office. If any Lender requests compensation under
Section 3.04, or requires the Borrower to pay any Indemnified Taxes or additional amounts to any
Lender, any L/C Issuer, or any Governmental Authority for the account of any Lender or any L/C Issuer
pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then at the request of
the Borrower such Lender or such L/C Issuer, as applicable, shall use reasonable efforts to designate a
different Lending Office for funding or booking its Loans hereunder or to assign its rights and
obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender
or such L/C Issuer, as applicable, such designation or assignment (i) would eliminate or reduce amounts
payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the
notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender or
such L/C Issuer, as the case may be, to any unreimbursed cost or expense and would not otherwise be
disadvantageous to such Lender or such L/C Issuer, as the case may be. The Borrower hereby agrees to
pay all reasonable costs and expenses incurred by any Lender or any L/C Issuer in connection with any
such designation or assignment.
(b)Replacement of Lenders. If any Lender requests compensation under Section 3.04, or if the
Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 3.01 and, in each case, such
Lender has declined or is unable to designate a different lending office in accordance with Section
3.06(a), the Borrower may replace such Lender in accordance with Section 11.13.
3.07Survival.
All of the Loan Parties’ obligations under this Article III shall survive the termination of the
Aggregate Revolving Commitments, the resignation of the Administrative Agent, the termination of the
Loan Documents and the Facility Termination Date.
ARTICLE IV.
GUARANTY
4.01The Guaranty.
On and after the Effective Date, each of the Guarantors (a) hereby jointly and severally
guarantees to the Administrative Agent, the L/C Issuers, the Lenders and each other holder of
Obligations as hereinafter provided, as primary obligor and not as surety, the prompt payment of the
Obligations in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration,
as a mandatory cash collateralization or otherwise) strictly in accordance with the terms thereof and (b)
agrees that if any of the Obligations are not paid in full when due (whether at stated maturity, as a
mandatory prepayment, by acceleration, as a mandatory cash collateralization or otherwise), the
Guarantors will, jointly and severally, promptly pay the same, without any demand or notice
whatsoever, and that in the case of any extension of time of payment or renewal of any of the
Obligations, the same will be promptly paid in full
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when due (whether at extended maturity, as a mandatory prepayment, by acceleration, as a mandatory
cash collateralization or otherwise) in accordance with the terms of such extension or renewal.
Notwithstanding any provision to the contrary contained herein or in any other of the Loan
Documents or the other documents relating to the Obligations, the obligations of each Guarantor under
this Agreement and the other Loan Documents shall not exceed an aggregate amount equal to the largest
amount that would not render such obligations subject to avoidance under applicable Debtor Relief
Laws.
4.02Obligations Unconditional.
The obligations of the Guarantors under Section 4.01 are joint and several, irrevocable, absolute
and unconditional, irrespective of the value, genuineness, validity, regularity or enforceability of any of
the Loan Documents or other documents relating to the Obligations, or any substitution, release,
impairment or exchange of any other guarantee of or security for any of the Obligations, and, to the
fullest extent permitted by applicable Law, irrespective of any other circumstance whatsoever which
might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being
the intent of this Section 4.02 that the obligations of the Guarantors hereunder shall be absolute and
unconditional under any and all circumstances. Each Guarantor agrees that such Guarantor shall have
no right of subrogation, indemnity, reimbursement or contribution against the Borrower or any other
Guarantor for amounts paid under this Article IV until such time as the Obligations have been paid in
full and the Commitments have expired or terminated. Without limiting the generality of the foregoing,
it is agreed that, to the fullest extent permitted by Law, the occurrence of any one or more of the
following shall not alter or impair the liability of any Guarantor hereunder, which shall remain absolute
and unconditional as described above:
(a)at any time or from time to time, without notice to any Guarantor, the time for any
performance of or compliance with any of the Obligations shall be extended, or such performance or
compliance shall be waived;
(b)any of the acts mentioned in any of the provisions of any of the Loan Documents or any
other document relating to the Obligations shall be done or omitted;
(c)the maturity of any of the Obligations shall be accelerated, or any of the Obligations shall be
modified, supplemented or amended in any respect, or any right under any of the Loan Documents or
any other document relating to the Obligations shall be waived or any other guarantee of any of the
Obligations or any security therefor shall be released, impaired or exchanged in whole or in part or
otherwise dealt with;
(d)any Lien granted to, or in favor of, the Administrative Agent or any other holder of the
Obligations as security for any of the Obligations shall fail to attach or be perfected; or
(e)any of the Obligations shall be determined to be void or voidable (including for the benefit
of any creditor of any Guarantor) or shall be subordinated to the claims of any Person (including any
creditor of any Guarantor).
With respect to its obligations hereunder, each Guarantor hereby expressly waives, to the fullest
extent permitted by Law, diligence, presentment, demand of payment, protest and all notices
whatsoever and any requirement that the Administrative Agent or any other holder of the Obligations
exhaust any right, power or remedy or proceed against any Person under any of the Loan Documents
or any other
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document relating to the Obligations or against any other Person under any other guarantee of, or
security for, any of the Obligations.
4.03Reinstatement.
The obligations of each Guarantor under this Article IV shall be automatically reinstated if and
to the extent that for any reason any payment by or on behalf of any Person in respect of the Obligations
is rescinded or must be otherwise restored by any holder of any of the Obligations, whether as a result
of any Debtor Relief Law or otherwise, and each Guarantor agrees that it will indemnify the
Administrative Agent and each other holder of the Obligations on demand for all reasonable and
documented costs and expenses (including the reasonable and documented fees, charges and
disbursements of counsel) incurred by the Administrative Agent or such holder of the Obligations in
connection with such rescission or restoration, including any such costs and expenses incurred in
defending against any claim alleging that such payment constituted a preference, fraudulent transfer or
similar payment under any Debtor Relief Law.
4.04Certain Additional Waivers.
Each Guarantor agrees that such Guarantor shall have no right of recourse to security for the
Obligations, except through the exercise of rights of subrogation pursuant to Section 4.02 and through
the exercise of rights of contribution pursuant to Section 4.06.
4.05Remedies.
The Guarantors agree that, to the fullest extent permitted by Law, as between the Guarantors,
on the one hand, and the Administrative Agent and the other holders of the Obligations, on the other
hand, the Obligations may be declared to be forthwith due and payable as specified in Section 9.02 (and
shall be deemed to have become automatically due and payable in the circumstances specified in Section
9.02) for purposes of Section 4.01 notwithstanding any stay, injunction or other prohibition preventing
such declaration (or preventing the Obligations from becoming automatically due and payable) as
against any other Person and that, in the event of such declaration (or the Obligations being deemed to
have become automatically due and payable), the Obligations (whether or not due and payable by any
other Person) shall forthwith become due and payable by the Guarantors for purposes of Section 4.01.
The Guarantors acknowledge and agree that their obligations hereunder are secured in accordance with
the terms of the Collateral Documents and that the holders of the Obligations may exercise their
remedies thereunder in accordance with the terms thereof.
4.06Rights of Contribution.
The Guarantors agree among themselves that, in connection with payments made hereunder,
each Guarantor shall have contribution rights against the other Guarantors as permitted under applicable
Law. Such contribution rights shall be subordinate and subject in right of payment to the obligations of
such Guarantors under the Loan Documents and no Guarantor shall exercise such rights of contribution
until the Obligations have been paid in full and the Commitments have terminated.
4.07Guarantee of Payment; Continuing Guarantee.
The guarantee in this Article IV is a guaranty of payment and not of collection, is a continuing
guarantee, and shall apply to the Obligations whenever arising.
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4.08Keepwell.
Each Loan Party that is a Qualified ECP Guarantor at the time the Guaranty in this Article IV
by any Loan Party that is not then an “eligible contract participant” under the Commodity Exchange
Act (a “Specified Loan Party”) or the grant of a security interest under the Loan Documents by any
such Specified Loan Party, in either case, becomes effective with respect to any Swap Obligation,
hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide such
funds or other support to each Specified Loan Party with respect to such Swap Obligation as may be
needed by such Specified Loan Party from time to time to honor all of its obligations under this
Guaranty and the other Loan Documents in respect of such Swap Obligation (but, in each case, only up
to the maximum amount of such liability that can be hereby incurred without rendering such Qualified
ECP Guarantor’s obligations and undertakings under this Article IV voidable under applicable Debtor
Relief Laws, and not for any greater amount). The obligations and undertakings of each Qualified ECP
Guarantor under this Section 4.08 shall remain in full force and effect until the Obligations (other than
contingent indemnification obligations as to which no claim has been asserted) have been indefeasibly
paid and performed in full. Each Loan Party intends this Section 4.08 to constitute, and this Section
4.08 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each
Specified Loan Party for all purposes of the Commodity Exchange Act.
ARTICLE V.
CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
5.01Conditions to Effectiveness.
This Agreement shall be effective upon satisfaction of the following conditions precedent:
(a)Loan Documents. Receipt by the Administrative Agent of executed counterparts of this
Agreement and each other Loan Document to be executed and delivered on the Effective Date, each
properly executed by a Responsible Officer of the signing Loan Party and, in the case of this Agreement,
by each Lender.
(b)Opinions of Counsel. Receipt by the Administrative Agent of favorable opinions of legal
counsel to the Loan Parties, addressed to the Administrative Agent and each Lender, dated as of the
Effective Date.
(c)Organization Documents, Resolutions, Etc. Receipt by the Administrative Agent of the
following: (i) copies of the Organization Documents of each Loan Party certified to be true and
complete as of a recent date by the appropriate Governmental Authority of the state or other jurisdiction
of its organization, where applicable, and certified by a secretary or assistant secretary of such Loan
Party to be true and correct as of the Effective Date; (ii) such certificates of resolutions or other action,
incumbency certificates (including specimen signatures) and/or other certificates of Responsible
Officers of each Loan Party as the Administrative Agent may require evidencing the identity, authority
and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in
connection with this Agreement and the other Loan Documents to which such Loan Party is a party;
and (iii) such documents and certifications as the Administrative Agent may require to evidence that
each Loan Party is duly organized or formed, and is validly existing, in good standing and qualified to
engage in business in its state of organization.
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(d)Collateral. Receipt by the Administrative Agent of the following: (i)(A) searches of Uniform
Commercial Code filings in the jurisdiction of organization of each Loan Party and each other
jurisdiction deemed appropriate by the Administrative Agent and (B) tax lien and judgment searches;
(ii) Uniform Commercial Code financing statements for each appropriate jurisdiction as is necessary,
in the Administrative Agent’s discretion, to perfect the Administrative Agent’s security interest in the
Collateral, to the extent required by the Security Agreement; (iii) all certificates evidencing any
certificated Equity Interests pledged to the Administrative Agent pursuant to the Security Agreement,
together with duly executed in blank, undated stock powers attached thereto (provided, that, with
respect to the delivery of certificates evidencing Equity Interests of any Foreign Subsidiary that are
required to be delivered pursuant to this clause (iii), if any such certificates are not available to be
delivered as of the Effective Date after the Borrower’s use of commercially reasonable efforts to do so,
delivery of such certificates shall not be a condition precedent to the occurrence of the Effective Date,
but instead such certificates shall be required to be delivered to the Administrative Agent no later than
thirty (30) days following the Effective Date (or such later date as is agreed by the Administrative Agent
in its sole discretion)); (iv) to the extent required to be delivered pursuant to the Security Agreement,
all instruments, documents and chattel paper in the possession of any Loan Party, together with allonges
or assignments as may be necessary to perfect the Administrative Agent’s security interest therein; (v)
searches of ownership of, and Liens on, United States registered intellectual property of each Loan Party
in the appropriate governmental offices; and (vi) duly executed notices of grant of security interest in
the form required by the Security Agreement as are necessary, in the Administrative Agent’s discretion,
to perfect the Administrative Agent’s security interest in the United States registered intellectual
property of the Loan Parties
(e)Insurance. Receipt by the Administrative Agent of (i) certificates of insurance of the Loan
Parties evidencing liability and casualty insurance meeting the requirements set forth in the Loan
Documents and (ii) endorsements to insurance policies of the Loan Parties naming the Administrative
Agent and its successors and assigns as additional insured (in the case of liability insurance) or lender’s
loss payee (in the case of property insurance) on behalf of the holders of the Obligations and providing
notice of cancellation or alteration to the Administrative Agent with respect to any such insurance
coverage (provided, that, with respect to the delivery of insurance endorsements required pursuant to
the foregoing clause (ii), if any such endorsements are not available as of the Effective Date, delivery
of such endorsements shall not be a condition precedent to the occurrence of the Effective Date, but
instead shall be required to be delivered to the Administrative Agent within thirty (30) days (or such
longer period of time as is agreed by the Administrative Agent in its sole discretion) after the Effective
Date).
(f)Representations and Warranties; No Default. After giving effect to the Transactions to occur
on or prior to the Effective Date, (i) the representations and warranties of each Loan Party contained in
Article VI or any other Loan Document, or which are contained in any document furnished at any time
under or in connection herewith or therewith, shall be true and correct in all material respects (or in all
respects if any such representation and warranty is already qualified by materiality) on and as of the
Effective Date, except to the extent that such representations and warranties specifically refer to an
earlier date, in which case they shall be true and correct in all material respects (or in all respects if any
such representation and warranty is already qualified by materiality) as of such earlier date, and (ii) no
Default shall exist.
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(g)Officer’s Certificate. Receipt by the Administrative Agent of a certificate signed by a
Responsible Officer of the Borrower as of the Effective Date certifying that the conditions specified in
Section 5.01(f) have been satisfied as of the Effective Date.
(h)Solvency Certificate. Receipt by the Administrative Agent of a certificate from the chief
financial officer of the Borrower certifying that the Borrower and its Subsidiaries, on a consolidated
basis after giving effect to the Transactions, are Solvent.
(i)Fees. Receipt by the Administrative Agent of any applicable fees required to be paid to the
Administrative Agent on or before the Effective Date.
(j)Expenses. The Borrower shall have paid all fees, charges and disbursements of the
Administrative Agent and the Arrangers required to be reimbursed on or before the Effective Date
(including all fees, charges and disbursements of counsel to the Administrative Agent that are required
to have been reimbursed or paid (directly to such counsel if requested by the Administrative Agent)) to
the extent invoiced prior to or on the Effective Date, plus such additional amounts of such fees, charges
and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements
incurred or to be incurred by it through the closing proceedings (provided, that, such estimate shall not
thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent), in
each case, to the extent such fees, charges and disbursements have been invoiced and are required to
have been reimbursed or paid in accordance with the Engagement Letter (as such term is defined in the
Fee Letter).
(k)KYC; Beneficial Ownership. Receipt by the Administrative Agent and each Lender, to the
extent requested by the Administrative Agent or such Lender, of all documentation and other
information required by regulatory authorities under applicable “know your customer” and anti-money
laundering rules and regulations, including the USA PATRIOT Act. To the extent the Borrower
qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, receipt by the
Administrative Agent and each Lender, to the extent requested by the Administrative Agent or such
Lender, of a Beneficial Ownership Certification with respect to the Borrower.
Without limiting the generality of the provisions of the last paragraph of Section 10.03, for
purposes of determining compliance with the conditions specified in this Section 5.01, each Lender that
has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied
with, each document or other matter required thereunder to be consented to or approved by or acceptable
or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender
prior to the Effective Date specifying its objection thereto.
5.02Conditions to all Credit Extensions.
The obligation of each Lender and each L/C Issuer to honor any Request for Credit Extension
(other than a Loan Notice requesting only a conversion of Loans to the other Type or a continuation of
Eurodollar Rate Loans) is subject to the following conditions precedent:
(a)The representations and warranties of each Loan Party contained in Article VI or any other
Loan Document, or which are contained in any document furnished at any time under or in connection
herewith or therewith, shall be true and correct in all material respects (or in all respects if any such
representation and warranty is already qualified by materiality) on and as of the date of such Credit
Extension, except to the extent that such representations and warranties
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specifically refer to an earlier date, in which case they shall be true and correct in all material respects
(or in all respects if any such representation and warranty is already qualified by materiality) as of such
earlier date; provided, that, in the case of an Incremental Term Loan the proceeds of which are used to
fund, in whole or in part, the purchase price of a Limited Condition Acquisition, the representations and
warranties required to be accurate in all material respects (or in all respects if any such representation
and warranty is already qualified by materiality) at the time of the closing of such Limited Condition
Acquisition and funding of the applicable Incremental Term Loan will be limited to the Specified
Representations, and those representations and warranties contained in the applicable acquisition
agreement as are material to the interest of the applicable Lenders providing such Incremental Term
Loan, but only to the extent that the Borrower or any of its Subsidiaries has the right (taking into account
any applicable cure provisions) to terminate its obligations under such acquisition agreement, or to
decline to consummate such Limited Condition Acquisition pursuant to such acquisition agreement, as
a result of a breach of such representations in such acquisition agreement.
(b)No Default shall exist or would result from such proposed Credit Extension or from the
application of the proceeds thereof; provided, that, in the case of an Incremental Term Loan the proceeds
of which are used to fund, in whole or in part, the purchase price of a Limited Condition Acquisition,
the foregoing condition shall be (i) no Event of Default shall have occurred and be continuing on the
date of execution of the definitive purchase agreement for such Limited Condition Acquisition and (ii)
no Event of Default under Section 9.01(a), (f) or (g) shall have occurred and be continuing or would
exist after giving effect to such Limited Condition Acquisition and the funding of such Incremental
Term Loan.
(c)The Administrative Agent and, if applicable, the applicable L/C Issuer, shall have received
a Request for Credit Extension in accordance with the requirements hereof.
(d)In the case of a Credit Extension to be denominated in an Alternative Currency, such
currency remains an Eligible Currency.
Each Request for Credit Extension (other than a Loan Notice requesting only a conversion of
Loans to the other Type or a continuation of Eurodollar Rate Loans) submitted by the Borrower shall
be deemed to be a representation and warranty that the conditions specified in Sections 5.02(a) and (b)
have been satisfied on and as of the date of the applicable Credit Extension.
ARTICLE VI.
REPRESENTATIONS AND WARRANTIES
The Loan Parties represent and warrant to the Administrative Agent and the Lenders that:
6.01Existence, Qualification and Power.
The Borrower and each of its Subsidiaries (a) is duly organized or formed, validly existing and,
as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization,
(b) has all requisite power and authority and all requisite governmental licenses, authorizations,
consents and approvals to (i) own or lease its assets and carry on its business and (ii) execute, deliver
and perform its obligations under the Loan Documents to which it is a party, and (c) is duly qualified
and is licensed and, as applicable, in good standing under the Laws of each jurisdiction where its
ownership, lease or operation of properties or the conduct of its business requires such qualification or
license; except in each
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case referred to in clause (b)(i) or (c), or clause (a) with respect to a Subsidiary that is an Immaterial
Domestic Subsidiary or an Immaterial Foreign Subsidiary, to the extent that failure to do so would not
reasonably be expected to have a Material Adverse Effect.
6.02Authorization; No Contravention.
The execution, delivery and performance by each Loan Party of each Loan Document to which
such Person is party have been duly authorized by all necessary corporate or other organizational action
on the part of such Loan Party, and do not (a) contravene the terms of any of such Person’s Organization
Documents, (b) conflict with or result in any breach or contravention of, or the creation of any Lien
under, or require any payment to be made under (other than pursuant to the Loan Documents) (i) any
material Contractual Obligation to which such Person is a party or affecting such Person or the
properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any
Governmental Authority or any arbitral award to which such Person or its property is subject or (c)
violate in any material respect any Law applicable to such Person.
6.03Governmental Authorization; Other Consents.
No approval, consent, exemption, authorization, or other action by, or notice to, or filing with,
any Governmental Authority or any other Person is necessary or required in connection with the
execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or
any other Loan Document other than (a) those that have already been obtained and are in full force and
effect, (b) filings to perfect the Liens created by the Collateral Documents and (c) after the Effective
Date, such permits, licenses, authorizations, approvals and entitlements that are required for the lawful
conduct of the Loan Parties’ business, each of which shall be obtained on or before the date on which
it is required to be obtained where the failure to do so could reasonably be expected to have a Material
Adverse Effect.
6.04Binding Effect.
Each Loan Document has been duly executed and delivered by each Loan Party that is party
thereto. Each Loan Document constitutes a legal, valid and binding obligation of each Loan Party party
thereto, enforceable against such Loan Party that is party thereto in accordance with its terms (except
for limitations on enforceability under Debtor Relief Laws and limitations on the availability of the
remedy of specific performance imposed by the application of general equitable principles).
6.05Financial Statements; No Material Adverse Effect.
(a)The Historical Financial Statements have been prepared in accordance with GAAP and
present fairly (on the basis disclosed in the footnotes to such financial statements), in all material
respects, the combined financial condition and results of operations of the Borrower and its Subsidiaries
as of the dates thereof and for the periods covered thereby, subject (in the case of interim financial
statements) to year-end audit adjustments and the absence of footnotes in the case of quarterly financial
statements.
(b)The financial statements delivered pursuant to Section 7.01(a) and (b) have been prepared
in accordance with GAAP (except as may otherwise be permitted under Sections 7.01(a) and (b)) and
present fairly (on the basis disclosed in the footnotes to such financial statements), in all material
respects, the consolidated financial condition, results of operations and cash flows of the Borrower and
its Subsidiaries as of the dates thereof and for the periods covered thereb
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y, subject, in the case of interim financial statements, to year-end audit adjustments and the absence of
footnotes in the case of financial statements delivered pursuant to Section 7.01(b).
(c)Since January 31, 2020, there has been no event or circumstance that has had or would
reasonably be expected to have a Material Adverse Effect.
6.06Litigation.
There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the
Responsible Officers of the Loan Parties, threatened in writing, at law, in equity, in arbitration or before
any Governmental Authority, by or against the Borrower or any Subsidiary or against any of their
properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document
or any of the transactions contemplated hereby or (b) would reasonably be expected to have a Material
Adverse Effect.
6.07No Default.
(a)Neither the Borrower nor any Subsidiary is in default under or with respect to any
Contractual Obligation that would reasonably be expected to have a Material Adverse Effect.
(b)No Default has occurred and is continuing.
6.08Ownership of Property; Liens.
Each of the Borrower and its Subsidiaries has good record and marketable title in fee simple to,
or valid leasehold interests in, all real property necessary or used in the ordinary conduct of its business,
except for such defects in title as would not reasonably be expected to have a Material Adverse Effect.
The property of the Borrower and its Subsidiaries is not subject to any Liens other than Permitted Liens.
6.09Environmental Compliance.
Except as would not reasonably be expected to have a Material Adverse Effect:
(a)Each of the facilities and real properties owned, leased or operated by the Borrower or any
Subsidiary (the “Facilities”) and all operations at the Facilities are in compliance with all applicable
Environmental Laws, and there is no violation of any Environmental Law with respect to the Facilities
or the businesses operated by the Borrower and its Subsidiaries at such time (the “Businesses”), and
there are no conditions relating to the Facilities or the Businesses that would reasonably be expected to
give rise to liability under any applicable Environmental Laws.
(b)None of the Facilities contains, or has previously contained, any Hazardous Materials at, on
or under the Facilities in amounts or concentrations that constitute or constituted a violation of, or would
reasonably be expected to give rise to liability under, Environmental Laws.
(c)Neither the Borrower nor any Subsidiary has received any written or verbal notice of, or
inquiry from any Governmental Authority regarding, any violation, alleged violation, non-compliance,
liability or potential liability regarding environmental matters or compliance with Environmental Laws
with regard to any of the Facilities or the Businesses, nor does any
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Responsible Officer of any Loan Party have knowledge or reason to believe that any such notice will
be received or is being threatened in writing.
(d)Hazardous Materials have not been transported or disposed of from the Facilities, or
generated, treated, stored or disposed of at, on or under any of the Facilities or any other location, in
each case by or on behalf of the Borrower or any Subsidiary in violation of, or in a manner that would
be reasonably likely to give rise to liability under, any applicable Environmental Law.
(e)No judicial proceeding or governmental or administrative action is pending or, to the
knowledge of the Responsible Officers of the Loan Parties, threatened in writing, under any
Environmental Law to which the Borrower or any Subsidiary is or will be named as a party, nor are
there any consent decrees or other decrees, consent orders, administrative orders or other orders, or
other administrative or judicial requirements outstanding under any Environmental Law with respect to
the Borrower, any Subsidiary, the Facilities or the Businesses.
(f)There has been no release or threat of release of Hazardous Materials at or from the Facilities,
or arising from or related to the operations (including disposal of Hazardous Materials) of the Borrower
or any Subsidiary in connection with the Facilities or otherwise in connection with the Businesses, in
violation of or in amounts or in a manner that could give rise to liability under Environmental Laws.
6.10Insurance.
The properties of the Borrower and its Subsidiaries are insured with financially sound and
reputable insurance companies not Affiliates of the Borrower, in such amounts, with such deductibles
and covering such risks as are customarily carried by companies engaged in similar businesses and
owning similar properties in localities where the Borrower or the applicable Subsidiary operates.
6.11Taxes.
The Borrower and its Subsidiaries have filed all United States federal and state income tax
returns and all other material tax returns and reports required to be filed, and have paid all United States
federal and state income taxes and other material taxes, assessments, fees and other governmental
charges levied or imposed upon them or their properties, income or assets otherwise due and payable,
except those which are being contested in good faith by appropriate proceedings diligently conducted
and for which adequate reserves have been provided in accordance with GAAP. There is no proposed
tax assessment against the Borrower or any Subsidiary that would, if made, have a Material Adverse
Effect. Neither the Borrower nor any Subsidiary is party to any tax sharing agreement with any entity
that is not a direct or indirect Subsidiary of the Borrower.
6.12ERISA Compliance.
(a)Each Plan is in compliance with the applicable provisions of ERISA, the Internal Revenue
Code and other federal or state Laws except where any failure to comply would not reasonably be
expected to result in a Material Adverse Effect. Each Pension Plan that is intended to be a qualified plan
under Section 401(a) of the Internal Revenue Code has either received a favorable determination letter
or can rely on a favorable opinion letter from the IRS to the effect that the form of such Plan is qualified
under Section 401(a) of the Internal Revenue Code and the trust related thereto has been determined by
the IRS to be exempt from federal income tax under
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Section 501(a) of the Internal Revenue Code, or an application for such a letter is currently being
processed by the IRS. To the knowledge of the Responsible Officers of the Loan Parties, nothing has
occurred that would reasonably be expected to prevent or cause the loss of such tax-qualified status.
(b)There are no pending or, to the knowledge of the Responsible Officers of the Loan Parties,
threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any
Plan that would reasonably be expected to have a Material Adverse Effect. There has been no prohibited
transaction in violation of Section 406 or 407 of ERISA or Section 4975 of the Internal Revenue Code
or violation of the fiduciary responsibility rules set forth in Section 404 and 405 of ERISA with respect
to any Plan that has resulted or would reasonably be expected to result in a Material Adverse Effect.
(c)(i) No ERISA Event has occurred, and no Loan Party nor any ERISA Affiliate is aware of
any fact, event or circumstance that would reasonably be expected to constitute or result in an ERISA
Event with respect to any Pension Plan or Multiemployer Plan; (ii) each Loan Party and each ERISA
Affiliate has met all applicable requirements under the Pension Funding Rules in respect of each
Pension Plan, in all material respects, and no waiver of the minimum funding standards under the
Pension Funding Rules has been applied for or obtained; (iii) as of the most recent valuation date for
any Pension Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the
Internal Revenue Code) is 60% or higher and no Loan Party nor any ERISA Affiliate knows of any
facts or circumstances that would reasonably be expected to cause the funding target attainment
percentage for any such plan to drop below 60% as of the most recent valuation date; (iv) no Loan Party
nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of premiums,
and there are no premium payments which have become due that are unpaid; (v) no Loan Party nor any
ERISA Affiliate has engaged in a transaction that would reasonably be likely to be subject to Section
4069 or Section 4212(c) of ERISA; and (vi) no Pension Plan has been terminated by the plan
administrator thereof or by the PBGC, and no event or circumstance has occurred or exists that would
reasonably be expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate
any Pension Plan.
(d)As of the Effective Date, neither the Borrower nor any Guarantor is (i) a plan subject to Title
I of the ERISA, (ii) a plan or account subject to Section 4975 of the Internal Revenue Code, (iii) an
entity deemed to hold “plan assets” of any such plans or accounts for purposes of ERISA or the Internal
Revenue Code or (iv) a “governmental plan” within the meaning of ERISA.
6.13Subsidiaries.
Set forth on Schedule 6.13 hereto is a complete and accurate list as of the Effective Date of
each Subsidiary, together with (a) jurisdiction of organization, (b) number of shares of each class of
Equity Interests outstanding, (c) percentage of outstanding shares of each class owned (directly or
indirectly) by the Borrower or any Subsidiary and (d) a notation as to which Subsidiaries are Immaterial
Domestic Subsidiaries and Immaterial Foreign Subsidiaries. The outstanding Equity Interests of each
Subsidiary are validly issued, fully paid and non-assessable.
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6.14Margin Regulations; Investment Company Act.
(a)The Borrower is not engaged and will not engage, principally or as one of its important
activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U
issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock.
Following the application of the proceeds of each Borrowing or drawing under each Letter of Credit,
not more than 25% of the value of the assets (either of the Borrower only or of the Borrower and its
Subsidiaries on a consolidated basis) subject to the provisions of Section 8.01 or Section 8.05 or subject
to any restriction contained in any agreement or instrument between the Borrower and any Lender or
any Affiliate of any Lender relating to Indebtedness and within the scope of Section 9.01(e) will be
margin stock.
(b)Neither the Borrower nor any Subsidiary is or is required to be registered as an “investment
company” under the Investment Company Act of 1940.
6.15Disclosure.
No report, financial statement, certificate or other information furnished in writing by or on
behalf of any Loan Party to the Administrative Agent or any Lender in connection with the transactions
contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other
Loan Document (in each case, as modified or supplemented by other information so furnished
(including, for purposes of clarification, information deemed delivered pursuant to the penultimate
paragraph of Section 7.02)) when taken as a whole, contains any material misstatement of fact or omits
to state any material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided, that, with respect to projected business plans,
forecasts and other projected financial information, the Loan Parties represent only that such
information was prepared in good faith based upon assumptions believed to be reasonable at the time,
which assumptions were fair in light of the conditions existing at the time of delivery of such forecasts,
and represented, at the time of delivery, the Borrower’s reasonable estimate of its plans, forecasts or
projections, as applicable, based on the information available at the time (it being acknowledged that
actual results may vary, and such variations may be material). As of the Effective Date, the information
included in any Beneficial Ownership Certification delivered to the Administrative Agent or any Lender
on or prior to the Effective Date, if applicable, is true and correct in all respects.
6.16Compliance with Laws.
Each of the Borrower and each Subsidiary is in compliance with the requirements of all Laws
and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances
in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good
faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith would not
reasonably be expected to have a Material Adverse Effect.
6.17Intellectual Property; Licenses, Etc.
(a)The Borrower and its Subsidiaries own, or possess the right to use, all of the trademarks,
service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual
property rights (collectively, “IP Rights”) that are reasonably necessary for the operation of their
respective businesses.
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(b)Set forth on Schedule 6.17 hereto is a list of (i) all IP Rights registered or pending registration
with the United States Copyright Office or the United States Patent and Trademark Office that as of the
Effective Date a Loan Party owns and (ii) all licenses of IP Rights registered with the United States
Copyright Office or the United States Patent and Trademark Office as of the Effective Date.
(c)Except for such claims and infringements that would not reasonably be expected to have a
Material Adverse Effect, (i) no claim has been asserted and is pending by any Person challenging or
questioning the use of any IP Rights or the validity or effectiveness of any IP Rights, nor does any
Responsible Officer of any Loan Party know of any such claim, and (ii) to the knowledge of the
Responsible Officers of the Loan Parties, the use of any IP Rights by the Borrower or any Subsidiary,
the granting of a right or a license in respect of any IP Rights from the Borrower or any Subsidiary does
not infringe on any rights of any other Person.
6.18Solvency.
The Borrower and its Subsidiaries on a consolidated basis are Solvent.
6.19Perfection of Security Interests in the Collateral.
The Collateral Documents create valid security interests in, and Liens on, the Collateral
purported to be covered thereby, which security interests and Liens are currently perfected security
interests, to the extent and in the manner required by the Collateral Documents and the Administrative
Agent, prior to all other Liens other than Permitted Liens.
6.20Business Locations; Taxpayer Identification Number.
Set forth on Schedule 6.20-1 hereto is a list of all real property located in the United States that
is owned or leased by any Loan Party as of the Effective Date (identifying whether such real property
is owned or leased and which Loan Party owns or leases such real property). Set forth on Schedule 6.20-
2 hereto is the chief executive office, U.S. tax payer identification number and organizational
identification number of each Loan Party as of the Effective Date. The exact legal name and state of
organization of each Loan Party as of the Effective Date is as set forth on the signature pages hereto.
Except as set forth on Schedule 6.20-3 hereto, as of the Effective Date, no Loan Party has during the
five years preceding the Effective Date (a) changed its legal name, (b) changed its state of formation,
or (c) been party to a merger, consolidation or other change in structure.
6.21OFAC; Anti-Corruption.
(a)Neither the Borrower nor any Subsidiary nor, to the knowledge of the Borrower and its
Subsidiaries, any director, officer, employee, agent or affiliate thereof, is an individual or entity that is,
or is owned or controlled by any individual or entity that is, (i) currently the subject or target of any
Sanctions, or (ii) included on OFAC’s List of Specially Designated Nationals, HMT’s Consolidated
List of Financial Sanctions Targets and the Investment Ban List, or any similar list enforced by any
other relevant sanctions authority. Neither the Borrower nor any Subsidiary nor, to the knowledge of
the Borrower and its Subsidiaries, any director, officer, is located, organized or resident in a Designated
Jurisdiction. The Borrower and its Subsidiaries have conducted their businesses in compliance in all
material respects with all applicable Sanctions and have instituted and maintained policies and
procedures designed to promote and achieve compliance with such Sanctions.
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(b)The Borrower and its Subsidiaries have conducted their business in compliance with the
United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other similar anti-
corruption legislation in other jurisdictions, and have instituted and maintained policies and procedures
designed to promote and achieve compliance with such laws.
6.22USA PATRIOT Act.
The Borrower and its Subsidiaries have conducted their business in compliance with the USA
PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “USA PATRIOT
Act”), and have instituted and maintained policies and procedures designed to promote and achieve
compliance with such law.
6.23Covered Entities.
No Loan Party is a Covered Entity.
ARTICLE VII.
AFFIRMATIVE COVENANTS
On and after the Effective Date, and until the Facility Termination Date, each Loan Party shall,
and shall cause each Subsidiary to:
7.01Financial Statements.
Deliver to the Administrative Agent (and the Administrative Agent shall make the same
available to the Lenders), in form and detail satisfactory to the Administrative Agent:
(a)as soon as available, but in any event within ninety days after the end of each fiscal year of
the Borrower (or, if earlier, 15 days after the date required to be filed with the SEC (without giving
effect to any extension permitted by the SEC)), commencing with the fiscal year of the Borrower ending
January 31, 2021, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of
such fiscal year, and the related consolidated statements of income or operations, changes in
stockholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form
the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP,
audited and accompanied by a report and opinion of an independent certified public accountant of
nationally recognized standing reasonably acceptable to the Administrative Agent, which report and
opinion shall be prepared in accordance with generally accepted auditing standards and shall not be
subject to any “going concern” or like qualification or exception or any qualification or exception as to
the scope of such audit; and
(b)as soon as available, but in any event within forty-five days after the end of each of the first
three fiscal quarters of each fiscal year of the Borrower (or, if earlier, 5 days after the date required to
be filed with the SEC (without giving effect to any extension permitted by the SEC)), commencing with
the first such fiscal quarter of the Borrower ending on or after the Effective Date, a consolidated balance
sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter, the related consolidated
statements of income or operations for such fiscal quarter and for the portion of the Borrower’s fiscal
year then ended, and the related consolidated statements of changes in stockholders’ equity and cash
flows for the portion of the Borrower’s fiscal year then ended, in each case setting forth in comparative
form, as applicable, the figures
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for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the
previous fiscal year, all in reasonable detail and certified by the chief executive officer, chief financial
officer, treasurer or controller that is a Responsible Officer of the Borrower as fairly presenting in all
material respects the financial condition, results of operations, shareholders’ equity and cash flows of
the Borrower and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit
adjustments and the absence of footnotes.
As to any information contained in materials furnished pursuant to Section 7.02(c), the
Borrower shall not be separately required to furnish such information under Section 7.01(a) or 7.01(b),
but the foregoing shall not be in derogation of the obligation of the Borrower to furnish the information
and materials described in Section 7.01(a) or 7.01(b) at the times specified therein.
7.02Certificates; Other Information.
Deliver to the Administrative Agent (and the Administrative Agent shall make the same
available to the Lenders), in form and detail satisfactory to the Administrative Agent:
(a)concurrently with the delivery of the financial statements referred to in Section 7.01(a), a
report of its independent certified public accountants certifying such financial statements and stating
that in connection with its audit examination no knowledge was obtained of any Default under the
financial covenants set forth in Section 8.11 or, if any such Default shall exist, stating the nature and
status of such event;
(b)concurrently with the delivery of the financial statements referred to in Sections 7.01(a) and
(b), a duly completed Compliance Certificate signed by the chief executive officer, chief financial
officer, treasurer or controller that is a Responsible Officer of the Borrower (which delivery may, unless
the Administrative Agent or a Lender requests executed originals, be by electronic communication
including fax or email and shall be deemed to be an original authentic counterpart thereof for all
purposes);
(c)promptly after the same are available, copies of each annual report, proxy or financial
statement or other report or communication sent to the equityholders of the Borrower or any Subsidiary,
and copies of all annual, regular, periodic and special reports and registration statements which the
Borrower or any Subsidiary may file or be required to file with the SEC under Section 13 or 15(d) of
the Securities Exchange Act of 1934, and not otherwise required to be delivered to the Administrative
Agent pursuant hereto;
(d)concurrently with the delivery of the financial statements referred to in Section 7.01(a), a
report signed by a Responsible Officer of the Borrower that supplements Schedule 6.17 to this
Agreement such that, as supplemented, such schedule would be accurate and complete as of such date
(and if no supplement is required to cause such schedule to be accurate and complete as of such date,
then the Borrower shall not be required to deliver such a report);
(e)promptly after any written request by the Administrative Agent, copies of any detailed audit
reports, management letters or recommendations submitted to the board of directors (or the audit
committee of the board of directors) of the Borrower by independent accountants in connection with
the accounts or books of the Borrower, or any audit of any of the Borrower;
(f)promptly, and in any event within ten Business Days after receipt thereof by the Borrower
or any Subsidiary, copies of each notice or other correspondence received from the
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SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or
possible investigation or other inquiry by such agency regarding financial or other operational results
of the Borrower or any Subsidiary, in each case, that are required to be publicly disclosed pursuant to
applicable law;
(g)promptly following any written request therefor, information and documentation reasonably
requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know
your customer” and anti-money-laundering rules and regulations, including, the USA PATRIOT Act
and the Beneficial Ownership Regulation; and
(h)promptly, such additional information regarding the business, financial or corporate affairs
of the Borrower or any Subsidiary, or compliance with the terms of the Loan Documents, as the
Administrative Agent may from time to time reasonably request in writing in order to allow it to
determine compliance with the Loan Documents.
Documents required to be delivered pursuant to Section 7.01(a) or 7.01(b) or Section 7.02(c)
(to the extent any such documents are included in materials otherwise filed with the SEC) may be
delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on
which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the
Internet at the website address listed on Schedule 11.02 or (ii) on which such documents are posted on
the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the
Administrative Agent have access (whether a commercial, third-party website or whether sponsored by
the Administrative Agent); provided, that, the Borrower shall deliver paper copies of such documents
to the Administrative Agent or any Lender upon its request to the Borrower to deliver such paper copies
until a written request to cease delivering paper copies is given by the Administrative Agent or such
Lender. The Administrative Agent shall have no obligation to request the delivery of or to maintain
paper copies of the documents referred to above, and in any event shall have no responsibility to monitor
compliance by the Borrower with any such request by a Lender for delivery, and each Lender shall be
solely responsible for requesting delivery to it or maintaining its copies of such documents.
The Borrower hereby acknowledges that the Administrative Agent and/or BofA Securities may,
but shall not be obligated to, make available to the Lenders and the L/C Issuers materials and/or
information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”)
by posting the Borrower Materials on Debt Domain, IntraLinks, Syndtrak or another similar electronic
system (the “Platform”).
7.03Notices.
Promptly notify the Administrative Agent (who will notify the Lenders) of:
(a)the occurrence of any Default.
(b)any matter that has resulted or would reasonably be expected to result in a Material Adverse
Effect.
(c)the occurrence of any ERISA Event which would reasonably be expected to result in a
liability in excess of the Threshold Amount.
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(d)any material change in accounting policies or financial reporting practices by the Borrower
or any Subsidiary, including any determination by the Borrower referred to in Section 2.10(b).
(e)the occurrence of the Maturity Date pursuant to clause (ii) thereof.
Each notice pursuant to this Section 7.03 shall be accompanied by a statement of a Responsible
Officer of the Borrower setting forth details of the occurrence referred to therein and stating what action
the Borrower has taken and proposes to take with respect thereto. Each notice pursuant to Section
7.03(a) shall describe with particularity any and all provisions of this Agreement and any other Loan
Document that have been breached.
7.04Payment of Taxes.
Pay and discharge as the same shall become due and payable all Taxes of the Borrower and its
Subsidiaries, unless the same are being contested in good faith by appropriate proceedings diligently
conducted and to the extent required by GAAP, adequate reserves are being maintained by the Borrower
or such Subsidiary with respect thereto in accordance with GAAP or (b) the failure to do so, individually
or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.
7.05Preservation of Existence, Etc.
(a)In the case of the Borrower and its Subsidiaries, other than the Immaterial Domestic
Subsidiaries and the Immaterial Foreign Subsidiaries, preserve, renew and maintain in full force and
effect its legal existence under the Laws of the jurisdiction of its organization except in a transaction
permitted by Section 8.04 or 8.05.
(b)Preserve, renew and maintain in full force and effect its good standing under the Laws of the
jurisdiction of its organization except in a transaction permitted by Section 8.04 or 8.05 or where the
failure to so preserve, renew and maintain would not reasonably be expected to have a Material Adverse
Effect.
(c)Take all reasonable action to maintain all rights, privileges, permits, licenses and franchises
applicable to the Borrower and its Subsidiaries that are necessary or desirable in the normal conduct of
its business, except to the extent that the failure to do so would not reasonably be expected to have a
Material Adverse Effect.
(d)Preserve or renew all of its IP Rights, the non-preservation or non-renewal of which would
reasonably be expected to have a Material Adverse Effect.
7.06Maintenance of Properties.
(a)Maintain, preserve and protect all of its material properties and material equipment that is
necessary in the operation of its business in good working order and condition, ordinary wear and tear
excepted.
(b)Make all necessary repairs thereto and renewals and replacements thereof, except where the
failure to do so would not reasonably be expected to have a Material Adverse Effect.
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(c)Use the standard of care typical in the industry in the operation and maintenance of its
facilities, except where the failure to do so would not reasonably be expected to have a Material Adverse
Effect.
7.07Maintenance of Insurance.
(a)Maintain with financially sound and reputable insurance companies not Affiliates of the
Borrower, insurance with respect to its properties and business against loss or damage of the kinds
customarily insured against by Persons engaged in the same or similar business, of such types and in
such amounts as are customarily carried under similar circumstances by such other Persons.
(b)Cause the Administrative Agent and its successors and/or assigns to be named as lender’s
loss payee or mortgagee as its interest may appear, and/or additional insured with respect to any such
insurance providing liability coverage or coverage in respect of any Collateral, and use its commercially
reasonable efforts to cause each provider of any such insurance to agree, by endorsement upon the
policy or policies issued by it or by independent instruments furnished to the Administrative Agent, that
it will give the Administrative Agent thirty days (or such shorter time as the Administrative Agent may
agree) prior written notice before any such policy or policies shall be altered or canceled.
7.08Compliance with Laws.
Comply with the requirements of all Laws and all orders, writs, injunctions and decrees
applicable to it or to its business or property, except in such instances in which (a) such requirement of
Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings
diligently conducted; or (b) the failure to comply therewith would not reasonably be expected to have
a Material Adverse Effect.
7.09Books and Records.
(a)Maintain proper books of record and account, in which full, true and correct entries in
conformity with GAAP consistently applied shall be made of all financial transactions and matters
involving the assets and business of the Borrower or such Subsidiary, as the case may be.
(b)Maintain such books of record and account in material conformity with all applicable
requirements of any Governmental Authority having regulatory jurisdiction over the Borrower or such
Subsidiary, as the case may be.
7.10Inspection Rights.
Permit representatives of the Administrative Agent (including independent contractors of the
Administrative Agent) and each Lender (if and when accompanying the Administrative Agent) to visit
and inspect any of its properties, to examine its corporate, financial and operating records, and make
copies thereof or abstracts therefrom, and, when accompanied by a Responsible Officer of the Borrower,
to discuss its affairs, finances and accounts with its officers, and independent public accountants, with
all reasonable documented out-of-pocket expenses in connection therewith to be at the expense of the
Borrower and at such reasonable times during normal business hours, but no more frequently than once
each fiscal year of the Borrower, upon reasonable advance notice to the Borrower; provided, that, when
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an Event of Default exists, the Administrative Agent or any Lender (or any of their respective
representatives or independent contractors) may do any of the foregoing at the expense of the Borrower
at any time during normal business hours and without advance notice. For the avoidance of doubt, the
Borrower and its Subsidiaries will not be required to provide any information to the extent that the
provision thereof would violate any Law.
7.11Use of Proceeds.
Use the proceeds of (a) the Revolving Loans to finance working capital, capital expenditures,
Permitted Acquisitions and other lawful corporate purposes and (b) any other Credit Extensions to
finance working capital, capital expenditures, Permitted Acquisitions and other lawful corporate
purposes; provided, that, in no event shall the proceeds of the Credit Extensions be used in contravention
of any Law or of any Loan Document.
7.12Additional Guarantors.
Within forty-five days (or such later date as the Administrative Agent may agree in its sole
discretion) after any Person becomes a Domestic Subsidiary (other than (x) an Immaterial Domestic
Subsidiary or (y) a Domestic Subsidiary that is not a wholly-owned Subsidiary, solely to the extent the
terms of such non-wholly owned Domestic Subsidiary’s Organization Documents prohibit such Person
from guaranteeing the Obligations pursuant to the Loan Documents and/or prohibit such Person from
granting a Lien in the assets of such Person pursuant to the Collateral Documents), cause such Person
to (a) become a Guarantor by executing and delivering to the Administrative Agent a Joinder Agreement
and (b) deliver to the Administrative Agent such Organization Documents, good standing certificates
and resolutions and, to the extent requested by the Administrative Agent in its sole discretion, favorable
opinions of counsel (which shall cover, among other things, the legality, validity, binding effect and
enforceability of the documentation referred to in clause (a) above), all in form, content and scope
reasonably satisfactory to the Administrative Agent.
7.13Pledged Assets.
(a)Equity Interests. Cause (i) 100% of the issued and outstanding Equity Interests of each
Domestic Subsidiary directly owned by any Loan Party (other than Excluded Property) and (ii) 65% (or
such greater percentage that, due to a change in an applicable Law after the Effective Date, (A) would
not reasonably be expected to cause the undistributed earnings of such Foreign Subsidiary as determined
for United States federal income tax purposes to be treated as a deemed dividend to such Foreign
Subsidiary’s United States parent and (B) would not reasonably be expected to cause any material
adverse tax consequences) of the issued and outstanding Equity Interests entitled to vote (within the
meaning of Treas. Reg. Section 1.956-2(c)(2)) and 100% of the issued and outstanding Equity Interests
not entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) in each Foreign Subsidiary
(other than (x) an Immaterial Foreign Subsidiary and (y) Excluded Property) directly owned by any
Loan Party to be subject at all times to a first priority, perfected Lien (subject to Section 7.13(b)) in
favor of the Administrative Agent pursuant to the Collateral Documents, and, in connection with the
foregoing, deliver to the Administrative Agent such other documentation as the Administrative Agent
may request, including any filings and deliveries to perfect such Liens and favorable opinions of counsel
all in form and substance reasonably satisfactory to the Administrative Agent.
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(b)Other Property. Cause all property (other than Excluded Property) of each Loan Party to be
subject at all times to first priority, perfected Liens in favor of the Administrative Agent to secure the
Obligations pursuant to, and to the extent and in the manner required by, the Collateral Documents
(subject to Permitted Liens) and, in connection with the foregoing, deliver to the Administrative Agent
such other documentation as the Administrative Agent may request including filings and deliveries
necessary to perfect such Liens, Organization Documents, resolutions and favorable opinions of counsel
to such Person, all in form, content and scope reasonably satisfactory to the Administrative Agent;
provided, that, no actions or filings in any jurisdiction other than the United States shall be required in
order to create any security interests in assets (including IP Rights and Equity Interests) located, titled,
registered, filed or applied-for, as applicable, in jurisdictions other than the United States, or to perfect
or record such security interests (it being understood that there shall be no security agreements, pledge
agreements, or share charge (or mortgage) agreements governed under the laws of any jurisdiction other
than the United States with respect to the Loan Parties), and no Loan Parties shall be required to
reimburse any Lender for such actions or filings outside of the United States.
7.14Anti-Corruption Laws; Sanctions.
(a)Conduct its business in compliance with the United States Foreign Corrupt Practices Act of
1977, the UK Bribery Act 2010 and other similar anti-corruption legislation in other jurisdictions and
maintain policies and procedures designed to promote and achieve compliance with such laws.
(b)Conduct its business in compliance with all applicable Sanctions and maintain policies and
procedures designed to promote and achieve compliance with such Sanctions.
ARTICLE VIII.
NEGATIVE COVENANTS
On and after the Effective Date, and until the Facility Termination Date, no Loan Party shall,
nor shall it permit any Subsidiary to, directly or indirectly:
8.01Liens.
Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues
(other than Equity Interests of the Borrower to the extent constituting margin stock), whether now
owned or hereafter acquired, other than the following:
(a)Liens pursuant to any Loan Document;
(b)Liens existing on the Effective Date and listed on Schedule 8.01 hereto and any renewals or
extensions thereof so long as the property covered thereby is not increased;
(c)Liens (other than Liens imposed under ERISA) for taxes, assessments or governmental
charges or levies not yet due or which are being contested in good faith and by appropriate proceedings
diligently conducted;
(d)Liens of landlords, carriers, warehousemen, mechanics, materialmen and repairmen and
other like Liens arising in the ordinary course of business; provided, that, such
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Liens secure only amounts not overdue for more than sixty days or, if overdue for more than sixty days,
are being contested in good faith by appropriate proceedings diligently conducted;
(e)pledges or deposits made (i) in the ordinary course of business in connection with workers’
compensation, unemployment insurance and other social security legislation and public liability laws,
other than any Lien imposed by ERISA and (ii) in respect of letters of credit, bank guarantees or similar
instruments issued for the account of the Borrower or any Subsidiary in the ordinary course of business
supporting obligations of the type set forth in clause (e)(i) above;
(f)pledges or deposits made (i) to secure the performance of bids, tenders, trade contracts and
leases (other than Indebtedness), public or statutory obligations, surety and appeal bonds, performance
bonds and other obligations of a like nature incurred in the ordinary course of business and (ii) in respect
of letters of credit, bank guarantees or similar instruments issued for the account of the Borrower or any
Subsidiary in the ordinary course of business supporting obligations of the type set forth in clause (f)(i)
above;
(g)easements, rights-of-way, zoning and other restrictions, irregularities in title and other
similar encumbrances affecting real property which, in the aggregate, are not substantial in amount, and
which do not in any case materially detract from the value of the property subject thereto or materially
interfere with the ordinary conduct of the business of the applicable Person;
(h)attachment Liens and Liens securing judgments for the payment of money (or appeal or other
surety bonds relating to such judgments) not constituting an Event of Default under Section 9.01(g) or
(h);
(i)Liens securing Indebtedness permitted under Section 8.03(e); provided, that, (i) such Liens
do not at any time encumber any property other than the property (or proceeds thereof) financed by
such Indebtedness and (ii) such Liens attach to such property concurrently with or within 180 days after
the acquisition or completion or construction thereof;
(j)licenses, sublicenses, leases or subleases granted to others not interfering in any material
respect with the business of the Borrower or any Subsidiary, taken as a whole;
(k)any interest of title of a lessor or licensor under, and Liens arising from Uniform Commercial
Code financing statements (or equivalent filings, registrations or agreements in foreign jurisdictions) or
other common law liens relating to, leases, licenses, subleases or sublicenses permitted by this
Agreement, including purported Liens evidenced by the filing of precautionary UCC financing
statements;
(l)Liens deemed to exist in connection with Investments in repurchase agreements permitted
under Section 8.02;
(m)normal and customary rights of setoff or banker’s Liens in favor of banks or other depository
or financial institutions arising as a matter of law or under customary agreements for the provision of
banking, cash management, securities intermediary services and similar arrangements and Liens
securing payment obligations thereunder;
(n)Liens arising under Sections 4-208 and 4-210 of the Uniform Commercial Code (or, if
applicable, the corresponding section of the Uniform Commercial Code in effect in the relevant
jurisdiction) on items in the course of payment or collection;
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(o)Liens arising on any real property as a result of any eminent domain, condemnation or
similar proceeding being commenced with respect to such real property;
(p)Liens on property of a Person acquired in connection with a Permitted Acquisition existing
at the time such Person is merged into or consolidated with the Borrower or any Subsidiary or becomes
a Subsidiary or existing on any property or asset prior to the acquisition thereof by the Borrower or any
Subsidiary; provided, that, (i) such Liens were not created in contemplation of such merger,
consolidation, Investment or acquisition, (ii) such Liens do not encumber any property other than the
property encumbered at the time of such merger, consolidation, Investment or acquisition, and the
proceeds and products thereof, (iii) such Liens do not extend to any assets other than those of the Person
merged into or consolidated with the Borrower or such Subsidiary or acquired by the Borrower or such
Subsidiary or the assets so acquired, and (iv) any Indebtedness secured by such Lien is permitted under
Section 8.03 (it being understood that such Indebtedness shall reduce availability under the applicable
basket in Section 8.03 except in the case of Indebtedness of the type described in Section 8.03(e));
(q)Liens in favor of customs and revenue authorities arising as a matter of law to secure
payment of customs duties in connection with the importation of goods and deposits as security for
contested custom or import duties;
(r)Liens on any cash earnest money deposit made by the Borrower or any Subsidiary in
connection with any letter of intent or acquisition agreement relating to a Permitted Acquisition,
Disposition or other transaction that is not prohibited by this Agreement;
(s)rights of first refusal, voting, redemption, transfer or other restrictions with respect to the
Equity Interests in any joint venture entities or other Persons that are not Subsidiaries acquired in
connection with Investments permitted under Section 8.02;
(t)Liens on cash and Cash Equivalents arising in connection with the defeasance, discharge,
redemption or termination (including by way of cash collateralization) of Indebtedness to the extent
such defeasance, discharge, redemption or termination is not prohibited by this Agreement;
(u)in connection with the sale or transfer of any assets in a transaction not prohibited hereunder,
customary rights and restrictions contained in agreements relating to such sale or transfer pending the
completion thereof;
(v)preferential arrangements in the form of subordination and intercreditor agreements in favor
of creditors of the customers of the Borrower and its Subsidiaries;
(w)Liens securing Indebtedness permitted under Section 8.03(g) so long as the Consolidated
Secured Leverage Ratio (calculated on a Pro Forma Basis after giving effect to the incurrence of such
Liens) is less than 2.25:1.0; provided, that, at the time of creation, assumption or incurrence of the
Indebtedness or other obligations secured by any such Lien and after giving effect thereto and the
application of the proceeds thereof, no Event of Default would exist;
(x)Liens in favor of Governmental Authorities securing the obligations of Foreign Subsidiaries
in jurisdictions outside of the United States; provided, that, (i) such Liens are required by such
Governmental Authorities in order for such Foreign Subsidiaries to conduct
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business in such jurisdictions and (ii) such Liens do not extend to any assets other than those of such
Foreign Subsidiaries;
(y)Liens on inventory (and the proceeds thereof) in favor of financiers of inventory (including
vendor financiers) to secure trade payables incurred in the ordinary course of business in connection
with the acquisition of inventory;
(z)Liens on Investments maintained pursuant to Section 8.02(c) in favor of the beneficiary of
any such unqualified deferred compensation arrangement;
(aa)Liens and cash and cash equivalents deposited to securing Indebtedness under Section
8.03(m);
(bb)in the case of any joint venture or non-wholly owned Subsidiary, any put and call
arrangements or similar obligations related to its Equity Interests set forth in its organizational
documents or any related joint venture or similar agreement;
(cc) Liens securing Indebtedness to finance insurance premiums owing in the ordinary course
of business to the extent such financing is not prohibited hereunder; provided, that, such Liens shall be
permitted only with respect to unearned premiums and dividends which may become payable under the
relevant insurance policies and loss payments which reduce the unearned premiums under such
insurance policies;
(dd)Liens in the nature of the right of setoff in favor of counterparties to contractual agreements
not otherwise prohibited hereunder with the Borrower or any of its Subsidiaries in the ordinary course
of business;
(ee)Liens and deposits securing obligations under Swap Contract entered into hedge or mitigate
commercial risk and not for speculative purposes in an aggregate principal amount not to exceed
$10,000,000;
(ff)Liens securing reimbursement obligations with respect to commercial letters of credit which
encumber documents and other property relating to such letters of credit and products and proceeds
thereof;
(gg)other Liens securing obligations in an aggregate principal amount outstanding not to exceed
$50,000,000; and
(hh)Liens securing Indebtedness under Section 8.03(n) and other obligations of Foreign
Subsidiaries; provided, that, such Liens do not extend to any assets other than the Equity Interests of
such Foreign Subsidiary and the assets of such Foreign Subsidiary and its Subsidiaries.
8.02Investments.
Make any Investments, except:
(a)Investments in the form of cash or Cash Equivalents, short-term Investments and other
Investments which, in each case, are not prohibited under any other provision of this Agreement, so
long as such short-term Investments and other Investments are made in accordance
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with the Borrower’s investment policy as in effect on the Effective Date (as disclosed to the
Administrative Agent on or prior to the Effective Date and as may be changed from time to time by the
Borrower);
(b)Investments outstanding on the Effective Date and set forth in Schedule 8.02 hereto;
(c)Investments maintained by the Borrower pursuant to the Borrower’s unqualified deferred
compensation arrangements; provided, that, such compensation arrangements are entered into in the
ordinary course of business;
(d)Investments in any Person that is a Loan Party prior to giving effect to such Investment (it
being understood and agreed that any Investment to form a Subsidiary that will become a Guarantor in
accordance with Section 7.12 is permitted);
(e)Investments by any Subsidiary that is not a Loan Party in any other Subsidiary that is not a
Loan Party;
(f)Investments consisting of extensions of credit in the nature of accounts receivable or notes
receivable arising from the grant of trade credit in the ordinary course of business (including
intercompany balances incurred or made in the ordinary course of business which do not constitute
loans for borrowed money), and Investments received in satisfaction or partial satisfaction thereof from
financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss;
(g)Guarantees permitted by Section 8.03;
(h)Investments that constitute Permitted Liens;
(i)Permitted Acquisitions;
(j)(i) Investments by Loan Parties in Subsidiaries that are not Loan Parties the proceeds of
which are substantially contemporaneously applied to consummate a Permitted Acquisition; and (ii)
other Investments by Loan Parties in Subsidiaries that are not Loan Parties; provided, that, in the case
of this clause (ii), (A) at the time of such Investment and after giving effect thereto, no Event of Default
has occurred and is continuing and (B) after giving effect such Investment on a Pro Forma Basis, the
Loan Parties would be in compliance with the financial covenants set forth in Section 8.11;
(k)Investments by the Borrower in any Permitted Bond Hedge Transaction;
(l)Investments consisting of loans, advances and other extensions of credit to officers, directors
and employees of the Borrower and its Subsidiaries for business purposes in an amount not to exceed
$6,000,000 in the aggregate at any time outstanding;
(m)Investments consisting of loans, advances, Guarantees and other extensions of credit to or
on behalf of customers and vendors, in each case, in the ordinary course of business and in a manner
consistent with past practices;
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(n)Investments represented by Swap Contract entered into hedge or mitigate commercial risk
and not for speculative purposes;
(o)Investments consisting of guarantees of the trade credit obligations, real property leases,
indemnification and other obligations with respect to deposit accounts, or other obligations of
Subsidiaries in the ordinary course of business or in connection with any transaction permitted to be
incurred under Section 8.03 (other than Investments constituting Guarantees of Indebtedness);
(p)advances of payroll payments to employees in the ordinary course of business;
(q)to the extent constituting Investments, Guarantees of obligations of a Subsidiary (other than
obligations constituting Indebtedness) in connection with any Permitted Acquisition or any Disposition
permitted under Section 8.05; and
(r)Investments of a nature not contemplated in the foregoing clauses in an aggregate amount at
any time outstanding not to exceed (i) $50,000,000 plus (ii) unlimited amount so long as after giving
effect to such Investment on a Pro Forma Basis, the Loan Parties would be in compliance with the
financial covenants set forth in Section 8.11.
For purposes of clarification, nothing in this Section 8.02 prohibits the Foreign Subsidiaries
from holding foreign currencies in the ordinary course of business. For purposes of determining
compliance with this Section 8.02, in the event that any proposed Investments meets the criteria of more
than one of the categories of Investments permitted in clauses (a) through (s) above, the Borrower shall
be permitted to divide or classify such item on the date of its making, and from time to time may
reclassify, in any manner that complies with this Section 8.02 at such time.
8.03Indebtedness.
Create, incur, assume or suffer to exist any Indebtedness, except:
(a)Indebtedness under the Loan Documents;
(b)Indebtedness outstanding on the Effective Date and set forth in Schedule 8.03 hereto, and
any refinancings and extensions thereof; provided, that, (i) with respect to any refinancings or
extensions of any such Indebtedness, (A) the amount of such Indebtedness is not increased at the time
of such refinancing or extension except (1) by an amount equal to a reasonable premium or other
reasonable amount paid, and fees and expenses reasonably incurred, in connection with such
refinancing or extension and by an amount equal to any existing commitments unutilized thereunder
and (2) if the amount of such increase is otherwise permitted under this Section 8.03 and (B) the material
terms taken as a whole of such refinancing or extension either (1) reflect market terms at the time of
issuance thereof, as reasonably determined by the Borrower in good faith, or (2) shall, taken as a whole,
not be more favorable to the lenders providing such Indebtedness than the terms and conditions
applicable to the Indebtedness being refinanced or extended and (ii) the amount of any Indebtedness
stated on Schedule 8.03 hereto that is subject to a revolving loan facility shall be the maximum amount
available to be borrowed thereunder on the Effective Date (excluding increase options under such
facilities);
(c)intercompany Indebtedness permitted under Section 8.02; provided, that, in the case of
Indebtedness owing by a Loan Party to a Subsidiary that is not a Loan Party, (i) such
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Indebtedness shall by its terms be subordinated in right of payment to the prior payment in full of the
Obligations in form and substance reasonably acceptable to the Administrative Agent and (ii) such
Indebtedness shall not be prepaid unless no Default exists immediately prior to or after giving effect to
such prepayment;
(d)obligations (contingent or otherwise) existing or arising under any Swap Contract; provided,
that, (i) such obligations are (or were) entered into by such Person in the ordinary course of business or
in connection with the Loans made under this Agreement for the purpose of directly mitigating risks
associated with liabilities, commitments, investments, assets, or property held or reasonably anticipated
by such Person, or changes in the value of securities issued by such Person, and not for purposes of
speculation or taking a “market view;” and (ii) such Swap Contract does not contain any provision
exonerating the non-defaulting party from its obligation to make payments on outstanding transactions
to the defaulting party;
(e)purchase money Indebtedness (including obligations in respect of capital leases and
Synthetic Lease Obligations) incurred to finance the purchase of fixed or capital assets, and renewals,
refinancings and extensions thereof; provided, that, (i) at the time of incurrence the aggregate
outstanding principal amount of all such Indebtedness shall not exceed the greater of (A) $50,000,000
at any one time outstanding and (B) 2.5% of Consolidated Total Assets as of the most recent four fiscal
quarter period preceding the date of such transaction for which financial statements were required to be
delivered pursuant to Section 7.01(a) or (b) (or, prior to the first such delivery, the financial statements
for the fiscal quarter ended October 31, 2020) and (ii) such Indebtedness when incurred shall not exceed
the purchase price of the asset(s) financed;
(f)(i) Existing Convertible Notes, (ii) any Permitted Convertible Indebtedness so long as a
majority of the proceeds thereof are applied to repay or repurchase Existing Convertible Notes, and (iii)
any Permitted Convertible Indebtedness to the extent that the proceeds thereof are applied to repay or
repurchase Existing Convertible Notes or such additional Permitted Convertible Indebtedness described
in clause (ii) above so long as such refinancing is on market terms for Permitted Convertible
Indebtedness (as determined in good faith by the Borrower);
(g)(i) Indebtedness of the Borrower and its Domestic Subsidiaries; provided, that, (A) at the
time of incurrence of such Indebtedness, no Default has occurred and is continuing, (B) after giving
effect to the incurrence of such Indebtedness on a Pro Forma Basis, the Loan Parties would be in
compliance with the financial covenants set forth in Section 8.11 (without giving effect to the Leverage
Increase Period thereunder, unless such Indebtedness is incurred to finance a Qualified Acquisition
which triggered such Leverage Increase Period), (C) such Indebtedness shall not include any financial
maintenance covenants that are more restrictive in any respect on the Loan Parties than the financial
maintenance covenants in Section 8.11 of this Agreement, (D) such Indebtedness is not subject to any
amortization payments or any mandatory prepayments or sinking fund payments (other than in
connection with a change of control, asset sale or event of loss and customary acceleration rights after
an event of default and, in the case of a term loan secured on a pari passu basis with the Obligations
pursuant to an Intercreditor Agreement (a “Pari Passu Term Loan”), excess cash flow) in each case,
prior to the date that is six (6) months after (or, in the case of a Pari Passu Term Loan or other type of
Indebtedness secured on a pari passu basis with the Obligations pursuant to an Intercreditor Agreement
(collectively, “Pari Passu Indebtedness”), simultaneously with) the then-latest Maturity Date, and (E)
such Indebtedness shall not mature at any time on or prior to the date that is six (6) months after (or, in
the case of a Pari Passu Indebtedness, simultaneously with) the then-latest Maturity Date; and (ii)
without
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limiting the right of the Borrower or any of its Domestic Subsidiaries to incur Indebtedness in reliance
on Section 8.03(g)(i), any refinancings and extensions of Indebtedness originally incurred pursuant to
Section 8.03(g)(i); provided, that, at the time of such refinancing or extension, and after giving effect
thereto, (A) no Default has occurred and is continuing, (B) the amount of such Indebtedness shall not
be increased except by an amount equal to a reasonable premium or other reasonable amount paid, and
fees and expenses reasonably incurred, in connection with such refinancing or extension and by an
amount equal to any existing commitments unutilized thereunder, (C) such Indebtedness shall not
include any financial maintenance covenants that are more restrictive in any respect on the Loan Parties
than the financial maintenance covenants in this Agreement, (D) such Indebtedness shall not be subject
to any amortization payments or any mandatory prepayments or sinking fund payments (other than in
connection with a change of control, asset sale or event of loss and customary acceleration rights after
an event of default and, in the case of a Pari Passu Term Loan, excess cash flow) in each case, prior to
the date that is six (6) months after (or, in the case of a Pari Passu Indebtedness, simultaneously with)
the then-latest Maturity Date, (E) such Indebtedness shall not mature at any time on or prior to the date
that is six (6) months after (or, in the case of a Pari Passu Indebtedness, simultaneously with) the then-
latest Maturity Date, (F) such Indebtedness shall be secured on the same or junior basis to the
Indebtedness that it refinances and (G) such Indebtedness shall have no shorter maturity than the
Indebtedness it refinances; provided, further, that (x) the aggregate principal amount of Indebtedness
under this clause (g) that may be incurred by any Subsidiary that is not a Loan Party shall not exceed
(together with Indebtedness incurred under Section 8.03(n)) the greater of (I) $150,000,000 at any time
outstanding and (II) 7.5% of Consolidated Total Assets as of the most recent four fiscal quarter period
preceding the date of such transaction for which financial statements were required to be delivered
pursuant to Section 7.01(a) or (b) (or, prior to the first such delivery, the financial statements for the
fiscal quarter ended October 31, 2020) and (y) if secured, such Indebtedness shall be secured only by
the Collateral and subject to an Intercreditor Agreement providing that such liens are pari passu or junior
to the Liens securing the Obligations;
(h)other Indebtedness in an aggregate outstanding principal amount at the time of incurrence
not to exceed the greater of (i) $100,000,000 and (ii) 30% of Consolidated EBITDA as of the most
recent four fiscal quarter period preceding the date of such transaction for which financial statements
were required to be delivered pursuant to Section 7.01(a) or (b) (or, prior to the first such delivery, the
financial statements for the fiscal quarter ended October 31, 2020), at any time outstanding;
(i)Indebtedness which constitutes a Lien on investment property or general intangibles that
represent Equity Interests of a Foreign Subsidiary and which is otherwise a Permitted Lien and
Indebtedness that constitutes a Permitted Lien under the following: Sections 8.01(c), 8.01(d), 8.01(e),
8.01(h), 8.01(l), 8.01(m), 8.01(n), 8.01(p), 8.01(q) and 8.01(t);
(j)Indebtedness consisting of indemnification obligations or adjustments in respect of the
purchase price (including earn-outs) in connection with any Permitted Acquisition or any Disposition
permitted under Section 8.05;
(k)Guarantees with respect to Indebtedness permitted under this Section 8.03;
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(l)unsecured reimbursement obligations of Loan Parties and their respective Subsidiaries in
respect of letters of credit, bankers’ acceptances, bank guaranties, surety or performance bonds, and
similar instruments issued in the ordinary course of business;
(m)secured reimbursement obligations of the Loan Parties and their respective Subsidiaries in
respect of letters of credit, bankers’ acceptances, bank guaranties, surety or performance bonds in a
stated amount not to exceed in the aggregate $50,000,000 at any time outstanding; and
(n)Indebtedness which may be deemed to exist pursuant to any guarantees, performance,
statutory or similar obligations (including in connection with workers’ compensation) or obligations in
respect of letters of credit, surety bonds, bank guarantees or similar instruments related thereto incurred
in the ordinary course of business, or pursuant to any appeal obligation, appeal bond or letter of credit
in respect of judgments that do not constitute an Event of Default;
(o)Indebtedness in connection with cash management services, including treasury, depository,
overdraft, credit or debit card, purchasing cards, electronic funds transfer, cash pooling arrangements,
netting services, and other cash management arrangements of Borrower or any Subsidiary, in each case
in the ordinary course of business;
(p)other Indebtedness of Foreign Subsidiaries in an aggregate principal amount not to exceed
(together with Indebtedness incurred by non-Loan Parties under Section 8.03(g)) the greater of (i)
$150,000,000 at any one time outstanding and (ii) 7.5% of Consolidated Total Assets as of the most
recent four fiscal quarter period preceding the date of such transaction for which financial statements
were required to be delivered pursuant to Section 7.01(a) or (b) (or, prior to the first such delivery, the
financial statements for the fiscal quarter ended October 31, 2020).
For purposes of determining compliance with this Section 8.03, in the event that any proposed
Indebtedness meets the criteria of more than one of the categories of Indebtedness permitted in clauses
(a) through (n) above, the Borrower shall be permitted to divide or classify such item on the date of its
incurrence, and from time to time may reclassify, in any manner that complies with this Section 8.03 at
such time.
8.04Fundamental Changes.
Merge, dissolve, liquidate or consolidate with or into another Person, except that so long as no
Default exists or would result therefrom: (a) the Borrower may merge or consolidate with any of its
Subsidiaries; provided, that, the Borrower is the continuing or surviving Person; (b) any Subsidiary may
merge or consolidate with or liquidate into any other Subsidiary; provided, that, if a Loan Party is a
party to such transaction, the continuing or surviving Person is a Loan Party or such surviving Person
becomes a Loan Party concurrently with the consummation of such merger, consolidation or
liquidation; (c) subject to clauses (a) and (b) above, the Borrower or any Subsidiary may merge with
any other Person in connection with a Permitted Acquisition; (d) any Subsidiary may dissolve, liquidate
or wind up its affairs at any time; provided, that, such dissolution, liquidation or winding up, as
applicable, could not have a Material Adverse Effect, and (e) any Subsidiary (other than a Borrower)
may merge, dissolve, liquidate, amalgamate or consolidate with or into another Person to effect any
Disposition permitted under Section 8.05.
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8.05Dispositions.
Make any Disposition except:
(a)Permitted Transfers;
(b)Dispositions in which (i) in the case of any such Disposition involving assets with a net book
value in excess of $5,000,000, at least 75% of the consideration paid in connection therewith shall be
cash or Cash Equivalents paid within 365 days of the consummation of the transaction and shall be in
an amount not less than the fair market value of the property disposed of, (ii) if such transaction is a
Sale and Leaseback Transaction, such transaction is not prohibited by the terms of Section 8.14, (iii)
such transaction does not involve a sale or other disposition of receivables other than receivables owned
by or attributable to other property concurrently being disposed of in a transaction otherwise permitted
under this Section 8.05(b), and (iv) the aggregate net book value of all of the assets sold or otherwise
disposed of by the Borrower and its Subsidiaries in all such transactions permitted under this Section
8.05(b) and Section 8.05(c) occurring on and after the Effective Date shall not exceed the greater of (A)
$75,000,000 and (B) 3.75% of Consolidated Total Assets (determined on the date of consummation of
any such Disposition by reference to the amount of Consolidated Total Assets existing as of the last day
of the most recent fiscal year of the Borrower ended on or prior to such date for which the Borrower
has delivered financial statements pursuant to Section 7.01(a)) (or, prior to the first such delivery, the
financial statements for the fiscal quarter ended October 31, 2020);
(c)other Dispositions; provided, that, the aggregate net book value of all of the assets sold or
otherwise disposed of by the Borrower and its Subsidiaries in all such transactions permitted under this
Section 8.05(c) occurring on and after the Effective Date shall not exceed the greater of (i) $25,000,000
and (ii) 1.25% of Consolidated Total Assets (determined on the date of consummation of any such
Disposition by reference to the amount of Consolidated Total Assets existing as of the last day of the
most recent fiscal year of the Borrower ended on or prior to such date for which the Borrower has
delivered financial statements pursuant to Section 7.01(a)) (or, prior to the first such delivery, the
financial statements for the fiscal quarter ended October 31, 2020);
provided, that, in no event shall the Borrower or any Subsidiary Dispose of, or exclusively license, to a
Person that is not a Loan Party (including any transfer from a Loan Party to a non-Loan Party) IP Rights
of the Borrower and its Subsidiaries that are material to the business of the Borrower and its Subsidiaries
taken as a whole (as reasonably determined by the Borrower).
8.06Restricted Payments.
Declare or make any Restricted Payment, or incur any obligation (contingent or otherwise) to
do so, except that:
(a)each Subsidiary may declare and make Restricted Payments to Persons that own Equity
Interests in such Subsidiary, ratably according to their respective holdings of the type of Equity Interest
in respect of which such Restricted Payment is being made;
(b)the Borrower and each Subsidiary may declare and make dividend payments or other
distributions payable solely in common Equity Interests of such Person;
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(c)the Borrower may (i) enter into any Permitted Call Spread Transaction and (ii) amend,
terminate or otherwise settle any Permitted Call Spread Transaction to the extent that any net payment
in cash by the Borrower in consideration therefor is permitted under another clause of this Section 8.06;
(d)the Borrower may declare and make other Restricted Payments; provided, that, (i) no Event
of Default exists or would result therefrom and (ii) after giving effect to any such Restricted Payment
on a Pro Forma Basis, (A) the Borrower shall be in compliance with the financial covenants set forth in
Section 8.11 (without giving effect to the Leverage Increase Period thereunder) recomputed as of the
end of the period of the four fiscal quarters of the Borrower most recently ended for which the Borrower
has delivered financial statements pursuant to Section 7.01(a) or (b) (or, prior to the first such delivery,
the financial statements for the fiscal quarter ended October 31, 2020) and (B) the Consolidated
Leverage Ratio recomputed as of the end of the period of the four fiscal quarters of the Borrower most
recently ended for which the Borrower has delivered financial statements pursuant to Section 7.01(a)
or (b) (or, prior to the first such delivery, the financial statements for the fiscal quarter ended October
31, 2020) is not greater than the Consolidated Leverage Ratio that is 0.25:1.00 lower than the
Consolidated Leverage Ratio required under Section 8.11(a) (without giving effect to the Leverage
Increase Period thereunder);
(e)the Borrower may (x) repurchase fractional shares of its Equity Interests arising out of stock
dividends, splits or combinations, business combinations or conversions of convertible securities or
exercises of warrants or options or (y) “net exercise” or “net share settle” warrants or options;
(f)so long as no Event of Default has occurred and is continuing pursuant to Section 9.01(a)(i)-
(ii), Section 9.01(f) or Section 9.01(g), the Borrower may redeem or otherwise cancel Equity Interests
or rights in respect thereof granted to (or make payments on behalf of) directors, officers, employees or
other providers of services to the Borrower and the Subsidiaries in an amount required to satisfy tax
withholding obligations relating to the vesting, settlement or exercise of such Equity Interests or rights;
(g)the Borrower may make any Restricted Payment that has been declared by the Borrower, so
long as (A) such Restricted Payment would be otherwise permitted under clause (a) of this Section 8.06
at the time so declared and (B) such Restricted Payment is made within 60 days of such declaration;
(h)the Borrower may repurchase Equity Interests pursuant to any accelerated stock repurchase
or similar agreement; provided that the payment made by the Borrower with respect to such repurchase
would be otherwise permitted under clause (d) of this Section 8.06 at the time such agreement is entered
into and at the time such payment is made;
(i)Borrower may repurchase Equity Interests or rights in respect thereof granted to directors,
officers, employees or other providers of services to the Borrower and the Subsidiaries at the original
purchase price of such Equity Interests or rights in respect thereof pursuant to a right of repurchase set
forth in equity compensation plans in connection with a cessation of service; and
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(j)the receipt or acceptance by the Borrower or any Subsidiary of the return of Equity Interests
issued by the Borrower or any Subsidiary to the seller of a Person, business or division as consideration
for the purchase of such Person, business or division, which return is in settlement of indemnification
claims owed by such seller in connection with such acquisition.
8.07Change in Nature of Business.
Engage in any material line of business substantially different from those lines of business
conducted by the Borrower and its Subsidiaries on the Effective Date or any business substantially
related or incidental thereto, including customer experience solutions, business process outsourcing
services, and related sales and services.
8.08Transactions with Affiliates.
Enter into or permit to exist any transaction or series of transactions with any Affiliate of such
Person involving aggregate consideration in excess of $1,000,000 other than (a) advances of working
capital to any Loan Party, (b) transfers of cash and assets to any Loan Party, (c) intercompany
transactions expressly permitted by Section 8.02, Section 8.03, Section 8.04, Section 8.05, Section 8.06,
Section 8.12 and Section 8.14, (d) compensation arrangements approved by the board of directors (or
appropriate committee thereof) of the Borrower and other normal and reasonable compensation and
reimbursement of expenses of officers and directors, including indemnification agreements, (e)
employee benefit plans, retention and severance arrangements and payments and (f) except as otherwise
specifically limited in this Agreement, other transactions which are on terms and conditions
substantially as favorable to such Person as would be obtainable by it in a comparable arms-length
transaction with a Person other than an Affiliate.
8.09Burdensome Agreements.
Enter into, or permit to exist, any Contractual Obligation to which the Borrower or any of its
Subsidiaries is a party that: (a) encumbers or restricts the ability of any the Borrower or any of its
Subsidiaries to (i) make Restricted Payments to any Loan Party, (ii) pay any Indebtedness or other
obligation owed to any Loan Party, (iii) make loans or advances to any Loan Party, (iv) transfer any of
its property to any Loan Party, (v) in the case of the Borrower and its Domestic Subsidiaries, pledge its
property pursuant to the Loan Documents or any renewals, refinancings, exchanges, refundings or
extension thereof or (vi) in the case of the Borrower and its Domestic Subsidiaries, act as a Loan Party
pursuant to the Loan Documents or any renewals, refinancings, exchanges, refundings or extension
thereof, except (in respect of any of the matters referred to in clauses (i)-(v) above) for: (A) this
Agreement and the other Loan Documents; (B) any document or instrument governing Indebtedness
incurred pursuant to Section 8.03(e); provided, that, any such restriction contained therein relates only
to the asset or assets constructed or acquired in connection therewith; (C) any document or instrument
governing Indebtedness incurred pursuant to Section 8.03(b), Section 8.03(c) (to the extent arising from
subordination provisions in favor of the Administrative Agent), Section 8.03(f), Section 8.03(g),
Section 8.03(h), Section 8.03(k), or Section 8.03(p); (D) any Permitted Lien or any document or
instrument governing any Permitted Lien; provided, that, any such restriction contained therein relates
only to the asset or assets subject to such Permitted Lien; (E) customary restrictions and conditions
contained in any agreement relating to the sale of any Subsidiary or property permitted under Section
8.05 pending the consummation of such sale; (F) waivers of rights of subrogation and subordination of
intercompany obligations in connection with any credit support provided to a Foreign Subsidiary
pursuant to any Indebtedness permitted to be incurred pursuant to Section 8.03; (G) customary
restrictions on transfer in
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licenses, sublicenses, leases and subleases restricting the assignment or transfer thereof or restricting
the grating of Liens thereon; (H) in case of clause (a)(v) above, any agreement or restriction or condition
in effect at the time any Person becomes a Subsidiary, so long as such agreement was not entered into
solely in contemplation of such Person becoming a Subsidiary (but shall apply to any extension or
renewal of, or any amendment or modification materially expanding the scope of, any such restrictions
or conditions taken as a whole); (I) the foregoing shall not apply to customary provisions in joint venture
agreements and other similar agreements applicable to joint ventures or non-wholly owned Subsidiaries;
or (b) requires the grant of any security for any obligation if such property is given as security for the
Obligations.
8.10Use of Proceeds.
Use the proceeds of any Credit Extension, whether immediately, incidentally or ultimately, to
purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to
others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally
incurred for such purpose.
8.11Financial Covenants.
(a)Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as of the end of any
fiscal quarter of the Borrower, commencing with the first fiscal quarter of the Borrower ending on or
after the Effective Date, to be greater than (x) until the end of the fourth full fiscal quarter ending after
the Effective Date, 4.00:1.0 and (y) thereafter, 3.75:1.0; provided, that, upon the consummation of a
Qualified Acquisition, for each of the four fiscal quarters of the Borrower immediately following the
consummation of such Qualified Acquisition (including the fiscal quarter of the Borrower in which
such Qualified Acquisition was consummated) (such period of increase, a “Leverage Increase Period”),
the ratios set forth above shall be increased by 0.50:1.0; provided, further, that, (i) for at least two fiscal
quarters of the Borrower immediately following each Leverage Increase Period, the Consolidated
Leverage Ratio as of the end of such fiscal quarters shall not be greater than 3.75:1.0 prior to giving
effect to another Leverage Increase Period, and (ii) after the consummation of a Qualified Acquisition,
each Leverage Increase Period shall only apply with respect to the following (and not for any other
purpose): (A) the calculation of the Consolidated Leverage Ratio as of the end of any fiscal quarter of
the Borrower for purposes of determining compliance with this Section 8.11(a); (B) the calculation
required by clause (d) in the proviso of the definition of “Permitted Acquisition” for the purpose of
determining the permissibility of the consummation of the Qualified Acquisition triggering such
Leverage Increase Period (it being understood and agreed that (1) if such Qualified Acquisition is a
Limited Condition Acquisition, such calculation may be made as of the LCA Test Date with respect to
such Limited Condition Acquisition, so long as the Qualified Acquisition Certificate with respect to
such Qualified Acquisition is delivered on such LCA Test Date and (2) notwithstanding the delivery of
such Qualified Acquisition Certificate, the Leverage Increase Period shall only apply for purposes of
the calculation referenced in this clause (B) and not for any other purpose, unless and until such
Qualified Acquisition is consummated (after which time the Leverage Increase Period shall only apply
for the purposes otherwise set forth in this clause (ii))); (C) the calculation required by Section
2.16(d)(iii) for the purpose of determining the permissibility of the incurrence of any Incremental
Commitments the proceeds of which will be used to finance all or a portion of the consideration for the
Qualified Acquisition triggering such Leverage Increase Period (it being understood and agreed that (1)
if such Qualified Acquisition is a Limited Condition Acquisition, such calculation may be made as of
the LCA Test Date with
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respect to such Limited Condition Acquisition, so long as the Qualified Acquisition Certificate with
respect to such Qualified Acquisition is delivered on such LCA Test Date and (2) notwithstanding the
delivery of such Qualified Acquisition Certificate, the Leverage Increase Period shall only apply for
purposes of the calculation referenced in this clause (C) and not for any other purpose, unless and until
such Qualified Acquisition is consummated (after which time the Leverage Increase Period shall only
apply for the purposes otherwise set forth in this clause (ii))); (D) the calculation required by clause (B)
in the proviso of Section 8.03(g)(i) for the purpose of determining the permissibility of the incurrence
of any Indebtedness the proceeds of which will be used to finance all or a portion of the consideration
for the Qualified Acquisition triggering such Leverage Increase Period (it being understood and agreed
that (1) if such Qualified Acquisition is a Limited Condition Acquisition, such calculation may be made
as of the LCA Test Date with respect to such Limited Condition Acquisition, so long as the Qualified
Acquisition Certificate with respect to such Qualified Acquisition is delivered on such LCA Test Date
and (2) notwithstanding the delivery of such Qualified Acquisition Certificate, the Leverage Increase
Period shall only apply for purposes of the calculation referenced in this clause (D) and not for any
other purpose, unless and until such Qualified Acquisition is consummated (after which time the
Leverage Increase Period shall only apply for the purposes otherwise set forth in this clause (ii))) and
(E) the calculation required by Section 8.06(e) for the purpose of determining the permissibility of such
payment or distribution.
(b)Consolidated Interest Charge Coverage Ratio. Permit the Consolidated Interest Coverage
Ratio as of the end of any fiscal quarter of the Borrower, commencing with the first fiscal quarter of the
Borrower ending on or after the Effective Date, to be less than 3.00:1.0.
8.12Other Indebtedness.
(a)Amend or modify any Junior Indebtedness if such amendment or modification would add or
change any terms in a manner materially adverse to the Borrower or any Subsidiary (including any
amendment or modification that would shorten the final maturity or average life to maturity or require
any payment to be made sooner than originally scheduled or increase the interest rate applicable
thereto).
(b)Make or offer to make any voluntary or optional payment, prepayment, repurchase or
redemption of or otherwise defease or segregate funds with respect to the principal of any Junior
Indebtedness (other than (w) scheduled payments of principal, (x) customary mandatory prepayments,
mandatory repurchases and mandatory redemptions, (y) Existing Convertible Notes and (z) payment,
prepayment, repurchase or redemption to the extent made with Equity Interests (other than Disqualified
Stock)), except such payments in an unlimited amount subject to no Event of Default at the time of such
payment and (i) in the case of unsecured Indebtedness (including any Permitted Convertible
Indebtedness up to the principal amount plus accrued interest thereon) or Indebtedness secured on a
junior basis to the Liens securing the Obligations, compliance with the financial covenants set forth in
Section 8.11 (calculated on a Pro Forma Basis) (without giving effect to the Leverage Increase Period
thereunder) and (ii) in the case of Subordinated Indebtedness and of any Permitted Convertible
Indebtedness in excess of the principal amount plus accrued interest thereon, the Borrower shall be in
compliance with, after giving effect to any such payment on a Pro Forma Basis, (A) the financial
covenants set forth in Section 8.11 (without giving effect to the Leverage Increase Period thereunder)
recomputed as of the end of the period of the four fiscal quarters of the Borrower most recently ended
for which the Borrower has delivered financial statements pursuant
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to Section 7.01(a) or (b) (or, prior to the first such delivery, the financial statements for the fiscal quarter
ended October 31, 2020) and (B) the Consolidated Leverage Ratio recomputed as of the end of the
period of the four fiscal quarters of the Borrower most recently ended for which the Borrower has
delivered financial statements pursuant to Section 7.01(a) or (b) (or, prior to the first such delivery, the
financial statements for the fiscal quarter ended October 31, 2020) is not greater than the Consolidated
Leverage Ratio that is 0.25:1.00 lower than the Consolidated Leverage Ratio required under Section
8.11(a) (without giving effect to the Leverage Increase Period thereunder).
(c)Make any payment of principal or interest on any Subordinated Indebtedness in violation of
the subordination provisions of such Subordinated Indebtedness.
8.13Organization Documents; Fiscal Year; Legal Name, State of Organization and Form of
Entity.
(a)Amend, modify or change its Organization Documents in a manner materially adverse to the
Lenders.
(b)Change its fiscal year; provided, that, upon at least 5 Business Days’ prior written notice (or
such shorter notice as is agreed by the Administrative Agent in its sole discretion), the Borrower or any
Subsidiary shall be permitted to change its fiscal year to any other fiscal year, and, in connection
therewith, the Borrower and the Administrative Agent shall make, and the Lenders hereby authorize the
Administrative Agent to make, any adjustments to this Agreement and the other Loan Documents that
are necessary to reflect such change in fiscal year.
(c)With respect to the Loan Parties, change its name, state of organization or form of
organization without providing ten days prior written notice to the Administrative Agent (or such lesser
period as the Administrative Agent may agree).
8.14Sale Leasebacks.
Enter into any Sale and Leaseback Transaction other than Permitted Sale and Leaseback
Transactions.
8.15Sanctions.
Use any Credit Extension or the proceeds of any Credit Extension, or lend, contribute or
otherwise make available such Credit Extension or the proceeds of any Credit Extension to any Person,
to fund any activities of or business with any Person, or in any Designated Jurisdiction, that, at the time
of such funding, is the subject of Sanctions (and which would result in a violation), or in any other
manner that will result in a violation by any Person (including any Person participating in the
transaction, whether as Lender, Arranger, Administrative Agent, L/C Issuer, or otherwise) of Sanctions.
8.16Anti-Corruption Laws.
Use any Credit Extension or the proceeds of any Credit Extension for any purpose which would
breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other
similar anti-corruption legislation in other jurisdictions.
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ARTICLE IX.
EVENTS OF DEFAULT AND REMEDIES
9.01Events of Default.
Any of the following shall constitute an “Event of Default”:
(a)Non-Payment. Any Loan Party fails to pay (i) when and as required to be paid herein, any
amount of principal of any Loan or any L/C Obligation, or (ii) within three Business Days after the
same becomes due, any interest on any Loan or on any L/C Obligation, or any fee due hereunder, or
(iii) within five Business Days after the same becomes due, any other amount payable hereunder or
under any other Loan Document; or
(b)Specific Covenants.
(i)On and after the Effective Date, any Loan Party fails to perform or observe any term, covenant
or agreement contained in any of Section 7.01 or 7.02 and such failure continues for five days; or
(ii)On and after the Effective Date, any Loan Party fails to perform or observe any term, covenant
or agreement contained in any of Section 7.03(a), 7.05(a), 7.10 or 7.11 or Article VIII; or
(c)Other Defaults. On and after the Effective Date, any Loan Party fails to perform or observe
any other covenant or agreement (not specified in Sections 9.01(a) or (b)) contained in any Loan
Document on its part to be performed or observed and such failure continues for thirty days after any
Loan Party becomes aware of such breach; or
(d)Representations and Warranties. Any representation, warranty, certification or statement of
fact made or deemed made by or on behalf of any Loan Party herein, in any other Loan Document, or
in any document delivered in connection herewith or therewith shall be incorrect or misleading when
made or deemed made; or
(e)Cross-Default. On and after the Effective Date: (i) the Borrower or any Subsidiary fails to
make any payment when due (whether by scheduled maturity, required prepayment, acceleration,
demand, or otherwise) in respect of any Material Indebtedness; (ii) the Borrower or any Subsidiary fails
to observe or perform any other agreement or condition relating to any Material Indebtedness or
contained in any instrument or agreement evidencing, securing or relating thereto, or any other event
occurs (excluding, in the case of any Permitted Convertible Indebtedness, any event or condition that
would permit the holder or beneficiary of such Permitted Convertible Indebtedness to convert such
Permitted Convertible Indebtedness into cash, shares of the Borrower’s common stock or a combination
thereof, in each case to the extent permitted hereunder), the effect of which default or other event is to
cause, or to permit the holder or holders of such Material Indebtedness (or a trustee or agent on behalf
of such holder or holders) to cause, with the giving of notice if required, such Material Indebtedness to
be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or
otherwise), or an offer to repurchase, prepay, defease or redeem such Material Indebtedness to be made,
prior to its stated maturity; or (iii) there occurs under any Swap Contract an Early Termination Date (as
defined in such Swap Contract) resulting from (A) any event of default
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under such Swap Contract as to which the Borrower or any Subsidiary is the Defaulting Party (as
defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract
as to which the Borrower or any Subsidiary is an Affected Party (as so defined) and, in either event, the
Swap Termination Value owed by the Borrower or such Subsidiary as a result thereof is greater than
the Threshold Amount; provided, that, this Section 9.01(e) shall not apply to Indebtedness secured by
a Permitted Lien that becomes due as a result of the voluntary sale or transfer of the property or assets
securing such Indebtedness in a sale or transfer permitted under this Agreement, so long as such
Indebtedness is repaid when required under the documents providing for such Indebtedness; or
(f)Insolvency Proceedings, Etc. The Borrower or any Subsidiary (other than an Immaterial
Foreign Subsidiary) institutes or consents to the institution of any proceeding under any Debtor Relief
Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment
of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all
or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator,
rehabilitator or similar officer is appointed without the application or consent of such Person and the
appointment continues undischarged or unstayed for sixty calendar days; or any proceeding under any
Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted
without the consent of such Person and continues undismissed or unstayed for sixty calendar days, or
an order for relief is entered in any such proceeding; or
(g)Inability to Pay Debts; Attachment. (i) The Borrower or any Subsidiary (other than an
Immaterial Foreign Subsidiary) becomes unable or admits in writing its inability or fails generally to
pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar
process is issued or levied against all or any material part of the property of any such Person and is not
released, vacated or fully bonded within thirty days after its issue or levy; or
(h)Judgments. There is entered against the Borrower or any Subsidiary (i) one or more final
judgments or orders for the payment of money in an aggregate amount (as to all such judgments or
orders) exceeding the Threshold Amount (to the extent not covered by independent third-party
insurance as to which the insurer has been notified of the claim and does not dispute coverage), or (ii)
any one or more non-monetary final judgments that have, or would reasonably be expected to have a
Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any
creditor upon such judgment or order to attach or levy upon any assets of the Borrower or any
Subsidiary, or (B) there is a period of thirty consecutive days during which a stay of enforcement of
such judgment, by reason of a pending appeal or otherwise, is not in effect; or
(i)ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan
which has resulted or would reasonably be expected to result in liability of one or more Loan Parties
under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount
in excess of the Threshold Amount, or (ii) one or more Loan Parties or any ERISA Affiliate fails to pay
when due, after the expiration of any applicable grace period, any installment payment with respect to
its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate
amount in excess of the Threshold Amount; or
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(j)Invalidity of Loan Documents. Any provision of any Loan Document, at any time after its
execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or
satisfaction in full of all the Obligations, ceases to be in full force and effect or ceases to give the
Administrative Agent any material part of the Liens purported to be created thereby; or any Loan Party
or any other Person contests in any manner the validity or enforceability of any provision of any Loan
Document; or any Loan Party denies that it has any or further liability or obligation under any provision
of any Loan Document, or purports to revoke, terminate or rescind any Loan Document; or
(k)Change of Control. There occurs any Change of Control.
9.02Remedies Upon Event of Default.
If any Event of Default occurs and is continuing, the Administrative Agent shall, at the request
of, or may, with the consent of, the Required Lenders, take any or all of the following actions:
(a)declare the commitment of each Lender to make Loans and any obligation of an L/C Issuer
to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be
terminated;
(b)declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid
thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be
immediately due and payable, without presentment, demand, protest or other notice of any kind, all of
which are hereby expressly waived by the Borrower;
(c)require that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to the
Minimum Collateral Amount with respect thereto); and
(d)exercise on behalf of itself, the Lenders and the L/C Issuers all rights and remedies available
to it, the Lenders and the L/C Issuers under the Loan Documents or applicable Law or at equity;
provided, that, upon the occurrence of an actual or deemed entry of an order for relief with respect to
the Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to make
Loans and any obligation of an L/C Issuer to make L/C Credit Extensions shall automatically terminate,
the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid
shall automatically become due and payable, and the obligation of the Borrower to Cash Collateralize
the L/C Obligations as aforesaid shall automatically become effective, in each case without further act
of the Administrative Agent or any Lender.
9.03Application of Funds.
After the exercise of remedies provided for in Section 9.02 (or after the Loans have
automatically become immediately due and payable and the L/C Obligations have automatically been
required to be Cash Collateralized as set forth in the proviso to Section 9.02), any amounts received on
account of the Obligations shall, subject to the provisions of Sections 2.14 and 2.15, be applied by the
Administrative Agent in the following order:
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First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and
other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and
amounts payable under Article III) payable to the Administrative Agent in its capacity as such;
Second, to payment of that portion of the Obligations constituting fees, indemnities and other
amounts (other than principal, interest and Letter of Credit Fees and Obligations owing under any
Secured Hedge Agreement and Secured Cash Management Agreement) payable to the Lenders and the
L/C Issuers (including fees, charges and disbursements of counsel to the respective Lenders and the L/C
Issuers and amounts payable under Article III), ratably among them in proportion to the respective
amounts described in this clause Second payable to them;
Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of
Credit Fees and interest on the Loans and L/C Borrowings, ratably among the Lenders and the L/C
Issuers in proportion to the respective amounts described in this clause Third payable to them;
Fourth, to (a) payment of that portion of the Obligations constituting unpaid principal of the
Loans and L/C Borrowings, (b) payment of Obligations then owing under any Secured Hedge
Agreements, (c) payment of Obligations then owing under any Secured Cash Management Agreements
and (d) Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount
of Letters of Credit, ratably among the Lenders, the L/C Issuers, the Hedge Banks and the Cash
Management Banks in proportion to the respective amounts described in this clause Fourth held by
them; and
Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the
Borrower or as otherwise required by Law.
Subject to Sections 2.03(c) and 2.14, amounts used to Cash Collateralize the aggregate undrawn
amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under
such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters
of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other
Obligations, if any, in the order set forth above.
Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts
received from such Guarantor or such Guarantor’s assets, but appropriate adjustments shall be made
with respect to payments from other Loan Parties to preserve the allocation to Obligations otherwise
set forth above in this Section.
Notwithstanding the foregoing, Obligations arising under Secured Cash Management
Agreements and Secured Hedge Agreements shall be excluded from the application described above if
the Administrative Agent has not received a Secured Party Designation Notice, together with such
supporting documentation as the Administrative Agent may request, from the applicable Cash
Management Bank (other than the Administrative Agent or an Affiliate of the Administrative Agent)
or Hedge Bank (other than the Administrative Agent or an Affiliate of the Administrative Agent), as
the case may be. Each Cash Management Bank or Hedge Bank not a party to this Agreement that has
given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have
acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of
Article X for itself and its Affiliates as if a “Lender” party hereto.
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ARTICLE X.
ADMINISTRATIVE AGENT
10.01Appointment and Authority.
Each of the Lenders and the L/C Issuers hereby irrevocably appoints Bank of America to act
on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes
the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated
to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as
are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the
Administrative Agent, the Lenders and the L/C Issuers, and no Loan Party shall have rights as a third
party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent”
herein or in any other Loan Document (or any other similar term) with reference to the Administrative
Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under
agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is
intended to create or reflect only an administrative relationship between contracting parties.
The Administrative Agent shall also act as the “collateral agent” under the Loan Documents,
and each of the Lenders (in its capacities as a Lender, potential Hedge Bank and potential Cash
Management Bank) and each of the L/C Issuers hereby irrevocably appoints and authorizes the
Administrative Agent to act as the agent of such Lender and such L/C Issuer for purposes of acquiring,
holding and enforcing any and all Liens on Collateral, together with such powers and discretion as are
reasonably incidental thereto. In this connection, the Administrative Agent, as “collateral agent” and
any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to
Section 10.05 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof)
granted under the Collateral Documents, or for exercising any rights and remedies thereunder at the
direction of the Administrative Agent, shall be entitled to the benefits of all provisions of this Article X
and Article XI (including Section 11.04(c), as though such co-agents, sub-agents and attorneys-in-fact
were the “collateral agent” under the Loan Documents) as if set forth in full herein with respect thereto.
Each of the Lenders (in its capacities as a Lender, potential Hedge Bank and potential Cash
Management Bank) and each of the L/C Issuers authorizes the Administrative Agent to enter into any
Intercreditor Agreement or any subordination agreement required pursuant to the terms of this
Agreement.
10.02Rights as a Lender.
The Person serving as the Administrative Agent hereunder shall have the same rights and
powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not
the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly
indicated or unless the context otherwise requires, include the Person serving as the Administrative
Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from,
lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and
generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof
as if such Person were not the Administrative Agent hereunder and without any duty to account therefor
to the Lenders or to provide notice to or consent of the Lenders with respect thereto.
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10.03Exculpatory Provisions.
Neither the Administrative Agent nor any Arranger shall have any duties or obligations except
those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be
administrative in nature. Without limiting the generality of the foregoing, none of the Administrative
Agent, any Arranger or any of their respective Related Parties: (a) shall be subject to any fiduciary or
other implied duties, regardless of whether a Default has occurred and is continuing; (b) shall have any
duty to take any discretionary action or exercise any discretionary powers, except discretionary rights
and powers expressly contemplated hereby or by the other Loan Documents that the Administrative
Agent is required to exercise as directed in writing by the Required Lenders (or such other number or
percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents);
provided, that, the Administrative Agent shall not be required to take any action that, in its opinion or
the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any
Loan Document or applicable Law, including for the avoidance of doubt any action that may be in
violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification
or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; (c) except as
expressly set forth herein and in the other Loan Documents, shall have any duty or responsibility to
disclose to any Lender or any L/C Issuer any credit or other information concerning the business,
prospects, operations, property, financial and other condition or creditworthiness of any of the Loan
Parties or any of their respective Affiliates that is communicated to, obtained or in the possession of,
the Administrative Agent, such Arranger or any of their respective Related Parties in any capacity; (d)
shall be liable for any action taken or not taken by it under or in connection with this Agreement or any
other Loan Document or the transactions contemplated hereby or thereby (i) with the consent or at the
request of the Required Lenders (or such other number or percentage of the Lenders as shall be
necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the
circumstances as provided in Sections 11.01 and 9.02) or (ii) in the absence of its own gross negligence
or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable
judgment (it being understood and agreed that the Administrative Agent shall be deemed not to have
knowledge of any Default unless and until notice describing such Default is given in writing to the
Administrative Agent by a Loan Party, a Lender or an L/C Issuer); and (e) shall not be responsible for
or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in
connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report
or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth
herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or
genuineness of this Agreement, any other Loan Document or any other agreement, instrument or
document, or the creation, perfection or priority of any Lien purported to be created by the Collateral
Documents, (v) the value or sufficiency of any Collateral or (vi) the satisfaction of any condition set
forth in Article V or elsewhere herein, other than to confirm receipt of items expressly required to be
delivered to the Administrative Agent.
10.04Reliance by Administrative Agent.
The Administrative Agent shall be entitled to rely upon, and shall be fully protected in relying,
and shall not incur any liability for relying upon, any notice, request, communication, certificate,
consent, statement, instrument, document or other writing (including any electronic message, Internet
or intranet website posting or other distribution) believed by it to be genuine and to have been signed,
sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any
statement made to it orally or by telephone and believed by it to have been made by the proper Person,
and shall be fully protected in relying and shall not incur any liability for relying thereon. In determining
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compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal
or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an
L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to such Lender or
such L/C Issuer unless the Administrative Agent shall have received notice to the contrary from such
Lender or such L/C Issuer prior to the making of such Loan or the issuance, extension, renewal or
increase of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may
be counsel for the Loan Parties), independent accountants and other experts selected by it, and shall not
be liable for any action taken or not taken by it in accordance with the advice of any such counsel,
accountants or experts.
10.05Delegation of Duties.
The Administrative Agent may perform any and all of its duties and exercise its rights and
powers hereunder or under any other Loan Document by or through any one or more sub-agents
appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform
any and all of its duties and exercise its rights and powers by or through their respective Related Parties.
The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties
of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in
connection with the syndication of the credit facilities provided for herein as well as activities as
Administrative Agent. The Administrative Agent shall not be responsible for the negligence or
misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in
a final and non-appealable judgment that the Administrative Agent acted with gross negligence or
willful misconduct in the selection of such sub-agents.
10.06Resignation of Administrative Agent.
(a)The Administrative Agent may at any time give notice of its resignation to the Lenders, the
L/C Issuers and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders
shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank
with an office in the United States, or an Affiliate of any such bank with an office in the United States.
If no such successor shall have been so appointed by the Required Lenders and shall have accepted such
appointment within thirty days after the retiring Administrative Agent gives notice of its resignation (or
such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then
the retiring Administrative Agent may (but shall not be obligated to) on behalf of the Lenders and the
L/C Issuers, appoint a successor Administrative Agent meeting the qualifications set forth above.
Whether or not a successor has been appointed, such resignation shall become effective in accordance
with such notice on the Resignation Effective Date.
(b)If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d)
of the definition thereof, the Required Lenders may, to the extent permitted by applicable Law, by notice
in writing to the Borrower and such Person remove such Person as Administrative Agent and, in
consultation with the Borrower, appoint a successor. If no such successor shall have been so appointed
by the Required Lenders and shall have accepted such appointment within thirty days (or such earlier
day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal
shall nonetheless become effective in accordance with such notice on the Removal Effective Date.
(c)With effect from the Resignation Effective Date or the Removal Effective Date (as
applicable), (i) the retiring or removed Administrative Agent shall be discharged from its
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duties and obligations hereunder and under the other Loan Documents (except that in the case of any
collateral security held by the Administrative Agent on behalf of the Lenders or the L/C Issuers under
any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such
collateral security until such time as a successor Administrative Agent is appointed) and (ii) except for
any indemnity payments or other amounts then owed to the retiring or removed Administrative Agent,
all payments, communications and determinations provided to be made by, to or through the
Administrative Agent shall instead be made by or to each Lender and each L/C Issuer directly, until
such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for
above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such
successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the
retiring (or removed) Administrative Agent (other than as provided in Section 3.01(g) and other than
any rights to indemnity payments or other amounts owed to the retiring or removed Administrative
Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the
retiring or removed Administrative Agent shall be discharged from all of its duties and obligations
hereunder or under the other Loan Documents (if not already discharged therefrom as provided above
in this Section). The fees payable by the Borrower to a successor Administrative Agent shall be the
same as those payable to its predecessor unless otherwise agreed between the Borrower and such
successor. After the retiring or removed Administrative Agent’s resignation or removal hereunder and
under the other Loan Documents, the provisions of this Article and Section 11.04 shall continue in
effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their
respective Related Parties in respect of any actions taken or omitted to be taken by any of them (A)
while the retiring or removed Administrative Agent was acting as Administrative Agent and (B) after
such resignation or removal for as long as any of them continues to act in any capacity hereunder or
under the other Loan Documents, including (1) acting as collateral agent or otherwise holding any
collateral security on behalf of any of the Lenders and (2) in respect of any actions taken in connection
with transferring the agency to any successor Administrative Agent.
(d)Any resignation by Bank of America as Administrative Agent pursuant to this Section shall
also constitute its resignation as an L/C Issuer. If Bank of America resigns as an L/C Issuer, it shall
retain all the rights, powers, privileges and duties of an L/C Issuer hereunder with respect to all Letters
of Credit outstanding as of the effective date of its resignation as an L/C Issuer and all L/C Obligations
with respect thereto, including the right to require the Lenders with Revolving Commitments to make
Revolving Loans that are Base Rate Loans or fund risk participations in Unreimbursed Amounts
pursuant to Section 2.03(c). Upon the appointment by the Borrower of a successor L/C Issuer hereunder
(which successor shall in all cases be a Lender other than a Defaulting Lender) and the acceptance of
such appointment by the applicable Lender, (i) such successor shall succeed to and become vested with
all of the rights, powers, privileges and duties of the retiring L/C Issuer, (ii) the retiring L/C Issuer shall
be discharged from all of their respective duties and obligations hereunder or under the other Loan
Documents and (iii) the successor L/C Issuer shall issue letters of credit in substitution for the Letters
of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to
Bank of America to effectively assume the obligations of Bank of America with respect to such Letters
of Credit.
10.07Non-Reliance on Administrative Agent, Arrangers and Other Lenders.
Each Lender and each L/C Issuer acknowledges that neither the Administrative Agent nor any
Arranger has made any representation or warranty to it, and that no act by the Administrative Agent or
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any Arranger hereafter taken, including any consent to, and acceptance of any assignment or review of
the affairs of any Loan Party of any Affiliate thereof, shall be deemed to constitute any representation
or warranty by the Administrative Agent or such Arranger to any Lender or any L/C Issuer as to any
matter, including whether the Administrative Agent or such Arranger have disclosed material
information in their (or their Related Parties’) possession. Each Lender and each L/C Issuer represents
to the Administrative Agent and each Arranger that it has, independently and without reliance upon the
Administrative Agent, such Arranger, any other Lender or any of their respective Related Parties, and
based on such documents and information as it has deemed appropriate, made its own credit analysis
of, appraisal of, and investigation into, the business, prospects, operations, property, financial and other
condition and creditworthiness of the Borrower and its Subsidiaries, and all applicable bank or other
regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter
into this Agreement and to extend credit to the Borrower hereunder. Each Lender and each L/C Issuer
also acknowledges that it will, independently and without reliance upon the Administrative Agent, any
Arranger, any other Lender or any of their respective Related Parties, and based on such documents and
information as it shall from time to time deem appropriate, continue to make its own credit analysis,
appraisals and decisions in taking or not taking action under or based upon this Agreement, any other
Loan Document or any related agreement or any document furnished hereunder or thereunder, and to
make such investigations as it deems necessary to inform itself as to the business, prospects, operations,
property, financial and other condition and creditworthiness of the Borrower and its Subsidiaries. Each
Lender and each L/C Issuer represents and warrants that (a) the Loan Documents set forth the terms of
a commercial lending facility and (b) it is engaged in making, acquiring or holding commercial loans
in the ordinary course and is entering into this Agreement as a Lender or an L/C Issuer for the purpose
of making, acquiring or holding commercial loans and providing other facilities set forth herein as may
be applicable to such Lender or such L/C Issuer, and not for the purpose of purchasing, acquiring or
holding any other type of financial instrument, and each Lender and each L/C Issuer agrees not to assert
a claim in contravention of the foregoing. Each Lender and each L/C Issuer represents and warrants that
it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to
provide other facilities set forth herein, as may be applicable to such Lender or such L/C Issuer, and
either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such
commercial loans or to provide such other facilities, is experienced in making, acquiring or holding
such commercial loans or providing such other facilities.
10.08No Other Duties; Etc.
Anything herein to the contrary notwithstanding, none of the bookrunners, arrangers,
syndication agents, documentation agents or other co-agents listed on the cover page hereof shall have
any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except
in its capacity, as applicable, as the Administrative Agent, a Lender or an L/C Issuer hereunder.
10.09Administrative Agent May File Proofs of Claim; Credit Bidding.
In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial
proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal
of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or
otherwise and irrespective of whether the Administrative Agent shall have made any demand on the
Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise: (a) to file
and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the
Loans, L/C Obligations and all other Obligations that are owing and unpaid and to file such other
documents as may be necessary or advisable in order to have the claims of the Lenders, the L/C Issuers
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and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders, the L/C Issuers and the Administrative Agent and their
respective agents and counsel and all other amounts due the Lenders, the L/C Issuers and the
Administrative Agent under Sections 2.03(h), 2.03(i), 2.09 and 11.04) allowed in such judicial
proceeding; and (b) to collect and receive any monies or other property payable or deliverable on any
such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender
and each L/C Issuer to make such payments to the Administrative Agent and, in the event that the
Administrative Agent shall consent to the making of such payments directly to the Lenders and the L/C
Issuers, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its agents and counsel, and any other
amounts due the Administrative Agent under Sections 2.09 and 11.04.
Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize
or consent to or accept or adopt on behalf of any Lender or any L/C Issuer any plan of reorganization,
arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or any
L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or any
L/C Issuer in any such proceeding.
The holders of the Obligations hereby irrevocably authorize the Administrative Agent, at the
direction of the Required Lenders, to credit bid all or any portion of the Obligations (including accepting
some or all of the Collateral in satisfaction of some or all of the Obligations pursuant to a deed in lieu
of foreclosure or otherwise) and in such manner purchase (either directly or through one or more
acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the
provisions of the Bankruptcy Code of the United States, including under Sections 363, 1123 or 1129 of
the Bankruptcy Code of the United States, or any similar Laws in any other jurisdictions to which a
Loan Party is subject, (b) at any other sale or foreclosure or acceptance of collateral in lieu of debt
conducted by (or with the consent or at the direction of) the Administrative Agent (whether by judicial
action or otherwise) in accordance with any applicable Law. In connection with any such credit bid and
purchase, the Obligations owed to the holders thereof shall be entitled to be, and shall be, credit bid on
a ratable basis (with Obligations with respect to contingent or unliquidated claims receiving contingent
interests in the acquired assets on a ratable basis that would vest upon the liquidation of such claims in
an amount proportional to the liquidated portion of the contingent claim amount used in allocating the
contingent interests) in the asset or assets so purchased (or in the Equity Interests or debt instruments
of the acquisition vehicle or vehicles that are used to consummate such purchase). In connection with
any such bid, (i) the Administrative Agent shall be authorized to form one or more acquisition vehicles
to make a bid, (ii) the Administrative Agent shall be authorized to adopt documents providing for the
governance of the acquisition vehicle or vehicles (provided, that, any actions by the Administrative
Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or
Equity Interests thereof shall be governed, directly or indirectly, by the vote of the Required Lenders,
irrespective of the termination of this Agreement and without giving effect to the limitations on actions
by the Required Lenders contained in Section 11.01(a)), (iii) the Administrative Agent shall be
authorized to assign the relevant Obligations to any such acquisition vehicle pro rata by the Lenders, as
a result of which each of the Lenders shall be deemed to have received a pro rata portion of any Equity
Interests and/or debt instruments issued by such an acquisition vehicle on account of the assignment of
the Obligations to be credit bid, all without the need for any holder of the Obligations or acquisition
vehicle to take any further action and (iv) to the extent that Obligations that are assigned to an
acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being
higher or better, because the amount of Obligations assigned to the acquisition vehicle exceeds the
amount of debt credit bid by the acquisition
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vehicle or otherwise), such Obligations shall automatically be reassigned to the Lenders pro rata and
the Equity Interests and/or debt instruments issued by any acquisition vehicle on account of the
Obligations that had been assigned to the acquisition vehicle shall automatically be cancelled, without
the need for any holder of the Obligations or any acquisition vehicle to take any further action.
10.10Collateral and Guaranty Matters.
Without limiting the provisions of Section 10.09, each of the Lenders (including in its capacities
as a potential Cash Management Bank and a potential Hedge Bank) and each of the L/C Issuers
irrevocably authorize the Administrative Agent, at its option and in its discretion:
(a)to release any Lien on any property granted to or held by the Administrative Agent under
any Loan Document (i) upon the Facility Termination Date, (ii) that is sold or otherwise disposed of as
part of or in connection with any sale or other disposition permitted hereunder or under any other Loan
Document or any Recovery Event or (iii) as approved in accordance with Section 11.01;
(b)to subordinate any Lien on any property granted to or held by the Administrative Agent
under any Loan Document to the holder of any Lien on such property that is permitted by Section
8.01(i); and
(c)to release any Guarantor from its obligations under the Guaranty if such Person ceases to be
a Subsidiary as a result of a transaction permitted under the Loan Documents.
Upon request by the Administrative Agent at any time, the Required Lenders will confirm in
writing the Administrative Agent’s authority to release or subordinate its interest in particular types or
items of property, or to release any Guarantor from its obligations under the Guaranty, pursuant to this
Section 10.10.
The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into
any representation or warranty regarding the existence, value or collectability of the Collateral, the
existence, priority or perfection of the Administrative Agent’s Lien thereon, or any certificate prepared
by any Loan Party in connection therewith, nor shall the Administrative Agent be responsible or liable
to the Lenders for any failure to monitor or maintain any portion of the Collateral.
10.11Secured Cash Management Agreements and Secured Hedge Agreements.
No Cash Management Bank or Hedge Bank that obtains the benefit of Section 9.03, the
Guaranty or any Collateral by virtue of the provisions hereof or any Collateral Document shall have
any right to notice of any action or to consent to, direct or object to any action hereunder or under any
other Loan Document or otherwise in respect of the Collateral (including the release or impairment of
any Collateral) (or to notice of or to consent to any amendment, waiver or modification of the provisions
hereof or of the Guaranty or any Collateral Document) other than in its capacity as a Lender and, in
such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other
provision of this Article X to the contrary, the Administrative Agent shall not be required to verify the
payment of, or that other satisfactory arrangements have been made with respect to, Obligations arising
under Secured Cash Management Agreements and Secured Hedge Agreements except to the extent
expressly provided herein and unless the Administrative Agent has received a Secured Party
Designation Notice of such Obligations, together with such supporting documentation as the
Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the
case may be; provided, that,
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notwithstanding the foregoing, the Administrative Agent shall not be required to verify the payment of,
or that other satisfactory arrangements have been made with respect to, Obligations arising under
Secured Cash Management Agreements and Secured Hedge Agreements in the case of the Facility
Termination Date.
ARTICLE XI.
MISCELLANEOUS
11.01Amendments, Etc.
Subject to Section 3.03, no amendment or waiver of any provision of this Agreement or any
other Loan Document, and no consent to any departure by any Loan Party therefrom, shall be effective
unless in writing signed by the Required Lenders and the applicable Loan Party, and acknowledged by
the Administrative Agent, and each such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given; provided, that:
(a)no such amendment, waiver or consent shall:
(i)extend or increase any Commitment of any Lender (or reinstate any Commitment terminated
pursuant to Section 9.02) without the written consent of such Lender (it being understood and agreed
that a waiver of any condition precedent set forth in Section 5.02 or of any Default or a mandatory
reduction in Commitments is not considered an extension or increase in any Commitment of any
Lender);
(ii)postpone any date fixed by this Agreement or any other Loan Document for any payment
(excluding mandatory prepayments) of principal, interest, fees or other amounts due to the Lenders (or
any of them) or any scheduled reduction, if any, of the Commitments hereunder or under any other
Loan Document without the written consent of each Lender entitled to receive such payment or whose
Commitments are to be reduced; provided, that, only the consent of the Required Lenders shall be
necessary to amend, waive or otherwise modify clause (ii) of the definition of the Maturity Date;
(iii)reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing,
or (subject to clause (i) of the final proviso to this Section 11.01) any fees or other amounts payable
hereunder or under any other Loan Document without the written consent of each Lender entitled to
receive such amount; provided, that, only the consent of the Required Lenders shall be necessary (A)
to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest or
Letter of Credit Fees at the Default Rate or (B) to amend any financial covenant hereunder (or any
defined term used therein) even if the effect of such amendment would be to reduce the rate of interest
on any Loan or L/C Borrowing or to reduce any fee payable hereunder;
(iv)change Section 2.12(f), Section 2.13 or Section 9.03 in a manner that would alter the pro rata
sharing of payments required thereby without the written consent of each Lender directly affected
thereby;
(v)change any provision of this Section 11.01(a) or the definition of “Required Lenders” or any
other provision hereof specifying the number or percentage of Lenders required to amend, waive or
otherwise modify any rights hereunder or make any
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determination or grant any consent hereunder, without the written consent of each Lender directly
affected thereby;
(vi)release all or substantially all of the Collateral without the written consent of each Lender
whose Obligations are secured by such Collateral;
(vii)release the Borrower without the consent of each Lender, or, except in connection with a
transaction permitted under Section 8.04 or Section 8.05, all or substantially all of the value of the
Guaranty without the written consent of each Lender whose Obligations are guaranteed thereby, except
to the extent such release is permitted pursuant to Section 10.10(c) (in which case such release may be
made by the Administrative Agent acting alone);
(viii)waive any condition set forth in Section 5.01 without the written consent of each Lender;
(ix)amend the definition of “Alternative Currency” without the written consent of each Lender
directly affected thereby; or
(x)contractually subordinate the Obligations (including any guarantee thereof), or the Liens on
all or substantially all of the Collateral granted under the Loan Documents, to any other Indebtedness
or Lien (including, without limitation, any other Indebtedness or Lien issued under the Credit
Agreement or any other agreement), in each case, without the written consent of all Lenders;
(b)prior to the termination of the Aggregate Revolving Commitments, unless also signed by
Lenders (other than Defaulting Lenders) holding a majority of the Revolving Credit Exposure, no such
amendment, waiver or consent shall (i) waive any Default for purposes of Section 5.02(b), (ii) amend,
change, waive, discharge or terminate Section 5.02 or 9.01 in a manner adverse to such Lenders or (iii)
amend, change, waive, discharge or terminate Section 8.11 (or any defined term used therein) or this
Section 11.01(b);
(c)no amendment, waiver or consent shall affect the rights or duties of any L/C Issuer under
this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it
without the consent of such L/C Issuer; and
(d)unless also signed by the Administrative Agent, no amendment, waiver or consent shall
affect the rights or duties of the Administrative Agent under this Agreement or any other Loan
Document;
provided, that, notwithstanding anything in this Agreement or any other Loan Document to the contrary
herein, (i) the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing
executed only by the parties thereto, (ii) no Defaulting Lender shall have any right to approve or
disapprove any amendment, waiver or consent hereunder (any amendment, waiver or consent which by
its terms requires the consent of all Lenders or each affected Lender may be effected with the consent
of the applicable Lenders other than Defaulting Lenders), except that (A) the Commitments of such
Defaulting Lender may not be increased or extended without the consent of such Lender and (B) any
waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that
by its terms affects such Defaulting Lender disproportionately adversely relative to other affected
Lenders shall require the consent of such Defaulting Lender, (iii) each Lender is entitled to vote as such
Lender sees fit on any bankruptcy
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reorganization plan that affects the Loans, and each Lender acknowledges that the provisions of Section
1126(c) of the Bankruptcy Code of the United States supersedes the unanimous consent provisions set
forth herein, (iv) the Required Lenders shall determine whether or not to allow a Loan Party to use cash
collateral in the context of a bankruptcy or insolvency proceeding and such determination shall be
binding on all of the Lenders, (v) this Agreement may be amended with the written consent of the
Required Lenders, the Administrative Agent and the Loan Parties (A) to add one or more additional
revolving credit or term loan facilities to this Agreement and to permit the extensions of credit and all
related obligations and liabilities arising in connection therewith from time to time outstanding to share
ratably (or on a basis subordinated to the existing facilities hereunder) in the benefits of this Agreement
and the other Loan Documents with the obligations and liabilities from time to time outstanding in
respect of the existing facilities hereunder, and (B) in connection with the foregoing, to permit, as
deemed appropriate by the Administrative Agent and approved by the Required Lenders, the Lenders
providing such additional credit facilities to participate in any required vote or action required to be
approved by the Required Lenders or by any other number, percentage or class of Lenders hereunder,
(vi) the Administrative Agent and the Borrower may amend, modify or supplement this Agreement or
any other Loan Document to cure or correct administrative errors or omissions, any ambiguity,
omission, defect or inconsistency or to effect administrative changes, and such amendment shall
become effective without any further consent of any other party to such Loan Document so long as (A)
such amendment, modification or supplement does not adversely affect the rights of any Lender or other
holder of Obligations in any material respect and (B) the Lenders shall have received at least five
Business Days’ prior written notice thereof and the Administrative Agent shall not have received, within
five 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, (vii) the L/C Commitment of any L/C
Issuer may be modified pursuant to any agreement solely among such L/C Issuer, the Borrower, and
the Administrative Agent and (viii) the Borrower and the Administrative Agent may enter into any
Incremental Amendment in accordance with Section 2.16 and such Incremental Amendments shall be
effective to amend the terms of this Agreement and the other applicable Loan Documents, in each case,
without any further action or consent of any other party to any Loan Document.
11.02Notices; Effectiveness; Electronic Communications.
(a)Notices Generally. Except in the case of notices and other communications expressly
permitted to be given by telephone (and except as provided in Section 11.02(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 facsimile or e-mail as follows, and all
notices and other communications expressly permitted hereunder to be given by telephone shall be
made to the applicable telephone number, as follows:
(i)if to any Loan Party, the Administrative Agent, Bank of America or Silicon Valley Bank,
each in its capacity as an L/C Issuer, to the address, facsimile number, e-mail address or telephone
number specified for such Person on Schedule 11.02; and
(ii)if to any other Lender (including in such Lender’s capacity as an L/C Issuer), to the address,
facsimile number, e-mail address or telephone number specified in its Administrative Questionnaire
(including, as appropriate, notices delivered solely to the Person designated by a Lender on its
Administrative Questionnaire then in effect for the delivery of notices that may contain material non-
public information relating to the Borrower).
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Notices and other communications sent by hand or overnight courier service, or mailed by
certified or registered mail, shall be deemed to have been given when received; notices and other
communications sent by facsimile or e-mail transmission shall be deemed to have been given when sent
(except that, if not given during normal business hours for the recipient, shall be deemed to have been
given at the opening of business on the next Business Day for the recipient). Notices and other
communications delivered through electronic communications to the extent provided in Section
11.02(b), shall be effective as provided in such Section 11.02(b).
(b)Electronic Communications. Notices and other communications to the Lenders and the L/C
Issuers hereunder may be delivered or furnished by electronic communication (including e-mail
address, FpML messaging and Internet or intranet websites) pursuant to procedures approved by the
Administrative Agent; provided, that, the foregoing shall not apply to notices to any Lender or any L/C
Issuer pursuant to Article II if such Lender or such L/C Issuer, as applicable, has notified the
Administrative Agent that it is incapable of receiving notices under such Article by electronic
communication. The Administrative Agent, any L/C Issuer or the Borrower may each, in its discretion,
agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it; provided, that, approval of such procedures may be limited to
particular notices or communications.
Unless the Administrative Agent otherwise prescribes, (i) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested” function, as available, return e-
mail or other written acknowledgement) and (ii) notices or communications posted to an Internet or
intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-
mail address as described in the foregoing clause (i) of notification that such notice or communication
is available and identifying the website address therefor; provided that, for both clauses (i) and (ii), if
such notice, email or other communication is not sent during the normal business hours of the recipient,
such notice, email or communication shall be deemed to have been sent at the opening of business on
the next Business Day for the recipient.
(c)The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE
AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR
COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE
PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS
FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED
OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A
PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM
FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN
CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall
any of the Administrative Agent or any of its Related Parties (each an “Agent Party”) have any liability
to any Loan Party, any Lender, any L/C Issuer or any other Person for losses, claims, damages, liabilities
or expenses of any kind (whether in tort, contract or otherwise) arising out of any Loan Party’s or the
Administrative Agent’s transmission of Borrower Materials or any other Information through the
Internet or any telecommunications, electronic or other information transmission systems except to the
extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent
jurisdiction by a final nonappealable judgment to have resulted from the gross negligence or willful
misconduct of such Agent Party.
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(d)Change of Address, Etc. Each Loan Party, the Administrative Agent and any L/C Issuer may
change its address, facsimile or telephone number for notices and other communications hereunder by
notice to the other parties hereto. Each other Lender may change its address, facsimile or telephone
number or e-mail address for notices and other communications hereunder by notice to each Loan Party,
the Administrative Agent and any L/C Issuer. In addition, each Lender agrees to notify the
Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an
effective address, contact name, telephone number, facsimile number and e-mail address to which
notices and other communications may be sent and (ii) accurate wire instructions for such Lender.
(e)Reliance by Administrative Agent, L/C Issuer and Lenders. The Administrative Agent, the
L/C Issuers and the Lenders shall be entitled to rely and act upon any notices (including telephonic or
electronic notices, Loan Notices, Letter of Credit Applications and Notice of Loan Prepayment)
purportedly given by or on behalf of any Loan Party even if (i) such notices were not made in a manner
specified herein, were incomplete or were not preceded or followed by any other form of notice
specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation
thereof. The Loan Parties shall indemnify the Administrative Agent, each L/C Issuer, each Lender and
the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the
reliance by such Person on each notice purportedly given by or on behalf of a Loan Party. All telephonic
notices to and other telephonic communications with the Administrative Agent may be recorded by the
Administrative Agent, and each of the parties hereto hereby consents to such recording.
11.03No Waiver; Cumulative Remedies; Enforcement.
No failure by any Lender, any L/C Issuer or the Administrative Agent to exercise, and no delay
by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other
Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder or under any other Loan Document (including the imposition of
the Default Rate) preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. The rights, remedies, powers and privileges herein provided and provided
under each other Loan Document are cumulative and not exclusive of any rights, remedies, powers and
privileges provided by Law.
Notwithstanding anything to the contrary contained herein or in any other Loan Document, the
authority to enforce rights and remedies hereunder and under the other Loan Documents against the
Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at Law in
connection with such enforcement shall be instituted and maintained exclusively by, the Administrative
Agent in accordance with Section 9.02 for the benefit of all the Lenders and the L/C Issuers; provided,
that, the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the
rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder
and under the other Loan Documents, (b) any L/C Issuer from exercising the rights and remedies that
inure to its benefit (solely in its capacity as an L/C Issuer) hereunder and under the other Loan
Documents, (c) any Lender from exercising setoff rights in accordance with Section 11.08 (subject to
the terms of Section 2.13), or (d) any Lender from filing proofs of claim or appearing and filing
pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any
Debtor Relief Law; provided, further, that, if at any time there is no Person acting as Administrative
Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the
rights otherwise ascribed to the Administrative Agent pursuant to Section 9.02 and (ii) in addition to
the matters set forth in clauses (b), (c) and (d) of the
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preceding proviso and subject to Section 2.13, any Lender may, with the consent of the Required
Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.
11.04Expenses; Indemnity; Damage Waiver.
(a)Costs and Expenses. The Loan Parties shall pay (i) all reasonable and documented out-of-
pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable and
documented fees, charges and disbursements of one primary outside counsel for the Administrative
Agent) in connection with the syndication of the credit facilities provided for herein, the preparation,
negotiation, execution, delivery and administration of this Agreement and the other Loan Documents
or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the
transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and documented
out-of-pocket expenses incurred by any L/C Issuer in connection with the issuance, amendment,
renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all
reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, any Lender
or any L/C Issuer (including the reasonable and documented fees, charges, disbursements and other
charges of (A) one primary outside counsel and one additional local counsel in each relevant jurisdiction
for the Administrative Agent, (B) one additional primary counsel, and one additional counsel in each
relevant jurisdiction, for all other Indemnitees (taken as a whole) and (C) solely in the case of an actual
or potential conflict of interest, as determined by the affected Indemnitees, one additional counsel in
each relevant jurisdiction to the affected Indemnitees (similarly situated taken as a whole)), in
connection with the enforcement or protection of its rights (1) in connection with this Agreement and
the other Loan Documents, including its rights under this Section, or (2) in connection with the Loans
made or Letters of Credit issued hereunder, including all such reasonable and documented out-of-pocket
expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters
of Credit.
(b)Indemnification by the Loan Parties. The Loan Parties shall indemnify the Administrative
Agent (and any sub-agent thereof), each Lender and each L/C Issuer, and each Related Party of any of
the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each
Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses
(including the fees, charges and disbursements of any counsel for any Indemnitee (which, in the case
of counsel, shall be limited to the reasonable and documented fees, disbursements and other charges of
(i) one primary counsel and one additional local counsel in each relevant jurisdiction for the
Administrative Agent, (ii) one additional primary counsel, and one additional counsel in each applicable
jurisdiction, for all other Indemnitees (taken as a whole) and (iii) solely in the case of an actual or
potential conflict of interest, as determined by the affected Indemnitees, one additional counsel in each
relevant jurisdiction to the affected Indemnitees (similarly situated taken as a whole)) incurred by any
Indemnitee or asserted against any Indemnitee by any Person (including any Loan Party) arising out of,
in connection with, or as a result of (A) the execution or delivery of this Agreement, any other Loan
Document or any agreement or instrument contemplated hereby or thereby, the performance by the
parties hereto of their respective obligations hereunder or thereunder, the consummation of the
transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-
agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan
Documents (including in respect of any matters addressed in Section 3.01), (B) any Loan or Letter of
Credit or the use or proposed use of the proceeds therefrom (including any refusal by an L/C Issuer to
honor a demand for payment under a Letter of Credit if the documents presented in
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connection with such demand do not strictly comply with the terms of such Letter of Credit), (C) any
actual or alleged presence or release of Hazardous Materials on or from any property owned or operated
by the Borrower or any Subsidiary, or any Environmental Liability related in any way to the Borrower
or any Subsidiary, or (D) any actual or prospective claim, litigation, investigation or proceeding relating
to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third
party or by any Loan Party, and regardless of whether any Indemnitee is a party thereto; provided, that,
such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims,
damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final
and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such
Indemnitee, (y) result from a claim brought by any Loan Party against an Indemnitee for breach in bad
faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if such Loan Party
has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of
competent jurisdiction or (z) arise solely from claims of any Indemnitee against one or more other
Indemnitees that do not involve or have not resulted from (1) an act or omission of an Indemnitee in its
capacity as Administrative Agent, Lender, L/C Issuer, or Arranger and (2) an act or omission (or an
alleged act or omission) by any Loan Party or any Subsidiary. Without limiting the provisions of Section
3.01(c), this Section 11.04(b) shall not apply with respect to Taxes other than any Taxes that represent
losses, claims, damages, etc. arising from any non-Tax claim.
(c)Reimbursement by Lenders. To the extent that the Loan Parties for any reason fail to
indefeasibly pay any amount required under Section 11.04(a) or (b) to be paid by them to the
Administrative Agent (or any sub-agent thereof), any L/C Issuer or any Related Party of any of the
foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent),
each L/C Issuer or such Related Party, as the case may be, such Lender’s pro rata share (determined as
of the time that the applicable unreimbursed expense or indemnity payment is sought based on each
Lender’s share of the Total Credit Exposures of all Lenders at such time) of such unpaid amount
(including any such unpaid amount in respect of a claim asserted by such Lender), such payment to be
made severally among them based on such Lenders’ Applicable Percentage (determined as of the time
that the applicable unreimbursed expense or indemnity payment is sought); provided, that, the
unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may
be, was incurred by or asserted against the Administrative Agent (or any such sub-agent), any L/C Issuer
in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative
Agent (or any such sub-agent), any L/C Issuer in connection with such capacity. The obligations of the
Lenders under this Section 11.04(c) are subject to the provisions of Section 2.12(d).
(d)Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable Law,
no Loan Party shall assert, and each Loan Party hereby waives, and acknowledges that no other Person
shall have, any claim against any Indemnitee, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection
with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument
contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or
the use of the proceeds thereof. No Indemnitee shall be liable for any damages arising from the use by
unintended recipients of any information or other materials distributed to such unintended recipients by
such Indemnitee through telecommunications, electronic or other information transmission systems in
connection with this Agreement or the other Loan Documents or the transactions contemplated hereby
or thereby other than for direct or actual damages resulting from the gross negligence or willful
misconduct of
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such Indemnitee as determined by a final and nonappealable judgment of a court of competent
jurisdiction.
(e)Payments. All amounts due under this Section 11.04 shall be payable not later than ten
Business Days after demand therefor.
(f)Survival. The agreements in this Section 11.04 and the indemnity provisions of Section
11.02(e) shall survive the resignation of the Administrative Agent and any L/C Issuer, the replacement
of any Lender, the termination of the Aggregate Revolving Commitments, the termination of the Loan
Documents and the Facility Termination Date.
11.05Payments Set Aside.
To the extent that any payment by or on behalf of any Loan Party is made to the Administrative
Agent, any L/C Issuer or any Lender, or the Administrative Agent, any L/C Issuer or any Lender
exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is
subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including
pursuant to any settlement entered into by the Administrative Agent, such L/C Issuer or such Lender in
its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding
under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part
thereof originally intended to be satisfied shall be revived and continued in full force and effect as if
such payment had not been made or such setoff had not occurred, and (b) each Lender and each L/C
Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share (without
duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest
thereon from the date of such demand to the date such payment is made at a rate per annum equal to the
Federal Funds Rate from time to time in effect. The obligations of the Lenders and the L/C Issuers
under clause (b) of the preceding sentence shall survive the Facility Termination Date and the
termination of this Agreement.
11.06Successors and Assigns.
(a)Successors and Assigns Generally. The provisions of this Agreement and the other Loan
Documents shall be binding upon and inure to the benefit of the parties hereto and thereto and their
respective successors and assigns permitted hereby, except that the Borrower may not assign or
otherwise transfer any of its rights or obligations hereunder or thereunder without the prior written
consent of the Administrative Agent and each Lender, and no Lender may assign or otherwise transfer
any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of
Section 11.06(b), (ii) by way of participation in accordance with the provisions of Section 11.06(d) or
(iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 11.06(f)
(and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in
this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto, their respective successors and assigns permitted hereby, Participants to the extent
provided in Section 11.06(d) and, to the extent expressly contemplated hereby, the Related Parties of
each of the Administrative Agent, the L/C Issuers and the Lenders) any legal or equitable right, remedy
or claim under or by reason of this Agreement.
(b)Assignments by Lenders. Any Lender may at any time assign to one or more assignees all
or a portion of its rights and obligations under this Agreement and the other Loan
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Documents (including all or a portion of its Commitments and the Loans (including for purposes of this
Section 11.06(b), participations in L/C Obligations) at the time owing to it); provided, that, any such
assignment shall be subject to the following conditions:
(i)Minimum Amounts.
(A)In the case of an assignment of the entire remaining amount of the assigning Lender’s
Commitment under any facility and/or the Loans at the time owing to it (in each case, with respect to
any facility), or contemporaneous assignments to related Approved Funds (determined after giving
effect to such assignments) that equal at least the amount specified in Section 11.06(b)(i)(B) in the
aggregate, or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund,
no minimum amount need be assigned.
(B)In any case not described in Section 11.06(b)(i)(A), the aggregate amount of the
Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable
Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender
subject to each such assignment, determined as of the date the Assignment and Assumption with respect
to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the
Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000, in the case of any
assignment in respect of a Revolving Commitment (and the related Revolving Loans thereunder) and
$1,000,000 in the case of any assignment in respect of any Term Loan, unless each of the Administrative
Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise
consents (each such consent not to be unreasonably withheld or delayed).
(ii)Proportionate Amounts. Each partial assignment shall be made as an assignment of a
proportionate part of all the assigning Lender’s Loans and Commitments, and rights and obligations
with respect thereto assigned, except that this Section 11.06(b)(ii) shall not prohibit any Lender from
assigning all or a portion of its rights and obligations in respect of its Revolving Commitment (and the
related Revolving Loans thereunder) and its outstanding Term Loans on a non-pro rata basis.
(iii)Required Consents. No consent shall be required for any assignment except to the extent
required by Section 11.06(b)(i)(B) and, in addition:
(A)the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall
be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment
or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided, that, the
Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by
written notice to the Administrative Agent within ten (10) Business Days after having received notice
thereof;
(B)the consent of the Administrative Agent (such consent not to be unreasonably withheld or
delayed) shall be required for assignments in respect of (1) any unfunded Commitment if such
assignment is to a Person that is not a
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Lender with a Commitment in respect of the applicable credit facility subject to such assignment, an
Affiliate of such Lender or an Approved Fund with respect to such Lender or (2) any Term Loan to a
Person that is not a Lender, an Affiliate of a Lender or an Approved Fund; and
(C)the consent of the L/C Issuers (not to be unreasonably withheld or delayed) shall be required
for any assignment in respect of Revolving Commitments and/or Revolving Loans.
(iv)Assignment and Assumption. The parties to each assignment shall execute and deliver to
the Administrative Agent an Assignment and Assumption, together with a processing and recordation
fee in the amount of $3,500; provided, that, the Administrative Agent may, in its sole discretion, elect
to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a
Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.
(v)No Assignment to Certain Persons. No such assignment shall be made (A) to the Borrower
or any of the Borrower’s Affiliates or Subsidiaries, (B) to any Defaulting Lender or any of its Affiliates
or Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the
foregoing Persons described in this Section 11.06(b)(v)(B), (C) to a natural Person (or a holding
company, investment vehicle or trust for, or owned and operated by or for the primary benefit of one or
more natural Persons) or (D) any holder of Subordinated Indebtedness or such holder’s Affiliates or
Subsidiaries.
(vi)Certain Additional Payments. In connection with any assignment of rights and obligations
of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition
to the other conditions thereto set forth herein, the parties to the assignment shall make such additional
payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as
appropriate (which may be outright payment, purchases by the assignee of participations or
subparticipations, or other compensating actions, including funding, with the consent of the Borrower
and the Administrative Agent, the applicable pro rata share of Loans previously requested but not
funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby
irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting
Lender to the Administrative Agent, any L/C Issuer or any Lender hereunder (and interest accrued
thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations
in Letters of Credit in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the
event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become
effective under applicable Law without compliance with the provisions of this paragraph, then the
assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement
until such compliance occurs.
Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section
11.06(c), from and after the effective date specified in each Assignment and Assumption, the assignee
thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such
Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the
assigning Lender thereunder shall, to the extent of the interest assigned
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by such Assignment and Assumption, be released from its obligations under this Agreement (and, in
the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations
under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to
the benefits of Sections 3.01, 3.04, 3.05 and 11.04 with respect to facts and circumstances occurring
prior to the effective date of such assignment); provided, that, except to the extent otherwise expressly
agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release
of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Upon
request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any
assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply
with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a
participation in such rights and obligations in accordance with Section 11.06(d).
(c)Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent
of the Borrower (and such agency being solely for tax purposes), shall maintain at the Administrative
Agent’s Office a copy of each Assignment and Assumption delivered to it (or the equivalent thereof in
electronic form) and a register for the recordation of the names and addresses of the Lenders, and the
Commitments of, and principal amounts (and stated interest) of the Loans and L/C Obligations owing
to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the
Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the
Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as
a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection
by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior
notice.
(d)Participations. Any Lender may at any time, without the consent of, or notice to, the
Borrower or the Administrative Agent, sell participations to any Person (other than a natural Person (or
a holding company, investment vehicle or trust for, or owned and operated by or for the primary benefit
of one or more natural Persons), a Defaulting Lender, the Borrower or any of the Borrower’s Affiliates
or Subsidiaries or any holder of Subordinated Indebtedness or such holder’s Affiliates or Subsidiaries)
(each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement
(including all or a portion of its Commitment(s) and/or the Loans (including such Lender’s
participations in L/C Obligations) owing to it); provided, that, (i) such Lender’s obligations under this
Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the
Lenders and the L/C Issuers shall continue to deal solely and directly with such Lender in connection
with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each
Lender shall be responsible for the indemnity under Section 11.04(c) without regard to the existence of
any participation.
Any agreement or instrument pursuant to which a Lender sells such a participation shall provide
that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment,
modification or waiver of any provision of this Agreement; provided, that, such agreement or instrument
may provide that such Lender will not, without the consent of the Participant, agree to any amendment,
waiver or other modification described in Section 11.01(a) that affects such Participant. The Borrower
agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05
to the same
extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 11.06(b) (it
being understood that the
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documentation required under Section 3.01(e) shall be delivered to the Lender who sells the
participation) to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to Section 11.06(b); provided, that, such Participant (A) agrees to be subject to the provisions
of Sections 3.06 and 11.13 as if it were an assignee under Section 11.06(b) and (B) shall not be entitled
to receive any greater payment under Section 3.01 or 3.04, with respect to any participation, than the
Lender from whom it acquired the applicable participation would have been entitled to receive, except
to the extent such entitlement to receive a greater payment results from a Change in Law that occurs
after the Participant acquired the applicable participation. Each Lender that sells a participation agrees,
at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to
effectuate the provisions of Section 3.06 with respect to any Participant. To the extent permitted by
Law, each Participant also shall be entitled to the benefits of Section 11.08
as though it were a Lender;
provided, that, such Participant agrees to be subject to Section 2.13
as though it were a Lender. Each
Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the
Borrower, maintain a register on which it enters the name and address of each Participant and the
principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations
under the Loan Documents (the “Participant Register”); provided¸ that, no Lender shall have any
obligation to disclose all or any portion of the Participant Register (including the identity of any
Participant or any information relating to a Participant’s interest in any commitments, loans, letters of
credit or its other obligations under any Loan Document) to any Person except to the extent that such
disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in
registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the
Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person
whose name is recorded in the Participant Register as the owner of such participation for all purposes
of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the
Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for
maintaining a Participant Register.
(e)Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or
any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of
such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or
other central banking authority; provided, that, no such pledge or assignment shall release such Lender
from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a
party hereto.
(f)Resignation as L/C Issuer after Assignment. Notwithstanding anything to the contrary
contained herein, if at any time an L/C Issuer assigns all of its Revolving Commitment and Revolving
Loans pursuant to Section 11.06(b), such L/C Issuer may, upon thirty days’ notice to the Borrower and
the Lenders, resign as an L/C Issuer. In the event of any such resignation as an L/C Issuer, the Borrower
shall be entitled to appoint from among the Lenders a successor L/C Issuer hereunder; provided, that,
no failure by the Borrower to appoint any such successor shall affect the resignation of such L/C Issuer
as an L/C Issuer. Any resigning L/C Issuer shall retain all the rights, powers, privileges and duties of
an L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its
resignation as an L/C Issuer and all L/C Obligations with respect thereto (including the right to require
the Lenders with Revolving Commitments to make Revolving Loans that are Base Rate Loans or fund
risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)). Upon the appointment and
acceptance of a successor L/C Issuer, (A) such successor shall succeed to and become vested with all
of the rights, powers, privileges and duties of the retiring L/C Issuer, and (B) the successor L/C Issuer
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shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such
succession or make other arrangements satisfactory to such resiging L/C Issuer to effectively assume
the obligations of such resiging L/C Issuer with respect to such Letters of Credit.
11.07Treatment of Certain Information; Confidentiality.
(a)Treatment of Confidential Information. The Administrative Agent, each Lender and each
L/C Issuer agrees to maintain the confidentiality of the Information (as defined below), except that
Information may be disclosed (i) to the Administrative Agent’s, such Lender’s and such L/C Issuer’s
respective Affiliates, auditors and Related Parties who need to know such Information (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential nature
of such Information; provided, that, the Administrative Agent, such Lender or such L/C Issuer shall be
responsible for its respective auditors’ and Related Parties’ compliance with this Section 11.07 and, to
the extent not prohibited by, or in violation of, applicable Laws, its Affiliates’ compliance with this
Section 11.07), (ii) upon the request or demand of any regulatory authority having jurisdiction over the
Administrative Agent, such Lender, such L/C Issuer or any of their respective Related Parties (in which
case the Administrative Agent, such Lender or such L/C Issuer, as applicable, agrees to inform the
Borrower promptly thereof to the extent not prohibited by law, rule or regulation, and except with
respect to any audit or examination conducted by bank accountants or any regulatory authority
exercising supervisory, examination or regulation authority), (iii) pursuant to the order of any court or
administrative agency or in any pending legal or administrative proceeding, or otherwise as required by
applicable law or compulsory legal process (in which case the Administrative Agent, such Lender or
such L/C Issuer, as applicable, agrees to inform the Borrower promptly thereof to the extent not
prohibited by law, rule or regulation), (iv) to any other party hereto, (v) in connection with the exercise
of any remedies hereunder or under any other Loan Document or any action or proceeding relating to
this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (vi)
subject to an agreement containing provisions substantially the same as those of this Section 11.07, to
(A) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights
and obligations under this Agreement or any Eligible Assignee invited to become a Lender pursuant to
Section 2.16 or (B) any actual or prospective party (or its Related Parties) to any swap, derivative or
other transaction under which payments are to be made by reference to the Borrower and its obligations,
this Agreement or payments hereunder, (vii) on a confidential basis to (A) any rating agency in
connection with rating the Borrower or its Subsidiaries or the credit facilities provided hereunder or (B)
the CUSIP Service Bureau or any similar agency in connection with the application, issuance,
publishing and monitoring of CUSIP numbers or other market identifiers with respect to the credit
facilities provided hereunder, (viii) with the written consent of the Borrower, (ix) to the extent such
Information (A) becomes publicly available other than by reason of disclosure in violation of this
Section 11.07 by the Administrative Agent, any Lender or any L/C Issuer or (B) becomes available to
the Administrative Agent, any Lender, any L/C Issuer or any of their respective Affiliates from a third
party that is not to the Administrative Agent, such Lender or such L/C Issuer’s knowledge subject to
confidentiality obligations to the Borrower, (x) for purposes of establishing a “due diligence” defense
in any suit, action or proceeding relating to this Agreement, any other Loan Document or the
transactions contemplated hereby or thereby or the enforcement of rights hereunder or thereunder or
(xi) to the extent such Information is independently discovered or developed the Administrative Agent,
any Lender, or any L/C Issuer without utilizing any Information received from the Borrower or violating
the terms of this
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Section 11.07. In addition, the Administrative Agent and the Lenders may (A) disclose the existence of
this Agreement and information about this Agreement to market data collectors, similar service
providers to the lending industry and service providers to the Administrative Agent and the Lenders in
connection with the administration of this Agreement, the other Loan Documents, and the
Commitments; provided, that, such information is limited to the existence of the Agreement and
information of a type routinely provided to such persons, including information regarding the closing
date, size, type, purpose of, and parties to, the Agreement and (B) use any information (not constituting
Information subject to the foregoing confidentiality restrictions) related to the syndication and
arrangement of the credit facilties contemplated by this Agreement in connection with marketing, press
releases, or other transactional announcements or updates provided to investor or trade publications,
including the placement of “tombstone” advertisements in publications of its choice at its own expense.
For purposes of this Section, “Information” means all information received from the Borrower
or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses, other
than any such information that is available to the Administrative Agent, any Lender or any L/C Issuer
on a nonconfidential basis prior to disclosure by the Borrower or any Subsidiary; provided, that, in the
case of information received from the Borrower or any Subsidiary after the Effective Date, such
information is clearly identified at the time of delivery as confidential. Any Person required to maintain
the confidentiality of Information as provided in this Section shall be considered to have complied with
its obligation to do so if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own confidential information.
(b)Non-Public Information. Each of the Administrative Agent, the Lenders and the L/C Issuers
acknowledges that (i) the Information may include material non-public information concerning the
Borrower or a Subsidiary, as the case may be, (ii) it has developed compliance procedures regarding
the use of material non-public information and (iii) it will handle such material non-public information
in accordance with applicable Law, including United States federal and state securities Laws.
11.08Right of Setoff.
If an Event of Default shall have occurred and be continuing, each Lender, each L/C Issuer and
each of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining
the prior written consent of the Administrative Agent, to the fullest extent permitted by applicable Law,
to set off and apply any and all deposits (general or special, time or demand, provisional or final, in
whatever currency) at any time held and other obligations (in whatever currency) at any time owing by
such Lender, such L/C Issuer or any such Affiliate to or for the credit or the account of any Loan Party
against any and all of the obligations of such Loan Party now or hereafter existing under this Agreement
or any other Loan Document to such Lender or such L/C Issuer or their respective Affiliates, irrespective
of whether or not such Lender, such L/C Issuer or such Affiliate shall have made any demand under
this Agreement or any other Loan Document and although such obligations of such Loan Party may be
contingent or unmatured or are owed to a branch, office or Affiliate of such Lender or such L/C Issuer
different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness;
provided, that, in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all
amounts so set off shall be paid over immediately to the Administrative Agent for further application
in accordance with the provisions of Section 2.15 and, pending such payment, shall be segregated by
such Defaulting Lender from its other funds and deemed held in trust for the benefit of the
Administrative
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Agent, the L/C Issuers and the Lenders, and (y) the Defaulting Lender shall provide promptly to the
Administrative Agent a statement describing in reasonable detail the Obligations owing to such
Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, each L/C
Issuer and their respective Affiliates under this Section are in addition to other rights and remedies
(including other rights of setoff) that such Lender, such L/C Issuer or their respective Affiliates may
have. Each Lender and each L/C Issuer agrees to notify the Borrower and the Administrative Agent
promptly after any such setoff and application; provided, that, the failure to give such notice shall not
affect the validity of such setoff and application.
11.09Interest Rate Limitation.
Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or
agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest
permitted by applicable Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall
receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the
principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining
whether the interest contracted for, charged, or received by the Administrative Agent or a Lender
exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a)
characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b)
exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread
in equal or unequal parts the total amount of interest throughout the contemplated term of the
Obligations hereunder.
11.10Counterparts; Integration; Effectiveness.
This Agreement and each of the other Loan Documents may be executed in counterparts (and
by different parties hereto in different counterparts), each of which shall constitute an original, but all
of which when taken together shall constitute a single contract. This Agreement, the other Loan
Documents and any separate letter agreements with respect to fees payable to the Administrative Agent
or the L/C Issuers, constitute the entire contract among the parties relating to the subject matter hereof
and supersede any and all previous agreements and understandings, oral or written, relating to the
subject matter hereof. Except as provided in Section 5.01, this Agreement shall become effective when
it shall have been executed by the Administrative Agent and when the Administrative Agent shall have
received counterparts hereof that, when taken together, bear the signatures of each of the other parties
hereto. Delivery of an executed counterpart of a signature page of this Agreement or any other Loan
Document, or any certificate delivered thereunder, by fax transmission or e-mail transmission (e.g.,
“pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement or
such other Loan Document or certificate.
11.11Survival of Representations and Warranties.
All representations and warranties made hereunder and in any other Loan Document or other
document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the
execution and delivery hereof and thereof. Such representations and warranties have been or will be
relied upon by the Administrative Agent and each Lender, regardless of any investigation made by the
Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative
Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit
Extension, and shall continue in full force and effect as long as any Loan or any other Obligation
hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.
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11.12Severability.
If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or
unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement
and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall
endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid
provisions the economic effect of which comes as close as possible to that of the illegal, invalid or
unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing
provisions of this Section 11.12, if and to the extent that the enforceability of any provisions in this
Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in
good faith by the Administrative Agent, an L/C Issuer, then such provisions shall be deemed to be in
effect only to the extent not so limited.
11.13Replacement of Lenders.
If the Borrower is entitled to replace a Lender pursuant to the provisions of Section 3.06, or if
any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrower may, at its sole
expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to
assign and delegate, without recourse (in accordance with and subject to the restrictions contained in,
and consents required by, Section 11.06), all of its interests, rights (other than its existing rights to
payments pursuant to Sections 3.01 and 3.04) and obligations under this Agreement and the related
Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be
another Lender, if a Lender accepts such assignment); provided, that:
(a)the Borrower shall have paid to the Administrative Agent the assignment fee (if any)
specified in Section 11.06(b);
(b)such Lender shall have received payment of an amount equal to the outstanding principal of
its Loans and L/C Advances that, in the case of a Defaulting Lender, such Defaulting Lender actually
funded, accrued interest thereon, and accrued fees and all other amounts payable to it hereunder (other
than such amounts not required to be paid hereunder to a Defaulting Lender) and under the other Loan
Documents (including any amounts under Section 3.05) from the assignee (to the extent of such
outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts);
(c)in the case of any such assignment resulting from a claim for compensation under Section
3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a
reduction in such compensation or payments thereafter;
(d)such assignment does not conflict with applicable Laws; and
(e)in the case of an assignment resulting from a Lender becoming a Non-Consenting Lender,
the applicable assignee shall have consented to the applicable amendment, waiver or consent.
A Lender shall not be required to make any such assignment or delegation if, prior thereto, as
a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require
such assignment and delegation cease to apply.
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Each party hereto agrees that (a) an assignment required pursuant to this Section 11.13 may be
effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative
Agent and the assignee and (b) the Lender required to make such assignment need not be a party thereto
in order for such assignment to be effective and shall be deemed to have consented to an be bound by
the terms thereof; provided, that, following the effectiveness of any such assignment, the other parties
to such assignment agree to execute and deliver such documents necessary to evidence such assignment
as reasonably requested by the applicable Lender; provided, further, that, any such documents shall be
without recourse to or warranty by the parties thereto.
Notwithstanding anything in this Section 11.13 to the contrary, (a) any Lender that acts as an
L/C Issuer may not be replaced hereunder at any time it has any Letter of Credit outstanding hereunder
unless arrangements satisfactory to such Lender (including the furnishing of a backstop standby letter
of credit in form and substance, and issued by an issuer, reasonably satisfactory to such L/C Issuer or
the depositing of Cash Collateral into a Cash Collateral account in amounts and pursuant to
arrangements reasonably satisfactory to such L/C Issuer) have been made with respect to such
outstanding Letter of Credit and (b) the Lender that acts as the Administrative Agent may not be
replaced hereunder except in accordance with the terms of Section 9.06.
11.14Governing Law; Jurisdiction; Etc.
(a)GOVERNING LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
(EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN)
AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN
CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER
LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS
CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
(b)SUBMISSION TO JURISDICTION. EACH LOAN PARTY IRREVOCABLY AND
UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION,
LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR
EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE
ADMINISTRATIVE AGENT, ANY LENDER, THE L/C ISSUER, OR ANY RELATED PARTY OF
THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM
OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK
COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT
OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE
PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE
JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY
SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN
SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES
THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL
BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE
JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS
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AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT
THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY L/C ISSUER MAY OTHERWISE
HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR
ANY OTHER LOAN DOCUMENT AGAINST ANY LOAN PARTY OR ITS PROPERTIES IN THE
COURTS OF ANY JURISDICTION.
(c)WAIVER
OF
VENUE.
EACH
LOAN
PARTY
IRREVOCABLY
AND
UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF
VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN
SECTION 11.14(b). EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN
INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN
ANY SUCH COURT.
(d)SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO
SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.02.
NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO
SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.
11.15Waiver of Jury Trial.
EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT
NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT,
IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B)
ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO
ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
11.16No Advisory or Fiduciary Responsibility.
In connection with all aspects of each transaction contemplated hereby (including in connection
with any amendment, waiver or other modification hereof or of any other Loan Document), each of the
Loan Parties acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (a)(i) the
arranging and other services regarding this Agreement provided by the Administrative Agent, the
Arrangers and the Lenders are arm’s-length commercial transactions between the Loan Parties and their
respective Affiliates, on the one hand, and the Administrative Agent, the Arrangers, and the Lenders,
on the other hand, (ii) each of the Loan Parties has consulted its own legal, accounting, regulatory and
tax advisors to the extent it has deemed appropriate, and (iii) each of the Loan Parties is capable of
evaluating, and understands and accepts, the terms, risks and conditions of the transactions
contemplated hereby and by the other Loan Documents; (b)(i) the Administrative Agent, each Arranger
and each
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Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the
relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Loan
Parties or any of their respective Affiliates, or any other Person and (ii) none of the Administrative
Agent, any Arranger or any Lender has any obligation to the Loan Parties or any of their respective
Affiliates with respect to the transactions contemplated hereby except those obligations expressly set
forth herein and in the other Loan Documents; and (c) the Administrative Agent, the Arrangers, the
Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve
interests that differ from those of the Loan Parties and their respective Affiliates, and none of the
Administrative Agent, any Arranger or any Lender has any obligation to disclose any of such interests
to the Loan Parties and their respective Affiliates. To the fullest extent permitted by Law, each of the
Loan Parties hereby waives and releases any claims that it may have against the Administrative Agent,
any Arranger or any Lender with respect to any breach or alleged breach of agency or fiduciary duty in
connection with any aspect of any transaction contemplated hereby.
11.17Electronic Execution.
This Agreement, any other Loan Document and any other document, amendment, approval,
consent, information, notice, certificate, request, statement, disclosure or authorization related to this
Agreement or any other Loan Document (each, a “Communication”), including Communications
required to be in writing, may be in the form of an Electronic Record and may be executed using
Electronic Signatures. Each of the Loan Parties agrees that any Electronic Signature on or associated
with any Communication shall be valid and binding on such Loan Party to the same extent as a manual,
original signature, and that any Communication entered into by Electronic Signature will constitute the
legal, valid and binding obligation of such Loan Party enforceable against such Loan Party in
accordance with the terms thereof to the same extent as if a manually executed original signature was
delivered. Any Communication may be executed in as many counterparts as necessary or convenient,
including both paper and electronic counterparts, but all such counterparts are one and the same
Communication. For the avoidance of doubt, the authorization under this Section 11.17 may include
use or acceptance by the Administrative Agent and each of the Lenders of a manually signed paper
Communication which has been converted into electronic form (such as scanned into .pdf), or an
electronically signed Communication converted into another format, for transmission, delivery and/or
retention. The Administrative Agent and each of the Lenders may, at its option, create one or more
copies of any Communication in the form of an imaged Electronic Record (each, an “Electronic Copy”),
which shall be deemed created in the ordinary course of the such Person’s business, and destroy the
original paper document. All Communications in the form of an Electronic Record, including an
Electronic Copy, shall be considered an original for all purposes, and shall have the same legal effect,
validity and enforceability as a paper record. Notwithstanding anything contained herein to the contrary,
the Administrative Agent is under no obligation to accept an Electronic Signature in any form or in any
format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it;
provided, that, without limiting the foregoing, (a) to the extent the Administrative Agent has agreed to
accept such Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to
rely on any such Electronic Signature purportedly given by or on behalf of any Loan Party without
further verification and (b) upon the request of the Administrative Agent or any Lender, any Electronic
Signature shall be promptly followed by such manually executed counterpart.
11.18Subordination of Intercompany Indebtedness.
Each Loan Party (a “Subordinating Loan Party”) agrees that the payment of all obligations and
indebtedness, whether principal, interest, fees and other amounts and whether now owing or hereafter
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arising, owing to such Subordinating Loan Party by any other Loan Party is expressly subordinated to
the payment in full in cash of the Obligations. If the Administrative Agent so requests after the
occurrence of any Event of Default and during the continuation thereof, any such obligation or
indebtedness shall be enforced and performance received by the Subordinating Loan Party as trustee
for the holders of the Obligations and the proceeds thereof shall be paid over to the holders of the
Obligations on account of the Obligations, but without reducing or affecting in any manner the liability
of the Subordinating Loan Party under this Agreement or any other Loan Document. Without limitation
of the foregoing, so long as no Event of Default has occurred and is continuing, the Loan Parties may
make and receive payments with respect to any such obligations and indebtedness; provided, that, in
the event that any Loan Party receives any payment of any such obligations and indebtedness at a time
when such payment is prohibited by this Section, such payment shall be held by such Loan Party, in
trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to the
Administrative Agent.
11.19USA PATRIOT Act Notice.
Each Lender that is subject to the USA PATRIOT Act and the Administrative Agent (for itself
and not on behalf of any Lender) hereby notifies the Loan Parties that pursuant to the requirements of
the USA PATRIOT Act, it is required to obtain, verify and record information that identifies the Loan
Parties, which information includes the name and address of the Loan Parties and other information that
will allow such Lender or the Administrative Agent, as applicable, to identify the Loan Parties in
accordance with the USA PATRIOT Act.
11.20California Judicial Reference.
If any action or proceeding is filed in a court of the State of California by or against any party
hereto in connection with any of the transactions contemplated by this Agreement or any other Loan
Document, (a) the court shall, and is hereby directed to, make a general reference pursuant to California
Code of Civil Procedure Section 638 to a referee (who shall be a single active or retired judge) to hear
and determine all of the issues in such action or proceeding (whether of fact or of law) and to report a
statement of decision, provided that at the option of any party to such proceeding, any such issues
pertaining to a “provisional remedy” as defined in California Code of Civil Procedure Section 1281.8
shall be heard and determined by the court, and (b) without limiting the generality of Section 11.04, the
Borrower shall be solely responsible to pay all fees and expenses of any referee appointed in such action
or proceeding.
11.21Appointment of Borrower.
Each of the Loan Parties hereby appoints the Borrower to act as its agent for all purposes of
this Agreement, the other Loan Documents and all other documents and electronic platforms entered
into in connection herewith and agrees that (a) the Borrower may execute such documents and provide
such authorizations on behalf of such Loan Parties as the Borrower deems appropriate in its sole
discretion and each Loan Party shall be obligated by all of the terms of any such document and/or
authorization executed on its behalf, (b) any notice or communication delivered by the Administrative
Agent, an L/C Issuer or a Lender to the Borrower shall be deemed delivered to each Loan Party and (c)
the Administrative Agent, the L/C Issuers or the Lenders may accept, and be permitted to rely on, any
document, authorization, instrument or agreement executed by the Borrower on behalf of each of the
Loan Parties.
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11.22Acknowledgement and Consent to Bail-In of Affected Financial Institutions.
Solely to the extent any Lender or any L/C Issuer that is an Affected Financial Institution is a
party to this Agreement and notwithstanding anything to the contrary in any Loan Document or in any
other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any Lender or any L/C Issuer that is an Affected Financial Institution
arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-
Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and
acknowledges and agrees to be bound by:
(a)the application of any Write-Down and Conversion Powers by the applicable Resolution
Authority to any such liabilities arising hereunder which may be payable to it by any Lender or L/C
Issuer that is an Affected Financial Institution; and
(b)the effects of any Bail-In Action on any such liability, including, if applicable:
(i)a reduction in full or in part or cancellation of any such liability;
(ii)a conversion of all, or a portion of, such liability into shares or other instruments of
ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be
issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be
accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other
Loan Document; or
(iii)the variation of the terms of such liability in connection with the exercise of the Write-
Down and Conversion Powers of the applicable Resolution Authority.
11.23Certain ERISA Matters.
(a)Each Lender (x) represents and warrants, as of the date such Person became a Lender party
hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such
Person ceases being a Lender party hereto, for the benefit of the Administrative Agent and not, for the
avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of
the following is and will be true: (i) such Lender is not using “plan assets” (within the meaning of
Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s
entrance into, participation in, administration of and performance of the Loans, the Letters of Credit,
the Commitments or this Agreement; (ii) the transaction exemption set forth in one or more PTEs, such
as PTE 84-14 (a class exemption for certain transactions determined by independent qualified
professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance
company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance
company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving
bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined
by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this
Agreement; (iii)(A) such Lender is an investment fund managed by a “Qualified Professional Asset
Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset
Manager made the investment decision on behalf of such Lender to enter into, participate in, administer
and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance
into, participation in, administration of and
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performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the
requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of
such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such
Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of
Credit, the Commitments and this Agreement; or (iv) such other representation, warranty and covenant
as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.
(b)In addition, unless either (i) clause (i) in the immediately preceding Section 11.23(a) is true
with respect to a Lender or (ii) a Lender has provided another representation, warranty and covenant in
accordance with clause (iv) in the immediately preceding Section 11.23(a), such Lender further (x)
represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender
party hereto, for the benefit of the Administrative Agent and not, for the avoidance of doubt, to or for
the benefit of the Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary
with respect to the assets of such Lender involved in such Lender’s entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this
Agreement (including in connection with the reservation or exercise of any rights by the Administrative
Agent under this Agreement, any other Loan Document or any documents related hereto or thereto).
11.24Intercreditor Agreement.
In the event of any conflict between this Agreement and any other Loan Document, on the one
hand, and any Intercreditor Agreement, on the other hand, such Intercreditor Agreement shall govern
and control.
11.25Acknowledgement Regarding Any Supported QFCs.
To the extent that the Loan Documents provide support, through a guarantee or otherwise, for
any Swap Contract or any other agreement or instrument that is a QFC (such support, “QFC Credit
Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and agree that, with
respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit
Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in
respect of such Supported QFC and QFC Credit Support (with the provisions below applicable
notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed
by the laws of the State of New York and/or of the United States or any other state of the United States),
in the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes
subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC
and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported
QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such
QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would
be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit
Support (and any such interest, obligation and rights in property) were governed by the laws of the
United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a
Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights
under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit
Support that may be exercised against such Covered Party are permitted to be exercised to no greater
extent than such Default Rights could be exercised under
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the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by
the laws of the United States or a state of the United States. Without limitation of the foregoing, it is
understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall
in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit
Support.
11.26Judgment Currency.
If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due
hereunder or any other Loan Document in one currency into another currency, the rate of exchange used
shall be that at which in accordance with normal banking procedures the Administrative Agent could
purchase the first currency with such other currency on the Business Day preceding that on which final
judgment is given. The obligation of each Loan Party in respect of any such sum due from it to the
Administrative Agent or any Lender hereunder or under the other Loan Documents shall,
notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such
sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement
Currency”), be discharged only to the extent that on the Business Day following receipt by the
Administrative Agent or such Lender, as the case may be, of any sum adjudged to be so due in the
Judgment Currency, the Administrative Agent or such Lender, as the case may be, may in accordance
with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the
amount of the Agreement Currency so purchased is less than the sum originally due to the
Administrative Agent or any Lender from any Loan Party in the Agreement Currency, such Loan Party
agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the
Administrative Agent or such Lender, as the case may be, against such loss. If the amount of the
Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent
or any Lender in such currency, the Administrative Agent or such Lender, as the case may be, agrees
to return the amount of any excess to such Loan Party (or to any other Person who may be entitled
thereto under Applicable law).
[Signature Pages Follow]
145
IN WITNESS WHEREOF
,
the parties hereto have caused this Agreement to be duly executed
as of the date first above written.
BORROWER:
DOCUSIGN, INC.,
a Delaware corporation
By:
/s/ Cynthia Gaylor
Name: Cynthia Gaylor
Title: Chief Financial Officer
GUARANTORS:
DOCUSIGN INTERNATIONAL, INC.
By:
/s/ Vivian Chow
Name: Vivian Chow
Title: President
[Signature Page to Credit Agreement]
ADMINISTRATIVE AGENT:
BANK OF AMERICA, N.A.,
as Administrative Agent
By:
/s/ Carol Alfonso
Name: Carol Alfonso
Title: Assistant Vice President
BANK OF AMERICA, N.A.,
as a Lender and L/C Issuer
By:
/s/ Jeannette Lu
Name: Jeannette Lu
Title: Director
[Signature Page to Credit Agreement]
SILICON VALLEY BANK,
as a Lender and L/C Issuer
By:
/s/ Jonathan Wolter
Name: Jonathan Wolter
Title: Director
[Signature Page to Credit Agreement]
Morgan Stanley Bank, N.A.,
as a Lender
By:
/s/ Michael King
Name: Michael King
Title: Vice President
[Signature Page to Credit Agreement]
JPMORGAN CHASE BANK, N.A.,
as a Lender
By:
/s/ Timothy Lee
Name: Timothy Lee
Title: Executive Director
[Signature Page to Credit Agreement]
GOLDMAN SACHS BANK USA,
as a Lender
By:
/s/ Rebecca Kratz
Name: Rebecca Kratz
Title: Authorized Signatory
[Signature Page to Credit Agreement]
BARCLAYS BANK PLC,
as a Lender
By:
/s/ Martin Corrigan
Name: Martin Corrigan
Title: Vice President
[Signature Page to Credit Agreement]
Mizuho Bank, Ltd.,
as a Lender
By:
/s/ Tracy Rahn
Name: Tracy Rahn
Title: Executive Director
[Signature Page to Credit Agreement]
Citibank, N.A..,
as a Lender
By:
/s/ Sean Klimchalk
Name: Sean Klimchalk
Title: Vice President
[Signature Page to Credit Agreement]